# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001193125-26-262720
**Filing Date:** 2026-6
**Character Count:** 2756495
**Document Hash:** a0aeb73b7bd09607a2e761062018d9ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-262720.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0001193125-26-262720

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 122

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260609

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 261074438

**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 Asset Strategy Fund (Series ID: S000006283)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017255 | Class A             | WASAX           |
| C000017257 | Class C             | WASCX           |
| C000017258 | Class Y             | WASYX           |
| C000045541 | Institutional Class | IVAEX           |
| C000066833 | Class R             | IASRX           |
| C000146677 | Class R6            | IASTX           |

### Nomura Science and Technology Fund (Series ID: S000006285)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017263 | Class R             | WSTRX           |
| C000017264 | Class A             | WSTAX           |
| C000017266 | Class C             | WSTCX           |
| C000017267 | Class Y             | WSTYX           |
| C000045542 | Institutional Class | ISTIX           |
| C000146678 | Class R6            | ISTNX           |

### Nomura Small Cap Growth Fund (Series ID: S000006286)

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

### Nomura Core Equity Fund (Series ID: S000006288)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017277 | Class A             | WCEAX           |
| C000017279 | Class C             | WTRCX           |
| C000017280 | Class Y             | WCEYX           |
| C000045545 | Institutional Class | ICIEX           |
| C000122149 | Class R             | IYCEX           |
| C000146680 | Class R6            | ICEQX           |

### Nomura High Income Fund (Series ID: S000006289)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017281 | Class A             | WHIAX           |
| C000017283 | Class C             | WRHIX           |
| C000017284 | Class Y             | WHIYX           |
| C000045546 | Institutional Class | IVHIX           |
| C000122150 | Class R             | IYHIX           |
| C000146681 | Class R6            | IHIFX           |

### 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           |

### 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           |

### Nomura Climate Solutions Fund (Series ID: S000011242)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000030961 | Class A             | IEYAX           |
| C000030963 | Class C             | IEYCX           |
| C000030964 | Class Y             | IEYYX           |
| C000045550 | Institutional Class | IVEIX           |
| C000122152 | Class R             | IYEFX           |
| C000146685 | Class R6            | IENRX           |

### Nomura Balanced Fund (Series ID: S000024823)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073854 | Class A             | IBNAX           |
| C000073856 | Class C             | IBNCX           |
| C000073858 | Institutional Class | IYBIX           |
| C000073859 | Class Y             | IBNYX           |
| C000122153 | Class R             | IYBFX           |
| C000146686 | Class R6            | IBARX           |

### Nomura Global Growth Fund (Series ID: S000024824)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073860 | Class A             | IVINX           |
| C000073861 | Class Y             | IVIYX           |
| C000073863 | Class C             | IVNCX           |
| C000073865 | Institutional Class | IGIIX           |
| C000122154 | Class R             | IYIGX           |
| C000146687 | Class R6            | ITGRX           |

### Nomura Systematic Emerging Markets Equity Fund (Series ID: S000024829)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073889 | Class Y             | IPOYX           |
| C000073890 | Class A             | IPOAX           |
| C000073892 | Class C             | IPOCX           |
| C000073894 | Institutional Class | IPOIX           |
| C000122158 | Class R             | IYPCX           |
| C000146689 | Class R6            | IMEGX           |

### Nomura Real Estate Securities Fund (Series ID: S000024830)

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

### Nomura Smid Cap Core Fund (Series ID: S000024831)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073902 | Class Y             | IYSYX           |
| C000073903 | Class A             | IYSAX           |
| C000073905 | Class C             | IYSCX           |
| C000073907 | Institutional Class | IVVIX           |
| C000122159 | Class R             | IYSMX           |
| C000146691 | Class R6            | ISPVX           |

### Nomura Global Bond Fund (Series ID: S000024837)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073939 | Class C             | IVSCX           |
| C000073940 | Institutional Class | IVSIX           |
| C000073941 | Class Y             | IVSYX           |
| C000073942 | Class A             | IVSAX           |
| C000122165 | Class R             | IYGOX           |
| C000146697 | Class R6            | IVBDX           |

### Nomura Natural Resources Fund (Series ID: S000024838)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073944 | Class C             | IGNCX           |
| C000073946 | Institutional Class | IGNIX           |
| C000073947 | Class R             | IGNRX           |
| C000073948 | Class Y             | IGNYX           |
| C000073949 | Class A             | IGNAX           |
| C000146698 | Class R6            | INRSX           |

### 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           |

### Nomura Mid Cap Income Opportunities Fund (Series ID: S000046881)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000146475 | Class A             | IVOAX           |
| C000146476 | Class C             | IVOCX           |
| C000146478 | Institutional Class | IVOIX           |
| C000146479 | Class R             | IVORX           |
| C000146480 | Class Y             | IVOYX           |
| C000146481 | Class R6            | IVOSX           |

?xml version='1.0' encoding='ASCII'? IVY FUNDS

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-06569

#### Ivy Funds
(Exact name of registrant as specified in charter)

------

610 Market Street

Philadelphia, PA 19106

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 523-1918

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### March 31, 2026

#### Item 1. Report to Stockholders.
(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Macquarie Logo](g154472images_30858.jpg)

Nomura Core Equity Fund

*(formerly, Macquarie Core Equity Fund)*

**Class A : WCEAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$106 | &nbsp;&nbsp;0.99% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Core Equity Fund (Class A) returned 13.27% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%.

#### Top contributors to performance:
Stock selection in the industrials sector, primarily by way of an overweight allocation to Howmet Aerospace Inc., was a leading contributor to relative performance during the reporting period.

A meaningful underweight allocation to the healthcare sector was the leading allocation contributor to performance relative to the Fund's benchmark.

The Fund's most significant overall contributors to relative performance were Taiwan Semiconductor Manufacturing Co. Inc., Seagate Technology Holdings PLC, and Howmet Aerospace.

#### Top detractors from performance:
The Fund's overweight allocation to the financials sector was the leading detractor from relative performance during the reporting period.

Also within financials, stock selection meaningfully detracted from relative performance.

Top overall detractors from relative performance were Fiserv Inc., Salesforce Inc., and NVIDIA Corp.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650172.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Core Equity Fund (Class A) – including sales charge | 6.78% | 9.93% | 12.71% |
| Nomura Core Equity Fund (Class A) – excluding sales charge | 13.27% | 11.25% | 13.38% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $3384573104 |
| Total number of portfolio holdings\* | 48 |
| Total advisory fees paid (during reporting period) | $22949133 |
| Portfolio turnover rate | 40% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 32.42% |
| Industrials | 16.67% |
| Financials | 16.13% |
| Communication Services | 9.81% |
| Healthcare | 7.95% |
| Consumer Discretionary | 5.27% |
| Utilities | 3.44% |
| Consumer Staples | 2.64% |
| Materials | 2.12% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 7.48% |
| Alphabet Class A | 6.29% |
| Apple | 4.88% |
| Taiwan Semiconductor Manufacturing ADR | 4.33% |
| Howmet Aerospace | 3.48% |
| Microsoft | 3.46% |
| Applied Materials | 2.83% |
| Amazon.com | 2.81% |
| Costco Wholesale | 2.64% |
| Eaton | 2.63% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WCEAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Core Equity Fund

*(formerly, Macquarie Core Equity Fund)*

**Class C : WTRCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$185 | &nbsp;&nbsp;1.74% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Core Equity Fund (Class C) returned 12.37% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%.

#### Top contributors to performance:
Stock selection in the industrials sector, primarily by way of an overweight allocation to Howmet Aerospace Inc., was a leading contributor to relative performance during the reporting period.

A meaningful underweight allocation to the healthcare sector was the leading allocation contributor to performance relative to the Fund's benchmark.

The Fund's most significant overall contributors to relative performance were Taiwan Semiconductor Manufacturing Co. Inc., Seagate Technology Holdings PLC, and Howmet Aerospace.

#### Top detractors from performance:
The Fund's overweight allocation to the financials sector was the leading detractor from relative performance during the reporting period.

Also within financials, stock selection meaningfully detracted from relative performance.

Top overall detractors from relative performance were Fiserv Inc., Salesforce Inc., and NVIDIA Corp.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650213.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Core Equity Fund (Class C) – including sales charge | 11.46% | 10.36% | 12.64% |
| Nomura Core Equity Fund (Class C) – excluding sales charge | 12.37% | 10.36% | 12.64% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $3384573104 |
| Total number of portfolio holdings\* | 48 |
| Total advisory fees paid (during reporting period) | $22949133 |
| Portfolio turnover rate | 40% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 32.42% |
| Industrials | 16.67% |
| Financials | 16.13% |
| Communication Services | 9.81% |
| Healthcare | 7.95% |
| Consumer Discretionary | 5.27% |
| Utilities | 3.44% |
| Consumer Staples | 2.64% |
| Materials | 2.12% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 7.48% |
| Alphabet Class A | 6.29% |
| Apple | 4.88% |
| Taiwan Semiconductor Manufacturing ADR | 4.33% |
| Howmet Aerospace | 3.48% |
| Microsoft | 3.46% |
| Applied Materials | 2.83% |
| Amazon.com | 2.81% |
| Costco Wholesale | 2.64% |
| Eaton | 2.63% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WTRCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Core Equity Fund

*(formerly, Macquarie Core Equity Fund)*

**Class R : IYCEX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$132 | &nbsp;&nbsp;1.24% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Core Equity Fund (Class R) returned 12.98% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%.

#### Top contributors to performance:
Stock selection in the industrials sector, primarily by way of an overweight allocation to Howmet Aerospace Inc., was a leading contributor to relative performance during the reporting period.

A meaningful underweight allocation to the healthcare sector was the leading allocation contributor to performance relative to the Fund's benchmark.

The Fund's most significant overall contributors to relative performance were Taiwan Semiconductor Manufacturing Co. Inc., Seagate Technology Holdings PLC, and Howmet Aerospace.

#### Top detractors from performance:
The Fund's overweight allocation to the financials sector was the leading detractor from relative performance during the reporting period.

Also within financials, stock selection meaningfully detracted from relative performance.

Top overall detractors from relative performance were Fiserv Inc., Salesforce Inc., and NVIDIA Corp.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650295.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Core Equity Fund (Class R) – including sales charge | 12.98% | 10.92% | 13.00% |
| Nomura Core Equity Fund (Class R) – excluding sales charge | 12.98% | 10.92% | 13.00% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $3384573104 |
| Total number of portfolio holdings\* | 48 |
| Total advisory fees paid (during reporting period) | $22949133 |
| Portfolio turnover rate | 40% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 32.42% |
| Industrials | 16.67% |
| Financials | 16.13% |
| Communication Services | 9.81% |
| Healthcare | 7.95% |
| Consumer Discretionary | 5.27% |
| Utilities | 3.44% |
| Consumer Staples | 2.64% |
| Materials | 2.12% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 7.48% |
| Alphabet Class A | 6.29% |
| Apple | 4.88% |
| Taiwan Semiconductor Manufacturing ADR | 4.33% |
| Howmet Aerospace | 3.48% |
| Microsoft | 3.46% |
| Applied Materials | 2.83% |
| Amazon.com | 2.81% |
| Costco Wholesale | 2.64% |
| Eaton | 2.63% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IYCEX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Core Equity Fund

*(formerly, Macquarie Core Equity Fund)*

**Institutional Class : ICIEX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$79 | &nbsp;&nbsp;0.74% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Core Equity Fund (Institutional Class) returned 13.53% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%.

#### Top contributors to performance:
Stock selection in the industrials sector, primarily by way of an overweight allocation to Howmet Aerospace Inc., was a leading contributor to relative performance during the reporting period.

A meaningful underweight allocation to the healthcare sector was the leading allocation contributor to performance relative to the Fund's benchmark.

The Fund's most significant overall contributors to relative performance were Taiwan Semiconductor Manufacturing Co. Inc., Seagate Technology Holdings PLC, and Howmet Aerospace.

#### Top detractors from performance:
The Fund's overweight allocation to the financials sector was the leading detractor from relative performance during the reporting period.

Also within financials, stock selection meaningfully detracted from relative performance.

Top overall detractors from relative performance were Fiserv Inc., Salesforce Inc., and NVIDIA Corp.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650254.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Core Equity Fund (Institutional Class) – including sales charge | 13.53% | 11.50% | 13.65% |
| Nomura Core Equity Fund (Institutional Class) – excluding sales charge | 13.53% | 11.50% | 13.65% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $3384573104 |
| Total number of portfolio holdings\* | 48 |
| Total advisory fees paid (during reporting period) | $22949133 |
| Portfolio turnover rate | 40% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 32.42% |
| Industrials | 16.67% |
| Financials | 16.13% |
| Communication Services | 9.81% |
| Healthcare | 7.95% |
| Consumer Discretionary | 5.27% |
| Utilities | 3.44% |
| Consumer Staples | 2.64% |
| Materials | 2.12% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 7.48% |
| Alphabet Class A | 6.29% |
| Apple | 4.88% |
| Taiwan Semiconductor Manufacturing ADR | 4.33% |
| Howmet Aerospace | 3.48% |
| Microsoft | 3.46% |
| Applied Materials | 2.83% |
| Amazon.com | 2.81% |
| Costco Wholesale | 2.64% |
| Eaton | 2.63% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-ICIEX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Core Equity Fund

*(formerly, Macquarie Core Equity Fund)*

**Class R6 : ICEQX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$72 | &nbsp;&nbsp;0.67% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Core Equity Fund (Class R6) returned 13.58% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%.

#### Top contributors to performance:
Stock selection in the industrials sector, primarily by way of an overweight allocation to Howmet Aerospace Inc., was a leading contributor to relative performance during the reporting period.

A meaningful underweight allocation to the healthcare sector was the leading allocation contributor to performance relative to the Fund's benchmark.

The Fund's most significant overall contributors to relative performance were Taiwan Semiconductor Manufacturing Co. Inc., Seagate Technology Holdings PLC, and Howmet Aerospace.

#### Top detractors from performance:
The Fund's overweight allocation to the financials sector was the leading detractor from relative performance during the reporting period.

Also within financials, stock selection meaningfully detracted from relative performance.

Top overall detractors from relative performance were Fiserv Inc., Salesforce Inc., and NVIDIA Corp.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650336.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Core Equity Fund (Class R6) – including sales charge | 13.58% | 11.59% | 13.77% |
| Nomura Core Equity Fund (Class R6) – excluding sales charge | 13.58% | 11.59% | 13.77% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $3384573104 |
| Total number of portfolio holdings\* | 48 |
| Total advisory fees paid (during reporting period) | $22949133 |
| Portfolio turnover rate | 40% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 32.42% |
| Industrials | 16.67% |
| Financials | 16.13% |
| Communication Services | 9.81% |
| Healthcare | 7.95% |
| Consumer Discretionary | 5.27% |
| Utilities | 3.44% |
| Consumer Staples | 2.64% |
| Materials | 2.12% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 7.48% |
| Alphabet Class A | 6.29% |
| Apple | 4.88% |
| Taiwan Semiconductor Manufacturing ADR | 4.33% |
| Howmet Aerospace | 3.48% |
| Microsoft | 3.46% |
| Applied Materials | 2.83% |
| Amazon.com | 2.81% |
| Costco Wholesale | 2.64% |
| Eaton | 2.63% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-ICEQX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Core Equity Fund

*(formerly, Macquarie Core Equity Fund)*

**Class Y : WCEYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$106 | &nbsp;&nbsp;0.99% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Core Equity Fund (Class Y) returned 13.28% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%.

#### Top contributors to performance:
Stock selection in the industrials sector, primarily by way of an overweight allocation to Howmet Aerospace Inc., was a leading contributor to relative performance during the reporting period.

A meaningful underweight allocation to the healthcare sector was the leading allocation contributor to performance relative to the Fund's benchmark.

The Fund's most significant overall contributors to relative performance were Taiwan Semiconductor Manufacturing Co. Inc., Seagate Technology Holdings PLC, and Howmet Aerospace.

#### Top detractors from performance:
The Fund's overweight allocation to the financials sector was the leading detractor from relative performance during the reporting period.

Also within financials, stock selection meaningfully detracted from relative performance.

Top overall detractors from relative performance were Fiserv Inc., Salesforce Inc., and NVIDIA Corp.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650377.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Core Equity Fund (Class Y) – including sales charge | 13.28% | 11.29% | 13.53% |
| Nomura Core Equity Fund (Class Y) – excluding sales charge | 13.28% | 11.29% | 13.53% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $3384573104 |
| Total number of portfolio holdings\* | 48 |
| Total advisory fees paid (during reporting period) | $22949133 |
| Portfolio turnover rate | 40% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 32.42% |
| Industrials | 16.67% |
| Financials | 16.13% |
| Communication Services | 9.81% |
| Healthcare | 7.95% |
| Consumer Discretionary | 5.27% |
| Utilities | 3.44% |
| Consumer Staples | 2.64% |
| Materials | 2.12% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 7.48% |
| Alphabet Class A | 6.29% |
| Apple | 4.88% |
| Taiwan Semiconductor Manufacturing ADR | 4.33% |
| Howmet Aerospace | 3.48% |
| Microsoft | 3.46% |
| Applied Materials | 2.83% |
| Amazon.com | 2.81% |
| Costco Wholesale | 2.64% |
| Eaton | 2.63% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WCEYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Bond Fund

*(formerly, Macquarie Global Bond Fund)*

**Class A : IVSAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Bond Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$95 | &nbsp;&nbsp;0.94% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Bond Fund (Class A) returned 3.08% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 4.26%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 3.49%.

#### Top contributors to performance:
Allocations to investment grade corporate bond and agency mortgage-backed securities (MBS) contributed to performance for the reporting period, as did selections within emerging markets and corporate bonds (both investment grade and high yield), which were additive to performance.

Treasury yields traded within a relatively narrow range during the reporting period – 65 basis points (bps) – and ended just 10 bps higher (one basis point is a hundredth of a percentage point). The US economic outlook solidified throughout the reporting period but faced threats including the war with Iran which moved oil prices above $100. We adjusted the Fund accordingly, and its duration positioning contributed to performance.

#### Top detractors from performance:
Allocations to securitized credit sectors like asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), as well as emerging markets and high yield corporates detracted from performance for the reporting period.

An active exposure to inflation breakevens in the US was a modest detractor. The position was implemented as a hedge against a potential policy mistake from the US Federal Reserve (Fed) in easing further in an economy that, in our view, looks resilient and could inadvertently ignite inflationary pressures.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650664.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **10 year** |
| Nomura Global Bond Fund (Class A) – including sales charge | -1.52 | %\* | -0.31% | 2.19% |
| Nomura Global Bond Fund (Class A) – excluding sales charge | 3.08 | %\* | 0.88% | 2.80% |
| Bloomberg Global Aggregate Index | 4.26 | % | -1.46% | 0.57% |
| Bloomberg Global Aggregate Index, Hedged to USD | 3.49 | % | 0.81% | 2.05% |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its sub-advisors as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $406412196 |
| Total number of portfolio holdings\* | 342 |
| Total advisory fees paid (during reporting period) | $1845875 |
| Portfolio turnover rate | 141% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 45.01% |
| Spain | 7.84% |
| Japan | 4.71% |
| United Kingdom | 3.61% |
| New Zealand | 2.57% |
| Netherlands | 2.34% |
| Switzerland | 2.03% |
| Germany | 1.98% |
| France | 1.84% |
| Italy | 1.59% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.81% |
| Consumer Non-Cyclical | 3.44% |
| Communications | 2.73% |
| Finance Companies | 2.55% |
| Technology | 2.25% |
| Consumer Cyclical | 1.74% |
| Energy | 1.20% |
| Electric | 1.05% |
| Brokerage | 1.01% |
| Basic Industry | 0.96% |

---

Material Fund changes

Effective July 31, 2025, the Fund introduced a revised fee waiver for Class A shares of 0.69% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, the Fund was renamed Nomura Global Bond Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added portfolio turnover risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVSAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Bond Fund

*(formerly, Macquarie Global Bond Fund)*

**Class C : IVSCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Bond Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$171 | &nbsp;&nbsp;1.69% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Bond Fund (Class C) returned 2.31% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 4.26%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 3.49%.

#### Top contributors to performance:
Allocations to investment grade corporate bond and agency mortgage-backed securities (MBS) contributed to performance for the reporting period, as did selections within emerging markets and corporate bonds (both investment grade and high yield), which were additive to performance.

Treasury yields traded within a relatively narrow range during the reporting period – 65 basis points (bps) – and ended just 10 bps higher (one basis point is a hundredth of a percentage point). The US economic outlook solidified throughout the reporting period but faced threats including the war with Iran which moved oil prices above $100. We adjusted the Fund accordingly, and its duration positioning contributed to performance.

#### Top detractors from performance:
Allocations to securitized credit sectors like asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), as well as emerging markets and high yield corporates detracted from performance for the reporting period.

An active exposure to inflation breakevens in the US was a modest detractor. The position was implemented as a hedge against a potential policy mistake from the US Federal Reserve (Fed) in easing further in an economy that, in our view, looks resilient and could inadvertently ignite inflationary pressures.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650705.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **10 year** |
| Nomura Global Bond Fund (Class C) – including sales charge | 1.32 | %\* | 0.13% | 2.20% |
| Nomura Global Bond Fund (Class C) – excluding sales charge | 2.31 | %\* | 0.13% | 2.20% |
| Bloomberg Global Aggregate Index | 4.26 | % | -1.46% | 0.57% |
| Bloomberg Global Aggregate Index, Hedged to USD | 3.49 | % | 0.81% | 2.05% |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its sub-advisors as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $406412196 |
| Total number of portfolio holdings\* | 342 |
| Total advisory fees paid (during reporting period) | $1845875 |
| Portfolio turnover rate | 141% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 45.01% |
| Spain | 7.84% |
| Japan | 4.71% |
| United Kingdom | 3.61% |
| New Zealand | 2.57% |
| Netherlands | 2.34% |
| Switzerland | 2.03% |
| Germany | 1.98% |
| France | 1.84% |
| Italy | 1.59% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.81% |
| Consumer Non-Cyclical | 3.44% |
| Communications | 2.73% |
| Finance Companies | 2.55% |
| Technology | 2.25% |
| Consumer Cyclical | 1.74% |
| Energy | 1.20% |
| Electric | 1.05% |
| Brokerage | 1.01% |
| Basic Industry | 0.96% |

---

Material Fund changes

Effective July 31, 2025, the Fund introduced a revised fee waiver for Class C shares of 0.69% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, the Fund was renamed Nomura Global Bond Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added portfolio turnover risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVSCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Bond Fund

*(formerly, Macquarie Global Bond Fund)*

**Class R : IYGOX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Bond Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$121 | &nbsp;&nbsp;1.19% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Bond Fund (Class R) returned 2.84% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 4.26%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 3.49%.

#### Top contributors to performance:
Allocations to investment grade corporate bond and agency mortgage-backed securities (MBS) contributed to performance for the reporting period, as did selections within emerging markets and corporate bonds (both investment grade and high yield), which were additive to performance.

Treasury yields traded within a relatively narrow range during the reporting period – 65 basis points (bps) – and ended just 10 bps higher (one basis point is a hundredth of a percentage point). The US economic outlook solidified throughout the reporting period but faced threats including the war with Iran which moved oil prices above $100. We adjusted the Fund accordingly, and its duration positioning contributed to performance.

#### Top detractors from performance:
Allocations to securitized credit sectors like asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), as well as emerging markets and high yield corporates detracted from performance for the reporting period.

An active exposure to inflation breakevens in the US was a modest detractor. The position was implemented as a hedge against a potential policy mistake from the US Federal Reserve (Fed) in easing further in an economy that, in our view, looks resilient and could inadvertently ignite inflationary pressures.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650787.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **10 year** |
| Nomura Global Bond Fund (Class R) – including sales charge | 2.84 | %\* | 0.58% | 2.39% |
| Nomura Global Bond Fund (Class R) – excluding sales charge | 2.84 | %\* | 0.58% | 2.39% |
| Bloomberg Global Aggregate Index | 4.26 | % | -1.46% | 0.57% |
| Bloomberg Global Aggregate Index, Hedged to USD | 3.49 | % | 0.81% | 2.05% |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its sub-advisors as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $406412196 |
| Total number of portfolio holdings\* | 342 |
| Total advisory fees paid (during reporting period) | $1845875 |
| Portfolio turnover rate | 141% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 45.01% |
| Spain | 7.84% |
| Japan | 4.71% |
| United Kingdom | 3.61% |
| New Zealand | 2.57% |
| Netherlands | 2.34% |
| Switzerland | 2.03% |
| Germany | 1.98% |
| France | 1.84% |
| Italy | 1.59% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.81% |
| Consumer Non-Cyclical | 3.44% |
| Communications | 2.73% |
| Finance Companies | 2.55% |
| Technology | 2.25% |
| Consumer Cyclical | 1.74% |
| Energy | 1.20% |
| Electric | 1.05% |
| Brokerage | 1.01% |
| Basic Industry | 0.96% |

---

Material Fund changes

Effective July 31, 2025, the Fund introduced a revised fee waiver for Class R shares of 0.69% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, the Fund was renamed Nomura Global Bond Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added portfolio turnover risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IYGOX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Bond Fund

*(formerly, Macquarie Global Bond Fund)*

**Institutional Class : IVSIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Bond Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$70 | &nbsp;&nbsp;0.69% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Bond Fund (Institutional Class) returned 3.35% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 4.26%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 3.49%.

#### Top contributors to performance:
Allocations to investment grade corporate bond and agency mortgage-backed securities (MBS) contributed to performance for the reporting period, as did selections within emerging markets and corporate bonds (both investment grade and high yield), which were additive to performance.

Treasury yields traded within a relatively narrow range during the reporting period – 65 basis points (bps) – and ended just 10 bps higher (one basis point is a hundredth of a percentage point). The US economic outlook solidified throughout the reporting period but faced threats including the war with Iran which moved oil prices above $100. We adjusted the Fund accordingly, and its duration positioning contributed to performance.

#### Top detractors from performance:
Allocations to securitized credit sectors like asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), as well as emerging markets and high yield corporates detracted from performance for the reporting period.

An active exposure to inflation breakevens in the US was a modest detractor. The position was implemented as a hedge against a potential policy mistake from the US Federal Reserve (Fed) in easing further in an economy that, in our view, looks resilient and could inadvertently ignite inflationary pressures.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650746.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Global Bond Fund (Institutional Class) – including sales charge | 3.35% | 1.13% | 3.05% |
| Nomura Global Bond Fund (Institutional Class) – excluding sales charge | 3.35% | 1.13% | 3.05% |
| Bloomberg Global Aggregate Index | 4.26% | -1.46% | 0.57% |
| Bloomberg Global Aggregate Index, Hedged to USD | 3.49% | 0.81% | 2.05% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its sub-advisors as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $406412196 |
| Total number of portfolio holdings\* | 342 |
| Total advisory fees paid (during reporting period) | $1845875 |
| Portfolio turnover rate | 141% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 45.01% |
| Spain | 7.84% |
| Japan | 4.71% |
| United Kingdom | 3.61% |
| New Zealand | 2.57% |
| Netherlands | 2.34% |
| Switzerland | 2.03% |
| Germany | 1.98% |
| France | 1.84% |
| Italy | 1.59% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.81% |
| Consumer Non-Cyclical | 3.44% |
| Communications | 2.73% |
| Finance Companies | 2.55% |
| Technology | 2.25% |
| Consumer Cyclical | 1.74% |
| Energy | 1.20% |
| Electric | 1.05% |
| Brokerage | 1.01% |
| Basic Industry | 0.96% |

---

Material Fund changes

Effective July 31, 2025, the Fund introduced a revised fee waiver for Institutional Class shares of 0.69% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, the Fund was renamed Nomura Global Bond Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added portfolio turnover risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVSIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Bond Fund

*(formerly, Macquarie Global Bond Fund)*

**Class R6 : IVBDX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Bond Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$57 | &nbsp;&nbsp;0.56% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Bond Fund (Class R6) returned 3.48% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 4.26%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 3.49%.

#### Top contributors to performance:
Allocations to investment grade corporate bond and agency mortgage-backed securities (MBS) contributed to performance for the reporting period, as did selections within emerging markets and corporate bonds (both investment grade and high yield), which were additive to performance.

Treasury yields traded within a relatively narrow range during the reporting period – 65 basis points (bps) – and ended just 10 bps higher (one basis point is a hundredth of a percentage point). The US economic outlook solidified throughout the reporting period but faced threats including the war with Iran which moved oil prices above $100. We adjusted the Fund accordingly, and its duration positioning contributed to performance.

#### Top detractors from performance:
Allocations to securitized credit sectors like asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), as well as emerging markets and high yield corporates detracted from performance for the reporting period.

An active exposure to inflation breakevens in the US was a modest detractor. The position was implemented as a hedge against a potential policy mistake from the US Federal Reserve (Fed) in easing further in an economy that, in our view, looks resilient and could inadvertently ignite inflationary pressures.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650828.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **10 year** |
| Nomura Global Bond Fund (Class R6) – including sales charge | 3.48 | %\* | 1.20% | 3.10% |
| Nomura Global Bond Fund (Class R6) – excluding sales charge | 3.48 | %\* | 1.20% | 3.10% |
| Bloomberg Global Aggregate Index | 4.26 | % | -1.46% | 0.57% |
| Bloomberg Global Aggregate Index, Hedged to USD | 3.49 | % | 0.81% | 2.05% |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its sub-advisors as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $406412196 |
| Total number of portfolio holdings\* | 342 |
| Total advisory fees paid (during reporting period) | $1845875 |
| Portfolio turnover rate | 141% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 45.01% |
| Spain | 7.84% |
| Japan | 4.71% |
| United Kingdom | 3.61% |
| New Zealand | 2.57% |
| Netherlands | 2.34% |
| Switzerland | 2.03% |
| Germany | 1.98% |
| France | 1.84% |
| Italy | 1.59% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.81% |
| Consumer Non-Cyclical | 3.44% |
| Communications | 2.73% |
| Finance Companies | 2.55% |
| Technology | 2.25% |
| Consumer Cyclical | 1.74% |
| Energy | 1.20% |
| Electric | 1.05% |
| Brokerage | 1.01% |
| Basic Industry | 0.96% |

---

Material Fund changes

Effective July 31, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.56% (excluding certain items).

Effective December 1, 2025, the Fund was renamed Nomura Global Bond Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added portfolio turnover risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVBDX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Bond Fund

*(formerly, Macquarie Global Bond Fund)*

**Class Y : IVSYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Bond Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$95 | &nbsp;&nbsp;0.94% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Bond Fund (Class Y) returned 3.08% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg Global Aggregate Index, the Fund's broad-based securities market index, returned 4.26%, while the Bloomberg Global Aggregate Index, Hedged to USD, the Fund's narrowly based securities market index, returned 3.49%.

#### Top contributors to performance:
Allocations to investment grade corporate bond and agency mortgage-backed securities (MBS) contributed to performance for the reporting period, as did selections within emerging markets and corporate bonds (both investment grade and high yield), which were additive to performance.

Treasury yields traded within a relatively narrow range during the reporting period – 65 basis points (bps) – and ended just 10 bps higher (one basis point is a hundredth of a percentage point). The US economic outlook solidified throughout the reporting period but faced threats including the war with Iran which moved oil prices above $100. We adjusted the Fund accordingly, and its duration positioning contributed to performance.

#### Top detractors from performance:
Allocations to securitized credit sectors like asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), as well as emerging markets and high yield corporates detracted from performance for the reporting period.

An active exposure to inflation breakevens in the US was a modest detractor. The position was implemented as a hedge against a potential policy mistake from the US Federal Reserve (Fed) in easing further in an economy that, in our view, looks resilient and could inadvertently ignite inflationary pressures.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650869.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **10 year** |
| Nomura Global Bond Fund (Class Y) – including sales charge | 3.08 | %\* | 0.90% | 2.81% |
| Nomura Global Bond Fund (Class Y) – excluding sales charge | 3.08 | %\* | 0.90% | 2.81% |
| Bloomberg Global Aggregate Index | 4.26 | % | -1.46% | 0.57% |
| Bloomberg Global Aggregate Index, Hedged to USD | 3.49 | % | 0.81% | 2.05% |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy and its sub-advisors as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $406412196 |
| Total number of portfolio holdings\* | 342 |
| Total advisory fees paid (during reporting period) | $1845875 |
| Portfolio turnover rate | 141% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 45.01% |
| Spain | 7.84% |
| Japan | 4.71% |
| United Kingdom | 3.61% |
| New Zealand | 2.57% |
| Netherlands | 2.34% |
| Switzerland | 2.03% |
| Germany | 1.98% |
| France | 1.84% |
| Italy | 1.59% |

---

Sector allocation

---

| | |
|:---|:---|
| Banking | 15.81% |
| Consumer Non-Cyclical | 3.44% |
| Communications | 2.73% |
| Finance Companies | 2.55% |
| Technology | 2.25% |
| Consumer Cyclical | 1.74% |
| Energy | 1.20% |
| Electric | 1.05% |
| Brokerage | 1.01% |
| Basic Industry | 0.96% |

---

Material Fund changes

Effective July 31, 2025, the Fund introduced a revised fee waiver for Class Y shares of 0.69% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, the Fund was renamed Nomura Global Bond Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added portfolio turnover risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVSYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Growth Fund

*(formerly, Macquarie Global Growth Fund)*

**Class A : IVINX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$116 | &nbsp;&nbsp;1.09% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Growth Fund (Class A) returned 13.26% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Stocks within healthcare contributed to performance during the reporting period due to holdings in Hoya Corp. and Rede D'Or Sao Luiz SA.

An underweight allocation to utilities also contributed to performance.

At the country level, Taiwan, Spain, and Denmark contributed the most.

#### Top detractors from performance:
Within communication services, an underweight allocation to Alphabet Inc. and exposure to select telecommunications companies detracted from performance during the reporting period, due to moderated growth and valuation concerns.

Stock selection in consumer discretionary also detracted from performance, driven by holdings in Sea Ltd. and Ferrari NV.

At the country level, the US, Germany, and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650910.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Global Growth Fund (Class A) – including sales charge | 6.75% | 6.67% | 9.81% |
| Nomura Global Growth Fund (Class A) – excluding sales charge | 13.26% | 7.94% | 10.46% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $810107764 |
| Total number of portfolio holdings\* | 56 |
| Total advisory fees paid (during reporting period) | $5761716 |
| Portfolio turnover rate | 46% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 62.38% |
| Taiwan | 4.98% |
| India | 3.36% |
| United Kingdom | 3.24% |
| Japan | 2.97% |
| France | 2.53% |
| Germany | 2.41% |
| Spain | 2.11% |
| Canada | 2.02% |
| Netherlands | 1.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 26.40% |
| Financials | 15.38% |
| Industrials | 14.14% |
| Healthcare | 10.15% |
| Consumer Discretionary | 9.67% |
| Communication Services | 8.95% |
| Consumer Staples | 6.75% |
| Materials | 3.16% |
| Energy | 2.31% |
| Utilities | 1.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 5.91% |
| Taiwan Semiconductor Manufacturing | 4.98% |
| Microsoft | 3.73% |
| Apple | 3.35% |
| Alphabet Class A | 2.36% |
| KLA | 2.29% |
| Amazon.com | 2.20% |
| Howmet Aerospace | 2.14% |
| Banco Bilbao Vizcaya Argentaria | 2.11% |
| Alimentation Couche-Tard | 2.02% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Global Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVINX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Growth Fund

*(formerly, Macquarie Global Growth Fund)*

**Class C : IVNCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$196 | &nbsp;&nbsp;1.85% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Growth Fund (Class C) returned 12.37% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Stocks within healthcare contributed to performance during the reporting period due to holdings in Hoya Corp. and Rede D'Or Sao Luiz SA.

An underweight allocation to utilities also contributed to performance.

At the country level, Taiwan, Spain, and Denmark contributed the most.

#### Top detractors from performance:
Within communication services, an underweight allocation to Alphabet Inc. and exposure to select telecommunications companies detracted from performance during the reporting period, due to moderated growth and valuation concerns.

Stock selection in consumer discretionary also detracted from performance, driven by holdings in Sea Ltd. and Ferrari NV.

At the country level, the US, Germany, and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650951.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Global Growth Fund (Class C) – including sales charge | 11.41% | 7.05% | 9.72% |
| Nomura Global Growth Fund (Class C) – excluding sales charge | 12.37% | 7.05% | 9.72% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $810107764 |
| Total number of portfolio holdings\* | 56 |
| Total advisory fees paid (during reporting period) | $5761716 |
| Portfolio turnover rate | 46% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 62.38% |
| Taiwan | 4.98% |
| India | 3.36% |
| United Kingdom | 3.24% |
| Japan | 2.97% |
| France | 2.53% |
| Germany | 2.41% |
| Spain | 2.11% |
| Canada | 2.02% |
| Netherlands | 1.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 26.40% |
| Financials | 15.38% |
| Industrials | 14.14% |
| Healthcare | 10.15% |
| Consumer Discretionary | 9.67% |
| Communication Services | 8.95% |
| Consumer Staples | 6.75% |
| Materials | 3.16% |
| Energy | 2.31% |
| Utilities | 1.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 5.91% |
| Taiwan Semiconductor Manufacturing | 4.98% |
| Microsoft | 3.73% |
| Apple | 3.35% |
| Alphabet Class A | 2.36% |
| KLA | 2.29% |
| Amazon.com | 2.20% |
| Howmet Aerospace | 2.14% |
| Banco Bilbao Vizcaya Argentaria | 2.11% |
| Alimentation Couche-Tard | 2.02% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Global Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVNCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Growth Fund

*(formerly, Macquarie Global Growth Fund)*

**Class R : IYIGX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$144 | &nbsp;&nbsp;1.35% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Growth Fund (Class R) returned 12.96% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Stocks within healthcare contributed to performance during the reporting period due to holdings in Hoya Corp. and Rede D'Or Sao Luiz SA.

An underweight allocation to utilities also contributed to performance.

At the country level, Taiwan, Spain, and Denmark contributed the most.

#### Top detractors from performance:
Within communication services, an underweight allocation to Alphabet Inc. and exposure to select telecommunications companies detracted from performance during the reporting period, due to moderated growth and valuation concerns.

Stock selection in consumer discretionary also detracted from performance, driven by holdings in Sea Ltd. and Ferrari NV.

At the country level, the US, Germany, and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Global Growth Fund (Class R) – including sales charge | 12.96% | 7.63% | 10.14% |
| Nomura Global Growth Fund (Class R) – excluding sales charge | 12.96% | 7.63% | 10.14% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $810107764 |
| Total number of portfolio holdings\* | 56 |
| Total advisory fees paid (during reporting period) | $5761716 |
| Portfolio turnover rate | 46% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 62.38% |
| Taiwan | 4.98% |
| India | 3.36% |
| United Kingdom | 3.24% |
| Japan | 2.97% |
| France | 2.53% |
| Germany | 2.41% |
| Spain | 2.11% |
| Canada | 2.02% |
| Netherlands | 1.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 26.40% |
| Financials | 15.38% |
| Industrials | 14.14% |
| Healthcare | 10.15% |
| Consumer Discretionary | 9.67% |
| Communication Services | 8.95% |
| Consumer Staples | 6.75% |
| Materials | 3.16% |
| Energy | 2.31% |
| Utilities | 1.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 5.91% |
| Taiwan Semiconductor Manufacturing | 4.98% |
| Microsoft | 3.73% |
| Apple | 3.35% |
| Alphabet Class A | 2.36% |
| KLA | 2.29% |
| Amazon.com | 2.20% |
| Howmet Aerospace | 2.14% |
| Banco Bilbao Vizcaya Argentaria | 2.11% |
| Alimentation Couche-Tard | 2.02% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Global Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IYIGX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Growth Fund

*(formerly, Macquarie Global Growth Fund)*

**Institutional Class : IGIIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$91 | &nbsp;&nbsp;0.85% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Growth Fund (Institutional Class) returned 13.52% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Stocks within healthcare contributed to performance during the reporting period due to holdings in Hoya Corp. and Rede D'Or Sao Luiz SA.

An underweight allocation to utilities also contributed to performance.

At the country level, Taiwan, Spain, and Denmark contributed the most.

#### Top detractors from performance:
Within communication services, an underweight allocation to Alphabet Inc. and exposure to select telecommunications companies detracted from performance during the reporting period, due to moderated growth and valuation concerns.

Stock selection in consumer discretionary also detracted from performance, driven by holdings in Sea Ltd. and Ferrari NV.

At the country level, the US, Germany, and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650992.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Global Growth Fund (Institutional Class) – including sales charge | 13.52% | 8.20% | 10.75% |
| Nomura Global Growth Fund (Institutional Class) – excluding sales charge | 13.52% | 8.20% | 10.75% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $810107764 |
| Total number of portfolio holdings\* | 56 |
| Total advisory fees paid (during reporting period) | $5761716 |
| Portfolio turnover rate | 46% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 62.38% |
| Taiwan | 4.98% |
| India | 3.36% |
| United Kingdom | 3.24% |
| Japan | 2.97% |
| France | 2.53% |
| Germany | 2.41% |
| Spain | 2.11% |
| Canada | 2.02% |
| Netherlands | 1.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 26.40% |
| Financials | 15.38% |
| Industrials | 14.14% |
| Healthcare | 10.15% |
| Consumer Discretionary | 9.67% |
| Communication Services | 8.95% |
| Consumer Staples | 6.75% |
| Materials | 3.16% |
| Energy | 2.31% |
| Utilities | 1.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 5.91% |
| Taiwan Semiconductor Manufacturing | 4.98% |
| Microsoft | 3.73% |
| Apple | 3.35% |
| Alphabet Class A | 2.36% |
| KLA | 2.29% |
| Amazon.com | 2.20% |
| Howmet Aerospace | 2.14% |
| Banco Bilbao Vizcaya Argentaria | 2.11% |
| Alimentation Couche-Tard | 2.02% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Global Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IGIIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Growth Fund

*(formerly, Macquarie Global Growth Fund)*

**Class R6 : ITGRX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$81 | &nbsp;&nbsp;0.76% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Growth Fund (Class R6) returned 13.64% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Stocks within healthcare contributed to performance during the reporting period due to holdings in Hoya Corp. and Rede D'Or Sao Luiz SA.

An underweight allocation to utilities also contributed to performance.

At the country level, Taiwan, Spain, and Denmark contributed the most.

#### Top detractors from performance:
Within communication services, an underweight allocation to Alphabet Inc. and exposure to select telecommunications companies detracted from performance during the reporting period, due to moderated growth and valuation concerns.

Stock selection in consumer discretionary also detracted from performance, driven by holdings in Sea Ltd. and Ferrari NV.

At the country level, the US, Germany, and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651074.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Global Growth Fund (Class R6) – including sales charge | 13.64% | 8.29% | 10.88% |
| Nomura Global Growth Fund (Class R6) – excluding sales charge | 13.64% | 8.29% | 10.88% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $810107764 |
| Total number of portfolio holdings\* | 56 |
| Total advisory fees paid (during reporting period) | $5761716 |
| Portfolio turnover rate | 46% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 62.38% |
| Taiwan | 4.98% |
| India | 3.36% |
| United Kingdom | 3.24% |
| Japan | 2.97% |
| France | 2.53% |
| Germany | 2.41% |
| Spain | 2.11% |
| Canada | 2.02% |
| Netherlands | 1.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 26.40% |
| Financials | 15.38% |
| Industrials | 14.14% |
| Healthcare | 10.15% |
| Consumer Discretionary | 9.67% |
| Communication Services | 8.95% |
| Consumer Staples | 6.75% |
| Materials | 3.16% |
| Energy | 2.31% |
| Utilities | 1.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 5.91% |
| Taiwan Semiconductor Manufacturing | 4.98% |
| Microsoft | 3.73% |
| Apple | 3.35% |
| Alphabet Class A | 2.36% |
| KLA | 2.29% |
| Amazon.com | 2.20% |
| Howmet Aerospace | 2.14% |
| Banco Bilbao Vizcaya Argentaria | 2.11% |
| Alimentation Couche-Tard | 2.02% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective July 31, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.76% (excluding certain items).

Effective December 1, 2025, the Fund was renamed Nomura Global Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-ITGRX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Global Growth Fund

*(formerly, Macquarie Global Growth Fund)*

**Class Y : IVIYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Global Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$117 | &nbsp;&nbsp;1.10% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Global Growth Fund (Class Y) returned 13.27% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Stocks within healthcare contributed to performance during the reporting period due to holdings in Hoya Corp. and Rede D'Or Sao Luiz SA.

An underweight allocation to utilities also contributed to performance.

At the country level, Taiwan, Spain, and Denmark contributed the most.

#### Top detractors from performance:
Within communication services, an underweight allocation to Alphabet Inc. and exposure to select telecommunications companies detracted from performance during the reporting period, due to moderated growth and valuation concerns.

Stock selection in consumer discretionary also detracted from performance, driven by holdings in Sea Ltd. and Ferrari NV.

At the country level, the US, Germany, and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651115.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Global Growth Fund (Class Y) – including sales charge | 13.27% | 7.93% | 10.47% |
| Nomura Global Growth Fund (Class Y) – excluding sales charge | 13.27% | 7.93% | 10.47% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $810107764 |
| Total number of portfolio holdings\* | 56 |
| Total advisory fees paid (during reporting period) | $5761716 |
| Portfolio turnover rate | 46% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| United States | 62.38% |
| Taiwan | 4.98% |
| India | 3.36% |
| United Kingdom | 3.24% |
| Japan | 2.97% |
| France | 2.53% |
| Germany | 2.41% |
| Spain | 2.11% |
| Canada | 2.02% |
| Netherlands | 1.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 26.40% |
| Financials | 15.38% |
| Industrials | 14.14% |
| Healthcare | 10.15% |
| Consumer Discretionary | 9.67% |
| Communication Services | 8.95% |
| Consumer Staples | 6.75% |
| Materials | 3.16% |
| Energy | 2.31% |
| Utilities | 1.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 5.91% |
| Taiwan Semiconductor Manufacturing | 4.98% |
| Microsoft | 3.73% |
| Apple | 3.35% |
| Alphabet Class A | 2.36% |
| KLA | 2.29% |
| Amazon.com | 2.20% |
| Howmet Aerospace | 2.14% |
| Banco Bilbao Vizcaya Argentaria | 2.11% |
| Alimentation Couche-Tard | 2.02% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Global Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVIYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura High Income Fund

*(formerly, Macquarie High Income Fund)*

**Class A : WHIAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura High Income Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$90 | &nbsp;&nbsp;0.88% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura High Income Fund (Class A) returned 5.07% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.35%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 6.90%.

#### Top contributors to performance:
Security selection within the banking sector

Security selection within the capital goods sector

Security selection within the automotive sector

#### Top detractors from performance:
Security selection within the gaming sector

An underweight allocation to the real estate sector

An underweight allocation and security selection within the services sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651156.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura High Income Fund (Class A) – including sales charge | 0.42% | 1.40% | 4.50% |
| Nomura High Income Fund (Class A) – excluding sales charge | 5.07% | 2.60% | 5.12% |
| Bloomberg US Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA US High Yield Constrained Index | 6.90% | 4.20% | 6.04% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1728885704 |
| Total number of portfolio holdings\* | 240 |
| Total advisory fees paid (during reporting period) | $9587216 |
| Portfolio turnover rate | 34% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.18% |
| Media | 10.57% |
| Healthcare | 7.70% |
| Capital Goods | 7.42% |
| Basic Industry | 7.17% |
| Financial Services | 6.34% |
| Insurance | 5.80% |
| Telecommunications | 5.41% |
| Retail | 5.31% |
| Services | 4.34% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura High Income Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added a new principal investment strategy to invest in a wholly-owned company acting as an investment vehicle for the Fund and added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WHIAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura High Income Fund

*(formerly, Macquarie High Income Fund)*

**Class C : WRHIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura High Income Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$166 | &nbsp;&nbsp;1.63% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura High Income Fund (Class C) returned 4.28% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.35%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 6.90%.

#### Top contributors to performance:
Security selection within the banking sector

Security selection within the capital goods sector

Security selection within the automotive sector

#### Top detractors from performance:
Security selection within the gaming sector

An underweight allocation to the real estate sector

An underweight allocation and security selection within the services sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651197.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura High Income Fund (Class C) – including sales charge | 3.30% | 1.81% | 4.52% |
| Nomura High Income Fund (Class C) – excluding sales charge | 4.28% | 1.81% | 4.52% |
| Bloomberg US Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA US High Yield Constrained Index | 6.90% | 4.20% | 6.04% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1728885704 |
| Total number of portfolio holdings\* | 240 |
| Total advisory fees paid (during reporting period) | $9587216 |
| Portfolio turnover rate | 34% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.18% |
| Media | 10.57% |
| Healthcare | 7.70% |
| Capital Goods | 7.42% |
| Basic Industry | 7.17% |
| Financial Services | 6.34% |
| Insurance | 5.80% |
| Telecommunications | 5.41% |
| Retail | 5.31% |
| Services | 4.34% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura High Income Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added a new principal investment strategy to invest in a wholly-owned company acting as an investment vehicle for the Fund and added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WRHIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura High Income Fund

*(formerly, Macquarie High Income Fund)*

**Class R : IYHIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura High Income Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$116 | &nbsp;&nbsp;1.13% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura High Income Fund (Class R) returned 4.98% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.35%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 6.90%.

#### Top contributors to performance:
Security selection within the banking sector

Security selection within the capital goods sector

Security selection within the automotive sector

#### Top detractors from performance:
Security selection within the gaming sector

An underweight allocation to the real estate sector

An underweight allocation and security selection within the services sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651279.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **10 year** |
| Nomura High Income Fund (Class R) – including sales charge | 4.98 | %\* | 2.31% | 4.78% |
| Nomura High Income Fund (Class R) – excluding sales charge | 4.98 | %\* | 2.31% | 4.78% |
| Bloomberg US Aggregate Index | 4.35 | % | 0.31% | 1.70% |
| ICE BofA US High Yield Constrained Index | 6.90 | % | 4.20% | 6.04% |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1728885704 |
| Total number of portfolio holdings\* | 240 |
| Total advisory fees paid (during reporting period) | $9587216 |
| Portfolio turnover rate | 34% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.18% |
| Media | 10.57% |
| Healthcare | 7.70% |
| Capital Goods | 7.42% |
| Basic Industry | 7.17% |
| Financial Services | 6.34% |
| Insurance | 5.80% |
| Telecommunications | 5.41% |
| Retail | 5.31% |
| Services | 4.34% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura High Income Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added a new principal investment strategy to invest in a wholly-owned company acting as an investment vehicle for the Fund and added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IYHIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura High Income Fund

*(formerly, Macquarie High Income Fund)*

**Institutional Class : IVHIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura High Income Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$65 | &nbsp;&nbsp;0.63% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura High Income Fund (Institutional Class) returned 5.51% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.35%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 6.90%.

#### Top contributors to performance:
Security selection within the banking sector

Security selection within the capital goods sector

Security selection within the automotive sector

#### Top detractors from performance:
Security selection within the gaming sector

An underweight allocation to the real estate sector

An underweight allocation and security selection within the services sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651238.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **10 year** |
| Nomura High Income Fund (Institutional Class) – including sales charge | 5.51 | %\* | 2.84% | 5.37% |
| Nomura High Income Fund (Institutional Class) – excluding sales charge | 5.51 | %\* | 2.84% | 5.37% |
| Bloomberg US Aggregate Index | 4.35 | % | 0.31% | 1.70% |
| ICE BofA US High Yield Constrained Index | 6.90 | % | 4.20% | 6.04% |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1728885704 |
| Total number of portfolio holdings\* | 240 |
| Total advisory fees paid (during reporting period) | $9587216 |
| Portfolio turnover rate | 34% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.18% |
| Media | 10.57% |
| Healthcare | 7.70% |
| Capital Goods | 7.42% |
| Basic Industry | 7.17% |
| Financial Services | 6.34% |
| Insurance | 5.80% |
| Telecommunications | 5.41% |
| Retail | 5.31% |
| Services | 4.34% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura High Income Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added a new principal investment strategy to invest in a wholly-owned company acting as an investment vehicle for the Fund and added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVHIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura High Income Fund

*(formerly, Macquarie High Income Fund)*

**Class R6 : IHIFX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura High Income Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;0.54% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura High Income Fund (Class R6) returned 5.42% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.35%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 6.90%.

#### Top contributors to performance:
Security selection within the banking sector

Security selection within the capital goods sector

Security selection within the automotive sector

#### Top detractors from performance:
Security selection within the gaming sector

An underweight allocation to the real estate sector

An underweight allocation and security selection within the services sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651320.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura High Income Fund (Class R6) – including sales charge | 5.42% | 2.93% | 5.50% |
| Nomura High Income Fund (Class R6) – excluding sales charge | 5.42% | 2.93% | 5.50% |
| Bloomberg US Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA US High Yield Constrained Index | 6.90% | 4.20% | 6.04% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1728885704 |
| Total number of portfolio holdings\* | 240 |
| Total advisory fees paid (during reporting period) | $9587216 |
| Portfolio turnover rate | 34% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.18% |
| Media | 10.57% |
| Healthcare | 7.70% |
| Capital Goods | 7.42% |
| Basic Industry | 7.17% |
| Financial Services | 6.34% |
| Insurance | 5.80% |
| Telecommunications | 5.41% |
| Retail | 5.31% |
| Services | 4.34% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura High Income Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added a new principal investment strategy to invest in a wholly-owned company acting as an investment vehicle for the Fund and added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IHIFX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura High Income Fund

*(formerly, Macquarie High Income Fund)*

**Class Y : WHIYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura High Income Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$90 | &nbsp;&nbsp;0.88% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura High Income Fund (Class Y) returned 5.07% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.35%, while the ICE BofA US High Yield Constrained Index, the Fund's narrowly based securities market index, returned 6.90%.

#### Top contributors to performance:
Security selection within the banking sector

Security selection within the capital goods sector

Security selection within the automotive sector

#### Top detractors from performance:
Security selection within the gaming sector

An underweight allocation to the real estate sector

An underweight allocation and security selection within the services sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651361.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura High Income Fund (Class Y) – including sales charge | 5.07% | 2.56% | 5.10% |
| Nomura High Income Fund (Class Y) – excluding sales charge | 5.07% | 2.56% | 5.10% |
| Bloomberg US Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA US High Yield Constrained Index | 6.90% | 4.20% | 6.04% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1728885704 |
| Total number of portfolio holdings\* | 240 |
| Total advisory fees paid (during reporting period) | $9587216 |
| Portfolio turnover rate | 34% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.18% |
| Media | 10.57% |
| Healthcare | 7.70% |
| Capital Goods | 7.42% |
| Basic Industry | 7.17% |
| Financial Services | 6.34% |
| Insurance | 5.80% |
| Telecommunications | 5.41% |
| Retail | 5.31% |
| Services | 4.34% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura High Income Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

During the fiscal year, the Fund added a new principal investment strategy to invest in a wholly-owned company acting as an investment vehicle for the Fund and added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WHIYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura International Core Equity Fund

*(formerly, Macquarie International Core Equity Fund)*

**Class A : IVIAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura International Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$106 | &nbsp;&nbsp;1.02% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura International Core Equity Fund (Class A) returned 8.23% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 24.91% and 25.58%, respectively.

#### Top contributors to performance:
Stocks within the energy sector contributed the most to performance during the reporting period primarily due to holdings in SLB Ltd., which outperformed.

Stock selection within real estate contributed to performance.

At the country level, the technology heavy hubs in Asia including South Korea and Taiwan contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance during the reporting period. Holdings in ICON PLC underperformed, triggered by an internal probe into revenue recognition practices.

Stock selection within consumer discretionary also detracted from performance, driven by holdings in Flutter Entertainment PLC and Sea Ltd.

At the country level, the UK and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651402.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **5 year** | **10 year** | **10 year** |
| Nomura International Core Equity Fund (Class A) – including sales charge | 2.02 | %\* | 3.71 | %\* | 5.60 | %\* |
| Nomura International Core Equity Fund (Class A) – excluding sales charge | 8.23 | %\* | 4.95 | %\* | 6.23 | % |
| MSCI ACWI ex USA Index (net) | 24.91 | % | 7.02 | % | 8.38 | % |
| MSCI ACWI ex USA Index (gross) | 25.58 | % | 7.56 | % | 8.91 | % |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1208814923 |
| Total number of portfolio holdings\* | 51 |
| Total advisory fees paid (during reporting period) | $8122547 |
| Portfolio turnover rate | 108% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Netherlands | 10.55% |
| United States | 10.41% |
| Japan | 9.38% |
| Taiwan | 8.05% |
| China | 7.68% |
| Brazil | 7.08% |
| United Kingdom | 6.95% |
| Canada | 5.62% |
| South Korea | 5.15% |
| Germany | 5.06% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 19.14% |
| Information Technology | 18.57% |
| Financials | 18.47% |
| Consumer Discretionary | 11.34% |
| Healthcare | 7.53% |
| Communication Services | 5.37% |
| Materials | 4.27% |
| Consumer Staples | 3.85% |
| Energy | 3.37% |
| Utilities | 1.88% |
| Real Estate | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 8.05% |
| SMC | 3.18% |
| ING Groep | 3.18% |
| ASML Holding | 3.12% |
| Samsung Electronics | 2.80% |
| Mitsubishi UFJ Financial Group | 2.56% |
| Banco Bilbao Vizcaya Argentaria | 2.54% |
| Prudential | 2.41% |
| SLB | 2.41% |
| SK Hynix | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura International Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added growth stock risk and limited number of securities risk and removed foreign currency exchange transactions and forward foreign currency contracts risk as principal risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVIAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura International Core Equity Fund

*(formerly, Macquarie International Core Equity Fund)*

**Class C : IVIFX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura International Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$184 | &nbsp;&nbsp;1.77% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura International Core Equity Fund (Class C) returned 7.47% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 24.91% and 25.58%, respectively.

#### Top contributors to performance:
Stocks within the energy sector contributed the most to performance during the reporting period primarily due to holdings in SLB Ltd., which outperformed.

Stock selection within real estate contributed to performance.

At the country level, the technology heavy hubs in Asia including South Korea and Taiwan contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance during the reporting period. Holdings in ICON PLC underperformed, triggered by an internal probe into revenue recognition practices.

Stock selection within consumer discretionary also detracted from performance, driven by holdings in Flutter Entertainment PLC and Sea Ltd.

At the country level, the UK and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651443.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura International Core Equity Fund (Class C) – including sales charge | 6.52% | 4.18% | 5.64% |
| Nomura International Core Equity Fund (Class C) – excluding sales charge | 7.47% | 4.18% | 5.64% |
| MSCI ACWI ex USA Index (net) | 24.91% | 7.02% | 8.38% |
| MSCI ACWI ex USA Index (gross) | 25.58% | 7.56% | 8.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1208814923 |
| Total number of portfolio holdings\* | 51 |
| Total advisory fees paid (during reporting period) | $8122547 |
| Portfolio turnover rate | 108% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Netherlands | 10.55% |
| United States | 10.41% |
| Japan | 9.38% |
| Taiwan | 8.05% |
| China | 7.68% |
| Brazil | 7.08% |
| United Kingdom | 6.95% |
| Canada | 5.62% |
| South Korea | 5.15% |
| Germany | 5.06% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 19.14% |
| Information Technology | 18.57% |
| Financials | 18.47% |
| Consumer Discretionary | 11.34% |
| Healthcare | 7.53% |
| Communication Services | 5.37% |
| Materials | 4.27% |
| Consumer Staples | 3.85% |
| Energy | 3.37% |
| Utilities | 1.88% |
| Real Estate | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 8.05% |
| SMC | 3.18% |
| ING Groep | 3.18% |
| ASML Holding | 3.12% |
| Samsung Electronics | 2.80% |
| Mitsubishi UFJ Financial Group | 2.56% |
| Banco Bilbao Vizcaya Argentaria | 2.54% |
| Prudential | 2.41% |
| SLB | 2.41% |
| SK Hynix | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura International Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added growth stock risk and limited number of securities risk and removed foreign currency exchange transactions and forward foreign currency contracts risk as principal risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVIFX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura International Core Equity Fund

*(formerly, Macquarie International Core Equity Fund)*

**Class R : IYITX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura International Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$132 | &nbsp;&nbsp;1.27% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura International Core Equity Fund (Class R) returned 8.04% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 24.91% and 25.58%, respectively.

#### Top contributors to performance:
Stocks within the energy sector contributed the most to performance during the reporting period primarily due to holdings in SLB Ltd., which outperformed.

Stock selection within real estate contributed to performance.

At the country level, the technology heavy hubs in Asia including South Korea and Taiwan contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance during the reporting period. Holdings in ICON PLC underperformed, triggered by an internal probe into revenue recognition practices.

Stock selection within consumer discretionary also detracted from performance, driven by holdings in Flutter Entertainment PLC and Sea Ltd.

At the country level, the UK and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651525.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura International Core Equity Fund (Class R) – including sales charge | 8.04% | 4.68% | 5.94% |
| Nomura International Core Equity Fund (Class R) – excluding sales charge | 8.04% | 4.68% | 5.94% |
| MSCI ACWI ex USA Index (net) | 24.91% | 7.02% | 8.38% |
| MSCI ACWI ex USA Index (gross) | 25.58% | 7.56% | 8.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1208814923 |
| Total number of portfolio holdings\* | 51 |
| Total advisory fees paid (during reporting period) | $8122547 |
| Portfolio turnover rate | 108% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Netherlands | 10.55% |
| United States | 10.41% |
| Japan | 9.38% |
| Taiwan | 8.05% |
| China | 7.68% |
| Brazil | 7.08% |
| United Kingdom | 6.95% |
| Canada | 5.62% |
| South Korea | 5.15% |
| Germany | 5.06% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 19.14% |
| Information Technology | 18.57% |
| Financials | 18.47% |
| Consumer Discretionary | 11.34% |
| Healthcare | 7.53% |
| Communication Services | 5.37% |
| Materials | 4.27% |
| Consumer Staples | 3.85% |
| Energy | 3.37% |
| Utilities | 1.88% |
| Real Estate | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 8.05% |
| SMC | 3.18% |
| ING Groep | 3.18% |
| ASML Holding | 3.12% |
| Samsung Electronics | 2.80% |
| Mitsubishi UFJ Financial Group | 2.56% |
| Banco Bilbao Vizcaya Argentaria | 2.54% |
| Prudential | 2.41% |
| SLB | 2.41% |
| SK Hynix | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura International Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added growth stock risk and limited number of securities risk and removed foreign currency exchange transactions and forward foreign currency contracts risk as principal risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IYITX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura International Core Equity Fund

*(formerly, Macquarie International Core Equity Fund)*

**Institutional Class : ICEIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura International Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$80 | &nbsp;&nbsp;0.77% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura International Core Equity Fund (Institutional Class) returned 8.56% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 24.91% and 25.58%, respectively.

#### Top contributors to performance:
Stocks within the energy sector contributed the most to performance during the reporting period primarily due to holdings in SLB Ltd., which outperformed.

Stock selection within real estate contributed to performance.

At the country level, the technology heavy hubs in Asia including South Korea and Taiwan contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance during the reporting period. Holdings in ICON PLC underperformed, triggered by an internal probe into revenue recognition practices.

Stock selection within consumer discretionary also detracted from performance, driven by holdings in Flutter Entertainment PLC and Sea Ltd.

At the country level, the UK and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651484.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura International Core Equity Fund (Institutional Class) – including sales charge | 8.56% | 5.26% | 6.59% |
| Nomura International Core Equity Fund (Institutional Class) – excluding sales charge | 8.56% | 5.26% | 6.59% |
| MSCI ACWI ex USA Index (net) | 24.91% | 7.02% | 8.38% |
| MSCI ACWI ex USA Index (gross) | 25.58% | 7.56% | 8.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1208814923 |
| Total number of portfolio holdings\* | 51 |
| Total advisory fees paid (during reporting period) | $8122547 |
| Portfolio turnover rate | 108% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Netherlands | 10.55% |
| United States | 10.41% |
| Japan | 9.38% |
| Taiwan | 8.05% |
| China | 7.68% |
| Brazil | 7.08% |
| United Kingdom | 6.95% |
| Canada | 5.62% |
| South Korea | 5.15% |
| Germany | 5.06% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 19.14% |
| Information Technology | 18.57% |
| Financials | 18.47% |
| Consumer Discretionary | 11.34% |
| Healthcare | 7.53% |
| Communication Services | 5.37% |
| Materials | 4.27% |
| Consumer Staples | 3.85% |
| Energy | 3.37% |
| Utilities | 1.88% |
| Real Estate | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 8.05% |
| SMC | 3.18% |
| ING Groep | 3.18% |
| ASML Holding | 3.12% |
| Samsung Electronics | 2.80% |
| Mitsubishi UFJ Financial Group | 2.56% |
| Banco Bilbao Vizcaya Argentaria | 2.54% |
| Prudential | 2.41% |
| SLB | 2.41% |
| SK Hynix | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura International Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added growth stock risk and limited number of securities risk and removed foreign currency exchange transactions and forward foreign currency contracts risk as principal risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-ICEIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura International Core Equity Fund

*(formerly, Macquarie International Core Equity Fund)*

**Class R6 : IINCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura International Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$69 | &nbsp;&nbsp;0.66% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura International Core Equity Fund (Class R6) returned 8.71% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 24.91% and 25.58%, respectively.

#### Top contributors to performance:
Stocks within the energy sector contributed the most to performance during the reporting period primarily due to holdings in SLB Ltd., which outperformed.

Stock selection within real estate contributed to performance.

At the country level, the technology heavy hubs in Asia including South Korea and Taiwan contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance during the reporting period. Holdings in ICON PLC underperformed, triggered by an internal probe into revenue recognition practices.

Stock selection within consumer discretionary also detracted from performance, driven by holdings in Flutter Entertainment PLC and Sea Ltd.

At the country level, the UK and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651566.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura International Core Equity Fund (Class R6) – including sales charge | 8.71% | 5.34% | 6.67% |
| Nomura International Core Equity Fund (Class R6) – excluding sales charge | 8.71% | 5.34% | 6.67% |
| MSCI ACWI ex USA Index (net) | 24.91% | 7.02% | 8.38% |
| MSCI ACWI ex USA Index (gross) | 25.58% | 7.56% | 8.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1208814923 |
| Total number of portfolio holdings\* | 51 |
| Total advisory fees paid (during reporting period) | $8122547 |
| Portfolio turnover rate | 108% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Netherlands | 10.55% |
| United States | 10.41% |
| Japan | 9.38% |
| Taiwan | 8.05% |
| China | 7.68% |
| Brazil | 7.08% |
| United Kingdom | 6.95% |
| Canada | 5.62% |
| South Korea | 5.15% |
| Germany | 5.06% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 19.14% |
| Information Technology | 18.57% |
| Financials | 18.47% |
| Consumer Discretionary | 11.34% |
| Healthcare | 7.53% |
| Communication Services | 5.37% |
| Materials | 4.27% |
| Consumer Staples | 3.85% |
| Energy | 3.37% |
| Utilities | 1.88% |
| Real Estate | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 8.05% |
| SMC | 3.18% |
| ING Groep | 3.18% |
| ASML Holding | 3.12% |
| Samsung Electronics | 2.80% |
| Mitsubishi UFJ Financial Group | 2.56% |
| Banco Bilbao Vizcaya Argentaria | 2.54% |
| Prudential | 2.41% |
| SLB | 2.41% |
| SK Hynix | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura International Core Equity Fund.

Effective July 31, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.66% (excluding certain items).

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added growth stock risk and limited number of securities risk and removed foreign currency exchange transactions and forward foreign currency contracts risk as principal risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IINCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura International Core Equity Fund

*(formerly, Macquarie International Core Equity Fund)*

**Class Y : IVVYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura International Core Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$106 | &nbsp;&nbsp;1.02% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura International Core Equity Fund (Class Y) returned 8.28% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Fund's broad-based securities market index, returned 24.91% and 25.58%, respectively.

#### Top contributors to performance:
Stocks within the energy sector contributed the most to performance during the reporting period primarily due to holdings in SLB Ltd., which outperformed.

Stock selection within real estate contributed to performance.

At the country level, the technology heavy hubs in Asia including South Korea and Taiwan contributed most.

#### Top detractors from performance:
Stocks within healthcare detracted from performance during the reporting period. Holdings in ICON PLC underperformed, triggered by an internal probe into revenue recognition practices.

Stock selection within consumer discretionary also detracted from performance, driven by holdings in Flutter Entertainment PLC and Sea Ltd.

At the country level, the UK and Singapore detracted the most.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651607.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura International Core Equity Fund (Class Y) – including sales charge | 8.28% | 4.96% | 6.27% |
| Nomura International Core Equity Fund (Class Y) – excluding sales charge | 8.28% | 4.96% | 6.27% |
| MSCI ACWI ex USA Index (net) | 24.91% | 7.02% | 8.38% |
| MSCI ACWI ex USA Index (gross) | 25.58% | 7.56% | 8.91% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1208814923 |
| Total number of portfolio holdings\* | 51 |
| Total advisory fees paid (during reporting period) | $8122547 |
| Portfolio turnover rate | 108% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| Netherlands | 10.55% |
| United States | 10.41% |
| Japan | 9.38% |
| Taiwan | 8.05% |
| China | 7.68% |
| Brazil | 7.08% |
| United Kingdom | 6.95% |
| Canada | 5.62% |
| South Korea | 5.15% |
| Germany | 5.06% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 19.14% |
| Information Technology | 18.57% |
| Financials | 18.47% |
| Consumer Discretionary | 11.34% |
| Healthcare | 7.53% |
| Communication Services | 5.37% |
| Materials | 4.27% |
| Consumer Staples | 3.85% |
| Energy | 3.37% |
| Utilities | 1.88% |
| Real Estate | 1.72% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 8.05% |
| SMC | 3.18% |
| ING Groep | 3.18% |
| ASML Holding | 3.12% |
| Samsung Electronics | 2.80% |
| Mitsubishi UFJ Financial Group | 2.56% |
| Banco Bilbao Vizcaya Argentaria | 2.54% |
| Prudential | 2.41% |
| SLB | 2.41% |
| SK Hynix | 2.35% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura International Core Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added growth stock risk and limited number of securities risk and removed foreign currency exchange transactions and forward foreign currency contracts risk as principal risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVVYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Large Cap Growth Fund

*(formerly, Macquarie Large Cap Growth Fund)*

**Class A : WLGAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Large Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$90 | &nbsp;&nbsp;0.89% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Large Cap Growth Fund (Class A) returned 2.06% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.74%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 18.81%.

#### Top contributors to performance:
Stock selection in the communication services sector and an underweight allocation to the consumer discretionary sector contributed the most to the Fund's performance during the reporting period.

The Fund's position in Taiwan Semiconductor Manufacturing Co. Ltd. contributed the most to performance, followed by an underweight allocation to Apple Inc., and not owning Adobe Inc. and ServiceNow Inc.

The Fund's outperformance in the communication services sector was primarily due to an underweight allocation to Meta Platforms Inc., which benefited the Fund.

#### Top detractors from performance:
Stock selection in the industrials, information technology, and healthcare sectors detracted the most from performance during the reporting period. And overweight allocation to the financials sector also hurt relative performance.

At a stock level, UnitedHealth Group Inc., Intuit Inc., and an underweight allocation to Broadcom Inc. detracted the most. Generally, holdings within software and business services weighed on returns.

At a high level, the portfolio's quality tilt was a headwind for returns as quality was not in favor by the market.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651648.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Large Cap Growth Fund (Class A) – including sales charge | -3.82% | 7.48% | 13.62% |
| Nomura Large Cap Growth Fund (Class A) – excluding sales charge | 2.06% | 8.76% | 14.29% |
| Russell 1000 Index | 17.74% | 11.34% | 13.97% |
| Russell 1000 Growth Index | 18.81% | 12.76% | 16.83% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $5835177590 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $37837344 |
| Portfolio turnover rate | 24% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 48.42% |
| Financials | 15.15% |
| Communication Services | 9.72% |
| Healthcare | 9.29% |
| Consumer Discretionary | 8.66% |
| Industrials | 6.42% |
| Materials | 1.53% |
| Consumer Staples | 0.68% |
| Real Estate | 0.05% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 15.55% |
| Microsoft | 11.14% |
| Apple | 9.28% |
| Alphabet Class A | 6.35% |
| Amazon.com | 6.04% |
| Visa Class A | 4.82% |
| Taiwan Semiconductor Manufacturing ADR | 3.18% |
| Mastercard Class A | 3.13% |
| Broadcom | 2.85% |
| Intercontinental Exchange | 2.84% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Large Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added government and regulatory risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WLGAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Large Cap Growth Fund

*(formerly, Macquarie Large Cap Growth Fund)*

**Class C : WLGCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Large Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$165 | &nbsp;&nbsp;1.64% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Large Cap Growth Fund (Class C) returned 1.33% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.74%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 18.81%.

#### Top contributors to performance:
Stock selection in the communication services sector and an underweight allocation to the consumer discretionary sector contributed the most to the Fund's performance during the reporting period.

The Fund's position in Taiwan Semiconductor Manufacturing Co. Ltd. contributed the most to performance, followed by an underweight allocation to Apple Inc., and not owning Adobe Inc. and ServiceNow Inc.

The Fund's outperformance in the communication services sector was primarily due to an underweight allocation to Meta Platforms Inc., which benefited the Fund.

#### Top detractors from performance:
Stock selection in the industrials, information technology, and healthcare sectors detracted the most from performance during the reporting period. And overweight allocation to the financials sector also hurt relative performance.

At a stock level, UnitedHealth Group Inc., Intuit Inc., and an underweight allocation to Broadcom Inc. detracted the most. Generally, holdings within software and business services weighed on returns.

At a high level, the portfolio's quality tilt was a headwind for returns as quality was not in favor by the market.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651689.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Large Cap Growth Fund (Class C) – including sales charge | 0.44% | 7.92% | 13.57% |
| Nomura Large Cap Growth Fund (Class C) – excluding sales charge | 1.33% | 7.92% | 13.57% |
| Russell 1000 Index | 17.74% | 11.34% | 13.97% |
| Russell 1000 Growth Index | 18.81% | 12.76% | 16.83% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $5835177590 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $37837344 |
| Portfolio turnover rate | 24% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 48.42% |
| Financials | 15.15% |
| Communication Services | 9.72% |
| Healthcare | 9.29% |
| Consumer Discretionary | 8.66% |
| Industrials | 6.42% |
| Materials | 1.53% |
| Consumer Staples | 0.68% |
| Real Estate | 0.05% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 15.55% |
| Microsoft | 11.14% |
| Apple | 9.28% |
| Alphabet Class A | 6.35% |
| Amazon.com | 6.04% |
| Visa Class A | 4.82% |
| Taiwan Semiconductor Manufacturing ADR | 3.18% |
| Mastercard Class A | 3.13% |
| Broadcom | 2.85% |
| Intercontinental Exchange | 2.84% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Large Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added government and regulatory risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WLGCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Large Cap Growth Fund

*(formerly, Macquarie Large Cap Growth Fund)*

**Class R : WLGRX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Large Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$115 | &nbsp;&nbsp;1.14% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Large Cap Growth Fund (Class R) returned 1.82% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.74%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 18.81%.

#### Top contributors to performance:
Stock selection in the communication services sector and an underweight allocation to the consumer discretionary sector contributed the most to the Fund's performance during the reporting period.

The Fund's position in Taiwan Semiconductor Manufacturing Co. Ltd. contributed the most to performance, followed by an underweight allocation to Apple Inc., and not owning Adobe Inc. and ServiceNow Inc.

The Fund's outperformance in the communication services sector was primarily due to an underweight allocation to Meta Platforms Inc., which benefited the Fund.

#### Top detractors from performance:
Stock selection in the industrials, information technology, and healthcare sectors detracted the most from performance during the reporting period. And overweight allocation to the financials sector also hurt relative performance.

At a stock level, UnitedHealth Group Inc., Intuit Inc., and an underweight allocation to Broadcom Inc. detracted the most. Generally, holdings within software and business services weighed on returns.

At a high level, the portfolio's quality tilt was a headwind for returns as quality was not in favor by the market.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651771.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Large Cap Growth Fund (Class R) – including sales charge | 1.82% | 8.45% | 13.92% |
| Nomura Large Cap Growth Fund (Class R) – excluding sales charge | 1.82% | 8.45% | 13.92% |
| Russell 1000 Index | 17.74% | 11.34% | 13.97% |
| Russell 1000 Growth Index | 18.81% | 12.76% | 16.83% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $5835177590 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $37837344 |
| Portfolio turnover rate | 24% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 48.42% |
| Financials | 15.15% |
| Communication Services | 9.72% |
| Healthcare | 9.29% |
| Consumer Discretionary | 8.66% |
| Industrials | 6.42% |
| Materials | 1.53% |
| Consumer Staples | 0.68% |
| Real Estate | 0.05% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 15.55% |
| Microsoft | 11.14% |
| Apple | 9.28% |
| Alphabet Class A | 6.35% |
| Amazon.com | 6.04% |
| Visa Class A | 4.82% |
| Taiwan Semiconductor Manufacturing ADR | 3.18% |
| Mastercard Class A | 3.13% |
| Broadcom | 2.85% |
| Intercontinental Exchange | 2.84% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Large Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added government and regulatory risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WLGRX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Large Cap Growth Fund

*(formerly, Macquarie Large Cap Growth Fund)*

**Institutional Class : IYGIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Large Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$65 | &nbsp;&nbsp;0.64% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Large Cap Growth Fund (Institutional Class) returned 2.32% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.74%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 18.81%.

#### Top contributors to performance:
Stock selection in the communication services sector and an underweight allocation to the consumer discretionary sector contributed the most to the Fund's performance during the reporting period.

The Fund's position in Taiwan Semiconductor Manufacturing Co. Ltd. contributed the most to performance, followed by an underweight allocation to Apple Inc., and not owning Adobe Inc. and ServiceNow Inc.

The Fund's outperformance in the communication services sector was primarily due to an underweight allocation to Meta Platforms Inc., which benefited the Fund.

#### Top detractors from performance:
Stock selection in the industrials, information technology, and healthcare sectors detracted the most from performance during the reporting period. And overweight allocation to the financials sector also hurt relative performance.

At a stock level, UnitedHealth Group Inc., Intuit Inc., and an underweight allocation to Broadcom Inc. detracted the most. Generally, holdings within software and business services weighed on returns.

At a high level, the portfolio's quality tilt was a headwind for returns as quality was not in favor by the market.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651730.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Large Cap Growth Fund (Institutional Class) – including sales charge | 2.32% | 9.05% | 14.61% |
| Nomura Large Cap Growth Fund (Institutional Class) – excluding sales charge | 2.32% | 9.05% | 14.61% |
| Russell 1000 Index | 17.74% | 11.34% | 13.97% |
| Russell 1000 Growth Index | 18.81% | 12.76% | 16.83% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $5835177590 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $37837344 |
| Portfolio turnover rate | 24% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 48.42% |
| Financials | 15.15% |
| Communication Services | 9.72% |
| Healthcare | 9.29% |
| Consumer Discretionary | 8.66% |
| Industrials | 6.42% |
| Materials | 1.53% |
| Consumer Staples | 0.68% |
| Real Estate | 0.05% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 15.55% |
| Microsoft | 11.14% |
| Apple | 9.28% |
| Alphabet Class A | 6.35% |
| Amazon.com | 6.04% |
| Visa Class A | 4.82% |
| Taiwan Semiconductor Manufacturing ADR | 3.18% |
| Mastercard Class A | 3.13% |
| Broadcom | 2.85% |
| Intercontinental Exchange | 2.84% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Large Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added government and regulatory risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IYGIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Large Cap Growth Fund

*(formerly, Macquarie Large Cap Growth Fund)*

**Class R6 : ILGRX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Large Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$57 | &nbsp;&nbsp;0.56% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Large Cap Growth Fund (Class R6) returned 2.41% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.74%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 18.81%.

#### Top contributors to performance:
Stock selection in the communication services sector and an underweight allocation to the consumer discretionary sector contributed the most to the Fund's performance during the reporting period.

The Fund's position in Taiwan Semiconductor Manufacturing Co. Ltd. contributed the most to performance, followed by an underweight allocation to Apple Inc., and not owning Adobe Inc. and ServiceNow Inc.

The Fund's outperformance in the communication services sector was primarily due to an underweight allocation to Meta Platforms Inc., which benefited the Fund.

#### Top detractors from performance:
Stock selection in the industrials, information technology, and healthcare sectors detracted the most from performance during the reporting period. And overweight allocation to the financials sector also hurt relative performance.

At a stock level, UnitedHealth Group Inc., Intuit Inc., and an underweight allocation to Broadcom Inc. detracted the most. Generally, holdings within software and business services weighed on returns.

At a high level, the portfolio's quality tilt was a headwind for returns as quality was not in favor by the market.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651812.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Large Cap Growth Fund (Class R6) – including sales charge | 2.41% | 9.10% | 14.69% |
| Nomura Large Cap Growth Fund (Class R6) – excluding sales charge | 2.41% | 9.10% | 14.69% |
| Russell 1000 Index | 17.74% | 11.34% | 13.97% |
| Russell 1000 Growth Index | 18.81% | 12.76% | 16.83% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $5835177590 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $37837344 |
| Portfolio turnover rate | 24% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 48.42% |
| Financials | 15.15% |
| Communication Services | 9.72% |
| Healthcare | 9.29% |
| Consumer Discretionary | 8.66% |
| Industrials | 6.42% |
| Materials | 1.53% |
| Consumer Staples | 0.68% |
| Real Estate | 0.05% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 15.55% |
| Microsoft | 11.14% |
| Apple | 9.28% |
| Alphabet Class A | 6.35% |
| Amazon.com | 6.04% |
| Visa Class A | 4.82% |
| Taiwan Semiconductor Manufacturing ADR | 3.18% |
| Mastercard Class A | 3.13% |
| Broadcom | 2.85% |
| Intercontinental Exchange | 2.84% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Large Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added government and regulatory risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-ILGRX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Large Cap Growth Fund

*(formerly, Macquarie Large Cap Growth Fund)*

**Class Y : WLGYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Large Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$90 | &nbsp;&nbsp;0.89% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Large Cap Growth Fund (Class Y) returned 2.06% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 1000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.74%, while the Russell 1000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 18.81%.

#### Top contributors to performance:
Stock selection in the communication services sector and an underweight allocation to the consumer discretionary sector contributed the most to the Fund's performance during the reporting period.

The Fund's position in Taiwan Semiconductor Manufacturing Co. Ltd. contributed the most to performance, followed by an underweight allocation to Apple Inc., and not owning Adobe Inc. and ServiceNow Inc.

The Fund's outperformance in the communication services sector was primarily due to an underweight allocation to Meta Platforms Inc., which benefited the Fund.

#### Top detractors from performance:
Stock selection in the industrials, information technology, and healthcare sectors detracted the most from performance during the reporting period. And overweight allocation to the financials sector also hurt relative performance.

At a stock level, UnitedHealth Group Inc., Intuit Inc., and an underweight allocation to Broadcom Inc. detracted the most. Generally, holdings within software and business services weighed on returns.

At a high level, the portfolio's quality tilt was a headwind for returns as quality was not in favor by the market.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651853.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Large Cap Growth Fund (Class Y) – including sales charge | 2.06% | 8.75% | 14.31% |
| Nomura Large Cap Growth Fund (Class Y) – excluding sales charge | 2.06% | 8.75% | 14.31% |
| Russell 1000 Index | 17.74% | 11.34% | 13.97% |
| Russell 1000 Growth Index | 18.81% | 12.76% | 16.83% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $5835177590 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $37837344 |
| Portfolio turnover rate | 24% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 48.42% |
| Financials | 15.15% |
| Communication Services | 9.72% |
| Healthcare | 9.29% |
| Consumer Discretionary | 8.66% |
| Industrials | 6.42% |
| Materials | 1.53% |
| Consumer Staples | 0.68% |
| Real Estate | 0.05% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 15.55% |
| Microsoft | 11.14% |
| Apple | 9.28% |
| Alphabet Class A | 6.35% |
| Amazon.com | 6.04% |
| Visa Class A | 4.82% |
| Taiwan Semiconductor Manufacturing ADR | 3.18% |
| Mastercard Class A | 3.13% |
| Broadcom | 2.85% |
| Intercontinental Exchange | 2.84% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Large Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added government and regulatory risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WLGYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Growth Fund

*(formerly, Macquarie Mid Cap Growth Fund)*

**Class A : WMGAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$105 | &nbsp;&nbsp;1.04% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Growth Fund (Class A) returned 2.63% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 9.56%.

#### Top contributors to performance:
Stock selection in the information technology (IT) sector, primarily in IT services and semiconductors and semicap equipment, was the leading contributor to relative performance for the reporting period.

A meaningful underweight allocation to the communication services sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Coherent Corp., MACOM Technology Solutions Holdings Inc., and BWX Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's overweight allocation exposure to the underperforming IT sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were having no exposure to Vertiv Holdings Co. and Palantir Technologies Inc., and our off-benchmark exposure to CoStar Group Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651894.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Mid Cap Growth Fund (Class A) – including sales charge | -3.28% | -2.99% | 9.28% |
| Nomura Mid Cap Growth Fund (Class A) – excluding sales charge | 2.63% | -1.83% | 9.93% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell Midcap Growth Index | 9.56% | 5.37% | 11.69% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $2993254125 |
| Total number of portfolio holdings\* | 61 |
| Total advisory fees paid (during reporting period) | $26001453 |
| Portfolio turnover rate | 43% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 24.66% |
| Healthcare | 22.49% |
| Information Technology | 20.24% |
| Consumer Discretionary | 18.99% |
| Financials | 7.42% |
| Real Estate | 2.22% |
| Materials | 1.98% |
| Consumer Staples | 1.54% |
| Communication Services | 0.55% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Monolithic Power Systems | 4.04% |
| IDEXX Laboratories | 3.85% |
| Royal Caribbean Cruises | 3.78% |
| Cloudflare Class A | 3.30% |
| Quanta Services | 3.10% |
| Fastenal | 2.83% |
| LPL Financial Holdings | 2.58% |
| Hilton Worldwide Holdings | 2.38% |
| Edwards Lifesciences | 2.30% |
| CoStar Group | 2.23% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund removed healthcare sector risk as a principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WMGAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Growth Fund

*(formerly, Macquarie Mid Cap Growth Fund)*

**Class C : WMGCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$181 | &nbsp;&nbsp;1.79% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Growth Fund (Class C) returned 1.83% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 9.56%.

#### Top contributors to performance:
Stock selection in the information technology (IT) sector, primarily in IT services and semiconductors and semicap equipment, was the leading contributor to relative performance for the reporting period.

A meaningful underweight allocation to the communication services sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Coherent Corp., MACOM Technology Solutions Holdings Inc., and BWX Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's overweight allocation exposure to the underperforming IT sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were having no exposure to Vertiv Holdings Co. and Palantir Technologies Inc., and our off-benchmark exposure to CoStar Group Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651935.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **5 year** | **10 year** |
| Nomura Mid Cap Growth Fund (Class C) – including sales charge | 0.96 | %\* | -2.59 | %\* | 9.27% |
| Nomura Mid Cap Growth Fund (Class C) – excluding sales charge | 1.83 | %\* | -2.59 | %\* | 9.27% |
| Russell 3000 Index | 18.09 | % | 10.87 | % | 13.72% |
| Russell Midcap Growth Index | 9.56 | % | 5.37 | % | 11.69% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $2993254125 |
| Total number of portfolio holdings\* | 61 |
| Total advisory fees paid (during reporting period) | $26001453 |
| Portfolio turnover rate | 43% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 24.66% |
| Healthcare | 22.49% |
| Information Technology | 20.24% |
| Consumer Discretionary | 18.99% |
| Financials | 7.42% |
| Real Estate | 2.22% |
| Materials | 1.98% |
| Consumer Staples | 1.54% |
| Communication Services | 0.55% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Monolithic Power Systems | 4.04% |
| IDEXX Laboratories | 3.85% |
| Royal Caribbean Cruises | 3.78% |
| Cloudflare Class A | 3.30% |
| Quanta Services | 3.10% |
| Fastenal | 2.83% |
| LPL Financial Holdings | 2.58% |
| Hilton Worldwide Holdings | 2.38% |
| Edwards Lifesciences | 2.30% |
| CoStar Group | 2.23% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund removed healthcare sector risk as a principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WMGCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Growth Fund

*(formerly, Macquarie Mid Cap Growth Fund)*

**Class R : WMGRX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$131 | &nbsp;&nbsp;1.29% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Growth Fund (Class R) returned 2.44% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 9.56%.

#### Top contributors to performance:
Stock selection in the information technology (IT) sector, primarily in IT services and semiconductors and semicap equipment, was the leading contributor to relative performance for the reporting period.

A meaningful underweight allocation to the communication services sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Coherent Corp., MACOM Technology Solutions Holdings Inc., and BWX Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's overweight allocation exposure to the underperforming IT sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were having no exposure to Vertiv Holdings Co. and Palantir Technologies Inc., and our off-benchmark exposure to CoStar Group Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652017.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Mid Cap Growth Fund (Class R) – including sales charge | 2.44% | -2.11% | 9.59% |
| Nomura Mid Cap Growth Fund (Class R) – excluding sales charge | 2.44% | -2.11% | 9.59% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell Midcap Growth Index | 9.56% | 5.37% | 11.69% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $2993254125 |
| Total number of portfolio holdings\* | 61 |
| Total advisory fees paid (during reporting period) | $26001453 |
| Portfolio turnover rate | 43% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 24.66% |
| Healthcare | 22.49% |
| Information Technology | 20.24% |
| Consumer Discretionary | 18.99% |
| Financials | 7.42% |
| Real Estate | 2.22% |
| Materials | 1.98% |
| Consumer Staples | 1.54% |
| Communication Services | 0.55% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Monolithic Power Systems | 4.04% |
| IDEXX Laboratories | 3.85% |
| Royal Caribbean Cruises | 3.78% |
| Cloudflare Class A | 3.30% |
| Quanta Services | 3.10% |
| Fastenal | 2.83% |
| LPL Financial Holdings | 2.58% |
| Hilton Worldwide Holdings | 2.38% |
| Edwards Lifesciences | 2.30% |
| CoStar Group | 2.23% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund removed healthcare sector risk as a principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WMGRX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Growth Fund

*(formerly, Macquarie Mid Cap Growth Fund)*

**Institutional Class : IYMIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$80 | &nbsp;&nbsp;0.79% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Growth Fund (Institutional Class) returned 2.93% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 9.56%.

#### Top contributors to performance:
Stock selection in the information technology (IT) sector, primarily in IT services and semiconductors and semicap equipment, was the leading contributor to relative performance for the reporting period.

A meaningful underweight allocation to the communication services sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Coherent Corp., MACOM Technology Solutions Holdings Inc., and BWX Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's overweight allocation exposure to the underperforming IT sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were having no exposure to Vertiv Holdings Co. and Palantir Technologies Inc., and our off-benchmark exposure to CoStar Group Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11651976.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Mid Cap Growth Fund (Institutional Class) – including sales charge | 2.93% | -1.55% | 10.27% |
| Nomura Mid Cap Growth Fund (Institutional Class) – excluding sales charge | 2.93% | -1.55% | 10.27% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell Midcap Growth Index | 9.56% | 5.37% | 11.69% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $2993254125 |
| Total number of portfolio holdings\* | 61 |
| Total advisory fees paid (during reporting period) | $26001453 |
| Portfolio turnover rate | 43% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 24.66% |
| Healthcare | 22.49% |
| Information Technology | 20.24% |
| Consumer Discretionary | 18.99% |
| Financials | 7.42% |
| Real Estate | 2.22% |
| Materials | 1.98% |
| Consumer Staples | 1.54% |
| Communication Services | 0.55% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Monolithic Power Systems | 4.04% |
| IDEXX Laboratories | 3.85% |
| Royal Caribbean Cruises | 3.78% |
| Cloudflare Class A | 3.30% |
| Quanta Services | 3.10% |
| Fastenal | 2.83% |
| LPL Financial Holdings | 2.58% |
| Hilton Worldwide Holdings | 2.38% |
| Edwards Lifesciences | 2.30% |
| CoStar Group | 2.23% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund removed healthcare sector risk as a principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IYMIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Growth Fund

*(formerly, Macquarie Mid Cap Growth Fund)*

**Class R6 : IGRFX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$69 | &nbsp;&nbsp;0.68% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Growth Fund (Class R6) returned 3.03% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 9.56%.

#### Top contributors to performance:
Stock selection in the information technology (IT) sector, primarily in IT services and semiconductors and semicap equipment, was the leading contributor to relative performance for the reporting period.

A meaningful underweight allocation to the communication services sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Coherent Corp., MACOM Technology Solutions Holdings Inc., and BWX Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's overweight allocation exposure to the underperforming IT sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were having no exposure to Vertiv Holdings Co. and Palantir Technologies Inc., and our off-benchmark exposure to CoStar Group Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652058.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Mid Cap Growth Fund (Class R6) – including sales charge | 3.03% | -1.50% | 10.34% |
| Nomura Mid Cap Growth Fund (Class R6) – excluding sales charge | 3.03% | -1.50% | 10.34% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell Midcap Growth Index | 9.56% | 5.37% | 11.69% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $2993254125 |
| Total number of portfolio holdings\* | 61 |
| Total advisory fees paid (during reporting period) | $26001453 |
| Portfolio turnover rate | 43% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 24.66% |
| Healthcare | 22.49% |
| Information Technology | 20.24% |
| Consumer Discretionary | 18.99% |
| Financials | 7.42% |
| Real Estate | 2.22% |
| Materials | 1.98% |
| Consumer Staples | 1.54% |
| Communication Services | 0.55% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Monolithic Power Systems | 4.04% |
| IDEXX Laboratories | 3.85% |
| Royal Caribbean Cruises | 3.78% |
| Cloudflare Class A | 3.30% |
| Quanta Services | 3.10% |
| Fastenal | 2.83% |
| LPL Financial Holdings | 2.58% |
| Hilton Worldwide Holdings | 2.38% |
| Edwards Lifesciences | 2.30% |
| CoStar Group | 2.23% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund removed healthcare sector risk as a principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IGRFX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Growth Fund

*(formerly, Macquarie Mid Cap Growth Fund)*

**Class Y : WMGYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$105 | &nbsp;&nbsp;1.04% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Growth Fund (Class Y) returned 2.62% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Growth Index, the Fund's narrowly based securities market index (benchmark), returned 9.56%.

#### Top contributors to performance:
Stock selection in the information technology (IT) sector, primarily in IT services and semiconductors and semicap equipment, was the leading contributor to relative performance for the reporting period.

A meaningful underweight allocation to the communication services sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Coherent Corp., MACOM Technology Solutions Holdings Inc., and BWX Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's overweight allocation exposure to the underperforming IT sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were having no exposure to Vertiv Holdings Co. and Palantir Technologies Inc., and our off-benchmark exposure to CoStar Group Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652099.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Mid Cap Growth Fund (Class Y) – including sales charge | 2.62% | -1.83% | 9.94% |
| Nomura Mid Cap Growth Fund (Class Y) – excluding sales charge | 2.62% | -1.83% | 9.94% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell Midcap Growth Index | 9.56% | 5.37% | 11.69% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $2993254125 |
| Total number of portfolio holdings\* | 61 |
| Total advisory fees paid (during reporting period) | $26001453 |
| Portfolio turnover rate | 43% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 24.66% |
| Healthcare | 22.49% |
| Information Technology | 20.24% |
| Consumer Discretionary | 18.99% |
| Financials | 7.42% |
| Real Estate | 2.22% |
| Materials | 1.98% |
| Consumer Staples | 1.54% |
| Communication Services | 0.55% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Monolithic Power Systems | 4.04% |
| IDEXX Laboratories | 3.85% |
| Royal Caribbean Cruises | 3.78% |
| Cloudflare Class A | 3.30% |
| Quanta Services | 3.10% |
| Fastenal | 2.83% |
| LPL Financial Holdings | 2.58% |
| Hilton Worldwide Holdings | 2.38% |
| Edwards Lifesciences | 2.30% |
| CoStar Group | 2.23% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund removed healthcare sector risk as a principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WMGYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Income Opportunities Fund

*(formerly, Macquarie Mid Cap Income Opportunities Fund)*

**Class A : IVOAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$113 | &nbsp;&nbsp;1.08% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Income Opportunities Fund (Class A) returned 9.30% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Index, the Fund's narrowly based securities market index (benchmark), returned 15.98%.

#### Top contributors to performance:
Stock selection in the information technology and healthcare sectors were the leading contributors to relative performance for the reporting period.

A meaningful underweight allocation to the financials sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Seagate Technology Holdings PLC, nVent Electric PLC, and L3Harris Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's significant overweight allocation exposure to the underperforming consumer discretionary sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were Arthur J. Gallagher & Co., Paychex Inc., and McCormick & Company Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652140.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **10 year** |
| Nomura Mid Cap Income Opportunities Fund (Class A) – including sales charge | 3.01 | %\* | 4.68% | 8.78% |
| Nomura Mid Cap Income Opportunities Fund (Class A) – excluding sales charge | 9.30 | %\* | 5.93% | 9.43% |
| Russell 3000 Index | 18.09 | % | 10.87% | 13.72% |
| Russell Midcap Index | 15.98 | % | 7.26% | 10.91% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $720822822 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $5414672 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.61% |
| Consumer Discretionary | 16.94% |
| Materials | 14.16% |
| Information Technology | 11.56% |
| Healthcare | 8.49% |
| Financials | 8.40% |
| Real Estate | 5.65% |
| Consumer Staples | 5.32% |
| Utilities | 2.78% |
| Energy | 2.75% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Seagate Technology Holdings | 2.93% |
| nVent Electric | 2.92% |
| Microchip Technology | 2.92% |
| TE Connectivity | 2.90% |
| Watsco | 2.90% |
| Royalty Pharma Class A | 2.88% |
| Travel + Leisure | 2.86% |
| Fastenal | 2.86% |
| Avery Dennison | 2.85% |
| Garmin | 2.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Income Opportunities Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industry and sector risk and industrials sector risk as new principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVOAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Income Opportunities Fund

*(formerly, Macquarie Mid Cap Income Opportunities Fund)*

**Class C : IVOCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$191 | &nbsp;&nbsp;1.83% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Income Opportunities Fund (Class C) returned 8.49% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Index, the Fund's narrowly based securities market index (benchmark), returned 15.98%.

#### Top contributors to performance:
Stock selection in the information technology and healthcare sectors were the leading contributors to relative performance for the reporting period.

A meaningful underweight allocation to the financials sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Seagate Technology Holdings PLC, nVent Electric PLC, and L3Harris Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's significant overweight allocation exposure to the underperforming consumer discretionary sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were Arthur J. Gallagher & Co., Paychex Inc., and McCormick & Company Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652181.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Mid Cap Income Opportunities Fund (Class C) – including sales charge | 7.54% | 5.13% | 8.78% |
| Nomura Mid Cap Income Opportunities Fund (Class C) – excluding sales charge | 8.49% | 5.13% | 8.78% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell Midcap Index | 15.98% | 7.26% | 10.91% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $720822822 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $5414672 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.61% |
| Consumer Discretionary | 16.94% |
| Materials | 14.16% |
| Information Technology | 11.56% |
| Healthcare | 8.49% |
| Financials | 8.40% |
| Real Estate | 5.65% |
| Consumer Staples | 5.32% |
| Utilities | 2.78% |
| Energy | 2.75% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Seagate Technology Holdings | 2.93% |
| nVent Electric | 2.92% |
| Microchip Technology | 2.92% |
| TE Connectivity | 2.90% |
| Watsco | 2.90% |
| Royalty Pharma Class A | 2.88% |
| Travel + Leisure | 2.86% |
| Fastenal | 2.86% |
| Avery Dennison | 2.85% |
| Garmin | 2.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Income Opportunities Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industry and sector risk and industrials sector risk as new principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVOCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Income Opportunities Fund

*(formerly, Macquarie Mid Cap Income Opportunities Fund)*

**Class R : IVORX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$139 | &nbsp;&nbsp;1.33% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Income Opportunities Fund (Class R) returned 9.04% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Index, the Fund's narrowly based securities market index (benchmark), returned 15.98%.

#### Top contributors to performance:
Stock selection in the information technology and healthcare sectors were the leading contributors to relative performance for the reporting period.

A meaningful underweight allocation to the financials sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Seagate Technology Holdings PLC, nVent Electric PLC, and L3Harris Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's significant overweight allocation exposure to the underperforming consumer discretionary sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were Arthur J. Gallagher & Co., Paychex Inc., and McCormick & Company Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652263.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **5 year** | **10 year** | **10 year** |
| Nomura Mid Cap Income Opportunities Fund (Class R) – including sales charge | 9.04 | %\* | 5.62 | %\* | 9.08 | %\* |
| Nomura Mid Cap Income Opportunities Fund (Class R) – excluding sales charge | 9.04 | %\* | 5.62 | %\* | 9.08 | %\* |
| Russell 3000 Index | 18.09 | % | 10.87 | % | 13.72 | % |
| Russell Midcap Index | 15.98 | % | 7.26 | % | 10.91 | % |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $720822822 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $5414672 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.61% |
| Consumer Discretionary | 16.94% |
| Materials | 14.16% |
| Information Technology | 11.56% |
| Healthcare | 8.49% |
| Financials | 8.40% |
| Real Estate | 5.65% |
| Consumer Staples | 5.32% |
| Utilities | 2.78% |
| Energy | 2.75% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Seagate Technology Holdings | 2.93% |
| nVent Electric | 2.92% |
| Microchip Technology | 2.92% |
| TE Connectivity | 2.90% |
| Watsco | 2.90% |
| Royalty Pharma Class A | 2.88% |
| Travel + Leisure | 2.86% |
| Fastenal | 2.86% |
| Avery Dennison | 2.85% |
| Garmin | 2.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Income Opportunities Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industry and sector risk and industrials sector risk as new principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVORX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Income Opportunities Fund

*(formerly, Macquarie Mid Cap Income Opportunities Fund)*

**Institutional Class : IVOIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$87 | &nbsp;&nbsp;0.83% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Income Opportunities Fund (Institutional Class) returned 9.61% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Index, the Fund's narrowly based securities market index (benchmark), returned 15.98%.

#### Top contributors to performance:
Stock selection in the information technology and healthcare sectors were the leading contributors to relative performance for the reporting period.

A meaningful underweight allocation to the financials sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Seagate Technology Holdings PLC, nVent Electric PLC, and L3Harris Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's significant overweight allocation exposure to the underperforming consumer discretionary sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were Arthur J. Gallagher & Co., Paychex Inc., and McCormick & Company Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652222.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Mid Cap Income Opportunities Fund (Institutional Class) – including sales charge | 9.61% | 6.22% | 9.78% |
| Nomura Mid Cap Income Opportunities Fund (Institutional Class) – excluding sales charge | 9.61% | 6.22% | 9.78% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell Midcap Index | 15.98% | 7.26% | 10.91% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $720822822 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $5414672 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.61% |
| Consumer Discretionary | 16.94% |
| Materials | 14.16% |
| Information Technology | 11.56% |
| Healthcare | 8.49% |
| Financials | 8.40% |
| Real Estate | 5.65% |
| Consumer Staples | 5.32% |
| Utilities | 2.78% |
| Energy | 2.75% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Seagate Technology Holdings | 2.93% |
| nVent Electric | 2.92% |
| Microchip Technology | 2.92% |
| TE Connectivity | 2.90% |
| Watsco | 2.90% |
| Royalty Pharma Class A | 2.88% |
| Travel + Leisure | 2.86% |
| Fastenal | 2.86% |
| Avery Dennison | 2.85% |
| Garmin | 2.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Income Opportunities Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industry and sector risk and industrials sector risk as new principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVOIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Income Opportunities Fund

*(formerly, Macquarie Mid Cap Income Opportunities Fund)*

**Class R6 : IVOSX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$77 | &nbsp;&nbsp;0.73% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Income Opportunities Fund (Class R6) returned 9.73% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Index, the Fund's narrowly based securities market index (benchmark), returned 15.98%.

#### Top contributors to performance:
Stock selection in the information technology and healthcare sectors were the leading contributors to relative performance for the reporting period.

A meaningful underweight allocation to the financials sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Seagate Technology Holdings PLC, nVent Electric PLC, and L3Harris Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's significant overweight allocation exposure to the underperforming consumer discretionary sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were Arthur J. Gallagher & Co., Paychex Inc., and McCormick & Company Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652304.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Mid Cap Income Opportunities Fund (Class R6) – including sales charge | 9.73% | 6.29% | 9.84% |
| Nomura Mid Cap Income Opportunities Fund (Class R6) – excluding sales charge | 9.73% | 6.29% | 9.84% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell Midcap Index | 15.98% | 7.26% | 10.91% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $720822822 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $5414672 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.61% |
| Consumer Discretionary | 16.94% |
| Materials | 14.16% |
| Information Technology | 11.56% |
| Healthcare | 8.49% |
| Financials | 8.40% |
| Real Estate | 5.65% |
| Consumer Staples | 5.32% |
| Utilities | 2.78% |
| Energy | 2.75% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Seagate Technology Holdings | 2.93% |
| nVent Electric | 2.92% |
| Microchip Technology | 2.92% |
| TE Connectivity | 2.90% |
| Watsco | 2.90% |
| Royalty Pharma Class A | 2.88% |
| Travel + Leisure | 2.86% |
| Fastenal | 2.86% |
| Avery Dennison | 2.85% |
| Garmin | 2.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Income Opportunities Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industry and sector risk and industrials sector risk as new principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVOSX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Mid Cap Income Opportunities Fund

*(formerly, Macquarie Mid Cap Income Opportunities Fund)*

**Class Y : IVOYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Mid Cap Income Opportunities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$113 | &nbsp;&nbsp;1.08% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Mid Cap Income Opportunities Fund (Class Y) returned 9.35% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell Midcap<sup>®</sup> Index, the Fund's narrowly based securities market index (benchmark), returned 15.98%.

#### Top contributors to performance:
Stock selection in the information technology and healthcare sectors were the leading contributors to relative performance for the reporting period.

A meaningful underweight allocation to the financials sector was the leading allocation contributor to performance relative to the benchmark, though negative stock selection more than offset the contribution to relative outperformance.

The most significant overall contributors to relative performance were Seagate Technology Holdings PLC, nVent Electric PLC, and L3Harris Technologies Inc.

#### Top detractors from performance:
The industrials sector was the leading detractor from relative performance for the reporting period, based on stock selection.

The Fund's significant overweight allocation exposure to the underperforming consumer discretionary sector was the largest allocation detractor from performance for the period.

The most significant overall detractors from relative performance were Arthur J. Gallagher & Co., Paychex Inc., and McCormick & Company Inc.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652345.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Mid Cap Income Opportunities Fund (Class Y) – including sales charge | 9.35% | 5.91% | 9.43% |
| Nomura Mid Cap Income Opportunities Fund (Class Y) – excluding sales charge | 9.35% | 5.91% | 9.43% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell Midcap Index | 15.98% | 7.26% | 10.91% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $720822822 |
| Total number of portfolio holdings\* | 35 |
| Total advisory fees paid (during reporting period) | $5414672 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 22.61% |
| Consumer Discretionary | 16.94% |
| Materials | 14.16% |
| Information Technology | 11.56% |
| Healthcare | 8.49% |
| Financials | 8.40% |
| Real Estate | 5.65% |
| Consumer Staples | 5.32% |
| Utilities | 2.78% |
| Energy | 2.75% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Seagate Technology Holdings | 2.93% |
| nVent Electric | 2.92% |
| Microchip Technology | 2.92% |
| TE Connectivity | 2.90% |
| Watsco | 2.90% |
| Royalty Pharma Class A | 2.88% |
| Travel + Leisure | 2.86% |
| Fastenal | 2.86% |
| Avery Dennison | 2.85% |
| Garmin | 2.85% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Mid Cap Income Opportunities Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industry and sector risk and industrials sector risk as new principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IVOYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Small Cap Growth Fund

*(formerly, Macquarie Small Cap Growth Fund)*

**Class A : WSGAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Small Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$126 | &nbsp;&nbsp;1.13% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Small Cap Growth Fund (Class A) returned 22.98% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned 23.58%.

#### Top contributors to performance:
Stock selection in information technology with a focus on beneficiaries of the artificial intelligence (AI) buildout

Strong performance in consumer staples, specifically PriceSmart Inc.

Favorable weighting and stock selection in industrials

#### Top detractors from performance:
Stock selection and an underweight allocation to biotechnology within healthcare

An overweight allocation to the underperforming consumer discretionary sector from inflation and consumer spending fears

An underweight allocation to the outperforming materials sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652632.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Small Cap Growth Fund (Class A) – including sales charge | 15.90% | -0.48% | 9.11% |
| Nomura Small Cap Growth Fund (Class A) – excluding sales charge | 22.98% | 0.71% | 9.76% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $983995886 |
| Total number of portfolio holdings\* | 87 |
| Total advisory fees paid (during reporting period) | $7276216 |
| Portfolio turnover rate | 62% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.68% |
| Healthcare | 23.00% |
| Information Technology | 22.55% |
| Consumer Discretionary | 10.48% |
| Financials | 8.53% |
| Consumer Staples | 3.68% |
| Energy | 2.53% |
| Communication Services | 2.51% |
| Materials | 1.08% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Advanced Energy Industries | 3.15% |
| OSI Systems | 2.98% |
| Mirum Pharmaceuticals | 2.60% |
| IMAX | 2.51% |
| Everus Construction Group | 2.43% |
| FirstCash Holdings | 2.22% |
| PriceSmart | 2.06% |
| AAR | 2.01% |
| Tarsus Pharmaceuticals | 1.95% |
| Encompass Health | 1.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Small Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WSGAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Small Cap Growth Fund

*(formerly, Macquarie Small Cap Growth Fund)*

**Class C : WRGCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Small Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$209 | &nbsp;&nbsp;1.88% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Small Cap Growth Fund (Class C) returned 22.13% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned 23.58%.

#### Top contributors to performance:
Stock selection in information technology with a focus on beneficiaries of the artificial intelligence (AI) buildout

Strong performance in consumer staples, specifically PriceSmart Inc.

Favorable weighting and stock selection in industrials

#### Top detractors from performance:
Stock selection and an underweight allocation to biotechnology within healthcare

An overweight allocation to the underperforming consumer discretionary sector from inflation and consumer spending fears

An underweight allocation to the outperforming materials sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652673.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Small Cap Growth Fund (Class C) – including sales charge | 21.13% | -0.05% | 9.11% |
| Nomura Small Cap Growth Fund (Class C) – excluding sales charge | 22.13% | -0.05% | 9.11% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $983995886 |
| Total number of portfolio holdings\* | 87 |
| Total advisory fees paid (during reporting period) | $7276216 |
| Portfolio turnover rate | 62% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.68% |
| Healthcare | 23.00% |
| Information Technology | 22.55% |
| Consumer Discretionary | 10.48% |
| Financials | 8.53% |
| Consumer Staples | 3.68% |
| Energy | 2.53% |
| Communication Services | 2.51% |
| Materials | 1.08% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Advanced Energy Industries | 3.15% |
| OSI Systems | 2.98% |
| Mirum Pharmaceuticals | 2.60% |
| IMAX | 2.51% |
| Everus Construction Group | 2.43% |
| FirstCash Holdings | 2.22% |
| PriceSmart | 2.06% |
| AAR | 2.01% |
| Tarsus Pharmaceuticals | 1.95% |
| Encompass Health | 1.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Small Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WRGCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Small Cap Growth Fund

*(formerly, Macquarie Small Cap Growth Fund)*

**Class R : WSGRX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Small Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$154 | &nbsp;&nbsp;1.38% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Small Cap Growth Fund (Class R) returned 22.71% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned 23.58%.

#### Top contributors to performance:
Stock selection in information technology with a focus on beneficiaries of the artificial intelligence (AI) buildout

Strong performance in consumer staples, specifically PriceSmart Inc.

Favorable weighting and stock selection in industrials

#### Top detractors from performance:
Stock selection and an underweight allocation to biotechnology within healthcare

An overweight allocation to the underperforming consumer discretionary sector from inflation and consumer spending fears

An underweight allocation to the outperforming materials sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652755.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Small Cap Growth Fund (Class R) – including sales charge | 22.71% | 0.44% | 9.44% |
| Nomura Small Cap Growth Fund (Class R) – excluding sales charge | 22.71% | 0.44% | 9.44% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $983995886 |
| Total number of portfolio holdings\* | 87 |
| Total advisory fees paid (during reporting period) | $7276216 |
| Portfolio turnover rate | 62% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.68% |
| Healthcare | 23.00% |
| Information Technology | 22.55% |
| Consumer Discretionary | 10.48% |
| Financials | 8.53% |
| Consumer Staples | 3.68% |
| Energy | 2.53% |
| Communication Services | 2.51% |
| Materials | 1.08% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Advanced Energy Industries | 3.15% |
| OSI Systems | 2.98% |
| Mirum Pharmaceuticals | 2.60% |
| IMAX | 2.51% |
| Everus Construction Group | 2.43% |
| FirstCash Holdings | 2.22% |
| PriceSmart | 2.06% |
| AAR | 2.01% |
| Tarsus Pharmaceuticals | 1.95% |
| Encompass Health | 1.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Small Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WSGRX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Small Cap Growth Fund

*(formerly, Macquarie Small Cap Growth Fund)*

**Institutional Class : IYSIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Small Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$98 | &nbsp;&nbsp;0.88% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Small Cap Growth Fund (Institutional Class) returned 23.30% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned 23.58%.

#### Top contributors to performance:
Stock selection in information technology with a focus on beneficiaries of the artificial intelligence (AI) buildout

Strong performance in consumer staples, specifically PriceSmart Inc.

Favorable weighting and stock selection in industrials

#### Top detractors from performance:
Stock selection and an underweight allocation to biotechnology within healthcare

An overweight allocation to the underperforming consumer discretionary sector from inflation and consumer spending fears

An underweight allocation to the outperforming materials sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652714.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Small Cap Growth Fund (Institutional Class) – including sales charge | 23.30% | 0.99% | 10.11% |
| Nomura Small Cap Growth Fund (Institutional Class) – excluding sales charge | 23.30% | 0.99% | 10.11% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $983995886 |
| Total number of portfolio holdings\* | 87 |
| Total advisory fees paid (during reporting period) | $7276216 |
| Portfolio turnover rate | 62% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.68% |
| Healthcare | 23.00% |
| Information Technology | 22.55% |
| Consumer Discretionary | 10.48% |
| Financials | 8.53% |
| Consumer Staples | 3.68% |
| Energy | 2.53% |
| Communication Services | 2.51% |
| Materials | 1.08% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Advanced Energy Industries | 3.15% |
| OSI Systems | 2.98% |
| Mirum Pharmaceuticals | 2.60% |
| IMAX | 2.51% |
| Everus Construction Group | 2.43% |
| FirstCash Holdings | 2.22% |
| PriceSmart | 2.06% |
| AAR | 2.01% |
| Tarsus Pharmaceuticals | 1.95% |
| Encompass Health | 1.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Small Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IYSIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Small Cap Growth Fund

*(formerly, Macquarie Small Cap Growth Fund)*

**Class R6 : IRGFX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Small Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$85 | &nbsp;&nbsp;0.76% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Small Cap Growth Fund (Class R6) returned 23.47% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned 23.58%.

#### Top contributors to performance:
Stock selection in information technology with a focus on beneficiaries of the artificial intelligence (AI) buildout

Strong performance in consumer staples, specifically PriceSmart Inc.

Favorable weighting and stock selection in industrials

#### Top detractors from performance:
Stock selection and an underweight allocation to biotechnology within healthcare

An overweight allocation to the underperforming consumer discretionary sector from inflation and consumer spending fears

An underweight allocation to the outperforming materials sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652796.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Small Cap Growth Fund (Class R6) – including sales charge | 23.47% | 1.07% | 10.19% |
| Nomura Small Cap Growth Fund (Class R6) – excluding sales charge | 23.47% | 1.07% | 10.19% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $983995886 |
| Total number of portfolio holdings\* | 87 |
| Total advisory fees paid (during reporting period) | $7276216 |
| Portfolio turnover rate | 62% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.68% |
| Healthcare | 23.00% |
| Information Technology | 22.55% |
| Consumer Discretionary | 10.48% |
| Financials | 8.53% |
| Consumer Staples | 3.68% |
| Energy | 2.53% |
| Communication Services | 2.51% |
| Materials | 1.08% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Advanced Energy Industries | 3.15% |
| OSI Systems | 2.98% |
| Mirum Pharmaceuticals | 2.60% |
| IMAX | 2.51% |
| Everus Construction Group | 2.43% |
| FirstCash Holdings | 2.22% |
| PriceSmart | 2.06% |
| AAR | 2.01% |
| Tarsus Pharmaceuticals | 1.95% |
| Encompass Health | 1.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Small Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IRGFX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Small Cap Growth Fund

*(formerly, Macquarie Small Cap Growth Fund)*

**Class Y : WSCYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Small Cap Growth Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$126 | &nbsp;&nbsp;1.13% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Small Cap Growth Fund (Class Y) returned 23.00% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2000<sup>®</sup> Growth Index, the Fund's narrowly based securities market index, returned 23.58%.

#### Top contributors to performance:
Stock selection in information technology with a focus on beneficiaries of the artificial intelligence (AI) buildout

Strong performance in consumer staples, specifically PriceSmart Inc.

Favorable weighting and stock selection in industrials

#### Top detractors from performance:
Stock selection and an underweight allocation to biotechnology within healthcare

An overweight allocation to the underperforming consumer discretionary sector from inflation and consumer spending fears

An underweight allocation to the outperforming materials sector

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652837.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Small Cap Growth Fund (Class Y) – including sales charge | 23.00% | 0.71% | 9.78% |
| Nomura Small Cap Growth Fund (Class Y) – excluding sales charge | 23.00% | 0.71% | 9.78% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2000 Growth Index | 23.58% | 1.62% | 9.79% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $983995886 |
| Total number of portfolio holdings\* | 87 |
| Total advisory fees paid (during reporting period) | $7276216 |
| Portfolio turnover rate | 62% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.68% |
| Healthcare | 23.00% |
| Information Technology | 22.55% |
| Consumer Discretionary | 10.48% |
| Financials | 8.53% |
| Consumer Staples | 3.68% |
| Energy | 2.53% |
| Communication Services | 2.51% |
| Materials | 1.08% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Advanced Energy Industries | 3.15% |
| OSI Systems | 2.98% |
| Mirum Pharmaceuticals | 2.60% |
| IMAX | 2.51% |
| Everus Construction Group | 2.43% |
| FirstCash Holdings | 2.22% |
| PriceSmart | 2.06% |
| AAR | 2.01% |
| Tarsus Pharmaceuticals | 1.95% |
| Encompass Health | 1.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Small Cap Growth Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-WSCYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Smid Cap Core Fund

*(formerly, Macquarie Smid Cap Core Fund)*

**Class A : IYSAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Smid Cap Core Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$124 | &nbsp;&nbsp;1.14% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Smid Cap Core Fund (Class A) returned 17.39% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2500™ Index, the Fund's narrowly based securities market index (benchmark), returned 23.45%.

#### Top contributors to performance:
Stock selection was strongest within the consumer staples sector. Convenience store and gas station operator Casey's General Stores Inc. contributed the most to performance in the consumer staples sector for the reporting period.

The Fund's holdings in the healthcare sector also outperformed relative to the benchmark. Insmed Inc. and Exact Sciences Corp. were the top contributors.

Coherent Corp. – a manufacturer of photonics technologies, optical components, and laser systems used in datacenter, communications, and industrial applications – was the top contributor to overall Fund performance.

#### Top detractors from performance:
The capital goods sector detracted from performance for the reporting period. An underweight allocation to Comfort Systems USA Inc. and Bloom Energy Corp. detracted the most from relative performance.

The technology sector detracted from performance. A lack of exposure to SanDisk Corp., which spun off from Western Digital Corp. in early 2025, detracted from performance as the stock was up significantly due to strong data center growth and flash memory shortages. Holdings across the software industry also detracted from performance relative to the benchmark due to artificial intelligence (AI) disintermediation fears.

Holdings in the finance sector underperformed relative to the benchmark, with Kemper Corp. detracting the most from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652386.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Smid Cap Core Fund (Class A) – including sales charge | 10.60% | 4.23% | 9.07% |
| Nomura Smid Cap Core Fund (Class A) – excluding sales charge | 17.39% | 5.47% | 9.72% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2500 Index | 23.45% | 5.48% | 10.58% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $349464898 |
| Total number of portfolio holdings\* | 118 |
| Total advisory fees paid (during reporting period) | $2191885 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 25.07% |
| Financials | 16.25% |
| Information Technology | 13.89% |
| Healthcare | 11.77% |
| Consumer Discretionary | 8.78% |
| Real Estate | 5.79% |
| Energy | 5.15% |
| Consumer Staples | 3.55% |
| Materials | 3.42% |
| Communication Services | 2.55% |
| Utilities | 2.16% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Coherent | 2.67% |
| Casey's General Stores | 2.36% |
| East West Bancorp | 2.14% |
| Semtech | 2.03% |
| Permian Resources Class A | 1.98% |
| MACOM Technology Solutions Holdings | 1.95% |
| Liberty Energy | 1.58% |
| Insmed | 1.54% |
| WESCO International | 1.48% |
| Axis Capital Holdings | 1.47% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Smid Cap Core Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industrials sector risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

((5422381))

TSAR-IYSAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Smid Cap Core Fund

*(formerly, Macquarie Smid Cap Core Fund)*

**Class C : IYSCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Smid Cap Core Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$205 | &nbsp;&nbsp;1.89% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Smid Cap Core Fund (Class C) returned 16.55% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2500™ Index, the Fund's narrowly based securities market index (benchmark), returned 23.45%.

#### Top contributors to performance:
Stock selection was strongest within the consumer staples sector. Convenience store and gas station operator Casey's General Stores Inc. contributed the most to performance in the consumer staples sector for the reporting period.

The Fund's holdings in the healthcare sector also outperformed relative to the benchmark. Insmed Inc. and Exact Sciences Corp. were the top contributors.

Coherent Corp. – a manufacturer of photonics technologies, optical components, and laser systems used in datacenter, communications, and industrial applications – was the top contributor to overall Fund performance.

#### Top detractors from performance:
The capital goods sector detracted from performance for the reporting period. An underweight allocation to Comfort Systems USA Inc. and Bloom Energy Corp. detracted the most from relative performance.

The technology sector detracted from performance. A lack of exposure to SanDisk Corp., which spun off from Western Digital Corp. in early 2025, detracted from performance as the stock was up significantly due to strong data center growth and flash memory shortages. Holdings across the software industry also detracted from performance relative to the benchmark due to artificial intelligence (AI) disintermediation fears.

Holdings in the finance sector underperformed relative to the benchmark, with Kemper Corp. detracting the most from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652427.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Smid Cap Core Fund (Class C) – including sales charge | 15.55% | 4.68% | 9.10% |
| Nomura Smid Cap Core Fund (Class C) – excluding sales charge | 16.55% | 4.68% | 9.10% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2500 Index | 23.45% | 5.48% | 10.58% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $349464898 |
| Total number of portfolio holdings\* | 118 |
| Total advisory fees paid (during reporting period) | $2191885 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 25.07% |
| Financials | 16.25% |
| Information Technology | 13.89% |
| Healthcare | 11.77% |
| Consumer Discretionary | 8.78% |
| Real Estate | 5.79% |
| Energy | 5.15% |
| Consumer Staples | 3.55% |
| Materials | 3.42% |
| Communication Services | 2.55% |
| Utilities | 2.16% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Coherent | 2.67% |
| Casey's General Stores | 2.36% |
| East West Bancorp | 2.14% |
| Semtech | 2.03% |
| Permian Resources Class A | 1.98% |
| MACOM Technology Solutions Holdings | 1.95% |
| Liberty Energy | 1.58% |
| Insmed | 1.54% |
| WESCO International | 1.48% |
| Axis Capital Holdings | 1.47% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Smid Cap Core Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industrials sector risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

((5422381))

TSAR-IYSCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Smid Cap Core Fund

*(formerly, Macquarie Smid Cap Core Fund)*

**Class R : IYSMX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Smid Cap Core Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$151 | &nbsp;&nbsp;1.39% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Smid Cap Core Fund (Class R) returned 17.10% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2500™ Index, the Fund's narrowly based securities market index (benchmark), returned 23.45%.

#### Top contributors to performance:
Stock selection was strongest within the consumer staples sector. Convenience store and gas station operator Casey's General Stores Inc. contributed the most to performance in the consumer staples sector for the reporting period.

The Fund's holdings in the healthcare sector also outperformed relative to the benchmark. Insmed Inc. and Exact Sciences Corp. were the top contributors.

Coherent Corp. – a manufacturer of photonics technologies, optical components, and laser systems used in datacenter, communications, and industrial applications – was the top contributor to overall Fund performance.

#### Top detractors from performance:
The capital goods sector detracted from performance for the reporting period. An underweight allocation to Comfort Systems USA Inc. and Bloom Energy Corp. detracted the most from relative performance.

The technology sector detracted from performance. A lack of exposure to SanDisk Corp., which spun off from Western Digital Corp. in early 2025, detracted from performance as the stock was up significantly due to strong data center growth and flash memory shortages. Holdings across the software industry also detracted from performance relative to the benchmark due to artificial intelligence (AI) disintermediation fears.

Holdings in the finance sector underperformed relative to the benchmark, with Kemper Corp. detracting the most from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652509.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Smid Cap Core Fund (Class R) – including sales charge | 17.10% | 5.18% | 9.45% |
| Nomura Smid Cap Core Fund (Class R) – excluding sales charge | 17.10% | 5.18% | 9.45% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2500 Index | 23.45% | 5.48% | 10.58% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $349464898 |
| Total number of portfolio holdings\* | 118 |
| Total advisory fees paid (during reporting period) | $2191885 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 25.07% |
| Financials | 16.25% |
| Information Technology | 13.89% |
| Healthcare | 11.77% |
| Consumer Discretionary | 8.78% |
| Real Estate | 5.79% |
| Energy | 5.15% |
| Consumer Staples | 3.55% |
| Materials | 3.42% |
| Communication Services | 2.55% |
| Utilities | 2.16% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Coherent | 2.67% |
| Casey's General Stores | 2.36% |
| East West Bancorp | 2.14% |
| Semtech | 2.03% |
| Permian Resources Class A | 1.98% |
| MACOM Technology Solutions Holdings | 1.95% |
| Liberty Energy | 1.58% |
| Insmed | 1.54% |
| WESCO International | 1.48% |
| Axis Capital Holdings | 1.47% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Smid Cap Core Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industrials sector risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

((5422381))

TSAR-IYSMX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Smid Cap Core Fund

*(formerly, Macquarie Smid Cap Core Fund)*

**Institutional Class : IVVIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Smid Cap Core Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$97 | &nbsp;&nbsp;0.89% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Smid Cap Core Fund (Institutional Class) returned 17.67% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2500™ Index, the Fund's narrowly based securities market index (benchmark), returned 23.45%.

#### Top contributors to performance:
Stock selection was strongest within the consumer staples sector. Convenience store and gas station operator Casey's General Stores Inc. contributed the most to performance in the consumer staples sector for the reporting period.

The Fund's holdings in the healthcare sector also outperformed relative to the benchmark. Insmed Inc. and Exact Sciences Corp. were the top contributors.

Coherent Corp. – a manufacturer of photonics technologies, optical components, and laser systems used in datacenter, communications, and industrial applications – was the top contributor to overall Fund performance.

#### Top detractors from performance:
The capital goods sector detracted from performance for the reporting period. An underweight allocation to Comfort Systems USA Inc. and Bloom Energy Corp. detracted the most from relative performance.

The technology sector detracted from performance. A lack of exposure to SanDisk Corp., which spun off from Western Digital Corp. in early 2025, detracted from performance as the stock was up significantly due to strong data center growth and flash memory shortages. Holdings across the software industry also detracted from performance relative to the benchmark due to artificial intelligence (AI) disintermediation fears.

Holdings in the finance sector underperformed relative to the benchmark, with Kemper Corp. detracting the most from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652468.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Smid Cap Core Fund (Institutional Class) – including sales charge | 17.67% | 5.78% | 10.13% |
| Nomura Smid Cap Core Fund (Institutional Class) – excluding sales charge | 17.67% | 5.78% | 10.13% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2500 Index | 23.45% | 5.48% | 10.58% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $349464898 |
| Total number of portfolio holdings\* | 118 |
| Total advisory fees paid (during reporting period) | $2191885 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 25.07% |
| Financials | 16.25% |
| Information Technology | 13.89% |
| Healthcare | 11.77% |
| Consumer Discretionary | 8.78% |
| Real Estate | 5.79% |
| Energy | 5.15% |
| Consumer Staples | 3.55% |
| Materials | 3.42% |
| Communication Services | 2.55% |
| Utilities | 2.16% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Coherent | 2.67% |
| Casey's General Stores | 2.36% |
| East West Bancorp | 2.14% |
| Semtech | 2.03% |
| Permian Resources Class A | 1.98% |
| MACOM Technology Solutions Holdings | 1.95% |
| Liberty Energy | 1.58% |
| Insmed | 1.54% |
| WESCO International | 1.48% |
| Axis Capital Holdings | 1.47% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Smid Cap Core Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industrials sector risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

((5422381))

TSAR-IVVIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Smid Cap Core Fund

*(formerly, Macquarie Smid Cap Core Fund)*

**Class R6 : ISPVX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Smid Cap Core Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.77% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Smid Cap Core Fund (Class R6) returned 17.78% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2500™ Index, the Fund's narrowly based securities market index (benchmark), returned 23.45%.

#### Top contributors to performance:
Stock selection was strongest within the consumer staples sector. Convenience store and gas station operator Casey's General Stores Inc. contributed the most to performance in the consumer staples sector for the reporting period.

The Fund's holdings in the healthcare sector also outperformed relative to the benchmark. Insmed Inc. and Exact Sciences Corp. were the top contributors.

Coherent Corp. – a manufacturer of photonics technologies, optical components, and laser systems used in datacenter, communications, and industrial applications – was the top contributor to overall Fund performance.

#### Top detractors from performance:
The capital goods sector detracted from performance for the reporting period. An underweight allocation to Comfort Systems USA Inc. and Bloom Energy Corp. detracted the most from relative performance.

The technology sector detracted from performance. A lack of exposure to SanDisk Corp., which spun off from Western Digital Corp. in early 2025, detracted from performance as the stock was up significantly due to strong data center growth and flash memory shortages. Holdings across the software industry also detracted from performance relative to the benchmark due to artificial intelligence (AI) disintermediation fears.

Holdings in the finance sector underperformed relative to the benchmark, with Kemper Corp. detracting the most from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652550.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Smid Cap Core Fund (Class R6) – including sales charge | 17.78% | 5.85% | 10.20% |
| Nomura Smid Cap Core Fund (Class R6) – excluding sales charge | 17.78% | 5.85% | 10.20% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2500 Index | 23.45% | 5.48% | 10.58% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $349464898 |
| Total number of portfolio holdings\* | 118 |
| Total advisory fees paid (during reporting period) | $2191885 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 25.07% |
| Financials | 16.25% |
| Information Technology | 13.89% |
| Healthcare | 11.77% |
| Consumer Discretionary | 8.78% |
| Real Estate | 5.79% |
| Energy | 5.15% |
| Consumer Staples | 3.55% |
| Materials | 3.42% |
| Communication Services | 2.55% |
| Utilities | 2.16% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Coherent | 2.67% |
| Casey's General Stores | 2.36% |
| East West Bancorp | 2.14% |
| Semtech | 2.03% |
| Permian Resources Class A | 1.98% |
| MACOM Technology Solutions Holdings | 1.95% |
| Liberty Energy | 1.58% |
| Insmed | 1.54% |
| WESCO International | 1.48% |
| Axis Capital Holdings | 1.47% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Smid Cap Core Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industrials sector risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

((5422381))

TSAR-ISPVX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Smid Cap Core Fund

*(formerly, Macquarie Smid Cap Core Fund)*

**Class Y : IYSYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Smid Cap Core Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$124 | &nbsp;&nbsp;1.14% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Smid Cap Core Fund (Class Y) returned 17.37% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the Russell 3000<sup>®</sup> Index, the Fund's broad-based securities market index, returned 18.09%, while the Russell 2500™ Index, the Fund's narrowly based securities market index (benchmark), returned 23.45%.

#### Top contributors to performance:
Stock selection was strongest within the consumer staples sector. Convenience store and gas station operator Casey's General Stores Inc. contributed the most to performance in the consumer staples sector for the reporting period.

The Fund's holdings in the healthcare sector also outperformed relative to the benchmark. Insmed Inc. and Exact Sciences Corp. were the top contributors.

Coherent Corp. – a manufacturer of photonics technologies, optical components, and laser systems used in datacenter, communications, and industrial applications – was the top contributor to overall Fund performance.

#### Top detractors from performance:
The capital goods sector detracted from performance for the reporting period. An underweight allocation to Comfort Systems USA Inc. and Bloom Energy Corp. detracted the most from relative performance.

The technology sector detracted from performance. A lack of exposure to SanDisk Corp., which spun off from Western Digital Corp. in early 2025, detracted from performance as the stock was up significantly due to strong data center growth and flash memory shortages. Holdings across the software industry also detracted from performance relative to the benchmark due to artificial intelligence (AI) disintermediation fears.

Holdings in the finance sector underperformed relative to the benchmark, with Kemper Corp. detracting the most from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652591.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Smid Cap Core Fund (Class Y) – including sales charge | 17.37% | 5.48% | 9.78% |
| Nomura Smid Cap Core Fund (Class Y) – excluding sales charge | 17.37% | 5.48% | 9.78% |
| Russell 3000 Index | 18.09% | 10.87% | 13.72% |
| Russell 2500 Index | 23.45% | 5.48% | 10.58% |

---

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $349464898 |
| Total number of portfolio holdings\* | 118 |
| Total advisory fees paid (during reporting period) | $2191885 |
| Portfolio turnover rate | 22% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 25.07% |
| Financials | 16.25% |
| Information Technology | 13.89% |
| Healthcare | 11.77% |
| Consumer Discretionary | 8.78% |
| Real Estate | 5.79% |
| Energy | 5.15% |
| Consumer Staples | 3.55% |
| Materials | 3.42% |
| Communication Services | 2.55% |
| Utilities | 2.16% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Coherent | 2.67% |
| Casey's General Stores | 2.36% |
| East West Bancorp | 2.14% |
| Semtech | 2.03% |
| Permian Resources Class A | 1.98% |
| MACOM Technology Solutions Holdings | 1.95% |
| Liberty Energy | 1.58% |
| Insmed | 1.54% |
| WESCO International | 1.48% |
| Axis Capital Holdings | 1.47% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Smid Cap Core Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

During the fiscal year, the Fund added industrials sector risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

((5422381))

TSAR-IYSYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Systematic Emerging Markets Equity Fund

*(formerly, Macquarie Systematic Emerging Markets Equity Fund)*

**Class A : IPOAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$121 | &nbsp;&nbsp;1.05% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Systematic Emerging Markets Equity Fund (Class A) returned 29.70% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 29.55% and 30.30%, respectively.

#### Top contributors to performance:
Holdings in Samsung Electronics Ltd., Taiwan Semiconductor Manufacturing Co. Ltd., and Petroleo Brasileiro SA, which outperformed relative to the Fund's broad-based index

An underweight allocation to the consumer discretionary and consumer staples sectors

An overweight allocation to China and Saudi Arabia

#### Top detractors from performance:
An overweight allocation to the information technology sector

An overweight allocation to South Korea and United Arab Emirates

An overweight holding in ICICI Bank Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650418.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Systematic Emerging Markets Equity Fund (Class A) – including sales charge | 22.26% | 0.11% | 7.82% |
| Nomura Systematic Emerging Markets Equity Fund (Class A) – excluding sales charge | 29.70% | 1.30% | 8.46% |
| MSCI Emerging Markets Index (net) | 29.55% | 3.69% | 7.80% |
| MSCI Emerging Markets Index (gross) | 30.30% | 4.16% | 8.24% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $613295737 |
| Total number of portfolio holdings\* | 83 |
| Total advisory fees paid (during reporting period) | $3416509 |
| Portfolio turnover rate | 39% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| China | 26.67% |
| Taiwan | 22.77% |
| South Korea | 17.89% |
| India | 8.23% |
| Brazil | 7.48% |
| South Africa | 5.23% |
| Poland | 4.01% |
| United Arab Emirates | 3.19% |
| Türkiye | 1.29% |
| Hungary | 0.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 33.77% |
| Financials | 23.41% |
| Communication Services | 12.60% |
| Energy | 8.77% |
| Industrials | 6.73% |
| Consumer Discretionary | 6.07% |
| Real Estate | 2.94% |
| Materials | 2.89% |
| Utilities | 1.81% |
| Consumer Staples | 0.00%\*\* |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 16.64% |
| Samsung Electronics | 7.10% |
| Tencent Holdings | 4.20% |
| Petroleo Brasileiro | 3.19% |
| Powszechny Zaklad Ubezpieczen | 2.92% |
| SK Hynix | 2.67% |
| NetEase | 2.43% |
| Bank of China Class H | 2.41% |
| PICC Property & Casualty Class H | 2.37% |
| FirstRand | 2.21% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

\*\* Amount is less than 0.005%.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Systematic Emerging Markets Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added information technology sector risk and removed consumer discretionary sector risk as principal investments risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IPOAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Systematic Emerging Markets Equity Fund

*(formerly, Macquarie Systematic Emerging Markets Equity Fund)*

**Class C : IPOCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$206 | &nbsp;&nbsp;1.80% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Systematic Emerging Markets Equity Fund (Class C) returned 28.77% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 29.55% and 30.30%, respectively.

#### Top contributors to performance:
Holdings in Samsung Electronics Ltd., Taiwan Semiconductor Manufacturing Co. Ltd., and Petroleo Brasileiro SA, which outperformed relative to the Fund's broad-based index

An underweight allocation to the consumer discretionary and consumer staples sectors

An overweight allocation to China and Saudi Arabia

#### Top detractors from performance:
An overweight allocation to the information technology sector

An overweight allocation to South Korea and United Arab Emirates

An overweight holding in ICICI Bank Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650459.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Systematic Emerging Markets Equity Fund (Class C) – including sales charge | 27.77% | 0.57% | 7.85% |
| Nomura Systematic Emerging Markets Equity Fund (Class C) – excluding sales charge | 28.77% | 0.57% | 7.85% |
| MSCI Emerging Markets Index (net) | 29.55% | 3.69% | 7.80% |
| MSCI Emerging Markets Index (gross) | 30.30% | 4.16% | 8.24% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $613295737 |
| Total number of portfolio holdings\* | 83 |
| Total advisory fees paid (during reporting period) | $3416509 |
| Portfolio turnover rate | 39% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| China | 26.67% |
| Taiwan | 22.77% |
| South Korea | 17.89% |
| India | 8.23% |
| Brazil | 7.48% |
| South Africa | 5.23% |
| Poland | 4.01% |
| United Arab Emirates | 3.19% |
| Türkiye | 1.29% |
| Hungary | 0.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 33.77% |
| Financials | 23.41% |
| Communication Services | 12.60% |
| Energy | 8.77% |
| Industrials | 6.73% |
| Consumer Discretionary | 6.07% |
| Real Estate | 2.94% |
| Materials | 2.89% |
| Utilities | 1.81% |
| Consumer Staples | 0.00%\*\* |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 16.64% |
| Samsung Electronics | 7.10% |
| Tencent Holdings | 4.20% |
| Petroleo Brasileiro | 3.19% |
| Powszechny Zaklad Ubezpieczen | 2.92% |
| SK Hynix | 2.67% |
| NetEase | 2.43% |
| Bank of China Class H | 2.41% |
| PICC Property & Casualty Class H | 2.37% |
| FirstRand | 2.21% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

\*\* Amount is less than 0.005%.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Systematic Emerging Markets Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added information technology sector risk and removed consumer discretionary sector risk as principal investments risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IPOCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Systematic Emerging Markets Equity Fund

*(formerly, Macquarie Systematic Emerging Markets Equity Fund)*

**Class R : IYPCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$149 | &nbsp;&nbsp;1.30% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Systematic Emerging Markets Equity Fund (Class R) returned 29.45% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 29.55% and 30.30%, respectively.

#### Top contributors to performance:
Holdings in Samsung Electronics Ltd., Taiwan Semiconductor Manufacturing Co. Ltd., and Petroleo Brasileiro SA, which outperformed relative to the Fund's broad-based index

An underweight allocation to the consumer discretionary and consumer staples sectors

An overweight allocation to China and Saudi Arabia

#### Top detractors from performance:
An overweight allocation to the information technology sector

An overweight allocation to South Korea and United Arab Emirates

An overweight holding in ICICI Bank Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650541.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Systematic Emerging Markets Equity Fund (Class R) – including sales charge | 29.45% | 1.05% | 8.18% |
| Nomura Systematic Emerging Markets Equity Fund (Class R) – excluding sales charge | 29.45% | 1.05% | 8.18% |
| MSCI Emerging Markets Index (net) | 29.55% | 3.69% | 7.80% |
| MSCI Emerging Markets Index (gross) | 30.30% | 4.16% | 8.24% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $613295737 |
| Total number of portfolio holdings\* | 83 |
| Total advisory fees paid (during reporting period) | $3416509 |
| Portfolio turnover rate | 39% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| China | 26.67% |
| Taiwan | 22.77% |
| South Korea | 17.89% |
| India | 8.23% |
| Brazil | 7.48% |
| South Africa | 5.23% |
| Poland | 4.01% |
| United Arab Emirates | 3.19% |
| Türkiye | 1.29% |
| Hungary | 0.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 33.77% |
| Financials | 23.41% |
| Communication Services | 12.60% |
| Energy | 8.77% |
| Industrials | 6.73% |
| Consumer Discretionary | 6.07% |
| Real Estate | 2.94% |
| Materials | 2.89% |
| Utilities | 1.81% |
| Consumer Staples | 0.00%\*\* |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 16.64% |
| Samsung Electronics | 7.10% |
| Tencent Holdings | 4.20% |
| Petroleo Brasileiro | 3.19% |
| Powszechny Zaklad Ubezpieczen | 2.92% |
| SK Hynix | 2.67% |
| NetEase | 2.43% |
| Bank of China Class H | 2.41% |
| PICC Property & Casualty Class H | 2.37% |
| FirstRand | 2.21% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

\*\* Amount is less than 0.005%.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Systematic Emerging Markets Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added information technology sector risk and removed consumer discretionary sector risk as principal investments risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IYPCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Systematic Emerging Markets Equity Fund

*(formerly, Macquarie Systematic Emerging Markets Equity Fund)*

**Institutional Class : IPOIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$92 | &nbsp;&nbsp;0.80% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Systematic Emerging Markets Equity Fund (Institutional Class) returned 30.08% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 29.55% and 30.30%, respectively.

#### Top contributors to performance:
Holdings in Samsung Electronics Ltd., Taiwan Semiconductor Manufacturing Co. Ltd., and Petroleo Brasileiro SA, which outperformed relative to the Fund's broad-based index

An underweight allocation to the consumer discretionary and consumer staples sectors

An overweight allocation to China and Saudi Arabia

#### Top detractors from performance:
An overweight allocation to the information technology sector

An overweight allocation to South Korea and United Arab Emirates

An overweight holding in ICICI Bank Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650500.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Systematic Emerging Markets Equity Fund (Institutional Class) – including sales charge | 30.08% | 1.61% | 8.86% |
| Nomura Systematic Emerging Markets Equity Fund (Institutional Class) – excluding sales charge | 30.08% | 1.61% | 8.86% |
| MSCI Emerging Markets Index (net) | 29.55% | 3.69% | 7.80% |
| MSCI Emerging Markets Index (gross) | 30.30% | 4.16% | 8.24% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $613295737 |
| Total number of portfolio holdings\* | 83 |
| Total advisory fees paid (during reporting period) | $3416509 |
| Portfolio turnover rate | 39% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| China | 26.67% |
| Taiwan | 22.77% |
| South Korea | 17.89% |
| India | 8.23% |
| Brazil | 7.48% |
| South Africa | 5.23% |
| Poland | 4.01% |
| United Arab Emirates | 3.19% |
| Türkiye | 1.29% |
| Hungary | 0.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 33.77% |
| Financials | 23.41% |
| Communication Services | 12.60% |
| Energy | 8.77% |
| Industrials | 6.73% |
| Consumer Discretionary | 6.07% |
| Real Estate | 2.94% |
| Materials | 2.89% |
| Utilities | 1.81% |
| Consumer Staples | 0.00%\*\* |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 16.64% |
| Samsung Electronics | 7.10% |
| Tencent Holdings | 4.20% |
| Petroleo Brasileiro | 3.19% |
| Powszechny Zaklad Ubezpieczen | 2.92% |
| SK Hynix | 2.67% |
| NetEase | 2.43% |
| Bank of China Class H | 2.41% |
| PICC Property & Casualty Class H | 2.37% |
| FirstRand | 2.21% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

\*\* Amount is less than 0.005%.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Systematic Emerging Markets Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added information technology sector risk and removed consumer discretionary sector risk as principal investments risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IPOIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Systematic Emerging Markets Equity Fund

*(formerly, Macquarie Systematic Emerging Markets Equity Fund)*

**Class R6 : IMEGX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$74 | &nbsp;&nbsp;0.64% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Systematic Emerging Markets Equity Fund (Class R6) returned 30.24% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 29.55% and 30.30%, respectively.

#### Top contributors to performance:
Holdings in Samsung Electronics Ltd., Taiwan Semiconductor Manufacturing Co. Ltd., and Petroleo Brasileiro SA, which outperformed relative to the Fund's broad-based index

An underweight allocation to the consumer discretionary and consumer staples sectors

An overweight allocation to China and Saudi Arabia

#### Top detractors from performance:
An overweight allocation to the information technology sector

An overweight allocation to South Korea and United Arab Emirates

An overweight holding in ICICI Bank Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650582.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Systematic Emerging Markets Equity Fund (Class R6) – including sales charge | 30.24% | 1.72% | 8.94% |
| Nomura Systematic Emerging Markets Equity Fund (Class R6) – excluding sales charge | 30.24% | 1.72% | 8.94% |
| MSCI Emerging Markets Index (net) | 29.55% | 3.69% | 7.80% |
| MSCI Emerging Markets Index (gross) | 30.30% | 4.16% | 8.24% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $613295737 |
| Total number of portfolio holdings\* | 83 |
| Total advisory fees paid (during reporting period) | $3416509 |
| Portfolio turnover rate | 39% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| China | 26.67% |
| Taiwan | 22.77% |
| South Korea | 17.89% |
| India | 8.23% |
| Brazil | 7.48% |
| South Africa | 5.23% |
| Poland | 4.01% |
| United Arab Emirates | 3.19% |
| Türkiye | 1.29% |
| Hungary | 0.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 33.77% |
| Financials | 23.41% |
| Communication Services | 12.60% |
| Energy | 8.77% |
| Industrials | 6.73% |
| Consumer Discretionary | 6.07% |
| Real Estate | 2.94% |
| Materials | 2.89% |
| Utilities | 1.81% |
| Consumer Staples | 0.00%\*\* |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 16.64% |
| Samsung Electronics | 7.10% |
| Tencent Holdings | 4.20% |
| Petroleo Brasileiro | 3.19% |
| Powszechny Zaklad Ubezpieczen | 2.92% |
| SK Hynix | 2.67% |
| NetEase | 2.43% |
| Bank of China Class H | 2.41% |
| PICC Property & Casualty Class H | 2.37% |
| FirstRand | 2.21% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

\*\* Amount is less than 0.005%.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Systematic Emerging Markets Equity Fund.

Effective July 31, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.64% (excluding certain items).

Effective December 1, 2025, Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added information technology sector risk and removed consumer discretionary sector risk as principal investments risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IMEGX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Systematic Emerging Markets Equity Fund

*(formerly, Macquarie Systematic Emerging Markets Equity Fund)*

**Class Y : IPOYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Systematic Emerging Markets Equity Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$121 | &nbsp;&nbsp;1.05% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Systematic Emerging Markets Equity Fund (Class Y) returned 29.72% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI Emerging Markets Index (net) and MSCI Emerging Markets Index (gross), the Fund's broad-based securities market index, returned 29.55% and 30.30%, respectively.

#### Top contributors to performance:
Holdings in Samsung Electronics Ltd., Taiwan Semiconductor Manufacturing Co. Ltd., and Petroleo Brasileiro SA, which outperformed relative to the Fund's broad-based index

An underweight allocation to the consumer discretionary and consumer staples sectors

An overweight allocation to China and Saudi Arabia

#### Top detractors from performance:
An overweight allocation to the information technology sector

An overweight allocation to South Korea and United Arab Emirates

An overweight holding in ICICI Bank Ltd.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11650623.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Systematic Emerging Markets Equity Fund (Class Y) – including sales charge | 29.72% | 1.31% | 8.51% |
| Nomura Systematic Emerging Markets Equity Fund (Class Y) – excluding sales charge | 29.72% | 1.31% | 8.51% |
| MSCI Emerging Markets Index (net) | 29.55% | 3.69% | 7.80% |
| MSCI Emerging Markets Index (gross) | 30.30% | 4.16% | 8.24% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $613295737 |
| Total number of portfolio holdings\* | 83 |
| Total advisory fees paid (during reporting period) | $3416509 |
| Portfolio turnover rate | 39% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

---

| | |
|:---|:---|
| China | 26.67% |
| Taiwan | 22.77% |
| South Korea | 17.89% |
| India | 8.23% |
| Brazil | 7.48% |
| South Africa | 5.23% |
| Poland | 4.01% |
| United Arab Emirates | 3.19% |
| Türkiye | 1.29% |
| Hungary | 0.94% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 33.77% |
| Financials | 23.41% |
| Communication Services | 12.60% |
| Energy | 8.77% |
| Industrials | 6.73% |
| Consumer Discretionary | 6.07% |
| Real Estate | 2.94% |
| Materials | 2.89% |
| Utilities | 1.81% |
| Consumer Staples | 0.00%\*\* |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 16.64% |
| Samsung Electronics | 7.10% |
| Tencent Holdings | 4.20% |
| Petroleo Brasileiro | 3.19% |
| Powszechny Zaklad Ubezpieczen | 2.92% |
| SK Hynix | 2.67% |
| NetEase | 2.43% |
| Bank of China Class H | 2.41% |
| PICC Property & Casualty Class H | 2.37% |
| FirstRand | 2.21% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

\*\* Amount is less than 0.005%.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Systematic Emerging Markets Equity Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added information technology sector risk and removed consumer discretionary sector risk as principal investments risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5422381) TSAR-IPOYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Asset Strategy Fund

*(formerly, Macquarie Asset Strategy Fund)*

**Class A : WASAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Asset Strategy Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$118 | &nbsp;&nbsp;1.11% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Asset Strategy Fund (Class A) returned 13.03% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index (benchmark), returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal period despite facing volatility toward the end of the reporting period.

International equities outperformed relative to US equities during the fiscal period due to more attractive valuations, artificial intelligence industry growth, and a weakening of the US dollar.

Allocation effects from exposure to commodities like gold contributed to the Fund's performance relative to the benchmark.

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the benchmark.

Security selection within global equities, particularly within the software & services and banks industries, detracted from the Fund's performance.

The Fund's exposure to cash underperformed relative to the benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652878.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **10 year** |
| Nomura Asset Strategy Fund (Class A) – including sales charge | 6.52 | %\* | 6.38% | 7.94% |
| Nomura Asset Strategy Fund (Class A) – excluding sales charge | 13.03 | %\* | 7.65% | 8.58% |
| MSCI ACWI Index (net) | 20.01 | % | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52 | % | 9.99% | 11.88% |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1731098267 |
| Total number of portfolio holdings\* | 533 |
| Total advisory fees paid (during reporting period) | $12111802 |
| Portfolio turnover rate | 76% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 58.62% |
| Corporate Bonds | 13.97% |
| Exchange-Traded Funds | 10.10% |
| Bullion | 7.90% |
| Agency Mortgage-Backed Securities | 4.35% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.33% |
| Non-Agency Collateralized Mortgage Obligations | 0.46% |
| US Treasury Obligations | 0.36% |
| Loan Agreements | 0.33% |
| Government Agency Obligations | 0.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 3.51% |
| Taiwan Semiconductor Manufacturing | 2.95% |
| Microsoft | 2.21% |
| Apple | 1.99% |
| Alphabet Class A | 1.40% |
| KLA | 1.36% |
| Amazon.com | 1.31% |
| Howmet Aerospace | 1.26% |
| Banco Bilbao Vizcaya Argentaria | 1.24% |
| Alimentation Couche-Tard | 1.20% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Asset Strategy Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-WASAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Asset Strategy Fund

*(formerly, Macquarie Asset Strategy Fund)*

**Class C : WASCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Asset Strategy Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$197 | &nbsp;&nbsp;1.86% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Asset Strategy Fund (Class C) returned 12.13% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index (benchmark), returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal period despite facing volatility toward the end of the reporting period.

International equities outperformed relative to US equities during the fiscal period due to more attractive valuations, artificial intelligence industry growth, and a weakening of the US dollar.

Allocation effects from exposure to commodities like gold contributed to the Fund's performance relative to the benchmark.

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the benchmark.

Security selection within global equities, particularly within the software & services and banks industries, detracted from the Fund's performance.

The Fund's exposure to cash underperformed relative to the benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652919.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Asset Strategy Fund (Class C) – including sales charge | 11.13% | 6.77% | 7.92% |
| Nomura Asset Strategy Fund (Class C) – excluding sales charge | 12.13% | 6.77% | 7.92% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1731098267 |
| Total number of portfolio holdings\* | 533 |
| Total advisory fees paid (during reporting period) | $12111802 |
| Portfolio turnover rate | 76% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 58.62% |
| Corporate Bonds | 13.97% |
| Exchange-Traded Funds | 10.10% |
| Bullion | 7.90% |
| Agency Mortgage-Backed Securities | 4.35% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.33% |
| Non-Agency Collateralized Mortgage Obligations | 0.46% |
| US Treasury Obligations | 0.36% |
| Loan Agreements | 0.33% |
| Government Agency Obligations | 0.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 3.51% |
| Taiwan Semiconductor Manufacturing | 2.95% |
| Microsoft | 2.21% |
| Apple | 1.99% |
| Alphabet Class A | 1.40% |
| KLA | 1.36% |
| Amazon.com | 1.31% |
| Howmet Aerospace | 1.26% |
| Banco Bilbao Vizcaya Argentaria | 1.24% |
| Alimentation Couche-Tard | 1.20% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Asset Strategy Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-WASCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Asset Strategy Fund

*(formerly, Macquarie Asset Strategy Fund)*

**Class R : IASRX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Asset Strategy Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$145 | &nbsp;&nbsp;1.36% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Asset Strategy Fund (Class R) returned 12.68% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index (benchmark), returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal period despite facing volatility toward the end of the reporting period.

International equities outperformed relative to US equities during the fiscal period due to more attractive valuations, artificial intelligence industry growth, and a weakening of the US dollar.

Allocation effects from exposure to commodities like gold contributed to the Fund's performance relative to the benchmark.

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the benchmark.

Security selection within global equities, particularly within the software & services and banks industries, detracted from the Fund's performance.

The Fund's exposure to cash underperformed relative to the benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653042.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Asset Strategy Fund (Class R) – including sales charge | 12.68% | 7.34% | 8.26% |
| Nomura Asset Strategy Fund (Class R) – excluding sales charge | 12.68% | 7.34% | 8.26% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1731098267 |
| Total number of portfolio holdings\* | 533 |
| Total advisory fees paid (during reporting period) | $12111802 |
| Portfolio turnover rate | 76% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 58.62% |
| Corporate Bonds | 13.97% |
| Exchange-Traded Funds | 10.10% |
| Bullion | 7.90% |
| Agency Mortgage-Backed Securities | 4.35% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.33% |
| Non-Agency Collateralized Mortgage Obligations | 0.46% |
| US Treasury Obligations | 0.36% |
| Loan Agreements | 0.33% |
| Government Agency Obligations | 0.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 3.51% |
| Taiwan Semiconductor Manufacturing | 2.95% |
| Microsoft | 2.21% |
| Apple | 1.99% |
| Alphabet Class A | 1.40% |
| KLA | 1.36% |
| Amazon.com | 1.31% |
| Howmet Aerospace | 1.26% |
| Banco Bilbao Vizcaya Argentaria | 1.24% |
| Alimentation Couche-Tard | 1.20% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Asset Strategy Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IASRX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Asset Strategy Fund

*(formerly, Macquarie Asset Strategy Fund)*

**Institutional Class : IVAEX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Asset Strategy Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$92 | &nbsp;&nbsp;0.86% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Asset Strategy Fund (Institutional Class) returned 13.28% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index (benchmark), returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal period despite facing volatility toward the end of the reporting period.

International equities outperformed relative to US equities during the fiscal period due to more attractive valuations, artificial intelligence industry growth, and a weakening of the US dollar.

Allocation effects from exposure to commodities like gold contributed to the Fund's performance relative to the benchmark.

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the benchmark.

Security selection within global equities, particularly within the software & services and banks industries, detracted from the Fund's performance.

The Fund's exposure to cash underperformed relative to the benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11652960.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Asset Strategy Fund (Institutional Class) – including sales charge | 13.28% | 7.92% | 8.87% |
| Nomura Asset Strategy Fund (Institutional Class) – excluding sales charge | 13.28% | 7.92% | 8.87% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1731098267 |
| Total number of portfolio holdings\* | 533 |
| Total advisory fees paid (during reporting period) | $12111802 |
| Portfolio turnover rate | 76% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 58.62% |
| Corporate Bonds | 13.97% |
| Exchange-Traded Funds | 10.10% |
| Bullion | 7.90% |
| Agency Mortgage-Backed Securities | 4.35% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.33% |
| Non-Agency Collateralized Mortgage Obligations | 0.46% |
| US Treasury Obligations | 0.36% |
| Loan Agreements | 0.33% |
| Government Agency Obligations | 0.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 3.51% |
| Taiwan Semiconductor Manufacturing | 2.95% |
| Microsoft | 2.21% |
| Apple | 1.99% |
| Alphabet Class A | 1.40% |
| KLA | 1.36% |
| Amazon.com | 1.31% |
| Howmet Aerospace | 1.26% |
| Banco Bilbao Vizcaya Argentaria | 1.24% |
| Alimentation Couche-Tard | 1.20% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Asset Strategy Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IVAEX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Asset Strategy Fund

*(formerly, Macquarie Asset Strategy Fund)*

**Class R6 : IASTX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Asset Strategy Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$81 | &nbsp;&nbsp;0.76% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Asset Strategy Fund (Class R6) returned 13.40% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index (benchmark), returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal period despite facing volatility toward the end of the reporting period.

International equities outperformed relative to US equities during the fiscal period due to more attractive valuations, artificial intelligence industry growth, and a weakening of the US dollar.

Allocation effects from exposure to commodities like gold contributed to the Fund's performance relative to the benchmark.

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the benchmark.

Security selection within global equities, particularly within the software & services and banks industries, detracted from the Fund's performance.

The Fund's exposure to cash underperformed relative to the benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Asset Strategy Fund (Class R6) – including sales charge | 13.40% | 8.03% | 9.00% |
| Nomura Asset Strategy Fund (Class R6) – excluding sales charge | 13.40% | 8.03% | 9.00% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1731098267 |
| Total number of portfolio holdings\* | 533 |
| Total advisory fees paid (during reporting period) | $12111802 |
| Portfolio turnover rate | 76% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 58.62% |
| Corporate Bonds | 13.97% |
| Exchange-Traded Funds | 10.10% |
| Bullion | 7.90% |
| Agency Mortgage-Backed Securities | 4.35% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.33% |
| Non-Agency Collateralized Mortgage Obligations | 0.46% |
| US Treasury Obligations | 0.36% |
| Loan Agreements | 0.33% |
| Government Agency Obligations | 0.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 3.51% |
| Taiwan Semiconductor Manufacturing | 2.95% |
| Microsoft | 2.21% |
| Apple | 1.99% |
| Alphabet Class A | 1.40% |
| KLA | 1.36% |
| Amazon.com | 1.31% |
| Howmet Aerospace | 1.26% |
| Banco Bilbao Vizcaya Argentaria | 1.24% |
| Alimentation Couche-Tard | 1.20% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Asset Strategy Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IASTX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Asset Strategy Fund

*(formerly, Macquarie Asset Strategy Fund)*

**Class Y : WASYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Asset Strategy Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$118 | &nbsp;&nbsp;1.11% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Asset Strategy Fund (Class Y) returned 13.00% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index (benchmark), returned 20.01% and 20.52%, respectively.

#### Top contributors to performance:
Global equities and fixed income generally generated positive returns over the fiscal period despite facing volatility toward the end of the reporting period.

International equities outperformed relative to US equities during the fiscal period due to more attractive valuations, artificial intelligence industry growth, and a weakening of the US dollar.

Allocation effects from exposure to commodities like gold contributed to the Fund's performance relative to the benchmark.

#### Top detractors from performance:
The Fund's allocation to fixed income underperformed relative to the benchmark.

Security selection within global equities, particularly within the software & services and banks industries, detracted from the Fund's performance.

The Fund's exposure to cash underperformed relative to the benchmark.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653083.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Asset Strategy Fund (Class Y) – including sales charge | 13.00% | 7.67% | 8.61% |
| Nomura Asset Strategy Fund (Class Y) – excluding sales charge | 13.00% | 7.67% | 8.61% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1731098267 |
| Total number of portfolio holdings\* | 533 |
| Total advisory fees paid (during reporting period) | $12111802 |
| Portfolio turnover rate | 76% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 58.62% |
| Corporate Bonds | 13.97% |
| Exchange-Traded Funds | 10.10% |
| Bullion | 7.90% |
| Agency Mortgage-Backed Securities | 4.35% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.33% |
| Non-Agency Collateralized Mortgage Obligations | 0.46% |
| US Treasury Obligations | 0.36% |
| Loan Agreements | 0.33% |
| Government Agency Obligations | 0.29% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 3.51% |
| Taiwan Semiconductor Manufacturing | 2.95% |
| Microsoft | 2.21% |
| Apple | 1.99% |
| Alphabet Class A | 1.40% |
| KLA | 1.36% |
| Amazon.com | 1.31% |
| Howmet Aerospace | 1.26% |
| Banco Bilbao Vizcaya Argentaria | 1.24% |
| Alimentation Couche-Tard | 1.20% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Asset Strategy Fund.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

During the fiscal year, the Fund added subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-WASYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Balanced Fund

*(formerly, Macquarie Balanced Fund)*

**Class A : IBNAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Balanced Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$104 | &nbsp;&nbsp;0.99% |

---

<sup><sup>1</sup></sup><sup>Costs paid as a percentage of a $10,000 investment would have been 0.97% if non-recurring expenses were not included.</sup>

Management's discussion of Fund performance

#### Performance highlights
Nomura Balanced Fund (Class A) returned 9.27% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 17.80% and 4.35%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the period.

Allocation and security selection effects drove outperformance relative to the benchmarks.

The Fund's allocation to fixed income outperformed the Bloomberg US Aggregate Index.

Security selection contributed to performance relative to the S&P 500 Index.

#### Top detractors from performance:
Sector allocation effects within equities detracted from the Fund's performance relative to the S&P 500 Index.

Allocation effects from an underweight position in US Treasurys and from an overweight to US corporate bonds detracted from performance relative to the Bloomberg US Aggregate Index.

The Fund's exposure to cash underperformed relative to the benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653124.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Balanced Fund (Class A) – including sales charge | 2.97% | 5.01% | 7.65% |
| Nomura Balanced Fund (Class A) – excluding sales charge | 9.27% | 6.26% | 8.29% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| Bloomberg US Aggregate Index | 4.35% | 0.31% | 1.70% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1828646249 |
| Total number of portfolio holdings\* | 504 |
| Total advisory fees paid (during reporting period) | $10141790 |
| Portfolio turnover rate | 80% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 57.81% |
| Exchange-Traded Funds | 11.63% |
| Corporate Bonds | 9.52% |
| Agency Mortgage-Backed Securities | 8.02% |
| US Treasury Obligations | 3.94% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.24% |
| Non-Agency Asset-Backed Securities | 1.16% |
| Non-Agency Collateralized Mortgage Obligations | 1.11% |
| Collateralized Loan Obligations | 0.63% |
| Agency Collateralized Mortgage Obligations | 0.34% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 4.45% |
| Apple | 2.91% |
| Taiwan Semiconductor Manufacturing ADR | 2.59% |
| Alphabet Class A | 2.20% |
| Howmet Aerospace | 2.07% |
| Microsoft | 2.03% |
| Applied Materials | 1.88% |
| Amazon.com | 1.71% |
| Costco Wholesale | 1.57% |
| Eaton | 1.57% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Balanced Fund.

Effective April 25, 2025, the Fund introduced a revised fee waiver for Class A shares of 0.72% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Class A from 1.05% to 0.99%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited is added as an unaffiliated sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IBNAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Balanced Fund

*(formerly, Macquarie Balanced Fund)*

**Class C : IBNCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Balanced Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$181 | &nbsp;&nbsp;1.74% |

---

<sup><sup>1</sup></sup><sup>Costs paid as a percentage of a $10,000 investment would have been 1.72% if non-recurring expenses were not included.</sup>

Management's discussion of Fund performance

#### Performance highlights
Nomura Balanced Fund (Class C) returned 8.44% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 17.80% and 4.35%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the period.

Allocation and security selection effects drove outperformance relative to the benchmarks.

The Fund's allocation to fixed income outperformed the Bloomberg US Aggregate Index.

Security selection contributed to performance relative to the S&P 500 Index.

#### Top detractors from performance:
Sector allocation effects within equities detracted from the Fund's performance relative to the S&P 500 Index.

Allocation effects from an underweight position in US Treasurys and from an overweight to US corporate bonds detracted from performance relative to the Bloomberg US Aggregate Index.

The Fund's exposure to cash underperformed relative to the benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653165.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Balanced Fund (Class C) – including sales charge | 7.44% | 5.42% | 7.64% |
| Nomura Balanced Fund (Class C) – excluding sales charge | 8.44% | 5.42% | 7.64% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| Bloomberg US Aggregate Index | 4.35% | 0.31% | 1.70% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1828646249 |
| Total number of portfolio holdings\* | 504 |
| Total advisory fees paid (during reporting period) | $10141790 |
| Portfolio turnover rate | 80% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 57.81% |
| Exchange-Traded Funds | 11.63% |
| Corporate Bonds | 9.52% |
| Agency Mortgage-Backed Securities | 8.02% |
| US Treasury Obligations | 3.94% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.24% |
| Non-Agency Asset-Backed Securities | 1.16% |
| Non-Agency Collateralized Mortgage Obligations | 1.11% |
| Collateralized Loan Obligations | 0.63% |
| Agency Collateralized Mortgage Obligations | 0.34% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 4.45% |
| Apple | 2.91% |
| Taiwan Semiconductor Manufacturing ADR | 2.59% |
| Alphabet Class A | 2.20% |
| Howmet Aerospace | 2.07% |
| Microsoft | 2.03% |
| Applied Materials | 1.88% |
| Amazon.com | 1.71% |
| Costco Wholesale | 1.57% |
| Eaton | 1.57% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Balanced Fund.

Effective April 25, 2025, the Fund introduced a revised fee waiver for Class C shares of 0.72% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Class C from 1.80% to 1.74%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited is added as an unaffiliated sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IBNCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Balanced Fund

*(formerly, Macquarie Balanced Fund)*

**Class R : IYBFX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Balanced Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$130 | &nbsp;&nbsp;1.24% |

---

<sup><sup>1</sup></sup><sup>Costs paid as a percentage of a $10,000 investment would have been 1.22% if non-recurring expenses were not included.</sup>

Management's discussion of Fund performance

#### Performance highlights
Nomura Balanced Fund (Class R) returned 8.97% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 17.80% and 4.35%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the period.

Allocation and security selection effects drove outperformance relative to the benchmarks.

The Fund's allocation to fixed income outperformed the Bloomberg US Aggregate Index.

Security selection contributed to performance relative to the S&P 500 Index.

#### Top detractors from performance:
Sector allocation effects within equities detracted from the Fund's performance relative to the S&P 500 Index.

Allocation effects from an underweight position in US Treasurys and from an overweight to US corporate bonds detracted from performance relative to the Bloomberg US Aggregate Index.

The Fund's exposure to cash underperformed relative to the benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653288.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Balanced Fund (Class R) – including sales charge | 8.97% | 5.95% | 7.95% |
| Nomura Balanced Fund (Class R) – excluding sales charge | 8.97% | 5.95% | 7.95% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| Bloomberg US Aggregate Index | 4.35% | 0.31% | 1.70% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1828646249 |
| Total number of portfolio holdings\* | 504 |
| Total advisory fees paid (during reporting period) | $10141790 |
| Portfolio turnover rate | 80% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 57.81% |
| Exchange-Traded Funds | 11.63% |
| Corporate Bonds | 9.52% |
| Agency Mortgage-Backed Securities | 8.02% |
| US Treasury Obligations | 3.94% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.24% |
| Non-Agency Asset-Backed Securities | 1.16% |
| Non-Agency Collateralized Mortgage Obligations | 1.11% |
| Collateralized Loan Obligations | 0.63% |
| Agency Collateralized Mortgage Obligations | 0.34% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 4.45% |
| Apple | 2.91% |
| Taiwan Semiconductor Manufacturing ADR | 2.59% |
| Alphabet Class A | 2.20% |
| Howmet Aerospace | 2.07% |
| Microsoft | 2.03% |
| Applied Materials | 1.88% |
| Amazon.com | 1.71% |
| Costco Wholesale | 1.57% |
| Eaton | 1.57% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Balanced Fund.

Effective April 25, 2025, the Fund introduced a revised fee waiver for Class R shares of 0.72% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Class R from 1.30% to 1.24%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited is added as an unaffiliated sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IYBFX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Balanced Fund

*(formerly, Macquarie Balanced Fund)*

**Institutional Class : IYBIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Balanced Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$78 | &nbsp;&nbsp;0.74% |

---

<sup><sup>1</sup></sup><sup>Costs paid as a percentage of a $10,000 investment would have been 0.72% if non-recurring expenses were not included.</sup>

Management's discussion of Fund performance

#### Performance highlights
Nomura Balanced Fund (Institutional Class) returned 9.56% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 17.80% and 4.35%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the period.

Allocation and security selection effects drove outperformance relative to the benchmarks.

The Fund's allocation to fixed income outperformed the Bloomberg US Aggregate Index.

Security selection contributed to performance relative to the S&P 500 Index.

#### Top detractors from performance:
Sector allocation effects within equities detracted from the Fund's performance relative to the S&P 500 Index.

Allocation effects from an underweight position in US Treasurys and from an overweight to US corporate bonds detracted from performance relative to the Bloomberg US Aggregate Index.

The Fund's exposure to cash underperformed relative to the benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653206.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Balanced Fund (Institutional Class) – including sales charge | 9.56% | 6.52% | 8.55% |
| Nomura Balanced Fund (Institutional Class) – excluding sales charge | 9.56% | 6.52% | 8.55% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| Bloomberg US Aggregate Index | 4.35% | 0.31% | 1.70% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1828646249 |
| Total number of portfolio holdings\* | 504 |
| Total advisory fees paid (during reporting period) | $10141790 |
| Portfolio turnover rate | 80% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 57.81% |
| Exchange-Traded Funds | 11.63% |
| Corporate Bonds | 9.52% |
| Agency Mortgage-Backed Securities | 8.02% |
| US Treasury Obligations | 3.94% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.24% |
| Non-Agency Asset-Backed Securities | 1.16% |
| Non-Agency Collateralized Mortgage Obligations | 1.11% |
| Collateralized Loan Obligations | 0.63% |
| Agency Collateralized Mortgage Obligations | 0.34% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 4.45% |
| Apple | 2.91% |
| Taiwan Semiconductor Manufacturing ADR | 2.59% |
| Alphabet Class A | 2.20% |
| Howmet Aerospace | 2.07% |
| Microsoft | 2.03% |
| Applied Materials | 1.88% |
| Amazon.com | 1.71% |
| Costco Wholesale | 1.57% |
| Eaton | 1.57% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Balanced Fund.

Effective April 25, 2025, the Fund introduced a revised fee waiver for Institutional Class shares of 0.72% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Institutional Class from 0.80% to 0.74%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited is added as an unaffiliated sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IYBIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Balanced Fund

*(formerly, Macquarie Balanced Fund)*

**Class R6 : IBARX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Balanced Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$69 | &nbsp;&nbsp;0.66% |

---

<sup><sup>1</sup></sup><sup>Costs paid as a percentage of a $10,000 investment would have been 0.64% if non-recurring expenses were not included.</sup>

Management's discussion of Fund performance

#### Performance highlights
Nomura Balanced Fund (Class R6) returned 9.61% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 17.80% and 4.35%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the period.

Allocation and security selection effects drove outperformance relative to the benchmarks.

The Fund's allocation to fixed income outperformed the Bloomberg US Aggregate Index.

Security selection contributed to performance relative to the S&P 500 Index.

#### Top detractors from performance:
Sector allocation effects within equities detracted from the Fund's performance relative to the S&P 500 Index.

Allocation effects from an underweight position in US Treasurys and from an overweight to US corporate bonds detracted from performance relative to the Bloomberg US Aggregate Index.

The Fund's exposure to cash underperformed relative to the benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653247.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Balanced Fund (Class R6) – including sales charge | 9.61% | 6.61% | 8.69% |
| Nomura Balanced Fund (Class R6) – excluding sales charge | 9.61% | 6.61% | 8.69% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| Bloomberg US Aggregate Index | 4.35% | 0.31% | 1.70% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1828646249 |
| Total number of portfolio holdings\* | 504 |
| Total advisory fees paid (during reporting period) | $10141790 |
| Portfolio turnover rate | 80% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 57.81% |
| Exchange-Traded Funds | 11.63% |
| Corporate Bonds | 9.52% |
| Agency Mortgage-Backed Securities | 8.02% |
| US Treasury Obligations | 3.94% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.24% |
| Non-Agency Asset-Backed Securities | 1.16% |
| Non-Agency Collateralized Mortgage Obligations | 1.11% |
| Collateralized Loan Obligations | 0.63% |
| Agency Collateralized Mortgage Obligations | 0.34% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 4.45% |
| Apple | 2.91% |
| Taiwan Semiconductor Manufacturing ADR | 2.59% |
| Alphabet Class A | 2.20% |
| Howmet Aerospace | 2.07% |
| Microsoft | 2.03% |
| Applied Materials | 1.88% |
| Amazon.com | 1.71% |
| Costco Wholesale | 1.57% |
| Eaton | 1.57% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Balanced Fund.

Effective April 25, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.64% (excluding certain items), which resulted in a decrease in the net annual operating expenses for Class R6 from 0.71% to 0.66%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited is added as an unaffiliated sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IBARX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Balanced Fund

*(formerly, Macquarie Balanced Fund)*

**Class Y : IBNYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Balanced Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>1</sup> |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$104 | &nbsp;&nbsp;0.99% |

---

<sup><sup>1</sup></sup><sup>Costs paid as a percentage of a $10,000 investment would have been 0.97% if non-recurring expenses were not included.</sup>

Management's discussion of Fund performance

#### Performance highlights
Nomura Balanced Fund (Class Y) returned 9.24% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Fund's broad-based securities market indices (benchmarks), returned 17.80% and 4.35%, respectively.

#### Top contributors to performance:
Equities generally outperformed fixed income over the fiscal year despite facing volatility toward the end of the period.

Allocation and security selection effects drove outperformance relative to the benchmarks.

The Fund's allocation to fixed income outperformed the Bloomberg US Aggregate Index.

Security selection contributed to performance relative to the S&P 500 Index.

#### Top detractors from performance:
Sector allocation effects within equities detracted from the Fund's performance relative to the S&P 500 Index.

Allocation effects from an underweight position in US Treasurys and from an overweight to US corporate bonds detracted from performance relative to the Bloomberg US Aggregate Index.

The Fund's exposure to cash underperformed relative to the benchmarks.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653329.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Balanced Fund (Class Y) – including sales charge | 9.24% | 6.26% | 8.29% |
| Nomura Balanced Fund (Class Y) – excluding sales charge | 9.24% | 6.26% | 8.29% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| Bloomberg US Aggregate Index | 4.35% | 0.31% | 1.70% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $1828646249 |
| Total number of portfolio holdings\* | 504 |
| Total advisory fees paid (during reporting period) | $10141790 |
| Portfolio turnover rate | 80% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 57.81% |
| Exchange-Traded Funds | 11.63% |
| Corporate Bonds | 9.52% |
| Agency Mortgage-Backed Securities | 8.02% |
| US Treasury Obligations | 3.94% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.24% |
| Non-Agency Asset-Backed Securities | 1.16% |
| Non-Agency Collateralized Mortgage Obligations | 1.11% |
| Collateralized Loan Obligations | 0.63% |
| Agency Collateralized Mortgage Obligations | 0.34% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 4.45% |
| Apple | 2.91% |
| Taiwan Semiconductor Manufacturing ADR | 2.59% |
| Alphabet Class A | 2.20% |
| Howmet Aerospace | 2.07% |
| Microsoft | 2.03% |
| Applied Materials | 1.88% |
| Amazon.com | 1.71% |
| Costco Wholesale | 1.57% |
| Eaton | 1.57% |

---

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Balanced Fund.

Effective April 25, 2025, the Fund introduced a revised fee waiver for Class Y shares of 0.72% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Class Y from 1.05% to 0.99%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Fund and Macquarie Investment Management Global Limited is added as an unaffiliated sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IBNYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Climate Solutions Fund

*(formerly, Macquarie Climate Solutions Fund)*

**Class A : IEYAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Climate Solutions Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$151 | &nbsp;&nbsp;1.24% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Climate Solutions Fund (Class A) returned 43.94% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 20.64% and 21.16%, respectively.

#### Top contributors to performance:
Renewable fuel equities were the top contributors, with Darling Ingredients Inc. and Neste Oyj delivering outstanding performance driven by favorable macroeconomic conditions. As the Iran war created unprecedented disruptions in global oil markets, investors increasingly embraced lower-carbon fuel alternatives offering both emissions reduction and energy security benefits. Darling, through its Diamond Green Diesel joint venture, transforms waste streams into high-value renewable fuels. The company reported revenue growth to $1.7 billion in the fourth quarter, up from $1.4 billion year over year. Neste, Europe's leading renewable fuels producer, similarly benefited from acute conventional fuel supply constraints and supportive biofuel policy developments.

Alcoa Corp. emerged as the next leading contributor, residing in the materials sector. The vertically integrated aluminum producer benefited from strong demand tied to electrification, decarbonization, and data center growth. Geopolitical tensions in the Middle East dramatically tightened aluminum supply, shifting markets from surplus to deficit as the Strait of Hormuz blockade curtailed Persian Gulf smelting capacity. Higher US tariffs on aluminum imports provided additional support for domestic producers, while Alcoa's strategic advantage – operating approximately 86% of its smelting portfolio on renewable energy sources, primarily hydropower – positioned the company favorably as markets increasingly valued lower-carbon production.

#### Top detractors from performance:
Weyerhaeuser Co. was a significant detractor as lumber and wood product equities were challenged throughout the fiscal period. Excess capacity weighed on pricing, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Despite wood products' favorable sustainability profile, near-term cyclical headwinds dominated. Investors found little catalyst for recovery as housing affordability challenges persisted and industry capacity remained elevated, pressuring margins across the sector.

Occidental Petroleum Corp. was the second-largest detractor. Despite leadership in carbon capture, utilization, and storage and pioneering direct air capture, near-term stock performance faced pressure from complex sector dynamics. While Occidental's carbon management platform and net-zero emissions goals represent critical climate solutions infrastructure, investors remained cautious on commercialization timelines and carbon credit market development. We exited our position in the stock.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653370.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Climate Solutions Fund (Class A) – including sales charge | 35.62% | 15.24% | 1.82% |
| Nomura Climate Solutions Fund (Class A) – excluding sales charge | 43.94% | 16.62% | 2.42% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |
| MSCI ACWI Investable Market Index (net) | 20.64% | 9.03% | 11.10% |
| MSCI ACWI Investable Market Index (gross) | 21.16% | 9.53% | 11.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $111890221 |
| Total number of portfolio holdings\* | 31 |
| Total advisory fees paid (during reporting period) | $479741 |
| Portfolio turnover rate | 29% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 31.35% |
| Materials | 20.12% |
| Industrials | 16.37% |
| Energy | 14.47% |
| Consumer Staples | 7.24% |
| Information Technology | 4.81% |
| Real Estate | 2.89% |
| Consumer Discretionary | 2.49% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Darling Ingredients | 4.09% |
| Neste | 4.04% |
| Valero Energy | 3.79% |
| Ameren | 3.79% |
| EDP Renovaveis | 3.64% |
| Contemporary Amperex Technology Class H | 3.64% |
| CMS Energy | 3.63% |
| NiSource | 3.56% |
| Xcel Energy | 3.55% |
| NextEra Energy | 3.52% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Climate Solutions Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

During the fiscal year, the Fund removed energy sector risk and added utilities sector risk as principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IEYAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Climate Solutions Fund

*(formerly, Macquarie Climate Solutions Fund)*

**Class C : IEYCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Climate Solutions Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$242 | &nbsp;&nbsp;1.99% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Climate Solutions Fund (Class C) returned 42.91% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 20.64% and 21.16%, respectively.

#### Top contributors to performance:
Renewable fuel equities were the top contributors, with Darling Ingredients Inc. and Neste Oyj delivering outstanding performance driven by favorable macroeconomic conditions. As the Iran war created unprecedented disruptions in global oil markets, investors increasingly embraced lower-carbon fuel alternatives offering both emissions reduction and energy security benefits. Darling, through its Diamond Green Diesel joint venture, transforms waste streams into high-value renewable fuels. The company reported revenue growth to $1.7 billion in the fourth quarter, up from $1.4 billion year over year. Neste, Europe's leading renewable fuels producer, similarly benefited from acute conventional fuel supply constraints and supportive biofuel policy developments.

Alcoa Corp. emerged as the next leading contributor, residing in the materials sector. The vertically integrated aluminum producer benefited from strong demand tied to electrification, decarbonization, and data center growth. Geopolitical tensions in the Middle East dramatically tightened aluminum supply, shifting markets from surplus to deficit as the Strait of Hormuz blockade curtailed Persian Gulf smelting capacity. Higher US tariffs on aluminum imports provided additional support for domestic producers, while Alcoa's strategic advantage – operating approximately 86% of its smelting portfolio on renewable energy sources, primarily hydropower – positioned the company favorably as markets increasingly valued lower-carbon production.

#### Top detractors from performance:
Weyerhaeuser Co. was a significant detractor as lumber and wood product equities were challenged throughout the fiscal period. Excess capacity weighed on pricing, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Despite wood products' favorable sustainability profile, near-term cyclical headwinds dominated. Investors found little catalyst for recovery as housing affordability challenges persisted and industry capacity remained elevated, pressuring margins across the sector.

Occidental Petroleum Corp. was the second-largest detractor. Despite leadership in carbon capture, utilization, and storage and pioneering direct air capture, near-term stock performance faced pressure from complex sector dynamics. While Occidental's carbon management platform and net-zero emissions goals represent critical climate solutions infrastructure, investors remained cautious on commercialization timelines and carbon credit market development. We exited our position in the stock.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653411.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Climate Solutions Fund (Class C) – including sales charge | 41.91% | 15.74% | 1.84% |
| Nomura Climate Solutions Fund (Class C) – excluding sales charge | 42.91% | 15.74% | 1.84% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |
| MSCI ACWI Investable Market Index (net) | 20.64% | 9.03% | 11.10% |
| MSCI ACWI Investable Market Index (gross) | 21.16% | 9.53% | 11.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $111890221 |
| Total number of portfolio holdings\* | 31 |
| Total advisory fees paid (during reporting period) | $479741 |
| Portfolio turnover rate | 29% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 31.35% |
| Materials | 20.12% |
| Industrials | 16.37% |
| Energy | 14.47% |
| Consumer Staples | 7.24% |
| Information Technology | 4.81% |
| Real Estate | 2.89% |
| Consumer Discretionary | 2.49% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Darling Ingredients | 4.09% |
| Neste | 4.04% |
| Valero Energy | 3.79% |
| Ameren | 3.79% |
| EDP Renovaveis | 3.64% |
| Contemporary Amperex Technology Class H | 3.64% |
| CMS Energy | 3.63% |
| NiSource | 3.56% |
| Xcel Energy | 3.55% |
| NextEra Energy | 3.52% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Climate Solutions Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

During the fiscal year, the Fund removed energy sector risk and added utilities sector risk as principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IEYCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Climate Solutions Fund

*(formerly, Macquarie Climate Solutions Fund)*

**Class R : IYEFX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Climate Solutions Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$181 | &nbsp;&nbsp;1.49% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Climate Solutions Fund (Class R) returned 43.52% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 20.64% and 21.16%, respectively.

#### Top contributors to performance:
Renewable fuel equities were the top contributors, with Darling Ingredients Inc. and Neste Oyj delivering outstanding performance driven by favorable macroeconomic conditions. As the Iran war created unprecedented disruptions in global oil markets, investors increasingly embraced lower-carbon fuel alternatives offering both emissions reduction and energy security benefits. Darling, through its Diamond Green Diesel joint venture, transforms waste streams into high-value renewable fuels. The company reported revenue growth to $1.7 billion in the fourth quarter, up from $1.4 billion year over year. Neste, Europe's leading renewable fuels producer, similarly benefited from acute conventional fuel supply constraints and supportive biofuel policy developments.

Alcoa Corp. emerged as the next leading contributor, residing in the materials sector. The vertically integrated aluminum producer benefited from strong demand tied to electrification, decarbonization, and data center growth. Geopolitical tensions in the Middle East dramatically tightened aluminum supply, shifting markets from surplus to deficit as the Strait of Hormuz blockade curtailed Persian Gulf smelting capacity. Higher US tariffs on aluminum imports provided additional support for domestic producers, while Alcoa's strategic advantage – operating approximately 86% of its smelting portfolio on renewable energy sources, primarily hydropower – positioned the company favorably as markets increasingly valued lower-carbon production.

#### Top detractors from performance:
Weyerhaeuser Co. was a significant detractor as lumber and wood product equities were challenged throughout the fiscal period. Excess capacity weighed on pricing, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Despite wood products' favorable sustainability profile, near-term cyclical headwinds dominated. Investors found little catalyst for recovery as housing affordability challenges persisted and industry capacity remained elevated, pressuring margins across the sector.

Occidental Petroleum Corp. was the second-largest detractor. Despite leadership in carbon capture, utilization, and storage and pioneering direct air capture, near-term stock performance faced pressure from complex sector dynamics. While Occidental's carbon management platform and net-zero emissions goals represent critical climate solutions infrastructure, investors remained cautious on commercialization timelines and carbon credit market development. We exited our position in the stock.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653534.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Climate Solutions Fund (Class R) – including sales charge | 43.52% | 16.30% | 2.12% |
| Nomura Climate Solutions Fund (Class R) – excluding sales charge | 43.52% | 16.30% | 2.12% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |
| MSCI ACWI Investable Market Index (net) | 20.64% | 9.03% | 11.10% |
| MSCI ACWI Investable Market Index (gross) | 21.16% | 9.53% | 11.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $111890221 |
| Total number of portfolio holdings\* | 31 |
| Total advisory fees paid (during reporting period) | $479741 |
| Portfolio turnover rate | 29% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 31.35% |
| Materials | 20.12% |
| Industrials | 16.37% |
| Energy | 14.47% |
| Consumer Staples | 7.24% |
| Information Technology | 4.81% |
| Real Estate | 2.89% |
| Consumer Discretionary | 2.49% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Darling Ingredients | 4.09% |
| Neste | 4.04% |
| Valero Energy | 3.79% |
| Ameren | 3.79% |
| EDP Renovaveis | 3.64% |
| Contemporary Amperex Technology Class H | 3.64% |
| CMS Energy | 3.63% |
| NiSource | 3.56% |
| Xcel Energy | 3.55% |
| NextEra Energy | 3.52% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Climate Solutions Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

During the fiscal year, the Fund removed energy sector risk and added utilities sector risk as principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IYEFX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Climate Solutions Fund

*(formerly, Macquarie Climate Solutions Fund)*

**Institutional Class : IVEIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Climate Solutions Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$121 | &nbsp;&nbsp;0.99% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Climate Solutions Fund (Institutional Class) returned 44.33% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 20.64% and 21.16%, respectively.

#### Top contributors to performance:
Renewable fuel equities were the top contributors, with Darling Ingredients Inc. and Neste Oyj delivering outstanding performance driven by favorable macroeconomic conditions. As the Iran war created unprecedented disruptions in global oil markets, investors increasingly embraced lower-carbon fuel alternatives offering both emissions reduction and energy security benefits. Darling, through its Diamond Green Diesel joint venture, transforms waste streams into high-value renewable fuels. The company reported revenue growth to $1.7 billion in the fourth quarter, up from $1.4 billion year over year. Neste, Europe's leading renewable fuels producer, similarly benefited from acute conventional fuel supply constraints and supportive biofuel policy developments.

Alcoa Corp. emerged as the next leading contributor, residing in the materials sector. The vertically integrated aluminum producer benefited from strong demand tied to electrification, decarbonization, and data center growth. Geopolitical tensions in the Middle East dramatically tightened aluminum supply, shifting markets from surplus to deficit as the Strait of Hormuz blockade curtailed Persian Gulf smelting capacity. Higher US tariffs on aluminum imports provided additional support for domestic producers, while Alcoa's strategic advantage – operating approximately 86% of its smelting portfolio on renewable energy sources, primarily hydropower – positioned the company favorably as markets increasingly valued lower-carbon production.

#### Top detractors from performance:
Weyerhaeuser Co. was a significant detractor as lumber and wood product equities were challenged throughout the fiscal period. Excess capacity weighed on pricing, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Despite wood products' favorable sustainability profile, near-term cyclical headwinds dominated. Investors found little catalyst for recovery as housing affordability challenges persisted and industry capacity remained elevated, pressuring margins across the sector.

Occidental Petroleum Corp. was the second-largest detractor. Despite leadership in carbon capture, utilization, and storage and pioneering direct air capture, near-term stock performance faced pressure from complex sector dynamics. While Occidental's carbon management platform and net-zero emissions goals represent critical climate solutions infrastructure, investors remained cautious on commercialization timelines and carbon credit market development. We exited our position in the stock.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653452.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Climate Solutions Fund (Institutional Class) – including sales charge | 44.33% | 16.95% | 2.76% |
| Nomura Climate Solutions Fund (Institutional Class) – excluding sales charge | 44.33% | 16.95% | 2.76% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |
| MSCI ACWI Investable Market Index (net) | 20.64% | 9.03% | 11.10% |
| MSCI ACWI Investable Market Index (gross) | 21.16% | 9.53% | 11.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $111890221 |
| Total number of portfolio holdings\* | 31 |
| Total advisory fees paid (during reporting period) | $479741 |
| Portfolio turnover rate | 29% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 31.35% |
| Materials | 20.12% |
| Industrials | 16.37% |
| Energy | 14.47% |
| Consumer Staples | 7.24% |
| Information Technology | 4.81% |
| Real Estate | 2.89% |
| Consumer Discretionary | 2.49% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Darling Ingredients | 4.09% |
| Neste | 4.04% |
| Valero Energy | 3.79% |
| Ameren | 3.79% |
| EDP Renovaveis | 3.64% |
| Contemporary Amperex Technology Class H | 3.64% |
| CMS Energy | 3.63% |
| NiSource | 3.56% |
| Xcel Energy | 3.55% |
| NextEra Energy | 3.52% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Climate Solutions Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

During the fiscal year, the Fund removed energy sector risk and added utilities sector risk as principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IVEIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Climate Solutions Fund

*(formerly, Macquarie Climate Solutions Fund)*

**Class R6 : IENRX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Climate Solutions Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$100 | &nbsp;&nbsp;0.82% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Climate Solutions Fund (Class R6) returned 44.59% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 20.64% and 21.16%, respectively.

#### Top contributors to performance:
Renewable fuel equities were the top contributors, with Darling Ingredients Inc. and Neste Oyj delivering outstanding performance driven by favorable macroeconomic conditions. As the Iran war created unprecedented disruptions in global oil markets, investors increasingly embraced lower-carbon fuel alternatives offering both emissions reduction and energy security benefits. Darling, through its Diamond Green Diesel joint venture, transforms waste streams into high-value renewable fuels. The company reported revenue growth to $1.7 billion in the fourth quarter, up from $1.4 billion year over year. Neste, Europe's leading renewable fuels producer, similarly benefited from acute conventional fuel supply constraints and supportive biofuel policy developments.

Alcoa Corp. emerged as the next leading contributor, residing in the materials sector. The vertically integrated aluminum producer benefited from strong demand tied to electrification, decarbonization, and data center growth. Geopolitical tensions in the Middle East dramatically tightened aluminum supply, shifting markets from surplus to deficit as the Strait of Hormuz blockade curtailed Persian Gulf smelting capacity. Higher US tariffs on aluminum imports provided additional support for domestic producers, while Alcoa's strategic advantage – operating approximately 86% of its smelting portfolio on renewable energy sources, primarily hydropower – positioned the company favorably as markets increasingly valued lower-carbon production.

#### Top detractors from performance:
Weyerhaeuser Co. was a significant detractor as lumber and wood product equities were challenged throughout the fiscal period. Excess capacity weighed on pricing, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Despite wood products' favorable sustainability profile, near-term cyclical headwinds dominated. Investors found little catalyst for recovery as housing affordability challenges persisted and industry capacity remained elevated, pressuring margins across the sector.

Occidental Petroleum Corp. was the second-largest detractor. Despite leadership in carbon capture, utilization, and storage and pioneering direct air capture, near-term stock performance faced pressure from complex sector dynamics. While Occidental's carbon management platform and net-zero emissions goals represent critical climate solutions infrastructure, investors remained cautious on commercialization timelines and carbon credit market development. We exited our position in the stock.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653493.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Climate Solutions Fund (Class R6) – including sales charge | 44.59% | 17.04% | 2.85% |
| Nomura Climate Solutions Fund (Class R6) – excluding sales charge | 44.59% | 17.04% | 2.85% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |
| MSCI ACWI Investable Market Index (net) | 20.64% | 9.03% | 11.10% |
| MSCI ACWI Investable Market Index (gross) | 21.16% | 9.53% | 11.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $111890221 |
| Total number of portfolio holdings\* | 31 |
| Total advisory fees paid (during reporting period) | $479741 |
| Portfolio turnover rate | 29% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 31.35% |
| Materials | 20.12% |
| Industrials | 16.37% |
| Energy | 14.47% |
| Consumer Staples | 7.24% |
| Information Technology | 4.81% |
| Real Estate | 2.89% |
| Consumer Discretionary | 2.49% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Darling Ingredients | 4.09% |
| Neste | 4.04% |
| Valero Energy | 3.79% |
| Ameren | 3.79% |
| EDP Renovaveis | 3.64% |
| Contemporary Amperex Technology Class H | 3.64% |
| CMS Energy | 3.63% |
| NiSource | 3.56% |
| Xcel Energy | 3.55% |
| NextEra Energy | 3.52% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Climate Solutions Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

During the fiscal year, the Fund removed energy sector risk and added utilities sector risk as principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IENRX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Climate Solutions Fund

*(formerly, Macquarie Climate Solutions Fund)*

**Class Y : IEYYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Climate Solutions Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$151 | &nbsp;&nbsp;1.24% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Climate Solutions Fund (Class Y) returned 43.97% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Fund's broad-based securities market index, returned 20.01% and 20.52%, respectively, while the MSCI ACWI Investable Market Index (net) and MSCI ACWI Investable Market Index (gross), the Fund's narrowly based securities market index, returned 20.64% and 21.16%, respectively.

#### Top contributors to performance:
Renewable fuel equities were the top contributors, with Darling Ingredients Inc. and Neste Oyj delivering outstanding performance driven by favorable macroeconomic conditions. As the Iran war created unprecedented disruptions in global oil markets, investors increasingly embraced lower-carbon fuel alternatives offering both emissions reduction and energy security benefits. Darling, through its Diamond Green Diesel joint venture, transforms waste streams into high-value renewable fuels. The company reported revenue growth to $1.7 billion in the fourth quarter, up from $1.4 billion year over year. Neste, Europe's leading renewable fuels producer, similarly benefited from acute conventional fuel supply constraints and supportive biofuel policy developments.

Alcoa Corp. emerged as the next leading contributor, residing in the materials sector. The vertically integrated aluminum producer benefited from strong demand tied to electrification, decarbonization, and data center growth. Geopolitical tensions in the Middle East dramatically tightened aluminum supply, shifting markets from surplus to deficit as the Strait of Hormuz blockade curtailed Persian Gulf smelting capacity. Higher US tariffs on aluminum imports provided additional support for domestic producers, while Alcoa's strategic advantage – operating approximately 86% of its smelting portfolio on renewable energy sources, primarily hydropower – positioned the company favorably as markets increasingly valued lower-carbon production.

#### Top detractors from performance:
Weyerhaeuser Co. was a significant detractor as lumber and wood product equities were challenged throughout the fiscal period. Excess capacity weighed on pricing, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Despite wood products' favorable sustainability profile, near-term cyclical headwinds dominated. Investors found little catalyst for recovery as housing affordability challenges persisted and industry capacity remained elevated, pressuring margins across the sector.

Occidental Petroleum Corp. was the second-largest detractor. Despite leadership in carbon capture, utilization, and storage and pioneering direct air capture, near-term stock performance faced pressure from complex sector dynamics. While Occidental's carbon management platform and net-zero emissions goals represent critical climate solutions infrastructure, investors remained cautious on commercialization timelines and carbon credit market development. We exited our position in the stock.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653575.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Climate Solutions Fund (Class Y) – including sales charge | 43.97% | 16.61% | 2.45% |
| Nomura Climate Solutions Fund (Class Y) – excluding sales charge | 43.97% | 16.61% | 2.45% |
| MSCI ACWI Index (net) | 20.01% | 9.49% | 11.33% |
| MSCI ACWI Index (gross) | 20.52% | 9.99% | 11.88% |
| MSCI ACWI Investable Market Index (net) | 20.64% | 9.03% | 11.10% |
| MSCI ACWI Investable Market Index (gross) | 21.16% | 9.53% | 11.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021; subsequently, effective July 29, 2022, the Fund repositioned into a climate solutions fund.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $111890221 |
| Total number of portfolio holdings\* | 31 |
| Total advisory fees paid (during reporting period) | $479741 |
| Portfolio turnover rate | 29% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Utilities | 31.35% |
| Materials | 20.12% |
| Industrials | 16.37% |
| Energy | 14.47% |
| Consumer Staples | 7.24% |
| Information Technology | 4.81% |
| Real Estate | 2.89% |
| Consumer Discretionary | 2.49% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Darling Ingredients | 4.09% |
| Neste | 4.04% |
| Valero Energy | 3.79% |
| Ameren | 3.79% |
| EDP Renovaveis | 3.64% |
| Contemporary Amperex Technology Class H | 3.64% |
| CMS Energy | 3.63% |
| NiSource | 3.56% |
| Xcel Energy | 3.55% |
| NextEra Energy | 3.52% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Climate Solutions Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

During the fiscal year, the Fund removed energy sector risk and added utilities sector risk as principal investment risks.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IEYYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Natural Resources Fund

*(formerly, Macquarie Natural Resources Fund)*

**Class A : IGNAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Natural Resources Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$168 | &nbsp;&nbsp;1.28% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Natural Resources Fund (Class A) returned 62.13% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned 44.22%.

#### Top contributors to performance:
Copper mining equities were the leading contributor to performance over the reporting period. A series of acute supply disruptions removed hundreds of thousands of tons of production from the market, tightening an already-constrained supply picture. Against this backdrop, investors increasingly recognized copper's critical and irreplaceable role in the data center build-out, the onshoring of manufacturing, and the broader electrification of the economy.

Gold equities were the second-largest contributor. Gold delivered one of its strongest annual performances in decades, rising more than 50% through 2025 and surging to an all-time high of approximately $5,595 per ounce in late January 2026. The rally was underpinned by record central bank purchases alongside US Federal Reserve rate cuts, a weakening dollar, and persistent geopolitical uncertainty driving safe-haven demand.

#### Top detractors from performance:
Lumber and wood product equities were a significant detractor. Excess capacity weighed on pricing throughout the period, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Equities in the sector remained under pressure as investors found little near-term catalyst for recovery.

Paper and containerboard equities also detracted meaningfully. Demand remained soft throughout the period, pressured by a combination of structural overcapacity and tepid end-market activity as economic conditions weakened. Investors grew increasingly concerned that a meaningful volume or pricing recovery was unlikely in the near term, and the sector was re-rated lower accordingly.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653616.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Natural Resources Fund (Class A) – including sales charge | 52.79% | 15.76% | 7.73% |
| Nomura Natural Resources Fund (Class A) – excluding sales charge | 62.13% | 17.15% | 8.37% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P Global Natural Resources Index | 44.22% | 12.16% | 11.40% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $250986413 |
| Total number of portfolio holdings\* | 42 |
| Total advisory fees paid (during reporting period) | $1218151 |
| Portfolio turnover rate | 65% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 22.12% |
| Gold | 11.64% |
| Diversified Metals & Mining | 10.42% |
| Fertilizers & Agricultural Chemicals | 8.28% |
| Integrated Oil & Gas | 7.96% |
| Coal & Consumable Fuels | 5.49% |
| Paper Packaging | 4.44% |
| Steel | 4.03% |
| Forest Products | 3.40% |
| Construction Materials | 3.31% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Steel Dynamics | 4.03% |
| Nutrien | 3.92% |
| Diamondback Energy | 3.90% |
| BP ADR | 3.75% |
| Newmont | 3.67% |
| Core Natural Resources | 3.37% |
| ConocoPhillips | 3.28% |
| Glencore | 3.20% |
| Shell | 2.97% |
| Canadian Natural Resources | 2.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Natural Resources Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Class A shares of 0.95% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Class A from 1.39% to 1.28%.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IGNAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Natural Resources Fund

*(formerly, Macquarie Natural Resources Fund)*

**Class C : IGNCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Natural Resources Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$265 | &nbsp;&nbsp;2.03% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Natural Resources Fund (Class C) returned 60.82% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned 44.22%.

#### Top contributors to performance:
Copper mining equities were the leading contributor to performance over the reporting period. A series of acute supply disruptions removed hundreds of thousands of tons of production from the market, tightening an already-constrained supply picture. Against this backdrop, investors increasingly recognized copper's critical and irreplaceable role in the data center build-out, the onshoring of manufacturing, and the broader electrification of the economy.

Gold equities were the second-largest contributor. Gold delivered one of its strongest annual performances in decades, rising more than 50% through 2025 and surging to an all-time high of approximately $5,595 per ounce in late January 2026. The rally was underpinned by record central bank purchases alongside US Federal Reserve rate cuts, a weakening dollar, and persistent geopolitical uncertainty driving safe-haven demand.

#### Top detractors from performance:
Lumber and wood product equities were a significant detractor. Excess capacity weighed on pricing throughout the period, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Equities in the sector remained under pressure as investors found little near-term catalyst for recovery.

Paper and containerboard equities also detracted meaningfully. Demand remained soft throughout the period, pressured by a combination of structural overcapacity and tepid end-market activity as economic conditions weakened. Investors grew increasingly concerned that a meaningful volume or pricing recovery was unlikely in the near term, and the sector was re-rated lower accordingly.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653657.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Natural Resources Fund (Class C) – including sales charge | 59.82% | 16.27% | 7.80% |
| Nomura Natural Resources Fund (Class C) – excluding sales charge | 60.82% | 16.27% | 7.80% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P Global Natural Resources Index | 44.22% | 12.16% | 11.40% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $250986413 |
| Total number of portfolio holdings\* | 42 |
| Total advisory fees paid (during reporting period) | $1218151 |
| Portfolio turnover rate | 65% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 22.12% |
| Gold | 11.64% |
| Diversified Metals & Mining | 10.42% |
| Fertilizers & Agricultural Chemicals | 8.28% |
| Integrated Oil & Gas | 7.96% |
| Coal & Consumable Fuels | 5.49% |
| Paper Packaging | 4.44% |
| Steel | 4.03% |
| Forest Products | 3.40% |
| Construction Materials | 3.31% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Steel Dynamics | 4.03% |
| Nutrien | 3.92% |
| Diamondback Energy | 3.90% |
| BP ADR | 3.75% |
| Newmont | 3.67% |
| Core Natural Resources | 3.37% |
| ConocoPhillips | 3.28% |
| Glencore | 3.20% |
| Shell | 2.97% |
| Canadian Natural Resources | 2.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Natural Resources Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Class C shares of 0.95% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Class C from 2.14% to 2.03%.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IGNCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Natural Resources Fund

*(formerly, Macquarie Natural Resources Fund)*

**Class R : IGNRX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Natural Resources Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$200 | &nbsp;&nbsp;1.53% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Natural Resources Fund (Class R) returned 61.67% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned 44.22%.

#### Top contributors to performance:
Copper mining equities were the leading contributor to performance over the reporting period. A series of acute supply disruptions removed hundreds of thousands of tons of production from the market, tightening an already-constrained supply picture. Against this backdrop, investors increasingly recognized copper's critical and irreplaceable role in the data center build-out, the onshoring of manufacturing, and the broader electrification of the economy.

Gold equities were the second-largest contributor. Gold delivered one of its strongest annual performances in decades, rising more than 50% through 2025 and surging to an all-time high of approximately $5,595 per ounce in late January 2026. The rally was underpinned by record central bank purchases alongside US Federal Reserve rate cuts, a weakening dollar, and persistent geopolitical uncertainty driving safe-haven demand.

#### Top detractors from performance:
Lumber and wood product equities were a significant detractor. Excess capacity weighed on pricing throughout the period, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Equities in the sector remained under pressure as investors found little near-term catalyst for recovery.

Paper and containerboard equities also detracted meaningfully. Demand remained soft throughout the period, pressured by a combination of structural overcapacity and tepid end-market activity as economic conditions weakened. Investors grew increasingly concerned that a meaningful volume or pricing recovery was unlikely in the near term, and the sector was re-rated lower accordingly.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653780.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Natural Resources Fund (Class R) – including sales charge | 61.67% | 16.95% | 8.27% |
| Nomura Natural Resources Fund (Class R) – excluding sales charge | 61.67% | 16.95% | 8.27% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P Global Natural Resources Index | 44.22% | 12.16% | 11.40% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $250986413 |
| Total number of portfolio holdings\* | 42 |
| Total advisory fees paid (during reporting period) | $1218151 |
| Portfolio turnover rate | 65% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 22.12% |
| Gold | 11.64% |
| Diversified Metals & Mining | 10.42% |
| Fertilizers & Agricultural Chemicals | 8.28% |
| Integrated Oil & Gas | 7.96% |
| Coal & Consumable Fuels | 5.49% |
| Paper Packaging | 4.44% |
| Steel | 4.03% |
| Forest Products | 3.40% |
| Construction Materials | 3.31% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Steel Dynamics | 4.03% |
| Nutrien | 3.92% |
| Diamondback Energy | 3.90% |
| BP ADR | 3.75% |
| Newmont | 3.67% |
| Core Natural Resources | 3.37% |
| ConocoPhillips | 3.28% |
| Glencore | 3.20% |
| Shell | 2.97% |
| Canadian Natural Resources | 2.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Natural Resources Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Class R shares of 0.95% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Class R from 1.64% to 1.53%.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IGNRX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Natural Resources Fund

*(formerly, Macquarie Natural Resources Fund)*

**Institutional Class : IGNIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Natural Resources Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$135 | &nbsp;&nbsp;1.03% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Natural Resources Fund (Institutional Class) returned 62.53% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned 44.22%.

#### Top contributors to performance:
Copper mining equities were the leading contributor to performance over the reporting period. A series of acute supply disruptions removed hundreds of thousands of tons of production from the market, tightening an already-constrained supply picture. Against this backdrop, investors increasingly recognized copper's critical and irreplaceable role in the data center build-out, the onshoring of manufacturing, and the broader electrification of the economy.

Gold equities were the second-largest contributor. Gold delivered one of its strongest annual performances in decades, rising more than 50% through 2025 and surging to an all-time high of approximately $5,595 per ounce in late January 2026. The rally was underpinned by record central bank purchases alongside US Federal Reserve rate cuts, a weakening dollar, and persistent geopolitical uncertainty driving safe-haven demand.

#### Top detractors from performance:
Lumber and wood product equities were a significant detractor. Excess capacity weighed on pricing throughout the period, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Equities in the sector remained under pressure as investors found little near-term catalyst for recovery.

Paper and containerboard equities also detracted meaningfully. Demand remained soft throughout the period, pressured by a combination of structural overcapacity and tepid end-market activity as economic conditions weakened. Investors grew increasingly concerned that a meaningful volume or pricing recovery was unlikely in the near term, and the sector was re-rated lower accordingly.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653698.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Natural Resources Fund (Institutional Class) – including sales charge | 62.53% | 17.54% | 8.86% |
| Nomura Natural Resources Fund (Institutional Class) – excluding sales charge | 62.53% | 17.54% | 8.86% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P Global Natural Resources Index | 44.22% | 12.16% | 11.40% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $250986413 |
| Total number of portfolio holdings\* | 42 |
| Total advisory fees paid (during reporting period) | $1218151 |
| Portfolio turnover rate | 65% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 22.12% |
| Gold | 11.64% |
| Diversified Metals & Mining | 10.42% |
| Fertilizers & Agricultural Chemicals | 8.28% |
| Integrated Oil & Gas | 7.96% |
| Coal & Consumable Fuels | 5.49% |
| Paper Packaging | 4.44% |
| Steel | 4.03% |
| Forest Products | 3.40% |
| Construction Materials | 3.31% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Steel Dynamics | 4.03% |
| Nutrien | 3.92% |
| Diamondback Energy | 3.90% |
| BP ADR | 3.75% |
| Newmont | 3.67% |
| Core Natural Resources | 3.37% |
| ConocoPhillips | 3.28% |
| Glencore | 3.20% |
| Shell | 2.97% |
| Canadian Natural Resources | 2.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Natural Resources Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Institutional Class shares of 0.95% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Institutional Class from 1.14% to 1.03%.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IGNIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Natural Resources Fund

*(formerly, Macquarie Natural Resources Fund)*

**Class R6 : INRSX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Natural Resources Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$113 | &nbsp;&nbsp;0.86% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Natural Resources Fund (Class R6) returned 62.86% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned 44.22%.

#### Top contributors to performance:
Copper mining equities were the leading contributor to performance over the reporting period. A series of acute supply disruptions removed hundreds of thousands of tons of production from the market, tightening an already-constrained supply picture. Against this backdrop, investors increasingly recognized copper's critical and irreplaceable role in the data center build-out, the onshoring of manufacturing, and the broader electrification of the economy.

Gold equities were the second-largest contributor. Gold delivered one of its strongest annual performances in decades, rising more than 50% through 2025 and surging to an all-time high of approximately $5,595 per ounce in late January 2026. The rally was underpinned by record central bank purchases alongside US Federal Reserve rate cuts, a weakening dollar, and persistent geopolitical uncertainty driving safe-haven demand.

#### Top detractors from performance:
Lumber and wood product equities were a significant detractor. Excess capacity weighed on pricing throughout the period, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Equities in the sector remained under pressure as investors found little near-term catalyst for recovery.

Paper and containerboard equities also detracted meaningfully. Demand remained soft throughout the period, pressured by a combination of structural overcapacity and tepid end-market activity as economic conditions weakened. Investors grew increasingly concerned that a meaningful volume or pricing recovery was unlikely in the near term, and the sector was re-rated lower accordingly.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653739.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **1 year** | **5 year** | **5 year** | **10 year** |
| Nomura Natural Resources Fund (Class R6) – including sales charge | 62.86 | %\* | 17.70 | %\* | 9.02% |
| Nomura Natural Resources Fund (Class R6) – excluding sales charge | 62.86 | %\* | 17.70 | %\* | 9.02% |
| S&P 500 Index | 17.80 | % | 12.06 | % | 14.16% |
| S&P Global Natural Resources Index | 44.22 | % | 12.16 | % | 11.40% |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the

total return in other performance information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $250986413 |
| Total number of portfolio holdings\* | 42 |
| Total advisory fees paid (during reporting period) | $1218151 |
| Portfolio turnover rate | 65% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 22.12% |
| Gold | 11.64% |
| Diversified Metals & Mining | 10.42% |
| Fertilizers & Agricultural Chemicals | 8.28% |
| Integrated Oil & Gas | 7.96% |
| Coal & Consumable Fuels | 5.49% |
| Paper Packaging | 4.44% |
| Steel | 4.03% |
| Forest Products | 3.40% |
| Construction Materials | 3.31% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Steel Dynamics | 4.03% |
| Nutrien | 3.92% |
| Diamondback Energy | 3.90% |
| BP ADR | 3.75% |
| Newmont | 3.67% |
| Core Natural Resources | 3.37% |
| ConocoPhillips | 3.28% |
| Glencore | 3.20% |
| Shell | 2.97% |
| Canadian Natural Resources | 2.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Natural Resources Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Class R6 shares of 0.78% (excluding certain items), which resulted in a decrease in the net annual operating expenses for Class R6 from 0.98% to 0.86%.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-INRSX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Natural Resources Fund

*(formerly, Macquarie Natural Resources Fund)*

**Class Y : IGNYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Natural Resources Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$168 | &nbsp;&nbsp;1.28% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Natural Resources Fund (Class Y) returned 62.14% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P Global Natural Resources Index, the Fund's narrowly based securities market index, returned 44.22%.

#### Top contributors to performance:
Copper mining equities were the leading contributor to performance over the reporting period. A series of acute supply disruptions removed hundreds of thousands of tons of production from the market, tightening an already-constrained supply picture. Against this backdrop, investors increasingly recognized copper's critical and irreplaceable role in the data center build-out, the onshoring of manufacturing, and the broader electrification of the economy.

Gold equities were the second-largest contributor. Gold delivered one of its strongest annual performances in decades, rising more than 50% through 2025 and surging to an all-time high of approximately $5,595 per ounce in late January 2026. The rally was underpinned by record central bank purchases alongside US Federal Reserve rate cuts, a weakening dollar, and persistent geopolitical uncertainty driving safe-haven demand.

#### Top detractors from performance:
Lumber and wood product equities were a significant detractor. Excess capacity weighed on pricing throughout the period, while the tariff dispute between Canada and the US disrupted trade flows and added cost uncertainty. Elevated interest rates continued to suppress new housing construction. Equities in the sector remained under pressure as investors found little near-term catalyst for recovery.

Paper and containerboard equities also detracted meaningfully. Demand remained soft throughout the period, pressured by a combination of structural overcapacity and tepid end-market activity as economic conditions weakened. Investors grew increasingly concerned that a meaningful volume or pricing recovery was unlikely in the near term, and the sector was re-rated lower accordingly.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653821.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Natural Resources Fund (Class Y) – including sales charge | 62.14% | 17.27% | 8.61% |
| Nomura Natural Resources Fund (Class Y) – excluding sales charge | 62.14% | 17.27% | 8.61% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P Global Natural Resources Index | 44.22% | 12.16% | 11.40% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of November 15, 2021.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $250986413 |
| Total number of portfolio holdings\* | 42 |
| Total advisory fees paid (during reporting period) | $1218151 |
| Portfolio turnover rate | 65% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 22.12% |
| Gold | 11.64% |
| Diversified Metals & Mining | 10.42% |
| Fertilizers & Agricultural Chemicals | 8.28% |
| Integrated Oil & Gas | 7.96% |
| Coal & Consumable Fuels | 5.49% |
| Paper Packaging | 4.44% |
| Steel | 4.03% |
| Forest Products | 3.40% |
| Construction Materials | 3.31% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Steel Dynamics | 4.03% |
| Nutrien | 3.92% |
| Diamondback Energy | 3.90% |
| BP ADR | 3.75% |
| Newmont | 3.67% |
| Core Natural Resources | 3.37% |
| ConocoPhillips | 3.28% |
| Glencore | 3.20% |
| Shell | 2.97% |
| Canadian Natural Resources | 2.94% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Natural Resources Fund.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Class Y shares of 0.95% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Class Y from 1.39% to 1.28%.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IGNYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Real Estate Securities Fund

*(formerly, Macquarie Real Estate Securities Fund)*

**Class A : IRSAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Real Estate Securities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$126 | &nbsp;&nbsp;1.20% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Real Estate Securities Fund (Class A) returned 9.70% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 6.84%.

#### Top contributors to performance:
Strong stock selection and sector allocation within health care, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the fiscal period and increased its investments.

The Fund's performance also benefited from strong stock selection in asset managers and data centers. The Fund benefited from not holding investments in life science and cold storage, both sectors that struggled materially throughout the reporting period.

#### Top detractors from performance:
Poor stock selection and sector allocation within industrial was the primary detractor for the Fund, with Prologis Inc. representing the largest single stock detraction.

Poor stock selection and sector allocation within strips was also a detractor. Allocating to off-benchmark tower investments also proved negative as we underestimated heightened tenancy risks in both investments.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11654108.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Real Estate Securities Fund (Class A) – including sales charge | 3.39% | 3.95% | 4.62% |
| Nomura Real Estate Securities Fund (Class A) – excluding sales charge | 9.70% | 5.19% | 5.24% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| FTSE Nareit Equity REITs Index | 6.84% | 5.82% | 5.57% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $83617731 |
| Total number of portfolio holdings\* | 30 |
| Total advisory fees paid (during reporting period) | $338529 |
| Portfolio turnover rate | 37% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Healthcare | 22.18% |
| REIT Retail | 16.60% |
| REIT Industrial | 14.40% |
| REIT Data Center | 12.98% |
| REIT Specialty | 8.39% |
| REIT Multifamily | 5.82% |
| REIT Self-Storage | 5.42% |
| REIT Hotel | 3.25% |
| REIT Single Family | 2.79% |
| REIT Telecom Tower | 1.81% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 12.97% |
| Welltower | 11.97% |
| Prologis | 4.67% |
| Ventas | 4.64% |
| Simon Property Group | 4.58% |
| Iron Mountain | 4.50% |
| Public Storage | 4.11% |
| American Healthcare REIT | 4.06% |
| First Industrial Realty Trust | 4.05% |
| VICI Properties | 3.89% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Real Estate Securities Fund.

Effective December 1, 2025, Macquarie Investment Management Europe Limited and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IRSAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Real Estate Securities Fund

*(formerly, Macquarie Real Estate Securities Fund)*

**Class C : IRSCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Real Estate Securities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$204 | &nbsp;&nbsp;1.95% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Real Estate Securities Fund (Class C) returned 8.86% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 6.84%.

#### Top contributors to performance:
Strong stock selection and sector allocation within health care, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the fiscal period and increased its investments.

The Fund's performance also benefited from strong stock selection in asset managers and data centers. The Fund benefited from not holding investments in life science and cold storage, both sectors that struggled materially throughout the reporting period.

#### Top detractors from performance:
Poor stock selection and sector allocation within industrial was the primary detractor for the Fund, with Prologis Inc. representing the largest single stock detraction.

Poor stock selection and sector allocation within strips was also a detractor. Allocating to off-benchmark tower investments also proved negative as we underestimated heightened tenancy risks in both investments.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11654149.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Real Estate Securities Fund (Class C) – including sales charge | 7.99% | 4.33% | 4.56% |
| Nomura Real Estate Securities Fund (Class C) – excluding sales charge | 8.86% | 4.33% | 4.56% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| FTSE Nareit Equity REITs Index | 6.84% | 5.82% | 5.57% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $83617731 |
| Total number of portfolio holdings\* | 30 |
| Total advisory fees paid (during reporting period) | $338529 |
| Portfolio turnover rate | 37% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Healthcare | 22.18% |
| REIT Retail | 16.60% |
| REIT Industrial | 14.40% |
| REIT Data Center | 12.98% |
| REIT Specialty | 8.39% |
| REIT Multifamily | 5.82% |
| REIT Self-Storage | 5.42% |
| REIT Hotel | 3.25% |
| REIT Single Family | 2.79% |
| REIT Telecom Tower | 1.81% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 12.97% |
| Welltower | 11.97% |
| Prologis | 4.67% |
| Ventas | 4.64% |
| Simon Property Group | 4.58% |
| Iron Mountain | 4.50% |
| Public Storage | 4.11% |
| American Healthcare REIT | 4.06% |
| First Industrial Realty Trust | 4.05% |
| VICI Properties | 3.89% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Real Estate Securities Fund.

Effective December 1, 2025, Macquarie Investment Management Europe Limited and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IRSCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Real Estate Securities Fund

*(formerly, Macquarie Real Estate Securities Fund)*

**Class R : IRSRX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Real Estate Securities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$152 | &nbsp;&nbsp;1.45% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Real Estate Securities Fund (Class R) returned 9.38% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 6.84%.

#### Top contributors to performance:
Strong stock selection and sector allocation within health care, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the fiscal period and increased its investments.

The Fund's performance also benefited from strong stock selection in asset managers and data centers. The Fund benefited from not holding investments in life science and cold storage, both sectors that struggled materially throughout the reporting period.

#### Top detractors from performance:
Poor stock selection and sector allocation within industrial was the primary detractor for the Fund, with Prologis Inc. representing the largest single stock detraction.

Poor stock selection and sector allocation within strips was also a detractor. Allocating to off-benchmark tower investments also proved negative as we underestimated heightened tenancy risks in both investments.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11654272.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Real Estate Securities Fund (Class R) – including sales charge | 9.38% | 4.92% | 4.99% |
| Nomura Real Estate Securities Fund (Class R) – excluding sales charge | 9.38% | 4.92% | 4.99% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| FTSE Nareit Equity REITs Index | 6.84% | 5.82% | 5.57% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $83617731 |
| Total number of portfolio holdings\* | 30 |
| Total advisory fees paid (during reporting period) | $338529 |
| Portfolio turnover rate | 37% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Healthcare | 22.18% |
| REIT Retail | 16.60% |
| REIT Industrial | 14.40% |
| REIT Data Center | 12.98% |
| REIT Specialty | 8.39% |
| REIT Multifamily | 5.82% |
| REIT Self-Storage | 5.42% |
| REIT Hotel | 3.25% |
| REIT Single Family | 2.79% |
| REIT Telecom Tower | 1.81% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 12.97% |
| Welltower | 11.97% |
| Prologis | 4.67% |
| Ventas | 4.64% |
| Simon Property Group | 4.58% |
| Iron Mountain | 4.50% |
| Public Storage | 4.11% |
| American Healthcare REIT | 4.06% |
| First Industrial Realty Trust | 4.05% |
| VICI Properties | 3.89% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Real Estate Securities Fund.

Effective December 1, 2025, Macquarie Investment Management Europe Limited and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IRSRX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Real Estate Securities Fund

*(formerly, Macquarie Real Estate Securities Fund)*

**Institutional Class : IREIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Real Estate Securities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$100 | &nbsp;&nbsp;0.95% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Real Estate Securities Fund (Institutional Class) returned 9.90% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 6.84%.

#### Top contributors to performance:
Strong stock selection and sector allocation within health care, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the fiscal period and increased its investments.

The Fund's performance also benefited from strong stock selection in asset managers and data centers. The Fund benefited from not holding investments in life science and cold storage, both sectors that struggled materially throughout the reporting period.

#### Top detractors from performance:
Poor stock selection and sector allocation within industrial was the primary detractor for the Fund, with Prologis Inc. representing the largest single stock detraction.

Poor stock selection and sector allocation within strips was also a detractor. Allocating to off-benchmark tower investments also proved negative as we underestimated heightened tenancy risks in both investments.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11654190.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Real Estate Securities Fund (Institutional Class) – including sales charge | 9.90% | 5.47% | 5.57% |
| Nomura Real Estate Securities Fund (Institutional Class) – excluding sales charge | 9.90% | 5.47% | 5.57% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| FTSE Nareit Equity REITs Index | 6.84% | 5.82% | 5.57% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $83617731 |
| Total number of portfolio holdings\* | 30 |
| Total advisory fees paid (during reporting period) | $338529 |
| Portfolio turnover rate | 37% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Healthcare | 22.18% |
| REIT Retail | 16.60% |
| REIT Industrial | 14.40% |
| REIT Data Center | 12.98% |
| REIT Specialty | 8.39% |
| REIT Multifamily | 5.82% |
| REIT Self-Storage | 5.42% |
| REIT Hotel | 3.25% |
| REIT Single Family | 2.79% |
| REIT Telecom Tower | 1.81% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 12.97% |
| Welltower | 11.97% |
| Prologis | 4.67% |
| Ventas | 4.64% |
| Simon Property Group | 4.58% |
| Iron Mountain | 4.50% |
| Public Storage | 4.11% |
| American Healthcare REIT | 4.06% |
| First Industrial Realty Trust | 4.05% |
| VICI Properties | 3.89% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Real Estate Securities Fund.

Effective December 1, 2025, Macquarie Investment Management Europe Limited and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IREIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Real Estate Securities Fund

*(formerly, Macquarie Real Estate Securities Fund)*

**Class R6 : IRSEX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Real Estate Securities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.80% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Real Estate Securities Fund (Class R6) returned 10.11% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 6.84%.

#### Top contributors to performance:
Strong stock selection and sector allocation within health care, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the fiscal period and increased its investments.

The Fund's performance also benefited from strong stock selection in asset managers and data centers. The Fund benefited from not holding investments in life science and cold storage, both sectors that struggled materially throughout the reporting period.

#### Top detractors from performance:
Poor stock selection and sector allocation within industrial was the primary detractor for the Fund, with Prologis Inc. representing the largest single stock detraction.

Poor stock selection and sector allocation within strips was also a detractor. Allocating to off-benchmark tower investments also proved negative as we underestimated heightened tenancy risks in both investments.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11654231.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Real Estate Securities Fund (Class R6) – including sales charge | 10.11% | 5.60% | 5.72% |
| Nomura Real Estate Securities Fund (Class R6) – excluding sales charge | 10.11% | 5.60% | 5.72% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| FTSE Nareit Equity REITs Index | 6.84% | 5.82% | 5.57% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $83617731 |
| Total number of portfolio holdings\* | 30 |
| Total advisory fees paid (during reporting period) | $338529 |
| Portfolio turnover rate | 37% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Healthcare | 22.18% |
| REIT Retail | 16.60% |
| REIT Industrial | 14.40% |
| REIT Data Center | 12.98% |
| REIT Specialty | 8.39% |
| REIT Multifamily | 5.82% |
| REIT Self-Storage | 5.42% |
| REIT Hotel | 3.25% |
| REIT Single Family | 2.79% |
| REIT Telecom Tower | 1.81% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 12.97% |
| Welltower | 11.97% |
| Prologis | 4.67% |
| Ventas | 4.64% |
| Simon Property Group | 4.58% |
| Iron Mountain | 4.50% |
| Public Storage | 4.11% |
| American Healthcare REIT | 4.06% |
| First Industrial Realty Trust | 4.05% |
| VICI Properties | 3.89% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Real Estate Securities Fund.

Effective December 1, 2025, Macquarie Investment Management Europe Limited and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IRSEX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Real Estate Securities Fund

*(formerly, Macquarie Real Estate Securities Fund)*

**Class Y : IRSYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Real Estate Securities Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$126 | &nbsp;&nbsp;1.20% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Real Estate Securities Fund (Class Y) returned 9.69% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the FTSE Nareit Equity REITs Index, the Fund's narrowly based securities market index (benchmark), returned 6.84%.

#### Top contributors to performance:
Strong stock selection and sector allocation within health care, focusing on senior housing investments, contributed to the Fund's performance. The Fund increased both positioning and conviction in senior housing throughout the fiscal period and increased its investments.

The Fund's performance also benefited from strong stock selection in asset managers and data centers. The Fund benefited from not holding investments in life science and cold storage, both sectors that struggled materially throughout the reporting period.

#### Top detractors from performance:
Poor stock selection and sector allocation within industrial was the primary detractor for the Fund, with Prologis Inc. representing the largest single stock detraction.

Poor stock selection and sector allocation within strips was also a detractor. Allocating to off-benchmark tower investments also proved negative as we underestimated heightened tenancy risks in both investments.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11654313.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Real Estate Securities Fund (Class Y) – including sales charge | 9.69% | 5.21% | 5.33% |
| Nomura Real Estate Securities Fund (Class Y) – excluding sales charge | 9.69% | 5.21% | 5.33% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| FTSE Nareit Equity REITs Index | 6.84% | 5.82% | 5.57% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions. The Fund changed its investment strategy as of July 31, 2022.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $83617731 |
| Total number of portfolio holdings\* | 30 |
| Total advisory fees paid (during reporting period) | $338529 |
| Portfolio turnover rate | 37% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| REIT Healthcare | 22.18% |
| REIT Retail | 16.60% |
| REIT Industrial | 14.40% |
| REIT Data Center | 12.98% |
| REIT Specialty | 8.39% |
| REIT Multifamily | 5.82% |
| REIT Self-Storage | 5.42% |
| REIT Hotel | 3.25% |
| REIT Single Family | 2.79% |
| REIT Telecom Tower | 1.81% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Equinix | 12.97% |
| Welltower | 11.97% |
| Prologis | 4.67% |
| Ventas | 4.64% |
| Simon Property Group | 4.58% |
| Iron Mountain | 4.50% |
| Public Storage | 4.11% |
| American Healthcare REIT | 4.06% |
| First Industrial Realty Trust | 4.05% |
| VICI Properties | 3.89% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Real Estate Securities Fund.

Effective December 1, 2025, Macquarie Investment Management Europe Limited and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-IRSYX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Science and Technology Fund

*(formerly, Macquarie Science and Technology Fund)*

**Class A : WSTAX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Science and Technology Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$143 | &nbsp;&nbsp;1.17% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Science and Technology Fund (Class A) returned 44.46% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index (benchmark), returned 32.27%.

#### Top contributors to performance:
At the sector level, stock selection within information technology, notably within hardware and equipment and semiconductors and semiconductor equipment, contributed to performance.

An underweight to software and services added the most value relative to the benchmark.

At the stock level, investments in Seagate Technology Holdings PLC and Western Digital Corp., data center storage providers, added value relative to the benchmark given the surge in data storage demand from artificial intelligence (AI) workloads and hyperscale cloud data centers.

#### Top detractors from performance:
At the sector level, select tech-adjacent companies in communication services and consumer discretionary detracted from performance.

At the stock level, an underweight to Alphabet Inc. relative to the benchmark detracted value as shares rallied strongly. The rebound was fueled by renewed investor enthusiasm around Alphabet's AI product momentum including Gemini 3 and overall AI capabilities being embedded into core products and services. Conversely, delivery platform company DoorDash Inc. underperformed amid concerns about growth and margin pressure, also detracting from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11654026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Science and Technology Fund (Class A) – including sales charge | 36.14% | 11.58% | 17.62% |
| Nomura Science and Technology Fund (Class A) – excluding sales charge | 44.46% | 12.91% | 18.32% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P North American Technology Sector Index | 32.27% | 15.21% | 21.42% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $6194398087 |
| Total number of portfolio holdings\* | 34 |
| Total advisory fees paid (during reporting period) | $49962874 |
| Portfolio turnover rate | 58% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.86% |
| Communication Services | 13.67% |
| Consumer Discretionary | 10.29% |
| Industrials | 5.32% |
| Healthcare | 4.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.08% |
| Seagate Technology Holdings | 7.30% |
| Taiwan Semiconductor Manufacturing ADR | 5.99% |
| Lam Research | 5.10% |
| Meta Platforms Class A | 4.52% |
| Amazon.com | 4.25% |
| Broadcom | 4.14% |
| Microsoft | 4.03% |
| Advanced Micro Devices | 3.89% |
| Texas Instruments | 3.56% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Science and Technology Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Class A shares of 0.92% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-WSTAX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Science and Technology Fund

*(formerly, Macquarie Science and Technology Fund)*

**Class C : WSTCX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Science and Technology Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$234 | &nbsp;&nbsp;1.92% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Science and Technology Fund (Class C) returned 43.39% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index (benchmark), returned 32.27%.

#### Top contributors to performance:
At the sector level, stock selection within information technology, notably within hardware and equipment and semiconductors and semiconductor equipment, contributed to performance.

An underweight to software and services added the most value relative to the benchmark.

At the stock level, investments in Seagate Technology Holdings PLC and Western Digital Corp., data center storage providers, added value relative to the benchmark given the surge in data storage demand from artificial intelligence (AI) workloads and hyperscale cloud data centers.

#### Top detractors from performance:
At the sector level, select tech-adjacent companies in communication services and consumer discretionary detracted from performance.

At the stock level, an underweight to Alphabet Inc. relative to the benchmark detracted value as shares rallied strongly. The rebound was fueled by renewed investor enthusiasm around Alphabet's AI product momentum including Gemini 3 and overall AI capabilities being embedded into core products and services. Conversely, delivery platform company DoorDash Inc. underperformed amid concerns about growth and margin pressure, also detracting from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11654067.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Science and Technology Fund (Class C) – including sales charge | 42.39% | 12.01% | 17.59% |
| Nomura Science and Technology Fund (Class C) – excluding sales charge | 43.39% | 12.01% | 17.59% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P North American Technology Sector Index | 32.27% | 15.21% | 21.42% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $6194398087 |
| Total number of portfolio holdings\* | 34 |
| Total advisory fees paid (during reporting period) | $49962874 |
| Portfolio turnover rate | 58% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.86% |
| Communication Services | 13.67% |
| Consumer Discretionary | 10.29% |
| Industrials | 5.32% |
| Healthcare | 4.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.08% |
| Seagate Technology Holdings | 7.30% |
| Taiwan Semiconductor Manufacturing ADR | 5.99% |
| Lam Research | 5.10% |
| Meta Platforms Class A | 4.52% |
| Amazon.com | 4.25% |
| Broadcom | 4.14% |
| Microsoft | 4.03% |
| Advanced Micro Devices | 3.89% |
| Texas Instruments | 3.56% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Science and Technology Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Class C shares of 0.92% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-WSTCX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Science and Technology Fund

*(formerly, Macquarie Science and Technology Fund)*

**Class R : WSTRX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Science and Technology Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;$173 | &nbsp;&nbsp;1.42% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Science and Technology Fund (Class R) returned 44.08% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index (benchmark), returned 32.27%.

#### Top contributors to performance:
At the sector level, stock selection within information technology, notably within hardware and equipment and semiconductors and semiconductor equipment, contributed to performance.

An underweight to software and services added the most value relative to the benchmark.

At the stock level, investments in Seagate Technology Holdings PLC and Western Digital Corp., data center storage providers, added value relative to the benchmark given the surge in data storage demand from artificial intelligence (AI) workloads and hyperscale cloud data centers.

#### Top detractors from performance:
At the sector level, select tech-adjacent companies in communication services and consumer discretionary detracted from performance.

At the stock level, an underweight to Alphabet Inc. relative to the benchmark detracted value as shares rallied strongly. The rebound was fueled by renewed investor enthusiasm around Alphabet's AI product momentum including Gemini 3 and overall AI capabilities being embedded into core products and services. Conversely, delivery platform company DoorDash Inc. underperformed amid concerns about growth and margin pressure, also detracting from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653944.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Science and Technology Fund (Class R) – including sales charge | 44.08% | 12.56% | 17.93% |
| Nomura Science and Technology Fund (Class R) – excluding sales charge | 44.08% | 12.56% | 17.93% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P North American Technology Sector Index | 32.27% | 15.21% | 21.42% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $6194398087 |
| Total number of portfolio holdings\* | 34 |
| Total advisory fees paid (during reporting period) | $49962874 |
| Portfolio turnover rate | 58% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.86% |
| Communication Services | 13.67% |
| Consumer Discretionary | 10.29% |
| Industrials | 5.32% |
| Healthcare | 4.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.08% |
| Seagate Technology Holdings | 7.30% |
| Taiwan Semiconductor Manufacturing ADR | 5.99% |
| Lam Research | 5.10% |
| Meta Platforms Class A | 4.52% |
| Amazon.com | 4.25% |
| Broadcom | 4.14% |
| Microsoft | 4.03% |
| Advanced Micro Devices | 3.89% |
| Texas Instruments | 3.56% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Science and Technology Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Class R shares of 0.92% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-WSTRX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Science and Technology Fund

*(formerly, Macquarie Science and Technology Fund)*

**Institutional Class : ISTIX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Science and Technology Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$113 | &nbsp;&nbsp;0.92% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Science and Technology Fund (Institutional Class) returned 44.83% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index (benchmark), returned 32.27%.

#### Top contributors to performance:
At the sector level, stock selection within information technology, notably within hardware and equipment and semiconductors and semiconductor equipment, contributed to performance.

An underweight to software and services added the most value relative to the benchmark.

At the stock level, investments in Seagate Technology Holdings PLC and Western Digital Corp., data center storage providers, added value relative to the benchmark given the surge in data storage demand from artificial intelligence (AI) workloads and hyperscale cloud data centers.

#### Top detractors from performance:
At the sector level, select tech-adjacent companies in communication services and consumer discretionary detracted from performance.

At the stock level, an underweight to Alphabet Inc. relative to the benchmark detracted value as shares rallied strongly. The rebound was fueled by renewed investor enthusiasm around Alphabet's AI product momentum including Gemini 3 and overall AI capabilities being embedded into core products and services. Conversely, delivery platform company DoorDash Inc. underperformed amid concerns about growth and margin pressure, also detracting from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653862.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Science and Technology Fund (Institutional Class) – including sales charge | 44.83% | 13.17% | 18.59% |
| Nomura Science and Technology Fund (Institutional Class) – excluding sales charge | 44.83% | 13.17% | 18.59% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P North American Technology Sector Index | 32.27% | 15.21% | 21.42% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $6194398087 |
| Total number of portfolio holdings\* | 34 |
| Total advisory fees paid (during reporting period) | $49962874 |
| Portfolio turnover rate | 58% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.86% |
| Communication Services | 13.67% |
| Consumer Discretionary | 10.29% |
| Industrials | 5.32% |
| Healthcare | 4.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.08% |
| Seagate Technology Holdings | 7.30% |
| Taiwan Semiconductor Manufacturing ADR | 5.99% |
| Lam Research | 5.10% |
| Meta Platforms Class A | 4.52% |
| Amazon.com | 4.25% |
| Broadcom | 4.14% |
| Microsoft | 4.03% |
| Advanced Micro Devices | 3.89% |
| Texas Instruments | 3.56% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Science and Technology Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Institutional Class shares of 0.92% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-ISTIX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Science and Technology Fund

*(formerly, Macquarie Science and Technology Fund)*

**Class R6 : ISTNX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Science and Technology Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class R6 | &nbsp;&nbsp;$103 | &nbsp;&nbsp;0.84% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Science and Technology Fund (Class R6) returned 44.92% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index (benchmark), returned 32.27%.

#### Top contributors to performance:
At the sector level, stock selection within information technology, notably within hardware and equipment and semiconductors and semiconductor equipment, contributed to performance.

An underweight to software and services added the most value relative to the benchmark.

At the stock level, investments in Seagate Technology Holdings PLC and Western Digital Corp., data center storage providers, added value relative to the benchmark given the surge in data storage demand from artificial intelligence (AI) workloads and hyperscale cloud data centers.

#### Top detractors from performance:
At the sector level, select tech-adjacent companies in communication services and consumer discretionary detracted from performance.

At the stock level, an underweight to Alphabet Inc. relative to the benchmark detracted value as shares rallied strongly. The rebound was fueled by renewed investor enthusiasm around Alphabet's AI product momentum including Gemini 3 and overall AI capabilities being embedded into core products and services. Conversely, delivery platform company DoorDash Inc. underperformed amid concerns about growth and margin pressure, also detracting from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653903.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Science and Technology Fund (Class R6) – including sales charge | 44.92% | 13.27% | 18.74% |
| Nomura Science and Technology Fund (Class R6) – excluding sales charge | 44.92% | 13.27% | 18.74% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P North American Technology Sector Index | 32.27% | 15.21% | 21.42% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $6194398087 |
| Total number of portfolio holdings\* | 34 |
| Total advisory fees paid (during reporting period) | $49962874 |
| Portfolio turnover rate | 58% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.86% |
| Communication Services | 13.67% |
| Consumer Discretionary | 10.29% |
| Industrials | 5.32% |
| Healthcare | 4.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.08% |
| Seagate Technology Holdings | 7.30% |
| Taiwan Semiconductor Manufacturing ADR | 5.99% |
| Lam Research | 5.10% |
| Meta Platforms Class A | 4.52% |
| Amazon.com | 4.25% |
| Broadcom | 4.14% |
| Microsoft | 4.03% |
| Advanced Micro Devices | 3.89% |
| Texas Instruments | 3.56% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Science and Technology Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Class R6 shares of 0.84% (excluding certain items).

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-ISTNX-0526

![Macquarie Logo](g154472images_30858.jpg)

Nomura Science and Technology Fund

*(formerly, Macquarie Science and Technology Fund)*

**Class Y : WSTYX**

#### Annual shareholder report \| March 31, 2026
This annual shareholder report contains important information about Nomura Science and Technology Fund (Fund) for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Class Y | &nbsp;&nbsp;$143 | &nbsp;&nbsp;1.17% |

---

Management's discussion of Fund performance

#### Performance highlights
Nomura Science and Technology Fund (Class Y) returned 44.44% (excluding sales charge) for the 12 months ended March 31, 2026. During the same period, the S&P 500<sup>®</sup> Index, the Fund's broad-based securities market index, returned 17.80%, while the S&P North American Technology Sector Index, the Fund's narrowly based securities market index (benchmark), returned 32.27%.

#### Top contributors to performance:
At the sector level, stock selection within information technology, notably within hardware and equipment and semiconductors and semiconductor equipment, contributed to performance.

An underweight to software and services added the most value relative to the benchmark.

At the stock level, investments in Seagate Technology Holdings PLC and Western Digital Corp., data center storage providers, added value relative to the benchmark given the surge in data storage demand from artificial intelligence (AI) workloads and hyperscale cloud data centers.

#### Top detractors from performance:
At the sector level, select tech-adjacent companies in communication services and consumer discretionary detracted from performance.

At the stock level, an underweight to Alphabet Inc. relative to the benchmark detracted value as shares rallied strongly. The rebound was fueled by renewed investor enthusiasm around Alphabet's AI product momentum including Gemini 3 and overall AI capabilities being embedded into core products and services. Conversely, delivery platform company DoorDash Inc. underperformed amid concerns about growth and margin pressure, also detracting from performance.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 31, 2016, through March 31, 2026

![Fund Performance - Growth of 10K](g154472chartimages_11653985.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2026**) | **1 year** | **5 year** | **10 year** |
| Nomura Science and Technology Fund (Class Y) – including sales charge | 44.44% | 12.90% | 18.32% |
| Nomura Science and Technology Fund (Class Y) – excluding sales charge | 44.44% | 12.90% | 18.32% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| S&P North American Technology Sector Index | 32.27% | 15.21% | 21.42% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Fund statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund net assets | $6194398087 |
| Total number of portfolio holdings\* | 34 |
| Total advisory fees paid (during reporting period) | $49962874 |
| Portfolio turnover rate | 58% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Fund holdings** (as of March 31, 2026)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 64.86% |
| Communication Services | 13.67% |
| Consumer Discretionary | 10.29% |
| Industrials | 5.32% |
| Healthcare | 4.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.08% |
| Seagate Technology Holdings | 7.30% |
| Taiwan Semiconductor Manufacturing ADR | 5.99% |
| Lam Research | 5.10% |
| Meta Platforms Class A | 4.52% |
| Amazon.com | 4.25% |
| Broadcom | 4.14% |
| Microsoft | 4.03% |
| Advanced Micro Devices | 3.89% |
| Texas Instruments | 3.56% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Fund changes

Effective December 1, 2025, the Fund was renamed Nomura Science and Technology Fund.

Effective July 31, 2025, the Fund introduced a new fee waiver for Class Y shares of 0.92% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Changes in and disagreements with accountants
On May 20, 2026, the Fund changed its independent registered public accounting firm, beginning with the fiscal year ending March 31, 2027. On that date, the Fund's Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund's independent registered public accounting firm upon completion of services currently being performed by PwC related to the audit of the Fund's March 31, 2026 financial statements. There were no disagreements with PwC during the Fund's fiscal years ended March 31, 2025 and March 31, 2026 or the subsequent interim period through the completion of services related to the audit of the March 31, 2026 financial statements.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g154472images_30960.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5415200) TSAR-WSTYX-0526

------

(b) Not applicable

#### Item 2. Code of Ethics.
(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant's Code of Business Ethics has been posted on the Nomura Funds Internet Web site at <u>https://global.nomuraassetmanagement.com/about/business-ethics</u>. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that certain members of the registrant's Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an "audit committee financial expert" is a person who has the following attributes:

a. An understanding of generally accepted accounting principles and financial statements;

b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities;

d. An understanding of internal controls and procedures for financial reporting; and

e. An understanding of audit committee functions.

An "audit committee financial expert" shall have acquired such attributes through:

a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

------

c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

d. Other relevant experience.

The registrant's Board of Trustees has also determined that each member of the registrant's Audit Committee is independent. In order to be "independent" for purposes of this item, the Audit Committee member may not, other than in his or her capacity as a member of the Board of Trustees or any committee thereof, (i) accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an "interested person" of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant's Audit Committee are set forth below:

Joseph W. Chow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Jeffrey Dobbs

Frances Sevilla-Sacasa, Chair

Christianna Wood

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $907,789 for 2026 and $592,700 for 2025.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $1,686,500 for 2026 and $1,374,878 for 2025. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $130,182 for 2026 and $102,291 for 2025. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2026 and $0 for 2025.

---

| | |
|:---|:---|
| (e)(1) | The registrant's Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the "Pre-Approval Policy") with respect to services provided by the registrant's independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Nomura Funds.  |

---

------

---

| | |
|:---|:---|
| **Service** | **Range of Fees** |
| **Audit Services** |  |
| Statutory audits or financial audits for new Funds | up to $50,000 per Fund |
| Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | up to $10,000 per Fund |
| Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit-related services" rather than "audit services") | up to $25,000 in the aggregate |
| **Audit-Related Services** |  |
| Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit services" rather than "audit-related services") | up to $25,000 in the aggregate |
| **Tax Services** |  |
| U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds' tax compliance function, etc.) | up to $25,000 in the aggregate |
| U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | up to $5,000 per Fund |
| Review of federal, state, local and international income, franchise and other tax returns | up to $5,000 per Fund |

---

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant's investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the "Control Affiliates") up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

---

| | |
|:---|:---|
| **Service** | **Range of Fees** |
|  **Non-Audit Services** |  |
| Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | up to $10,000 in the aggregate |

---

------

The Pre-Approval Policy requires the registrant's independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $2,194,368 for 2026 and $16,391,075 for 2025.

(h) The audit committee of the registrant's board of trustees **has** considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The annual financial statements are attached herewith.

(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

------

![](g154472img7f7cd24f1.gif)

#### Equity funds
Nomura Core Equity Fund

(formerly, Macquarie Core Equity Fund)

Nomura Large Cap Growth Fund

(formerly, Macquarie Large Cap Growth Fund)

Nomura Mid Cap Growth Fund

(formerly, Macquarie Mid Cap Growth Fund)

Nomura Mid Cap Income Opportunities Fund

(formerly, Macquarie Mid Cap Income Opportunities Fund)

Nomura Small Cap Growth Fund

(formerly, Macquarie Small Cap Growth Fund)

Nomura Smid Cap Core Fund

(formerly, Macquarie Smid Cap Core Fund)

#### Fixed income funds
Nomura Global Bond Fund

(formerly, Macquarie Global Bond Fund)

Nomura High Income Fund

(formerly, Macquarie High Income Fund)

#### Global / international equity funds
Nomura Global Growth Fund

(formerly, Macquarie Global Growth Fund)

Nomura International Core Equity Fund

(formerly, Macquarie International Core Equity Fund)

Nomura Systematic Emerging Markets Equity Fund

(formerly, Macquarie Systematic Emerging Markets Equity Fund)

Financial statements and other information

For the year ended March 31, 2026

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_a58039e3-ea31-4f67-810f-37fbea0bffa4_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_a81b447e-0204-4c0a-9674-884d388b7cb1_1)<br>| &nbsp;&nbsp;&nbsp;**37** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_a81b447e-0204-4c0a-9674-884d388b7cb1_7)<br>| &nbsp;&nbsp;&nbsp;**43** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_a81b447e-0204-4c0a-9674-884d388b7cb1_11)<br>| &nbsp;&nbsp;&nbsp;**47** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_60b8d7ea-f7e4-4cfc-bbdd-1ba450a5789a_1)<br>| &nbsp;&nbsp;&nbsp;**59** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_b3063f81-0a0c-4abb-977a-76fac11da8f8_1)<br>| &nbsp;&nbsp;&nbsp;**125** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_6c715027-d70a-4c0c-9c9e-9a09d6325793_1)<br>| &nbsp;&nbsp;&nbsp;**168** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Fund information](#xx_de924279-61cb-4afb-8eea-39fc049f5681_1)<br>| &nbsp;&nbsp;&nbsp;**169** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund's Form N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Funds' most recent Form N-PORT are available without charge on the Funds' website at nomuraassetmanagement.com/literature.

Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds' website at nomuraassetmanagement.com/proxy; and (ii) on the SEC's website at sec.gov.

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

## Schedules of investments
Nomura Core Equity Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 96.45%♣** | &nbsp;&nbsp;**Common Stocks — 96.45%♣** | &nbsp;&nbsp;**Common Stocks — 96.45%♣** |
| &nbsp;&nbsp;Communication Services — 9.81% | &nbsp;&nbsp;Communication Services — 9.81% | &nbsp;&nbsp;Communication Services — 9.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;740912 | &nbsp;&nbsp;$213056655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | 1554425 | &nbsp;&nbsp;&nbsp; 45062781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92129 | &nbsp;&nbsp;&nbsp; 52709765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;221402 | &nbsp;&nbsp;&nbsp; 21287802 |
|  |  | &nbsp;&nbsp;&nbsp; 332117003 |
| &nbsp;&nbsp;Consumer Discretionary — 5.27% | &nbsp;&nbsp;Consumer Discretionary — 5.27% | &nbsp;&nbsp;Consumer Discretionary — 5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;457151 | &nbsp;&nbsp;&nbsp; 95210839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19636 | &nbsp;&nbsp;&nbsp; 66326088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;&nbsp; 16782335 |
|  |  | &nbsp;&nbsp;&nbsp; 178319262 |
| &nbsp;&nbsp;Consumer Staples — 2.64% | &nbsp;&nbsp;Consumer Staples — 2.64% | &nbsp;&nbsp;Consumer Staples — 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89677 | &nbsp;&nbsp;&nbsp; 89356853 |
|  |  | &nbsp;&nbsp;&nbsp; 89356853 |
| &nbsp;&nbsp;Financials — 16.13% | &nbsp;&nbsp;Financials — 16.13% | &nbsp;&nbsp;Financials — 16.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | 1297143 | &nbsp;&nbsp;&nbsp; 50886920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;147034 | &nbsp;&nbsp;&nbsp; 44474844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;143751 | &nbsp;&nbsp;&nbsp; 46399948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;253134 | &nbsp;&nbsp;&nbsp; 29107879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets | &nbsp;&nbsp;&nbsp;&nbsp;194759 | &nbsp;&nbsp;&nbsp; 54740912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;285205 | &nbsp;&nbsp;&nbsp; 84235297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;227707 | &nbsp;&nbsp;&nbsp; 66982291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;125534 | &nbsp;&nbsp;&nbsp; 62724318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;303914 | &nbsp;&nbsp;&nbsp; 50015127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;&nbsp;269829 | &nbsp;&nbsp;&nbsp; 56148717 |
|  |  | &nbsp;&nbsp;&nbsp; 545716253 |
| &nbsp;&nbsp;Healthcare — 7.95% | &nbsp;&nbsp;Healthcare — 7.95% | &nbsp;&nbsp;Healthcare — 7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;336846 | &nbsp;&nbsp;&nbsp; 34583979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;116484 | &nbsp;&nbsp;&nbsp; 25334105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;316587 | &nbsp;&nbsp;&nbsp; 60024895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;371501 | &nbsp;&nbsp;&nbsp; 51776095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36284 | &nbsp;&nbsp;&nbsp; 17171040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;106638 | &nbsp;&nbsp;&nbsp; 52415776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62258 | &nbsp;&nbsp;&nbsp; 27800687 |
|  |  | &nbsp;&nbsp;&nbsp; 269106577 |
| &nbsp;&nbsp;Industrials — 16.67% | &nbsp;&nbsp;Industrials — 16.67% | &nbsp;&nbsp;Industrials — 16.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | 1396844 | &nbsp;&nbsp;&nbsp; 66000879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;576530 | &nbsp;&nbsp;&nbsp; 67165745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;960758 | &nbsp;&nbsp;&nbsp; 54100283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;154789 | &nbsp;&nbsp;&nbsp; 83279578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;248840 | &nbsp;&nbsp;&nbsp; 89002603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises | &nbsp;&nbsp;&nbsp;&nbsp;229066 | &nbsp;&nbsp;&nbsp; 53431935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;511169 | &nbsp;&nbsp;&nbsp; 117804007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37387 | &nbsp;&nbsp;&nbsp; 33470338 |
|  |  | &nbsp;&nbsp;&nbsp; 564255368 |
| &nbsp;&nbsp;Information Technology — 32.42% | &nbsp;&nbsp;Information Technology — 32.42% | &nbsp;&nbsp;Information Technology — 32.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Class A | &nbsp;&nbsp;&nbsp;&nbsp;206773 | &nbsp;&nbsp;&nbsp; 41001018 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;168211 | &nbsp;&nbsp;$34219164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;650586 | &nbsp;&nbsp;&nbsp; 165112221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;280278 | &nbsp;&nbsp;&nbsp; 95796217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;271527 | &nbsp;&nbsp;&nbsp; 84040322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | &nbsp;&nbsp;&nbsp;&nbsp;113450 | &nbsp;&nbsp;&nbsp; 49053511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;316053 | &nbsp;&nbsp;&nbsp; 116993339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 1452122 | &nbsp;&nbsp;&nbsp; 253250077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;212341 | &nbsp;&nbsp;&nbsp; 83186710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;433647 | &nbsp;&nbsp;&nbsp; 146551004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;133780 | &nbsp;&nbsp;&nbsp; 27962695 |
|  |  | &nbsp;&nbsp;&nbsp;1097166278 |
| &nbsp;&nbsp;Materials — 2.12% | &nbsp;&nbsp;Materials — 2.12% | &nbsp;&nbsp;Materials — 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;398721 | &nbsp;&nbsp;&nbsp; 39971780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;116868 | &nbsp;&nbsp;&nbsp; 31823157 |
|  |  | &nbsp;&nbsp;&nbsp; 71794937 |
| &nbsp;&nbsp;Utilities — 3.44% | &nbsp;&nbsp;Utilities — 3.44% | &nbsp;&nbsp;Utilities — 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy | &nbsp;&nbsp;&nbsp;&nbsp;515097 | &nbsp;&nbsp;&nbsp; 57876299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;630626 | &nbsp;&nbsp;&nbsp; 58572543 |
|  |  | &nbsp;&nbsp;&nbsp; 116448842 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,771,508,035)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,771,508,035)** | &nbsp;&nbsp;&nbsp;**3264281373** |
| &nbsp;&nbsp;**Short-Term Investments — 3.73%** | &nbsp;&nbsp;**Short-Term Investments — 3.73%** | &nbsp;&nbsp;**Short-Term Investments — 3.73%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 3.73% | &nbsp;&nbsp;Money Market Mutual Funds — 3.73% | &nbsp;&nbsp;Money Market Mutual Funds — 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 31571461 | &nbsp;&nbsp;&nbsp; 31571461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 31571461 | &nbsp;&nbsp;&nbsp; 31571461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 31571459 | &nbsp;&nbsp;&nbsp; 31571459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;1

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Core Equity 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;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 31571461 | &nbsp;&nbsp;$31571461 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $126,285,842)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $126,285,842)** | &nbsp;&nbsp;&nbsp; **126285842** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.18%<br> (cost $1,897,793,877)** |  | &nbsp;&nbsp;&nbsp;**3390567215** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.18%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(5994111)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 197,047,673 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$3384573104** |

---

♣ 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 |

---

See accompanying notes, which are an integral part of the financial statements.

2&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Bond Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities—12.59%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities—12.59%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities—12.59%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7632386 | &nbsp;&nbsp;$6201410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446025 | &nbsp;&nbsp;&nbsp; 362610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853769 | &nbsp;&nbsp;&nbsp; 2314246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425986 | &nbsp;&nbsp;&nbsp; 2912443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184330 | &nbsp;&nbsp;&nbsp; 1840397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910817 | &nbsp;&nbsp;&nbsp; 2463270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220115 | &nbsp;&nbsp;&nbsp; 1951708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918515 | &nbsp;&nbsp;&nbsp; 808486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588839 | &nbsp;&nbsp;&nbsp; 2442935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130046 | &nbsp;&nbsp;&nbsp; 1071031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408265 | &nbsp;&nbsp;&nbsp; 404629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691803 | &nbsp;&nbsp;&nbsp; 3642527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202952 | &nbsp;&nbsp;&nbsp; 2214289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398071 | &nbsp;&nbsp;&nbsp; 400077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110784 | &nbsp;&nbsp;&nbsp; 3178840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221286 | &nbsp;&nbsp;&nbsp; 1262610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 15 yr<br> 2.00% 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170400 | &nbsp;&nbsp;&nbsp; 1997955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246858 | &nbsp;&nbsp;&nbsp; 1123339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014749 | &nbsp;&nbsp;&nbsp; 962308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704033 | &nbsp;&nbsp;&nbsp; 1651645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648245 | &nbsp;&nbsp;&nbsp; 1633772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974386 | &nbsp;&nbsp;&nbsp; 1632904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368661 | &nbsp;&nbsp;&nbsp; 2039057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 4/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826773 | &nbsp;&nbsp;&nbsp; 1632036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388808 | &nbsp;&nbsp;&nbsp; 1274370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305308 | &nbsp;&nbsp;&nbsp; 1262293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236623 | &nbsp;&nbsp;&nbsp; 1226274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387754 | &nbsp;&nbsp;&nbsp; 390745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 3/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851820 | &nbsp;&nbsp;&nbsp; 867347 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $51,380,729)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $51,380,729)** | &nbsp;&nbsp;&nbsp; **51165553** |
| &nbsp;&nbsp;**Corporate Bonds — 34.56%Δ** | &nbsp;&nbsp;**Corporate Bonds — 34.56%Δ** | &nbsp;&nbsp;**Corporate Bonds — 34.56%Δ** |
| &nbsp;&nbsp;Australia — 0.06% | &nbsp;&nbsp;Australia — 0.06% | &nbsp;&nbsp;Australia — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury 144A<br> 6.125% 4/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 260795 |
|  |  | &nbsp;&nbsp;&nbsp; 260795 |
| &nbsp;&nbsp;Brazil — 0.20% | &nbsp;&nbsp;Brazil — 0.20% | &nbsp;&nbsp;Brazil — 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LD Celulose International<br> 144A 7.95% 1/26/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 411324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Securitisation 144A<br> 6.50% 2/3/36 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp; 414340 |
|  |  | &nbsp;&nbsp;&nbsp; 825664 |
| &nbsp;&nbsp;Canada — 1.10% | &nbsp;&nbsp;Canada — 1.10% | &nbsp;&nbsp;Canada — 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 4.439%<br> 1/14/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp; 413678 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;Canada (continued) | &nbsp;&nbsp;Canada (continued) | &nbsp;&nbsp;Canada (continued) | &nbsp;&nbsp;Canada (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset<br> Management 4.653% 11/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;$609871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33%<br> 1/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp; 1043263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway<br> 5.50% 3/15/56 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 378394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp; 308311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp; 485773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A<br> 4.70% 10/7/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp; 687912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications<br> 7.125% 4/15/55 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp; 542682 |
|  |  |  | &nbsp;&nbsp;&nbsp; 4469884 |
| &nbsp;&nbsp;Chile — 0.05% | &nbsp;&nbsp;Chile — 0.05% | &nbsp;&nbsp;Chile — 0.05% | &nbsp;&nbsp;Chile — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colbun 144A 5.375%<br> 9/11/35 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 195870 |
|  |  |  | &nbsp;&nbsp;&nbsp; 195870 |
| &nbsp;&nbsp;El Salvador — 0.12% | &nbsp;&nbsp;El Salvador — 0.12% | &nbsp;&nbsp;El Salvador — 0.12% | &nbsp;&nbsp;El Salvador — 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comision Ejecutiva<br> Hidroelectrica del Rio Lempa 144A 8.65% 1/24/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp; 502985 |
|  |  |  | &nbsp;&nbsp;&nbsp; 502985 |
| &nbsp;&nbsp;France — 0.94% | &nbsp;&nbsp;France — 0.94% | &nbsp;&nbsp;France — 0.94% | &nbsp;&nbsp;France — 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% 3/2/32 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 571355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/25/28 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp; 1160908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.347% 1/13/47 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 296894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.25% 1/13/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp; 505355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 1/13/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp; 425348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 1/13/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp; 864691 |
|  |  |  | &nbsp;&nbsp;&nbsp; 3824551 |
| &nbsp;&nbsp;Germany — 1.04% | &nbsp;&nbsp;Germany — 1.04% | &nbsp;&nbsp;Germany — 1.04% | &nbsp;&nbsp;Germany — 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.552% 1/7/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 147685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 6/24/32 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp; 1619357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp; 444664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp; 462066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp; 362450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% 10/30/31 μ, ψ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp; 1197224 |
|  |  |  | &nbsp;&nbsp;&nbsp; 4233446 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Bond Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;Guatemala — 0.11% | &nbsp;&nbsp;Guatemala — 0.11% | &nbsp;&nbsp;Guatemala — 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Subordinated<br> Trust 2 0 144A 6.55% 4/15/36 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;$230287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobiliare Latam 144A<br> 6.75% 11/10/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp; 214513 |
|  |  | &nbsp;&nbsp;&nbsp; 444800 |
| &nbsp;&nbsp;India — 0.10% | &nbsp;&nbsp;India — 0.10% | &nbsp;&nbsp;India — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Renewable Power<br> Mauritius 4.25% 3/25/27 ■ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206535 | &nbsp;&nbsp;&nbsp; 201738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSW Hydro Energy<br> 4.125% 5/18/31 ■ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216145 | &nbsp;&nbsp;&nbsp; 197997 |
|  |  | &nbsp;&nbsp;&nbsp; 399735 |
| &nbsp;&nbsp;Ireland — 0.83% | &nbsp;&nbsp;Ireland — 0.83% | &nbsp;&nbsp;Ireland — 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital<br> DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 10/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp; 1073564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp; 335450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 1/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp; 562383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.85% 4/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp; 460061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.95% 1/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp; 381424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMBC Aviation Capital<br> Finance DAC 144A 5.25% 11/26/35 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp; 542233 |
|  |  | &nbsp;&nbsp;&nbsp; 3355115 |
| &nbsp;&nbsp;Jamaica — 0.15% | &nbsp;&nbsp;Jamaica — 0.15% | &nbsp;&nbsp;Jamaica — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingston Airport Revenue<br> Finance 144A 6.75% 12/15/36 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp; 626850 |
|  |  | &nbsp;&nbsp;&nbsp; 626850 |
| &nbsp;&nbsp;Japan — 0.46% | &nbsp;&nbsp;Japan — 0.46% | &nbsp;&nbsp;Japan — 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp; 845329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp; 1009705 |
|  |  | &nbsp;&nbsp;&nbsp; 1855034 |
| &nbsp;&nbsp;Kuwait — 0.18% | &nbsp;&nbsp;Kuwait — 0.18% | &nbsp;&nbsp;Kuwait — 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBK SPC 144A 5.50%<br> 6/6/30 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 710811 |
|  |  | &nbsp;&nbsp;&nbsp; 710811 |
| &nbsp;&nbsp;Madagascar — 0.05% | &nbsp;&nbsp;Madagascar — 0.05% | &nbsp;&nbsp;Madagascar — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axian Telecom Holding &<br> Management 144A 7.25% 7/11/30 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197846 |
|  |  | &nbsp;&nbsp;&nbsp; 197846 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;Mexico — 0.23% | &nbsp;&nbsp;Mexico — 0.23% | &nbsp;&nbsp;Mexico — 0.23% | &nbsp;&nbsp;Mexico — 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander Mexico<br> Institucion de Banca Multiple Grupo Financiero Santand 144A 5.621% 12/10/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;$215187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBVA Mexico SA<br> Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A 5.875% 9/13/34 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp; 417701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIBRA Prologis 144A<br> 5.50% 11/26/35 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 290152 |
|  |  |  | &nbsp;&nbsp;&nbsp; 923040 |
| &nbsp;&nbsp;Netherlands — 0.97% | &nbsp;&nbsp;Netherlands — 0.97% | &nbsp;&nbsp;Netherlands — 0.97% | &nbsp;&nbsp;Netherlands — 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125% 5/26/31 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp; 3005252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/14/27 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 935974 |
|  |  |  | &nbsp;&nbsp;&nbsp; 3941226 |
| &nbsp;&nbsp;Nigeria — 0.11% | &nbsp;&nbsp;Nigeria — 0.11% | &nbsp;&nbsp;Nigeria — 0.11% | &nbsp;&nbsp;Nigeria — 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Holding 144A 8.25%<br> 11/29/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp; 426104 |
|  |  |  | &nbsp;&nbsp;&nbsp; 426104 |
| &nbsp;&nbsp;Peru — 0.05% | &nbsp;&nbsp;Peru — 0.05% | &nbsp;&nbsp;Peru — 0.05% | &nbsp;&nbsp;Peru — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcobre SAC 144A<br> 5.75% 1/22/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp; 207853 |
|  |  |  | &nbsp;&nbsp;&nbsp; 207853 |
| &nbsp;&nbsp;Saudi Arabia — 0.10% | &nbsp;&nbsp;Saudi Arabia — 0.10% | &nbsp;&nbsp;Saudi Arabia — 0.10% | &nbsp;&nbsp;Saudi Arabia — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Al Rajhi Sukuk 5.651%<br> 3/16/36 μ, ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp; 411119 |
|  |  |  | &nbsp;&nbsp;&nbsp; 411119 |
| &nbsp;&nbsp;South Africa — 0.36% | &nbsp;&nbsp;South Africa — 0.36% | &nbsp;&nbsp;South Africa — 0.36% | &nbsp;&nbsp;South Africa — 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital<br> 144A 5.25% 3/19/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp; 1281466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bidvest Group UK 144A<br> 6.20% 9/17/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 199951 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1481417 |
| &nbsp;&nbsp;Spain — 0.74% | &nbsp;&nbsp;Spain — 0.74% | &nbsp;&nbsp;Spain — 0.74% | &nbsp;&nbsp;Spain — 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/9/28 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp; 1160936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.551% 11/6/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 10/18/27 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp; 1633757 |
|  |  |  | &nbsp;&nbsp;&nbsp; 2991914 |
| &nbsp;&nbsp;Switzerland — 2.03% | &nbsp;&nbsp;Switzerland — 2.03% | &nbsp;&nbsp;Switzerland — 2.03% | &nbsp;&nbsp;Switzerland — 2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% 1/14/28 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660000 | &nbsp;&nbsp;&nbsp; 3021069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 1/11/31 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp; 2371404 |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;Switzerland (continued) | &nbsp;&nbsp;Switzerland (continued) | &nbsp;&nbsp;Switzerland (continued) | &nbsp;&nbsp;Switzerland (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.398% 9/23/31 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;$270049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.751% 5/12/28 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 802358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.844% 11/6/33 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp; 575609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.01% 3/23/37 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp; 561117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.58% 5/9/36 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp; 345000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp; 312220 |
|  |  |  | &nbsp;&nbsp;&nbsp; 8258826 |
| &nbsp;&nbsp;Tanzania — 0.05% | &nbsp;&nbsp;Tanzania — 0.05% | &nbsp;&nbsp;Tanzania — 0.05% | &nbsp;&nbsp;Tanzania — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group 144A 6.75%<br> 4/1/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp; 212755 |
|  |  |  | &nbsp;&nbsp;&nbsp; 212755 |
| &nbsp;&nbsp;Türkiye — 0.38% | &nbsp;&nbsp;Türkiye — 0.38% | &nbsp;&nbsp;Türkiye — 0.38% | &nbsp;&nbsp;Türkiye — 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akbank TAS 144A 7.95%<br> 2/19/31 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp; 386401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim<br> Hizmetleri 144A 7.45% 1/24/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 354810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Garanti Bankasi<br> 144A 8.375% 2/28/34 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 403417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yapi ve Kredi Bankasi<br> 144A 7.55% 6/11/36 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp; 414254 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1558882 |
| &nbsp;&nbsp;Ukraine — 0.07% | &nbsp;&nbsp;Ukraine — 0.07% | &nbsp;&nbsp;Ukraine — 0.07% | &nbsp;&nbsp;Ukraine — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHP Lux 144A 10.50%<br> 7/28/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp; 282332 |
|  |  |  | &nbsp;&nbsp;&nbsp; 282332 |
| &nbsp;&nbsp;United Arab Emirates — 0.13% | &nbsp;&nbsp;United Arab Emirates — 0.13% | &nbsp;&nbsp;United Arab Emirates — 0.13% | &nbsp;&nbsp;United Arab Emirates — 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets<br> Bidco 2.16% 3/31/34 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131974 | &nbsp;&nbsp;&nbsp; 124181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Central Cooling<br> PJSC 5.279% 3/5/30 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp; 409891 |
|  |  |  | &nbsp;&nbsp;&nbsp; 534072 |
| &nbsp;&nbsp;United Kingdom — 1.02% | &nbsp;&nbsp;United Kingdom — 1.02% | &nbsp;&nbsp;United Kingdom — 1.02% | &nbsp;&nbsp;United Kingdom — 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 4.973%<br> 5/31/36 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp; 1422236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance<br> 144A 7.25% 2/15/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839000 | &nbsp;&nbsp;&nbsp; 846716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 3/24/31 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 296880 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 9/24/35 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;$302133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Grid 0.25%<br> 9/1/28 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp; 1291151 |
|  |  |  | &nbsp;&nbsp;&nbsp; 4159116 |
| &nbsp;&nbsp;United States — 22.93% | &nbsp;&nbsp;United States — 22.93% | &nbsp;&nbsp;United States — 22.93% | &nbsp;&nbsp;United States — 22.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% 3/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 489473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% 3/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp; 997808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 3/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 689995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 3/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp; 476029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas 5.40% 6/1/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 182495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 3/13/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp; 351902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/13/56 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp; 389962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A<br> 7.25% 8/1/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp; 512704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen 4.85% 2/19/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp; 496370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions<br> 6.70% 7/29/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp; 1022386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global<br> Management |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 1/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp; 312275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 8/12/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 232528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10%<br> 1/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 740823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T 6.00% 4/30/56 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp; 1184687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding 6.875%<br> 6/28/55 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp; 219833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.654% 10/26/31 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp; 2021497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.662% 4/25/28 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp; 1935767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.734% 7/22/27 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 138837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.648% 3/31/29 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp; 1743191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.456% 2/6/32 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp; 617311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp; 690227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp; 1186868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp; 820377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 359067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works<br> 6.875% 11/1/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003000 | &nbsp;&nbsp;&nbsp; 987776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp; 331573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit<br> Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 3/12/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 280410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp; 330905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block 144A 6.00%<br> 8/15/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp; 264834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829000 | &nbsp;&nbsp;$799780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 9/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp; 646854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 6.259% 5/1/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 55965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom 4.20%<br> 10/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 128533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance<br> 4.20% 9/17/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 643989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment<br> 144A 7.00% 2/15/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp; 501353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill 144A 4.125%<br> 10/23/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp; 354892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global 4.50%<br> 11/29/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp; 1077965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp;&nbsp; 2076219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp; 27572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 4/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp; 234063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy 144A<br> 5.20% 7/30/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 321807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.174% 9/11/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp; 471038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 8/15/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp; 317428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp; 324375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A<br> 7.00% 3/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp; 479557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CrossCountry<br> Intermediate HoldCo 144A 6.50% 10/1/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964000 | &nbsp;&nbsp;&nbsp; 920031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp; 305369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 3/25/48 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 158835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp; 517188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprium 144A 6.125%<br> 4/15/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039000 | &nbsp;&nbsp;&nbsp; 1026862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita 144A 6.75%<br> 7/15/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292000 | &nbsp;&nbsp;&nbsp; 297290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Florida<br> 4.20% 12/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 346282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 3/6/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 3/6/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 251858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% 10/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp; 164124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 10/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 349963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 2/12/65 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp; 509305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/56 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp; 285828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp; 850208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 4.75%<br> 4/15/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795000 | &nbsp;&nbsp;&nbsp; 1775607 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERAC USA Finance<br> 144A 4.60% 5/1/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;$130661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx 3.25% 5/15/41 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp; 403481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fedex Freight Holding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.95% 3/15/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp; 443928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 3/15/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp; 343592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.798% 11/7/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 207083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% 5/12/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp; 489412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco 144A<br> 6.10% 1/25/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 567182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial<br> 5.75% 2/8/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp; 985719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response<br> 144A 7.375% 10/1/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp; 346085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/23/33 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp; 2267082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% 10/21/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp; 647279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.065% 1/21/37 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp; 1046508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp; 706885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro 4.65% 3/12/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 102608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 76919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 252883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 242135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell Aerospace<br> 144A 4.95% 3/16/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp; 729553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.623% 1/28/32 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 295713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 1/28/41 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp; 400314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 10/15/30 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp; 384538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 1/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865000 | &nbsp;&nbsp;&nbsp; 2657231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 3/10/37 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp; 506896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% 10/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp; 1088507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 4/14/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp; 352024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.638% 5/18/28 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp; 1250188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% 5/1/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132000 | &nbsp;&nbsp;&nbsp; 2112674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.457% 11/13/31 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp; 2388447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.193% 2/5/37 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp; 997785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 506201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp; 229090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 3/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp; 618995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp; 280727 |

---

6&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;$412404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp; 202991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 5/1/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp; 275822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 3/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp; 273059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% 3/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp; 727028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% 12/4/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp; 219563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications<br> 144A 8.00% 8/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp; 480307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.406% 10/29/27 μ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp; 1140119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% 5/7/32 μ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp; 2556685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.493% 1/16/32 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp; 560581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% 3/13/47 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp; 488010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151000 | &nbsp;&nbsp;&nbsp; 3234293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378000 | &nbsp;&nbsp;&nbsp; 394575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 3/18/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 395002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 3/18/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp; 378497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 3/18/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp; 678638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 3/18/56 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp; 282199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olin 144A 6.625%<br> 4/1/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039000 | &nbsp;&nbsp;&nbsp; 1017675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance<br> 7.125% 9/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp; 478262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 136961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 2/4/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740000 | &nbsp;&nbsp;&nbsp; 1673744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 2/4/56 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp; 260072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial<br> Services 144A 6.875% 5/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp; 454028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer 4.20% 11/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp; 243365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services<br> Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 296878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.423% 1/25/41 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp; 298926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products<br> 144A 6.75% 4/30/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 117400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A<br> 6.50% 7/15/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 187440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises<br> 4.75% 5/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp; 574679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce 4.90%<br> 9/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp; 893944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Gas & Electric<br> 5.20% 3/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 199559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group<br> 2.65% 2/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 240936 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** | &nbsp;&nbsp;**Corporate BondsΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875%<br> 11/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060000 | &nbsp;&nbsp;$2178479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Building<br> Solutions 144A 6.25% 8/1/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp; 129653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 327671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeoff Merger Sub |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.85% 3/24/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp; 311182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 3/24/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 147841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable<br> 6.55% 5/1/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp; 1205726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II<br> 4.875% 5/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 387601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.625%<br> 3/1/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 255280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Electric |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 3/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp; 219773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 3/15/56 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 309058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.653% 2/1/29 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492000 | &nbsp;&nbsp;&nbsp; 494421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 532793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 253354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy 5.15%<br> 3/10/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp; 1489088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu<br> Pass 144A 3.875% 11/1/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp; 496525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications<br> 5.00% 1/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp; 592698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations 144A<br> 4.70% 1/31/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 324873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.766% 7/23/29 μ, ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp; 2275093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.892% 9/15/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 384461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% 1/23/37 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 151050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.491% 10/23/34 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 259939 |
|  |  |  | &nbsp;&nbsp;&nbsp; 93181468 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $139,809,605)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $139,809,605)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $139,809,605)** | &nbsp;&nbsp;&nbsp;**140473510** |
| &nbsp;&nbsp;**Government Agency Obligations — 1.67%Δ** | &nbsp;&nbsp;**Government Agency Obligations — 1.67%Δ** | &nbsp;&nbsp;**Government Agency Obligations — 1.67%Δ** | &nbsp;&nbsp;**Government Agency Obligations — 1.67%Δ** |
| &nbsp;&nbsp;France — 0.29% | &nbsp;&nbsp;France — 0.29% | &nbsp;&nbsp;France — 0.29% | &nbsp;&nbsp;France — 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 6/17/31 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 827740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 1/25/32 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 357203 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1184943 |
| &nbsp;&nbsp;Georgia — 0.24% | &nbsp;&nbsp;Georgia — 0.24% | &nbsp;&nbsp;Georgia — 0.24% | &nbsp;&nbsp;Georgia — 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgian Railway JSC<br> 4.00% 6/17/28 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp; 992197 |
|  |  |  | &nbsp;&nbsp;&nbsp; 992197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Government Agency ObligationsΔ (continued)** | &nbsp;&nbsp;**Government Agency ObligationsΔ (continued)** | &nbsp;&nbsp;**Government Agency ObligationsΔ (continued)** | &nbsp;&nbsp;**Government Agency ObligationsΔ (continued)** |
| &nbsp;&nbsp;Indonesia — 0.21% | &nbsp;&nbsp;Indonesia — 0.21% | &nbsp;&nbsp;Indonesia — 0.21% | &nbsp;&nbsp;Indonesia — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hutama Karya Persero<br> 3.75% 5/11/30 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;$839330 |
|  |  |  | &nbsp;&nbsp;&nbsp; 839330 |
| &nbsp;&nbsp;Kazakhstan — 0.22% | &nbsp;&nbsp;Kazakhstan — 0.22% | &nbsp;&nbsp;Kazakhstan — 0.22% | &nbsp;&nbsp;Kazakhstan — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baiterek National<br> Investment Holding JSC 144A 5.45% 5/8/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp; 360063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development Bank of<br> Kazakhstan JSC 144A 13.489% 5/23/28 # | KZT | &nbsp;&nbsp;&nbsp;&nbsp;270000000 | &nbsp;&nbsp;&nbsp; 529973 |
|  |  |  | &nbsp;&nbsp;&nbsp; 890036 |
| &nbsp;&nbsp;Norway — 0.07% | &nbsp;&nbsp;Norway — 0.07% | &nbsp;&nbsp;Norway — 0.07% | &nbsp;&nbsp;Norway — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/3/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 95534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 11/14/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 192083 |
|  |  |  | &nbsp;&nbsp;&nbsp; 287617 |
| &nbsp;&nbsp;Oman — 0.34% | &nbsp;&nbsp;Oman — 0.34% | &nbsp;&nbsp;Oman — 0.34% | &nbsp;&nbsp;Oman — 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AL Jawaher Assets 144A<br> 4.662% 10/29/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp; 525400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mazoon Assets 144A<br> 5.25% 10/9/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp; 850279 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1375679 |
| &nbsp;&nbsp;Serbia — 0.20% | &nbsp;&nbsp;Serbia — 0.20% | &nbsp;&nbsp;Serbia — 0.20% | &nbsp;&nbsp;Serbia — 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications<br> Telekom Srbija AD Belgrade 144A 7.00% 10/28/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp; 834101 |
|  |  |  | &nbsp;&nbsp;&nbsp; 834101 |
| &nbsp;&nbsp;South Korea — 0.10% | &nbsp;&nbsp;South Korea — 0.10% | &nbsp;&nbsp;South Korea — 0.10% | &nbsp;&nbsp;South Korea — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Development Bank<br> 4.875% 2/3/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 409740 |
|  |  |  | &nbsp;&nbsp;&nbsp; 409740 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $6,784,023)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $6,784,023)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $6,784,023)** | &nbsp;&nbsp;&nbsp; **6813643** |
| &nbsp;&nbsp;**Municipal Bonds — 0.26%** | &nbsp;&nbsp;**Municipal Bonds — 0.26%** | &nbsp;&nbsp;**Municipal Bonds — 0.26%** | &nbsp;&nbsp;**Municipal Bonds — 0.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, First<br> Lien Texas Hotel Occupancy Tax & Special Revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.50% 9/1/58 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp; 89570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.50% 9/1/58 (AG) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 127463 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water<br> Development Board Revenue 4.75%10/15/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;$842155 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $1,067,271)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $1,067,271)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $1,067,271)** | &nbsp;&nbsp;&nbsp; **1059188** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.31%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.31%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.31%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured<br> Agency Credit Risk REMIC Trust Series 2026-DNA2 B1 144A 5.772% (SOFR + 2.10%) 3/25/46 #, • |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp; 1247656 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations (cost $1,251,269)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations (cost $1,251,269)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations (cost $1,251,269)** | &nbsp;&nbsp;&nbsp; **1247656** |
| &nbsp;&nbsp;**Sovereign Bonds — 29.24%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 29.24%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 29.24%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 29.24%Δ** |
| &nbsp;&nbsp;Albania — 0.32% | &nbsp;&nbsp;Albania — 0.32% | &nbsp;&nbsp;Albania — 0.32% | &nbsp;&nbsp;Albania — 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albania Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.50% 11/23/31 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896000 | &nbsp;&nbsp;&nbsp; 1001627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/14/35 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 283723 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1285350 |
| &nbsp;&nbsp;Angola — 0.05% | &nbsp;&nbsp;Angola — 0.05% | &nbsp;&nbsp;Angola — 0.05% | &nbsp;&nbsp;Angola — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angolan Government<br> International Bond 9.125% 11/26/49 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp; 201451 |
|  |  |  | &nbsp;&nbsp;&nbsp; 201451 |
| &nbsp;&nbsp;Armenia — 0.10% | &nbsp;&nbsp;Armenia — 0.10% | &nbsp;&nbsp;Armenia — 0.10% | &nbsp;&nbsp;Armenia — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Armenia<br> International Bond 3.60% 2/2/31 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp; 391812 |
|  |  |  | &nbsp;&nbsp;&nbsp; 391812 |
| &nbsp;&nbsp;Austria — 1.14% | &nbsp;&nbsp;Austria — 1.14% | &nbsp;&nbsp;Austria — 1.14% | &nbsp;&nbsp;Austria — 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Austria<br> Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.15% 6/20/44 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp; 1140307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.15% 10/20/53 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp; 3503677 |
|  |  |  | &nbsp;&nbsp;&nbsp; 4643984 |
| &nbsp;&nbsp;Belgium — 0.07% | &nbsp;&nbsp;Belgium — 0.07% | &nbsp;&nbsp;Belgium — 0.07% | &nbsp;&nbsp;Belgium — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingdom of Belgium<br> Government Bond 144A 3.45% 6/22/42 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 290459 |
|  |  |  | &nbsp;&nbsp;&nbsp; 290459 |

---

8&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;Benin — 0.14% | &nbsp;&nbsp;Benin — 0.14% | &nbsp;&nbsp;Benin — 0.14% | &nbsp;&nbsp;Benin — 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benin Government<br> International Bond 144A 7.96% 2/13/38 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;$560290 |
|  |  |  | &nbsp;&nbsp;&nbsp; 560290 |
| &nbsp;&nbsp;Bermuda — 0.19% | &nbsp;&nbsp;Bermuda — 0.19% | &nbsp;&nbsp;Bermuda — 0.19% | &nbsp;&nbsp;Bermuda — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda Government<br> International Bond 3.375% 8/20/50 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149000 | &nbsp;&nbsp;&nbsp; 789937 |
|  |  |  | &nbsp;&nbsp;&nbsp; 789937 |
| &nbsp;&nbsp;Brazil — 0.36% | &nbsp;&nbsp;Brazil — 0.36% | &nbsp;&nbsp;Brazil — 0.36% | &nbsp;&nbsp;Brazil — 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/14/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp; 294106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% 1/12/56 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp; 1179660 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1473766 |
| &nbsp;&nbsp;Chile — 0.16% | &nbsp;&nbsp;Chile — 0.16% | &nbsp;&nbsp;Chile — 0.16% | &nbsp;&nbsp;Chile — 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Government<br> International Bond 2.55% 1/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713000 | &nbsp;&nbsp;&nbsp; 632402 |
|  |  |  | &nbsp;&nbsp;&nbsp; 632402 |
| &nbsp;&nbsp;Colombia — 0.17% | &nbsp;&nbsp;Colombia — 0.17% | &nbsp;&nbsp;Colombia — 0.17% | &nbsp;&nbsp;Colombia — 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 1/21/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp; 274540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% 2/2/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp; 414975 |
|  |  |  | &nbsp;&nbsp;&nbsp; 689515 |
| &nbsp;&nbsp;Dominican Republic — 0.43% | &nbsp;&nbsp;Dominican Republic — 0.43% | &nbsp;&nbsp;Dominican Republic — 0.43% | &nbsp;&nbsp;Dominican Republic — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic<br> International Bond 144A 4.875% 9/23/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp; 1764649 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1764649 |
| &nbsp;&nbsp;Egypt — 0.19% | &nbsp;&nbsp;Egypt — 0.19% | &nbsp;&nbsp;Egypt — 0.19% | &nbsp;&nbsp;Egypt — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government<br> International Bond 5.875% 2/16/31 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823000 | &nbsp;&nbsp;&nbsp; 759289 |
|  |  |  | &nbsp;&nbsp;&nbsp; 759289 |
| &nbsp;&nbsp;Finland — 1.13% | &nbsp;&nbsp;Finland — 1.13% | &nbsp;&nbsp;Finland — 1.13% | &nbsp;&nbsp;Finland — 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland Government<br> Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.00% 9/15/33 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp; 1831865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.00% 9/15/35 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451000 | &nbsp;&nbsp;&nbsp; 2758016 |
|  |  |  | &nbsp;&nbsp;&nbsp; 4589881 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;France — 0.61% | &nbsp;&nbsp;France — 0.61% | &nbsp;&nbsp;France — 0.61% | &nbsp;&nbsp;France — 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;French Republic<br> Government Bond 144A 3.00% 5/25/54 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760000 | &nbsp;&nbsp;$2457909 |
|  |  |  | &nbsp;&nbsp;&nbsp; 2457909 |
| &nbsp;&nbsp;Germany — 0.94% | &nbsp;&nbsp;Germany — 0.94% | &nbsp;&nbsp;Germany — 0.94% | &nbsp;&nbsp;Germany — 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bundesrepublik<br> Deutschland Bundesanleihe 2.60% 8/15/35 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420000 | &nbsp;&nbsp;&nbsp; 3828611 |
|  |  |  | &nbsp;&nbsp;&nbsp; 3828611 |
| &nbsp;&nbsp;Guatemala — 0.17% | &nbsp;&nbsp;Guatemala — 0.17% | &nbsp;&nbsp;Guatemala — 0.17% | &nbsp;&nbsp;Guatemala — 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government<br> Bond 144A 6.55% 2/6/37 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648000 | &nbsp;&nbsp;&nbsp; 677484 |
|  |  |  | &nbsp;&nbsp;&nbsp; 677484 |
| &nbsp;&nbsp;Honduras — 0.12% | &nbsp;&nbsp;Honduras — 0.12% | &nbsp;&nbsp;Honduras — 0.12% | &nbsp;&nbsp;Honduras — 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honduras Government<br> International Bond 144A 8.625% 11/27/34 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp; 506043 |
|  |  |  | &nbsp;&nbsp;&nbsp; 506043 |
| &nbsp;&nbsp;Hungary — 0.10% | &nbsp;&nbsp;Hungary — 0.10% | &nbsp;&nbsp;Hungary — 0.10% | &nbsp;&nbsp;Hungary — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government<br> Bond 6.75% 7/23/31 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;136700000 | &nbsp;&nbsp;&nbsp; 404102 |
|  |  |  | &nbsp;&nbsp;&nbsp; 404102 |
| &nbsp;&nbsp;Ireland — 0.55% | &nbsp;&nbsp;Ireland — 0.55% | &nbsp;&nbsp;Ireland — 0.55% | &nbsp;&nbsp;Ireland — 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland Government<br> Bond 0.55% 4/22/41 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930000 | &nbsp;&nbsp;&nbsp; 2229850 |
|  |  |  | &nbsp;&nbsp;&nbsp; 2229850 |
| &nbsp;&nbsp;Italy — 1.59% | &nbsp;&nbsp;Italy — 1.59% | &nbsp;&nbsp;Italy — 1.59% | &nbsp;&nbsp;Italy — 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy Buoni Poliennali Del<br> Tesoro |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% 7/15/27 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp; 2564473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.30% 10/1/54 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520000 | &nbsp;&nbsp;&nbsp; 3907381 |
|  |  |  | &nbsp;&nbsp;&nbsp; 6471854 |
| &nbsp;&nbsp;Ivory Coast — 0.44% | &nbsp;&nbsp;Ivory Coast — 0.44% | &nbsp;&nbsp;Ivory Coast — 0.44% | &nbsp;&nbsp;Ivory Coast — 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivory Coast Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 10/17/31 ■ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 396702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 6/15/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037000 | &nbsp;&nbsp;&nbsp; 979489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.075% 4/1/36 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 402710 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1778901 |
| &nbsp;&nbsp;Japan — 4.25% | &nbsp;&nbsp;Japan — 4.25% | &nbsp;&nbsp;Japan — 4.25% | &nbsp;&nbsp;Japan — 4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Thirty<br> Year Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% 3/20/50 | JPY | 1713250000 | &nbsp;&nbsp;&nbsp; 5354682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% 6/20/53 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;203000000 | &nbsp;&nbsp;&nbsp; 738388 |

---

&nbsp;&nbsp;&nbsp;&nbsp;9

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;Japan (continued) | &nbsp;&nbsp;Japan (continued) | &nbsp;&nbsp;Japan (continued) | &nbsp;&nbsp;Japan (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Government Thirty<br> Year Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% 3/20/55 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;351200000 | &nbsp;&nbsp;$1711078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 9/20/37 | JPY | 1508250000 | &nbsp;&nbsp;&nbsp; 9451402 |
|  |  |  | &nbsp;&nbsp;&nbsp; 17255550 |
| &nbsp;&nbsp;Jordan — 0.10% | &nbsp;&nbsp;Jordan — 0.10% | &nbsp;&nbsp;Jordan — 0.10% | &nbsp;&nbsp;Jordan — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan Government<br> International Bond 144A 5.75% 11/12/32 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp; 419468 |
|  |  |  | &nbsp;&nbsp;&nbsp; 419468 |
| &nbsp;&nbsp;Mexico — 0.45% | &nbsp;&nbsp;Mexico — 0.45% | &nbsp;&nbsp;Mexico — 0.45% | &nbsp;&nbsp;Mexico — 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos 7.75%<br> 5/29/31 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;11548600 | &nbsp;&nbsp;&nbsp; 614511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 3/22/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 392000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% 2/9/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp; 829387 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1835898 |
| &nbsp;&nbsp;Montenegro — 0.07% | &nbsp;&nbsp;Montenegro — 0.07% | &nbsp;&nbsp;Montenegro — 0.07% | &nbsp;&nbsp;Montenegro — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montenegro Government<br> International Bond 144A 4.875% 4/1/32 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 287197 |
|  |  |  | &nbsp;&nbsp;&nbsp; 287197 |
| &nbsp;&nbsp;Morocco — 0.10% | &nbsp;&nbsp;Morocco — 0.10% | &nbsp;&nbsp;Morocco — 0.10% | &nbsp;&nbsp;Morocco — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco Government<br> International Bond 4.00% 12/15/50 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 413070 |
|  |  |  | &nbsp;&nbsp;&nbsp; 413070 |
| &nbsp;&nbsp;Netherlands — 1.37% | &nbsp;&nbsp;Netherlands — 1.37% | &nbsp;&nbsp;Netherlands — 1.37% | &nbsp;&nbsp;Netherlands — 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands Government<br> Bond 144A 2.50% 7/15/35 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5073000 | &nbsp;&nbsp;&nbsp; 5585580 |
|  |  |  | &nbsp;&nbsp;&nbsp; 5585580 |
| &nbsp;&nbsp;New Zealand — 2.57% | &nbsp;&nbsp;New Zealand — 2.57% | &nbsp;&nbsp;New Zealand — 2.57% | &nbsp;&nbsp;New Zealand — 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand<br> Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% 5/15/31 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp; 1256518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/15/35 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;16190000 | &nbsp;&nbsp;&nbsp; 9205261 |
|  |  |  | &nbsp;&nbsp;&nbsp; 10461779 |
| &nbsp;&nbsp;Nigeria — 0.21% | &nbsp;&nbsp;Nigeria — 0.21% | &nbsp;&nbsp;Nigeria — 0.21% | &nbsp;&nbsp;Nigeria — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria Government<br> International Bond 7.375% 9/28/33 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849000 | &nbsp;&nbsp;&nbsp; 833830 |
|  |  |  | &nbsp;&nbsp;&nbsp; 833830 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;Panama — 0.09% | &nbsp;&nbsp;Panama — 0.09% | &nbsp;&nbsp;Panama — 0.09% | &nbsp;&nbsp;Panama — 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama Government<br> International Bond 5.662% 2/23/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;$384740 |
|  |  |  | &nbsp;&nbsp;&nbsp; 384740 |
| &nbsp;&nbsp;Paraguay — 0.21% | &nbsp;&nbsp;Paraguay — 0.21% | &nbsp;&nbsp;Paraguay — 0.21% | &nbsp;&nbsp;Paraguay — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paraguay Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 2.739% 1/29/33 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482000 | &nbsp;&nbsp;&nbsp; 424521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/30/50 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp; 410320 |
|  |  |  | &nbsp;&nbsp;&nbsp; 834841 |
| &nbsp;&nbsp;Poland — 0.20% | &nbsp;&nbsp;Poland — 0.20% | &nbsp;&nbsp;Poland — 0.20% | &nbsp;&nbsp;Poland — 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Gospodarstwa<br> Krajowego 144A 5.75% 7/9/34 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 826603 |
|  |  |  | &nbsp;&nbsp;&nbsp; 826603 |
| &nbsp;&nbsp;Republic of North Macedonia — 0.21% | &nbsp;&nbsp;Republic of North Macedonia — 0.21% | &nbsp;&nbsp;Republic of North Macedonia — 0.21% | &nbsp;&nbsp;Republic of North Macedonia — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Macedonia<br> Government International Bond 144A 3.875% 1/21/30 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749000 | &nbsp;&nbsp;&nbsp; 833184 |
|  |  |  | &nbsp;&nbsp;&nbsp; 833184 |
| &nbsp;&nbsp;Romania — 0.29% | &nbsp;&nbsp;Romania — 0.29% | &nbsp;&nbsp;Romania — 0.29% | &nbsp;&nbsp;Romania — 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government<br> International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 9/24/44 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp; 380154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/16/36 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 397844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% 1/17/33 ■ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 418793 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1196791 |
| &nbsp;&nbsp;Serbia — 0.15% | &nbsp;&nbsp;Serbia — 0.15% | &nbsp;&nbsp;Serbia — 0.15% | &nbsp;&nbsp;Serbia — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serbia International Bond<br> 144A 6.00% 6/12/34 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp; 626724 |
|  |  |  | &nbsp;&nbsp;&nbsp; 626724 |
| &nbsp;&nbsp;South Africa — 0.31% | &nbsp;&nbsp;South Africa — 0.31% | &nbsp;&nbsp;South Africa — 0.31% | &nbsp;&nbsp;South Africa — 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa<br> Government Bond 8.25% 3/31/32 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6487688 | &nbsp;&nbsp;&nbsp; 374678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa<br> Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% 9/27/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 391698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.95% 11/19/54 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 494780 |
|  |  |  | &nbsp;&nbsp;&nbsp; 1261156 |

---

10&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount°** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;Spain — 7.10% | &nbsp;&nbsp;Spain — 7.10% | &nbsp;&nbsp;Spain — 7.10% | &nbsp;&nbsp;Spain — 7.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain Government<br> Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 1.90% 10/31/52 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120000 | &nbsp;&nbsp;$5337057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.15% 4/30/35 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;17038000 | &nbsp;&nbsp;&nbsp; 19287511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.25% 4/30/34 # | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669000 | &nbsp;&nbsp;&nbsp; 4217558 |
|  |  |  | &nbsp;&nbsp;&nbsp; 28842126 |
| &nbsp;&nbsp;United Kingdom — 2.59% | &nbsp;&nbsp;United Kingdom — 2.59% | &nbsp;&nbsp;United Kingdom — 2.59% | &nbsp;&nbsp;United Kingdom — 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom Gilt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% 10/22/61 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6930000 | &nbsp;&nbsp;&nbsp; 2171142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 7/31/54 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790000 | &nbsp;&nbsp;&nbsp; 3076138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 12/7/42 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 10/22/35 ■ | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025000 | &nbsp;&nbsp;&nbsp; 5258636 |
|  |  |  | &nbsp;&nbsp;&nbsp; 10509509 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds (cost $124,500,057)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds (cost $124,500,057)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds (cost $124,500,057)** | &nbsp;&nbsp;&nbsp;**118835585** |
| &nbsp;&nbsp;**Supranational Banks — 8.74%** | &nbsp;&nbsp;**Supranational Banks — 8.74%** | &nbsp;&nbsp;**Supranational Banks — 8.74%** | &nbsp;&nbsp;**Supranational Banks — 8.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Africa Finance 144A<br> 5.50% 10/8/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 352850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Bank for<br> Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% 5/28/27 ^ | TRY | &nbsp;&nbsp;&nbsp;&nbsp;13630000 | &nbsp;&nbsp;&nbsp; 203375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% 1/16/32 ^ | TRY | &nbsp;&nbsp;&nbsp;&nbsp;46718000 | &nbsp;&nbsp;&nbsp; 177919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% 4/27/32 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7875000 | &nbsp;&nbsp;&nbsp; 1210242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for<br> Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/2/33 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;35000000 | &nbsp;&nbsp;&nbsp; 5294959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72% 8/16/34 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp; 11589449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% 7/26/34 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp; 15626841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% 8/16/28 ^ | COP | 4340000000 | &nbsp;&nbsp;&nbsp; 866795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% 10/7/41 ^ | MXN | &nbsp;&nbsp;&nbsp;&nbsp;16700000 | &nbsp;&nbsp;&nbsp; 214939 |
| &nbsp;&nbsp;&nbsp;**Total Supranational Banks (cost $34,460,587)** | &nbsp;&nbsp;&nbsp;**Total Supranational Banks (cost $34,460,587)** | &nbsp;&nbsp;&nbsp;**Total Supranational Banks (cost $34,460,587)** | &nbsp;&nbsp;&nbsp; **35537369** |
| &nbsp;&nbsp;**US Treasury Obligations — 8.75%** | &nbsp;&nbsp;**US Treasury Obligations — 8.75%** | &nbsp;&nbsp;**US Treasury Obligations — 8.75%** | &nbsp;&nbsp;**US Treasury Obligations — 8.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds<br> 4.75% 5/15/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345000 | &nbsp;&nbsp;&nbsp; 5206155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 1/31/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;28480000 | &nbsp;&nbsp;&nbsp; 28239700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 2/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140000 | &nbsp;&nbsp;&nbsp; 2106730 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $35,822,490)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $35,822,490)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $35,822,490)** | &nbsp;&nbsp;&nbsp; **35552585** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stock — 0.02%Δ** | &nbsp;&nbsp;**Common Stock — 0.02%Δ** | &nbsp;&nbsp;**Common Stock — 0.02%Δ** |
| &nbsp;&nbsp;United States — 0.02% | &nbsp;&nbsp;United States — 0.02% | &nbsp;&nbsp;United States — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;$67462 |
| &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,340)** | &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,340)** | &nbsp;&nbsp;&nbsp; **67462** |
| &nbsp;&nbsp;**Preferred Stock — 0.15%Δ** | &nbsp;&nbsp;**Preferred Stock — 0.15%Δ** | &nbsp;&nbsp;**Preferred Stock — 0.15%Δ** |
| &nbsp;&nbsp;United States — 0.15% | &nbsp;&nbsp;United States — 0.15% | &nbsp;&nbsp;United States — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp; 599130 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $568,697)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $568,697)** | &nbsp;&nbsp;&nbsp; **599130** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—96.29%<br> (cost $395,653,068)** |  | &nbsp;&nbsp;&nbsp;**391351681** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 3.71%** |  | &nbsp;&nbsp;&nbsp; **15060515** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 44,432,664 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$406412196** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Δ | Securities have been classified by country of risk. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2026, the aggregate value of Rule 144A securities was $98,195,896, which represents 24.16% of the Fund's net assets. See Note 13 in "Notes to financial statements." |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2026. Rate will reset at a future date. |
| ■ | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933, as amended. |
| ψ | Perpetual security. Maturity date represents next call date. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |

---

&nbsp;&nbsp;&nbsp;&nbsp;11

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Bond Fund

^ Zero-coupon security. The rate shown is the effective yield at the time of purchase. <br> = The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements."

† Non-income producing security.

The following forward foreign currency exchange contracts and futures contracts were outstanding at March 31, 2026:<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** | **Forward Foreign Currency Exchange Contracts** |  |  |  |
| Counterparty | Currency to<br> Receive (Deliver) | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| CITI | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110087 | 5/12/26 | $2059 | $— |
| CITI | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8871000) | USD | &nbsp;&nbsp;12018675 | 5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| CITI | JPY | (3030890000) | USD | &nbsp;&nbsp;19767987 | 5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMCB | CNH | &nbsp;&nbsp;&nbsp;(229959563) | USD | &nbsp;&nbsp;33497387 | 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15882) |
| JPMCB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3588634) | USD | &nbsp;&nbsp;&nbsp;&nbsp;4134837 | 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23389) |
| TD | AUD | &nbsp;&nbsp;&nbsp;&nbsp;(12716918) | USD | &nbsp;&nbsp;&nbsp;&nbsp;8985428 | 5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TD | EUR | &nbsp;&nbsp;&nbsp;&nbsp;(89396659) | USD | 105999657 | 5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TD | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549707 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(635946) | 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TD | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(789649) | 5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15284) |
| TD | NZD | &nbsp;&nbsp;&nbsp;&nbsp;(18450000) | USD | &nbsp;&nbsp;&nbsp;11087444 | 5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Forward Foreign Currency Exchange Contracts | Total Forward Foreign Currency Exchange Contracts | Total Forward Foreign Currency Exchange Contracts | Total Forward Foreign Currency Exchange Contracts | Total Forward Foreign Currency Exchange Contracts | Total Forward Foreign Currency Exchange Contracts | $4022520 | $(54555) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |  |
| Australian 3 yr Treasury Bonds | Australian 3 yr Treasury Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;$6150436 | $6170798 | 6/15/26 | $— | $(20362) | $10861 |
| Australian 10 yr Treasury Bonds | Australian 10 yr Treasury Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240334 | 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16688 |
| Canadian Treasury 10 yr Bonds | Canadian Treasury 10 yr Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21481195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21911338 | 6/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85628 |
| Euro-Bobl | Euro-Bobl |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120211209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122018598 | &nbsp;&nbsp;6/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1807389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80895 |
| Euro-OAT | Euro-OAT |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7545331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731084 | &nbsp;&nbsp;6/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18908 |
| US Treasury 5 yr Notes | US Treasury 5 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64150554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64848520 | 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82686 |
| US Treasury Long Bonds | US Treasury Long Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392550 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228313222 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3241780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306541 |

---

12&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |
| E-mini Japanese Treasury 10 yr<br> Bonds | E-mini Japanese Treasury 10 yr<br> Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;$(328786) | $(332131) | 6/12/26 | $3345 | $— | $(551) |
| Euro-Bund | Euro-Bund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37392464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38142992) | &nbsp;&nbsp;6/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62404) |
| Euro-Buxl | Euro-Buxl |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4460541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4511135) | &nbsp;&nbsp;6/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29025) |
| Euro-Schatz | Euro-Schatz |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34102487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34384738) | &nbsp;&nbsp;6/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 |
| Japanese Treasury 10 yr Bonds | Japanese Treasury 10 yr Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4105416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4151403) | 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 |
| Long 10 yr Gilt | Long 10 yr Gilt |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2556375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2688824) | 6/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3543) |
| US Treasury 2 yr Notes | US Treasury 2 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20951977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21099292) | 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7891) |
| US Treasury 10 yr Notes | US Treasury 10 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36867563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37476257) | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77814) |
| US Treasury 10 yr Ultra Notes | US Treasury 10 yr Ultra Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72877031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74094601) | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194357) |
| US Treasury Ultra Bonds | US Treasury Ultra Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6644062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6827535) | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12409) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223708908) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385355) |
| Total Futures Contracts | Total Futures Contracts | $4604314 |  | $3422206 | $(3241780) | $(78814) |

---

The use of forward foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The forward foreign currency exchange contracts and notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund's net assets.

<sup>1</sup> See Note 10 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| AD – Akcionarsko Drustvo |
| AG – Insured by Assured Guaranty Inc. |
| CITI – Citigroup |
| DAC – Designated Activity Company |
| GNMA – Government National Mortgage Association |
| JPMCB – JPMorgan Chase Bank |
| JSC – Joint Stock Company |
| OAT – Obligations Assimilables du Trésor |
| PJSC – Private Joint Stock Company |
| REMIC – Real Estate Mortgage Investment Conduit |
| S.F. – Single Family |

---

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TAS – Turk Anonim Sirketi |
| TD – TD Bank |
| yr – Year |

---

---

| |
|:---|
| **Summary of currencies:** |
| AUD – Australian Dollar |
| CAD – Canadian Dollar |
| CNH – Chinese Yuan Renminbi |
| COP – Colombian Peso |

---

&nbsp;&nbsp;&nbsp;&nbsp;13

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Bond Fund

---

| |
|:---|
| **Summary of currencies: (continued)** |
| EUR – European Monetary Unit |
| GBP – British Pound Sterling |
| HUF – Hungarian Forint |
| JPY – Japanese Yen |
| KZT – Kazakhstani Tenge |
| MXN – Mexican Peso |
| NOK – Norwegian Krone |
| NZD – New Zealand Dollar |
| TRY – Turkish Lira |
| USD – US Dollar |
| ZAR – South African Rand |

---

See accompanying notes, which are an integral part of the financial statements.

14&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Growth Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.78%Δ** | &nbsp;&nbsp;**Common Stocks — 98.78%Δ** | &nbsp;&nbsp;**Common Stocks — 98.78%Δ** |
| &nbsp;&nbsp;Brazil — 1.74% | &nbsp;&nbsp;Brazil — 1.74% | &nbsp;&nbsp;Brazil — 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz 144A # | 1872570 | &nbsp;&nbsp;$14069987 |
|  |  | &nbsp;&nbsp;&nbsp; 14069987 |
| &nbsp;&nbsp;Canada — 2.02% | &nbsp;&nbsp;Canada — 2.02% | &nbsp;&nbsp;Canada — 2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;288717 | &nbsp;&nbsp;&nbsp; 16364989 |
|  |  | &nbsp;&nbsp;&nbsp; 16364989 |
| &nbsp;&nbsp;Denmark — 1.81% | &nbsp;&nbsp;Denmark — 1.81% | &nbsp;&nbsp;Denmark — 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;64079 | &nbsp;&nbsp;&nbsp; 14656790 |
|  |  | &nbsp;&nbsp;&nbsp; 14656790 |
| &nbsp;&nbsp;Finland — 1.81% | &nbsp;&nbsp;Finland — 1.81% | &nbsp;&nbsp;Finland — 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;445851 | &nbsp;&nbsp;&nbsp; 14677415 |
|  |  | &nbsp;&nbsp;&nbsp; 14677415 |
| &nbsp;&nbsp;France — 2.53% | &nbsp;&nbsp;France — 2.53% | &nbsp;&nbsp;France — 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;69388 | &nbsp;&nbsp;&nbsp; 13119395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica | &nbsp;&nbsp;&nbsp;&nbsp;31584 | &nbsp;&nbsp;&nbsp; 7359865 |
|  |  | &nbsp;&nbsp;&nbsp; 20479260 |
| &nbsp;&nbsp;Germany — 2.41% | &nbsp;&nbsp;Germany — 2.41% | &nbsp;&nbsp;Germany — 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | &nbsp;&nbsp;&nbsp;&nbsp;193778 | &nbsp;&nbsp;&nbsp; 10056257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;55327 | &nbsp;&nbsp;&nbsp; 9432293 |
|  |  | &nbsp;&nbsp;&nbsp; 19488550 |
| &nbsp;&nbsp;India — 3.36% | &nbsp;&nbsp;India — 3.36% | &nbsp;&nbsp;India — 3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;636810 | &nbsp;&nbsp;&nbsp; 12101551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 3844009 | &nbsp;&nbsp;&nbsp; 15139971 |
|  |  | &nbsp;&nbsp;&nbsp; 27241522 |
| &nbsp;&nbsp;Italy — 1.32% | &nbsp;&nbsp;Italy — 1.32% | &nbsp;&nbsp;Italy — 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;31526 | &nbsp;&nbsp;&nbsp; 10696897 |
|  |  | &nbsp;&nbsp;&nbsp; 10696897 |
| &nbsp;&nbsp;Japan — 2.97% | &nbsp;&nbsp;Japan — 2.97% | &nbsp;&nbsp;Japan — 2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp; 13175393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;27700 | &nbsp;&nbsp;&nbsp; 10894363 |
|  |  | &nbsp;&nbsp;&nbsp; 24069756 |
| &nbsp;&nbsp;Mexico — 1.06% | &nbsp;&nbsp;Mexico — 1.06% | &nbsp;&nbsp;Mexico — 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemex ADR | &nbsp;&nbsp;&nbsp;&nbsp;753709 | &nbsp;&nbsp;&nbsp; 8622431 |
|  |  | &nbsp;&nbsp;&nbsp; 8622431 |
| &nbsp;&nbsp;Netherlands — 1.94% | &nbsp;&nbsp;Netherlands — 1.94% | &nbsp;&nbsp;Netherlands — 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;604416 | &nbsp;&nbsp;&nbsp; 15688633 |
|  |  | &nbsp;&nbsp;&nbsp; 15688633 |
| &nbsp;&nbsp;Norway — 1.01% | &nbsp;&nbsp;Norway — 1.01% | &nbsp;&nbsp;Norway — 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | &nbsp;&nbsp;&nbsp;&nbsp;647404 | &nbsp;&nbsp;&nbsp; 8147342 |
|  |  | &nbsp;&nbsp;&nbsp; 8147342 |
| &nbsp;&nbsp;Singapore — 0.96% | &nbsp;&nbsp;Singapore — 0.96% | &nbsp;&nbsp;Singapore — 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;94081 | &nbsp;&nbsp;&nbsp; 7790848 |
|  |  | &nbsp;&nbsp;&nbsp; 7790848 |

---

---

| | | |
|:---|:---|:---|
|  | **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;South Korea — 1.13% | &nbsp;&nbsp;South Korea — 1.13% | &nbsp;&nbsp;South Korea — 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;16132 | &nbsp;&nbsp;$9152734 |
|  |  | &nbsp;&nbsp;&nbsp; 9152734 |
| &nbsp;&nbsp;Spain — 2.11% | &nbsp;&nbsp;Spain — 2.11% | &nbsp;&nbsp;Spain — 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;&nbsp;792396 | &nbsp;&nbsp;&nbsp; 17115412 |
|  |  | &nbsp;&nbsp;&nbsp; 17115412 |
| &nbsp;&nbsp;Taiwan — 4.98% | &nbsp;&nbsp;Taiwan — 4.98% | &nbsp;&nbsp;Taiwan — 4.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;697000 | &nbsp;&nbsp;&nbsp; 40310664 |
|  |  | &nbsp;&nbsp;&nbsp; 40310664 |
| &nbsp;&nbsp;United Kingdom — 3.24% | &nbsp;&nbsp;United Kingdom — 3.24% | &nbsp;&nbsp;United Kingdom — 3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;551404 | &nbsp;&nbsp;&nbsp; 16166342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | 1931375 | &nbsp;&nbsp;&nbsp; 10107820 |
|  |  | &nbsp;&nbsp;&nbsp; 26274162 |
| &nbsp;&nbsp;United States — 62.38% | &nbsp;&nbsp;United States — 62.38% | &nbsp;&nbsp;United States — 62.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;39199 | &nbsp;&nbsp;&nbsp; 8525390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;66528 | &nbsp;&nbsp;&nbsp; 19130792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;85636 | &nbsp;&nbsp;&nbsp; 17835410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;41237 | &nbsp;&nbsp;&nbsp; 13310479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;107067 | &nbsp;&nbsp;&nbsp; 27172534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;155280 | &nbsp;&nbsp;&nbsp; 15282658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;42916 | &nbsp;&nbsp;&nbsp; 13282931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;58718 | &nbsp;&nbsp;&nbsp; 10711925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;198012 | &nbsp;&nbsp;&nbsp; 11150056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;20418 | &nbsp;&nbsp;&nbsp; 14861445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;64635 | &nbsp;&nbsp;&nbsp; 8531820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;15626 | &nbsp;&nbsp;&nbsp; 14372326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;48785 | &nbsp;&nbsp;&nbsp; 14834543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;38190 | &nbsp;&nbsp;&nbsp; 12560309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;75081 | &nbsp;&nbsp;&nbsp; 17303167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;&nbsp;130211 | &nbsp;&nbsp;&nbsp; 10432505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | &nbsp;&nbsp;&nbsp;&nbsp;83658 | &nbsp;&nbsp;&nbsp; 13157730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;12616 | &nbsp;&nbsp;&nbsp; 18575925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;29264 | &nbsp;&nbsp;&nbsp; 14622050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;19272 | &nbsp;&nbsp;&nbsp; 11026089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;81712 | &nbsp;&nbsp;&nbsp; 30247331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;99394 | &nbsp;&nbsp;&nbsp; 16357271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;160560 | &nbsp;&nbsp;&nbsp; 15437844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;274688 | &nbsp;&nbsp;&nbsp; 47905587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;&nbsp;64889 | &nbsp;&nbsp;&nbsp; 13502752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;40752 | &nbsp;&nbsp;&nbsp; 14315363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;52308 | &nbsp;&nbsp;&nbsp; 9764334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | &nbsp;&nbsp;&nbsp;&nbsp;42024 | &nbsp;&nbsp;&nbsp; 11446565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;20367 | &nbsp;&nbsp;&nbsp; 7978976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;36218 | &nbsp;&nbsp;&nbsp; 11609680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | &nbsp;&nbsp;&nbsp;&nbsp;198125 | &nbsp;&nbsp;&nbsp; 10181644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;30523 | &nbsp;&nbsp;&nbsp; 14800908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunbelt Rentals Holdings | &nbsp;&nbsp;&nbsp;&nbsp;152350 | &nbsp;&nbsp;&nbsp; 9718613 |

---

&nbsp;&nbsp;&nbsp;&nbsp;15

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Growth 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 States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;19911 | &nbsp;&nbsp;$5421765 |
|  |  | &nbsp;&nbsp;&nbsp;505368717 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $552,178,891)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $552,178,891)** | &nbsp;&nbsp;&nbsp;**800216109** |
| &nbsp;&nbsp;**Short-Term Investments — 0.84%** | &nbsp;&nbsp;**Short-Term Investments — 0.84%** | &nbsp;&nbsp;**Short-Term Investments — 0.84%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.84% | &nbsp;&nbsp;Money Market Mutual Funds — 0.84% | &nbsp;&nbsp;Money Market Mutual Funds — 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 1695096 | &nbsp;&nbsp;&nbsp; 1695096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 1695096 | &nbsp;&nbsp;&nbsp; 1695096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 1695096 | &nbsp;&nbsp;&nbsp; 1695096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 1695097 | &nbsp;&nbsp;&nbsp; 1695097 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $6,780,385)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $6,780,385)** | &nbsp;&nbsp;&nbsp; **6780385** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.62%<br> (cost $558,959,276)** |  | &nbsp;&nbsp;&nbsp;**806996494** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 0.38%** |  | &nbsp;&nbsp;&nbsp; **3111270** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 21,950,622 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$810107764** |

---

---

| |
|:---|
| Securities have been classified by country of risk. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2026, the aggregate value of Rule 144A securities was $14,069,987, which represents 1.74% of the Fund's net assets. See Note 13 in "Notes to financial statements." |
| Non-income producing security. |

---

---

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

---

See accompanying notes, which are an integral part of the financial statements.

16&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

## Schedules of investments<sup>φ</sup>
Nomura High Income Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 3.54%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 3.54%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 3.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 East CLO<br> Series 2022-1A ER 144A 9.568% (TSFR03M + 5.90%, Floor 5.90%) 1/20/38 #, • | 2800000 | &nbsp;&nbsp;$2620411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO II<br> Series 2017-1A DRR 144A 7.818% (TSFR03M + 4.15%, Floor 4.15%) 7/20/37 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 996631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 32<br> Series 2024-32A E 144A 9.42% (TSFR03M + 5.75%, Floor 5.75%) 7/21/37 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 1866602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 15<br> Series 2021-15A ER 144A 8.268% (TSFR03M + 4.60%, Floor 4.60%) 4/17/38 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 1825772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 18<br> Series 2022-18A ER 144A 9.168% (TSFR03M + 5.50%, Floor 5.50%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp; 822727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMMC CLO 23<br> Series 2020-23A D2R3 144A 8.568% (TSFR03M + 4.90%, Floor 4.90%) 7/17/38 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 1979116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES Loan Funding III<br> Series 2022-ALF3A ER 144A 9.768% (TSFR03M + 6.10%, Floor 6.10%) 7/25/36 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 996250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XX<br> Series 2022-20A D1R 144A 7.518% (TSFR03M + 3.85%, Floor 3.85%) 10/19/37 #, • | 1750000 | &nbsp;&nbsp;&nbsp; 1752548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO<br> Series 2017-2A ER3 144A 11.008% (TSFR03M + 7.34%, Floor 7.34%) 7/25/37 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 1851560 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO<br> Series 2024-5A D2 144A 7.772% (TSFR03M + 4.10%, Floor 4.10%) 7/15/38 #, • | 2500000 | &nbsp;&nbsp;$2442495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBAM US CLO III Series 2023-3A DR 144A 8.872% (TSFR03M + 5.20%, Floor 5.20%) 10/15/38 #, • | 3550000 | &nbsp;&nbsp;&nbsp; 3414120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO<br> Series 2021-11A ER 144A 10.168% (TSFR03M + 6.50%, Floor 6.50%) 7/25/37 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 1838068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding IX CLO Series 2018-9A ER 144A 11.198% (TSFR03M + 7.53%, Floor 7.53%) 7/20/37 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 1902044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover CLO<br> Series 2021-3A ER 144A 8.568% (TSFR03M + 4.90%, Floor 4.90%) 1/25/35 #, • | 2280000 | &nbsp;&nbsp;&nbsp; 2115021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 17<br> Series 2022-4A ER 144A 9.368% (TSFR03M + 5.70%, Floor 5.70%) 7/17/37 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 1857692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower CLO<br> Series 2022-1A ER 144A 9.568% (TSFR03M + 5.90%, Floor 5.90%) 10/20/37 #, • | 2750000 | &nbsp;&nbsp;&nbsp; 2502610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 62B<br> Series 2022-62A ER 144A 10.072% (TSFR03M + 6.40%, Floor 6.40%) 10/15/37 #, • | 1150000 | &nbsp;&nbsp;&nbsp; 1058864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 76 B<br> Series 2024-76A E 144A 9.418% (TSFR03M + 5.75%, Floor 5.75%) 10/25/37 #, • | 1150000 | &nbsp;&nbsp;&nbsp; 1077632 |

---

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura High Income Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco US CLO<br> Series 2023-4A ER 144A 9.418% (TSFR03M + 5.75%, Floor 5.75%) 1/18/39 #, • | 1200000 | &nbsp;&nbsp;$1176959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO<br> Series 2025-21A E 144A 8.372% (TSFR03M + 4.70%, Floor 4.70%) 4/15/38 #, • | 1090000 | &nbsp;&nbsp;&nbsp; 1014404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 59<br> Series 2024-59A D2 144A 7.471% (TSFR03M + 3.80%, Floor 3.80%) 1/23/39 #, • | 1100000 | &nbsp;&nbsp;&nbsp; 1054618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO<br> Series 2019-17A ER2 144A 9.918% (TSFR03M + 6.25%, Floor 6.25%) 7/20/37 #, • | 3200000 | &nbsp;&nbsp;&nbsp; 3005770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFSI BSL XIV CLO Series 2024-14A E 144A 11.408% (TSFR03M + 7.74%, Floor 7.74%) 7/20/37 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 1830560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO Series 2018-1A DR 144A 10.608% (TSFR03M + 6.94%, Floor 6.94%) 4/18/37 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 931204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO<br> Series 2022-1A ER 144A 10.758% (TSFR03M + 7.09%, Floor 7.09%) 10/20/37 #, • | 2100000 | &nbsp;&nbsp;&nbsp; 1925253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sculptor CLO XXXIII Series 33A D1A 144A 7.068% (TSFR03M + 3.40%, Floor 3.40%) 7/20/37 #, • | 1500000 | &nbsp;&nbsp;&nbsp; 1490145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Point CLO 5<br> Series 2024-5A E 144A 10.068% (TSFR03M + 6.40%, Floor 6.40%) 10/20/37 #, • | 2700000 | &nbsp;&nbsp;&nbsp; 2459136 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO<br> Series 2025-1RA E 144A 11.236% (TSFR03M + 7.58%, Floor 7.58%) 2/20/38 #, • | 1600000 | &nbsp;&nbsp;$1441237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO 39<br> Series 2023-39A ER 144A 9.168% (TSFR03M + 5.50%, Floor 5.50%) 1/25/38 #, • | 3750000 | &nbsp;&nbsp;&nbsp; 3462671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A ER 144A 10.168% (TSFR03M + 6.50%, Floor 6.50%) 1/20/38 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 1839398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A E 144A 10.918% (TSFR03M + 7.25%, Floor 7.25%) 7/17/37 #, • | 2500000 | &nbsp;&nbsp;&nbsp; 2322917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A E 144A 10.268% (TSFR03M + 6.60%, Floor 6.60%) 10/20/37 #, • | 2300000 | &nbsp;&nbsp;&nbsp; 2119229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO Series 2022-1A ER 144A 11.422% (TSFR03M + 7.75%, Floor 7.75%) 7/15/37 #, • | 2500000 | &nbsp;&nbsp;&nbsp; 2227782 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $65,503,602)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $65,503,602)** | &nbsp;&nbsp;&nbsp; **61221446** |
| &nbsp;&nbsp;**Convertible Bond — 1.40%** | &nbsp;&nbsp;**Convertible Bond — 1.40%** | &nbsp;&nbsp;**Convertible Bond — 1.40%** |
| &nbsp;&nbsp;Leisure — 1.40% | &nbsp;&nbsp;Leisure — 1.40% | &nbsp;&nbsp;Leisure — 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 <<, =, >>, π | 26714824 | &nbsp;&nbsp;&nbsp; 24251387 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $26,545,082)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $26,545,082)** | &nbsp;&nbsp;&nbsp; **24251387** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 81.31%** | &nbsp;&nbsp;**Corporate Bonds — 81.31%** | &nbsp;&nbsp;**Corporate Bonds — 81.31%** |
| &nbsp;&nbsp;Automotive — 3.16% | &nbsp;&nbsp;Automotive — 3.16% | &nbsp;&nbsp;Automotive — 3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing 144A 7.75% 10/15/33 # | 2390000 | &nbsp;&nbsp; 2328130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings 144A 7.75% 5/31/32 # | 12608000 | &nbsp;&nbsp; 13062960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber 6.625% 7/15/30 | 8110000 | &nbsp;&nbsp; 7937253 |

---

18&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Automotive (continued) | &nbsp;&nbsp;Automotive (continued) | &nbsp;&nbsp;Automotive (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor 144A 8.125% 7/17/35 # | 4475000 | &nbsp;&nbsp;$4608092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phinia 144A 6.625% 10/15/32 # | 6498000 | &nbsp;&nbsp;&nbsp; 6618512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wand NewCo 3 144A 7.625% 1/30/32 # | 9118000 | &nbsp;&nbsp;&nbsp; 9328006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF North America Capital 144A 7.50% 3/24/31 # | 10990000 | &nbsp;&nbsp;&nbsp; 10804161 |
|  |  | &nbsp;&nbsp;&nbsp; 54687114 |
| &nbsp;&nbsp;Banking — 2.56% | &nbsp;&nbsp;Banking — 2.56% | &nbsp;&nbsp;Banking — 2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 8.00% 2/1/34 μ, ψ | 11200000 | &nbsp;&nbsp;&nbsp; 11815530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | 10435000 | &nbsp;&nbsp;&nbsp; 10723580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 9.625% 12/15/29 μ, ψ | 10144000 | &nbsp;&nbsp;&nbsp; 11070198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ | 11010000 | &nbsp;&nbsp;&nbsp; 10646616 |
|  |  | &nbsp;&nbsp;&nbsp; 44255924 |
| &nbsp;&nbsp;Basic Industry — 6.07% | &nbsp;&nbsp;Basic Industry — 6.07% | &nbsp;&nbsp;Basic Industry — 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate 144A 7.625% 8/15/33 # | 5690000 | &nbsp;&nbsp;&nbsp; 5878493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent 144A 8.00% 10/1/30 # | 10935000 | &nbsp;&nbsp;&nbsp; 11398830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings 7.375% 2/15/34 | 10274000 | &nbsp;&nbsp;&nbsp; 10534847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours 144A 7.875% 3/15/34 # | 4925000 | &nbsp;&nbsp;&nbsp; 4928444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 3/15/32 # | 8930000 | &nbsp;&nbsp;&nbsp; 8651404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.625% 1/15/34 # | 6850000 | &nbsp;&nbsp;&nbsp; 6698735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K Hovnanian Enterprises 144A 8.375% 10/1/33 # | 7665000 | &nbsp;&nbsp;&nbsp; 7588790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources 144A 9.25% 10/1/28 # | 3455000 | &nbsp;&nbsp;&nbsp; 3582913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals 144A 9.00% 2/15/30 # | 12770000 | &nbsp;&nbsp;&nbsp; 13496907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/31 # | 2640000 | &nbsp;&nbsp;&nbsp; 2581215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/33 # | 11290000 | &nbsp;&nbsp;&nbsp; 10781794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Building Solutions 144A 6.50% 8/15/32 # | 13825000 | &nbsp;&nbsp;&nbsp; 13844383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WR Grace Holdings 144A 7.00% 8/1/33 # | 5052000 | &nbsp;&nbsp;&nbsp; 4910695 |
|  |  | &nbsp;&nbsp;&nbsp; 104877450 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Capital Goods — 6.99% | &nbsp;&nbsp;Capital Goods — 6.99% | &nbsp;&nbsp;Capital Goods — 6.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A 7.25% 8/1/32 # | 10945000 | &nbsp;&nbsp;$11336448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa 144A 6.875% 8/15/32 # | 6865000 | &nbsp;&nbsp;&nbsp; 7039460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/31 # | 6805000 | &nbsp;&nbsp;&nbsp; 7139582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 11/15/30 # | 5590000 | &nbsp;&nbsp;&nbsp; 5952187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 10512000 | &nbsp;&nbsp;&nbsp; 9817723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco 144A 6.75% 2/1/32 # | 6220000 | &nbsp;&nbsp;&nbsp; 6263503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lsf12 Helix Parent 144A 7.125% 2/1/33 # | 7028000 | &nbsp;&nbsp;&nbsp; 6781360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manitowoc 144A 9.25% 10/1/31 # | 6840000 | &nbsp;&nbsp;&nbsp; 7151412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions<br> Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/30 # | 9035000 | &nbsp;&nbsp;&nbsp; 9041460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/30 # | 13205000 | &nbsp;&nbsp;&nbsp; 12280357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air 144A 7.25% 2/15/31 # | 3565000 | &nbsp;&nbsp;&nbsp; 3740577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toucan FinCo 144A 9.50% 5/15/30 # | 3884000 | &nbsp;&nbsp;&nbsp; 3434715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.875% 12/15/30 # | 15800000 | &nbsp;&nbsp;&nbsp; 16199630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivium Packaging Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.25% 7/15/30 # | 1909000 | &nbsp;&nbsp;&nbsp; 1998824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 12.25% 1/15/31 # | 9701000 | &nbsp;&nbsp;&nbsp; 10510927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VoltaGrid 144A 7.375% 11/1/30 # | 2116000 | &nbsp;&nbsp;&nbsp; 2186397 |
|  |  | &nbsp;&nbsp;&nbsp; 120874562 |
| &nbsp;&nbsp;Consumer Goods — 1.73% | &nbsp;&nbsp;Consumer Goods — 1.73% | &nbsp;&nbsp;Consumer Goods — 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz 144A 9.375% 10/3/31 # | 13700000 | &nbsp;&nbsp;&nbsp; 13638761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 3/1/31 # | 6406000 | &nbsp;&nbsp;&nbsp; 6527028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.625% 9/15/32 # | 9560000 | &nbsp;&nbsp;&nbsp; 9760483 |
|  |  | &nbsp;&nbsp;&nbsp; 29926272 |
| &nbsp;&nbsp;Electric — 1.67% | &nbsp;&nbsp;Electric — 1.67% | &nbsp;&nbsp;Electric — 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Buyer 144A 6.375% 2/15/32 # | 9177000 | &nbsp;&nbsp;&nbsp; 8972118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 8.00% 10/15/26 #, μ, ψ | 17255000 | &nbsp;&nbsp;&nbsp; 17465665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners 144A 8.375% 1/15/31 # | 2270000 | &nbsp;&nbsp;&nbsp; 2390868 |
|  |  | &nbsp;&nbsp;&nbsp; 28828651 |

---

&nbsp;&nbsp;&nbsp;&nbsp;19

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura High Income Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy — 11.14% | &nbsp;&nbsp;Energy — 11.14% | &nbsp;&nbsp;Energy — 11.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | 7980000 | &nbsp;&nbsp;$8141356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Energy Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/32 # | 12905000 | &nbsp;&nbsp;&nbsp; 13194033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.375% 1/15/34 # | 5154000 | &nbsp;&nbsp;&nbsp; 5392476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 3/15/34 | 5050000 | &nbsp;&nbsp;&nbsp; 5029601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% 5/15/32 | 3320000 | &nbsp;&nbsp;&nbsp; 3416512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Operating 144A 6.75% 9/1/29 # | 13705000 | &nbsp;&nbsp;&nbsp; 14033509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | 2330000 | &nbsp;&nbsp;&nbsp; 2266220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 10220000 | &nbsp;&nbsp;&nbsp; 9898463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/35 # | 11435000 | &nbsp;&nbsp;&nbsp; 11408980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources 144A 6.25% 4/15/33 # | 9555000 | &nbsp;&nbsp;&nbsp; 9570049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.875% 8/15/31 # | 2821000 | &nbsp;&nbsp;&nbsp; 2940644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.125% 1/31/30 # | 5178000 | &nbsp;&nbsp;&nbsp; 5439805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | 13785000 | &nbsp;&nbsp;&nbsp; 14216112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble Finance II 144A 8.00% 4/15/30 # | 10295000 | &nbsp;&nbsp;&nbsp; 10605000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 1/15/32 # | 4495000 | &nbsp;&nbsp;&nbsp; 4657652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.875% 7/15/31 # | 2090000 | &nbsp;&nbsp;&nbsp; 2219473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SESI 144A 7.875% 9/30/30 # | 2175000 | &nbsp;&nbsp;&nbsp; 2219407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 8/1/32 # | 6074000 | &nbsp;&nbsp;&nbsp; 6206711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.625% 6/15/33 # | 10970000 | &nbsp;&nbsp;&nbsp; 12125975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 10/15/32 # | 10047000 | &nbsp;&nbsp;&nbsp; 10742152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 5/15/31 # | 5610000 | &nbsp;&nbsp;&nbsp; 5887207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners 144A 7.125% 3/15/29 # | 5582000 | &nbsp;&nbsp;&nbsp; 5714663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG 144A 9.875% 2/1/32 # | 17015000 | &nbsp;&nbsp;&nbsp; 18282243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG 144A 7.75% 5/1/35 # | 7980000 | &nbsp;&nbsp;&nbsp; 8948796 |
|  |  | &nbsp;&nbsp;&nbsp; 192557039 |
| &nbsp;&nbsp;Financial Services — 6.34% | &nbsp;&nbsp;Financial Services — 6.34% | &nbsp;&nbsp;Financial Services — 6.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance 144A 7.75% 4/15/30 # | 13970000 | &nbsp;&nbsp;&nbsp; 14400500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo 144A 6.50% 10/1/30 # | 10900000 | &nbsp;&nbsp;&nbsp; 10402836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners 144A 6.75% 9/15/31 # | 13172000 | &nbsp;&nbsp;&nbsp; 13094238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Investors 144A 7.00% 6/15/32 # | 13995000 | &nbsp;&nbsp;&nbsp; 14357904 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Financial Services (continued) | &nbsp;&nbsp;Financial Services (continued) | &nbsp;&nbsp;Financial Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial F&B Investments III 144A 7.75% 2/11/33 # | 2153000 | &nbsp;&nbsp;$2177228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 144A 6.625% 10/15/31 # | 13600000 | &nbsp;&nbsp;&nbsp; 12978942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/29 | 9277000 | &nbsp;&nbsp;&nbsp; 9297604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% 9/15/32 | 2849000 | &nbsp;&nbsp;&nbsp; 2809417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 5/15/32 # | 5840000 | &nbsp;&nbsp;&nbsp; 5641541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 2/15/33 # | 8960000 | &nbsp;&nbsp;&nbsp; 8580516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | 2775000 | &nbsp;&nbsp;&nbsp; 2751758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 8/10/34 #, μ, ψ | 9500000 | &nbsp;&nbsp;&nbsp; 9344438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.625% 2/1/30 # | 4054000 | &nbsp;&nbsp;&nbsp; 3827247 |
|  |  | &nbsp;&nbsp;&nbsp; 109664169 |
| &nbsp;&nbsp;Healthcare — 4.95% | &nbsp;&nbsp;Healthcare — 4.95% | &nbsp;&nbsp;Healthcare — 4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 BC 144A 10.00% 4/15/32 # | 5295000 | &nbsp;&nbsp;&nbsp; 5425728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group 144A 6.50% 2/15/30 # | 10920000 | &nbsp;&nbsp;&nbsp; 10261455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 4/1/30 # | 3563000 | &nbsp;&nbsp;&nbsp; 3101857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 4/15/29 # | 3555000 | &nbsp;&nbsp;&nbsp; 3422284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.75% 1/15/34 # | 8175000 | &nbsp;&nbsp;&nbsp; 8494791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENMAB 144A 7.25% 12/15/33 # | 2015000 | &nbsp;&nbsp;&nbsp; 2111007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | 6231000 | &nbsp;&nbsp;&nbsp; 6475847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health 144A 11.00% 10/15/30 # | 5395000 | &nbsp;&nbsp;&nbsp; 5808905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Mentor Holdings 144A 10.50% 12/15/30 # | 1448000 | &nbsp;&nbsp;&nbsp; 1495707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. 144A 5.125% 4/30/31 # | 11228000 | &nbsp;&nbsp;&nbsp; 9161879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradigm Parent and Paradigm Parent CO-Issuer 144A 8.75% 4/17/32 # | 2400000 | &nbsp;&nbsp;&nbsp; 2134526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners 144A 8.50% 7/15/32 # | 3735000 | &nbsp;&nbsp;&nbsp; 3791473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings 144A 6.875% 11/15/31 # | 10235000 | &nbsp;&nbsp;&nbsp; 9875824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings 144A 7.25% 4/15/32 # | 14265000 | &nbsp;&nbsp;&nbsp; 14028533 |
|  |  | &nbsp;&nbsp;&nbsp; 85589816 |
| &nbsp;&nbsp;Insurance — 5.80% | &nbsp;&nbsp;Insurance — 5.80% | &nbsp;&nbsp;Insurance — 5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco 144A 7.75% 2/15/31 # | 16665000 | &nbsp;&nbsp;&nbsp; 16872596 |

---

20&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | 9350000 | &nbsp;&nbsp;$9435982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.125% 2/15/32 # | 8375000 | &nbsp;&nbsp;&nbsp; 7854618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/30 # | 5860000 | &nbsp;&nbsp;&nbsp; 6006377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 1/31/32 # | 13935000 | &nbsp;&nbsp;&nbsp; 14221894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 # | 21010000 | &nbsp;&nbsp;&nbsp; 21373011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panther Escrow Issuer 144A 7.125% 6/1/31 # | 13925000 | &nbsp;&nbsp;&nbsp; 13978806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USI 144A 7.50% 1/15/32 # | 10450000 | &nbsp;&nbsp;&nbsp; 10600574 |
|  |  | &nbsp;&nbsp;&nbsp; 100343858 |
| &nbsp;&nbsp;Leisure — 2.24% | &nbsp;&nbsp;Leisure — 2.24% | &nbsp;&nbsp;Leisure — 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 2/15/32 # | 6890000 | &nbsp;&nbsp;&nbsp; 6815299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/15/30 # | 8210000 | &nbsp;&nbsp;&nbsp; 8315375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International 144A 7.25% 11/15/29 # | 6265000 | &nbsp;&nbsp;&nbsp; 6389517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions 144A 7.00% 9/15/30 # | 2205000 | &nbsp;&nbsp;&nbsp; 2252619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority 144A 8.25% 4/15/30 # | 3226000 | &nbsp;&nbsp;&nbsp; 3304747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment 144A 8.625% 1/15/32 # | 7979000 | &nbsp;&nbsp;&nbsp; 7997338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent 144A 9.25% 7/1/32 # | 3500000 | &nbsp;&nbsp;&nbsp; 3635937 |
|  |  | &nbsp;&nbsp;&nbsp; 38710832 |
| &nbsp;&nbsp;Media — 10.32% | &nbsp;&nbsp;Media — 10.32% | &nbsp;&nbsp;Media — 10.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 9.00% 11/15/30 # | 6328211 | &nbsp;&nbsp;&nbsp; 4714517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks 144A 10.50% 7/15/32 # | 6100142 | &nbsp;&nbsp;&nbsp; 5992269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 7.00% 2/1/33 # | 23225000 | &nbsp;&nbsp;&nbsp; 23312077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress 144A 7.375% 9/15/32 # | 9505000 | &nbsp;&nbsp;&nbsp; 9433866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings 144A 7.50% 3/15/33 # | 6155000 | &nbsp;&nbsp;&nbsp; 6522718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG Media 144A 8.875% 6/18/29 # | 14477000 | &nbsp;&nbsp;&nbsp; 12589532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 11/15/31 # | 10380000 | &nbsp;&nbsp;&nbsp; 6169857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 11/15/31 # | 10946000 | &nbsp;&nbsp;&nbsp; 3983946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulus Media New Holdings 144A 8.00% 7/1/29 #, ‡ | 18686000 | &nbsp;&nbsp;&nbsp; 2802900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directv Financing 144A 8.875% 2/1/30 # | 2530000 | &nbsp;&nbsp;&nbsp; 2520247 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 11/15/31 # | 13758000 | &nbsp;&nbsp;$10226940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 8/15/33 # | 4905000 | &nbsp;&nbsp;&nbsp; 4946379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education 144A 7.375% 9/1/31 # | 16282000 | &nbsp;&nbsp;&nbsp; 16632177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 13065000 | &nbsp;&nbsp;&nbsp; 12184872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 9/15/33 # | 6075000 | &nbsp;&nbsp;&nbsp; 6124961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 4/15/34 # | 1758000 | &nbsp;&nbsp;&nbsp; 1765096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OAK-Eagle Acquireco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/33 # | 4305194 | &nbsp;&nbsp;&nbsp; 4463386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 7/1/34 # | 2812000 | &nbsp;&nbsp;&nbsp; 2945701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap 144A 6.875% 3/1/33 # | 12620000 | &nbsp;&nbsp;&nbsp; 11927038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global 144A 5.625% 8/15/29 # | 14375000 | &nbsp;&nbsp;&nbsp; 13698044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 6/30/30 # | 8345000 | &nbsp;&nbsp;&nbsp; 8183064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.375% 8/1/32 # | 5650000 | &nbsp;&nbsp;&nbsp; 5827185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Versant Media Group 144A 7.25% 1/30/31 # | 1352000 | &nbsp;&nbsp;&nbsp; 1384747 |
|  |  | &nbsp;&nbsp;&nbsp; 178351519 |
| &nbsp;&nbsp;Non-Electric Utilities — 0.22% | &nbsp;&nbsp;Non-Electric Utilities — 0.22% | &nbsp;&nbsp;Non-Electric Utilities — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriGas Partners 144A 9.50% 6/1/30 # | 3495000 | &nbsp;&nbsp;&nbsp; 3716747 |
|  |  | &nbsp;&nbsp;&nbsp; 3716747 |
| &nbsp;&nbsp;Real Estate — 0.80% | &nbsp;&nbsp;Real Estate — 0.80% | &nbsp;&nbsp;Real Estate — 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandywine Operating Partnership 8.875% 4/12/29 | 2265000 | &nbsp;&nbsp;&nbsp; 2301548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital 144A 7.375% 2/15/31 # | 2335000 | &nbsp;&nbsp;&nbsp; 2436054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RHP Hotel Properties 144A 7.25% 7/15/28 # | 2390000 | &nbsp;&nbsp;&nbsp; 2441648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust 8.875% 6/15/32 | 2500000 | &nbsp;&nbsp;&nbsp; 2480383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust 144A 6.50% 7/1/30 # | 4116000 | &nbsp;&nbsp;&nbsp; 4205848 |
|  |  | &nbsp;&nbsp;&nbsp; 13865481 |
| &nbsp;&nbsp;Retail — 4.91% | &nbsp;&nbsp;Retail — 4.91% | &nbsp;&nbsp;Retail — 4.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 11/1/35 | 9195000 | &nbsp;&nbsp;&nbsp; 9055436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% 3/1/33 | 1347000 | &nbsp;&nbsp;&nbsp; 1301287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beach Acquisition Bidco PIK 144A 10.00% 7/15/33 #, >> | 8121444 | &nbsp;&nbsp;&nbsp; 8655367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana PIK 144A 9.00% 6/1/30 #, > | 5122650 | &nbsp;&nbsp;&nbsp; 5332489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;21

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura High Income Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Retail (continued) | &nbsp;&nbsp;Retail (continued) | &nbsp;&nbsp;Retail (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eG Global Finance 144A 12.00% 11/30/28 # | 2180000 | &nbsp;&nbsp;$2333618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | 18481000 | &nbsp;&nbsp;&nbsp; 17126435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michaels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 3/15/33 # | 4712000 | &nbsp;&nbsp;&nbsp; 4592075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 11.00% 3/15/34 # | 2071000 | &nbsp;&nbsp;&nbsp; 1930860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petco Health & Wellness 144A 8.25% 2/1/31 # | 2165000 | &nbsp;&nbsp;&nbsp; 2163516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 9/15/32 # | 3350000 | &nbsp;&nbsp;&nbsp; 3368810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 10.00% 9/15/33 # | 2230000 | &nbsp;&nbsp;&nbsp; 2227387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group 144A 11.25% 2/15/27 # | 4520000 | &nbsp;&nbsp;&nbsp; 4683526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | 16325000 | &nbsp;&nbsp;&nbsp; 16956337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William Carter 144A 7.375% 2/15/31 # | 5108000 | &nbsp;&nbsp;&nbsp; 5216319 |
|  |  | &nbsp;&nbsp;&nbsp; 84943462 |
| &nbsp;&nbsp;Services — 4.34% | &nbsp;&nbsp;Services — 4.34% | &nbsp;&nbsp;Services — 4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 144A 7.00% 5/21/30 # | 5725000 | &nbsp;&nbsp;&nbsp; 5855398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | 3810000 | &nbsp;&nbsp;&nbsp; 3909380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | 2595000 | &nbsp;&nbsp;&nbsp; 2661411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | 2891000 | &nbsp;&nbsp;&nbsp; 2951324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | 11765000 | &nbsp;&nbsp;&nbsp; 11606486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings 144A 8.375% 10/1/31 # | 5390000 | &nbsp;&nbsp;&nbsp; 4760278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 144A 10.75% 9/1/29 # | 13525000 | &nbsp;&nbsp;&nbsp; 12518595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synergy Infrastructure Holdings 144A 7.875% 12/1/30 # | 4125000 | &nbsp;&nbsp;&nbsp; 4215020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Supply Holdings 144A 7.375% 11/15/30 # | 18370000 | &nbsp;&nbsp;&nbsp; 17832637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Scotsman 144A 6.625% 4/15/30 # | 8510000 | &nbsp;&nbsp;&nbsp; 8651172 |
|  |  | &nbsp;&nbsp;&nbsp; 74961701 |
| &nbsp;&nbsp;Technology & Electronics — 2.66% | &nbsp;&nbsp;Technology & Electronics — 2.66% | &nbsp;&nbsp;Technology & Electronics — 2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Borrower 144A 8.00% 6/15/30 # | 4890000 | &nbsp;&nbsp;&nbsp; 4676893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cipher Compute 144A 7.125% 11/15/30 # | 3112000 | &nbsp;&nbsp;&nbsp; 3228012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 3/31/29 # | 6085000 | &nbsp;&nbsp;&nbsp; 5942339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.00% 9/30/29 # | 7795000 | &nbsp;&nbsp;&nbsp; 7527075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US 144A 7.875% 9/30/32 # | 10900000 | &nbsp;&nbsp;&nbsp; 8450506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG 144A 6.875% 2/1/31 # | 12225000 | &nbsp;&nbsp;&nbsp; 11958133 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Technology & Electronics (continued) | &nbsp;&nbsp;Technology & Electronics (continued) | &nbsp;&nbsp;Technology & Electronics (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WULF Compute 144A 7.75% 10/15/30 # | 4024000 | &nbsp;&nbsp;$4254636 |
|  |  | &nbsp;&nbsp;&nbsp; 46037594 |
| &nbsp;&nbsp;Telecommunications — 5.41% | &nbsp;&nbsp;Telecommunications — 5.41% | &nbsp;&nbsp;Telecommunications — 5.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APLD ComputeCo 2 144A 6.75% 3/15/31 # | 1787000 | &nbsp;&nbsp;&nbsp; 1775097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 9.00% 9/15/29 # | 14985000 | &nbsp;&nbsp;&nbsp; 15761073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave 144A 9.00% 2/1/31 # | 2230000 | &nbsp;&nbsp;&nbsp; 2124675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance 144A 8.625% 8/1/32 # | 5655000 | &nbsp;&nbsp;&nbsp; 5758351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding 144A 8.50% 4/15/31 # | 20110000 | &nbsp;&nbsp;&nbsp; 21058247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 7.125% 4/15/55 μ | 10860000 | &nbsp;&nbsp;&nbsp; 11119864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 7.125% 10/15/32 # | 13695000 | &nbsp;&nbsp;&nbsp; 13541121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Services 144A 7.50% 10/15/33 # | 5678000 | &nbsp;&nbsp;&nbsp; 5907202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I 144A 7.75% 4/15/32 # | 11765000 | &nbsp;&nbsp;&nbsp; 11291999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 7.50% 1/15/33 # | 5500000 | &nbsp;&nbsp;&nbsp; 5189244 |
|  |  | &nbsp;&nbsp;&nbsp; 93526873 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $1,428,349,481)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $1,428,349,481)** | &nbsp;&nbsp;&nbsp;**1405719064** |
| &nbsp;&nbsp;**Loan Agreements — 7.44%** | &nbsp;&nbsp;**Loan Agreements — 7.44%** | &nbsp;&nbsp;**Loan Agreements — 7.44%** |
| &nbsp;&nbsp;Automotive — 0.64% | &nbsp;&nbsp;Automotive — 0.64% | &nbsp;&nbsp;Automotive — 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global 6.418% (SOFR01M + 2.75%) 1/28/32 • | 4855600 | &nbsp;&nbsp;&nbsp; 4849531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco Tranche B 8.756% - 8.800% (SOFR03M + 5.10%) 11/17/28 • | 6295000 | &nbsp;&nbsp;&nbsp; 6146803 |
|  |  | &nbsp;&nbsp;&nbsp; 10996334 |
| &nbsp;&nbsp;Basic Industry — 1.10% | &nbsp;&nbsp;Basic Industry — 1.10% | &nbsp;&nbsp;Basic Industry — 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies 9.42% (SOFR03M + 5.75%) 7/19/30 • | 5825975 | &nbsp;&nbsp;&nbsp; 5319843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Holding Tranche B-1 6.70% (SOFR03M + 3.00%) 1/17/32 • | 7469769 | &nbsp;&nbsp;&nbsp; 7448293 |

---

22&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Usalco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.168% (SOFR01M + 3.50%) 9/30/31 • | 5600070 | &nbsp;&nbsp;$5593070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.176% (SOFR01M + 3.50%) 9/30/31 • | &nbsp;&nbsp;&nbsp;&nbsp;584258 | &nbsp;&nbsp;&nbsp; 583528 |
|  |  | &nbsp;&nbsp;&nbsp; 18944734 |
| &nbsp;&nbsp;Capital Goods — 0.43% | &nbsp;&nbsp;Capital Goods — 0.43% | &nbsp;&nbsp;Capital Goods — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings Tranche B 6.918% (SOFR01M + 3.25%) 4/1/32 • | 2552684 | &nbsp;&nbsp;&nbsp; 2388532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunSource Borrower 7.768% (SOFR01M + 4.10%) 3/25/31 • | 5108735 | &nbsp;&nbsp;&nbsp; 5112459 |
|  |  | &nbsp;&nbsp;&nbsp; 7500991 |
| &nbsp;&nbsp;Healthcare — 2.75% | &nbsp;&nbsp;Healthcare — 2.75% | &nbsp;&nbsp;Healthcare — 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb 7.418% (SOFR01M + 3.75%) 1/15/31 • | 13754066 | &nbsp;&nbsp;&nbsp; 13801352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti 7.625% 5/1/31 | 14040000 | &nbsp;&nbsp;&nbsp; 13136175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 7.418% (SOFR01M + 3.75%) 8/25/32 • | 20655476 | &nbsp;&nbsp;&nbsp; 20622613 |
|  |  | &nbsp;&nbsp;&nbsp; 47560140 |
| &nbsp;&nbsp;Leisure — 0.30% | &nbsp;&nbsp;Leisure — 0.30% | &nbsp;&nbsp;Leisure — 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings 6.652% (SOFR03M + 3.00%) 4/4/29 • | 5195522 | &nbsp;&nbsp;&nbsp; 5124894 |
|  |  | &nbsp;&nbsp;&nbsp; 5124894 |
| &nbsp;&nbsp;Media — 0.25% | &nbsp;&nbsp;Media — 0.25% | &nbsp;&nbsp;Media — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DirectV Financing Tranche B 9.167% (SOFR03M + 5.50%) 2/17/31 • | 3259750 | &nbsp;&nbsp;&nbsp; 3267391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 1st Lien 7.95% (SOFR03M + 4.25%) 6/24/29 • | 1126339 | &nbsp;&nbsp;&nbsp; 1123993 |
|  |  | &nbsp;&nbsp;&nbsp; 4391384 |
| &nbsp;&nbsp;Retail — 0.40% | &nbsp;&nbsp;Retail — 0.40% | &nbsp;&nbsp;Retail — 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group 7.418% (SOFR01M + 3.75%) 1/28/32 • | 7050780 | &nbsp;&nbsp;&nbsp; 6936205 |
|  |  | &nbsp;&nbsp;&nbsp; 6936205 |
| &nbsp;&nbsp;Technology & Electronics — 1.57% | &nbsp;&nbsp;Technology & Electronics — 1.57% | &nbsp;&nbsp;Technology & Electronics — 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Systems 2nd Lien 8.20% (SOFR03M + 4.50%) 2/23/32 • | 13310000 | &nbsp;&nbsp;&nbsp; 13160262 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Technology & Electronics (continued) | &nbsp;&nbsp;Technology & Electronics (continued) | &nbsp;&nbsp;Technology & Electronics (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover Holdings 2 7.75% 12/9/31 | 14733663 | &nbsp;&nbsp;$13923311 |
|  |  | &nbsp;&nbsp;&nbsp; 27083573 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $130,372,311)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $130,372,311)** | &nbsp;&nbsp;&nbsp; **128538255** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 0.83%♣** | &nbsp;&nbsp;**Common Stocks — 0.83%♣** | &nbsp;&nbsp;**Common Stocks — 0.83%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 0.79% | &nbsp;&nbsp;Consumer Discretionary — 0.79% | &nbsp;&nbsp;Consumer Discretionary — 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG Warrant =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19688 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | 5668119 | &nbsp;&nbsp; 13773529 |
|  |  | &nbsp;&nbsp; 13773529 |
| &nbsp;&nbsp;Energy — 0.04% | &nbsp;&nbsp;Energy — 0.04% | &nbsp;&nbsp;Energy — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIS Industries Holdings <<, =, †, π | 19682813 | &nbsp;&nbsp; 96623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maritime Finance =, † | 1750000 | &nbsp;&nbsp; 550711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Oil & Gas Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385 | &nbsp;&nbsp; 6671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238 | &nbsp;&nbsp; 3179 |
|  |  | &nbsp;&nbsp; 657184 |
| &nbsp;&nbsp;Financials — 0.00% | &nbsp;&nbsp;Financials — 0.00% | &nbsp;&nbsp;Financials — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai <<, =, †, π, ∞ | 20316462 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $262,038,319)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $262,038,319)** | &nbsp;&nbsp; **14430713** |
| &nbsp;&nbsp;**Short-Term Investments — 3.23%** | &nbsp;&nbsp;**Short-Term Investments — 3.23%** | &nbsp;&nbsp;**Short-Term Investments — 3.23%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 3.23% | &nbsp;&nbsp;Money Market Mutual Funds — 3.23% | &nbsp;&nbsp;Money Market Mutual Funds — 3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 13966142 | &nbsp;&nbsp; 13966142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 13966141 | &nbsp;&nbsp; 13966141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 13966141 | &nbsp;&nbsp; 13966141 |

---

&nbsp;&nbsp;&nbsp;&nbsp;23

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura High Income 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;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 13966141 | &nbsp;&nbsp;$13966141 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $55,864,565)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $55,864,565)** | &nbsp;&nbsp;&nbsp; **55864565** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—97.75%<br> (cost $1,968,673,360)** |  | &nbsp;&nbsp;&nbsp;**1690025430** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—2.25%** |  | &nbsp;&nbsp;&nbsp; **38860274** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 300,838,207 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$1728885704** |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated schedule of investments. |
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2026, the aggregate value of Rule 144A securities was $1,357,400,834, which represents 78.51% of the Fund's net assets. See Note 13 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| << | Affiliated company. See Note 2 in "Notes to financial statements." |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| >> | PIK. 100% of the income received was in the form of principal. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2026. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| ‡ | Security is currently in default. |
| > | PIK. 100% of the income received was in the form of cash. |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Represents a position held in the Subsidiary. |
| Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At March 31, 2026, the aggregate value of restricted securities was $24,351,189, which represented 1.41% of the Fund's net assets. See Note 13 in "Notes to financial statements" and the table below for additional details on restricted securities. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | Date of Acquisition | Cost | Value |
| ASG Warrant | &nbsp;&nbsp;&nbsp;5/30/18 | $1206000 | $0 |
| BIS Industries Holdings | 12/22/17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96623 |
| New Cotai | &nbsp;&nbsp;&nbsp;9/29/20 | &nbsp;&nbsp;&nbsp;194451977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;26545082 | &nbsp;&nbsp;&nbsp;24251387 |
| Westmoreland Coal | &nbsp;&nbsp;&nbsp;3/15/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 |
| Total |  | $224058725 | $24351189 |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| CLO – Collateralized Loan Obligation |
| LNG – Liquefied Natural Gas |
| PIK – Payment-in-kind |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

24&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

## Schedules of investments
Nomura International Core Equity Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 93.54%Δ** | &nbsp;&nbsp;**Common Stocks — 93.54%Δ** | &nbsp;&nbsp;**Common Stocks — 93.54%Δ** |
| &nbsp;&nbsp;Brazil — 7.08% | &nbsp;&nbsp;Brazil — 7.08% | &nbsp;&nbsp;Brazil — 7.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 4572735 | &nbsp;&nbsp;$20357205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;739762 | &nbsp;&nbsp;&nbsp; 22654795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer ADR | &nbsp;&nbsp;&nbsp;&nbsp;377229 | &nbsp;&nbsp;&nbsp; 22384769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;11664 | &nbsp;&nbsp;&nbsp; 20167289 |
|  |  | &nbsp;&nbsp;&nbsp; 85564058 |
| &nbsp;&nbsp;Canada — 5.62% | &nbsp;&nbsp;Canada — 5.62% | &nbsp;&nbsp;Canada — 5.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;400390 | &nbsp;&nbsp;&nbsp; 22694811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica † | &nbsp;&nbsp;&nbsp;&nbsp;47019 | &nbsp;&nbsp;&nbsp; 13244312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;194917 | &nbsp;&nbsp;&nbsp; 13961275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TFI International | &nbsp;&nbsp;&nbsp;&nbsp;165449 | &nbsp;&nbsp;&nbsp; 18008977 |
|  |  | &nbsp;&nbsp;&nbsp; 67909375 |
| &nbsp;&nbsp;China — 7.68% | &nbsp;&nbsp;China — 7.68% | &nbsp;&nbsp;China — 7.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding | &nbsp;&nbsp;&nbsp;&nbsp;655900 | &nbsp;&nbsp;&nbsp; 10280898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Tourism Group Duty Free Class H 144A # | 1962138 | &nbsp;&nbsp;&nbsp; 16408499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henderson Land Development | 5607000 | &nbsp;&nbsp;&nbsp; 20831156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential | 2095894 | &nbsp;&nbsp;&nbsp; 29139456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Class H | 3606000 | &nbsp;&nbsp;&nbsp; 16221587 |
|  |  | &nbsp;&nbsp;&nbsp; 92881596 |
| &nbsp;&nbsp;Denmark — 1.82% | &nbsp;&nbsp;Denmark — 1.82% | &nbsp;&nbsp;Denmark — 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;96163 | &nbsp;&nbsp;&nbsp; 21995363 |
|  |  | &nbsp;&nbsp;&nbsp; 21995363 |
| &nbsp;&nbsp;Finland — 1.72% | &nbsp;&nbsp;Finland — 1.72% | &nbsp;&nbsp;Finland — 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;631721 | &nbsp;&nbsp;&nbsp; 20796255 |
|  |  | &nbsp;&nbsp;&nbsp; 20796255 |
| &nbsp;&nbsp;France — 1.69% | &nbsp;&nbsp;France — 1.69% | &nbsp;&nbsp;France — 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;108132 | &nbsp;&nbsp;&nbsp; 20444838 |
|  |  | &nbsp;&nbsp;&nbsp; 20444838 |
| &nbsp;&nbsp;Germany — 3.09% | &nbsp;&nbsp;Germany — 3.09% | &nbsp;&nbsp;Germany — 3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech ADR † | &nbsp;&nbsp;&nbsp;&nbsp;137896 | &nbsp;&nbsp;&nbsp; 12256197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KION Group | &nbsp;&nbsp;&nbsp;&nbsp;166112 | &nbsp;&nbsp;&nbsp; 8875710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy | &nbsp;&nbsp;&nbsp;&nbsp;94026 | &nbsp;&nbsp;&nbsp; 16214744 |
|  |  | &nbsp;&nbsp;&nbsp; 37346651 |
| &nbsp;&nbsp;India — 3.90% | &nbsp;&nbsp;India — 3.90% | &nbsp;&nbsp;India — 3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | 1912693 | &nbsp;&nbsp;&nbsp; 23689129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | 1237027 | &nbsp;&nbsp;&nbsp; 23507710 |
|  |  | &nbsp;&nbsp;&nbsp; 47196839 |
| &nbsp;&nbsp;Ireland — 1.54% | &nbsp;&nbsp;Ireland — 1.54% | &nbsp;&nbsp;Ireland — 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian | &nbsp;&nbsp;&nbsp;&nbsp;536630 | &nbsp;&nbsp;&nbsp; 18564445 |
|  |  | &nbsp;&nbsp;&nbsp; 18564445 |
| &nbsp;&nbsp;Japan — 9.38% | &nbsp;&nbsp;Japan — 9.38% | &nbsp;&nbsp;Japan — 9.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daikin Industries | &nbsp;&nbsp;&nbsp;&nbsp;213500 | &nbsp;&nbsp;&nbsp; 25608674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 1824000 | &nbsp;&nbsp;&nbsp; 30887497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo | &nbsp;&nbsp;&nbsp;&nbsp;229700 | &nbsp;&nbsp;&nbsp; 13112572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus | &nbsp;&nbsp;&nbsp;&nbsp;560300 | &nbsp;&nbsp;&nbsp; 5338163 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Japan (continued) | &nbsp;&nbsp;Japan (continued) | &nbsp;&nbsp;Japan (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;97700 | &nbsp;&nbsp;$38425245 |
|  |  | &nbsp;&nbsp;&nbsp; 113372151 |
| &nbsp;&nbsp;Luxembourg — 2.11% | &nbsp;&nbsp;Luxembourg — 2.11% | &nbsp;&nbsp;Luxembourg — 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurofins Scientific | &nbsp;&nbsp;&nbsp;&nbsp;349521 | &nbsp;&nbsp;&nbsp; 25504205 |
|  |  | &nbsp;&nbsp;&nbsp; 25504205 |
| &nbsp;&nbsp;Mexico — 1.61% | &nbsp;&nbsp;Mexico — 1.61% | &nbsp;&nbsp;Mexico — 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemex ADR | 1706789 | &nbsp;&nbsp;&nbsp; 19525666 |
|  |  | &nbsp;&nbsp;&nbsp; 19525666 |
| &nbsp;&nbsp;Netherlands — 10.55% | &nbsp;&nbsp;Netherlands — 10.55% | &nbsp;&nbsp;Netherlands — 10.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;25329 | &nbsp;&nbsp;&nbsp; 25350540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx ADR † | &nbsp;&nbsp;&nbsp;&nbsp;35676 | &nbsp;&nbsp;&nbsp; 26052399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | &nbsp;&nbsp;&nbsp;&nbsp;28395 | &nbsp;&nbsp;&nbsp; 37758440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | 1479192 | &nbsp;&nbsp;&nbsp; 38394915 |
|  |  | &nbsp;&nbsp;&nbsp; 127556294 |
| &nbsp;&nbsp;Singapore — 2.65% | &nbsp;&nbsp;Singapore — 2.65% | &nbsp;&nbsp;Singapore — 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Class A † | 4961687 | &nbsp;&nbsp;&nbsp; 18159775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;167626 | &nbsp;&nbsp;&nbsp; 13881109 |
|  |  | &nbsp;&nbsp;&nbsp; 32040884 |
| &nbsp;&nbsp;South Korea — 5.15% | &nbsp;&nbsp;South Korea — 5.15% | &nbsp;&nbsp;South Korea — 5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;289008 | &nbsp;&nbsp;&nbsp; 33802778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;50162 | &nbsp;&nbsp;&nbsp; 28460169 |
|  |  | &nbsp;&nbsp;&nbsp; 62262947 |
| &nbsp;&nbsp;Spain — 2.54% | &nbsp;&nbsp;Spain — 2.54% | &nbsp;&nbsp;Spain — 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 1420396 | &nbsp;&nbsp;&nbsp; 30679941 |
|  |  | &nbsp;&nbsp;&nbsp; 30679941 |
| &nbsp;&nbsp;Taiwan — 8.05% | &nbsp;&nbsp;Taiwan — 8.05% | &nbsp;&nbsp;Taiwan — 8.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 1683000 | &nbsp;&nbsp;&nbsp; 97335505 |
|  |  | &nbsp;&nbsp;&nbsp; 97335505 |
| &nbsp;&nbsp;United Kingdom — 6.95% | &nbsp;&nbsp;United Kingdom — 6.95% | &nbsp;&nbsp;United Kingdom — 6.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Group | &nbsp;&nbsp;&nbsp;&nbsp;237694 | &nbsp;&nbsp;&nbsp; 7746687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;709637 | &nbsp;&nbsp;&nbsp; 20805497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | 3232305 | &nbsp;&nbsp;&nbsp; 16916216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group | &nbsp;&nbsp;&nbsp;&nbsp;962939 | &nbsp;&nbsp;&nbsp; 26866892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;114452 | &nbsp;&nbsp;&nbsp; 11668381 |
|  |  | &nbsp;&nbsp;&nbsp; 84003673 |
| &nbsp;&nbsp;United States — 10.41% | &nbsp;&nbsp;United States — 10.41% | &nbsp;&nbsp;United States — 10.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002 | &nbsp;&nbsp;&nbsp; 16849701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP ADR | &nbsp;&nbsp;&nbsp;&nbsp;246674 | &nbsp;&nbsp;&nbsp; 11593678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial | 2167464 | &nbsp;&nbsp;&nbsp; 23842104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Hardie Industries † | &nbsp;&nbsp;&nbsp;&nbsp;841523 | &nbsp;&nbsp;&nbsp; 15938445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | &nbsp;&nbsp;&nbsp;&nbsp;566661 | &nbsp;&nbsp;&nbsp; 29120709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;25

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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 States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;58668 | &nbsp;&nbsp;$28448700 |
|  |  | &nbsp;&nbsp;&nbsp; 125793337 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $965,794,202)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $965,794,202)** | &nbsp;&nbsp;&nbsp;**1130774023** |
| &nbsp;&nbsp;**Preferred Stock — 1.97%Δ** | &nbsp;&nbsp;**Preferred Stock — 1.97%Δ** | &nbsp;&nbsp;**Preferred Stock — 1.97%Δ** |
| &nbsp;&nbsp;Germany — 1.97% | &nbsp;&nbsp;Germany — 1.97% | &nbsp;&nbsp;Germany — 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henkel & Co. 3.17% ω | &nbsp;&nbsp;&nbsp;&nbsp;307915 | &nbsp;&nbsp;&nbsp; 23786180 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $27,482,419)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $27,482,419)** | &nbsp;&nbsp;&nbsp; **23786180** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Investments — 0.63%** | &nbsp;&nbsp;**Short-Term Investments — 0.63%** | &nbsp;&nbsp;**Short-Term Investments — 0.63%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.63% | &nbsp;&nbsp;Money Market Mutual Funds — 0.63% | &nbsp;&nbsp;Money Market Mutual Funds — 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 1912368 | &nbsp;&nbsp;&nbsp; 1912368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 1912368 | &nbsp;&nbsp;&nbsp; 1912368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 1912368 | &nbsp;&nbsp;&nbsp; 1912368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 1912368 | &nbsp;&nbsp;&nbsp; 1912368 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,649,472)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,649,472)** | &nbsp;&nbsp;&nbsp; **7649472** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—96.14%<br> (cost $1,000,926,093)** |  | &nbsp;&nbsp;&nbsp;**1162209675** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 3.86%** |  | &nbsp;&nbsp;&nbsp; **46605248** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 56,992,997 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$1208814923** |

---

Δ Securities have been classified by country of risk. <br> † Non-income producing security.

---

| | |
|:---|:---|
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2026, the aggregate value of Rule 144A securities was $41,759,039, which represents 3.45% of the Fund's net assets. See Note 13 in "Notes to financial statements." |
| ω | Perpetual security with no stated maturity date. |

---

---

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

---

See accompanying notes, which are an integral part of the financial statements.

26&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Large Cap Growth Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.92%♣** | &nbsp;&nbsp;**Common Stocks — 99.92%♣** | &nbsp;&nbsp;**Common Stocks — 99.92%♣** |
| &nbsp;&nbsp;Communication Services — 9.72% | &nbsp;&nbsp;Communication Services — 9.72% | &nbsp;&nbsp;Communication Services — 9.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 1287763 | &nbsp;&nbsp;$370309129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;222339 | &nbsp;&nbsp;&nbsp; 127206812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;723841 | &nbsp;&nbsp;&nbsp; 69597312 |
|  |  | &nbsp;&nbsp;&nbsp; 567113253 |
| &nbsp;&nbsp;Consumer Discretionary — 8.66% | &nbsp;&nbsp;Consumer Discretionary — 8.66% | &nbsp;&nbsp;Consumer Discretionary — 8.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 1691490 | &nbsp;&nbsp;&nbsp; 352286622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;24322 | &nbsp;&nbsp;&nbsp; 102403403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;149473 | &nbsp;&nbsp;&nbsp; 50589137 |
|  |  | &nbsp;&nbsp;&nbsp; 505279162 |
| &nbsp;&nbsp;Consumer Staples — 0.68% | &nbsp;&nbsp;Consumer Staples — 0.68% | &nbsp;&nbsp;Consumer Staples — 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | &nbsp;&nbsp;&nbsp;&nbsp;519004 | &nbsp;&nbsp;&nbsp; 39470254 |
|  |  | &nbsp;&nbsp;&nbsp; 39470254 |
| &nbsp;&nbsp;Financials — 15.15% | &nbsp;&nbsp;Financials — 15.15% | &nbsp;&nbsp;Financials — 15.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 1052237 | &nbsp;&nbsp;&nbsp; 165495835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;365013 | &nbsp;&nbsp;&nbsp; 182382396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI | &nbsp;&nbsp;&nbsp;&nbsp;191838 | &nbsp;&nbsp;&nbsp; 103402600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global | &nbsp;&nbsp;&nbsp;&nbsp;356591 | &nbsp;&nbsp;&nbsp; 151672416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Class A | &nbsp;&nbsp;&nbsp;&nbsp;930596 | &nbsp;&nbsp;&nbsp; 281263335 |
|  |  | &nbsp;&nbsp;&nbsp; 884216582 |
| &nbsp;&nbsp;Healthcare — 9.29% | &nbsp;&nbsp;Healthcare — 9.29% | &nbsp;&nbsp;Healthcare — 9.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;729039 | &nbsp;&nbsp;&nbsp; 138225795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences † | 1300590 | &nbsp;&nbsp;&nbsp; 104151247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;588755 | &nbsp;&nbsp;&nbsp; 82054784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;96815 | &nbsp;&nbsp;&nbsp; 54399380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | &nbsp;&nbsp;&nbsp;&nbsp;222057 | &nbsp;&nbsp;&nbsp; 102366057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;345747 | &nbsp;&nbsp;&nbsp; 60733918 |
|  |  | &nbsp;&nbsp;&nbsp; 541931181 |
| &nbsp;&nbsp;Industrials — 6.42% | &nbsp;&nbsp;Industrials — 6.42% | &nbsp;&nbsp;Industrials — 6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | &nbsp;&nbsp;&nbsp;&nbsp;392088 | &nbsp;&nbsp;&nbsp; 63706458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax | &nbsp;&nbsp;&nbsp;&nbsp;249379 | &nbsp;&nbsp;&nbsp; 44905677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;&nbsp;95716 | &nbsp;&nbsp;&nbsp; 18702906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics | &nbsp;&nbsp;&nbsp;&nbsp;641052 | &nbsp;&nbsp;&nbsp; 121639617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections | &nbsp;&nbsp;&nbsp;&nbsp;774980 | &nbsp;&nbsp;&nbsp; 125887751 |
|  |  | &nbsp;&nbsp;&nbsp; 374842409 |
| &nbsp;&nbsp;Information Technology — 48.42% | &nbsp;&nbsp;Information Technology — 48.42% | &nbsp;&nbsp;Information Technology — 48.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;587965 | &nbsp;&nbsp;&nbsp; 119609720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 2133606 | &nbsp;&nbsp;&nbsp; 541487867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk † | &nbsp;&nbsp;&nbsp;&nbsp;213953 | &nbsp;&nbsp;&nbsp; 51220348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;537688 | &nbsp;&nbsp;&nbsp; 166419813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | &nbsp;&nbsp;&nbsp;&nbsp;189359 | &nbsp;&nbsp;&nbsp; 81875044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 1756111 | &nbsp;&nbsp;&nbsp; 650059609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions | &nbsp;&nbsp;&nbsp;&nbsp;195083 | &nbsp;&nbsp;&nbsp; 84660169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 5201570 | &nbsp;&nbsp;&nbsp; 907153808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys † | &nbsp;&nbsp;&nbsp;&nbsp;94237 | &nbsp;&nbsp;&nbsp; 37363086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;549501 | &nbsp;&nbsp;&nbsp; 185703863 |
|  |  | &nbsp;&nbsp;&nbsp;2825553327 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Materials — 1.53% | &nbsp;&nbsp;Materials — 1.53% | &nbsp;&nbsp;Materials — 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;326548 | &nbsp;&nbsp;$88919021 |
|  |  | &nbsp;&nbsp;&nbsp; 88919021 |
| &nbsp;&nbsp;Real Estate — 0.05% | &nbsp;&nbsp;Real Estate — 0.05% | &nbsp;&nbsp;Real Estate — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | &nbsp;&nbsp;&nbsp;&nbsp;72668 | &nbsp;&nbsp;&nbsp; 2931427 |
|  |  | &nbsp;&nbsp;&nbsp; 2931427 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $2,341,371,120)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $2,341,371,120)** | &nbsp;&nbsp;&nbsp;**5830256616** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.92%<br> (cost $2,341,371,120)** |  | &nbsp;&nbsp;&nbsp;**5830256616** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.08%** |  | &nbsp;&nbsp;&nbsp; **4920974** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 173,566,500 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$5835177590** |

---

♣ 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 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;27

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Mid Cap Growth Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 100.09%♣** | &nbsp;&nbsp;**Common Stocks — 100.09%♣** | &nbsp;&nbsp;**Common Stocks — 100.09%♣** |
| &nbsp;&nbsp;Communication Services — 0.55% | &nbsp;&nbsp;Communication Services — 0.55% | &nbsp;&nbsp;Communication Services — 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stubhub Holdings Class A † | 2632532 | &nbsp;&nbsp;$16427000 |
|  |  | &nbsp;&nbsp;&nbsp; 16427000 |
| &nbsp;&nbsp;Consumer Discretionary — 18.99% | &nbsp;&nbsp;Consumer Discretionary — 18.99% | &nbsp;&nbsp;Consumer Discretionary — 18.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;921968 | &nbsp;&nbsp;&nbsp; 30351187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros Class A † | &nbsp;&nbsp;&nbsp;&nbsp;764366 | &nbsp;&nbsp;&nbsp; 38722781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings Class A † | 1058013 | &nbsp;&nbsp;&nbsp; 53747060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;234470 | &nbsp;&nbsp;&nbsp; 71297638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Holding Class A † | 1108057 | &nbsp;&nbsp;&nbsp; 37696099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness Class A † | &nbsp;&nbsp;&nbsp;&nbsp;387002 | &nbsp;&nbsp;&nbsp; 28785209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | &nbsp;&nbsp;&nbsp;&nbsp;410952 | &nbsp;&nbsp;&nbsp; 113085771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | &nbsp;&nbsp;&nbsp;&nbsp;409386 | &nbsp;&nbsp;&nbsp; 43353977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry | &nbsp;&nbsp;&nbsp;&nbsp;333845 | &nbsp;&nbsp;&nbsp; 47108868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse | &nbsp;&nbsp;&nbsp;&nbsp;169497 | &nbsp;&nbsp;&nbsp; 27990735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | &nbsp;&nbsp;&nbsp;&nbsp;997492 | &nbsp;&nbsp;&nbsp; 45186388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;422560 | &nbsp;&nbsp;&nbsp; 31049709 |
|  |  | &nbsp;&nbsp;&nbsp; 568375422 |
| &nbsp;&nbsp;Consumer Staples — 1.54% | &nbsp;&nbsp;Consumer Staples — 1.54% | &nbsp;&nbsp;Consumer Staples — 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;63237 | &nbsp;&nbsp;&nbsp; 46027683 |
|  |  | &nbsp;&nbsp;&nbsp; 46027683 |
| &nbsp;&nbsp;Financials — 7.42% | &nbsp;&nbsp;Financials — 7.42% | &nbsp;&nbsp;Financials — 7.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;&nbsp;542871 | &nbsp;&nbsp;&nbsp; 35400618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay † | &nbsp;&nbsp;&nbsp;&nbsp;144628 | &nbsp;&nbsp;&nbsp; 42085302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | &nbsp;&nbsp;&nbsp;&nbsp;215715 | &nbsp;&nbsp;&nbsp; 30980988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group | &nbsp;&nbsp;&nbsp;&nbsp;107466 | &nbsp;&nbsp;&nbsp; 36716834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings | &nbsp;&nbsp;&nbsp;&nbsp;256251 | &nbsp;&nbsp;&nbsp; 77087988 |
|  |  | &nbsp;&nbsp;&nbsp; 222271730 |
| &nbsp;&nbsp;Healthcare — 22.49% | &nbsp;&nbsp;Healthcare — 22.49% | &nbsp;&nbsp;Healthcare — 22.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology † | &nbsp;&nbsp;&nbsp;&nbsp;290647 | &nbsp;&nbsp;&nbsp; 49825615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;153221 | &nbsp;&nbsp;&nbsp; 50696232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;146632 | &nbsp;&nbsp;&nbsp; 33539137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | 1235246 | &nbsp;&nbsp;&nbsp; 64553956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health | &nbsp;&nbsp;&nbsp;&nbsp;169509 | &nbsp;&nbsp;&nbsp; 35818947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom † | &nbsp;&nbsp;&nbsp;&nbsp;438445 | &nbsp;&nbsp;&nbsp; 27534346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences † | &nbsp;&nbsp;&nbsp;&nbsp;859900 | &nbsp;&nbsp;&nbsp; 68860792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;204894 | &nbsp;&nbsp;&nbsp; 115127890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;264253 | &nbsp;&nbsp;&nbsp; 43210651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet † | &nbsp;&nbsp;&nbsp;&nbsp;285126 | &nbsp;&nbsp;&nbsp; 59830840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;606560 | &nbsp;&nbsp;&nbsp; 45546590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS | &nbsp;&nbsp;&nbsp;&nbsp;160958 | &nbsp;&nbsp;&nbsp; 35592643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;109306 | &nbsp;&nbsp;&nbsp; 10866109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Holding † | 1333593 | &nbsp;&nbsp;&nbsp; 32152927 |
|  |  | &nbsp;&nbsp;&nbsp; 673156675 |
| &nbsp;&nbsp;Industrials — 24.66% | &nbsp;&nbsp;Industrials — 24.66% | &nbsp;&nbsp;Industrials — 24.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies | &nbsp;&nbsp;&nbsp;&nbsp;229462 | &nbsp;&nbsp;&nbsp; 46922684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | &nbsp;&nbsp;&nbsp;&nbsp;202114 | &nbsp;&nbsp;&nbsp; 22458908 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Copart † | &nbsp;&nbsp;&nbsp;&nbsp;988514 | &nbsp;&nbsp;$32818665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | 1827908 | &nbsp;&nbsp;&nbsp; 84814931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises | &nbsp;&nbsp;&nbsp;&nbsp;266697 | &nbsp;&nbsp;&nbsp; 62209742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;289562 | &nbsp;&nbsp;&nbsp; 56560146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Class A | &nbsp;&nbsp;&nbsp;&nbsp;248858 | &nbsp;&nbsp;&nbsp; 52531435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;282531 | &nbsp;&nbsp;&nbsp; 65112094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;426400 | &nbsp;&nbsp;&nbsp; 30065464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;239531 | &nbsp;&nbsp;&nbsp; 59662382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;&nbsp;163031 | &nbsp;&nbsp;&nbsp; 31856257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding † | &nbsp;&nbsp;&nbsp;&nbsp;344311 | &nbsp;&nbsp;&nbsp; 37199360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;168974 | &nbsp;&nbsp;&nbsp; 92770106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;315360 | &nbsp;&nbsp;&nbsp; 63053078 |
|  |  | &nbsp;&nbsp;&nbsp; 738035252 |
| &nbsp;&nbsp;Information Technology — 20.24% | &nbsp;&nbsp;Information Technology — 20.24% | &nbsp;&nbsp;Information Technology — 20.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems Class B | &nbsp;&nbsp;&nbsp;&nbsp;882775 | &nbsp;&nbsp;&nbsp; 31003058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare Class A † | &nbsp;&nbsp;&nbsp;&nbsp;479365 | &nbsp;&nbsp;&nbsp; 98912174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Class A † | &nbsp;&nbsp;&nbsp;&nbsp;323311 | &nbsp;&nbsp;&nbsp; 38166864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GlobalFoundries † | &nbsp;&nbsp;&nbsp;&nbsp;567550 | &nbsp;&nbsp;&nbsp; 25244624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;268773 | &nbsp;&nbsp;&nbsp; 59686420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates † | &nbsp;&nbsp;&nbsp;&nbsp;325967 | &nbsp;&nbsp;&nbsp; 43392727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems | &nbsp;&nbsp;&nbsp;&nbsp;110572 | &nbsp;&nbsp;&nbsp; 120893896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta † | &nbsp;&nbsp;&nbsp;&nbsp;485852 | &nbsp;&nbsp;&nbsp; 57383980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus † | &nbsp;&nbsp;&nbsp;&nbsp;190340 | &nbsp;&nbsp;&nbsp; 16374950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | &nbsp;&nbsp;&nbsp;&nbsp;330423 | &nbsp;&nbsp;&nbsp; 49834397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;105772 | &nbsp;&nbsp;&nbsp; 36214217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler † | &nbsp;&nbsp;&nbsp;&nbsp;204100 | &nbsp;&nbsp;&nbsp; 28633189 |
|  |  | &nbsp;&nbsp;&nbsp; 605740496 |
| &nbsp;&nbsp;Materials — 1.98% | &nbsp;&nbsp;Materials — 1.98% | &nbsp;&nbsp;Materials — 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials | &nbsp;&nbsp;&nbsp;&nbsp;100562 | &nbsp;&nbsp;&nbsp; 59198838 |
|  |  | &nbsp;&nbsp;&nbsp; 59198838 |
| &nbsp;&nbsp;Real Estate — 2.22% | &nbsp;&nbsp;Real Estate — 2.22% | &nbsp;&nbsp;Real Estate — 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | 1651887 | &nbsp;&nbsp;&nbsp; 66637122 |
|  |  | &nbsp;&nbsp;&nbsp; 66637122 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $2,535,385,242)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $2,535,385,242)** | &nbsp;&nbsp;&nbsp;**2995870218** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.09%<br> (cost $2,535,385,242)** |  | &nbsp;&nbsp;&nbsp;**2995870218** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.09%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(2616093)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 129,855,510 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$2993254125** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;28

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♣ 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 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;29

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Nomura Mid Cap Income Opportunities Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.66%♣** | &nbsp;&nbsp;**Common Stocks — 98.66%♣** | &nbsp;&nbsp;**Common Stocks — 98.66%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 16.94% | &nbsp;&nbsp;Consumer Discretionary — 16.94% | &nbsp;&nbsp;Consumer Discretionary — 16.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;102736 | &nbsp;&nbsp;$20140365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin | &nbsp;&nbsp;&nbsp;&nbsp;88666 | &nbsp;&nbsp;&nbsp; 20571399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;246144 | &nbsp;&nbsp;&nbsp; 20309342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | &nbsp;&nbsp;&nbsp;&nbsp;441281 | &nbsp;&nbsp;&nbsp; 19990029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure | &nbsp;&nbsp;&nbsp;&nbsp;297927 | &nbsp;&nbsp;&nbsp; 20613569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts | &nbsp;&nbsp;&nbsp;&nbsp;159844 | &nbsp;&nbsp;&nbsp; 20511182 |
|  |  | &nbsp;&nbsp;&nbsp;122135886 |
| &nbsp;&nbsp;Consumer Staples — 5.32% | &nbsp;&nbsp;Consumer Staples — 5.32% | &nbsp;&nbsp;Consumer Staples — 5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey | &nbsp;&nbsp;&nbsp;&nbsp;93941 | &nbsp;&nbsp;&nbsp; 19529395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co. | &nbsp;&nbsp;&nbsp;&nbsp;373019 | &nbsp;&nbsp;&nbsp; 18815078 |
|  |  | &nbsp;&nbsp;&nbsp; 38344473 |
| &nbsp;&nbsp;Energy — 2.75% | &nbsp;&nbsp;Energy — 2.75% | &nbsp;&nbsp;Energy — 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | &nbsp;&nbsp;&nbsp;&nbsp;386114 | &nbsp;&nbsp;&nbsp; 19842398 |
|  |  | &nbsp;&nbsp;&nbsp; 19842398 |
| &nbsp;&nbsp;Financials — 8.40% | &nbsp;&nbsp;Financials — 8.40% | &nbsp;&nbsp;Financials — 8.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Class A | &nbsp;&nbsp;&nbsp;&nbsp;184808 | &nbsp;&nbsp;&nbsp; 20162554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;92793 | &nbsp;&nbsp;&nbsp; 20097108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial | &nbsp;&nbsp;&nbsp;&nbsp;336331 | &nbsp;&nbsp;&nbsp; 20277396 |
|  |  | &nbsp;&nbsp;&nbsp; 60537058 |
| &nbsp;&nbsp;Healthcare — 8.49% | &nbsp;&nbsp;Healthcare — 8.49% | &nbsp;&nbsp;Healthcare — 8.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health | &nbsp;&nbsp;&nbsp;&nbsp;97128 | &nbsp;&nbsp;&nbsp; 20524117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics | &nbsp;&nbsp;&nbsp;&nbsp;101636 | &nbsp;&nbsp;&nbsp; 19918623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma Class A | &nbsp;&nbsp;&nbsp;&nbsp;433182 | &nbsp;&nbsp;&nbsp; 20779740 |
|  |  | &nbsp;&nbsp;&nbsp; 61222480 |
| &nbsp;&nbsp;Industrials — 22.61% | &nbsp;&nbsp;Industrials — 22.61% | &nbsp;&nbsp;Industrials — 22.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | &nbsp;&nbsp;&nbsp;&nbsp;121736 | &nbsp;&nbsp;&nbsp; 19779665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | &nbsp;&nbsp;&nbsp;&nbsp;444117 | &nbsp;&nbsp;&nbsp; 20607029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies | &nbsp;&nbsp;&nbsp;&nbsp;58949 | &nbsp;&nbsp;&nbsp; 20346247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | &nbsp;&nbsp;&nbsp;&nbsp;177823 | &nbsp;&nbsp;&nbsp; 21032905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex | &nbsp;&nbsp;&nbsp;&nbsp;214428 | &nbsp;&nbsp;&nbsp; 19753107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | &nbsp;&nbsp;&nbsp;&nbsp;376461 | &nbsp;&nbsp;&nbsp; 20106782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on | &nbsp;&nbsp;&nbsp;&nbsp;56193 | &nbsp;&nbsp;&nbsp; 20410422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco | &nbsp;&nbsp;&nbsp;&nbsp;57453 | &nbsp;&nbsp;&nbsp; 20900827 |
|  |  | &nbsp;&nbsp;&nbsp;162936984 |
| &nbsp;&nbsp;Information Technology — 11.56% | &nbsp;&nbsp;Information Technology — 11.56% | &nbsp;&nbsp;Information Technology — 11.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology | &nbsp;&nbsp;&nbsp;&nbsp;325361 | &nbsp;&nbsp;&nbsp; 21021574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp | &nbsp;&nbsp;&nbsp;&nbsp;197346 | &nbsp;&nbsp;&nbsp; 20206257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;53917 | &nbsp;&nbsp;&nbsp; 21122524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;100163 | &nbsp;&nbsp;&nbsp; 20936070 |
|  |  | &nbsp;&nbsp;&nbsp; 83286425 |
| &nbsp;&nbsp;Materials — 14.16% | &nbsp;&nbsp;Materials — 14.16% | &nbsp;&nbsp;Materials — 14.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup | &nbsp;&nbsp;&nbsp;&nbsp;162440 | &nbsp;&nbsp;&nbsp; 20470689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison | &nbsp;&nbsp;&nbsp;&nbsp;119171 | &nbsp;&nbsp;&nbsp; 20578448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;95860 | &nbsp;&nbsp;&nbsp; 20343409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International | &nbsp;&nbsp;&nbsp;&nbsp;204350 | &nbsp;&nbsp;&nbsp; 20312390 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Materials (continued) | &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products | &nbsp;&nbsp;&nbsp;&nbsp;376807 | &nbsp;&nbsp;$20381491 |
|  |  | &nbsp;&nbsp;&nbsp;102086427 |
| &nbsp;&nbsp;Real Estate — 5.65% | &nbsp;&nbsp;Real Estate — 5.65% | &nbsp;&nbsp;Real Estate — 5.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;&nbsp;156210 | &nbsp;&nbsp;&nbsp; 20483817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty | &nbsp;&nbsp;&nbsp;&nbsp;718024 | &nbsp;&nbsp;&nbsp; 20255457 |
|  |  | &nbsp;&nbsp;&nbsp; 40739274 |
| &nbsp;&nbsp;Utilities — 2.78% | &nbsp;&nbsp;Utilities — 2.78% | &nbsp;&nbsp;Utilities — 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy | &nbsp;&nbsp;&nbsp;&nbsp;244730 | &nbsp;&nbsp;&nbsp; 20048282 |
|  |  | &nbsp;&nbsp;&nbsp; 20048282 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $465,969,529)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $465,969,529)** | &nbsp;&nbsp;&nbsp;**711179687** |
| &nbsp;&nbsp;**Short-Term Investments — 1.10%** | &nbsp;&nbsp;**Short-Term Investments — 1.10%** | &nbsp;&nbsp;**Short-Term Investments — 1.10%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.10% | &nbsp;&nbsp;Money Market Mutual Funds — 1.10% | &nbsp;&nbsp;Money Market Mutual Funds — 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 1985650 | &nbsp;&nbsp;&nbsp; 1985650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 1985651 | &nbsp;&nbsp;&nbsp; 1985651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 1985651 | &nbsp;&nbsp;&nbsp; 1985651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 1985650 | &nbsp;&nbsp;&nbsp; 1985650 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,942,602)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,942,602)** | &nbsp;&nbsp;&nbsp; **7942602** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.76%<br> (cost $473,912,131)** |  | &nbsp;&nbsp;&nbsp;**719122289** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.24%** |  | &nbsp;&nbsp;&nbsp; **1700533** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 42,432,212 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$720822822** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;30

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Nomura Small Cap Growth Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.04%♣** | &nbsp;&nbsp;**Common Stocks — 98.04%♣** | &nbsp;&nbsp;**Common Stocks — 98.04%♣** |
| &nbsp;&nbsp;Communication Services — 2.51% | &nbsp;&nbsp;Communication Services — 2.51% | &nbsp;&nbsp;Communication Services — 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | &nbsp;&nbsp;&nbsp;&nbsp;648961 | &nbsp;&nbsp;$24667008 |
|  |  | &nbsp;&nbsp;&nbsp; 24667008 |
| &nbsp;&nbsp;Consumer Discretionary — 10.48% | &nbsp;&nbsp;Consumer Discretionary — 10.48% | &nbsp;&nbsp;Consumer Discretionary — 10.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;63152 | &nbsp;&nbsp;&nbsp; 9242927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cava Group † | &nbsp;&nbsp;&nbsp;&nbsp;224521 | &nbsp;&nbsp;&nbsp; 18163749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products † | &nbsp;&nbsp;&nbsp;&nbsp;75239 | &nbsp;&nbsp;&nbsp; 7851942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive | &nbsp;&nbsp;&nbsp;&nbsp;26058 | &nbsp;&nbsp;&nbsp; 8615556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing † | &nbsp;&nbsp;&nbsp;&nbsp;59324 | &nbsp;&nbsp;&nbsp; 12856104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;154719 | &nbsp;&nbsp;&nbsp; 14240337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | &nbsp;&nbsp;&nbsp;&nbsp;550310 | &nbsp;&nbsp;&nbsp; 12629614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries | &nbsp;&nbsp;&nbsp;&nbsp;82312 | &nbsp;&nbsp;&nbsp; 9142394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shake Shack Class A † | &nbsp;&nbsp;&nbsp;&nbsp;117398 | &nbsp;&nbsp;&nbsp; 10386201 |
|  |  | &nbsp;&nbsp;&nbsp;103128824 |
| &nbsp;&nbsp;Consumer Staples — 3.68% | &nbsp;&nbsp;Consumer Staples — 3.68% | &nbsp;&nbsp;Consumer Staples — 3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse † | &nbsp;&nbsp;&nbsp;&nbsp;267881 | &nbsp;&nbsp;&nbsp; 15925525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart | &nbsp;&nbsp;&nbsp;&nbsp;134991 | &nbsp;&nbsp;&nbsp; 20316146 |
|  |  | &nbsp;&nbsp;&nbsp; 36241671 |
| &nbsp;&nbsp;Energy — 2.53% | &nbsp;&nbsp;Energy — 2.53% | &nbsp;&nbsp;Energy — 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;&nbsp;217002 | &nbsp;&nbsp;&nbsp; 9209565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Class A | &nbsp;&nbsp;&nbsp;&nbsp;201531 | &nbsp;&nbsp;&nbsp; 6362333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;164274 | &nbsp;&nbsp;&nbsp; 9283124 |
|  |  | &nbsp;&nbsp;&nbsp; 24855022 |
| &nbsp;&nbsp;Financials — 8.53% | &nbsp;&nbsp;Financials — 8.53% | &nbsp;&nbsp;Financials — 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group | &nbsp;&nbsp;&nbsp;&nbsp;18264 | &nbsp;&nbsp;&nbsp; 5053649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axos Financial † | &nbsp;&nbsp;&nbsp;&nbsp;95068 | &nbsp;&nbsp;&nbsp; 8089336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings | &nbsp;&nbsp;&nbsp;&nbsp;116026 | &nbsp;&nbsp;&nbsp; 21812888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | &nbsp;&nbsp;&nbsp;&nbsp;69168 | &nbsp;&nbsp;&nbsp; 9933908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;234260 | &nbsp;&nbsp;&nbsp; 5950204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking | &nbsp;&nbsp;&nbsp;&nbsp;555615 | &nbsp;&nbsp;&nbsp; 16829579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree | 1114925 | &nbsp;&nbsp;&nbsp; 16233308 |
|  |  | &nbsp;&nbsp;&nbsp; 83902872 |
| &nbsp;&nbsp;Healthcare — 23.00% | &nbsp;&nbsp;Healthcare — 23.00% | &nbsp;&nbsp;Healthcare — 23.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies † | 1008596 | &nbsp;&nbsp;&nbsp; 13999312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;878341 | &nbsp;&nbsp;&nbsp; 9556350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;196758 | &nbsp;&nbsp;&nbsp; 15130690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion † | &nbsp;&nbsp;&nbsp;&nbsp;321317 | &nbsp;&nbsp;&nbsp; 11766629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;85681 | &nbsp;&nbsp;&nbsp; 14481803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;511838 | &nbsp;&nbsp;&nbsp; 12673109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;197291 | &nbsp;&nbsp;&nbsp; 19083958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;114022 | &nbsp;&nbsp;&nbsp; 7322493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health † | &nbsp;&nbsp;&nbsp;&nbsp;129464 | &nbsp;&nbsp;&nbsp; 11958590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity † | &nbsp;&nbsp;&nbsp;&nbsp;119832 | &nbsp;&nbsp;&nbsp; 10014360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;353284 | &nbsp;&nbsp;&nbsp; 7111607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;277335 | &nbsp;&nbsp;&nbsp; 25620207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;819324 | &nbsp;&nbsp;&nbsp; 9102690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia † | &nbsp;&nbsp;&nbsp;&nbsp;534581 | &nbsp;&nbsp;&nbsp; 4479789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | &nbsp;&nbsp;&nbsp;&nbsp;35901 | &nbsp;&nbsp;&nbsp; 4229856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;273131 | &nbsp;&nbsp;&nbsp; 19160140 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;57598 | &nbsp;&nbsp;$5725817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;421116 | &nbsp;&nbsp;&nbsp; 12511356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel † | &nbsp;&nbsp;&nbsp;&nbsp;385196 | &nbsp;&nbsp;&nbsp; 12391755 |
|  |  | &nbsp;&nbsp;&nbsp;226320511 |
| &nbsp;&nbsp;Industrials — 23.68% | &nbsp;&nbsp;Industrials — 23.68% | &nbsp;&nbsp;Industrials — 23.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON | &nbsp;&nbsp;&nbsp;&nbsp;111775 | &nbsp;&nbsp;&nbsp; 9249381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR † | &nbsp;&nbsp;&nbsp;&nbsp;180880 | &nbsp;&nbsp;&nbsp; 19799125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment † | &nbsp;&nbsp;&nbsp;&nbsp;24561 | &nbsp;&nbsp;&nbsp; 4495891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Superconductor † | &nbsp;&nbsp;&nbsp;&nbsp;259087 | &nbsp;&nbsp;&nbsp; 8770095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | &nbsp;&nbsp;&nbsp;&nbsp;75261 | &nbsp;&nbsp;&nbsp; 10947465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | &nbsp;&nbsp;&nbsp;&nbsp;193569 | &nbsp;&nbsp;&nbsp; 10988912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Class A † | &nbsp;&nbsp;&nbsp;&nbsp;26094 | &nbsp;&nbsp;&nbsp; 3535476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | &nbsp;&nbsp;&nbsp;&nbsp;141352 | &nbsp;&nbsp;&nbsp; 15707034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group † | &nbsp;&nbsp;&nbsp;&nbsp;202840 | &nbsp;&nbsp;&nbsp; 23947290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;41325 | &nbsp;&nbsp;&nbsp; 4468886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve | &nbsp;&nbsp;&nbsp;&nbsp;161728 | &nbsp;&nbsp;&nbsp; 11888625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;49251 | &nbsp;&nbsp;&nbsp; 12066495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group † | &nbsp;&nbsp;&nbsp;&nbsp;83212 | &nbsp;&nbsp;&nbsp; 10608698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;54159 | &nbsp;&nbsp;&nbsp; 3818751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legence Class A † | &nbsp;&nbsp;&nbsp;&nbsp;193700 | &nbsp;&nbsp;&nbsp; 10936302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS | &nbsp;&nbsp;&nbsp;&nbsp;316367 | &nbsp;&nbsp;&nbsp; 14084659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loar Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;92377 | &nbsp;&nbsp;&nbsp; 5292278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems † | &nbsp;&nbsp;&nbsp;&nbsp;82614 | &nbsp;&nbsp;&nbsp; 6023387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest † | &nbsp;&nbsp;&nbsp;&nbsp;36677 | &nbsp;&nbsp;&nbsp; 3368049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;74370 | &nbsp;&nbsp;&nbsp; 14869538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standex International | &nbsp;&nbsp;&nbsp;&nbsp;46559 | &nbsp;&nbsp;&nbsp; 11866027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willdan Group † | &nbsp;&nbsp;&nbsp;&nbsp;43005 | &nbsp;&nbsp;&nbsp; 3292463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xometry Class A † | &nbsp;&nbsp;&nbsp;&nbsp;191898 | &nbsp;&nbsp;&nbsp; 7837114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;York Space Systems † | &nbsp;&nbsp;&nbsp;&nbsp;231387 | &nbsp;&nbsp;&nbsp; 5129850 |
|  |  | &nbsp;&nbsp;&nbsp;232991791 |
| &nbsp;&nbsp;Information Technology — 22.55% | &nbsp;&nbsp;Information Technology — 22.55% | &nbsp;&nbsp;Information Technology — 22.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | &nbsp;&nbsp;&nbsp;&nbsp;96104 | &nbsp;&nbsp;&nbsp; 31013722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys † | &nbsp;&nbsp;&nbsp;&nbsp;138295 | &nbsp;&nbsp;&nbsp; 9838306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint † | &nbsp;&nbsp;&nbsp;&nbsp;502918 | &nbsp;&nbsp;&nbsp; 4782750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bel Fuse Class B | &nbsp;&nbsp;&nbsp;&nbsp;34714 | &nbsp;&nbsp;&nbsp; 6872678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;80684 | &nbsp;&nbsp;&nbsp; 5773747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalOcean Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;123237 | &nbsp;&nbsp;&nbsp; 10571270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabrinet † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318 | &nbsp;&nbsp;&nbsp; 3816483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital | &nbsp;&nbsp;&nbsp;&nbsp;24085 | &nbsp;&nbsp;&nbsp; 7273670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | &nbsp;&nbsp;&nbsp;&nbsp;85732 | &nbsp;&nbsp;&nbsp; 5634307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7883 | &nbsp;&nbsp;&nbsp; 5539857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;77239 | &nbsp;&nbsp;&nbsp; 17152465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;394623 | &nbsp;&nbsp;&nbsp; 7336042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS | &nbsp;&nbsp;&nbsp;&nbsp;78351 | &nbsp;&nbsp;&nbsp; 18005843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems † | &nbsp;&nbsp;&nbsp;&nbsp;110285 | &nbsp;&nbsp;&nbsp; 29281770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;157862 | &nbsp;&nbsp;&nbsp; 7466873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus † | &nbsp;&nbsp;&nbsp;&nbsp;52548 | &nbsp;&nbsp;&nbsp; 4520704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;31

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;125314 | &nbsp;&nbsp;$6136627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint † | &nbsp;&nbsp;&nbsp;&nbsp;690841 | &nbsp;&nbsp;&nbsp; 9146735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceTitan Class A † | &nbsp;&nbsp;&nbsp;&nbsp;63448 | &nbsp;&nbsp;&nbsp; 4026410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology ADR | &nbsp;&nbsp;&nbsp;&nbsp;118538 | &nbsp;&nbsp;&nbsp; 13310632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics † | &nbsp;&nbsp;&nbsp;&nbsp;205709 | &nbsp;&nbsp;&nbsp; 14407858 |
|  |  | &nbsp;&nbsp;&nbsp;221908749 |
| &nbsp;&nbsp;Materials — 1.08% | &nbsp;&nbsp;Materials — 1.08% | &nbsp;&nbsp;Materials — 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River † | &nbsp;&nbsp;&nbsp;&nbsp;130835 | &nbsp;&nbsp;&nbsp; 10682678 |
|  |  | &nbsp;&nbsp;&nbsp; 10682678 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $782,749,056)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $782,749,056)** | &nbsp;&nbsp;&nbsp;**964699126** |
| &nbsp;&nbsp;**Short-Term Investments — 1.70%** | &nbsp;&nbsp;**Short-Term Investments — 1.70%** | &nbsp;&nbsp;**Short-Term Investments — 1.70%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.70% | &nbsp;&nbsp;Money Market Mutual Funds — 1.70% | &nbsp;&nbsp;Money Market Mutual Funds — 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 4184954 | &nbsp;&nbsp;&nbsp; 4184954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 4184956 | &nbsp;&nbsp;&nbsp; 4184956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 4184956 | &nbsp;&nbsp;&nbsp; 4184956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 4184956 | &nbsp;&nbsp;&nbsp; 4184956 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $16,739,822)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $16,739,822)** | &nbsp;&nbsp;&nbsp; **16739822** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.74%<br> (cost $799,488,878)** |  | &nbsp;&nbsp;&nbsp;**981438948** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.26%** |  | &nbsp;&nbsp;&nbsp; **2556938** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 67,595,388 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$983995886** |

---

♣ 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 |

---

See accompanying notes, which are an integral part of the financial statements.

32&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Smid Cap Core Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.38%♣** | &nbsp;&nbsp;**Common Stocks — 98.38%♣** | &nbsp;&nbsp;**Common Stocks — 98.38%♣** |
| &nbsp;&nbsp;Communication Services — 2.55% | &nbsp;&nbsp;Communication Services — 2.55% | &nbsp;&nbsp;Communication Services — 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | &nbsp;&nbsp;&nbsp;&nbsp;99286 | &nbsp;&nbsp;$3773861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9567 | &nbsp;&nbsp;&nbsp; 1730001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group | &nbsp;&nbsp;&nbsp;&nbsp;29417 | &nbsp;&nbsp;&nbsp; 2215394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp † | &nbsp;&nbsp;&nbsp;&nbsp;48328 | &nbsp;&nbsp;&nbsp; 1195635 |
|  |  | &nbsp;&nbsp;&nbsp; 8914891 |
| &nbsp;&nbsp;Consumer Discretionary — 8.78% | &nbsp;&nbsp;Consumer Discretionary — 8.78% | &nbsp;&nbsp;Consumer Discretionary — 8.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;74410 | &nbsp;&nbsp;&nbsp; 3016581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner | &nbsp;&nbsp;&nbsp;&nbsp;59689 | &nbsp;&nbsp;&nbsp; 3238725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | &nbsp;&nbsp;&nbsp;&nbsp;15105 | &nbsp;&nbsp;&nbsp; 2156541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;&nbsp;&nbsp;22195 | &nbsp;&nbsp;&nbsp; 4401047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;23010 | &nbsp;&nbsp;&nbsp; 1190768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy | &nbsp;&nbsp;&nbsp;&nbsp;41837 | &nbsp;&nbsp;&nbsp; 1344641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;96038 | &nbsp;&nbsp;&nbsp; 2587264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malibu Boats Class A † | &nbsp;&nbsp;&nbsp;&nbsp;33899 | &nbsp;&nbsp;&nbsp; 878662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Madden | &nbsp;&nbsp;&nbsp;&nbsp;56047 | &nbsp;&nbsp;&nbsp; 1901114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home † | &nbsp;&nbsp;&nbsp;&nbsp;24903 | &nbsp;&nbsp;&nbsp; 1450351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse | &nbsp;&nbsp;&nbsp;&nbsp;19860 | &nbsp;&nbsp;&nbsp; 3279680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers | &nbsp;&nbsp;&nbsp;&nbsp;19803 | &nbsp;&nbsp;&nbsp; 2702515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;69410 | &nbsp;&nbsp;&nbsp; 2539712 |
|  |  | &nbsp;&nbsp;&nbsp; 30687601 |
| &nbsp;&nbsp;Consumer Staples — 3.55% | &nbsp;&nbsp;Consumer Staples — 3.55% | &nbsp;&nbsp;Consumer Staples — 3.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;42164 | &nbsp;&nbsp;&nbsp; 4149781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;11334 | &nbsp;&nbsp;&nbsp; 8249565 |
|  |  | &nbsp;&nbsp;&nbsp; 12399346 |
| &nbsp;&nbsp;Energy — 5.15% | &nbsp;&nbsp;Energy — 5.15% | &nbsp;&nbsp;Energy — 5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;36268 | &nbsp;&nbsp;&nbsp; 3981501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Seaways | &nbsp;&nbsp;&nbsp;&nbsp;21352 | &nbsp;&nbsp;&nbsp; 1556134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy | &nbsp;&nbsp;&nbsp;&nbsp;191611 | &nbsp;&nbsp;&nbsp; 5518397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Class A | &nbsp;&nbsp;&nbsp;&nbsp;325323 | &nbsp;&nbsp;&nbsp; 6935886 |
|  |  | &nbsp;&nbsp;&nbsp; 17991918 |
| &nbsp;&nbsp;Financials — 16.25% | &nbsp;&nbsp;Financials — 16.25% | &nbsp;&nbsp;Financials — 16.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;&nbsp;112336 | &nbsp;&nbsp;&nbsp; 4406941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings | &nbsp;&nbsp;&nbsp;&nbsp;50558 | &nbsp;&nbsp;&nbsp; 5127087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;69953 | &nbsp;&nbsp;&nbsp; 7468182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group | &nbsp;&nbsp;&nbsp;&nbsp;41124 | &nbsp;&nbsp;&nbsp; 2403287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore Class A | &nbsp;&nbsp;&nbsp;&nbsp;11986 | &nbsp;&nbsp;&nbsp; 3577941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;31657 | &nbsp;&nbsp;&nbsp; 3146706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;191452 | &nbsp;&nbsp;&nbsp; 4231089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America | &nbsp;&nbsp;&nbsp;&nbsp;23533 | &nbsp;&nbsp;&nbsp; 4804497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank | &nbsp;&nbsp;&nbsp;&nbsp;48013 | &nbsp;&nbsp;&nbsp; 4442163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial | &nbsp;&nbsp;&nbsp;&nbsp;60321 | &nbsp;&nbsp;&nbsp; 4458928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial | &nbsp;&nbsp;&nbsp;&nbsp;73831 | &nbsp;&nbsp;&nbsp; 5125348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial | &nbsp;&nbsp;&nbsp;&nbsp;58756 | &nbsp;&nbsp;&nbsp; 3846168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;64939 | &nbsp;&nbsp;&nbsp; 3741785 |
|  |  | &nbsp;&nbsp;&nbsp; 56780122 |
| &nbsp;&nbsp;Healthcare — 11.77% | &nbsp;&nbsp;Healthcare — 11.77% | &nbsp;&nbsp;Healthcare — 11.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;23432 | &nbsp;&nbsp;&nbsp; 3960477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | &nbsp;&nbsp;&nbsp;&nbsp;38497 | &nbsp;&nbsp;&nbsp; 2011853 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines =, † | &nbsp;&nbsp;&nbsp;&nbsp;23060 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;30868 | &nbsp;&nbsp;&nbsp; 2985862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glaukos † | &nbsp;&nbsp;&nbsp;&nbsp;20506 | &nbsp;&nbsp;&nbsp; 2207676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;48480 | &nbsp;&nbsp;&nbsp; 3133262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;32941 | &nbsp;&nbsp;&nbsp; 5386512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems † | &nbsp;&nbsp;&nbsp;&nbsp;14219 | &nbsp;&nbsp;&nbsp; 733416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;27046 | &nbsp;&nbsp;&nbsp; 2051439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;21421 | &nbsp;&nbsp;&nbsp; 4276703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera † | &nbsp;&nbsp;&nbsp;&nbsp;14462 | &nbsp;&nbsp;&nbsp; 2892255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences † | &nbsp;&nbsp;&nbsp;&nbsp;26890 | &nbsp;&nbsp;&nbsp; 3542488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 12.5 =, † | &nbsp;&nbsp;&nbsp;&nbsp;10854 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 15 =, † | &nbsp;&nbsp;&nbsp;&nbsp;10854 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | &nbsp;&nbsp;&nbsp;&nbsp;19962 | &nbsp;&nbsp;&nbsp; 2351923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;58075 | &nbsp;&nbsp;&nbsp; 3001897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;19597 | &nbsp;&nbsp;&nbsp; 1948138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical † | &nbsp;&nbsp;&nbsp;&nbsp;31107 | &nbsp;&nbsp;&nbsp; 651692 |
|  |  | &nbsp;&nbsp;&nbsp; 41135593 |
| &nbsp;&nbsp;Industrials — 25.07% | &nbsp;&nbsp;Industrials — 25.07% | &nbsp;&nbsp;Industrials — 25.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries | &nbsp;&nbsp;&nbsp;&nbsp;50909 | &nbsp;&nbsp;&nbsp; 1961015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group † | &nbsp;&nbsp;&nbsp;&nbsp;52333 | &nbsp;&nbsp;&nbsp; 2120533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies | &nbsp;&nbsp;&nbsp;&nbsp;11072 | &nbsp;&nbsp;&nbsp; 2937623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;42381 | &nbsp;&nbsp;&nbsp; 4498319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8140 | &nbsp;&nbsp;&nbsp; 479527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Class A † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5932 | &nbsp;&nbsp;&nbsp; 803727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade | &nbsp;&nbsp;&nbsp;&nbsp;28346 | &nbsp;&nbsp;&nbsp; 2150044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 | &nbsp;&nbsp;&nbsp; 1441238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304 | &nbsp;&nbsp;&nbsp; 2878872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;25753 | &nbsp;&nbsp;&nbsp; 2043243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;14420 | &nbsp;&nbsp;&nbsp; 4134647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951 | &nbsp;&nbsp;&nbsp; 661038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;103671 | &nbsp;&nbsp;&nbsp; 3156782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;37937 | &nbsp;&nbsp;&nbsp; 4102507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6441 | &nbsp;&nbsp;&nbsp; 1578045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial † | &nbsp;&nbsp;&nbsp;&nbsp;99574 | &nbsp;&nbsp;&nbsp; 2251368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco | &nbsp;&nbsp;&nbsp;&nbsp;33136 | &nbsp;&nbsp;&nbsp; 2804962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5556 | &nbsp;&nbsp;&nbsp; 1624297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR | &nbsp;&nbsp;&nbsp;&nbsp;52346 | &nbsp;&nbsp;&nbsp; 1929474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | &nbsp;&nbsp;&nbsp;&nbsp;37690 | &nbsp;&nbsp;&nbsp; 5008247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings | &nbsp;&nbsp;&nbsp;&nbsp;53394 | &nbsp;&nbsp;&nbsp; 3074426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;10457 | &nbsp;&nbsp;&nbsp; 737323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;20184 | &nbsp;&nbsp;&nbsp; 5027431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | &nbsp;&nbsp;&nbsp;&nbsp;10019 | &nbsp;&nbsp;&nbsp; 1185047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301 | &nbsp;&nbsp;&nbsp; 2361335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord | &nbsp;&nbsp;&nbsp;&nbsp;18535 | &nbsp;&nbsp;&nbsp; 3470864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578 | &nbsp;&nbsp;&nbsp; 1256880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;10906 | &nbsp;&nbsp;&nbsp; 2180546 |

---

&nbsp;&nbsp;&nbsp;&nbsp;33

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Smid Cap Core Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecnoglass | &nbsp;&nbsp;&nbsp;&nbsp;20444 | &nbsp;&nbsp;$910780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech | &nbsp;&nbsp;&nbsp;&nbsp;85955 | &nbsp;&nbsp;&nbsp; 2588965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex † | &nbsp;&nbsp;&nbsp;&nbsp;37074 | &nbsp;&nbsp;&nbsp; 1350235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions Class A | &nbsp;&nbsp;&nbsp;&nbsp;24763 | &nbsp;&nbsp;&nbsp; 2122437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International | &nbsp;&nbsp;&nbsp;&nbsp;18916 | &nbsp;&nbsp;&nbsp; 5175796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings | &nbsp;&nbsp;&nbsp;&nbsp;87488 | &nbsp;&nbsp;&nbsp; 1518792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO † | &nbsp;&nbsp;&nbsp;&nbsp;12290 | &nbsp;&nbsp;&nbsp; 2391019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | &nbsp;&nbsp;&nbsp;&nbsp;82228 | &nbsp;&nbsp;&nbsp; 3687103 |
|  |  | &nbsp;&nbsp;&nbsp; 87604487 |
| &nbsp;&nbsp;Information Technology — 13.89% | &nbsp;&nbsp;Information Technology — 13.89% | &nbsp;&nbsp;Information Technology — 13.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN † | &nbsp;&nbsp;&nbsp;&nbsp;29460 | &nbsp;&nbsp;&nbsp; 1140396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astera Labs † | &nbsp;&nbsp;&nbsp;&nbsp;18928 | &nbsp;&nbsp;&nbsp; 2074509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box Class A † | &nbsp;&nbsp;&nbsp;&nbsp;53287 | &nbsp;&nbsp;&nbsp; 1259705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | &nbsp;&nbsp;&nbsp;&nbsp;39232 | &nbsp;&nbsp;&nbsp; 9345455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace † | &nbsp;&nbsp;&nbsp;&nbsp;54065 | &nbsp;&nbsp;&nbsp; 1999324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software † | &nbsp;&nbsp;&nbsp;&nbsp;26305 | &nbsp;&nbsp;&nbsp; 3934176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;30620 | &nbsp;&nbsp;&nbsp; 6799783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7259 | &nbsp;&nbsp;&nbsp; 1668191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;33118 | &nbsp;&nbsp;&nbsp; 1887726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9922 | &nbsp;&nbsp;&nbsp; 1413786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;40724 | &nbsp;&nbsp;&nbsp; 1926245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;16038 | &nbsp;&nbsp;&nbsp; 785381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech † | &nbsp;&nbsp;&nbsp;&nbsp;92195 | &nbsp;&nbsp;&nbsp; 7088873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;19759 | &nbsp;&nbsp;&nbsp; 4112836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6876 | &nbsp;&nbsp;&nbsp; 382787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems † | &nbsp;&nbsp;&nbsp;&nbsp;73495 | &nbsp;&nbsp;&nbsp; 1577937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva † | &nbsp;&nbsp;&nbsp;&nbsp;19195 | &nbsp;&nbsp;&nbsp; 1144598 |
|  |  | &nbsp;&nbsp;&nbsp; 48541708 |
| &nbsp;&nbsp;Materials — 3.42% | &nbsp;&nbsp;Materials — 3.42% | &nbsp;&nbsp;Materials — 3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;23655 | &nbsp;&nbsp;&nbsp; 2850664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies | &nbsp;&nbsp;&nbsp;&nbsp;61270 | &nbsp;&nbsp;&nbsp; 4345268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance | &nbsp;&nbsp;&nbsp;&nbsp;15695 | &nbsp;&nbsp;&nbsp; 4770025 |
|  |  | &nbsp;&nbsp;&nbsp; 11965957 |
| &nbsp;&nbsp;Real Estate — 5.79% | &nbsp;&nbsp;Real Estate — 5.79% | &nbsp;&nbsp;Real Estate — 5.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group | &nbsp;&nbsp;&nbsp;&nbsp;129735 | &nbsp;&nbsp;&nbsp; 3736368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;37289 | &nbsp;&nbsp;&nbsp; 3641644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;69429 | &nbsp;&nbsp;&nbsp; 4016467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties | &nbsp;&nbsp;&nbsp;&nbsp;148688 | &nbsp;&nbsp;&nbsp; 2442944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle † | &nbsp;&nbsp;&nbsp;&nbsp;10485 | &nbsp;&nbsp;&nbsp; 3190795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;130683 | &nbsp;&nbsp;&nbsp; 3208268 |
|  |  | &nbsp;&nbsp;&nbsp; 20236486 |
| &nbsp;&nbsp;Utilities — 2.16% | &nbsp;&nbsp;Utilities — 2.16% | &nbsp;&nbsp;Utilities — 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills | &nbsp;&nbsp;&nbsp;&nbsp;48183 | &nbsp;&nbsp;&nbsp; 3344382 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Utilities (continued) | &nbsp;&nbsp;Utilities (continued) | &nbsp;&nbsp;Utilities (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire | &nbsp;&nbsp;&nbsp;&nbsp;46294 | &nbsp;&nbsp;$4191459 |
|  |  | &nbsp;&nbsp;&nbsp; 7535841 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $246,729,269)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $246,729,269)** | &nbsp;&nbsp;&nbsp;**343793950** |
| &nbsp;&nbsp;**Short-Term Investments — 1.69%** | &nbsp;&nbsp;**Short-Term Investments — 1.69%** | &nbsp;&nbsp;**Short-Term Investments — 1.69%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.69% | &nbsp;&nbsp;Money Market Mutual Funds — 1.69% | &nbsp;&nbsp;Money Market Mutual Funds — 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 1480360 | &nbsp;&nbsp;&nbsp; 1480360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 1480359 | &nbsp;&nbsp;&nbsp; 1480359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 1480360 | &nbsp;&nbsp;&nbsp; 1480360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 1480358 | &nbsp;&nbsp;&nbsp; 1480358 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,921,437)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,921,437)** | &nbsp;&nbsp;&nbsp; **5921437** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.07%<br> (cost $252,650,706)** |  | &nbsp;&nbsp;&nbsp;**349715387** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.07%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(250489)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 17,668,470 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$349464898** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |

---

See accompanying notes, which are an integral part of the financial statements.

34&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Systematic Emerging Markets Equity Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 94.50%Δ** | &nbsp;&nbsp;**Common Stocks — 94.50%Δ** | &nbsp;&nbsp;**Common Stocks — 94.50%Δ** |
| &nbsp;&nbsp;Brazil — 2.99% | &nbsp;&nbsp;Brazil — 2.99% | &nbsp;&nbsp;Brazil — 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco | 2216013 | &nbsp;&nbsp;$7161609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | &nbsp;&nbsp;&nbsp;&nbsp;644408 | &nbsp;&nbsp;&nbsp; 4334329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porto Seguro | &nbsp;&nbsp;&nbsp;&nbsp;365390 | &nbsp;&nbsp;&nbsp; 3555249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitios Latinoamerica † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale | &nbsp;&nbsp;&nbsp;&nbsp;204603 | &nbsp;&nbsp;&nbsp; 3257548 |
|  |  | &nbsp;&nbsp;&nbsp; 18308735 |
| &nbsp;&nbsp;Chile — 0.17% | &nbsp;&nbsp;Chile — 0.17% | &nbsp;&nbsp;Chile — 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel Chile | 13280604 | &nbsp;&nbsp;&nbsp; 1025015 |
|  |  | &nbsp;&nbsp;&nbsp; 1025015 |
| &nbsp;&nbsp;China — 26.67% | &nbsp;&nbsp;China — 26.67% | &nbsp;&nbsp;China — 26.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding | &nbsp;&nbsp;&nbsp;&nbsp;423200 | &nbsp;&nbsp;&nbsp; 6633444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Class H | 23188000 | &nbsp;&nbsp;&nbsp; 14806368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class A | 3020500 | &nbsp;&nbsp;&nbsp; 4224503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class H | 10075000 | &nbsp;&nbsp;&nbsp; 10873085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Life Insurance Class H | &nbsp;&nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp; 1505790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China National Building Material Class H | 4192000 | &nbsp;&nbsp;&nbsp; 2571680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings | 1715200 | &nbsp;&nbsp;&nbsp; 4529427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China United Network Communications Class A | 1392900 | &nbsp;&nbsp;&nbsp; 902240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CITIC | 6128000 | &nbsp;&nbsp;&nbsp; 9331964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 4937000 | &nbsp;&nbsp;&nbsp; 13171713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and Commercial Bank of China Class H | 12798000 | &nbsp;&nbsp;&nbsp; 11280773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD Logistics 144A #, † | 2507400 | &nbsp;&nbsp;&nbsp; 4426304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jiangxi Copper Class A | &nbsp;&nbsp;&nbsp;&nbsp;173800 | &nbsp;&nbsp;&nbsp; 1106158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group | &nbsp;&nbsp;&nbsp;&nbsp;516000 | &nbsp;&nbsp;&nbsp; 620599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetEase | &nbsp;&nbsp;&nbsp;&nbsp;665800 | &nbsp;&nbsp;&nbsp; 14877177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;People's Insurance Group of China Class H | 2472000 | &nbsp;&nbsp;&nbsp; 1721572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PICC Property & Casualty Class H | 7880000 | &nbsp;&nbsp;&nbsp; 14505331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ping An Bank Class A | 1554000 | &nbsp;&nbsp;&nbsp; 2501900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pop Mart International Group 144A # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92800 | &nbsp;&nbsp;&nbsp; 1726391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum Class A | 2980400 | &nbsp;&nbsp;&nbsp; 2673309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;408020 | &nbsp;&nbsp;&nbsp; 25734793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | &nbsp;&nbsp;&nbsp;&nbsp;119041 | &nbsp;&nbsp;&nbsp; 1871325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weichai Power Class A | 1098894 | &nbsp;&nbsp;&nbsp; 3905179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yutong Bus Class A | 1555800 | &nbsp;&nbsp;&nbsp; 8076053 |
|  |  | &nbsp;&nbsp;&nbsp;163577451 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Hungary — 0.94% | &nbsp;&nbsp;Hungary — 0.94% | &nbsp;&nbsp;Hungary — 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;481648 | &nbsp;&nbsp;$5770323 |
|  |  | &nbsp;&nbsp;&nbsp; 5770323 |
| &nbsp;&nbsp;India — 8.23% | &nbsp;&nbsp;India — 8.23% | &nbsp;&nbsp;India — 8.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharat Petroleum | 3255003 | &nbsp;&nbsp;&nbsp; 9759319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canara Bank | 2523204 | &nbsp;&nbsp;&nbsp; 3324214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCL Technologies | &nbsp;&nbsp;&nbsp;&nbsp;179973 | &nbsp;&nbsp;&nbsp; 2590299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hero MotoCorp | &nbsp;&nbsp;&nbsp;&nbsp;129398 | &nbsp;&nbsp;&nbsp; 6994513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindustan Petroleum | 1117100 | &nbsp;&nbsp;&nbsp; 3980938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Oil | 5398427 | &nbsp;&nbsp;&nbsp; 7706449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys | &nbsp;&nbsp;&nbsp;&nbsp;551743 | &nbsp;&nbsp;&nbsp; 7441823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maruti Suzuki India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23106 | &nbsp;&nbsp;&nbsp; 3030581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;965171 | &nbsp;&nbsp;&nbsp; 2907779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Steel | 1332556 | &nbsp;&nbsp;&nbsp; 2734090 |
|  |  | &nbsp;&nbsp;&nbsp; 50470005 |
| &nbsp;&nbsp;Indonesia — 0.63% | &nbsp;&nbsp;Indonesia — 0.63% | &nbsp;&nbsp;Indonesia — 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 11247200 | &nbsp;&nbsp;&nbsp; 2247427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Tractors | &nbsp;&nbsp;&nbsp;&nbsp;879700 | &nbsp;&nbsp;&nbsp; 1607266 |
|  |  | &nbsp;&nbsp;&nbsp; 3854693 |
| &nbsp;&nbsp;Poland — 4.01% | &nbsp;&nbsp;Poland — 4.01% | &nbsp;&nbsp;Poland — 4.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGE Polska Grupa Energetyczna † | 1205238 | &nbsp;&nbsp;&nbsp; 3418769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | &nbsp;&nbsp;&nbsp;&nbsp;139896 | &nbsp;&nbsp;&nbsp; 3309099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 1027354 | &nbsp;&nbsp;&nbsp; 17883136 |
|  |  | &nbsp;&nbsp;&nbsp; 24611004 |
| &nbsp;&nbsp;Qatar — 0.27% | &nbsp;&nbsp;Qatar — 0.27% | &nbsp;&nbsp;Qatar — 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ooredoo QPSC | &nbsp;&nbsp;&nbsp;&nbsp;482702 | &nbsp;&nbsp;&nbsp; 1646464 |
|  |  | &nbsp;&nbsp;&nbsp; 1646464 |
| &nbsp;&nbsp;Russia — 0.00% | &nbsp;&nbsp;Russia — 0.00% | &nbsp;&nbsp;Russia — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fix Price Group GDR 144A =, † | 1489220 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LUKOIL PJSC =, † | &nbsp;&nbsp;&nbsp;&nbsp;276569 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC =, † | 4129544 | &nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Saudi Arabia — 0.22% | &nbsp;&nbsp;Saudi Arabia — 0.22% | &nbsp;&nbsp;Saudi Arabia — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 1354660 |
|  |  | &nbsp;&nbsp;&nbsp; 1354660 |
| &nbsp;&nbsp;South Africa — 5.23% | &nbsp;&nbsp;South Africa — 5.23% | &nbsp;&nbsp;South Africa — 5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstRand | 2648052 | &nbsp;&nbsp;&nbsp; 13556203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Gold Mining | &nbsp;&nbsp;&nbsp;&nbsp;220666 | &nbsp;&nbsp;&nbsp; 3371083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN Group | 1127346 | &nbsp;&nbsp;&nbsp; 13163638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sibanye Stillwater | &nbsp;&nbsp;&nbsp;&nbsp;656190 | &nbsp;&nbsp;&nbsp; 2014156 |
|  |  | &nbsp;&nbsp;&nbsp; 32105080 |
| &nbsp;&nbsp;South Korea — 17.89% | &nbsp;&nbsp;South Korea — 17.89% | &nbsp;&nbsp;South Korea — 17.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hana Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43441 | &nbsp;&nbsp;&nbsp; 3166713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;35

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Systematic Emerging Markets 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;South Korea (continued) | &nbsp;&nbsp;South Korea (continued) | &nbsp;&nbsp;South Korea (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40056 | &nbsp;&nbsp;$9283671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Glovis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19620 | &nbsp;&nbsp;&nbsp; 2786644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59067 | &nbsp;&nbsp;&nbsp; 5798635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38471 | &nbsp;&nbsp;&nbsp; 3798280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Electric Power | &nbsp;&nbsp;&nbsp;&nbsp;233178 | &nbsp;&nbsp;&nbsp; 6629331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG Display † | &nbsp;&nbsp;&nbsp;&nbsp;380195 | &nbsp;&nbsp;&nbsp; 2791665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG Uplus | 1178009 | &nbsp;&nbsp;&nbsp; 12250890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;372278 | &nbsp;&nbsp;&nbsp; 43542153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28811 | &nbsp;&nbsp;&nbsp; 16346357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Telecom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63941 | &nbsp;&nbsp;&nbsp; 3308325 |
|  |  | &nbsp;&nbsp;&nbsp;109702664 |
| &nbsp;&nbsp;Taiwan — 22.77% | &nbsp;&nbsp;Taiwan — 22.77% | &nbsp;&nbsp;Taiwan — 22.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accton Technology | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 7647262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asustek Computer | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 4566461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cathay Financial Holding | 1078000 | &nbsp;&nbsp;&nbsp; 2410230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Airlines | 6093000 | &nbsp;&nbsp;&nbsp; 3454866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp; 7980996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 1536000 | &nbsp;&nbsp;&nbsp; 9389213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaTek | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44879 | &nbsp;&nbsp;&nbsp; 2152629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 1764404 | &nbsp;&nbsp;&nbsp;102043467 |
|  |  | &nbsp;&nbsp;&nbsp;139645124 |
| &nbsp;&nbsp;Türkiye — 1.29% | &nbsp;&nbsp;Türkiye — 1.29% | &nbsp;&nbsp;Türkiye — 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri | 2263001 | &nbsp;&nbsp;&nbsp; 5410773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri | &nbsp;&nbsp;&nbsp;&nbsp;432715 | &nbsp;&nbsp;&nbsp; 2513825 |
|  |  | &nbsp;&nbsp;&nbsp; 7924598 |
| &nbsp;&nbsp;United Arab Emirates — 3.19% | &nbsp;&nbsp;United Arab Emirates — 3.19% | &nbsp;&nbsp;United Arab Emirates — 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;757491 | &nbsp;&nbsp;&nbsp; 1536522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Development PJSC | 2292518 | &nbsp;&nbsp;&nbsp; 8678079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 2862474 | &nbsp;&nbsp;&nbsp; 9367268 |
|  |  | &nbsp;&nbsp;&nbsp; 19581869 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $401,900,716)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $401,900,716)** | &nbsp;&nbsp;&nbsp;**579577685** |
| &nbsp;&nbsp;**Preferred Stocks — 4.49%Δ** | &nbsp;&nbsp;**Preferred Stocks — 4.49%Δ** | &nbsp;&nbsp;**Preferred Stocks — 4.49%Δ** |
| &nbsp;&nbsp;Brazil — 4.49% | &nbsp;&nbsp;Brazil — 4.49% | &nbsp;&nbsp;Brazil — 4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco 6.32% ω | 2152180 | &nbsp;&nbsp;&nbsp; 7969113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro 6.07% ω | 2088474 | &nbsp;&nbsp;&nbsp; 19587067 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks<br> (cost $17,912,420)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stocks<br> (cost $17,912,420)** | &nbsp;&nbsp;&nbsp; **27556180** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 0.81%** | &nbsp;&nbsp;**Short-Term Investments — 0.81%** | &nbsp;&nbsp;**Short-Term Investments — 0.81%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.81% | &nbsp;&nbsp;Money Market Mutual Funds — 0.81% | &nbsp;&nbsp;Money Market Mutual Funds — 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 1236460 | &nbsp;&nbsp;$1236460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 1236461 | &nbsp;&nbsp;&nbsp; 1236461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 1236461 | &nbsp;&nbsp;&nbsp; 1236461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 1236461 | &nbsp;&nbsp;&nbsp; 1236461 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $4,945,843)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $4,945,843)** | &nbsp;&nbsp;&nbsp; **4945843** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.80%<br> (cost $424,758,979)** |  | &nbsp;&nbsp;&nbsp;**612079708** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 0.20%** |  | &nbsp;&nbsp;&nbsp; **1216029** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 26,993,191 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$613295737** |

---

---

| |
|:---|
| 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 March 31, 2026, the aggregate value of Rule 144A securities was $6,152,695, which represents 1.00% of the Fund's net assets. See Note 13 in "Notes to financial statements." |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| Perpetual security with no stated maturity date. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| GDR – Global Depositary Receipt |
| PJSC – Private Joint Stock Company |

---

See accompanying notes, which are an integral part of the financial statements.

36&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Funds

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Global Bond Fund | &nbsp;&nbsp;Nomura<br> Global Growth Fund | &nbsp;&nbsp;Nomura<br> High Income Fund<sup>φ</sup> |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$3390567215 | &nbsp;&nbsp;$391351681 | &nbsp;&nbsp;$806996494 | &nbsp;&nbsp;$1665677420 |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24348010 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31210 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7647235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614916 |
| &nbsp;&nbsp;&nbsp;Cash collateral due from brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641662 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28874898 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95475 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25753180 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58518 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;3394842575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415216438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812439372 | &nbsp;&nbsp;&nbsp;&nbsp;1749095289 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash collateral due to brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8620893 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643249 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495880 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281750 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233074 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194967 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232426 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11898 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124 |
| &nbsp;&nbsp;&nbsp;Legal fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9266921 |
| &nbsp;&nbsp;&nbsp;Distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216088 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;IRS compliance fee for foreign withholding tax claims (see Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10269471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8804242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20209585 |
| **Total Net Assets** | &nbsp;&nbsp;$3384573104 | &nbsp;&nbsp;$406412196 | &nbsp;&nbsp;$810107764 | &nbsp;&nbsp;$1728885704 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$1673107012 | &nbsp;&nbsp;$527243549 | &nbsp;&nbsp;$516090263 | &nbsp;&nbsp;$4026222752 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1711466092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120831353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294017501 | &nbsp;&nbsp;&nbsp;(2297337048) |
| **Total Net Assets** | &nbsp;&nbsp;$3384573104 | &nbsp;&nbsp;$406412196 | &nbsp;&nbsp;$810107764 | &nbsp;&nbsp;$1728885704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;37

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Global Bond Fund | &nbsp;&nbsp;Nomura<br> Global Growth Fund | &nbsp;&nbsp;Nomura<br> High Income Fund<sup>φ</sup> |
| **Net Asset Value** |  |  |  |  |
| **Class A:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$2536732278 | &nbsp;&nbsp;$80031406 | &nbsp;&nbsp;$612774679 | &nbsp;&nbsp;$1002126976 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156076499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8734942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16803186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174387221 |
| Net asset value per share | &nbsp;&nbsp;$16.25 | &nbsp;&nbsp;$9.16 | &nbsp;&nbsp;$36.47 | &nbsp;&nbsp;$5.75 |
| Sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | &nbsp;&nbsp;$17.24 | &nbsp;&nbsp;$9.59 | &nbsp;&nbsp;$38.69 | &nbsp;&nbsp;$6.02 |
| **Class C:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$16637661 | &nbsp;&nbsp;$1115197 | &nbsp;&nbsp;$2888947 | &nbsp;&nbsp;$52945715 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9216581 |
| Net asset value per share | &nbsp;&nbsp;$10.29 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$19.58 | &nbsp;&nbsp;$5.74 |
| **Class R:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$175760 | &nbsp;&nbsp;$846510 | &nbsp;&nbsp;$977021 | &nbsp;&nbsp;$28336674 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930759 |
| Net asset value per share | &nbsp;&nbsp;$15.89 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$35.00 | &nbsp;&nbsp;$5.75 |
| **Institutional Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$787518373 | &nbsp;&nbsp;$186570083 | &nbsp;&nbsp;$174600795 | &nbsp;&nbsp;$579800141 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37211526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20403760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100875449 |
| Net asset value per share | &nbsp;&nbsp;$21.16 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$38.93 | &nbsp;&nbsp;$5.75 |
| **Class R6:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$19692919 | &nbsp;&nbsp;$136066974 | &nbsp;&nbsp;$16412695 | &nbsp;&nbsp;$31394594 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14884779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460400 |
| Net asset value per share | &nbsp;&nbsp;$21.30 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$39.03 | &nbsp;&nbsp;$5.75 |
| **Class Y:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$23816113 | &nbsp;&nbsp;$1782026 | &nbsp;&nbsp;$2453627 | &nbsp;&nbsp;$34281604 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5967797 |
| Net asset value per share | &nbsp;&nbsp;$19.72 | &nbsp;&nbsp;$9.16 | &nbsp;&nbsp;$36.88 | &nbsp;&nbsp;$5.74 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$1897793877 | &nbsp;&nbsp;$395653068 | &nbsp;&nbsp;$558959276 | &nbsp;&nbsp;$1745823814 |
| \*\*Investments of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222849546 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31707 |

---

φ Consolidated statement of assets and liabilities.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;38

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> International<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Large Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Mid Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Mid Cap Income<br> Opportunities Fund |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$1162209675 | &nbsp;&nbsp;$5830256616 | &nbsp;&nbsp;$2995870218 | &nbsp;&nbsp;$719122289 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13296348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14721600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24346315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33881987 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8591891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9279 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178554 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16657812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931556 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62569 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;1212635548 | &nbsp;&nbsp;&nbsp;&nbsp;5863857338 | &nbsp;&nbsp;&nbsp;&nbsp;3010978062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755186234 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23156055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10199989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409302 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431404 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183291 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65735 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116380 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11903 |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45092 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4647 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380 |
| &nbsp;&nbsp;&nbsp;Legal fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32090922 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28679748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17723937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34363412 |
| **Total Net Assets** | &nbsp;&nbsp;$1208814923 | &nbsp;&nbsp;$5835177590 | &nbsp;&nbsp;$2993254125 | &nbsp;&nbsp;$720822822 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$970635702 | &nbsp;&nbsp;$1725697676 | &nbsp;&nbsp;$2817826976 | &nbsp;&nbsp;$443148449 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238179221 | &nbsp;&nbsp;&nbsp;&nbsp;4109479914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175427149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277674373 |
| **Total Net Assets** | &nbsp;&nbsp;$1208814923 | &nbsp;&nbsp;$5835177590 | &nbsp;&nbsp;$2993254125 | &nbsp;&nbsp;$720822822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;39

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> International<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Large Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Mid Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Mid Cap Income<br> Opportunities Fund |
| **Net Asset Value** |  |  |  |  |
| **Class A:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$405636167 | &nbsp;&nbsp;$2559198087 | &nbsp;&nbsp;$1285225678 | &nbsp;&nbsp;$133700129 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19256460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80297090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60527068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7878437 |
| Net asset value per share | &nbsp;&nbsp;$21.06 | &nbsp;&nbsp;$31.87 | &nbsp;&nbsp;$21.23 | &nbsp;&nbsp;$16.97 |
| Sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | &nbsp;&nbsp;$22.34 | &nbsp;&nbsp;$33.81 | &nbsp;&nbsp;$22.53 | &nbsp;&nbsp;$18.01 |
| **Class C:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$9214417 | &nbsp;&nbsp;$44882394 | &nbsp;&nbsp;$39430570 | &nbsp;&nbsp;$9987007 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589544 |
| Net asset value per share | &nbsp;&nbsp;$17.98 | &nbsp;&nbsp;$20.24 | &nbsp;&nbsp;$13.63 | &nbsp;&nbsp;$16.94 |
| **Class R:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$32513226 | &nbsp;&nbsp;$25751827 | &nbsp;&nbsp;$33225371 | &nbsp;&nbsp;$10215209 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602607 |
| Net asset value per share | &nbsp;&nbsp;$21.10 | &nbsp;&nbsp;$28.88 | &nbsp;&nbsp;$19.59 | &nbsp;&nbsp;$16.95 |
| **Institutional Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$631095463 | &nbsp;&nbsp;$3040684647 | &nbsp;&nbsp;$1147416699 | &nbsp;&nbsp;$500753308 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29599733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85529966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45393624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29471188 |
| Net asset value per share | &nbsp;&nbsp;$21.32 | &nbsp;&nbsp;$35.55 | &nbsp;&nbsp;$25.28 | &nbsp;&nbsp;$16.99 |
| **Class R6:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$89567560 | &nbsp;&nbsp;$139093144 | &nbsp;&nbsp;$396276113 | &nbsp;&nbsp;$54023976 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4164886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15395556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180336 |
| Net asset value per share | &nbsp;&nbsp;$21.51 | &nbsp;&nbsp;$35.99 | &nbsp;&nbsp;$25.74 | &nbsp;&nbsp;$16.99 |
| **Class Y:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$40788090 | &nbsp;&nbsp;$25567491 | &nbsp;&nbsp;$91679694 | &nbsp;&nbsp;$12143193 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710100 |
| Net asset value per share | &nbsp;&nbsp;$21.26 | &nbsp;&nbsp;$33.40 | &nbsp;&nbsp;$23.20 | &nbsp;&nbsp;$17.10 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$1000926093 | &nbsp;&nbsp;$2341371120 | &nbsp;&nbsp;$2535385242 | &nbsp;&nbsp;$473912131 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13315880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;40

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Small Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Smid Cap<br> Core Fund | &nbsp;&nbsp;Nomura<br> Systematic<br> Emerging<br> Markets Equity<br> Fund |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$981438948 | &nbsp;&nbsp;$349715387 | &nbsp;&nbsp;$612079708 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157595 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850634 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229892 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72620 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60659 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986706559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350301090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615451118 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399528 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228099 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195556 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53456 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40669 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103405 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126874 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898 |
| &nbsp;&nbsp;&nbsp;Legal fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155381 |
| **Total Net Assets** | &nbsp;&nbsp;$983995886 | &nbsp;&nbsp;$349464898 | &nbsp;&nbsp;$613295737 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$728014669 | &nbsp;&nbsp;$247471800 | &nbsp;&nbsp;$381672598 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255981217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101993098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231623139 |
| **Total Net Assets** | &nbsp;&nbsp;$983995886 | &nbsp;&nbsp;$349464898 | &nbsp;&nbsp;$613295737 |

---

&nbsp;&nbsp;&nbsp;&nbsp;41

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Ivy Funds

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Small Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Smid Cap<br> Core Fund | &nbsp;&nbsp;Nomura<br> Systematic<br> Emerging<br> Markets Equity<br> Fund |
| **Net Asset Value** |  |  |  |
| **Class A:** |  |  |  |
| Net assets | &nbsp;&nbsp;$504199784 | &nbsp;&nbsp;$104521236 | &nbsp;&nbsp;$143697878 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43651275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6522156 |
| Net asset value per share | &nbsp;&nbsp;$11.55 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$22.03 |
| Sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;$19.35 | &nbsp;&nbsp;$23.37 |
| **Class C:** |  |  |  |
| Net assets | &nbsp;&nbsp;$12545817 | &nbsp;&nbsp;$7162256 | &nbsp;&nbsp;$10839940 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626554 |
| Net asset value per share | &nbsp;&nbsp;$18.91 | &nbsp;&nbsp;$13.25 | &nbsp;&nbsp;$17.30 |
| **Class R:** |  |  |  |
| Net assets | &nbsp;&nbsp;$38964989 | &nbsp;&nbsp;$26398883 | &nbsp;&nbsp;$12753786 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593217 |
| Net asset value per share | &nbsp;&nbsp;$10.60 | &nbsp;&nbsp;$17.91 | &nbsp;&nbsp;$21.50 |
| **Institutional Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;$313193086 | &nbsp;&nbsp;$166755542 | &nbsp;&nbsp;$337923406 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14246140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7836045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14579597 |
| Net asset value per share | &nbsp;&nbsp;$21.98 | &nbsp;&nbsp;$21.28 | &nbsp;&nbsp;$23.18 |
| **Class R6:** |  |  |  |
| Net assets | &nbsp;&nbsp;$89090519 | &nbsp;&nbsp;$39538596 | &nbsp;&nbsp;$77268392 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3991383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310307 |
| Net asset value per share | &nbsp;&nbsp;$22.32 | &nbsp;&nbsp;$21.58 | &nbsp;&nbsp;$23.34 |
| **Class Y:** |  |  |  |
| Net assets | &nbsp;&nbsp;$26001691 | &nbsp;&nbsp;$5088385 | &nbsp;&nbsp;$30812335 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361360 |
| Net asset value per share | &nbsp;&nbsp;$19.03 | &nbsp;&nbsp;$20.01 | &nbsp;&nbsp;$22.63 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$799488878 | &nbsp;&nbsp;$252650706 | &nbsp;&nbsp;$424758979 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162140 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;42

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## Statements of operations
Ivy Funds

Year ended March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Global Bond Fund | &nbsp;&nbsp;Nomura<br> Global Growth Fund | &nbsp;&nbsp;Nomura<br> High Income Fund<sup>φ</sup> |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$43674581 | &nbsp;&nbsp;$386734 | &nbsp;&nbsp;$11756219 | &nbsp;&nbsp;$1326395 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19241787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;154045808 |
| &nbsp;&nbsp;&nbsp;Interest from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494559 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;IRS compliance fee for foreign withholding tax claims (see Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274901 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(654398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(867617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;43020183 | &nbsp;&nbsp;&nbsp;19615829 | &nbsp;&nbsp;&nbsp;11518090 | &nbsp;&nbsp;&nbsp;157141663 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;23656798 | &nbsp;&nbsp;&nbsp;&nbsp;2772530 | &nbsp;&nbsp;&nbsp;&nbsp;7558766 | &nbsp;&nbsp;&nbsp;&nbsp;12048783 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;6932558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213438 | &nbsp;&nbsp;&nbsp;&nbsp;1622702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796917 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644942 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150808 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98836 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;3105358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433251 | &nbsp;&nbsp;&nbsp;&nbsp;1017489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231176 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281563 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237366 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243264 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259492 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113013 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58502 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264119 |
| &nbsp;&nbsp;&nbsp;Excise tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207240 |
|  | &nbsp;&nbsp;&nbsp;35648276 | &nbsp;&nbsp;&nbsp;&nbsp;4068665 | &nbsp;&nbsp;&nbsp;11008936 | &nbsp;&nbsp;&nbsp;&nbsp;19636508 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(926655) | &nbsp;&nbsp;&nbsp;(1797050) | &nbsp;&nbsp;&nbsp;&nbsp;(2461567) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30490) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;34938765 | &nbsp;&nbsp;&nbsp;&nbsp;3111878 | &nbsp;&nbsp;&nbsp;&nbsp;9208894 | &nbsp;&nbsp;&nbsp;&nbsp;17144451 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;8081418 | &nbsp;&nbsp;&nbsp;16503951 | &nbsp;&nbsp;&nbsp;&nbsp;2309196 | &nbsp;&nbsp;&nbsp;139997212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;43

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Global Bond Fund | &nbsp;&nbsp;Nomura<br> Global Growth Fund | &nbsp;&nbsp;Nomura<br> High Income Fund<sup>φ</sup> |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | &nbsp;&nbsp;$506500324 | &nbsp;&nbsp;$3762686 | &nbsp;&nbsp;$84419063 | &nbsp;&nbsp;$(13301551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(21413893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5826995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(17057917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2897808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3244826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions in-kind\* | &nbsp;&nbsp;&nbsp;&nbsp;77814381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;584314705 | &nbsp;&nbsp;&nbsp;&nbsp;(7396872) | &nbsp;&nbsp;&nbsp;&nbsp;84250365 | &nbsp;&nbsp;&nbsp;(34710074) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(96708392) | &nbsp;&nbsp;&nbsp;&nbsp;(2650932) | &nbsp;&nbsp;&nbsp;&nbsp;27687761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9962097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10404570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1788119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(96708392) | &nbsp;&nbsp;&nbsp;&nbsp;6067506 | &nbsp;&nbsp;&nbsp;&nbsp;27849676 | &nbsp;&nbsp;&nbsp;&nbsp;13700362 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;487606313 | &nbsp;&nbsp;&nbsp;&nbsp;(1329366) | &nbsp;&nbsp;&nbsp;112100041 | &nbsp;&nbsp;&nbsp;(21009712) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$495687731 | &nbsp;&nbsp;$15174585 | &nbsp;&nbsp;$114409237 | &nbsp;&nbsp;$118987500 |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated statement of operations from July 7, 2025. |
| <sup>\*</sup> | See Note 15 in "Notes to financial statements". |
| <sup>1</sup> | Includes $(1717454) capital gains taxes paid for Nomura Global Growth Fund. |
| <sup>2</sup> | See Note 2 in "Notes to financial statements." |
| <sup>3</sup> | Includes net change of $836,402 on capital gains taxes accrued for Nomura Global Growth Fund. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;44

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> International<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Large Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Mid Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Mid Cap Income<br> Opportunities Fund |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$25409287 | &nbsp;&nbsp;$47933375 | &nbsp;&nbsp;$16383029 | &nbsp;&nbsp;$20564916 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;(2405839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1023082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;25860987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46910293 | &nbsp;&nbsp;&nbsp;&nbsp;16383029 | &nbsp;&nbsp;&nbsp;&nbsp;20564916 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;12175775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44848707 | &nbsp;&nbsp;&nbsp;&nbsp;34689002 | &nbsp;&nbsp;&nbsp;&nbsp;7241650 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7664771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359473 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122625 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55385 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32364 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7653373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925073 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225934 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151369 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108918 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13477 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31547 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46170 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45290 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38272 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;16568386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64287909 | &nbsp;&nbsp;&nbsp;&nbsp;46899133 | &nbsp;&nbsp;&nbsp;&nbsp;9397547 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;(4053228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7011363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8687549) | &nbsp;&nbsp;&nbsp;&nbsp;(1826978) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;12512449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57204733 | &nbsp;&nbsp;&nbsp;&nbsp;38200206 | &nbsp;&nbsp;&nbsp;&nbsp;7569774 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;13348538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10294440) | &nbsp;&nbsp;&nbsp;&nbsp;(21817177) | &nbsp;&nbsp;&nbsp;&nbsp;12995142 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;197791054 | &nbsp;&nbsp;&nbsp;1020736014 | &nbsp;&nbsp;&nbsp;&nbsp;515915714 | &nbsp;&nbsp;&nbsp;&nbsp;88570703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;(2272698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;195518356 | &nbsp;&nbsp;&nbsp;1020736014 | &nbsp;&nbsp;&nbsp;&nbsp;515915714 | &nbsp;&nbsp;&nbsp;&nbsp;88570703 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(75029503) | &nbsp;&nbsp;&nbsp;&nbsp;(686344873) | &nbsp;&nbsp;&nbsp;(187701439) | &nbsp;&nbsp;&nbsp;(16965885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(74327898) | &nbsp;&nbsp;&nbsp;&nbsp;(686344130) | &nbsp;&nbsp;&nbsp;(187701439) | &nbsp;&nbsp;&nbsp;(16965885) |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;121190458 | &nbsp;&nbsp;&nbsp;&nbsp;334391884 | &nbsp;&nbsp;&nbsp;&nbsp;328214275 | &nbsp;&nbsp;&nbsp;&nbsp;71604818 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$134538996 | &nbsp;&nbsp;$324097444 | &nbsp;&nbsp;$306397098 | &nbsp;&nbsp;$84599960 |

---

<sup>1</sup> Includes $(3239789) capital gains taxes paid for Nomura International Core Equity Fund.

<sup>2</sup> Includes net change of $2,915,882 capital gains taxes accrued for Nomura International Core Equity Fund.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;45

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Ivy Funds

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Small Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Smid Cap<br> Core Fund | &nbsp;&nbsp;Nomura<br> Systematic<br> Emerging<br> Markets Equity<br> Fund |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$2940042 | &nbsp;&nbsp;$4596166 | &nbsp;&nbsp;$23870903 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3327188) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940042 | &nbsp;&nbsp;&nbsp;&nbsp;4596166 | &nbsp;&nbsp;&nbsp;&nbsp;20543715 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9162095 | &nbsp;&nbsp;&nbsp;&nbsp;2995960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6452666 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359885 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122631 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48062 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75922 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000849 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209790 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110124 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131506 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34740 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34843 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55235 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185244 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45007 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;13058996 | &nbsp;&nbsp;&nbsp;&nbsp;4368171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8866504 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;(1885879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(804075) | &nbsp;&nbsp;&nbsp;&nbsp;(3036157) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(814) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;11171707 | &nbsp;&nbsp;&nbsp;&nbsp;3563578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5829533 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;(8231665) | &nbsp;&nbsp;&nbsp;&nbsp;1032588 | &nbsp;&nbsp;&nbsp;&nbsp;14714182 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;182792174 | &nbsp;&nbsp;&nbsp;13571964 | &nbsp;&nbsp;&nbsp;101113555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(613573) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;182792174 | &nbsp;&nbsp;&nbsp;13571964 | &nbsp;&nbsp;&nbsp;100499982 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54376652 | &nbsp;&nbsp;&nbsp;42193228 | &nbsp;&nbsp;&nbsp;&nbsp;62225493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;54376652 | &nbsp;&nbsp;&nbsp;42193228 | &nbsp;&nbsp;&nbsp;&nbsp;62226126 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;237168826 | &nbsp;&nbsp;&nbsp;55765192 | &nbsp;&nbsp;&nbsp;162726108 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$228937161 | &nbsp;&nbsp;$56797780 | &nbsp;&nbsp;$177440290 |

---

<sup>1</sup> Includes $(2900588) capital gains taxes paid for Nomura Systematic Emerging Markets Equity Fund.

<sup>2</sup> Includes net change of $2,131,650 on capital gains taxes accrued for Nomura Systematic Emerging Markets Equity Fund.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;46

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

## Statements of changes in net assets
Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Global Bond Fund | &nbsp;&nbsp;Nomura<br> Global Bond Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$8081418 | &nbsp;&nbsp;$9716356 | &nbsp;&nbsp;$16503951 | &nbsp;&nbsp;$18822938 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;584314705 | &nbsp;&nbsp;&nbsp;&nbsp;501398491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7396872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792485 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(96708392) | &nbsp;&nbsp;&nbsp;(212329494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067506 | &nbsp;&nbsp;&nbsp;&nbsp;(1685347) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;495687731 | &nbsp;&nbsp;&nbsp;&nbsp;298785353 | &nbsp;&nbsp;&nbsp;&nbsp;15174585 | &nbsp;&nbsp;&nbsp;&nbsp;19930076 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(363485619) | &nbsp;&nbsp;&nbsp;(321268286) | &nbsp;&nbsp;&nbsp;&nbsp;(2911513) | &nbsp;&nbsp;&nbsp;&nbsp;(3048524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3522259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2924978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(91285961) | &nbsp;&nbsp;&nbsp;&nbsp;(77561865) | &nbsp;&nbsp;&nbsp;&nbsp;(7403817) | &nbsp;&nbsp;&nbsp;&nbsp;(7288723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1933053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7803476) | &nbsp;&nbsp;&nbsp;&nbsp;(5690387) | &nbsp;&nbsp;&nbsp;&nbsp;(6488058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3247921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4172452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65205) |
|  | &nbsp;&nbsp;&nbsp;(463498247) | &nbsp;&nbsp;&nbsp;(413751139) | &nbsp;&nbsp;&nbsp;&nbsp;(16139866) | &nbsp;&nbsp;&nbsp;&nbsp;(16955536) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;57103739 | &nbsp;&nbsp;&nbsp;&nbsp;74931335 | &nbsp;&nbsp;&nbsp;&nbsp;10368578 | &nbsp;&nbsp;&nbsp;&nbsp;10837017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;159246674 | &nbsp;&nbsp;&nbsp;&nbsp;261385616 | &nbsp;&nbsp;&nbsp;&nbsp;88321548 | &nbsp;&nbsp;&nbsp;&nbsp;79371883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;88461424 | &nbsp;&nbsp;&nbsp;&nbsp;18416140 | &nbsp;&nbsp;&nbsp;&nbsp;41764008 | &nbsp;&nbsp;&nbsp;&nbsp;40382588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923891 | &nbsp;&nbsp;&nbsp;&nbsp;14322782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709523 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>2</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17233034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40681 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;358791880 | &nbsp;&nbsp;&nbsp;&nbsp;318513474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91089962 | &nbsp;&nbsp;&nbsp;&nbsp;77450578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7396841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7397482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64732 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;768359030 | &nbsp;&nbsp;&nbsp;&nbsp;784491164 | &nbsp;&nbsp;&nbsp;157092423 | &nbsp;&nbsp;&nbsp;172073353 |

---

&nbsp;&nbsp;&nbsp;&nbsp;47

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Global Bond Fund | &nbsp;&nbsp;Nomura<br> Global Bond Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(501838512) | &nbsp;&nbsp;$(512467584) | &nbsp;&nbsp;$(24748390) | &nbsp;&nbsp;$(24362402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7247464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6906140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(295305661) | &nbsp;&nbsp;&nbsp;&nbsp;(272770584) | &nbsp;&nbsp;&nbsp;(116222694) | &nbsp;&nbsp;&nbsp;(107899953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(173027773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17792169) | &nbsp;&nbsp;&nbsp;&nbsp;(91467386) | &nbsp;&nbsp;&nbsp;&nbsp;(38919602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9542882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19668849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437668) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(986989062) | &nbsp;&nbsp;&nbsp;&nbsp;(829609481) | &nbsp;&nbsp;&nbsp;(233919849) | &nbsp;&nbsp;&nbsp;(172881111) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(218630032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45118317) | &nbsp;&nbsp;&nbsp;&nbsp;(76827426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(807758) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(186440548) | &nbsp;&nbsp;&nbsp;&nbsp;(160084103) | &nbsp;&nbsp;&nbsp;&nbsp;(77792707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166782 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;3571013652 | &nbsp;&nbsp;&nbsp;3731097755 | &nbsp;&nbsp;&nbsp;&nbsp;484204903 | &nbsp;&nbsp;&nbsp;&nbsp;482038121 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$3384573104 | &nbsp;&nbsp;$3571013652 | &nbsp;&nbsp;$406412196 | &nbsp;&nbsp;$484204903 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 7 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;48

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Global Growth Fund | &nbsp;&nbsp;Nomura<br> Global Growth Fund | &nbsp;&nbsp;Nomura<br> High Income Fund | &nbsp;&nbsp;Nomura<br> High Income Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26<sup>φ</sup> | &nbsp;&nbsp;3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$2309196 | &nbsp;&nbsp;$1702851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$139997212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$169029694 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;84250365 | &nbsp;&nbsp;&nbsp;&nbsp;61668600<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34715444) <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111541930) <sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370 <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225710 <sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;27849676 | &nbsp;&nbsp;&nbsp;&nbsp;(19675834) | &nbsp;&nbsp;&nbsp;&nbsp;13700362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14280219 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;114409237 | &nbsp;&nbsp;&nbsp;&nbsp;43697928 | &nbsp;&nbsp;&nbsp;&nbsp;118987500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71993693 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(54742363) | &nbsp;&nbsp;&nbsp;&nbsp;(24661694) | &nbsp;&nbsp;&nbsp;&nbsp;(71139858) | &nbsp;&nbsp;&nbsp;&nbsp;(84054737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3600961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5530714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1836002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2088530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;(15206136) | &nbsp;&nbsp;&nbsp;&nbsp;(7704434) | &nbsp;&nbsp;&nbsp;&nbsp;(54995852) | &nbsp;&nbsp;&nbsp;&nbsp;(70255033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(1301327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(605049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2898484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6649197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2503580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3328822) |
|  | &nbsp;&nbsp;&nbsp;(72009492) | &nbsp;&nbsp;&nbsp;&nbsp;(33340071) | &nbsp;&nbsp;&nbsp;(136974737) | &nbsp;&nbsp;&nbsp;&nbsp;(171907033) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;14897094 | &nbsp;&nbsp;&nbsp;&nbsp;15220170 | &nbsp;&nbsp;&nbsp;&nbsp;40480176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74002559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20850056 | &nbsp;&nbsp;&nbsp;&nbsp;34172803 | &nbsp;&nbsp;&nbsp;&nbsp;250734834 | &nbsp;&nbsp;&nbsp;&nbsp;226968018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21300913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9381574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14072884 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;346631874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;305506943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;77820374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92964377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52245469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;53887236 | &nbsp;&nbsp;&nbsp;&nbsp;24452129 | &nbsp;&nbsp;&nbsp;&nbsp;68639748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81188429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5514417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15174628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7688919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54811946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70005513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177350 |
|  | &nbsp;&nbsp;&nbsp;111073845 | &nbsp;&nbsp;&nbsp;513334344 | &nbsp;&nbsp;&nbsp;&nbsp;444429979 | &nbsp;&nbsp;&nbsp;&nbsp;968110539 |

---

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Global Growth Fund | &nbsp;&nbsp;Nomura<br> Global Growth Fund | &nbsp;&nbsp;Nomura<br> High Income Fund | &nbsp;&nbsp;Nomura<br> High Income Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26<sup>φ</sup> | &nbsp;&nbsp;3/31/25 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(117157576) | &nbsp;&nbsp;$(107654648) | &nbsp;&nbsp;$(302876381) | &nbsp;&nbsp;$(314400416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1171015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28978452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45067607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5897262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6470054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(77404333) | &nbsp;&nbsp;&nbsp;&nbsp;(96588153) | &nbsp;&nbsp;&nbsp;&nbsp;(633801874) | &nbsp;&nbsp;&nbsp;&nbsp;(450501837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4877001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2351845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74343826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32381108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(931539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23851822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24781066) |
|  | &nbsp;&nbsp;&nbsp;(201691689) | &nbsp;&nbsp;&nbsp;(208580025) | &nbsp;&nbsp;&nbsp;(1069749617) | &nbsp;&nbsp;&nbsp;&nbsp;(873602088) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(90617844) | &nbsp;&nbsp;&nbsp;&nbsp;304754319 | &nbsp;&nbsp;&nbsp;&nbsp;(625319638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94508451 |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(48218099) | &nbsp;&nbsp;&nbsp;&nbsp;315112176 | &nbsp;&nbsp;&nbsp;&nbsp;(643306875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5404889) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;858325863 | &nbsp;&nbsp;&nbsp;&nbsp;543213687 | &nbsp;&nbsp;&nbsp;&nbsp;2372192579 | &nbsp;&nbsp;&nbsp;2377597468 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$810107764 | &nbsp;&nbsp;$858325863 | &nbsp;&nbsp;$1728885704 | &nbsp;&nbsp;$2372192579 |

---

<sup>1</sup> Excludes net increase from payment by affiliates.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

<sup>4</sup> See Note 7 in "Notes to financial statements."

φ Consolidated statement of changes in net assets from July 7, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;50

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> International<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> International<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Large Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Large Cap<br> Growth Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$13348538 | &nbsp;&nbsp;$21565633 | &nbsp;&nbsp;$(10294440) | &nbsp;&nbsp;$(10474145) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;195518356 | &nbsp;&nbsp;&nbsp;&nbsp;124363721<sup>1</sup> | &nbsp;&nbsp;&nbsp;1020736014 | &nbsp;&nbsp;&nbsp;&nbsp;555780822 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(74327898) | &nbsp;&nbsp;&nbsp;&nbsp;(68601714) | &nbsp;&nbsp;&nbsp;&nbsp;(686344130) | &nbsp;&nbsp;&nbsp;&nbsp;(114096299) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;134538996 | &nbsp;&nbsp;&nbsp;&nbsp;77328665 | &nbsp;&nbsp;&nbsp;&nbsp;324097444 | &nbsp;&nbsp;&nbsp;&nbsp;431210378 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(49358695) | &nbsp;&nbsp;&nbsp;&nbsp;(2896018) | &nbsp;&nbsp;&nbsp;&nbsp;(244431163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55002005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1336535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6964677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1604520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3841245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2794037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(79502324) | &nbsp;&nbsp;&nbsp;&nbsp;(6082082) | &nbsp;&nbsp;&nbsp;&nbsp;(312268455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70881552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(11458477) | &nbsp;&nbsp;&nbsp;&nbsp;(1668996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12642290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3983025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4900637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2931546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(667666) |
|  | &nbsp;&nbsp;&nbsp;(150397913) | &nbsp;&nbsp;&nbsp;&nbsp;(11058426) | &nbsp;&nbsp;&nbsp;&nbsp;(582032168) | &nbsp;&nbsp;&nbsp;&nbsp;(132771488) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;34819556 | &nbsp;&nbsp;&nbsp;&nbsp;31407534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76417135 | &nbsp;&nbsp;&nbsp;&nbsp;160674595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11128330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6003204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7069847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;124035885 | &nbsp;&nbsp;&nbsp;132395879 | &nbsp;&nbsp;&nbsp;&nbsp;933553628 | &nbsp;&nbsp;&nbsp;1673648934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;18850752 | &nbsp;&nbsp;&nbsp;&nbsp;49807966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21858417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57229444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7302425 | &nbsp;&nbsp;&nbsp;&nbsp;16624509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11111238 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;170156916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;681836868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;126336155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91304688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46966711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854821 | &nbsp;&nbsp;&nbsp;&nbsp;239419169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54560161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;73598897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875277 | &nbsp;&nbsp;&nbsp;&nbsp;307461339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70312488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;10354193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12517235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;328103835 | &nbsp;&nbsp;&nbsp;547497178 | &nbsp;&nbsp;&nbsp;1619500008 | &nbsp;&nbsp;&nbsp;2830397801 |

---

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> International<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> International<br> Core Equity Fund | &nbsp;&nbsp;Nomura<br> Large Cap<br> Growth Fund | &nbsp;&nbsp;Nomura<br> Large Cap<br> Growth Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(96781497) | &nbsp;&nbsp;$(85350082) | &nbsp;&nbsp;$(621865516) | &nbsp;&nbsp;$(538892000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6885351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8873347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22238605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19396104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11121136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7150401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11776576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13603920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(269949996) | &nbsp;&nbsp;&nbsp;&nbsp;(276400641) | &nbsp;&nbsp;&nbsp;(2439236042) | &nbsp;&nbsp;&nbsp;(1485027187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(147650942) | &nbsp;&nbsp;&nbsp;&nbsp;(109140924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119464507) | &nbsp;&nbsp;&nbsp;&nbsp;(161363855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12430708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14733516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17929058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8765069) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(544819630) | &nbsp;&nbsp;&nbsp;&nbsp;(501648911) | &nbsp;&nbsp;&nbsp;(3232510304) | &nbsp;&nbsp;&nbsp;(2227048135) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(216715795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45848267 | &nbsp;&nbsp;&nbsp;(1613010296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603349666 |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(232574712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112118506 | &nbsp;&nbsp;&nbsp;(1870945020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901788556 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;1441389635 | &nbsp;&nbsp;&nbsp;1329271129 | &nbsp;&nbsp;&nbsp;&nbsp;7706122610 | &nbsp;&nbsp;&nbsp;&nbsp;6804334054 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$1208814923 | &nbsp;&nbsp;$1441389635 | &nbsp;&nbsp;$5835177590 | &nbsp;&nbsp;$7706122610 |

---

<sup>1</sup> Excludes net increase from payment by affiliates.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

<sup>4</sup> See Note 7 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Mid Cap Growth<br> Fund | &nbsp;&nbsp;Nomura<br> Mid Cap Growth<br> Fund | &nbsp;&nbsp;Nomura<br> Mid Cap Income<br> Opportunities Fund | &nbsp;&nbsp;Nomura<br> Mid Cap Income<br> Opportunities Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(21817177) | &nbsp;&nbsp;$(26004192) | &nbsp;&nbsp;$12995142 | &nbsp;&nbsp;$17193217 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;515915714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742235343 | &nbsp;&nbsp;&nbsp;&nbsp;88570703 | &nbsp;&nbsp;&nbsp;&nbsp;127510840 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(187701439) | &nbsp;&nbsp;&nbsp;(1433147247) | &nbsp;&nbsp;&nbsp;&nbsp;(16965885) | &nbsp;&nbsp;&nbsp;(132660067) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;306397098 | &nbsp;&nbsp;&nbsp;&nbsp;(716916096) | &nbsp;&nbsp;&nbsp;&nbsp;84599960 | &nbsp;&nbsp;&nbsp;&nbsp;12043990 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(151606030) | &nbsp;&nbsp;&nbsp;&nbsp;(135508942) | &nbsp;&nbsp;&nbsp;&nbsp;(18756955) | &nbsp;&nbsp;&nbsp;&nbsp;(15884639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7351549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7892680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1439888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1538512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4611498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3971070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1477147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1188751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(125335891) | &nbsp;&nbsp;&nbsp;&nbsp;(168850488) | &nbsp;&nbsp;&nbsp;&nbsp;(74895114) | &nbsp;&nbsp;&nbsp;&nbsp;(84563200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(52446692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69127950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9100009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9471480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(11887445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12173383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1704095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1347151) |
|  | &nbsp;&nbsp;&nbsp;(353239105) | &nbsp;&nbsp;&nbsp;&nbsp;(397524513) | &nbsp;&nbsp;&nbsp;(107373208) | &nbsp;&nbsp;&nbsp;(113993733) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;45587374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62581778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800672 | &nbsp;&nbsp;&nbsp;&nbsp;10900284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;243826289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528665889 | &nbsp;&nbsp;&nbsp;&nbsp;79939248 | &nbsp;&nbsp;&nbsp;&nbsp;158489110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;102925296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217744473 | &nbsp;&nbsp;&nbsp;&nbsp;10215130 | &nbsp;&nbsp;&nbsp;&nbsp;12637834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;12977307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30378092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174280 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>2</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643330310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32772506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353505893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36218815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;147061078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134050398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18726117 | &nbsp;&nbsp;&nbsp;&nbsp;15872330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7269465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7841295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120857122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166340845 | &nbsp;&nbsp;&nbsp;&nbsp;72678516 | &nbsp;&nbsp;&nbsp;&nbsp;82302094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;51247014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68916553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8689672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9073487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;10823165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12156889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;752764816 | &nbsp;&nbsp;&nbsp;&nbsp;2316678942 | &nbsp;&nbsp;&nbsp;&nbsp;208607885 | &nbsp;&nbsp;&nbsp;&nbsp;296891656 |

---

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Mid Cap Growth<br> Fund | &nbsp;&nbsp;Nomura<br> Mid Cap Growth<br> Fund | &nbsp;&nbsp;Nomura<br> Mid Cap Income<br> Opportunities Fund | &nbsp;&nbsp;Nomura<br> Mid Cap Income<br> Opportunities Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(444710810) | &nbsp;&nbsp;$(423223872) | &nbsp;&nbsp;$(31593163) | &nbsp;&nbsp;$(34161411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26918258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36347914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5214207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5711716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16842773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16556152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3637578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4126890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(1388352765) | &nbsp;&nbsp;&nbsp;(1461209081) | &nbsp;&nbsp;&nbsp;(309534978) | &nbsp;&nbsp;&nbsp;&nbsp;(359066701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(716161338) | &nbsp;&nbsp;&nbsp;&nbsp;(467442480) | &nbsp;&nbsp;&nbsp;&nbsp;(43702978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29060723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86440176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76614434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2868428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3708984) |
|  | &nbsp;&nbsp;&nbsp;(2679426120) | &nbsp;&nbsp;&nbsp;(2481393933) | &nbsp;&nbsp;&nbsp;(396551332) | &nbsp;&nbsp;&nbsp;&nbsp;(435836425) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(1926661304) | &nbsp;&nbsp;&nbsp;&nbsp;(164714991) | &nbsp;&nbsp;&nbsp;(187943447) | &nbsp;&nbsp;&nbsp;&nbsp;(138944769) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;(1973503311) | &nbsp;&nbsp;&nbsp;(1279155600) | &nbsp;&nbsp;&nbsp;(210716695) | &nbsp;&nbsp;&nbsp;&nbsp;(240894512) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;4966757436 | &nbsp;&nbsp;&nbsp;&nbsp;6245913036 | &nbsp;&nbsp;&nbsp;&nbsp;931539517 | &nbsp;&nbsp;&nbsp;1172434029 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$2993254125 | &nbsp;&nbsp;$4966757436 | &nbsp;&nbsp;$720822822 | &nbsp;&nbsp;$931539517 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 7 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;54

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Small Cap Growth Fund | &nbsp;&nbsp;Nomura<br> Small Cap Growth Fund | &nbsp;&nbsp;Nomura<br> Smid Cap Core Fund | &nbsp;&nbsp;Nomura<br> Smid Cap Core Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(8231665) | &nbsp;&nbsp;$(10068177) | &nbsp;&nbsp;$1032588 | &nbsp;&nbsp;$1028657 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;182792174 | &nbsp;&nbsp;&nbsp;&nbsp;131016248<sup>1</sup> | &nbsp;&nbsp;&nbsp;13571964 | &nbsp;&nbsp;&nbsp;&nbsp;4963432<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;54376652 | &nbsp;&nbsp;&nbsp;(206234091) | &nbsp;&nbsp;&nbsp;42193228 | &nbsp;&nbsp;&nbsp;&nbsp;(4423653) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;228937161 | &nbsp;&nbsp;&nbsp;&nbsp;(85285957) | &nbsp;&nbsp;&nbsp;56797780 | &nbsp;&nbsp;&nbsp;&nbsp;1568649 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(93268476) | &nbsp;&nbsp;&nbsp;&nbsp;(34271912) | &nbsp;&nbsp;&nbsp;&nbsp;(1929029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1616128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1929041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7652443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2666405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(34433324) | &nbsp;&nbsp;&nbsp;&nbsp;(15359796) | &nbsp;&nbsp;&nbsp;&nbsp;(2819418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8849229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4161858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(690937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3173241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1124222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11043) |
|  | &nbsp;&nbsp;&nbsp;(148992841) | &nbsp;&nbsp;&nbsp;&nbsp;(59513234) | &nbsp;&nbsp;&nbsp;&nbsp;(6093144) | &nbsp;&nbsp;&nbsp;&nbsp;(1027490) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;17629623 | &nbsp;&nbsp;&nbsp;&nbsp;24676263 | &nbsp;&nbsp;&nbsp;&nbsp;6844561 | &nbsp;&nbsp;&nbsp;11497050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648634 | &nbsp;&nbsp;&nbsp;&nbsp;1076321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067937 | &nbsp;&nbsp;&nbsp;&nbsp;5593344 | &nbsp;&nbsp;&nbsp;&nbsp;3085234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62986163 | &nbsp;&nbsp;&nbsp;&nbsp;95499301 | &nbsp;&nbsp;&nbsp;72659939 | &nbsp;&nbsp;&nbsp;56516094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;12638833 | &nbsp;&nbsp;&nbsp;&nbsp;18567784 | &nbsp;&nbsp;&nbsp;&nbsp;6754871 | &nbsp;&nbsp;&nbsp;&nbsp;5782871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598916 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19820021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;64499652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;92685841 | &nbsp;&nbsp;&nbsp;&nbsp;34141794 | &nbsp;&nbsp;&nbsp;&nbsp;1889182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33350247 | &nbsp;&nbsp;&nbsp;&nbsp;15203093 | &nbsp;&nbsp;&nbsp;&nbsp;2799225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8730336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;249933671 | &nbsp;&nbsp;&nbsp;&nbsp;295813745 | &nbsp;&nbsp;&nbsp;99426648 | &nbsp;&nbsp;&nbsp;79575462 |

---

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Small Cap Growth Fund | &nbsp;&nbsp;Nomura<br> Small Cap Growth Fund | &nbsp;&nbsp;Nomura<br> Smid Cap Core Fund | &nbsp;&nbsp;Nomura<br> Smid Cap Core Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(137257309) | &nbsp;&nbsp;$(138037888) | &nbsp;&nbsp;$(22843309) | &nbsp;&nbsp;$(24290069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5728769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7475399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3218144) | &nbsp;&nbsp;&nbsp;&nbsp;(3693714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9602078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8441688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3046366) | &nbsp;&nbsp;&nbsp;&nbsp;(4422088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(186774597) | &nbsp;&nbsp;&nbsp;&nbsp;(239850442) | &nbsp;&nbsp;&nbsp;&nbsp;(82625379) | &nbsp;&nbsp;&nbsp;&nbsp;(52603419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37754821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91025463) | &nbsp;&nbsp;&nbsp;&nbsp;(10319099) | &nbsp;&nbsp;&nbsp;&nbsp;(10353142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9335205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12029542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2095959) | &nbsp;&nbsp;&nbsp;&nbsp;(1000214) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(386452779) | &nbsp;&nbsp;&nbsp;&nbsp;(496860422) | &nbsp;&nbsp;&nbsp;(124148256) | &nbsp;&nbsp;&nbsp;&nbsp;(96362646) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(136519108) | &nbsp;&nbsp;&nbsp;&nbsp;(201046677) | &nbsp;&nbsp;&nbsp;&nbsp;(24721608) | &nbsp;&nbsp;&nbsp;&nbsp;(16787184) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56574788) | &nbsp;&nbsp;&nbsp;&nbsp;(345845868) | &nbsp;&nbsp;&nbsp;&nbsp;25983028 | &nbsp;&nbsp;&nbsp;&nbsp;(16246025) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;1040570674 | &nbsp;&nbsp;&nbsp;1386416542 | &nbsp;&nbsp;&nbsp;&nbsp;323481870 | &nbsp;&nbsp;&nbsp;339727895 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$983995886 | &nbsp;&nbsp;$1040570674 | &nbsp;&nbsp;$349464898 | &nbsp;&nbsp;$323481870 |

---

<sup>1</sup> Excludes net increase from payment by affiliates.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

<sup>4</sup> See Note 7 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;56

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---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Systematic Emerging<br> Markets Equity Fund | &nbsp;&nbsp;Nomura<br> Systematic Emerging<br> Markets Equity Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25<sup>φ</sup> |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$14714182 | &nbsp;&nbsp;$17971218 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;100499982 | &nbsp;&nbsp;&nbsp;&nbsp;34380248 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;62226126 | &nbsp;&nbsp;&nbsp;(19544652) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;177440290 | &nbsp;&nbsp;&nbsp;&nbsp;32806814 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(13344090) | &nbsp;&nbsp;&nbsp;&nbsp;(4556758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(1268836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(1130371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(33315414) | &nbsp;&nbsp;&nbsp;(12934228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(7796578) | &nbsp;&nbsp;&nbsp;&nbsp;(3499420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(2779604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(826183) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(59634893) | &nbsp;&nbsp;&nbsp;(22588974) |
| **Capital Share Transactions (See Note 6):** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;11395674 | &nbsp;&nbsp;&nbsp;&nbsp;12334270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6892376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55604248 | &nbsp;&nbsp;&nbsp;&nbsp;87322698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;16573621 | &nbsp;&nbsp;&nbsp;&nbsp;19299080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;11025776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6249361 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;12889884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28034021 | &nbsp;&nbsp;&nbsp;&nbsp;11831001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7746635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826151 |
|  | &nbsp;&nbsp;&nbsp;155036697 | &nbsp;&nbsp;&nbsp;151504116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;57

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Ivy Funds

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Systematic Emerging<br> Markets Equity Fund | &nbsp;&nbsp;Nomura<br> Systematic Emerging<br> Markets Equity Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25<sup>φ</sup> |
| **Capital Share Transactions (See Note 6) (continued):** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(38804876) | &nbsp;&nbsp;$(42664345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7887309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7621248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2216145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1299744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(198672698) | &nbsp;&nbsp;&nbsp;(153778389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(59982089) | &nbsp;&nbsp;&nbsp;&nbsp;(49372201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(12477229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7519844) |
|  | &nbsp;&nbsp;&nbsp;(320040346) | &nbsp;&nbsp;&nbsp;(262255771) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(165003649) | &nbsp;&nbsp;&nbsp;(110751655) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(47198252) | &nbsp;&nbsp;&nbsp;(100533815) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;660493989 | &nbsp;&nbsp;&nbsp;&nbsp;761027804 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$613295737 | &nbsp;&nbsp;$660493989 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

φ Consolidated statements of changes in net assets through November 27, 2024.

See accompanying notes, which are an integral part of the financial statements.

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## Financial highlights
Nomura Core Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$16.47 | &nbsp;&nbsp;$17.11 | &nbsp;&nbsp;$14.69 | &nbsp;&nbsp;$18.10 | &nbsp;&nbsp;$18.01 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.51) |
| **Net asset value, end of period** | &nbsp;&nbsp;$16.25 | &nbsp;&nbsp;$16.47 | &nbsp;&nbsp;$17.11 | &nbsp;&nbsp;$14.69 | &nbsp;&nbsp;$18.10 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.27%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.94%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.18%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.71%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2536732 | &nbsp;&nbsp;$2633516 | &nbsp;&nbsp;$2846374 | &nbsp;&nbsp;$2574630 | &nbsp;&nbsp;$3424139 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;59

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Nomura Core Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$11.26 | &nbsp;&nbsp;$12.34 | &nbsp;&nbsp;$11.09 | &nbsp;&nbsp;$14.27 | &nbsp;&nbsp;$14.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.36) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) |
| **Net asset value, end of period** | &nbsp;&nbsp;$10.29 | &nbsp;&nbsp;$11.26 | &nbsp;&nbsp;$12.34 | &nbsp;&nbsp;$11.09 | &nbsp;&nbsp;$14.27 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;12.37%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.17%<sup>4</sup> | &nbsp;&nbsp;&nbsp;30.19%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.48%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;12.85% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$16638 | &nbsp;&nbsp;$17523 | &nbsp;&nbsp;$18101 | &nbsp;&nbsp;$17253 | &nbsp;&nbsp;$27556 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;1.85% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.85% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.60%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>4</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

60&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Core Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$17.88 | &nbsp;&nbsp;$17.82 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.39) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) |
| **Net asset value, end of period** | &nbsp;&nbsp;$15.89 | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$17.88 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;12.98%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.67%<sup>5</sup> | &nbsp;&nbsp;&nbsp;30.84%<sup>5</sup> | &nbsp;&nbsp;&nbsp;(6.98%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;13.42% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$176 | &nbsp;&nbsp;$172 | &nbsp;&nbsp;$161 | &nbsp;&nbsp;$231 | &nbsp;&nbsp;$212 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.11%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.

<sup>3</sup> Amount is less than $(0.005) per share.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;61

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Nomura Core Equity Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$21.06 | &nbsp;&nbsp;$17.67 | &nbsp;&nbsp;$21.24 | &nbsp;&nbsp;$20.77 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.16 | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$21.06 | &nbsp;&nbsp;$17.67 | &nbsp;&nbsp;$21.24 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;13.53%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.23%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31.50%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.46%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$787518 | &nbsp;&nbsp;$814243 | &nbsp;&nbsp;$764906 | &nbsp;&nbsp;$744911 | &nbsp;&nbsp;$1070912 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

62&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Core Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$20.84 | &nbsp;&nbsp;$21.13 | &nbsp;&nbsp;$17.73 | &nbsp;&nbsp;$21.31 | &nbsp;&nbsp;$20.82 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.30 | &nbsp;&nbsp;$20.84 | &nbsp;&nbsp;$21.13 | &nbsp;&nbsp;$17.73 | &nbsp;&nbsp;$21.31 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;13.58%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.31%<sup>3</sup> | &nbsp;&nbsp;&nbsp;31.60%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.44%) | &nbsp;&nbsp;&nbsp;14.23% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$19693 | &nbsp;&nbsp;$77069 | &nbsp;&nbsp;$70743 | &nbsp;&nbsp;$48677 | &nbsp;&nbsp;$91633 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;63

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Nomura Core Equity Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.50 | &nbsp;&nbsp;$19.93 | &nbsp;&nbsp;$16.83 | &nbsp;&nbsp;$20.38 | &nbsp;&nbsp;$20.01 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.72 | &nbsp;&nbsp;$19.50 | &nbsp;&nbsp;$19.93 | &nbsp;&nbsp;$16.83 | &nbsp;&nbsp;$20.38 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;13.28%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.99%<sup>3</sup> | &nbsp;&nbsp;&nbsp;31.13% | &nbsp;&nbsp;&nbsp;(6.63%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;13.99%<sup>3</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$23816 | &nbsp;&nbsp;$28491 | &nbsp;&nbsp;$30813 | &nbsp;&nbsp;$25065 | &nbsp;&nbsp;$29855 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

64&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Global Bond Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.16 | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;&nbsp;3.82% | &nbsp;&nbsp;&nbsp;&nbsp;4.19% | &nbsp;&nbsp;&nbsp;&nbsp;(2.00%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.39%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$80031 | &nbsp;&nbsp;$91772 | &nbsp;&nbsp;$96400 | &nbsp;&nbsp;$111266 | &nbsp;&nbsp;$150133 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.48% | &nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;2.46% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;3.27% | &nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.23% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;141% | &nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>4</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>5</sup> The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.96% and 1.08%, respectively.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Global Bond Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.19 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.25 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.19 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;3.36% | &nbsp;&nbsp;&nbsp;&nbsp;(2.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(5.04%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1115 | &nbsp;&nbsp;$1185 | &nbsp;&nbsp;$1729 | &nbsp;&nbsp;$2675 | &nbsp;&nbsp;$3499 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;1.71%<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.72%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;1.88%<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.84%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;141% | &nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>4</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>5</sup> The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 1.71% and 1.83%, respectively.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Global Bond Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.17 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.07 | &nbsp;&nbsp;$9.55 | &nbsp;&nbsp;$10.23 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.17 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.07 | &nbsp;&nbsp;$9.55 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;2.84%<sup>3</sup> | &nbsp;&nbsp;&nbsp;3.50%<sup>3</sup> | &nbsp;&nbsp;&nbsp;3.98%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(2.31%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.77%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$847 | &nbsp;&nbsp;$1043 | &nbsp;&nbsp;$342 | &nbsp;&nbsp;$257 | &nbsp;&nbsp;$260 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;1.21%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.22%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;1.38%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.34%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;3.16% | &nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;141% | &nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>6</sup> The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 1.21% and 1.33%, respectively.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Global Bond Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.25 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.35% | &nbsp;&nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;&nbsp;&nbsp;4.44% | &nbsp;&nbsp;&nbsp;&nbsp;(1.76%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.08%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$186570 | &nbsp;&nbsp;$207714 | &nbsp;&nbsp;$210566 | &nbsp;&nbsp;$179446 | &nbsp;&nbsp;$198358 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.72% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;&nbsp;2.67% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;3.51% | &nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;3.71% | &nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;2.55% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>4</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>5</sup> The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.71% and 0.83%, respectively.

See accompanying notes, which are an integral part of the financial statements.

68&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Global Bond Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$10.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.14 | &nbsp;&nbsp;$9.18 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.57 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.48%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.50%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.75%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.14%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$136067 | &nbsp;&nbsp;$180146 | &nbsp;&nbsp;$171002 | &nbsp;&nbsp;$132679 | &nbsp;&nbsp;$143870 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.87% | &nbsp;&nbsp;&nbsp;&nbsp;3.95% | &nbsp;&nbsp;&nbsp;&nbsp;3.91% | &nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.65% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;3.78% | &nbsp;&nbsp;&nbsp;&nbsp;3.81% | &nbsp;&nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.65% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>6</sup> The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.63% and 0.73%, respectively.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;69

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Bond Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.58 | &nbsp;&nbsp;$10.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.16 | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$9.58 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;3.84% | &nbsp;&nbsp;&nbsp;4.21% | &nbsp;&nbsp;&nbsp;&nbsp;(2.06%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.29%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1782 | &nbsp;&nbsp;$2345 | &nbsp;&nbsp;$1999 | &nbsp;&nbsp;$1879 | &nbsp;&nbsp;$881 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;0.96%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.97%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;1.13%<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.09%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;3.48% | &nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;2.42% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;3.27% | &nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;&nbsp;2.27% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;141% | &nbsp;&nbsp;&nbsp;&nbsp;226% | &nbsp;&nbsp;&nbsp;&nbsp;181% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>4</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>5</sup> The ratio of expenses to average net assets excluding interest expense and ratio of expenses to average net assets prior to fees waived excluding interest expense for the year ended March 31, 2024 were 0.96% and 1.08%, respectively.

See accompanying notes, which are an integral part of the financial statements.

70&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$35.09 | &nbsp;&nbsp;$34.68 | &nbsp;&nbsp;$29.35 | &nbsp;&nbsp;$54.30 | &nbsp;&nbsp;$56.56 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.15) |
| **Net asset value, end of period** | &nbsp;&nbsp;$36.47 | &nbsp;&nbsp;$35.09 | &nbsp;&nbsp;$34.68 | &nbsp;&nbsp;$29.35 | &nbsp;&nbsp;$54.30 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;13.26%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.96%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25.48%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.48%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.84% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$612775 | &nbsp;&nbsp;$631961 | &nbsp;&nbsp;$346465 | &nbsp;&nbsp;$333400 | &nbsp;&nbsp;$481991 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.14% |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;0.14% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and $0.05 and total return by 0.06% and 0.17% for the years ended March 31, 2026 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>5</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

<sup>8</sup> Amount is less than 0.005%.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;71

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura Global Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$20.33 | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$18.40 | &nbsp;&nbsp;$43.16 | &nbsp;&nbsp;$45.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12)<sup>23</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.60) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.60) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.58 | &nbsp;&nbsp;$20.33 | &nbsp;&nbsp;$20.77 | &nbsp;&nbsp;$18.40 | &nbsp;&nbsp;$43.16 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;12.37%<sup>2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.17%<sup>4,6</sup> | &nbsp;&nbsp;&nbsp;24.49%<sup>2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5.30%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2889 | &nbsp;&nbsp;$3124 | &nbsp;&nbsp;$2164 | &nbsp;&nbsp;$2187 | &nbsp;&nbsp;$3530 |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;2.22% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.08%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;&nbsp;2.22% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.75%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income (loss) per share by $0.01 and $0.03 and total return by 0.05% and 0.16% for the years ended March 31, 2026 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>6</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>8</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Global Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$33.88 | &nbsp;&nbsp;$33.53 | &nbsp;&nbsp;$28.46 | &nbsp;&nbsp;$53.50 | &nbsp;&nbsp;$55.69 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)<sup>23</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;(3.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.81) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) |
| **Net asset value, end of period** | &nbsp;&nbsp;$35.00 | &nbsp;&nbsp;$33.88 | &nbsp;&nbsp;$33.53 | &nbsp;&nbsp;$28.46 | &nbsp;&nbsp;$53.50 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;12.96%<sup>2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.69%<sup>4,6</sup> | &nbsp;&nbsp;&nbsp;25.13%<sup>2,6</sup> | &nbsp;&nbsp;&nbsp;(4.74%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.46% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$977 | &nbsp;&nbsp;$959 | &nbsp;&nbsp;$772 | &nbsp;&nbsp;$716 | &nbsp;&nbsp;$835 |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.58%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.06%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;(0.25%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.26%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;(0.25%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income (loss) per share by $0.02 and $0.04 and total return by 0.06% and 0.14% for the years ended March 31, 2026 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>6</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>8</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;73

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Nomura Global Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$37.21 | &nbsp;&nbsp;$36.64 | &nbsp;&nbsp;$30.86 | &nbsp;&nbsp;$55.82 | &nbsp;&nbsp;$58.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(21.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.37) |
| **Net asset value, end of period** | &nbsp;&nbsp;$38.93 | &nbsp;&nbsp;$37.21 | &nbsp;&nbsp;$36.64 | &nbsp;&nbsp;$30.86 | &nbsp;&nbsp;$55.82 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;13.52%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25.81%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.25%) | &nbsp;&nbsp;&nbsp;&nbsp;3.09% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$174601 | &nbsp;&nbsp;$203757 | &nbsp;&nbsp;$177272 | &nbsp;&nbsp;$196155 | &nbsp;&nbsp;$379099 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and $0.05 and total return by 0.05% and 0.16% for the years ended March 31, 2026 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

74&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Global Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$37.30 | &nbsp;&nbsp;$36.74 | &nbsp;&nbsp;$31.04 | &nbsp;&nbsp;$56.21 | &nbsp;&nbsp;$58.51 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;(3.70) | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;(3.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;(21.78) | &nbsp;&nbsp;&nbsp;&nbsp;(4.49) |
| **Net asset value, end of period** | &nbsp;&nbsp;$39.03 | &nbsp;&nbsp;$37.30 | &nbsp;&nbsp;$36.74 | &nbsp;&nbsp;$31.04 | &nbsp;&nbsp;$56.21 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;13.64%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.28%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;25.87%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;(4.20%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;3.22% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$16413 | &nbsp;&nbsp;$15739 | &nbsp;&nbsp;$14681 | &nbsp;&nbsp;$2908 | &nbsp;&nbsp;$2633 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;0.91% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.91% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;0.37% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;0.37% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and $0.05 and total return by 0.05% and 0.16% for the years ended March 31, 2026 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;75

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Nomura Global Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$35.45 | &nbsp;&nbsp;$35.04 | &nbsp;&nbsp;$29.66 | &nbsp;&nbsp;$54.63 | &nbsp;&nbsp;$56.88 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.66) | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.45) | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;(3.96) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(21.52) | &nbsp;&nbsp;&nbsp;&nbsp;(4.15) |
| **Net asset value, end of period** | &nbsp;&nbsp;$36.88 | &nbsp;&nbsp;$35.45 | &nbsp;&nbsp;$35.04 | &nbsp;&nbsp;$29.66 | &nbsp;&nbsp;$54.63 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;13.27%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.92%<sup>3</sup> | &nbsp;&nbsp;&nbsp;25.48%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.50%) | &nbsp;&nbsp;&nbsp;2.85% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2453 | &nbsp;&nbsp;$2786 | &nbsp;&nbsp;$1860 | &nbsp;&nbsp;$1483 | &nbsp;&nbsp;$1962 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;1.28% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;1.32% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;0.11% |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;0.07% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and $0.05 and total return by 0.06% and 0.17% for the years ended March 31, 2026 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.02% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura High Income Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>φ</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.83 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$5.83 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.02%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1002127 | &nbsp;&nbsp;$1207774 | &nbsp;&nbsp;$1109865 | &nbsp;&nbsp;$1196375 | &nbsp;&nbsp;$1576813 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>6</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>7</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>8</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;77

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Nomura High Income Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>φ</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.74 | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.28%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;10.53% | &nbsp;&nbsp;&nbsp;&nbsp;(6.70%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38%<sup>4,5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$52946 | &nbsp;&nbsp;$76913 | &nbsp;&nbsp;$111787 | &nbsp;&nbsp;$141497 | &nbsp;&nbsp;$221601 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.75%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.83%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;5.73% | &nbsp;&nbsp;&nbsp;&nbsp;5.54% | &nbsp;&nbsp;&nbsp;&nbsp;6.52% | &nbsp;&nbsp;&nbsp;&nbsp;6.64% | &nbsp;&nbsp;&nbsp;&nbsp;5.72% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;5.61% | &nbsp;&nbsp;&nbsp;&nbsp;5.46% | &nbsp;&nbsp;&nbsp;&nbsp;6.52% | &nbsp;&nbsp;&nbsp;&nbsp;6.54% | &nbsp;&nbsp;&nbsp;&nbsp;5.68% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>6</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>7</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>8</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

78&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura High Income Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>φ</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.98%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.83%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;11.08% | &nbsp;&nbsp;&nbsp;&nbsp;(6.29%) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$28337 | &nbsp;&nbsp;$31504 | &nbsp;&nbsp;$32778 | &nbsp;&nbsp;$34322 | &nbsp;&nbsp;$44613 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.23% | &nbsp;&nbsp;&nbsp;&nbsp;6.07% | &nbsp;&nbsp;&nbsp;&nbsp;7.02% | &nbsp;&nbsp;&nbsp;&nbsp;7.09% | &nbsp;&nbsp;&nbsp;&nbsp;6.05% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.11% | &nbsp;&nbsp;&nbsp;&nbsp;5.99% | &nbsp;&nbsp;&nbsp;&nbsp;7.02% | &nbsp;&nbsp;&nbsp;&nbsp;7.09% | &nbsp;&nbsp;&nbsp;&nbsp;6.05% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>6</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>7</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>8</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;79

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Nomura High Income Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>φ</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.51%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.34%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.79%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$579800 | &nbsp;&nbsp;$912237 | &nbsp;&nbsp;$1013680 | &nbsp;&nbsp;$1035891 | &nbsp;&nbsp;$1454150 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.83%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.73% | &nbsp;&nbsp;&nbsp;&nbsp;6.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.61% | &nbsp;&nbsp;&nbsp;&nbsp;6.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>6</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>7</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>8</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

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Nomura High Income Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>φ</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.83 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$5.83 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.42%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.60%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;11.64% | &nbsp;&nbsp;&nbsp;&nbsp;(5.68%) | &nbsp;&nbsp;&nbsp;&nbsp;1.45%<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$31394 | &nbsp;&nbsp;$97070 | &nbsp;&nbsp;$53111 | &nbsp;&nbsp;$59659 | &nbsp;&nbsp;$64630 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.83% | &nbsp;&nbsp;&nbsp;&nbsp;6.68% | &nbsp;&nbsp;&nbsp;&nbsp;7.57% | &nbsp;&nbsp;&nbsp;&nbsp;7.78% | &nbsp;&nbsp;&nbsp;&nbsp;6.78% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.71% | &nbsp;&nbsp;&nbsp;&nbsp;6.60% | &nbsp;&nbsp;&nbsp;&nbsp;7.57% | &nbsp;&nbsp;&nbsp;&nbsp;7.78% | &nbsp;&nbsp;&nbsp;&nbsp;6.78% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>6</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>7</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>8</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;81

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Nomura High Income Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>φ</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$7.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.74 | &nbsp;&nbsp;$5.82 | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$5.87 | &nbsp;&nbsp;$6.73 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.07%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.08%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;11.35% | &nbsp;&nbsp;&nbsp;&nbsp;(6.02%) | &nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>4,5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$34282 | &nbsp;&nbsp;$46695 | &nbsp;&nbsp;$56376 | &nbsp;&nbsp;$68758 | &nbsp;&nbsp;$99847 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>7,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.47% | &nbsp;&nbsp;&nbsp;&nbsp;6.32% | &nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;7.34% | &nbsp;&nbsp;&nbsp;&nbsp;6.37% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.35% | &nbsp;&nbsp;&nbsp;&nbsp;6.24% | &nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;7.34% | &nbsp;&nbsp;&nbsp;&nbsp;6.34% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>6</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>7</sup> | Includes non-recurring expenses of 0.01% for the year ended March 31, 2025. |
| <sup>8</sup> | The impact of the tax expense on the ratio of expenses to average net assets is 0.11% for the year ended March 31, 2025. |

---

See accompanying notes, which are an integral part of the financial statements.

82&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura International Core Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$20.99 | &nbsp;&nbsp;$18.83 | &nbsp;&nbsp;$19.09 | &nbsp;&nbsp;$19.82 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.06 | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$20.99 | &nbsp;&nbsp;$18.83 | &nbsp;&nbsp;$19.09 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.23%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.75%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.36%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.28%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$405636 | &nbsp;&nbsp;$431680 | &nbsp;&nbsp;$293102 | &nbsp;&nbsp;$278607 | &nbsp;&nbsp;$329081 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.04, $0.02 and $0.07 and total return by 0.18%, 0.10% and 0.37% for the years ended March 31, 2026, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura International Core Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$18.96 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$16.39 | &nbsp;&nbsp;$16.62 | &nbsp;&nbsp;$17.33 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| **Net asset value, end of period** | &nbsp;&nbsp;$17.98 | &nbsp;&nbsp;$18.96 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$16.39 | &nbsp;&nbsp;$16.62 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.47%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.95%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;13.47%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.23%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.97%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$9214 | &nbsp;&nbsp;$13597 | &nbsp;&nbsp;$18338 | &nbsp;&nbsp;$28549 | &nbsp;&nbsp;$45987 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.08%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;0.23% |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03, $0.02 and $0.06 and total return by 0.16%, 0.11% and 0.37% for the years ended March 31, 2026, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.12%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura International Core Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$20.97 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$19.07 | &nbsp;&nbsp;$19.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.10 | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$20.97 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$19.07 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.44%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;14.06%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.78%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.57%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$32513 | &nbsp;&nbsp;$38415 | &nbsp;&nbsp;$40627 | &nbsp;&nbsp;$41758 | &nbsp;&nbsp;$47807 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.53% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.58%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.63% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.04, $0.02 and $0.07 and total return by 0.18%, 0.10% and 0.37% for the years ended March 31, 2026, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura International Core Equity Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$21.18 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$19.24 | &nbsp;&nbsp;$19.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.32 | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$21.18 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$19.24 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.56%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.00%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.59%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.17%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$631096 | &nbsp;&nbsp;$714048 | &nbsp;&nbsp;$693391 | &nbsp;&nbsp;$723002 | &nbsp;&nbsp;$1024716 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.04, $0.02 and $0.07 and total return by 0.18%, 0.09% and 0.37% for the years ended March 31, 2026, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Nomura International Core Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.15 | &nbsp;&nbsp;$21.24 | &nbsp;&nbsp;$19.05 | &nbsp;&nbsp;$19.30 | &nbsp;&nbsp;$20.03 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.51 | &nbsp;&nbsp;$22.15 | &nbsp;&nbsp;$21.24 | &nbsp;&nbsp;$19.05 | &nbsp;&nbsp;$19.30 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.71%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.14%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.69%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$89568 | &nbsp;&nbsp;$200596 | &nbsp;&nbsp;$244996 | &nbsp;&nbsp;$243848 | &nbsp;&nbsp;$347008 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.04, $0.02 and $0.07 and total return by 0.18%, 0.09% and 0.37% for the years ended March 31, 2026, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.10%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura International Core Equity Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.01 | &nbsp;&nbsp;$21.16 | &nbsp;&nbsp;$18.99 | &nbsp;&nbsp;$19.24 | &nbsp;&nbsp;$19.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.26 | &nbsp;&nbsp;$22.01 | &nbsp;&nbsp;$21.16 | &nbsp;&nbsp;$18.99 | &nbsp;&nbsp;$19.24 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.28%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.75%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;14.27%<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.26%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$40788 | &nbsp;&nbsp;$43054 | &nbsp;&nbsp;$38817 | &nbsp;&nbsp;$41120 | &nbsp;&nbsp;$49433 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.04, $0.02 and $0.07 and total return by 0.18%, 0.09% and 0.37% for the years ended March 31, 2026, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements."

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and total return by 0.11%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.03% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

88&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Large Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$33.86 | &nbsp;&nbsp;$32.68 | &nbsp;&nbsp;$25.18 | &nbsp;&nbsp;$31.11 | &nbsp;&nbsp;$29.35 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.32) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.32) |
| **Net asset value, end of period** | &nbsp;&nbsp;$31.87 | &nbsp;&nbsp;$33.86 | &nbsp;&nbsp;$32.68 | &nbsp;&nbsp;$25.18 | &nbsp;&nbsp;$31.11 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.90%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.52% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2559198 | &nbsp;&nbsp;$3002357 | &nbsp;&nbsp;$2532714 | &nbsp;&nbsp;$2127513 | &nbsp;&nbsp;$2834191 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;89

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Nomura Large Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.62 | &nbsp;&nbsp;$22.17 | &nbsp;&nbsp;$17.46 | &nbsp;&nbsp;$22.78 | &nbsp;&nbsp;$22.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.03) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.03) |
| **Net asset value, end of period** | &nbsp;&nbsp;$20.24 | &nbsp;&nbsp;$22.62 | &nbsp;&nbsp;$22.17 | &nbsp;&nbsp;$17.46 | &nbsp;&nbsp;$22.78 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.50%<sup>3</sup> | &nbsp;&nbsp;&nbsp;32.90%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9.97%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;15.55% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$44882 | &nbsp;&nbsp;$59938 | &nbsp;&nbsp;$61156 | &nbsp;&nbsp;$44773 | &nbsp;&nbsp;$63666 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.65%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.73%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1.03%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.23%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.12%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.11%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.10%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.20%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.23%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Large Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;$30.03 | &nbsp;&nbsp;$23.26 | &nbsp;&nbsp;$29.09 | &nbsp;&nbsp;$27.57 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.13) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.13) |
| **Net asset value, end of period** | &nbsp;&nbsp;$28.88 | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;$30.03 | &nbsp;&nbsp;$23.26 | &nbsp;&nbsp;$29.09 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.82%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.06%<sup>3</sup> | &nbsp;&nbsp;&nbsp;33.56%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9.55%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;16.07% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$25752 | &nbsp;&nbsp;$30489 | &nbsp;&nbsp;$34190 | &nbsp;&nbsp;$10598 | &nbsp;&nbsp;$12298 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Large Cap Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$37.37 | &nbsp;&nbsp;$35.92 | &nbsp;&nbsp;$27.53 | &nbsp;&nbsp;$33.61 | &nbsp;&nbsp;$31.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) |
| **Net asset value, end of period** | &nbsp;&nbsp;$35.55 | &nbsp;&nbsp;$37.37 | &nbsp;&nbsp;$35.92 | &nbsp;&nbsp;$27.53 | &nbsp;&nbsp;$33.61 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.99%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.87% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$3040685 | &nbsp;&nbsp;$4346255 | &nbsp;&nbsp;$3830418 | &nbsp;&nbsp;$2723101 | &nbsp;&nbsp;$2626992 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount is less than $0.005 per share.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

<sup>6</sup> Amount is less than 0.005%.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Large Cap Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$37.77 | &nbsp;&nbsp;$36.27 | &nbsp;&nbsp;$27.78 | &nbsp;&nbsp;$33.89 | &nbsp;&nbsp;$31.71 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) |
| **Net asset value, end of period** | &nbsp;&nbsp;$35.99 | &nbsp;&nbsp;$37.77 | &nbsp;&nbsp;$36.27 | &nbsp;&nbsp;$27.78 | &nbsp;&nbsp;$33.89 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.41%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.65%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34.29%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9.01%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.90% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$139093 | &nbsp;&nbsp;$230031 | &nbsp;&nbsp;$313272 | &nbsp;&nbsp;$185287 | &nbsp;&nbsp;$166623 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;(0.06%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.04%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01%) | &nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;(0.06%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Large Cap Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$35.36 | &nbsp;&nbsp;$34.10 | &nbsp;&nbsp;$26.24 | &nbsp;&nbsp;$32.29 | &nbsp;&nbsp;$30.36 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.31) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.31) |
| **Net asset value, end of period** | &nbsp;&nbsp;$33.40 | &nbsp;&nbsp;$35.36 | &nbsp;&nbsp;$34.10 | &nbsp;&nbsp;$26.24 | &nbsp;&nbsp;$32.29 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;33.90% | &nbsp;&nbsp;&nbsp;&nbsp;(9.28%) | &nbsp;&nbsp;&nbsp;16.51% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$25568 | &nbsp;&nbsp;$37053 | &nbsp;&nbsp;$32584 | &nbsp;&nbsp;$24849 | &nbsp;&nbsp;$35926 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>4</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Mid Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.94 | &nbsp;&nbsp;$28.16 | &nbsp;&nbsp;$26.14 | &nbsp;&nbsp;$32.31 | &nbsp;&nbsp;$37.42 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.93) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.93) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.23 | &nbsp;&nbsp;$22.94 | &nbsp;&nbsp;$28.16 | &nbsp;&nbsp;$26.14 | &nbsp;&nbsp;$32.31 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.78%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.44%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(10.07%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1285226 | &nbsp;&nbsp;$1616500 | &nbsp;&nbsp;$1549167 | &nbsp;&nbsp;$1582726 | &nbsp;&nbsp;$2158678 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;95

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Nomura Mid Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.65 | &nbsp;&nbsp;$19.94 | &nbsp;&nbsp;$19.16 | &nbsp;&nbsp;$24.74 | &nbsp;&nbsp;$29.76 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.74) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.74) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.63 | &nbsp;&nbsp;$15.65 | &nbsp;&nbsp;$19.94 | &nbsp;&nbsp;$19.16 | &nbsp;&nbsp;$24.74 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.83%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(13.41%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;14.56%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(10.79%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.67%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$39430 | &nbsp;&nbsp;$61560 | &nbsp;&nbsp;$68708 | &nbsp;&nbsp;$75826 | &nbsp;&nbsp;$121668 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.96%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1.41%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.24%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.57%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.43%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.56%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.57%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Mid Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.38 | &nbsp;&nbsp;$26.44 | &nbsp;&nbsp;$24.71 | &nbsp;&nbsp;$30.81 | &nbsp;&nbsp;$35.92 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.81) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.81) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.59 | &nbsp;&nbsp;$21.38 | &nbsp;&nbsp;$26.44 | &nbsp;&nbsp;$24.71 | &nbsp;&nbsp;$30.81 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;(13.02%) | &nbsp;&nbsp;&nbsp;15.15% | &nbsp;&nbsp;&nbsp;&nbsp;(10.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(2.30%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$33225 | &nbsp;&nbsp;$44288 | &nbsp;&nbsp;$54529 | &nbsp;&nbsp;$58839 | &nbsp;&nbsp;$74908 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.91%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.87%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.11%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>4</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Mid Cap Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$26.81 | &nbsp;&nbsp;$32.52 | &nbsp;&nbsp;$29.84 | &nbsp;&nbsp;$36.32 | &nbsp;&nbsp;$41.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.05) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.05) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.28 | &nbsp;&nbsp;$26.81 | &nbsp;&nbsp;$32.52 | &nbsp;&nbsp;$29.84 | &nbsp;&nbsp;$36.32 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;(12.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.80%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1147417 | &nbsp;&nbsp;$2149899 | &nbsp;&nbsp;$3054252 | &nbsp;&nbsp;$2887695 | &nbsp;&nbsp;$3577939 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>4</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Mid Cap Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$27.23 | &nbsp;&nbsp;$32.97 | &nbsp;&nbsp;$30.21 | &nbsp;&nbsp;$36.73 | &nbsp;&nbsp;$41.89 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.05) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.05) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.74 | &nbsp;&nbsp;$27.23 | &nbsp;&nbsp;$32.97 | &nbsp;&nbsp;$30.21 | &nbsp;&nbsp;$36.73 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;(12.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.54%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$396276 | &nbsp;&nbsp;$938480 | &nbsp;&nbsp;$1292279 | &nbsp;&nbsp;$1048374 | &nbsp;&nbsp;$980539 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>4</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Mid Cap Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$24.86 | &nbsp;&nbsp;$30.36 | &nbsp;&nbsp;$28.04 | &nbsp;&nbsp;$34.43 | &nbsp;&nbsp;$39.57 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.92) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.92) |
| **Net asset value, end of period** | &nbsp;&nbsp;$23.20 | &nbsp;&nbsp;$24.86 | &nbsp;&nbsp;$30.36 | &nbsp;&nbsp;$28.04 | &nbsp;&nbsp;$34.43 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;(12.78%) | &nbsp;&nbsp;&nbsp;&nbsp;15.46% | &nbsp;&nbsp;&nbsp;&nbsp;(10.09%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.89%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$91680 | &nbsp;&nbsp;$156030 | &nbsp;&nbsp;$226978 | &nbsp;&nbsp;$223692 | &nbsp;&nbsp;$284480 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.66%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.77%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>4</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Mid Cap Income Opportunities Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.86 | &nbsp;&nbsp;$19.66 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$18.38 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| **Net asset value, end of period** | &nbsp;&nbsp;$16.97 | &nbsp;&nbsp;$17.86 | &nbsp;&nbsp;$19.66 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$18.81 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;20.24% | &nbsp;&nbsp;&nbsp;&nbsp;(4.73%) | &nbsp;&nbsp;&nbsp;&nbsp;5.71% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$133700 | &nbsp;&nbsp;$142549 | &nbsp;&nbsp;$164478 | &nbsp;&nbsp;$171183 | &nbsp;&nbsp;$188631 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Mid Cap Income Opportunities Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.82 | &nbsp;&nbsp;$19.62 | &nbsp;&nbsp;$17.22 | &nbsp;&nbsp;$18.71 | &nbsp;&nbsp;$18.30 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| **Net asset value, end of period** | &nbsp;&nbsp;$16.94 | &nbsp;&nbsp;$17.82 | &nbsp;&nbsp;$19.62 | &nbsp;&nbsp;$17.22 | &nbsp;&nbsp;$18.71 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;8.49% | &nbsp;&nbsp;&nbsp;&nbsp;(0.02%) | &nbsp;&nbsp;&nbsp;19.36% | &nbsp;&nbsp;&nbsp;&nbsp;(5.42%) | &nbsp;&nbsp;&nbsp;&nbsp;4.85% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$9987 | &nbsp;&nbsp;$13847 | &nbsp;&nbsp;$18742 | &nbsp;&nbsp;$20280 | &nbsp;&nbsp;$27245 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.16% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Mid Cap Income Opportunities Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.84 | &nbsp;&nbsp;$19.65 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$18.77 | &nbsp;&nbsp;$18.35 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| **Net asset value, end of period** | &nbsp;&nbsp;$16.95 | &nbsp;&nbsp;$17.84 | &nbsp;&nbsp;$19.65 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$18.77 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;20.00% | &nbsp;&nbsp;&nbsp;&nbsp;(4.99%) | &nbsp;&nbsp;&nbsp;5.28% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$10215 | &nbsp;&nbsp;$10634 | &nbsp;&nbsp;$13117 | &nbsp;&nbsp;$1131 | &nbsp;&nbsp;$1205 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;1.58% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;1.63% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;0.60% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;0.55% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount is less than $0.005 per share.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Mid Cap Income Opportunities Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.87 | &nbsp;&nbsp;$19.68 | &nbsp;&nbsp;$17.27 | &nbsp;&nbsp;$18.84 | &nbsp;&nbsp;$18.42 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |
| **Net asset value, end of period** | &nbsp;&nbsp;$16.99 | &nbsp;&nbsp;$17.87 | &nbsp;&nbsp;$19.68 | &nbsp;&nbsp;$17.27 | &nbsp;&nbsp;$18.84 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.61% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;20.58% | &nbsp;&nbsp;&nbsp;&nbsp;(4.42%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$500754 | &nbsp;&nbsp;$672059 | &nbsp;&nbsp;$865423 | &nbsp;&nbsp;$996722 | &nbsp;&nbsp;$1399865 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount is less than $0.005 per share.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Mid Cap Income Opportunities Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.87 | &nbsp;&nbsp;$19.68 | &nbsp;&nbsp;$17.28 | &nbsp;&nbsp;$18.84 | &nbsp;&nbsp;$18.42 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) |
| **Net asset value, end of period** | &nbsp;&nbsp;$16.99 | &nbsp;&nbsp;$17.87 | &nbsp;&nbsp;$19.68 | &nbsp;&nbsp;$17.28 | &nbsp;&nbsp;$18.84 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;20.63% | &nbsp;&nbsp;&nbsp;&nbsp;(4.37%) | &nbsp;&nbsp;&nbsp;&nbsp;6.05% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$54024 | &nbsp;&nbsp;$80036 | &nbsp;&nbsp;$95789 | &nbsp;&nbsp;$89010 | &nbsp;&nbsp;$112720 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;105

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Nomura Mid Cap Income Opportunities Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.97 | &nbsp;&nbsp;$19.78 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$18.81 | &nbsp;&nbsp;$18.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| **Net asset value, end of period** | &nbsp;&nbsp;$17.10 | &nbsp;&nbsp;$17.97 | &nbsp;&nbsp;$19.78 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$18.81 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;20.21% | &nbsp;&nbsp;&nbsp;&nbsp;(4.68%) | &nbsp;&nbsp;&nbsp;&nbsp;5.63% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$12143 | &nbsp;&nbsp;$12415 | &nbsp;&nbsp;$14885 | &nbsp;&nbsp;$11656 | &nbsp;&nbsp;$27888 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

106&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Small Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$11.30 | &nbsp;&nbsp;$12.97 | &nbsp;&nbsp;$11.67 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$22.28 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.90) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.09) |
| **Net asset value, end of period** | &nbsp;&nbsp;$11.55 | &nbsp;&nbsp;$11.30 | &nbsp;&nbsp;$12.97 | &nbsp;&nbsp;$11.67 | &nbsp;&nbsp;$14.47 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;22.98%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.79%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.98%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;(14.90%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.23%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$504200 | &nbsp;&nbsp;$510833 | &nbsp;&nbsp;$647245 | &nbsp;&nbsp;$681798 | &nbsp;&nbsp;$1030905 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.90%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.03%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.09%.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>5</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Small Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>1</sup>** | &nbsp;&nbsp;**3/31/25<sup>1</sup>** | &nbsp;&nbsp;**3/31/24<sup>1</sup>** | &nbsp;&nbsp;**3/31/23<sup>1</sup>** | &nbsp;&nbsp;**3/31/22<sup>1</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.40 | &nbsp;&nbsp;$21.18 | &nbsp;&nbsp;$20.01 | &nbsp;&nbsp;$25.98 | &nbsp;&nbsp;$47.88 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.21) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.87) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;(17.70) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;(18.03) |
| **Net asset value, end of period** | &nbsp;&nbsp;$18.91 | &nbsp;&nbsp;$17.40 | &nbsp;&nbsp;$21.18 | &nbsp;&nbsp;$20.01 | &nbsp;&nbsp;$25.98 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;22.13%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8.53%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;16.04%<sup>5</sup> | &nbsp;&nbsp;&nbsp;(15.56%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8.89%)<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$12546 | &nbsp;&nbsp;$14197 | &nbsp;&nbsp;$16724 | &nbsp;&nbsp;$20607 | &nbsp;&nbsp;$36063 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.05%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.64%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.55%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.62%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.78%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.66%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.66%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.69%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

<sup>1</sup> On September 26, 2025, the Fund declared a 3 for 1 reverse stock split. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>5</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Small Cap Growth Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$10.55 | &nbsp;&nbsp;$12.18 | &nbsp;&nbsp;$11.02 | &nbsp;&nbsp;$13.75 | &nbsp;&nbsp;$21.50 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.90) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.03) |
| **Net asset value, end of period** | &nbsp;&nbsp;$10.60 | &nbsp;&nbsp;$10.55 | &nbsp;&nbsp;$12.18 | &nbsp;&nbsp;$11.02 | &nbsp;&nbsp;$13.75 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;22.71%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.97%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;16.70%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;(15.18%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8.57%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$38965 | &nbsp;&nbsp;$37847 | &nbsp;&nbsp;$44935 | &nbsp;&nbsp;$43146 | &nbsp;&nbsp;$56050 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.55%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1.11%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.28%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.16%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents a class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.09%.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Small Cap Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.73 | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$19.39 | &nbsp;&nbsp;$23.48 | &nbsp;&nbsp;$32.06 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.28) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.90) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.16) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.98 | &nbsp;&nbsp;$19.73 | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$19.39 | &nbsp;&nbsp;$23.48 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;23.30% | &nbsp;&nbsp;&nbsp;&nbsp;(7.57%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17.29%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(14.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(7.88%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$313193 | &nbsp;&nbsp;$360965 | &nbsp;&nbsp;$468025 | &nbsp;&nbsp;$560403 | &nbsp;&nbsp;$904112 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.78%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.05%.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>6</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Small Cap Growth Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.98 | &nbsp;&nbsp;$22.30 | &nbsp;&nbsp;$19.58 | &nbsp;&nbsp;$23.70 | &nbsp;&nbsp;$32.30 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.30) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.90) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.17) |
| **Net asset value, end of period** | &nbsp;&nbsp;$22.32 | &nbsp;&nbsp;$19.98 | &nbsp;&nbsp;$22.30 | &nbsp;&nbsp;$19.58 | &nbsp;&nbsp;$23.70 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;23.47%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.44%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17.38%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;(14.67%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.88%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$89090 | &nbsp;&nbsp;$93491 | &nbsp;&nbsp;$175469 | &nbsp;&nbsp;$157251 | &nbsp;&nbsp;$209855 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.66%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.05%.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Small Cap Growth Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.38 | &nbsp;&nbsp;$19.56 | &nbsp;&nbsp;$17.31 | &nbsp;&nbsp;$21.10 | &nbsp;&nbsp;$29.47 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.08) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.30) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.90) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.07) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.03 | &nbsp;&nbsp;$17.38 | &nbsp;&nbsp;$19.56 | &nbsp;&nbsp;$17.31 | &nbsp;&nbsp;$21.10 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;23.00%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.77%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;16.93%<sup>2,5</sup> | &nbsp;&nbsp;&nbsp;(14.91%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(8.19%)<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$26002 | &nbsp;&nbsp;$23238 | &nbsp;&nbsp;$34019 | &nbsp;&nbsp;$72634 | &nbsp;&nbsp;$99698 |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.89%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.81%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.03%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.06%.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>5</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>7</sup> Includes non-recurring expenses of 0.01% for the year ended March 31, 2025.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Smid Cap Core Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$13.21 | &nbsp;&nbsp;$18.43 | &nbsp;&nbsp;$22.43 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) |
| **Net asset value, end of period** | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$15.82 | &nbsp;&nbsp;$13.21 | &nbsp;&nbsp;$18.43 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;17.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.29%<sup>2</sup> | &nbsp;&nbsp;&nbsp;20.70% | &nbsp;&nbsp;&nbsp;&nbsp;(7.02%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.21%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$104521 | &nbsp;&nbsp;$103557 | &nbsp;&nbsp;$115867 | &nbsp;&nbsp;$111950 | &nbsp;&nbsp;$151380 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;(0.19%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

<sup>5</sup> Amount is less than 0.005%.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Smid Cap Core Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$11.61 | &nbsp;&nbsp;$11.68 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$14.84 | &nbsp;&nbsp;$18.75 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.60) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.60) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.25 | &nbsp;&nbsp;$11.61 | &nbsp;&nbsp;$11.68 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$14.84 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;16.55% | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;19.77% | &nbsp;&nbsp;&nbsp;&nbsp;(7.71%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.93%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$7162 | &nbsp;&nbsp;$8533 | &nbsp;&nbsp;$11117 | &nbsp;&nbsp;$12188 | &nbsp;&nbsp;$17505 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;2.07% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.82%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Smid Cap Core Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.55 | &nbsp;&nbsp;$15.57 | &nbsp;&nbsp;$13.01 | &nbsp;&nbsp;$18.22 | &nbsp;&nbsp;$22.20 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.68) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.68) |
| **Net asset value, end of period** | &nbsp;&nbsp;$17.91 | &nbsp;&nbsp;$15.55 | &nbsp;&nbsp;$15.57 | &nbsp;&nbsp;$13.01 | &nbsp;&nbsp;$18.22 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;17.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4,6</sup> | &nbsp;&nbsp;&nbsp;20.38% | &nbsp;&nbsp;&nbsp;&nbsp;(7.21%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.57%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$26399 | &nbsp;&nbsp;$20360 | &nbsp;&nbsp;$21641 | &nbsp;&nbsp;$18550 | &nbsp;&nbsp;$22950 |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06%) | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;(0.50%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statements of operations due to class specific expenses.

<sup>3</sup> Amount is less than $0.005 per share.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Total return is less than 0.005%.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Smid Cap Core Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$18.38 | &nbsp;&nbsp;$18.35 | &nbsp;&nbsp;$15.28 | &nbsp;&nbsp;$20.60 | &nbsp;&nbsp;$24.68 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.28 | &nbsp;&nbsp;$18.38 | &nbsp;&nbsp;$18.35 | &nbsp;&nbsp;$15.28 | &nbsp;&nbsp;$20.60 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;17.67% | &nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21.01% | &nbsp;&nbsp;&nbsp;&nbsp;(6.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$166756 | &nbsp;&nbsp;$148920 | &nbsp;&nbsp;$144334 | &nbsp;&nbsp;$159794 | &nbsp;&nbsp;$316727 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Smid Cap Core Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$18.64 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$15.48 | &nbsp;&nbsp;$20.80 | &nbsp;&nbsp;$24.88 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.58 | &nbsp;&nbsp;$18.64 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$15.48 | &nbsp;&nbsp;$20.80 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;17.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>2</sup> | &nbsp;&nbsp;&nbsp;21.17% | &nbsp;&nbsp;&nbsp;&nbsp;(6.73%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$39539 | &nbsp;&nbsp;$36722 | &nbsp;&nbsp;$40997 | &nbsp;&nbsp;$39951 | &nbsp;&nbsp;$82144 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Smid Cap Core Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$17.31 | &nbsp;&nbsp;$17.30 | &nbsp;&nbsp;$14.42 | &nbsp;&nbsp;$19.71 | &nbsp;&nbsp;$23.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.79) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.79) |
| **Net asset value, end of period** | &nbsp;&nbsp;$20.01 | &nbsp;&nbsp;$17.31 | &nbsp;&nbsp;$17.30 | &nbsp;&nbsp;$14.42 | &nbsp;&nbsp;$19.71 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;17.37% | &nbsp;&nbsp;&nbsp;0.25%<sup>2</sup> | &nbsp;&nbsp;&nbsp;20.73% | &nbsp;&nbsp;&nbsp;&nbsp;(7.00%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$5088 | &nbsp;&nbsp;$5390 | &nbsp;&nbsp;$5772 | &nbsp;&nbsp;$5348 | &nbsp;&nbsp;$8110 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;(0.17%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) | &nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;(0.20%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Systematic Emerging Markets Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$18.73 | &nbsp;&nbsp;$18.55 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$22.54 | &nbsp;&nbsp;$28.07 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.54) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.39) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| **Net asset value, end of period** | &nbsp;&nbsp;$22.03 | &nbsp;&nbsp;$18.73 | &nbsp;&nbsp;$18.55 | &nbsp;&nbsp;$17.37 | &nbsp;&nbsp;$22.54 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;29.70% | &nbsp;&nbsp;&nbsp;&nbsp;4.26% | &nbsp;&nbsp;&nbsp;&nbsp;10.31% | &nbsp;&nbsp;&nbsp;&nbsp;(11.42%) | &nbsp;&nbsp;&nbsp;&nbsp;(19.25%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$143698 | &nbsp;&nbsp;$134588 | &nbsp;&nbsp;$158396 | &nbsp;&nbsp;$179755 | &nbsp;&nbsp;$263968 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>3</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

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Nomura Systematic Emerging Markets Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.08 | &nbsp;&nbsp;$15.11 | &nbsp;&nbsp;$14.26 | &nbsp;&nbsp;$19.07 | &nbsp;&nbsp;$23.86 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.72) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Net asset value, end of period** | &nbsp;&nbsp;$17.30 | &nbsp;&nbsp;$15.08 | &nbsp;&nbsp;$15.11 | &nbsp;&nbsp;$14.26 | &nbsp;&nbsp;$19.07 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;28.77% | &nbsp;&nbsp;&nbsp;&nbsp;3.49% | &nbsp;&nbsp;&nbsp;&nbsp;9.48% | &nbsp;&nbsp;&nbsp;&nbsp;(12.02%) | &nbsp;&nbsp;&nbsp;&nbsp;(19.83%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$10840 | &nbsp;&nbsp;$13481 | &nbsp;&nbsp;$16558 | &nbsp;&nbsp;$23136 | &nbsp;&nbsp;$39227 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;&nbsp;(0.17%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;(0.19%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>3</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

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Nomura Systematic Emerging Markets Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$18.39 | &nbsp;&nbsp;$18.25 | &nbsp;&nbsp;$17.12 | &nbsp;&nbsp;$22.26 | &nbsp;&nbsp;$27.75 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.46) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.40) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.50 | &nbsp;&nbsp;$18.39 | &nbsp;&nbsp;$18.25 | &nbsp;&nbsp;$17.12 | &nbsp;&nbsp;$22.26 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;29.45% | &nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;&nbsp;9.99% | &nbsp;&nbsp;&nbsp;&nbsp;(11.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(19.51%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$12754 | &nbsp;&nbsp;$5808 | &nbsp;&nbsp;$5880 | &nbsp;&nbsp;$6070 | &nbsp;&nbsp;$7540 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>3</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

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Nomura Systematic Emerging Markets Equity Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.59 | &nbsp;&nbsp;$19.37 | &nbsp;&nbsp;$18.12 | &nbsp;&nbsp;$23.33 | &nbsp;&nbsp;$29.05 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.74) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.48) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| **Net asset value, end of period** | &nbsp;&nbsp;$23.18 | &nbsp;&nbsp;$19.59 | &nbsp;&nbsp;$19.37 | &nbsp;&nbsp;$18.12 | &nbsp;&nbsp;$23.33 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;30.08% | &nbsp;&nbsp;&nbsp;&nbsp;4.53% | &nbsp;&nbsp;&nbsp;&nbsp;10.55% | &nbsp;&nbsp;&nbsp;&nbsp;(11.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(18.96%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$337924 | &nbsp;&nbsp;$384443 | &nbsp;&nbsp;$432708 | &nbsp;&nbsp;$532766 | &nbsp;&nbsp;$912326 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>3</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

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Nomura Systematic Emerging Markets Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.71 | &nbsp;&nbsp;$19.49 | &nbsp;&nbsp;$18.22 | &nbsp;&nbsp;$23.46 | &nbsp;&nbsp;$29.21 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.77) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.49) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| **Net asset value, end of period** | &nbsp;&nbsp;$23.34 | &nbsp;&nbsp;$19.71 | &nbsp;&nbsp;$19.49 | &nbsp;&nbsp;$18.22 | &nbsp;&nbsp;$23.46 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;30.24% | &nbsp;&nbsp;&nbsp;&nbsp;4.65% | &nbsp;&nbsp;&nbsp;&nbsp;10.74% | &nbsp;&nbsp;&nbsp;&nbsp;(11.06%) | &nbsp;&nbsp;&nbsp;&nbsp;(18.89%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$77268 | &nbsp;&nbsp;$95319 | &nbsp;&nbsp;$120493 | &nbsp;&nbsp;$144999 | &nbsp;&nbsp;$254340 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>3</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

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Nomura Systematic Emerging Markets Equity Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25<sup>φ</sup>** | &nbsp;&nbsp;**3/31/24<sup>φ</sup>** | &nbsp;&nbsp;**3/31/23<sup>φ</sup>** | &nbsp;&nbsp;**3/31/22<sup>φ</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.19 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$17.79 | &nbsp;&nbsp;$23.01 | &nbsp;&nbsp;$28.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.65) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.49) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Net asset value, end of period** | &nbsp;&nbsp;$22.63 | &nbsp;&nbsp;$19.19 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$17.79 | &nbsp;&nbsp;$23.01 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;29.72% | &nbsp;&nbsp;&nbsp;&nbsp;4.26% | &nbsp;&nbsp;&nbsp;10.25% | &nbsp;&nbsp;&nbsp;&nbsp;(11.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(19.23%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$30812 | &nbsp;&nbsp;$26855 | &nbsp;&nbsp;$26993 | &nbsp;&nbsp;$27664 | &nbsp;&nbsp;$29380 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights through November 27, 2024. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>3</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

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## Notes to financial statements
Ivy Funds

March 31, 2026

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 17 series. These financial statements and the related notes pertain to 11 series: Nomura Core Equity Fund (formerly, Macquarie Core Equity Fund through November 30, 2025), Nomura Global Bond Fund (formerly, Macquarie Global Bond Fund through November 30, 2025), Nomura Global Growth Fund, (formerly, Macquarie Global Growth Fund through November 30, 2025), Nomura High Income Fund (formerly, Macquarie High Income Fund through November 30, 2025), Nomura International Core Equity Fund (formerly, Macquarie International Core Equity Fund through November 30, 2025), Nomura Large Cap Growth Fund (formerly, Macquarie Large Cap Growth Fund through November 30, 2025), Nomura Mid Cap Growth Fund (formerly, Macquarie Mid Cap Growth Fund through November 30, 2025), Nomura Mid Cap Income Opportunities Fund (formerly, Macquarie Mid Cap Income Opportunities Fund through November 30, 2025), Nomura Small Cap Growth Fund (formerly, Macquarie Small Cap Growth Fund through November 30, 2025), Nomura Smid Cap Core Fund (formerly, Macquarie Smid Cap Core Fund through November 30, 2025), and Nomura Systematic Emerging Markets Equity Fund (formerly, Macquarie Systematic Emerging Markets Equity Fund through November 30, 2025), (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Nomura Large Cap Growth Fund, are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Nomura Large Cap Growth Fund is considered nondiversified.

Each Fund offers Class A, Class C, Class R, Institutional Class (formerly, Class I), Class R6, and Class Y shares. Class A shares are subject to an initial sales charge. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you

will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

**Basis of Consolidation — Delaware Ivy EME, Ltd. (referred to as the Subsidiary in this subsection), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Nomura Systematic Emerging Markets Equity Fund (referred to as the Fund in this subsection). The Subsidiary acted as an investment vehicle for the Fund, in order to affect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The Fund's investment portfolio was consolidated and included the portfolio holdings of the Fund and its Subsidiary. The consolidated financial statements included the accounts of the Fund and its Subsidiary. All inter-company transactions and balances were eliminated. A subscription agreement was entered into between the Fund and its Subsidiary comprising the entire issued share capital of the Subsidiary with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary conferred upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and conferred upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The date of incorporation of the Subsidiary was January 31, 2013. On August 22, 2023, the Subsidiary was dissolved. Activity associated with the dissolution of the Subsidiary was incurred through November 27, 2024 at which point the accounts of the Subsidiary were closed and no longer held by the Fund.**

NC Macau I Ltd. (referred to as the Subsidiary in this subsection), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Nomura High Income Fund (referred to as the Fund in this subsection). The Subsidiary acts as an investment vehicle for the Fund, in order to affect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its Subsidiary. The consolidated financial statements include the accounts of the Fund and its Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary comprising the entire issued share capital of the Subsidiary with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary conferred upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and conferred upon the shareholder rights in a winding-up or repayment of capital and

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Ivy Funds

1. Significant Accounting Policies (continued)

the right to participate in the profits or assets of the Subsidiary. The date of incorporation of the Subsidiary was July 7, 2025. As of March 31, 2026, the total net assets held by the Subsidiary is $17,150 or approximately 0.00%, of the Fund's net assets.

**Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities, credit default swap (CDS) contracts, and interest rate swap (IRS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (Policy). Fixed income security, CDS contracts, and IRS contracts valuations are then reviewed by DMC as part of its duties as each Fund's valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and certain US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Forward foreign currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and the ask prices, which approximates fair value. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Fund investments. DMC has established a pricing committee (Pricing Committee) to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Funds may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.**

**Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund's tax positions taken or expected to be taken on each Fund's federal income tax returns through the year ended March 31, 2026, and for all open tax years (years ended March 31, 2023–March 31, 2025), and has concluded that no provision for federal**

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income tax is required in each Fund's financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the year ended March 31, 2026, the Funds did not incur any interest or tax penalties.

As a result of several court cases, in certain countries across the European Union, certain Funds filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU tax reclaims). Income recognized, if any, for EU reclaims is reflected as "Foreign withholding tax claims" on the "Statements of operations." Any fees associated with these filings are included on the "Statements of operations" under "Foreign withholding tax claims." Generally unless fund management believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, reduce the amount of foreign taxes, if any, that a Fund may elect to pass-through to its shareholders from a US federal tax perspective. In certain circumstances and to the extent that EU tax reclaims recognized by a Fund were previously passed-through as a foreign tax credits to its US taxable shareholders, a Fund may enter into a closing agreement with the US Internal Revenue Service (the IRS). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Based on current guidance from the IRS, it is expected that Nomura Global Growth Fund will enter into a closing agreement with the IRS. Accordingly, estimated charges for Nomura Global Growth Fund's closing agreements are presented as "IRS compliance fee for foreign withholding tax claims" in the "Statements of operations." Nomura Global Growth Fund's estimated closing agreement liability is presented as "IRS compliance fee for foreign withholding tax claims" in the "Statements of assets and liabilities."

The Funds have adopted the FASB Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 240) - Improvements to Income Tax Disclosures. The following fund paid income taxes as follows as of March 31, 2026:

---

| | |
|:---|:---|
| Nomura Systematic Emerging Markets Equity Fund |  |
| Foreign | &nbsp;&nbsp;$6227776 |

---

Cash paid for foreign taxes (net of refunds) exceeds 5% of total income taxes paid (net of refunds) in the following jurisdictions:

---

| | |
|:---|:---|
| Income tax by jurisdiction: |  |
| China | &nbsp;&nbsp;$395354 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;3666643 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477216 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1015253 |
|  | &nbsp;&nbsp; $5554466 |

---

**Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.**

**Underlying Funds — Each Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which each Fund may invest include ETFs. Each Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.**

**Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. Each Fund generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of realized gains (losses), attributable to changes in foreign exchange rates, is included on the "Statements of operations" under "Net realized gain (loss) on foreign currencies." For foreign equity securities, the realized gains and losses are included on the "Statements of operations" under "Net realized gain (loss) on investments." Each Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.**

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Ivy Funds

1. Significant Accounting Policies (continued)

**Derivative Financial Instruments — Each Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, forward foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, each Fund intends to either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.**

**Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, each Fund may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the "Statements of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedules of investments."**

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Nomura Funds (formerly, Macquarie Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any Underlying Funds in which each Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. When a loan agreement is purchased, a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates. Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The "Statements of operations" include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Each Fund will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. Nomura High Income Fund declares daily and pays dividends monthly. Nomura Mid Cap Income Opportunities Fund and Nomura Smid Cap Core Fund declare and pay dividends quarterly. Nomura Core Equity Fund, Nomura Systematic Emerging Markets Equity Fund, Nomura Global Growth Fund, Nomura International Core Equity Fund, Nomura Large Cap Growth Fund, Nomura Mid Cap Growth Fund, and Nomura Small Cap Growth Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, at least annually. Each Fund may distribute more frequently, if necessary for tax purposes. Each Fund may from time to time pay out less than all of its net investment income or pay out undistributed income from prior months (with any potential remaining deficiencies characterized as a return of capital at year end). Dividends and distributions, if any, are recorded on the ex-dividend date.**

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**Segment Reporting — In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund's Chief Executive Officer and Chief Financial Officer act as each Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment since each Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund's financial statements.**

**Recent Accounting Standard — Each Fund adopted FASB ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures as of March 31, 2026. ASU 2023-09 requires public business entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. During the year ended March 31, 2026, certain Funds did not pay a material amount of foreign or US federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements. Information for Nomura Systematic Emerging Markets Equity Fund is disclosed under this Note 1.**

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statements of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended March 31, 2026, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Custody Credits |
| Nomura Core Equity Fund | &nbsp;&nbsp;&nbsp;$— |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;29836 |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;25911 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;67202 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended March 31, 2026, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Nomura Core Equity Fund | &nbsp;&nbsp;&nbsp;$1846 |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992 |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709 |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;11378 |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 |

---

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Nomura Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.525% of net assets over $5 billion and up to $6 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% of net assets over $6 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% of net assets over $10 billion. |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $1 billion and up to $1.5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% of net assets over $1.5 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% of net assets over $10 billion. |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.695% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% of net assets over $10 billion. |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $1 billion and up to $1.5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% of net assets over $1.5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% of net assets over $10 billion and up to $20 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% of net assets over $20 billion. |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% of net assets over $10 billion. |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.545% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% of net assets over $10 billion. |

---

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---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $10 billion and up to $15 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% of net assets over $15 billion. |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $10 billion and up to $15 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% of net assets over $15 billion. |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% of net assets over $10 billion. |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% of net assets over $10 billion. |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.755% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% of net assets over $10 billion. |

---

Prior to December 1, 2025 (Closing Date), NIMBT was named Macquarie Investment Management Business Trust.

As of the Closing Date, Nomura Holding America Inc. completed the acquisition of Macquarie Asset Management's US and European public investments business. The closing of this transaction resulted in the automatic termination of each Fund's investment advisory agreement with DMC and any sub-advisory agreement, as applicable. At a special shareholder meeting held on October 16, 2025 for Nomura Core Equity Fund, Nomura Global Bond Fund, Nomura Global Growth Fund, Nomura High Income Fund and Nomura International Core Equity Fund, October 23, 2025 for Nomura Large Cap Growth Fund, October 24, 2025 for Nomura Mid Cap Growth Fund, October 31, 2025 for Nomura Small Cap Growth Fund and Nomura Smid Cap Core Fund, November 7, 2025 for Nomura Mid Cap Income Opportunities Fund and November 13, 2025 for Nomura Systematic Emerging Markets Equity Fund, Fund shareholders approved a new investment advisory agreement

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

for each Fund. On the Closing Date, the new investment advisory agreement, any applicable sub-advisory agreement, and each Fund's name changes reflected below went effective.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name Prior to December 1, 2025** | &nbsp;&nbsp;**Fund Name Effective December 1, 2025** |
| &nbsp;&nbsp;Macquarie Core Equity Fund | &nbsp;&nbsp;Nomura Core Equity Fund |
| &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund |
| &nbsp;&nbsp;Macquarie Global Growth Fund | &nbsp;&nbsp;Nomura Global Growth Fund |
| &nbsp;&nbsp;Macquarie High Income Fund | &nbsp;&nbsp;Nomura High Income Fund |
| &nbsp;&nbsp;Macquarie International Core Equity Fund | &nbsp;&nbsp;Nomura International Core Equity Fund |
| &nbsp;&nbsp;Macquarie Large Cap Growth Fund | &nbsp;&nbsp;Nomura Large Cap Growth Fund |
| &nbsp;&nbsp;Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;Nomura Mid Cap Growth Fund |
| &nbsp;&nbsp;Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;Nomura Mid Cap Income Opportunities Fund |
| &nbsp;&nbsp;Macquarie Small Cap Growth Fund | &nbsp;&nbsp;Nomura Small Cap Growth Fund |
| &nbsp;&nbsp;Macquarie Smid Cap Core Fund | &nbsp;&nbsp;Nomura Smid Cap Core Fund |
| &nbsp;&nbsp;Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;Nomura Systematic Emerging Markets Equity Fund |

---

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund's average daily net assets from April 1, 2025 (except as noted) through July 30, 2026. These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage of average<br> daily<br> net assets<br> all share classes<br> other than<br> Class R6 | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as<br> a percentage<br> of average<br> daily net assets<br> Class R6 |
| Nomura Core Equity Fund | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.67% |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;0.69%\* | &nbsp;&nbsp;&nbsp;0.56%\* |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;0.76%\*\* |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;0.54% |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;0.66%\*\*\* |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;0.56% |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.68% |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;0.73% |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;0.76% |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;0.77% |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.64%\*\*\* |

---

\* Effective July 31, 2025. Prior to July 31, 2025, these amounts for classes other than R6 and Class R6 were 0.70% and 0.57%, respectively.

\*\* Effective July 31, 2025. Prior to July 31, 2025, the amount for Class R6 was 0.75%.

\*\*\* Effective July 31, 2025. Prior to July 31, 2025, the amount for Class R6 was 0.65%.

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After consideration of class specific expenses, including 12b-1 fees (but excluding acquired fund fees and expenses), the class level operating expense limitation as a percentage of average daily net assets from April 1, 2025 (except as noted) through July 30, 2026, unless terminated by agreement of DMC and the Funds, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets |
| Fund | &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;Class Y |
| Nomura Core Equity Fund | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.99% |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;0.94%\* | &nbsp;&nbsp;&nbsp;1.69%\* | &nbsp;&nbsp;&nbsp;1.19%\* | &nbsp;&nbsp;&nbsp;0.69%\* | &nbsp;&nbsp;&nbsp;0.56%\* | &nbsp;&nbsp;&nbsp;0.94%\* |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;0.76%\*\* | &nbsp;&nbsp;&nbsp;1.10% |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;0.88% |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;0.66%\*\*\* | &nbsp;&nbsp;&nbsp;1.02% |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;0.89% |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;1.04% |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;1.08% |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;1.13% |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;1.14% |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.64%\*\*\* | &nbsp;&nbsp;&nbsp;1.05% |

---

\* Effective July 31, 2025. Prior to July 31, 2025, these amounts for Class A, Class C, Class R, Institutional Class, Class R6, and Class Y were 0.95%, 1.70%, 1.20%, 0.70%, 0.57%, and 0.95%, respectively.

\*\* Effective July 31, 2025. Prior to July 31, 2025, the amount for Class R6 was 0.75%.

\*\*\* Effective July 31, 2025. Prior to July 31, 2025, the amount for Class R6 was 0.65%.

With respect to Nomura Global Bond Fund and Nomura High Income Fund:

Prior to the Closing Date, DMC had entered into sub-advisory agreements on behalf of the Funds with Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Global Limited (MIMGL) whereby DMC could seek fixed income investment advice, recommendations, discretionary investment advice and trading from such entities. As of the Closing Date, MIMAK, MIMEL and MIMGL no longer serve as sub-advisors to the Funds.

With respect to Nomura Core Equity Fund, Nomura Global Growth Fund, Nomura International Core Equity Fund, Nomura Large Cap Growth Fund, Nomura Mid Cap Growth Fund, Nomura Mid Cap Income Opportunities Fund, Nomura Small Cap Growth Fund, and Nomura Smid Cap Core Fund:

Prior to the Closing Date, MIMGL had served as a sub-advisor to the Funds to execute security trades on behalf of DMC as well as to provide quantitative support. As of the Closing Date, MIMGL no longer serves as a sub-advisor to the Funds.

With respect to Nomura Systematic Emerging Markets Equity Fund:

Prior to the Closing Date, MIMGL had served as a sub-advisor responsible for the day-to-day management of the Fund as an affiliated sub-advisor. As of the Closing Date, MIMGL continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor.

Pursuant to the terms of the relevant sub-advisory agreement, an investment sub-advisory fee is paid by DMC to each sub-advisor.

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Nomura Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Nomura Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the "Statements of operations" under "Accounting and administration expenses." For the year ended March 31, 2026, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Nomura Core Equity Fund | $177701 |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;24401 |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;45037 |
| Nomura High Income Fund | &nbsp;&nbsp;102786 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;70669 |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;362717 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;204184 |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;43223 |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;53894 |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;20228 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;34770 |

---

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Nomura Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Nomura Funds on a relative NAV basis. These amounts are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." For the year ended March 31, 2026, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Nomura Core Equity Fund | $265022 |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;31105 |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;62579 |
| Nomura High Income Fund | &nbsp;&nbsp;150801 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;101708 |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;547460 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;305593 |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;59827 |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;76100 |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;24712 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;46909 |

---

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, 0.50%, and 0.25% of the average daily net assets of the Class A, Class C, Class R, and Class Y shares, respectively. Certain shares in accounts that established positions in Class A shares of Nomura Global Growth Fund prior to January 1, 1992 are not subject to an ongoing 12b-1 fee. This arrangement may result in an effective 12b-1 fee rate that is lower than 0.25% of the net assets attributable to outstanding Class A shares of the Fund. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

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As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Funds. These amounts are included on the "Statements of operations" under "Legal fees." For the year ended March 31, 2026, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Nomura Core Equity Fund | $65158 |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;8205 |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;15447 |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;51001 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;25578 |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;136366 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;81235 |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;15474 |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;22045 |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;5950 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;11603 |

---

For the year ended March 31, 2026, DDLP earned commissions on sales of Class A shares for each Fund as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Class A |
| Nomura Core Equity Fund | $104516 |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;2780 |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;24764 |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;33809 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;27647 |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;163022 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;58420 |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;15558 |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;32757 |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;6954 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;6105 |

---

For the year ended March 31, 2026, DDLP received gross CDSC commissions on redemptions of each Fund's Class A and Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;Class C |
| Nomura Core Equity Fund | $11413 | &nbsp;&nbsp;&nbsp;$2370 |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;5045 | &nbsp;&nbsp;&nbsp;&nbsp;2200 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;7120 | &nbsp;&nbsp;&nbsp;&nbsp;5413 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;&nbsp;&nbsp;1843 |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;2803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 |

---

Trustees' fees include expenses accrued by each Fund for each Trustee's retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

During the year ended March 31, 2026, DMC reimbursed Nomura High Income Fund $5,370 in connection with trade errors. These amounts are included in "Net increase from payment by affiliates" in the "Consolidated statement of operations." Payment by affiliates had no impact on total return.

During the year ended March 31, 2025, DMC reimbursed Nomura Global Growth Fund $2,311, Nomura High Income Fund $225,710, Nomura International Core Equity Fund $1,025, Nomura Small Cap Growth Fund $63, and Nomura Smid Cap Core Fund $213 in connection with trade errors. These amounts are included in "Net increase from payment by affiliates" in the "Statements of changes in net assets." Payment by affiliates had no impact on total return.

An affiliated issuer includes any company in which a Fund held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or sub-advisor to a Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. A summary of the transactions in affiliated companies during the year ended March 31, 2026 was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> investments | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> investments | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions |
| **Nomura High Income Fund** |  |  |  |  |  |  |  |  |
| **Common Stocks—0.01%** |  |  |  |  |  |  |  |  |
| BIS Industries Holdings |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$96623 | &nbsp;&nbsp;&nbsp;$96623 | &nbsp;&nbsp;&nbsp;19682813 | &nbsp;&nbsp;&nbsp;$— |
| Foresight Energy |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5687636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2723696) | &nbsp;&nbsp;&nbsp;&nbsp;(19193668) | &nbsp;&nbsp;&nbsp;&nbsp;16229728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| New Cotai |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;8725584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(8725584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;20316462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;14413220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2723696)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(19193668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96623 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Convertible Bond—1.40%** |  |  |  |  |  |  |  |  |
| New Cotai PIK |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;27283296 | &nbsp;&nbsp;&nbsp;&nbsp;1496164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4528073) | &nbsp;&nbsp;&nbsp;&nbsp;24251387 | &nbsp;&nbsp;&nbsp;26714824 | &nbsp;&nbsp;&nbsp;&nbsp;1494559 |
| **Loan Agreements—0.00%** |  |  |  |  |  |  |  |  |
| Foresight Energy Operating Tranche A |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6734683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5180526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2220225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$48431199 | &nbsp;&nbsp;&nbsp;$1496164 | &nbsp;&nbsp;&nbsp;$(7904222) | &nbsp;&nbsp;&nbsp;$(21413893) | &nbsp;&nbsp;&nbsp;$3738762 | &nbsp;&nbsp;&nbsp;$24348010 |  | &nbsp;&nbsp;&nbsp;$1494559 |

---

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3. Investments

For the year ended March 31, 2026, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Purchases<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Purchases of<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales of<br> US government<br> securities |
| Nomura Core Equity Fund | &nbsp;&nbsp;&nbsp;$1470843146 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1958480207 | &nbsp;&nbsp;&nbsp;$— |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311675642 | &nbsp;&nbsp;&nbsp;&nbsp;290764494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342992328 | &nbsp;&nbsp;&nbsp;&nbsp;340143675 |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406593210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568268320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708239379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1379526737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1508587754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1879287965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1803906046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4002847787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1817802037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4114405255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183056018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464202411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656483278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967315256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74061521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106336365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259646970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462984880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2026, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Cost of<br> investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> appreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> depreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Net unrealized<br> appreciation<br> (depreciation)<br> of investments<br> and derivatives |
| Nomura Core Equity Fund | &nbsp;&nbsp;&nbsp;$1919043308 | &nbsp;&nbsp;&nbsp;$1531888913 | &nbsp;&nbsp;&nbsp;$(60365006) | &nbsp;&nbsp;&nbsp;$1471523907 |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400006912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12213717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16739296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4525579) |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559886989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272231914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25122409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247109505 |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;1942168800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217507009 | &nbsp;&nbsp;&nbsp;&nbsp;(469650379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252143370) |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1006266769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250754533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94811627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155942906 |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;2354029746 | &nbsp;&nbsp;&nbsp;&nbsp;3546217094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69990224) | &nbsp;&nbsp;&nbsp;&nbsp;3476226870 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;2542596511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743834685 | &nbsp;&nbsp;&nbsp;&nbsp;(290560978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453273707 |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485163791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277318297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43359799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233958498 |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803430340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246651051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68642443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178008608 |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255662702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116390910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22338225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94052685 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429154247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240448466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57523005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182925461 |

---

US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the

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Ivy Funds

3. Investments (continued)

asset or liability based on the best information available under the circumstances. Each Fund's investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 - Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 - Significant unobservable inputs, including each Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund's investments by fair value hierarchy levels as of March 31, 2026:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Core Equity Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$3264281373 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126285842 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$3390567215 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Bond Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$51165553 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$51165553 |
| Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67462 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140473510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140473510 |
| Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6813643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6813643 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059188 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247656 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599130 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118835585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118835585 |
| Supranational Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35537369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35537369 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Bond Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$35552585 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$35552585 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$391284219 | &nbsp;&nbsp;&nbsp;&nbsp;$67462 | &nbsp;&nbsp;&nbsp;&nbsp;$391351681 |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4022520 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4022520 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422206 |
| Liabilities: |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(54555) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(54555) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3241780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3241780) |

---

<br> <sup>1</sup>Forward foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Global Growth Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;$14069987 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$14069987 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16364989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16364989 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14656790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14656790 |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14677415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14677415 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20479260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20479260 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19488550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19488550 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27241522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27241522 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10696897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10696897 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24069756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24069756 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8622431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8622431 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15688633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15688633 |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8147342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8147342 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7790848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7790848 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152734 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17115412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17115412 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40310664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40310664 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26274162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26274162 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484203539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21165178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505368717 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780385 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$567166384 | &nbsp;&nbsp;&nbsp;&nbsp;$239830110 | &nbsp;&nbsp;&nbsp;&nbsp;$806996494 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;139

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Ivy Funds

3. Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura High Income Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$61221446 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$61221446 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13773529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13773529 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657184 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24251387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24251387 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405719064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405719064 |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128538255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128538255 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55864565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55864565 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$69638094 | &nbsp;&nbsp;&nbsp;&nbsp;$1595478765 | &nbsp;&nbsp;&nbsp;&nbsp;$24908571 | &nbsp;&nbsp;&nbsp;&nbsp;$1690025430 |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Consolidated schedule of investments" is considered to be a Level 3 investment in this table.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura International Core Equity Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;$85564058 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$85564058 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67909375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67909375 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92881596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92881596 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21995363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21995363 |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20796255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20796255 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20444838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20444838 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12256197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25090454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37346651 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47196839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47196839 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18564445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18564445 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113372151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113372151 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25504205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25504205 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19525666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19525666 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26052399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101503895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127556294 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32040884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32040884 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62262947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62262947 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30679941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30679941 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97335505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97335505 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11668381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72335292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84003673 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125793337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125793337 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23786180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23786180 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649472 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$431251387 | &nbsp;&nbsp;&nbsp;&nbsp;$730958288 | &nbsp;&nbsp;&nbsp;&nbsp;$1162209675 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;140

------

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---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Large Cap Growth Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$5830256616 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Mid Cap Growth Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$2995870218 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Mid Cap Income Opportunities Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$711179687 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7942602 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$719122289 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Small Cap Growth Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$964699126 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16739822 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$981438948 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Smid Cap Core Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;$8914891 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$8914891 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30687601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30687601 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12399346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12399346 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17991918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17991918 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56780122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56780122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;141

------

[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Ivy Funds

3. Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Smid Cap Core Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;$41135593 | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$41135593 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87604487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87604487 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48541708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48541708 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11965957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11965957 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20236486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20236486 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7535841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7535841 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921437 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$349715387 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$349715387 |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Systematic Emerging Markets Equity Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;$18308735 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$18308735 |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025015 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23119092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140458357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163577449 |
| &nbsp;&nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770323 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7706449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42763556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50470005 |
| &nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854693 |
| &nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21192235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24611004 |
| &nbsp;&nbsp;&nbsp;Qatar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646464 |
| &nbsp;&nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354660 |
| &nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32105080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32105080 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109702666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109702666 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139645124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139645124 |
| &nbsp;&nbsp;&nbsp;Türkiye | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7924598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7924598 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19581869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19581869 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27556180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27556180 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945843 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$87687349 | &nbsp;&nbsp;&nbsp;&nbsp;$524392359 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$612079708 |

---

---

| |
|:---|
| <sup>1</sup>The value represents valuations of Russian Common Stocks for which Management has determined include significant unobservable inputs as of March 31, 2026. |
| <sup>2</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table. |

---

As a result of utilizing international fair value pricing at March 31, 2026, a majority of Nomura International Core Equity Fund and Nomura Systematic Emerging Markets Equity Fund and a portion of Nomura Global Growth Fund's common stock investments were categorized as Level 2.

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During the year ended March 31, 2026, the Funds (except for Nomura High Income Fund) had no transfers into or out of Level 3 investments. During the year ended March 31, 2026, Nomura High Income Fund had transfers out of Level 3 investments. Each Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting year.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to that Fund's net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Nomura Global Bond Fund, Nomura Smid Cap Core Fund and Nomura Systematic Emerging Markets Equity Fund's net assets at the beginning or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Nomura Global Bond Fund, Nomura Smid Cap Core Fund and Nomura Systematic Emerging Markets Equity Fund's net assets at the end of the period. As of March 31, 2026, Nomura Core Equity Fund, Nomura Global Growth Fund, Nomura International Core Equity Fund, Nomura Large Cap Growth Fund, Nomura Mid Cap Growth Fund, Nomura Mid Cap Income Opportunities Fund, and Nomura Small Cap Growth Fund had no level 3 investments.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for Nomura High Income Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Convertible<br> Bond | &nbsp;&nbsp;&nbsp;&nbsp;Common<br> Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| Balance as of 3/31/25 | &nbsp;&nbsp;$27283296 | &nbsp;&nbsp;&nbsp;$15701074 | &nbsp;&nbsp;&nbsp;$42984370 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;1,304,487\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304487 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2723696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2723696) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19193668) | &nbsp;&nbsp;&nbsp;&nbsp;(19193668) |
| Amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191677 |
| Transfer out | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720970) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(4528073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7594444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066371 |
| Balance as of 3/31/26 | &nbsp;&nbsp;$24251387 | &nbsp;&nbsp;&nbsp;$657184 | &nbsp;&nbsp;&nbsp;$24908571 |
| Net change in unrealized appreciation (depreciation)<br> from Level 3 investments still held as of 3/31/26 | &nbsp;&nbsp;$(4528073) | &nbsp;&nbsp;&nbsp;$(8635284) | &nbsp;&nbsp;&nbsp;$(13163357) |

---

\* The amount shown included payment-in-kind.

A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for Nomura High Income Fund is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Valuation | &nbsp;&nbsp;&nbsp;Unobservable | &nbsp;&nbsp;&nbsp;&nbsp;Input |
| Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Techniques | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inputs | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | &nbsp;&nbsp;&nbsp;$96623 | &nbsp;&nbsp;&nbsp;Market approach | &nbsp;&nbsp;&nbsp;EV/EBITDA multiple | &nbsp;&nbsp;&nbsp;4.89x |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550711 | &nbsp;&nbsp;&nbsp;Net asset value/liquidation | &nbsp;&nbsp;&nbsp;Adjusted net asset value | &nbsp;&nbsp;&nbsp;$9.1 million |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671 | &nbsp;&nbsp;&nbsp;Net asset value/liquidation | &nbsp;&nbsp;&nbsp;Adjusted net asset value | &nbsp;&nbsp;&nbsp;$14.1 million |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;24251387 | &nbsp;&nbsp;&nbsp;Net asset value/liquidation | &nbsp;&nbsp;&nbsp;Total other liabilities and assets | &nbsp;&nbsp;&nbsp;$1.6 million |

---

Fair valued securities currently priced at zero on the "Consolidated schedule of investments" are excluded from the table above.

Level 3 securities with a total value of $3,179 on the "Consolidated schedule of investments" have been valued using third party pricing information without adjustment and are excluded from the table above.

When market quotations are not readily available for one or more portfolio securities, the Fund's NAV shall be calculated by using the "fair value" of the securities as determined by the Pricing Committee. Such "fair value" is the amount that the Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security's disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded

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Ivy Funds

3. Investments (continued)

securities), (viii) an analysis of the company's financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund's pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2026 and 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;Ordinary<br> income | &nbsp;&nbsp;&nbsp;Long-term<br> capital<br> gains | &nbsp;&nbsp;&nbsp;Total |
| Year ended March 31, 2026: |  |  |  |
| Nomura Core Equity Fund | &nbsp;&nbsp;&nbsp;$8663016 | &nbsp;&nbsp;&nbsp;$454835231 | &nbsp;&nbsp;&nbsp;$463498247 |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16139866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16139866 |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68563277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72009492 |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;136974737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;136974737 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16640522 | &nbsp;&nbsp;&nbsp;&nbsp;133757391 | &nbsp;&nbsp;&nbsp;&nbsp;150397913 |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;582032168 | &nbsp;&nbsp;&nbsp;&nbsp;582032168 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;353239105 | &nbsp;&nbsp;&nbsp;&nbsp;353239105 |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20085683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87287525 | &nbsp;&nbsp;&nbsp;&nbsp;107373208 |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;148992841 | &nbsp;&nbsp;&nbsp;&nbsp;148992841 |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093144 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14716116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44918777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59634893 |
| Year ended March 31, 2025: |  |  |  |
| Nomura Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57857828 | &nbsp;&nbsp;&nbsp;&nbsp;355893311 | &nbsp;&nbsp;&nbsp;&nbsp;413751139 |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16955536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16955536 |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10509514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22830557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33340071 |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;171907033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;171907033 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11058426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11058426 |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584546 | &nbsp;&nbsp;&nbsp;&nbsp;130186942 | &nbsp;&nbsp;&nbsp;&nbsp;132771488 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;397524513 | &nbsp;&nbsp;&nbsp;&nbsp;397524513 |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19460939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94532794 | &nbsp;&nbsp;&nbsp;&nbsp;113993733 |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55758783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59513234 |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027490 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22588974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22588974 |

---

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5. Components of Net Assets on a Tax Basis

As of March 31, 2026, the components of net assets on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Core Equity Fund | &nbsp;&nbsp;&nbsp;Nomura Global<br> Bond Fund | &nbsp;&nbsp;&nbsp;Nomura Global<br> Growth Fund | &nbsp;&nbsp;&nbsp;Nomura<br> High Income<br> Fund |
| Paid-in capital | &nbsp;&nbsp;$1673107012 | &nbsp;&nbsp;&nbsp;$527243549 | &nbsp;&nbsp;&nbsp;$516090263 | &nbsp;&nbsp;&nbsp;$4026222752 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237279331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46505055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Dividends payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216088) |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(117094783)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2045136780)\* |
| Deferral of tax loss from transfer to CFC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156686916) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219770) |
| Tax loss from transfer to CFC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156686916 |
| Unrealized appreciation (depreciation) of investments,<br> foreign currencies and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;1471523907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4647806) | &nbsp;&nbsp;&nbsp;&nbsp;247232344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251764410) |
| Net assets | &nbsp;&nbsp;$3384573104 | &nbsp;&nbsp;&nbsp;$406412196 | &nbsp;&nbsp;&nbsp;$810107764 | &nbsp;&nbsp;&nbsp;$1728885704 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> International<br> Core Equity<br> Fund | &nbsp;&nbsp;&nbsp;Nomura<br> Large Cap Growth<br> Fund | &nbsp;&nbsp;&nbsp;Nomura<br> Mid Cap Growth<br> Fund | &nbsp;&nbsp;&nbsp;Nomura<br> Mid Cap Income<br> Opportunities<br> Fund |
| Paid-in capital | $970635702 | &nbsp;&nbsp;&nbsp;$1725697676 | &nbsp;&nbsp;&nbsp;$2817826976 | &nbsp;&nbsp;&nbsp;$443148449 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58906084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983942 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;98233969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763795920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375843884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38744219 |
| Qualified late year loss deferrals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3524486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(16717685)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126629082)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(712401900)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5836) |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6450) |
| Unrealized appreciation of investments and foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;156532212 | &nbsp;&nbsp;&nbsp;&nbsp;3476227125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453273707 | &nbsp;&nbsp;&nbsp;&nbsp;233958498 |
| Net assets | $1208814923 | &nbsp;&nbsp;&nbsp;$5835177590 | &nbsp;&nbsp;&nbsp;$2993254125 | &nbsp;&nbsp;&nbsp;$720822822 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;Nomura<br> Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;Nomura<br> Systematic Emerging<br> Markets Equity Fund |
| Paid-in capital | &nbsp;&nbsp;$728014669 | &nbsp;&nbsp;&nbsp;$247471800 | &nbsp;&nbsp;&nbsp;$381672598 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6980745 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;132209575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7539653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41775703 |
| Qualified late year loss deferrals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1787052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(52313699)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37068) |
| Unrealized appreciation of investments and foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;178008608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94052685 | &nbsp;&nbsp;&nbsp;&nbsp;182903759 |
| Net assets | &nbsp;&nbsp;$983995886 | &nbsp;&nbsp;&nbsp;$349464898 | &nbsp;&nbsp;&nbsp;$613295737 |

---

\* The Fund's capital loss carryforward is subject to limitations under the Internal Revenue Code and related regulations.

Differences between components of net assets unrealized and tax cost unrealized may arise due to unrealized appreciation/depreciation on foreign currencies and foreign capital gains taxes.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral of losses on straddles, mark-to-market of forward foreign currency exchange contracts, mark-to-market of futures contracts, tax

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Ivy Funds

5. Components of Net Assets on a Tax Basis (continued)

recognition of unrealized gain on passive foreign investment companies, tax treatment of swap contracts, partnership interest, amortization of market discount, deferral of deduction of tax payment and treatment of the transfer of one of the Fund's investments to the wholly owned foreign subsidiary.

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2026 through March 31, 2026 and November 1, 2025 through March 31, 2026, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to reorganization-related adjustments, write-off of net operating losses, tax treatment of partnerships, gain (loss) on foreign currency transactions, fund level over distributions, swap contracts, earnings and profits distributed to shareholders on the redemption of shares, paydown gains (losses) of asset- and mortgage-backed securities, realized gain on passive foreign investment companies, foreign capital gains taxes and non-deductible tax liabilities. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2026, certain Funds recorded the following reclassifications:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;Total distributable earnings (loss) |
| Nomura Core Equity Fund | &nbsp;&nbsp;$105550634 | &nbsp;&nbsp;$(105550634) |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(647575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647575 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519011) |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1400376) |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5657970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5657970) |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315738 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7208957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7208957) |

---

Nomura Global Growth Fund, Nomura Mid Cap Growth Fund, and Nomura Smid Cap Core Fund did not have any reclassifications for the year ended March 31, 2026.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2026, capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Loss carryforward character | &nbsp;&nbsp;Loss carryforward character |  |
|  | &nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;Total |
| Nomura Global Bond Fund | &nbsp;&nbsp;$59313819 | &nbsp;&nbsp;&nbsp;$57780964 | &nbsp;&nbsp;&nbsp;$117094783 |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;278620972 | &nbsp;&nbsp;&nbsp;&nbsp;1766515808 | &nbsp;&nbsp;&nbsp;&nbsp;2045136780 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10569429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16717685 |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;110943048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15686034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126629082 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;435200706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277201194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712401900 |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;48860979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52313699 |

---

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6. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura<br> Core Equity Fund | Nomura<br> Core Equity Fund | Nomura Global<br> Bond Fund | Nomura Global<br> Bond Fund | Nomura Global<br> Growth Fund | Nomura Global<br> Growth Fund |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;3196602 | &nbsp;&nbsp;&nbsp;4215531 | &nbsp;&nbsp;&nbsp;&nbsp;1117527 | &nbsp;&nbsp;&nbsp;1176955 | &nbsp;&nbsp;&nbsp;&nbsp;384927 | &nbsp;&nbsp;&nbsp;&nbsp;421300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;6942935 | &nbsp;&nbsp;11720259 | &nbsp;&nbsp;&nbsp;9549760 | &nbsp;&nbsp;&nbsp;8648216 | &nbsp;&nbsp;&nbsp;&nbsp;506706 | &nbsp;&nbsp;&nbsp;&nbsp;903912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;4388655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820369 | &nbsp;&nbsp;&nbsp;4523780 | &nbsp;&nbsp;&nbsp;4430623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014 |
| Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9904101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1925479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2057656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32857 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;21031177 | &nbsp;&nbsp;18046089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330443 | &nbsp;&nbsp;1425966 | &nbsp;&nbsp;&nbsp;&nbsp;670656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;4103151 | &nbsp;&nbsp;&nbsp;3482490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796126 | &nbsp;&nbsp;&nbsp;&nbsp;376448 | &nbsp;&nbsp;&nbsp;&nbsp;198989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063 |
|  | &nbsp;&nbsp;40616115 | &nbsp;&nbsp;40110918 | &nbsp;&nbsp;16996477 | &nbsp;&nbsp;18844095 | &nbsp;&nbsp;2870341 | 14401764 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (28024618) | (28746723) | &nbsp;&nbsp;&nbsp;(2669250) | &nbsp;&nbsp;&nbsp;(2653001) | (3017391) | &nbsp;&nbsp;(2975422) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(609401) | &nbsp;&nbsp;&nbsp;&nbsp;(549280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33956) | &nbsp;&nbsp;&nbsp;&nbsp;(108970) | &nbsp;&nbsp;&nbsp;&nbsp;(54214) | &nbsp;&nbsp;&nbsp;&nbsp;(63015) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (13039793) | (12319800) | (12564330) | (11792955) | (1874532) | &nbsp;&nbsp;(2522971) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(7249386) | &nbsp;&nbsp;&nbsp;&nbsp;(801995) | &nbsp;&nbsp;&nbsp;(9878066) | &nbsp;&nbsp;&nbsp;(4249290) | &nbsp;&nbsp;&nbsp;(114482) | &nbsp;&nbsp;&nbsp;&nbsp;(61698) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(449365) | &nbsp;&nbsp;&nbsp;&nbsp;(938858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47794) | &nbsp;&nbsp;&nbsp;&nbsp;(23511) | &nbsp;&nbsp;&nbsp;&nbsp;(13455) |
|  | (49374047) | (43356897) | (25271720) | (18880331) | (5088185) | &nbsp;&nbsp;(5640942) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;(8757932) | &nbsp;&nbsp;&nbsp;(3245979) | &nbsp;&nbsp;&nbsp;(8275243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36236) | (2217844) | &nbsp;&nbsp;&nbsp;8760822 |

---

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Ivy Funds

6. Capital Shares (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura<br> High Income<br> Fund | Nomura<br> High Income<br> Fund | Nomura<br> International<br> Core Equity<br> Fund | Nomura<br> International<br> Core Equity<br> Fund | Nomura<br> Large Cap Growth<br> Fund | Nomura<br> Large Cap Growth<br> Fund |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;6864586 | &nbsp;&nbsp;&nbsp;12286572 | &nbsp;&nbsp;&nbsp;1489256 | &nbsp;&nbsp;&nbsp;1482061 | &nbsp;&nbsp;&nbsp;2109090 | &nbsp;&nbsp;&nbsp;4664405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;42778600 | &nbsp;&nbsp;&nbsp;37481002 | &nbsp;&nbsp;&nbsp;5303573 | &nbsp;&nbsp;&nbsp;6143644 | &nbsp;&nbsp;23171755 | &nbsp;&nbsp;43833711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1165469 | &nbsp;&nbsp;&nbsp;&nbsp;3505979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780269 | &nbsp;&nbsp;&nbsp;2381690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533105 | &nbsp;&nbsp;&nbsp;1475240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1592865 | &nbsp;&nbsp;&nbsp;&nbsp;2325970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312256 |
| Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;50917870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8196383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;20383763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15494063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6027488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2481780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8707578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;11636629 | &nbsp;&nbsp;&nbsp;13449120 | &nbsp;&nbsp;&nbsp;&nbsp;2115617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135235 | &nbsp;&nbsp;&nbsp;6577450 | &nbsp;&nbsp;&nbsp;1469040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9287435 | &nbsp;&nbsp;&nbsp;&nbsp;11595320 | &nbsp;&nbsp;&nbsp;3276888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275705 | &nbsp;&nbsp;&nbsp;7578539 | &nbsp;&nbsp;&nbsp;1716195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425931 | &nbsp;&nbsp;&nbsp;&nbsp;1051884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17167 |
|  | &nbsp;&nbsp;&nbsp;75617217 | &nbsp;&nbsp;160711169 | &nbsp;&nbsp;14291656 | &nbsp;&nbsp;26012414 | &nbsp;&nbsp;41251392 | &nbsp;&nbsp;77424797 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(51324541) | &nbsp;&nbsp;&nbsp;(51992986) | &nbsp;&nbsp;&nbsp;(4117777) | &nbsp;&nbsp;&nbsp;(4010367) | (17071504) | (15347054) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(4920580) | &nbsp;&nbsp;&nbsp;&nbsp;(7451502) | &nbsp;&nbsp;&nbsp;&nbsp;(338913) | &nbsp;&nbsp;&nbsp;&nbsp;(479893) | &nbsp;&nbsp;&nbsp;&nbsp;(951494) | &nbsp;&nbsp;&nbsp;&nbsp;(825318) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(1002262) | &nbsp;&nbsp;&nbsp;&nbsp;(1071872) | &nbsp;&nbsp;&nbsp;&nbsp;(470004) | &nbsp;&nbsp;&nbsp;&nbsp;(335384) | &nbsp;&nbsp;&nbsp;&nbsp;(355794) | &nbsp;&nbsp;&nbsp;&nbsp;(420760) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (107838228) | &nbsp;&nbsp;&nbsp;(74654313) | (11345278) | (12819600) | (61527879) | (38362081) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(12792976) | &nbsp;&nbsp;&nbsp;&nbsp;(5338827) | &nbsp;&nbsp;&nbsp;(6127489) | &nbsp;&nbsp;&nbsp;(5072537) | &nbsp;&nbsp;&nbsp;(3063554) | &nbsp;&nbsp;&nbsp;(4110550) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(4064629) | &nbsp;&nbsp;&nbsp;&nbsp;(4102713) | &nbsp;&nbsp;&nbsp;&nbsp;(519583) | &nbsp;&nbsp;&nbsp;&nbsp;(687091) | &nbsp;&nbsp;&nbsp;&nbsp;(475771) | &nbsp;&nbsp;&nbsp;&nbsp;(237029) |
|  | (181943216) | (144612213) | (22919044) | (23404872) | (83445996) | (59302792) |
| Net increase (decrease) | (106325999) | &nbsp;&nbsp;&nbsp;16098956 | &nbsp;&nbsp;&nbsp;(8627388) | &nbsp;&nbsp;&nbsp;2607542 | (42194604) | &nbsp;&nbsp;18122005 |

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura<br> Mid Cap Growth<br> Fund | Nomura<br> Mid Cap Growth<br> Fund | Nomura<br> Mid Cap Income<br> Opportunities<br> Fund | Nomura<br> Mid Cap Income<br> Opportunities<br> Fund | Nomura<br> Small Cap<br> Growth Fund | Nomura<br> Small Cap<br> Growth Fund |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;1898993 | &nbsp;&nbsp;&nbsp;2372056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571665 | &nbsp;&nbsp;&nbsp;1403824 | &nbsp;&nbsp;&nbsp;1933784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;8607474 | &nbsp;&nbsp;17126787 | &nbsp;&nbsp;&nbsp;4375040 | &nbsp;&nbsp;&nbsp;8196695 | &nbsp;&nbsp;&nbsp;2804642 | &nbsp;&nbsp;&nbsp;4353861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;3536620 | &nbsp;&nbsp;&nbsp;6981096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494211 | &nbsp;&nbsp;&nbsp;1053883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163514 |
| Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;24121871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1624592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1737673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11473739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3106920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1159373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;6319771 | &nbsp;&nbsp;&nbsp;4928324 | &nbsp;&nbsp;&nbsp;1099329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825188 | &nbsp;&nbsp;&nbsp;7782186 | &nbsp;&nbsp;&nbsp;2616229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;4366226 | &nbsp;&nbsp;&nbsp;5237432 | &nbsp;&nbsp;&nbsp;4254503 | &nbsp;&nbsp;&nbsp;4275169 | &nbsp;&nbsp;&nbsp;1472417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;1819205 | &nbsp;&nbsp;&nbsp;2136947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56009 |
|  | &nbsp;&nbsp;28447008 | &nbsp;&nbsp;80122317 | &nbsp;&nbsp;11811852 | &nbsp;&nbsp;15390398 | &nbsp;&nbsp;15978861 | &nbsp;&nbsp;17334622 |
| Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1401673)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (18169386) | (15958299) | &nbsp;&nbsp;&nbsp;(1737913) | &nbsp;&nbsp;&nbsp;(1777782) | (10757944) | (10866377) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;(1641691) | &nbsp;&nbsp;&nbsp;(1957372) | &nbsp;&nbsp;&nbsp;&nbsp;(285437) | &nbsp;&nbsp;&nbsp;&nbsp;(298666) | &nbsp;&nbsp;&nbsp;&nbsp;(580539) | &nbsp;&nbsp;&nbsp;(1109733) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(754684) | &nbsp;&nbsp;&nbsp;&nbsp;(662636) | &nbsp;&nbsp;&nbsp;&nbsp;(201866) | &nbsp;&nbsp;&nbsp;&nbsp;(216218) | &nbsp;&nbsp;&nbsp;&nbsp;(803277) | &nbsp;&nbsp;&nbsp;&nbsp;(704928) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (47772481) | (47570371) | (16762711) | (18850209) | &nbsp;&nbsp;&nbsp;(8327304) | (11050691) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | (24424644) | (15013343) | &nbsp;&nbsp;&nbsp;(2363943) | &nbsp;&nbsp;&nbsp;(1514329) | &nbsp;&nbsp;&nbsp;(1618663) | &nbsp;&nbsp;&nbsp;(4206296) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;(3246056) | &nbsp;&nbsp;&nbsp;(2665483) | &nbsp;&nbsp;&nbsp;&nbsp;(158550) | &nbsp;&nbsp;&nbsp;&nbsp;(192830) | &nbsp;&nbsp;&nbsp;&nbsp;(466346) | &nbsp;&nbsp;&nbsp;&nbsp;(621157) |
|  | (96008942) | (83827504) | (21510420) | (22850034) | (22554073) | (28559182) |
| Net decrease | (67561934) | &nbsp;&nbsp;&nbsp;(3705187) | &nbsp;&nbsp;&nbsp;(9698568) | &nbsp;&nbsp;&nbsp;(7459636) | &nbsp;&nbsp;&nbsp;(7976885) | (11224560) |

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Ivy Funds

6. Capital Shares (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Nomura<br> Smid Cap<br> Core Fund | Nomura<br> Smid Cap<br> Core Fund | Nomura<br> Systematic Emerging<br> Markets Equity Fund | Nomura<br> Systematic Emerging<br> Markets Equity Fund |
|  | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;397442 | &nbsp;&nbsp;&nbsp;&nbsp;689504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;320866 | &nbsp;&nbsp;&nbsp;&nbsp;191943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;3717824 | &nbsp;&nbsp;2980869 | &nbsp;&nbsp;&nbsp;2476251 | &nbsp;&nbsp;&nbsp;4389060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;331635 | &nbsp;&nbsp;&nbsp;&nbsp;295821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320518 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;104253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;132661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26819 | &nbsp;&nbsp;&nbsp;1293082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42497 |
|  | &nbsp;&nbsp;5174533 | &nbsp;&nbsp;4337109 | &nbsp;&nbsp;&nbsp;&nbsp;7112917 | &nbsp;&nbsp;&nbsp;7712347 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (1317197) | (1484452) | &nbsp;&nbsp;&nbsp;(1822093) | &nbsp;&nbsp;&nbsp;(2237933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;(257253) | &nbsp;&nbsp;&nbsp;(304949) | &nbsp;&nbsp;&nbsp;&nbsp;(465539) | &nbsp;&nbsp;&nbsp;&nbsp;(493633) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;(178934) | &nbsp;&nbsp;&nbsp;(274180) | &nbsp;&nbsp;&nbsp;&nbsp;(103992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | (4117038) | (2771055) | &nbsp;&nbsp;&nbsp;(8813504) | &nbsp;&nbsp;&nbsp;(7697932) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(502348) | &nbsp;&nbsp;&nbsp;(538301) | &nbsp;&nbsp;&nbsp;(2607352) | &nbsp;&nbsp;&nbsp;(2472031) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;(108799) | &nbsp;&nbsp;&nbsp;&nbsp;(56438) | &nbsp;&nbsp;&nbsp;&nbsp;(562599) | &nbsp;&nbsp;&nbsp;&nbsp;(384233) |
|  | (6481569) | (5429375) | (14375079) | (13355070) |
| Net decrease | (1307036) | (1092266) | &nbsp;&nbsp;&nbsp;(7262162) | &nbsp;&nbsp;&nbsp;(5642723) |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 7. <br> <sup>3</sup> Updated to reflect the effect of a 3 for 1 reverse stock split on September 26, 2025.

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the tables above and on the previous pages and on the "Statements of changes in net assets." For the years ended March 31, 2026 and 2025, each Fund had the following exchange transactions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 |
|  | &nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value |
| Nomura Core Equity Fund |  |  | &nbsp;&nbsp;&nbsp;$928059 |  |  | &nbsp;&nbsp;&nbsp;$3523804 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;16762 | &nbsp;&nbsp;&nbsp;34476 |  | &nbsp;&nbsp;&nbsp;162253 | &nbsp;&nbsp;&nbsp;&nbsp;28925 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;46572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;41078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 |
|  | &nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2989 | &nbsp;&nbsp;&nbsp;11991 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462 | &nbsp;&nbsp;&nbsp;112179 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp;2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23894 |  |
| Nomura Global Bond Fund |  |  | &nbsp;&nbsp;&nbsp;$669060 |  |  | &nbsp;&nbsp;&nbsp;$129102 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;70826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9754 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;70599 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Nomura Global Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$371663 |  |  | &nbsp;&nbsp;&nbsp;$415159 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;4997 | &nbsp;&nbsp;&nbsp;&nbsp;4998 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;9164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4683 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 |  |
| Nomura High Income Fund |  |  | &nbsp;&nbsp;&nbsp;$928882 |  |  | &nbsp;&nbsp;&nbsp;$5720992 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;73098 | &nbsp;&nbsp;&nbsp;50283 |  | &nbsp;&nbsp;&nbsp;574939 | &nbsp;&nbsp;&nbsp;181699 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;70797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;221936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;13049 | &nbsp;&nbsp;&nbsp;97862 |  | &nbsp;&nbsp;&nbsp;&nbsp;20899 | &nbsp;&nbsp;&nbsp;761275 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8781 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;126422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Nomura International Core Equity Fund |  |  | &nbsp;&nbsp;&nbsp;$649816 |  |  | &nbsp;&nbsp;&nbsp;$967673 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;8595 | &nbsp;&nbsp;&nbsp;13675 |  | &nbsp;&nbsp;&nbsp;&nbsp;14930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9362 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;21524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;21278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;13270 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5928 | &nbsp;&nbsp;&nbsp;&nbsp;32915 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Nomura Large Cap Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$1843450 |  |  | &nbsp;&nbsp;&nbsp;$7740731 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;23685 | &nbsp;&nbsp;&nbsp;13667 |  | &nbsp;&nbsp;&nbsp;168950 | &nbsp;&nbsp;&nbsp;&nbsp;47650 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;20123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;40670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5574 | &nbsp;&nbsp;&nbsp;17110 |  | &nbsp;&nbsp;&nbsp;&nbsp;21346 | &nbsp;&nbsp;&nbsp;139392 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;6206 | &nbsp;&nbsp;&nbsp;15579 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp;17290 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |  |
| Nomura Mid Cap Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$1021142 |  |  | &nbsp;&nbsp;&nbsp;$5375176 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;8666 | &nbsp;&nbsp;&nbsp;17317 |  | &nbsp;&nbsp;&nbsp;&nbsp;73770 | &nbsp;&nbsp;&nbsp;&nbsp;39983 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;19067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;46799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;14994 | &nbsp;&nbsp;&nbsp;10059 |  | &nbsp;&nbsp;&nbsp;&nbsp;15391 | &nbsp;&nbsp;&nbsp;132521 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;2274 | &nbsp;&nbsp;&nbsp;10632 |  | &nbsp;&nbsp;&nbsp;&nbsp;60385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Nomura Mid Cap Income Opportunities Fund |  |  | &nbsp;&nbsp;&nbsp;$428489 |  |  | &nbsp;&nbsp;&nbsp;$3089872 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;3155 | &nbsp;&nbsp;&nbsp;18439 |  | &nbsp;&nbsp;&nbsp;&nbsp;72898 | &nbsp;&nbsp;&nbsp;&nbsp;43257 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;17750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;34873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp;3107 |  | &nbsp;&nbsp;&nbsp;&nbsp;11424 | &nbsp;&nbsp;&nbsp;118843 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;43388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Nomura Small Cap Growth Fund |  |  | &nbsp;&nbsp;&nbsp;$277229 |  |  | &nbsp;&nbsp;&nbsp;$1637758 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;11942 | &nbsp;&nbsp;&nbsp;&nbsp;6303 |  | &nbsp;&nbsp;&nbsp;&nbsp;91328 | &nbsp;&nbsp;&nbsp;&nbsp;18515 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;16117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;62376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8620 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;37991 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25165 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

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Ivy Funds

6. Capital Shares (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 |
|  | &nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value |
| Nomura Smid Cap Core Fund |  |  | &nbsp;&nbsp;&nbsp;$282024 |  |  | &nbsp;&nbsp;&nbsp;$368109 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;16097 |  | &nbsp;&nbsp;&nbsp;&nbsp;11911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5809 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;4749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;13633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;10858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;12262 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 |  |
| Nomura Systematic Emerging Markets Equity Fund |  |  | &nbsp;&nbsp;&nbsp;$319624 |  |  | &nbsp;&nbsp;&nbsp;$1012462 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;4080 | &nbsp;&nbsp;&nbsp;&nbsp;9327 |  | &nbsp;&nbsp;&nbsp;&nbsp;18444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;7029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5616 | &nbsp;&nbsp;&nbsp;&nbsp;5380 |  | &nbsp;&nbsp;&nbsp;&nbsp;17640 | &nbsp;&nbsp;&nbsp;&nbsp;30913 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10203 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

7. Reorganizations

The following reorganizations occurred in a prior reporting period, as noted on the "Statements of changes in net assets." On January 16, 2024, the Board and the applicable corresponding board of trustees approved the reorganizations of the following acquired funds with and into the following acquiring funds (each a "Reorganization" and together the "Reorganizations"):

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Acquired Fund(s)** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;Delaware Ivy High Yield Fund (Acquired<br> Fund I), a series of the Trust<br> Delaware High-Yield Opportunities Fund<br> (Acquired Fund II), a series of Delaware Group<br> Income Funds | &nbsp;&nbsp;Macquarie High Income Fund (now known as Nomura High Income Fund) (Acquiring<br> Fund I), a series of the Trust |
| &nbsp;&nbsp;Delaware Ivy Total Return Bond Fund<br> (Acquired Fund III), a series of the Trust | &nbsp;&nbsp;Macquarie Global Bond Fund (now known as Nomura Global Bond Fund) (Acquiring<br> Fund II), a series of the Trust |
| &nbsp;&nbsp;Delaware International Equity Fund<br> (Acquired Fund IV), a series of Delaware<br> Group Global & International Funds<br> Delaware International Equity Fund II<br> (Acquired Fund V), a series of the Trust | &nbsp;&nbsp;Macquarie International Core Equity (now known as Nomura International Core Equity Fund)<br> Fund (Acquiring Fund III), a series of the<br> Trust |
| &nbsp;&nbsp;Delaware Global Equity Fund (Acquired<br> Fund VI), a series of Delaware Global<br> Equity Funds IV<br> Delaware Global Equity Fund II (Acquired<br> Fund XI), a series of the Trust | &nbsp;&nbsp;Macquarie Global Growth Fund (now known as Nomura Global Growth Fund)<br> (Acquiring Fund IV), a series of the Trust |

---

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---

| | |
|:---|:---|
| &nbsp;&nbsp; **Acquired Fund(s)** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;Delaware Ivy Accumulative Fund (Acquired<br> Fund VII), a series of the Trust<br> Delaware Select Growth Fund (Acquired Fund VIII), a series of Voyageur Mutual Funds III | &nbsp;&nbsp;Macquarie Large Cap Growth Fund (now known as Nomura Large Cap Growth Fund)<br> (Acquiring Fund V), a series of the Trust |
| &nbsp;&nbsp;Delaware Mid Cap Growth Equity Fund<br> (Acquired Fund IX), a series of Delaware<br> Group Equity Funds IV | &nbsp;&nbsp;Macquarie Mid Cap Growth Fund (now known as Nomura Mid Cap Growth Fund)<br> (Acquiring Fund VI), a series of the Trust |
| &nbsp;&nbsp;Delaware Small Cap Growth Fund<br> (Acquired Fund X), a series of Delaware<br> Group Equity Funds IV | &nbsp;&nbsp;Macquarie Small Cap Growth Fund (now known as Nomura Small Cap Growth Fund)<br> (Acquiring Fund VII), a series of the Trust |

---

In approving the Reorganizations, the Board and the applicable corresponding board of trustees considered various factors, including that the applicable Acquiring Fund and the applicable Acquired Fund shared substantially similar or identical investment objectives, similar principal investment strategies and principal risks, and materially similar or identical fundamental investment restrictions and that the applicable Acquiring Fund's overall total expense ratio was equal to or lower than the corresponding Acquired Fund's total expense ratio following the applicable Reorganization taking into account applicable expense limitation arrangements.

The applicable Acquired Fund shareholders approved each Reorganization on the following dates:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Shareholder Approval Date** |
| &nbsp;&nbsp;Acquired Fund II<br> Acquired Fund IV<br> Acquired Fund V<br> Acquired Fund VI | &nbsp;&nbsp;March 25, 2024 |
| &nbsp;&nbsp;Acquired Fund VII<br> Acquired Fund VIII | &nbsp;&nbsp;April 30, 2024 |
| &nbsp;&nbsp;Acquired Fund IX<br> Acquired Fund X | &nbsp;&nbsp;May 6, 2024 |
| &nbsp;&nbsp;Acquired Fund XI | &nbsp;&nbsp;June 6, 2024 |

---

No shareholder approval was required for the Acquired Fund I Reorganization and Acquired Fund III Reorganization.

Pursuant to an Agreement and Plan of Reorganization (the Plan): (i) all of the property, and assets of each Acquired Fund were acquired by the applicable Acquiring Fund and (ii) the applicable trust, on behalf of the applicable Acquiring Fund, assumed the liabilities of the applicable Acquired Fund, in exchange for shares of the applicable Acquiring Fund. In accordance with the Plan, each Acquired Fund liquidated and dissolved following the applicable Reorganization. The Reorganizations were accomplished by a tax-free exchange of shares on the following dates:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Reorganization Date** |
| &nbsp;&nbsp;Acquired Fund I<br> Acquired Fund II<br> Acquired Fund III | &nbsp;&nbsp;April 26, 2024 |
| &nbsp;&nbsp;Acquired Fund IV<br> Acquired Fund V<br> Acquired Fund VI | &nbsp;&nbsp;May 3, 2024 |

---

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Ivy Funds

7. Reorganizations (continued)

<u>Acquired Fund VII Acquired Fund VIII Acquired Fund IX Acquired Fund X </u> <u>June 7, 2024 </u> <br> <u>Acquired Fund XI </u> <u>July 26, 2024 </u>

For financial reporting purposes, assets received and shares issued by each Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the applicable Acquired Funds was carried forward to align ongoing reporting of the applicable Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Acquired Fund I, the Acquired Fund II and the Acquiring Fund I Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund I<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund I Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund I | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund I<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$6548465 | &nbsp;&nbsp;&nbsp;&nbsp;776805 | &nbsp;&nbsp;&nbsp;1091411 | &nbsp;&nbsp;&nbsp;$1081506264 | &nbsp;&nbsp;&nbsp;1.4050 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106974966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;19011243 | &nbsp;&nbsp;&nbsp;2255189 | &nbsp;&nbsp;&nbsp;3168541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992606874 | &nbsp;&nbsp;&nbsp;1.4050 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32247080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52045106 | &nbsp;&nbsp;&nbsp;1.4148 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54109954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund II<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund II Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund I | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund I<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$298958478 | &nbsp;&nbsp;&nbsp;88188342 | &nbsp;&nbsp;&nbsp;49826459 | &nbsp;&nbsp;&nbsp;$1081506264 | &nbsp;&nbsp;&nbsp;0.5650 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106974966 | &nbsp;&nbsp;&nbsp;0.5650 |
| Class I/Institutional Class\* | &nbsp;&nbsp;&nbsp;&nbsp;73953134 | &nbsp;&nbsp;&nbsp;21879625 | &nbsp;&nbsp;&nbsp;12325522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992606874 | &nbsp;&nbsp;&nbsp;0.5633 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32247080 | &nbsp;&nbsp;&nbsp;0.5667 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;52229524 | &nbsp;&nbsp;&nbsp;15452522 | &nbsp;&nbsp;&nbsp;&nbsp;8704921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52045106 | &nbsp;&nbsp;&nbsp;0.5633 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54109954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Acquired Fund II Institutional Class shares are named Class I for the Acquiring Fund I.

The net assets of the Acquired Fund I and Acquired Fund II before the Acquired Fund I and Acquired Fund II Reorganization were $25,666,340 and $430,065,117, respectively. The Acquired Fund I and Acquired Fund II net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund I and Acquired Fund II Reorganization. The net assets of the Acquiring Fund I immediately following the Acquired Fund I and Acquired Fund II Reorganization were $2,774,750,443.

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The share transactions associated with the Acquired Fund III and the Acquiring Fund II Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund III<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund III Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund II | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund II<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$5241459 | &nbsp;&nbsp;&nbsp;&nbsp;636099 | &nbsp;&nbsp;&nbsp;&nbsp;584984 | &nbsp;&nbsp;&nbsp;$93345887 | &nbsp;&nbsp;&nbsp;0.9196 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666314 | &nbsp;&nbsp;&nbsp;0.9095 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;17233034 | &nbsp;&nbsp;&nbsp;2073771 | &nbsp;&nbsp;&nbsp;1925479 | &nbsp;&nbsp;&nbsp;&nbsp;210589902 | &nbsp;&nbsp;&nbsp;0.9285 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp;163561879 | &nbsp;&nbsp;&nbsp;0.9485 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

The net assets of the Acquired Fund III before the Acquired Fund III Reorganization were $22,789,377. The Acquired Fund III net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund III Reorganization. The net assets of the Acquiring Fund II immediately following the Acquired Fund III Reorganization were $494,163,139.

The share transactions associated with the Acquired Fund IV, the Acquired Fund V and the Acquiring Fund III Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund IV<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund IV Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund III | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund III<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$135708949 | &nbsp;&nbsp;&nbsp;9728240 | &nbsp;&nbsp;&nbsp;6537040 | &nbsp;&nbsp;&nbsp;$291262715 | &nbsp;&nbsp;&nbsp;0.6720 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389837 | &nbsp;&nbsp;&nbsp;&nbsp;172054 | &nbsp;&nbsp;&nbsp;&nbsp;132548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17357490 | &nbsp;&nbsp;&nbsp;0.7704 |
| Class I/Institutional Class\* | &nbsp;&nbsp;&nbsp;&nbsp;108872439 | &nbsp;&nbsp;&nbsp;7765509 | &nbsp;&nbsp;&nbsp;5194296 | &nbsp;&nbsp;&nbsp;&nbsp;676850654 | &nbsp;&nbsp;&nbsp;0.6689 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39156771 | &nbsp;&nbsp;&nbsp;0.6741 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480656 | &nbsp;&nbsp;&nbsp;&nbsp;176559 | &nbsp;&nbsp;&nbsp;&nbsp;118014 | &nbsp;&nbsp;&nbsp;&nbsp;247563186 | &nbsp;&nbsp;&nbsp;0.6684 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38282983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund V<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund V Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund III | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund III<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$34447967 | &nbsp;&nbsp;&nbsp;2322857 | &nbsp;&nbsp;&nbsp;1659343 | &nbsp;&nbsp;&nbsp;$291262715 | &nbsp;&nbsp;&nbsp;0.7144 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17357490 | &nbsp;&nbsp;&nbsp;0.7443 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;17463716 | &nbsp;&nbsp;&nbsp;1131070 | &nbsp;&nbsp;&nbsp;&nbsp;833192 | &nbsp;&nbsp;&nbsp;&nbsp;676850654 | &nbsp;&nbsp;&nbsp;0.7366 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39156771 | &nbsp;&nbsp;&nbsp;0.7044 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18961 | &nbsp;&nbsp;&nbsp;&nbsp;247563186 | &nbsp;&nbsp;&nbsp;0.7583 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38282983 | &nbsp;&nbsp;&nbsp;0.7240 |

---

\* Acquired Fund IV Institutional Class shares are named Class I for the Acquiring Fund III.

The net assets of the Acquired Fund IV and Acquired Fund V before the Acquired Fund IV and Acquired Fund V Reorganization were $250,915,360 and $55,086,825, respectively. The Acquired Fund IV and Acquired Fund V net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund IV and Acquired Fund V Reorganization. The net assets of the Acquiring Fund III immediately following the Acquired Fund IV and Acquired Fund V Reorganization were $1,614,258,117.

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Ivy Funds

7. Reorganizations (continued)

The share transactions associated with the Acquired Fund VI and the Acquiring Fund IV Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund VI<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund VI Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund IV | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund IV<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$179284431 | &nbsp;&nbsp;&nbsp;27329944 | &nbsp;&nbsp;&nbsp;5236111 | &nbsp;&nbsp;&nbsp;$337173127 | &nbsp;&nbsp;&nbsp;0.1916 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I/Institutional Class\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84324 | &nbsp;&nbsp;&nbsp;&nbsp;175334869 | &nbsp;&nbsp;&nbsp;0.1943 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14386544 | &nbsp;&nbsp;&nbsp;0.1971 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Acquired Fund VI Institutional Class shares are named Class I for the Acquiring Fund IV.

The net assets of the Acquired Fund VI before the Acquired Fund VI Reorganization were $182,637,841. The Acquired Fund VI net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund VI Reorganization. The net assets of the Acquiring Fund IV immediately following the Acquired Fund VI Reorganization were $714,018,352.

The share transactions associated with the Acquired Fund VII, the Acquired Fund VIII and the Acquiring Fund V Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund VII<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund VII Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund V | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund V<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$496817294 | &nbsp;&nbsp;&nbsp;81445458 | &nbsp;&nbsp;&nbsp;14852535 | &nbsp;&nbsp;&nbsp;$2577336834 | &nbsp;&nbsp;&nbsp;0.1824 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60906353 | &nbsp;&nbsp;&nbsp;0.1575 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;64773215 | &nbsp;&nbsp;&nbsp;10281463 | &nbsp;&nbsp;&nbsp;&nbsp;1760620 | &nbsp;&nbsp;&nbsp;&nbsp;4211398600 | &nbsp;&nbsp;&nbsp;0.1712 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33923702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308859780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34960874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund VIII<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund VIII Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund V | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund V<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$185019574 | &nbsp;&nbsp;&nbsp;6755005 | &nbsp;&nbsp;&nbsp;5531228 | &nbsp;&nbsp;&nbsp;$2577336834 | &nbsp;&nbsp;&nbsp;0.8188 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758443 | &nbsp;&nbsp;&nbsp;&nbsp;254704 | &nbsp;&nbsp;&nbsp;&nbsp;121732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60906353 | &nbsp;&nbsp;&nbsp;0.4779 |
| Class I/Institutional Class\* | &nbsp;&nbsp;&nbsp;&nbsp;26531473 | &nbsp;&nbsp;&nbsp;&nbsp;810369 | &nbsp;&nbsp;&nbsp;&nbsp;721160 | &nbsp;&nbsp;&nbsp;&nbsp;4211398600 | &nbsp;&nbsp;&nbsp;0.8899 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33923702 | &nbsp;&nbsp;&nbsp;0.7709 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308859780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34960874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Acquired Fund VIII Institutional Class shares are named Class I for the Acquiring Fund V.

The net assets of the Acquired Fund VII and Acquired Fund VIII before the Acquired Fund VII and Acquired Fund VIII Reorganizations were $563,069,889 and $215,107,483, respectively. The Acquired Fund VII and Acquired Fund VIII net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund VII and Acquired Fund VIII Reorganization. The net assets of the Acquiring Fund V immediately following the Acquired Fund VII and Acquired Fund VIII Reorganization were $8,005,467,198.

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The share transactions associated with the Acquired Fund IX and the Acquiring Fund VI Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund IX<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund IX Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund VI | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund VI<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$643330310 | &nbsp;&nbsp;&nbsp;40008104 | &nbsp;&nbsp;&nbsp;24121871 | &nbsp;&nbsp;&nbsp;$1420384857 | &nbsp;&nbsp;&nbsp;0.6029 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;32772506 | &nbsp;&nbsp;&nbsp;&nbsp;1713147 | &nbsp;&nbsp;&nbsp;&nbsp;1737673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62385230 | &nbsp;&nbsp;&nbsp;1.0143 |
| Class I/Institutional<br> Class\* | &nbsp;&nbsp;&nbsp;&nbsp;353505893 | &nbsp;&nbsp;&nbsp;12317278 | &nbsp;&nbsp;&nbsp;11473739 | &nbsp;&nbsp;&nbsp;&nbsp;2868013709 | &nbsp;&nbsp;&nbsp;0.9315 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50264343 | &nbsp;&nbsp;&nbsp;0.5174 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;36218815 | &nbsp;&nbsp;&nbsp;&nbsp;1252380 | &nbsp;&nbsp;&nbsp;&nbsp;1159373 | &nbsp;&nbsp;&nbsp;&nbsp;1185239557 | &nbsp;&nbsp;&nbsp;0.9257 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214893557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Acquired Fund IX Institutional Class shares are named Class I for the Acquiring Fund VI.

The net assets of the Acquired Fund IX before the Acquired Fund IX Reorganization were $1,074,266,205. The Acquired Fund IX net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund IX Reorganization. The net assets of the Acquiring Fund VI immediately following the Acquired Fund IX Reorganization were $6,874,658,055.

The share transactions associated with the Acquired Fund X and the Acquiring Fund VII Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund X<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund X Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund VII | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund VII<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$19820021 | &nbsp;&nbsp;&nbsp;1939337 | &nbsp;&nbsp;&nbsp;1624592 | &nbsp;&nbsp;&nbsp;$585855428 | &nbsp;&nbsp;&nbsp;0.8377 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;4221604 | &nbsp;&nbsp;&nbsp;&nbsp;451026 | &nbsp;&nbsp;&nbsp;&nbsp;636743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14797607 | &nbsp;&nbsp;&nbsp;1.4118 |
| Class I/Institutional<br> Class\* | &nbsp;&nbsp;&nbsp;&nbsp;64499652 | &nbsp;&nbsp;&nbsp;6154547 | &nbsp;&nbsp;&nbsp;3106920 | &nbsp;&nbsp;&nbsp;&nbsp;404141184 | &nbsp;&nbsp;&nbsp;0.5048 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;1475192 | &nbsp;&nbsp;&nbsp;&nbsp;148859 | &nbsp;&nbsp;&nbsp;&nbsp;128838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41445732 | &nbsp;&nbsp;&nbsp;0.8655 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;161923550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31021579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Acquired Fund X Institutional Class shares are named Class I for the Acquiring Fund VII.

The net assets of the Acquired Fund X before the Acquired Fund X Reorganization were $90,069,019. The Acquired Fund X net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund X Reorganization. The net assets of the Acquiring Fund VII immediately following the Acquired Fund X Reorganization were $1,329,201,549.

The share transactions associated with the Acquired Fund XI and the Acquiring Fund IV Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Fund XI Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Fund XI Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund IV | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund IV<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$167347443 | &nbsp;&nbsp;&nbsp;18170189 | &nbsp;&nbsp;&nbsp;4667990 | &nbsp;&nbsp;&nbsp;$525834105 | &nbsp;&nbsp;&nbsp;0.2569 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039206 | &nbsp;&nbsp;&nbsp;0.4255 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;74769538 | &nbsp;&nbsp;&nbsp;&nbsp;8074464 | &nbsp;&nbsp;&nbsp;1973332 | &nbsp;&nbsp;&nbsp;&nbsp;177898628 | &nbsp;&nbsp;&nbsp;0.2444 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769281 | &nbsp;&nbsp;&nbsp;0.2654 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14928737 | &nbsp;&nbsp;&nbsp;0.2441 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884175 | &nbsp;&nbsp;&nbsp;0.2544 |

---

The net assets of the Acquired Fund XI before the Acquired Fund XI Reorganization were $246,923,040. The Acquired Fund XI net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Acquired Fund XI Reorganization. The net assets of the Acquiring Fund IV immediately following the Acquired Fund XI Reorganization were $970,017,988.

&nbsp;&nbsp;&nbsp;&nbsp;157

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[**Table of Contents**](#JOB_Ivy_D_f875bd07-cfe4-4549-b7fa-ca1b667e186f_TOC_AltSty1)

Ivy Funds

7. Reorganizations (continued)

Assuming the Reorganizations had been completed on April 1, 2024, the Acquiring Fund's pro forma results of operations for year ended March 31, 2025 would have been as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquiring Fund I | &nbsp;&nbsp;&nbsp;Acquiring Fund II | &nbsp;&nbsp;&nbsp;Acquiring Fund III | &nbsp;&nbsp;&nbsp;Acquiring Fund IV |
| Net investment income (loss) | &nbsp;&nbsp;$171370304 | &nbsp;&nbsp;&nbsp;$18886670 | &nbsp;&nbsp;&nbsp;$23215715 | &nbsp;&nbsp;&nbsp;$3455080 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(114829838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921068 | &nbsp;&nbsp;&nbsp;&nbsp;129259934 | &nbsp;&nbsp;&nbsp;&nbsp;64929118 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10544909 | &nbsp;&nbsp;&nbsp;&nbsp;(2305694) | &nbsp;&nbsp;&nbsp;&nbsp;(81132449) | &nbsp;&nbsp;&nbsp;&nbsp;(17856386) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$67085375 | &nbsp;&nbsp;&nbsp;$19502044 | &nbsp;&nbsp;&nbsp;$71343200 | &nbsp;&nbsp;&nbsp;$50527812 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquiring<br> Fund V | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund VI | &nbsp;&nbsp;&nbsp;Acquiring<br> Fund VII |
| Net investment income (loss) | $(11414350) | &nbsp;&nbsp;&nbsp;$(27148156) | &nbsp;&nbsp;&nbsp;$(10220129) |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;568582796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770290790 | &nbsp;&nbsp;&nbsp;&nbsp;133771838 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(111271771) | &nbsp;&nbsp;&nbsp;&nbsp;(1527577513) | &nbsp;&nbsp;&nbsp;&nbsp;(214934225) |
| Net increase in net assets resulting from operations | $445896675 | &nbsp;&nbsp;&nbsp;$(784434879) | &nbsp;&nbsp;&nbsp;$(91382516) |

---

8. Line of Credit

Each Fund, along with certain other funds in the Nomura Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 27, 2025. This Agreement was extended to October 26, 2026.

Each Fund had no amounts outstanding as of March 31, 2026, or at any time during the year then ended.

9. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 9) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the year ended March 31, 2026.

10. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity's results of operations and financial position.

**Forward Foreign Currency Exchange Contracts — Each Fund may enter into forward foreign currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.**

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The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between each Fund and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Fund's exposure to the counterparty. Open forward foreign currency exchange contracts, if any, are disclosed on the "Schedules of investments." At March 31, 2026, Nomura Global Bond Fund received $5,059,345 in cash as collateral for open forward foreign currency exchange contracts, which is included in "Cash collateral due to brokers" on the "Statements of assets and liabilities."

During the year ended March 31, 2026, Nomura Global Bond Fund used forward foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to decrease exposure to foreign currencies and to gain exposure to currency.

**Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures contracts in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At March 31, 2026, Nomura Global Bond Fund posted $2,335,072 in cash as collateral for open futures contracts, which is included in "Cash collateral due from brokers" on the "Statements of assets and liabilities." Open futures contracts, if any, are disclosed on the "Schedules of investments."**

During the year ended March 31, 2026, Nomura Global Bond Fund invested in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

**Options Contracts — Each Fund may enter into options contracts in the normal course of pursuing its investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage each Fund's exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting each Fund's overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. Each Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When each Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When each Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by each Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether each Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, each Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. Open option contracts, if any, are disclosed on the "Schedules of investments."**

During the year ended March 31, 2026, Nomura Global Bond Fund used options contracts to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions.

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Ivy Funds

10. Derivatives (continued)

**Swap Contracts — Each Fund may enter into CDS and IRS contracts in the normal course of pursuing its investment objective. Each Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. Swap contracts are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).**

*Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.*

During the year ended March 31, 2026, Nomura Global Bond Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

CDS contracts may involve greater risks than if Nomura Global Bond Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund's maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty, or (2) for cleared swaps, trading these instruments through a central counterparty.

During the year ended March 31, 2026, Nomura Global Bond Fund used CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

*Interest Rate Swaps. An IRS contract is an exchange of interest rates between counterparties. In one instance, an IRS involves payments received by Nomura Global Bond Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An IRS can also work in reverse with the Fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. IRS may be used to adjust the Fund's sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the IRS contract's remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty, or (2) for cleared swaps, trading these instruments through a central counterparty.*

During the year ended March 31, 2026, Nomura Global Bond Fund used IRS contracts to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates.

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Fair values of derivative instruments as of March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statements of assets and<br> liabilities location | &nbsp;&nbsp;Currency<br> Contracts | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Total |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;$4022520 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4022520 |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3422206 | &nbsp;&nbsp;&nbsp;&nbsp;3422206 |
| Total | &nbsp;&nbsp;$4022520 | &nbsp;&nbsp;$3422206 | &nbsp;&nbsp;$7444726 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value | &nbsp;&nbsp;Liability Derivatives Fair Value | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statements of assets and<br> liabilities location | &nbsp;&nbsp;Currency<br> Contracts | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Total |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;$(54555) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(54555) |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3241780) | &nbsp;&nbsp;&nbsp;&nbsp;(3241780) |
| Total | &nbsp;&nbsp;$(54555) | &nbsp;&nbsp;$(3241780) | &nbsp;&nbsp;$(3296335) |

---

\*Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared IRS contracts from the date the contracts were opened through March 31, 2026. Only current day variation margin is reported on the Fund's "Statements of assets and liabilities."

The effect of derivative instruments on the "Statements of operations" for the year ended March 31, 2026 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund |
|  | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Options<br> Purchased | &nbsp;&nbsp;Options<br> Written | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Currency contracts | &nbsp;&nbsp;$(17057917) | &nbsp;&nbsp;$(672314) | &nbsp;&nbsp;$(192396) | &nbsp;&nbsp;$72986 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(17849641) |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2291947) | &nbsp;&nbsp;&nbsp;&nbsp;(444601) | &nbsp;&nbsp;&nbsp;&nbsp;288357 | &nbsp;&nbsp;&nbsp;&nbsp;3244722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796531 |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66557 |
| Total | &nbsp;&nbsp;$(17057917) | &nbsp;&nbsp;$(2897808) | &nbsp;&nbsp;$(636997) | &nbsp;&nbsp;$361343 | &nbsp;&nbsp;$3244826 | &nbsp;&nbsp;$(16986553) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Options<br> Purchased | &nbsp;&nbsp;Options<br> Written | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Currency contracts | &nbsp;&nbsp;$10404570 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10404570 |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;87027 | &nbsp;&nbsp;&nbsp;&nbsp;157882 | &nbsp;&nbsp;&nbsp;&nbsp;(83619) | &nbsp;&nbsp;&nbsp;&nbsp;(2078074) | &nbsp;&nbsp;&nbsp;&nbsp;(1916784) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289955 |
| Total | &nbsp;&nbsp;$10404570 | &nbsp;&nbsp;$87027 | &nbsp;&nbsp;$157882 | &nbsp;&nbsp;$(83619) | &nbsp;&nbsp;$(1788119) | &nbsp;&nbsp;$8777741 |

---

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Ivy Funds

10. Derivatives (continued)

The tables below summarize the average daily balance of derivative holdings by certain Fund during the year ended March 31, 2026:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Long Derivative Volume |
|  | &nbsp;&nbsp;Nomura<br> Global Bond Fund |
| Forward foreign currency exchange contracts (average contract amount) | $&nbsp;&nbsp;214447828 |
| Futures contracts (average notional amount) | &nbsp;&nbsp;254067166 |
| Options contracts (average value)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50450 |
| CDS contracts (average notional amount)\*\* | &nbsp;&nbsp;&nbsp;&nbsp;4097365 |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;9523810 |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;1238810 |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;51042460 |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;146825397 |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;79750000 |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;10476190 |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;72285714 |
| Interest rate swap contracts (average notional amount) | &nbsp;&nbsp;&nbsp;&nbsp;18201825 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Nomura<br> Global Bond Fund |
| Forward foreign currency exchange contracts (average contract amount) | $&nbsp;&nbsp;&nbsp;&nbsp;18286079 |
| Futures contracts (average notional amount) | &nbsp;&nbsp;222358364 |
| Options contracts (average value)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20944 |
| CDS contracts (average notional amount)\*\* | &nbsp;&nbsp;&nbsp;&nbsp;2675714 |

---

\* Long represents purchased options and short represents written options.

\*\* Long represents buying protection and short represents selling protection.

11. Offsetting

Certain Funds entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help certain Funds mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between certain Funds and a counterparty that governs over-the-counter derivatives and forward foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, certain Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, certain Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the "Statements of assets and liabilities."

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At March 31, 2026, certain Funds had the following assets and liabilities subject to offsetting provisions:

#### Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities
&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Nomura Global Bond Fund | Nomura Global Bond Fund | Nomura Global Bond Fund | Nomura Global Bond Fund |
| Counterparty | &nbsp;&nbsp;Gross Value of<br> Derivative Asset | &nbsp;&nbsp;Gross Value of<br> Derivative Liability | &nbsp;&nbsp;Net Position |
| Citigroup | &nbsp;&nbsp;$876956 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$876956 |
| JPMorgan Chase Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(39271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39271) |
| TD Bank | &nbsp;&nbsp;&nbsp;&nbsp;3145564 | &nbsp;&nbsp;&nbsp;&nbsp;(15284) | &nbsp;&nbsp;&nbsp;&nbsp;3130280 |
| Total | &nbsp;&nbsp;$4022520 | &nbsp;&nbsp;$(54555) | &nbsp;&nbsp;$3967965 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | &nbsp;&nbsp;Net Position | &nbsp;&nbsp;Fair Value of<br> Non-Cash<br> Collateral Received | &nbsp;&nbsp;Cash Collateral<br> Received<sup>(a)</sup> | &nbsp;&nbsp;Fair Value of<br> Non-Cash<br> Collateral Pledged | &nbsp;&nbsp;Cash Collateral<br> Pledged | &nbsp;&nbsp;Net Exposure<sup>(b)</sup> |
| Citigroup | &nbsp;&nbsp;$876956 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(876956) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| JPMorgan Chase Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39271) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(39271) |
| TD Bank | &nbsp;&nbsp;&nbsp;3130280 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3130280) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$3967965 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$(4007236) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$(39271) |

---

<sup>(a)</sup> The value of the related collateral exceeded the value of the derivatives as of March 31, 2026, as applicable.

<sup>(b)</sup> Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

12. Securities Lending

Each Fund, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable,

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## Notes to financial statements
Ivy Funds

12. Securities Lending (continued)

on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund's cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

During the year ended March 31, 2026, each Fund had no securities out on loan.

13. Credit and Market Risks

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or armed conflict in a geographic region has the potential to adversely impact the Funds' investments. Such conflicts and other corresponding events could result in increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors or in markets for certain securities and commodities. Such conflicts also may result in a negative impact on the Funds' investments, even beyond any direct investment exposure a Fund may have to issuers located in or with significant exposure to an impacted country or geographic region.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which each Fund invests will cause the NAV of each Fund to fluctuate.

Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds. In addition, recent trade tensions and the imposition of tariffs may disrupt markets and lead to heightened market volatility.

Certain Funds invest a portion of their assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor's Financial Services LLC and Baa3 by Moody's Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

Certain Funds invest in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to

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maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

Certain Funds may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause a Fund to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, a Fund could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes "subprime" loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, a Fund's investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause a Fund to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

Certain Funds invest in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Funds will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer each Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Funds may involve revolving credit facilities or other standby financing commitments that obligate the Funds to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Funds might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high-grade debt obligations in an amount sufficient to meet such commitments.

As the Funds may be required to rely upon another lending institution to collect and pass on to the Funds amounts payable with respect to the loan and to enforce the Funds' rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Funds from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Funds.

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Ivy Funds

13. Credit and Market Risks (continued)

Certain Funds invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Certain Funds may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended March 31, 2026. The Funds' REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the "Statements of assets and liabilities", if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds' 15% limit on investments in illiquid securities. Rule 144A and restricted securities have been identified on the "Schedules of investments."

At times, certain Funds may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Individual sectors may be more volatile, and may perform differently, than the broader market. Companies in the same economic sector may be similarly affected by economic or market events, making a Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

14. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund's maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund's existing contracts and expects the risk of loss to be remote.

15. In-Kind Redemptions

During the year ended March 31, 2026, Nomura Core Equity Fund satisfied withdrawal requests with transfers of securities of $143,610,343, resulting in net realized gains of $77,814,381, and cash of $247.

16. Subsequent Events

Effective April 30, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of Nomura High Income Fund.

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Management has determined that no other material events or transactions occurred subsequent to March 31, 2026, that would require recognition or disclosure in the Funds' financial statements.

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Report of independent registered public accounting firm

To the Board of Trustees of Ivy Funds and Shareholders of each of the eleven funds listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eleven of the funds constituting Ivy Funds, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2026, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Nomura Core Equity Fund<sup>(1)</sup><br> Nomura Large Cap Growth Fund<sup>(1)</sup><br> Nomura Mid Cap Growth Fund<sup>(1)</sup><br> Nomura Mid Cap Income Opportunities Fund<sup>(1)</sup><br> Nomura Small Cap Growth Fund<sup>(1)</sup><br> Nomura Smid Cap Core Fund<sup>(1)</sup> | &nbsp;&nbsp;Nomura Global Bond Fund<sup>(1)</sup><br> Nomura High Income Fund<sup>(1)</sup><sup>\*</sup><br> Nomura Global Growth Fund<sup>(1)</sup><br> Nomura International Core Equity Fund<sup>(1)</sup><br> Nomura Systematic Emerging Markets Equity Fund<sup>(1)</sup><sup>\*\*</sup> |

---

\* The financial statements for Nomura High Income Fund and its subsidiary are presented on a consolidated basis as of and for the year ended March 31, 2026 and for Nomura High Income Fund on a stand-alone basis for prior periods.

\*\* The financial statements for Nomura Systematic Emerging Markets Equity Fund are presented on a stand-alone basis as of and for the year ended March 31, 2026 and for Nomura Systematic Emerging Markets Equity Fund and its subsidiary on a consolidated basis for prior periods.

<sup>(1)</sup> Statement of operations for the year ended March 31, 2026, statement of changes in net assets for each of the two years in the period ended March 31, 2026 and the financial highlights for each of the five years in the period ended March 31, 2026.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian, transfer agents, portfolio companies, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 29, 2026

We have served as the auditor of one or more Nomura investment companies since 2010.

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## Other Fund information (Unaudited)
Ivy Funds

#### Tax Information
The information set forth below is for the Funds' fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Funds. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Funds to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended March 31, 2026, each Fund reports distributions paid during the year as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;(A)<br> Ordinary Income<br> Distributions\*<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(B)<br> Long-Term<br> Capital Gains<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;Total<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(C)<br> Qualifying<br> Dividends<sup>1</sup> |
| Nomura Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;98.13% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;&nbsp;95.21% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;11.06% | &nbsp;&nbsp;&nbsp;&nbsp;88.94% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;18.71% | &nbsp;&nbsp;&nbsp;&nbsp;81.29% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;85.99% |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;17.81% | &nbsp;&nbsp;&nbsp;&nbsp;82.19% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;24.68% | &nbsp;&nbsp;&nbsp;&nbsp;75.32% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

(A) and (B) are based on a percentage of each Fund's total distributions.

(C) is based on each Fund's ordinary income distributions.

<sup>1</sup> Qualified dividends represent dividends which qualify for corporate dividends received deduction.

\*For the fiscal year ended March 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Funds from ordinary income reported as qualified income are reported in the following table. Complete information will be computed and reported in conjunction with your 2026 Form 1099-DIV.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Percentage |
| Nomura Core Equity Fund | &nbsp;&nbsp;100.00% |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.09% |
| Nomura Global Growth Fund | &nbsp;&nbsp;100.00% |
| Nomura High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura International Core Equity Fund | &nbsp;&nbsp;100.00% |
| Nomura Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Mid Cap Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;92.98% |
| Nomura Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;100.00% |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;81.68% |

---

For the fiscal year ended March 31, 2026, certain distributions paid by the Funds, determined to be Qualified Interest Income or Qualified Short-Term Capital Gains may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer

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## Other Fund information (Unaudited)
Ivy Funds

#### Tax Information (continued)
Relief Act of 2012. For the fiscal year ended March 31, 2026, certain Funds have reported maximum Qualified Interest Income and Qualified Short-Term Capital Gains distributions as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Qualified Interest Income | &nbsp;&nbsp;&nbsp;Qualified Short-Term Capital Gains |
| Nomura Global Bond Fund | &nbsp;&nbsp;$7975466 | &nbsp;&nbsp;&nbsp;$— |
| Nomura Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193004 |
| Nomura International Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865932 |
| Nomura Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52583227 |
| Nomura Smid Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464968 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431928 |

---

Certain Funds intend to pass through foreign tax credits. The gross foreign source income earned during the fiscal year ended March 31, 2026 is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Foreign Tax Credits | &nbsp;&nbsp;&nbsp;Gross Foreign Source Income Earned |
| Nomura International Core Equity Fund | &nbsp;&nbsp;$5001906 | &nbsp;&nbsp;&nbsp;$24557806 |
| Nomura Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;4820480 | &nbsp;&nbsp;&nbsp;&nbsp;23572188 |

---

The percentage of the ordinary dividends reported is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Percentage |
| Nomura Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;97.90% |
| Nomura High Income Fund | &nbsp;&nbsp;100.00% |

---

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies

#### Change in Independent Registered Public Accounting Firm
At a meeting held on May 20, 2026, the Board of Trustees (Board), upon recommendation of the Audit Committee, approved the dismissal of PricewaterhouseCoopers LLP (PwC) upon completion of services currently being performed by PwC related to the audits of the Nomura Core Equity Fund (formerly, Macquarie Core Equity Fund), Nomura Global Bond Fund (formerly, Macquarie Global Bond Fund), Nomura Global Growth Fund (formerly, Macquarie Global Growth Fund), Nomura High Income Fund (formerly, Macquarie High Income Fund), Nomura International Core Equity Fund (formerly, Macquarie International Core Equity Fund), Nomura Large Cap Growth Fund (formerly, Macquarie Large Cap Growth Fund), Nomura Mid Cap Growth Fund (formerly, Macquarie Mid Cap Growth Fund), Nomura Mid Cap Income Opportunities Fund (formerly, Macquarie Mid Cap Income Opportunities Fund), Nomura Small Cap Growth Fund (formerly, Macquarie Small Cap Growth Fund), Nomura Smid Cap Core Fund (formerly, Macquarie Smid Cap Core Fund), and Nomura Systematic Emerging Markets Equity Fund (formerly, Macquarie Systematic Emerging Markets Equity Fund), (the "Funds")'s March 31, 2026 financial statements, and approved the appointment of Ernst & Young LLP (E&Y) to serve as the independent registered public accounting firm for the Funds, beginning with the fiscal year ending March 31, 2027.

PwC's reports on the financial statements for the fiscal years ended March 31, 2025 and March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

In addition, during the fiscal years ended March 31, 2025 and March 31, 2026 and during the subsequent interim period through May 29, 2026, (i) there were no disagreements between the Funds and PwC on accounting principles, financial statement disclosures or audit scope, which, if not resolved to the satisfaction of PwC, would have caused them to make reference to the disagreement in their reports; and (ii) there were no reportable events described in Item 304(a) (1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. During the fiscal years ended March 31, 2025 and March 31, 2026 and during the subsequent interim period through May 29, 2026, neither the Board nor anyone on its behalf has consulted with E&Y at any time prior to their selection with respect to (i) the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Funds' financial statements; or (ii) the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).

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The Funds have provided PwC with a copy of this Form N-CSR and requested that PwC furnish the Funds with a letter stating whether or not it agrees with the statements made herein. A copy of PwC's letter, dated June 8, 2026, is attached as Exhibit 99 to this N-CSR.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements at a Meeting Held on June 18, 2025
At its June 2025 Meeting, the Board, including its Independent Trustees, considered and unanimously approved the proposed New Investment Advisory Agreements between the Trusts, on behalf of each of their Funds, and DMC. The Board also approved the New Sub-Advisory Agreements for the Funds, as applicable, that will become effective after the Closing or Split Closing, as applicable. In addition, the Board approved interim advisory and interim sub-advisory agreements (together the "Interim Advisory Agreements" and together with the New Investment Advisory Agreements and New Sub-Advisory Agreements, the "Proposed Advisory Agreements"). The Interim Advisory Agreements will take effect in the event that shareholders did not approve of one or more of the New Investment Advisory Agreements by the time of the Closing. The Board also determined to recommend that Fund shareholders approve the proposed New Investment Advisory Agreements. As part of their evaluation, the Board's Independent Trustees reviewed material supporting the approval of the Proposed Advisory Agreements in executive sessions with its independent legal counsel both with and without representatives of management. Such material included responses provided by DMC and Nomura to an extensive initial questionnaire and a subsequent memorandum with questions relating to the Transaction and the impact on the Funds, as well as governance, compliance, investment and operational matters.

**Background for the Board Approvals. At the June 2025 Meeting, representatives of DMC and Nomura met with the Board to discuss the Transaction. The Independent Trustees were advised that the Transaction, if completed, would constitute a Change of Control Event and result in the termination of the Current Investment Advisory Agreements. The Independent Trustees were also advised that it was proposed that DMC would continue to serve as the investment adviser to each Fund after the Closing and that the Board would be asked to consider approval of the terms and conditions of the proposed New Investment Advisory Agreements with DMC and thereafter to submit the proposed New Investment Advisory Agreements to the Funds' shareholders for approval.**

At the June 2025 Meeting, the Board, including a majority of the Independent Trustees, reviewed and approved the Proposed Advisory Agreements, including the New Investment Advisory Agreements, which are still subject to shareholder approval. The Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate.

The Board, together with independent legal counsel to the Independent Trustees and Fund counsel, met with representatives of DMC and Nomura to discuss the Transaction. In addition, management of DMC and certain Independent Trustees met in person or virtually on several other occasions preceding the June 2025 Meeting. At these meetings, the Transaction and future plans for DMC and the Funds were discussed at length. Finally, the Independent Trustees consulted with their independent legal counsel in executive sessions during the time period covered by the negotiation of the Transaction and discussed, among other things, the legal standards applicable to their review of the Proposed Advisory Agreements and certain other contracts and considerations relevant to their deliberations on whether to approve the Proposed Advisory Agreements.

At the in-person and virtual meetings with DMC management and with key Nomura representatives, the Trustees discussed the Transaction. The meetings included discussions of the strategic rationale for the Transaction and Nomura's general plans and intentions regarding the Funds and DMC. On these occasions, representatives of DMC and Nomura made presentations to, and responded to questions from, the Trustees. The Board also inquired about the plans for, and anticipated roles and responsibilities of, key employees and officers of DMC in connection with the Transaction, and Nomura's role with respect to DMC Management.

In connection with the Trustees' review of the Proposed Advisory Agreements, DMC and/or Nomura emphasized that:

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## Other Fund information (Unaudited)
Ivy Funds

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements at a Meeting Held on June 18, 2025
(continued)

&nbsp;&nbsp;&nbsp;&nbsp;• They expected that there will be no adverse changes as a result of the Transaction in the nature, quality, or extent of services currently provided to the Funds and their shareholders, including investment management, distribution, or other shareholder services;

&nbsp;&nbsp;&nbsp;&nbsp;• No material changes in personnel or operations are currently contemplated in the operation of DMC under Nomura as a result of the Transaction (with the exception of the US leveraged credit team, as indicated below);

&nbsp;&nbsp;&nbsp;&nbsp;• Nomura has no present intention to cause DMC to alter the contractual expense limitations and reimbursements currently in effect for the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;• Under the Purchase Agreement, Nomura has agreed to, and to cause its affiliates to, use commercially reasonable efforts after Closing to conduct their respective businesses in compliance with the conditions of Section 15(f) of the 1940 Act with respect to the Funds, to the extent within its control, including maintaining Board composition of at least 75% of the Board members qualifying as Independent Trustees and not imposing any "unfair burden" on the Funds for at least two years from the Closing.

The Board considered that management proposed that the Board approve the Proposed Advisory Agreements because, upon the Closing, the Current Investment Advisory Agreements and the current sub-advisory agreements (the "Current Sub-Advisory Agreements") would automatically terminate in accordance with their terms and applicable regulations. The Board further considered that management proposed that the Board approve the Interim Advisory Agreements so that, if the Transaction closes before a Fund receives the requisite shareholder approval of its New Investment Advisory Agreement, an Interim Advisory Agreement would permit continuity of the management of the Fund while it continued to solicit the requisite shareholder approval of the New Investment Advisory Agreement. The Board reviewed and also considered the forms of the Proposed Advisory Agreements, noting that the terms and conditions of each such agreement were substantially identical to the terms and conditions of the Current Investment Advisory Agreements or Current Sub-Advisory Agreements, except for the effective dates, duration and, with respect to the Interim Advisory Agreements, escrow provisions required by applicable law. The Board also considered the impact of a possible Split Closing and DMC's representation that, if it occurs, it would not affect the day-to-day management of the applicable Funds. The Board noted that the New Investment Advisory Agreements would have an initial two-year term and that the Interim Advisory Agreements would be effective on an interim basis, as necessary upon the Closing, from its effective date until the earlier of (i) 150 calendar days from the effective date or such later date as may be consistent with the 1940 Act, rules and regulations thereunder or exemptive relief or interpretative position of the staff of the SEC; or (ii) the effective date of the applicable New Investment Advisory Agreement ("Interim Period"). The Interim Advisory Agreement may also be terminated on 10 days' written notice by the Board. The Board further noted management's representation that the approval of the Proposed Advisory Agreements would not result in any changes to the Funds' investment objectives or strategies. The Board considered DMC's and Nomura's representations that there are no planned or anticipated material personnel changes as a result of the Transaction, with the exception of the US leveraged credit team where certain team members are expected to remain with Macquarie. The Board further considered DMC's representation that the US leveraged credit team Funds will all be managed with the same investment objective and in the same style post-closing and DMC representing that it believes that there will be no reduction in the quality of advisory services to those Funds. Otherwise, the portfolio managers responsible for the day-to-day management of the Funds are expected to continue to manage the Funds and certain sub-adviser(s) are expected to continue to manage their respective sleeves of the Funds pursuant to New Sub-Advisory Agreements that would be substantially similar to the Current Sub-Advisory Agreements. The Board also noted management's representation that the New Sub-Advisory Agreements would not require shareholder approval, and that management proposed that the Board approve the New Sub-Advisory Agreements pursuant to the Funds' manager of managers exemptive relief. In addition, the Board also considered that, in connection with the Transaction, certain investment professionals at Macquarie-affiliated sub-advisers would be employed by Nomura advisory affiliates in the United Kingdom and Australia and would continue to manage the Funds they currently manage under participating affiliate arrangements.

**Nature, Extent, and Quality of Service. The Trustees considered the services historically provided by DMC to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered that the New Investment Advisory Agreements and New Sub-Advisory Agreements will be substantially similar to the Current Investment Advisory Agreements and Current Sub-Advisory Agreements, respectively, and they therefore considered the many reports furnished to them throughout 2024 and 2025 at regular Board**

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meetings covering matters such as the relative performance of the Funds; the compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; the compliance of management personnel with the Code of Ethics adopted throughout the Macquarie Funds complex; and the adherence to fair value pricing procedures as established by the Board. Further, and consistent with its continued oversight of these matters, the Board discussed with DMC and Nomura the impact of the Transaction on the remediation efforts and actions and specific initiatives being undertaken to enhance DMC's compliance, risk, operational and portfolio management functions arising out of DMC's previously announced settlement agreement with the SEC in September 2024. The Board relied on commitments by DMC and Nomura that these remediation efforts and actions and specific initiatives would not be negatively affected by the Transaction and would continue through and following Closing.

The Board also considered the transfer agent and shareholder services that would continue to be provided to Fund shareholders by DMC's affiliate, Delaware Investments Fund Services Company ("DIFSC"). The Board routinely reviews DIFSC's performance.

Nomura and DMC indicated that they currently expected no material changes as a result of the Transaction in (i) personnel or operations of DMC (with the exception of the US leveraged credit team, as indicated above) or (ii) third parties providing operational services to the Funds, and stated that the nature, extent, and quality of services currently provided to the Funds and their shareholders were very likely to continue under the New Investment Advisory Agreements and New Sub-Advisory Agreements. The Board also considered that management of Nomura and Macquarie represented that there would not be any "unfair burden" imposed on any of the Funds for the first two years following the Closing as a result of the Transaction in accordance with Section 15(f) of the 1940 Act, and that they did not expect the Transaction to result in any adverse changes in the nature, quality, or extent of services (including investment management, distribution, or other shareholder services) currently provided to the Funds and their shareholders. The Board noted, among other things, the contractual expense limitations or reimbursements currently in effect for certain Funds and Nomura's acknowledgment of Macquarie's intention to continue to comply with an expense limitation policy related to contractual fee waivers for certain Funds.

**Investment Performance. The Board considered the overall investment performance of DMC and the Funds. The Board placed significant emphasis on the investment performance of the Funds in view of its importance to shareholders. The Board gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year and considered its review of investment performance in connection with the approval of the Current Investment Advisory Agreements at the Board meeting held in August 2024.**

The Board also considered DMC's representations that neither the Transaction, the New Investment Advisory Agreements nor the New Sub-Advisory Agreements would likely have an adverse effect on the investment performance of any Fund because (i) DMC and Nomura did not currently expect the Transaction to cause any material change to the Funds' portfolio management teams responsible for investment performance (with the exception of the US leveraged credit team), (ii) as discussed in more detail below, the Funds' expenses were not expected to increase as a result of the Transaction, (iii) the Funds would not bear any Transaction-related expenses, and (iv) as indicated by Nomura and Macquarie, there was not expected to be any "unfair burden" imposed on the Funds as a result of the Transaction.

**Comparative Expenses. At its August 2024 meeting, the Board evaluated expense comparison data for the Funds. At that meeting, DMC provided the Board with information on pricing levels and fee structures for the Funds and comparative funds. The Board focused on the comparative analysis of the effective management fees and total expense ratios of each Fund versus the effective management fees and expense ratios of a group of funds selected by Broadridge as being similar to each Fund (the "Expense Group"). The Board placed significant emphasis on the Funds' expenses in view of their importance to shareholders. The Board gave appropriate consideration to expense reports and discussions with DMC at Board meetings throughout the year and considered its prior review of expenses in connection with the approval of the Current Investment Advisory Agreements at the Board meeting held in August 2024.**

The Board considered the representations of DMC and Nomura that neither the Transaction, the New Investment Advisory Agreements nor New Sub-Advisory Agreements would likely have an adverse effect on the Funds' expenses because (i) each Fund's contractual fee rates under the New Investment Advisory Agreements would remain the same, (ii) DMC had no current intention to change the existing contractual expense limitations and reimbursement policy as a result of the Transaction, (iii) under the Purchase Agreement, Macquarie and Nomura would pay all reasonable costs related to the related proxy solicitation, and (iv) Nomura and Macquarie represented that, consistent with Section 15(f) of the 1940 Act, no "unfair burden" would be imposed on the Funds for the first two years after the Closing.

**Management Profitability. At its August 2024 meeting, the Board evaluated DMC's profitability in connection with the operation of the Funds. The Board had previously considered DMC's profitability in connection with the operation of the Funds at its August 2024 meeting. At that**

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## Other Fund information (Unaudited)
Ivy Funds

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements at a Meeting Held on June 18, 2025
(continued)

meeting, the Board reviewed an analysis that addressed the overall profitability of DMC's business in providing management and other services to each of the Funds and the complex as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. At that meeting, the Board determined that the management fees charged under the Current Investment Advisory Agreements were reasonable in light of the services rendered and the level of profitability of DMC. Nomura advised the Board in June 2025 that it anticipated that management profitability would remain substantially the same following the Closing, noting that services and costs are expected to be the same.

The Board also requested and reviewed financial statements provided by Nomura for Nomura Holdings Inc., the parent of Nomura, for the purpose of evaluating Nomura's ability to financially support DMC's advisory business after the Closing and to seek to ensure that DMC can continue to provide services of a similar nature, extent, and quality to the Funds following the Closing as it has under the Current Investment Advisory Agreements.

Based on information provided by DMC and Nomura, the Board considered their representations that DMC would have sufficient financial resources following the Transaction to continue to provide the same level and quality of services to the Funds under the New Investment Advisory Agreements as is the case under the Current Investment Advisory Agreements. The Board also considered Nomura's representation that it had sufficient financial strength and resources, as well as an ongoing commitment to a global asset management business, to continue investing in DMC to the extent that Nomura determined it was appropriate.

**Economies of Scale. The Board considered whether economies of scale would be realized by DMC as each Fund's assets increase and the extent to which any economies of scale would be reflected in the management fees charged. The Board took into account DMC's practice of maintaining the competitive nature of management fees based on its analysis of fees charged by comparable funds. The Board also acknowledged Nomura's statement that the Transaction would not by itself immediately provide additional economies of scale given Nomura's limited presence in the US mutual fund market. Nonetheless, the Board considered that additional economies of scale could potentially be achieved in the future if DMC were owned by Nomura as a result of Nomura's willingness to invest additional amounts in DMC if appropriate opportunities arise. The Board further considered that potential economies of scale could be achieved as a result of DMC's potentially expanded distribution capabilities arising from the Transaction, as well as opportunities that might arise from Nomura's commitment to its global asset management business.**

**Fall-Out Benefits. The Board acknowledged that DMC would continue to benefit from soft dollar arrangements using portfolio brokerage of each Fund that invests in equity securities. The Board also considered that Nomura and DMC may derive reputational, strategic, and other benefits from their association with the Funds, including, for Nomura and DMC, service relationships with DMC, DIFSC, and Delaware Distributors, L.P., and evaluated the extent to which DMC might derive ancillary benefits from Fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Funds and the potential benefits from allocation of Fund brokerage to improve trading efficiencies.**

**The Purchase Agreement. The Board considered the terms of the Purchase Agreement, including those related to Section 15(f) of the 1940 Act and that Macquarie and Nomura will bear the expenses related to the Funds' proxy solicitation. At the June 2025 Meeting, the Board discussed the conditions to the Closing, including the requirements for obtaining consents to the change in control from DMC's advisory clients, such as the Funds.**

**Board Review of Nomura. The Board reviewed detailed information supplied by Nomura about its operations. As previously noted, to consider DMC's ability to continue to provide the same level and quality of services to the Funds, the Board requested, received, and reviewed information from Nomura concerning its financial condition to demonstrate its ability support DMC's advisory business after the Closing. Based on this review, the Board considered that DMC would continue to have the financial ability to maintain the high quality of services required by the Funds.**

Nomura described its proposed changes to DMC's corporate governance, primarily through the anticipated addition of certain Nomura officers to DMC's parent company. The Board considered Nomura's statement that it plans to retain the pre-closing organizational and operating

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structure with respect to the Funds post-Closing as much as possible. Nomura described the proposed harmonization of the compensation system in use at DMC with the compensation plan used by Nomura, including short-term and long-term incentive compensation and equity interests for executive officers and investment personnel.

The Board also considered Nomura's current strategic plans to increase its asset management activities, one of its core businesses, particularly in North America, and its statement that its acquisition of DMC is an important component of this strategic growth and the establishment of a significant presence in the United States. In addition, the Board considered Nomura's representation that the acquisition of DMC could potentially enhance the nature, quality, and extent of services provided to the Funds and their shareholders.

The Board noted that DMC has placed brokerage transactions with a broker/dealer affiliate of Nomura and received research in connection with those transactions. In addition, certain other Nomura affiliates participate as underwriters for securities offerings outside of the United States.

**Conclusion. The Independent Trustees of each Trust deliberated in executive session; the entire Board of each Fund, including the Independent Trustees, then approved the Proposed Advisory Agreements. The Board concluded that the advisory fee rates under each New Investment Advisory Agreement are reasonable in relation to the services provided and that execution of the New Investment Advisory Agreements is in the best interests of the shareholders. For each Fund, the Board noted that they had concluded in their most recent advisory agreement continuance considerations in August 2024 that the management fees and total expense ratios were at acceptable levels in light of the quality of services provided to the Funds and in comparison to those of the Funds' respective peer groups; that the advisory fee schedule would not be increased and would stay the same for all of the Funds; that the total expense ratio had not changed materially since that determination; and that DMC had represented that the overall expenses for each Fund were not expected to be adversely affected by the Transaction. The Board also noted, with respect to the Funds that currently had the benefit of contractual fee limitations, that Nomura indicated it will maintain the Funds' existing contractual expense limitations and/or advisory fee waivers post-Closing through the stated end date for such expense limitation and fee waiver. Nomura further indicated it has no current plans to increase advisory, administration, distribution, transfer agency, or other fees of the Funds following the Transaction. The Board noted Nomura's acknowledgment of Macquarie's intention to continue to comply with an expense limitation policy related to contractual fee waivers for certain Funds. On that basis, the Board concluded that each of the total expense ratio and proposed advisory fee for the Funds anticipated to result from the Transaction was acceptable.**

In reaching its determination regarding the approval of the Proposed Advisory Agreements, the Board, including all of the Independent Trustees, considered the factors, conclusions and information they believed relevant in the exercise of their reasonable judgment, including, but not limited to, the factors, conclusions and information discussed above.

Further, in their deliberations, the Board members did not identify any particular factor (or conclusion with respect thereto) or information that was all important or controlling, and each Board member may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

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#### Contact information

#### Shareholder assistance by phone 800 523-1918, weekdays from 8:30am to 6:00pm ET

#### For securities dealers and financial institutions representatives only 800 362-7500

#### Regular mail Nomura Funds P.O. Box 534437 Pittsburgh, PA 15253-4437

#### Overnight courier service Nomura Funds Attention: 534437 1350 Penn Avenue, Suite 102 Pittsburgh, PA 15222
Nomura Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

**Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT.**

(5422381) **ANN-IVYFUNDS-0526**

This page is not part of the financial statements and other information.

------

![](g154472img4a138fb01.gif)

#### Alternative / specialty funds
Nomura Climate Solutions Fund

(formerly, Macquarie Climate Solutions Fund)

Nomura Natural Resources Fund

(formerly, Macquarie Natural Resources Fund)

Nomura Real Estate Securities Fund

(formerly, Macquarie Real Estate Securities Fund)

Nomura Science and Technology Fund

(formerly, Macquarie Science and Technology Fund)

#### Multi-asset funds
Nomura Asset Strategy Fund

(formerly, Macquarie Asset Strategy Fund)

Nomura Balanced Fund

(formerly, Macquarie Balanced Fund)

Financial statements and other information

For the year ended March 31, 2026

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated schedules of investments](#xx_a4dcfe0b-24e4-40b7-9a8e-ef8d8143d2d3_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_a4dcfe0b-24e4-40b7-9a8e-ef8d8143d2d3_28)<br>| &nbsp;&nbsp;&nbsp;**28** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_7ebaf018-4036-4952-b777-480a969f3804_1)<br>| &nbsp;&nbsp;&nbsp;**33** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_7ebaf018-4036-4952-b777-480a969f3804_5)<br>| &nbsp;&nbsp;&nbsp;**37** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_7ebaf018-4036-4952-b777-480a969f3804_7)<br>| &nbsp;&nbsp;&nbsp;**39** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_442084b4-ea73-4e98-b42d-a3b00b8cad18_1)<br>| &nbsp;&nbsp;&nbsp;**45** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_90a3fee0-6e81-426b-a51d-4055ce425d2f_1)<br>| &nbsp;&nbsp;&nbsp;**81** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_0f5cf0dd-b06c-48b6-94ea-09cc6691bb11_1)<br>| &nbsp;&nbsp;&nbsp;**112** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Fund information](#xx_3573ae9a-f55e-4f9e-9e3f-7174a59875ad_1)<br>| &nbsp;&nbsp;&nbsp;**113** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund's Form N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Funds' most recent Form N-PORT are available without charge on the Funds' website at nomuraassetmanagement.com/literature.

Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds' website at nomuraassetmanagement.com/proxy; and (ii) on the SEC's website at sec.gov.

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## Consolidated schedules of investments
Nomura Asset Strategy Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.22%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.22%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-18 NS 2.344% (6.01% minus SOFR, Cap 6.12%) 4/25/45 Σ, =, • | 2789475 | &nbsp;&nbsp;$283618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-37 SB 1.844% (5.51% minus SOFR, Cap 5.62%) 6/25/45 Σ, =, • | 5663635 | &nbsp;&nbsp;&nbsp; 462854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-48 US 2.324% (5.99% minus SOFR, Cap 6.10%) 8/25/46 Σ, =, • | 5441255 | &nbsp;&nbsp;&nbsp; 323462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-33 AI 4.50% 5/25/47 Σ, = | 2151916 | &nbsp;&nbsp;&nbsp; 253081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-13 IP 5.00% 3/25/49 Σ, = | 1784557 | &nbsp;&nbsp;&nbsp; 376074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs Series 4740 SB 2.363% (6.04% minus SOFR, Cap 6.15%) 11/15/47 Σ, =, • | 2808093 | &nbsp;&nbsp;&nbsp; 312262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2021-162 IN 3.00% 9/20/51 Σ, = | 12587411 | &nbsp;&nbsp;&nbsp; 1803848 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $5,360,027)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $5,360,027)** | &nbsp;&nbsp;&nbsp; **3815199** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.05%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.05%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily<br> Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K144 A2 2.45% 4/25/32 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 629790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K150 A2 3.71% 9/25/32 ♦, • | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 172842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K753 A2 4.40% 10/25/30 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 120587 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $926,649)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $926,649)** | &nbsp;&nbsp;&nbsp; **923219** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 4.35%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 4.35%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 4.35%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 7/1/36 | 1949726 | &nbsp;&nbsp;&nbsp; 1794965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/36 | 1053211 | &nbsp;&nbsp;&nbsp; 969950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;851173 | &nbsp;&nbsp;&nbsp; 804695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;214815 | &nbsp;&nbsp;&nbsp; 208532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;269615 | &nbsp;&nbsp;&nbsp; 258057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85683 | &nbsp;&nbsp;&nbsp; 69855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 2/1/51 | 5852106 | &nbsp;&nbsp;&nbsp; 4724044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 4/1/51 | 7175210 | &nbsp;&nbsp;&nbsp; 5829949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 9/1/51 | 1171736 | &nbsp;&nbsp;&nbsp; 950212 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/51 | 1693692 | &nbsp;&nbsp;$1439813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84345 | &nbsp;&nbsp;&nbsp; 72390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | 4031927 | &nbsp;&nbsp;&nbsp; 3412006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;102329 | &nbsp;&nbsp;&nbsp; 87218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/52 | 3351359 | &nbsp;&nbsp;&nbsp; 2949903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/1/52 | 1986520 | &nbsp;&nbsp;&nbsp; 1746783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 5/1/52 | 1348314 | &nbsp;&nbsp;&nbsp; 1237562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/52 | 2098560 | &nbsp;&nbsp;&nbsp; 1951410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 1/1/55 | 1737273 | &nbsp;&nbsp;&nbsp; 1640025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;935480 | &nbsp;&nbsp;&nbsp; 883109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;732298 | &nbsp;&nbsp;&nbsp; 725775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;258763 | &nbsp;&nbsp;&nbsp; 256099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 3/1/56 | 2594240 | &nbsp;&nbsp;&nbsp; 2559614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/54 | 1636033 | &nbsp;&nbsp;&nbsp; 1644703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/55 | 2182525 | &nbsp;&nbsp;&nbsp; 2193523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;647157 | &nbsp;&nbsp;&nbsp; 660240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/55 | 3148369 | &nbsp;&nbsp;&nbsp; 3209344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 3/1/55 | 1363015 | &nbsp;&nbsp;&nbsp; 1409135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;797829 | &nbsp;&nbsp;&nbsp; 825136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;404833 | &nbsp;&nbsp;&nbsp; 425371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 15 yr<br> 2.00% 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;870466 | &nbsp;&nbsp;&nbsp; 801304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/52 | 2422404 | &nbsp;&nbsp;&nbsp; 1962247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49245 | &nbsp;&nbsp;&nbsp; 42234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 2449625 | &nbsp;&nbsp;&nbsp; 2089111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 5/1/52 | 3724727 | &nbsp;&nbsp;&nbsp; 3150865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;788463 | &nbsp;&nbsp;&nbsp; 710354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;420485 | &nbsp;&nbsp;&nbsp; 387745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;520958 | &nbsp;&nbsp;&nbsp; 492143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 2491820 | &nbsp;&nbsp;&nbsp; 2415213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 | 1043304 | &nbsp;&nbsp;&nbsp; 1041542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;990324 | &nbsp;&nbsp;&nbsp; 977412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 10/20/50 | 3549550 | &nbsp;&nbsp;&nbsp; 2935633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 7/20/51 | 3027683 | &nbsp;&nbsp;&nbsp; 2606375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 4/20/52 | 2272678 | &nbsp;&nbsp;&nbsp; 2030407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/20/55 | 2273494 | &nbsp;&nbsp;&nbsp; 2086158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;872218 | &nbsp;&nbsp;&nbsp; 817645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 8/20/55 | 1382322 | &nbsp;&nbsp;&nbsp; 1336328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;402969 | &nbsp;&nbsp;&nbsp; 401265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;723654 | &nbsp;&nbsp;&nbsp; 717597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;569072 | &nbsp;&nbsp;&nbsp; 577430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;208359 | &nbsp;&nbsp;&nbsp; 211356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/55 | 1283467 | &nbsp;&nbsp;&nbsp; 1293365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 3/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;848745 | &nbsp;&nbsp;&nbsp; 864216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;340760 | &nbsp;&nbsp;&nbsp; 354125 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $75,417,833)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $75,417,833)** | &nbsp;&nbsp;&nbsp; **75241488** |

---

&nbsp;&nbsp;&nbsp;&nbsp;1

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 0.13%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.13%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 17<br> Series 2022-17A CR 144A 5.569% (TSFR03M + 1.90%, Floor 1.90%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;$648781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO Series 2018-2A CR 144A 5.772% (TSFR03M + 2.10%, Floor 1.95%) 7/15/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 599666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite LI<br> Series 2025-51A A1 144A 5.092% (TSFR03M + 1.20%, Floor 1.20%) 10/25/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp; 448865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding<br> Series 2022-11A CR 144A 5.568% (TSFR03M + 1.90%, Floor 1.90%) 7/19/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 598521 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $2,300,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $2,300,000)** | &nbsp;&nbsp;&nbsp; **2295833** |
| &nbsp;&nbsp;**Convertible Bond — 0.13%** | &nbsp;&nbsp;**Convertible Bond — 0.13%** | &nbsp;&nbsp;**Convertible Bond — 0.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 =, >>, π | 2368126 | &nbsp;&nbsp;&nbsp; 2149756 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $2,353,184)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $2,353,184)** | &nbsp;&nbsp;&nbsp; **2149756** |
| &nbsp;&nbsp;**Corporate Bonds — 13.97%** | &nbsp;&nbsp;**Corporate Bonds — 13.97%** | &nbsp;&nbsp;**Corporate Bonds — 13.97%** |
| &nbsp;&nbsp;Banking — 2.08% | &nbsp;&nbsp;Banking — 2.08% | &nbsp;&nbsp;Banking — 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akbank TAS 144A 7.95% 2/19/31 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp; 496119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.551% 11/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.365% 7/15/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 808770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancolombia 8.625% 12/24/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp; 724221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.456% 2/6/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp; 765465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;618000 | &nbsp;&nbsp;&nbsp; 618203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp; 226978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.872% 9/15/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 193783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp; 482968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp; 629124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 261606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 4.439% 1/14/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp; 261011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel 144A 4.541% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp; 330516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 5.207% 2/24/37 μ | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 508300 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.417% 1/13/37 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;$477940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.347% 1/13/47 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 239431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% 2/24/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;711000 | &nbsp;&nbsp;&nbsp; 702521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.503% 9/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp; 548823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 326863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 2/15/31 μ, ψ | 1150000 | &nbsp;&nbsp;&nbsp; 1151645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 295026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 8/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 131002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 293482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 8/4/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;494000 | &nbsp;&nbsp;&nbsp; 492278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 328445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp; 514574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp; 357416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.542% 9/10/27 μ | 2520000 | &nbsp;&nbsp;&nbsp; 2487525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% 10/21/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp; 554110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.049% 7/23/30 μ | 1160000 | &nbsp;&nbsp;&nbsp; 1174160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.065% 1/21/37 μ | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp; 621058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 508551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.387% 2/2/41 μ | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp; 541249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp; 580693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 3/24/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 9/24/35 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 198120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.623% 1/28/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp; 606212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 1/28/41 μ | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp; 239212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp; 427705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp; 118149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.193% 2/5/37 μ | 1240000 | &nbsp;&nbsp;&nbsp; 1218969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 253101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572% 4/22/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp; 249472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp; 834618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.484% 9/16/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp; 494941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.493% 1/16/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp; 334382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.164% 4/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp; 789108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831% 4/19/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;593000 | &nbsp;&nbsp;&nbsp; 615843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% 3/13/47 μ | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 298781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp; 590199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp; 553240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets 144A 5.022% 3/21/30 # | 1005000 | &nbsp;&nbsp;&nbsp; 1016718 |

---

2&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank 144A 6.75% 11/10/33 #, μ, ψ | 1870000 | &nbsp;&nbsp;$1865569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust 5.117% 11/19/40 μ | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp; 628293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp; 211337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.423% 1/25/41 μ | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 176415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 536161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.676% 1/22/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp; 241823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 10/20/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp; 491769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp; 401303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale 144A 5.439% 10/3/36 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 244740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.01% 3/23/37 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 285396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp; 609849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp; 480719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.653% 2/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;411000 | &nbsp;&nbsp;&nbsp; 413022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp; 222952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank 4.73% 5/15/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 376446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% 1/23/37 μ | &nbsp;&nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp; 332310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.491% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;529000 | &nbsp;&nbsp;&nbsp; 572949 |
|  |  | &nbsp;&nbsp;&nbsp; 35958820 |
| &nbsp;&nbsp;Basic Industry — 0.09% | &nbsp;&nbsp;Basic Industry — 0.09% | &nbsp;&nbsp;Basic Industry — 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital 144A 5.25% 3/19/36 # | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp; 694535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Billiton Finance USA 4.75% 2/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp; 923873 |
|  |  | &nbsp;&nbsp;&nbsp; 1618408 |
| &nbsp;&nbsp;Brokerage — 0.37% | &nbsp;&nbsp;Brokerage — 0.37% | &nbsp;&nbsp;Brokerage — 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management 4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp; 262708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance 5.00% 12/6/34 | 1335000 | &nbsp;&nbsp;&nbsp; 1307537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management 4.653% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp; 490872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp; 901223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% 10/15/31 | 1730000 | &nbsp;&nbsp;&nbsp; 1506493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp; 209174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. 5.10% 8/7/35 | 1255000 | &nbsp;&nbsp;&nbsp; 1214631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial 5.65% 9/11/55 | &nbsp;&nbsp;&nbsp;&nbsp;378000 | &nbsp;&nbsp;&nbsp; 358156 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II 4.875% 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;$235504 |
|  |  | &nbsp;&nbsp;&nbsp; 6486298 |
| &nbsp;&nbsp;Capital Goods — 0.26% | &nbsp;&nbsp;Capital Goods — 0.26% | &nbsp;&nbsp;Capital Goods — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.259% 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp; 427370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 138680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | 1005000 | &nbsp;&nbsp;&nbsp; 1106983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Financial Services 4.15% 1/8/31 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 198211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton 4.80% 3/6/36 | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp; 646929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell Aerospace 144A 4.95% 3/16/36 # | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp; 446665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp; 673644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp; 488789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX 4.625% 11/16/48 | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp; 374857 |
|  |  | &nbsp;&nbsp;&nbsp; 4502128 |
| &nbsp;&nbsp;Communication Services — 1.03% | &nbsp;&nbsp;Communication Services — 1.03% | &nbsp;&nbsp;Communication Services — 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 9.00% 11/15/30 # | 1060383 | &nbsp;&nbsp;&nbsp; 789985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer 144A 6.125% 12/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 335486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 8/15/30 # | 1858000 | &nbsp;&nbsp;&nbsp; 1737413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;523000 | &nbsp;&nbsp;&nbsp; 524961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast 6.05% 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 282256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 9.00% 9/15/29 # | 1340000 | &nbsp;&nbsp;&nbsp; 1409399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media 144A 7.25% 8/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp; 382197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding 144A 8.50% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp; 759186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions 144A 7.00% 9/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 403530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education 144A 8.00% 8/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp; 669482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 1535000 | &nbsp;&nbsp;&nbsp; 1431594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media 144A 6.50% 9/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;449000 | &nbsp;&nbsp;&nbsp; 452693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OAK-Eagle Acquireco 144A 7.25% 7/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;454585 | &nbsp;&nbsp;&nbsp; 471289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 7.125% 4/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp; 542682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 7.125% 10/15/32 # | 1752000 | &nbsp;&nbsp;&nbsp; 1732314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.125% 7/1/30 # | 2055000 | &nbsp;&nbsp;&nbsp; 1925498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global 144A 5.625% 8/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp; 343047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communication Services (continued) | &nbsp;&nbsp;Communication Services (continued) | &nbsp;&nbsp;Communication Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Services 144A 7.50% 10/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;$832293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 144A 7.375% 6/30/30 # | 1600000 | &nbsp;&nbsp;&nbsp; 1568952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Versant Media Group 144A 7.25% 1/30/31 # | &nbsp;&nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp;&nbsp; 156706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 516859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 5.00% 1/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp; 544939 |
|  |  | &nbsp;&nbsp;&nbsp; 17812761 |
| &nbsp;&nbsp;Communications — 0.66% | &nbsp;&nbsp;Communications — 0.66% | &nbsp;&nbsp;Communications — 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 270001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp; 360760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/30/56 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp; 332887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 287578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Holding 144A 8.25% 11/29/31 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp; 744399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.25% 1/13/31 # | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 323820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 1/13/33 # | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp; 272025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 1/13/36 # | &nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp; 682909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | 1240000 | &nbsp;&nbsp;&nbsp; 1235048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp; 641456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp; 763435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable 6.55% 5/1/37 | 1705000 | &nbsp;&nbsp;&nbsp; 1720304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 147131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp; 541584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% 3/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp; 677210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/15/33 | 1770000 | &nbsp;&nbsp;&nbsp; 1748746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp; 377171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/30/55 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 248213 |
|  |  | &nbsp;&nbsp;&nbsp; 11374677 |
| &nbsp;&nbsp;Consumer Cyclical — 0.57% | &nbsp;&nbsp;Consumer Cyclical — 0.57% | &nbsp;&nbsp;Consumer Cyclical — 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% 11/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 316382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 3/13/36 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp; 223036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/13/56 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 239977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.869% 10/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 192110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.532% 3/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp; 446621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% 2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp; 647521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 6/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;498000 | &nbsp;&nbsp;&nbsp; 509846 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Cyclical (continued) | &nbsp;&nbsp;Consumer Cyclical (continued) | &nbsp;&nbsp;Consumer Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;$199606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A 4.70% 10/7/30 # | 1350000 | &nbsp;&nbsp;&nbsp; 1336232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Capital 5.625% 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp; 554908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America 144A 4.50% 9/18/30 # | 1155000 | &nbsp;&nbsp;&nbsp; 1136200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp; 348580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 120828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp; 513600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp; 347705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/33 # | 1095000 | &nbsp;&nbsp;&nbsp; 1106210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | 1370000 | &nbsp;&nbsp;&nbsp; 1368333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 179243 |
|  |  | &nbsp;&nbsp;&nbsp; 9786938 |
| &nbsp;&nbsp;Consumer Discretionary — 0.92% | &nbsp;&nbsp;Consumer Discretionary — 0.92% | &nbsp;&nbsp;Consumer Discretionary — 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing 144A 6.375% 10/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp; 554707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works 6.875% 11/1/35 | 2795000 | &nbsp;&nbsp;&nbsp; 2752577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 10/15/32 # | 1225000 | &nbsp;&nbsp;&nbsp; 1128505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp; 380826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 5.875% 6/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;958000 | &nbsp;&nbsp;&nbsp; 970378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global 144A 6.75% 9/15/32 # | 1205000 | &nbsp;&nbsp;&nbsp; 1215399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprium 144A 6.125% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;672000 | &nbsp;&nbsp;&nbsp; 664149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings 144A 7.75% 5/31/32 # | 1205000 | &nbsp;&nbsp;&nbsp; 1248482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time 144A 6.00% 11/15/31 # | 1746000 | &nbsp;&nbsp;&nbsp; 1760768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International 144A 7.25% 11/15/29 # | 1610000 | &nbsp;&nbsp;&nbsp; 1641999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michaels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 3/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp; 784512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 11.00% 3/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp; 194858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment 144A 8.625% 1/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 140322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 144A 10.75% 9/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp; 675680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | 1754000 | &nbsp;&nbsp;&nbsp; 1821832 |
|  |  | &nbsp;&nbsp;&nbsp; 15934994 |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.80% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.80% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;$298579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp; 606511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp; 418926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 289543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen 4.85% 2/19/36 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 638893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% 5/14/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp; 926353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill 144A 4.125% 10/23/30 # | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp; 300673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 375453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 3/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp; 296206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp; 386636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp; 158119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 284970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 10/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp; 459348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 2/12/65 | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp; 479922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro 4.65% 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 118545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA 5.45% 9/15/34 | 1255000 | &nbsp;&nbsp;&nbsp; 1267166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 1/15/32 | 2000000 | &nbsp;&nbsp;&nbsp; 1854960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 3/10/37 # | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp; 306145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp; 598746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp; 218447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp; 380824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% 12/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp; 151012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 3/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 240001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 3/18/33 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp; 229090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 3/18/36 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp; 414169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 3/18/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 55432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 198666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp; 302069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp; 746081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp; 844279 |
|  |  | &nbsp;&nbsp;&nbsp; 13850318 |
| &nbsp;&nbsp;Consumer Staples — 0.13% | &nbsp;&nbsp;Consumer Staples — 0.13% | &nbsp;&nbsp;Consumer Staples — 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz 144A 9.375% 10/3/31 # | 1710000 | &nbsp;&nbsp;&nbsp; 1702356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William Carter 144A 7.375% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 536133 |
|  |  | &nbsp;&nbsp;&nbsp; 2238489 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric — 0.29% | &nbsp;&nbsp;Electric — 0.29% | &nbsp;&nbsp;Electric — 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power 6.05% 3/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;$252834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 282085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation 5.875% 1/15/66 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp; 206567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 247893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp; 859950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.734% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp; 455987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.407% 10/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 358262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power 4.50% 4/1/47 | 1360000 | &nbsp;&nbsp;&nbsp; 1116346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Gas & Electric 5.20% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 124724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp; 131864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 3/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 188332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.70% 1/31/31 # | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 516844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.35% 1/31/36 # | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp; 332814 |
|  |  | &nbsp;&nbsp;&nbsp; 5074502 |
| &nbsp;&nbsp;Energy — 1.27% | &nbsp;&nbsp;Energy — 1.27% | &nbsp;&nbsp;Energy — 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 785569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristow Group 144A 6.75% 2/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp; 336814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy 144A 5.20% 7/30/36 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 198035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy 5.55% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;709000 | &nbsp;&nbsp;&nbsp; 723811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp; 232497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp; 448843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp; 368165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp; 734049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 2/15/33 | 1315000 | &nbsp;&nbsp;&nbsp; 1368117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp; 172483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp; 637656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating 3.30% 2/15/53 | 1425000 | &nbsp;&nbsp;&nbsp; 942528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 # | &nbsp;&nbsp;&nbsp;&nbsp;709360 | &nbsp;&nbsp;&nbsp; 667475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy 6.75% 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;501000 | &nbsp;&nbsp;&nbsp; 498976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco 144A 6.51% 2/23/42 # | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp; 699793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I 144A 6.00% 2/1/31 # | 2515000 | &nbsp;&nbsp;&nbsp; 2446156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources 144A 6.25% 4/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;$796252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil 6.00% 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp; 815031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries 144A 7.625% 11/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;799000 | &nbsp;&nbsp;&nbsp; 818406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK 5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp; 748758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv 6.625% 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp; 629204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 4/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;332000 | &nbsp;&nbsp;&nbsp; 331328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.625% 11/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 812874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | 1500000 | &nbsp;&nbsp;&nbsp; 1499784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International 144A 7.875% 10/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;733000 | &nbsp;&nbsp;&nbsp; 783716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners 144A 7.125% 3/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp; 783181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy 5.15% 3/10/36 | 1425000 | &nbsp;&nbsp;&nbsp; 1405265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodside Finance 5.70% 5/19/32 | 1225000 | &nbsp;&nbsp;&nbsp; 1270611 |
|  |  | &nbsp;&nbsp;&nbsp; 21955377 |
| &nbsp;&nbsp;Financials — 1.39% | &nbsp;&nbsp;Financials — 1.39% | &nbsp;&nbsp;Financials — 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC 4.75% 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 632007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aldar Properties PJSC 144A 5.875% 4/14/56 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp; 469215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amynta Agency Borrower and Amynta Warranty Borrower 144A 7.50% 7/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp; 735795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | 1265000 | &nbsp;&nbsp;&nbsp; 1280513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp; 630180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group 144A 4.875% 1/28/33 # | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 260883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding 144A 4.85% 4/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp; 277953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance 144A 7.75% 4/15/30 # | 1751000 | &nbsp;&nbsp;&nbsp; 1804959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 8.00% 2/1/34 μ, ψ | 1600000 | &nbsp;&nbsp;&nbsp; 1687933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | 1510000 | &nbsp;&nbsp;&nbsp; 1551759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 7.625% 3/15/35 μ, ψ | 1640000 | &nbsp;&nbsp;&nbsp; 1656655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit<br> Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 268871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 180603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp; 705606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block 144A 6.00% 8/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 787611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;726000 | &nbsp;&nbsp;&nbsp; 700410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 308975 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo 144A 6.50% 10/1/30 # | 1196000 | &nbsp;&nbsp;$1141449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group 5.561% 11/19/45 μ | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp; 206998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance 144A 8.125% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 328253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International 144A 7.375% 1/31/32 # | 1600000 | &nbsp;&nbsp;&nbsp; 1632941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 144A 6.625% 10/15/31 # | 1160000 | &nbsp;&nbsp;&nbsp; 1107027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 # | 1500000 | &nbsp;&nbsp;&nbsp; 1525917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank National Association 5.00% 1/26/33 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp; 700147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance 6.75% 9/15/33 | 1150000 | &nbsp;&nbsp;&nbsp; 1104118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services 144A 6.75% 2/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 749499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC 144A 5.25% 11/26/35 # | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp; 498269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust 144A 6.50% 7/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 786808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeoff Merger Sub |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.85% 3/24/31 # | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 192637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 3/24/36 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 93632 |
|  |  | &nbsp;&nbsp;&nbsp; 24007623 |
| &nbsp;&nbsp;Healthcare — 0.41% | &nbsp;&nbsp;Healthcare — 0.41% | &nbsp;&nbsp;Healthcare — 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadia Healthcare 144A 7.375% 3/15/33 # | 1022000 | &nbsp;&nbsp;&nbsp; 1047626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS 144A 5.25% 5/15/30 # | 1918000 | &nbsp;&nbsp;&nbsp; 1808909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENMAB 144A 6.25% 12/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp; 795117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | 1579000 | &nbsp;&nbsp;&nbsp; 1641047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare 144A 6.50% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 541395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare 144A 5.50% 11/15/32 # | 1340000 | &nbsp;&nbsp;&nbsp; 1328565 |
|  |  | &nbsp;&nbsp;&nbsp; 7162659 |
| &nbsp;&nbsp;Industrials — 0.77% | &nbsp;&nbsp;Industrials — 0.77% | &nbsp;&nbsp;Industrials — 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 144A 7.00% 5/21/30 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 818222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMN Healthcare 144A 6.50% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;799000 | &nbsp;&nbsp;&nbsp; 783597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa 144A 6.875% 8/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;754000 | &nbsp;&nbsp;&nbsp; 773161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier 144A 8.75% 11/15/30 # | 1495000 | &nbsp;&nbsp;&nbsp; 1591864 |

---

6&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International 144A 6.375% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp;$787390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology 144A 5.625% 3/1/34 # | &nbsp;&nbsp;&nbsp;&nbsp;738000 | &nbsp;&nbsp;&nbsp; 732125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enpro 144A 6.125% 6/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;783000 | &nbsp;&nbsp;&nbsp; 793935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco 144A 6.75% 2/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;792000 | &nbsp;&nbsp;&nbsp; 797539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings 144A 6.00% 3/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;779000 | &nbsp;&nbsp;&nbsp; 753904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lsf12 Helix Parent 144A 7.125% 2/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp; 460260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manitowoc 144A 9.25% 10/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;733000 | &nbsp;&nbsp;&nbsp; 766372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog 144A 5.50% 10/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;664000 | &nbsp;&nbsp;&nbsp; 667746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synergy Infrastructure Holdings 144A 7.875% 12/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;312000 | &nbsp;&nbsp;&nbsp; 318809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex 144A 6.25% 10/15/32 # | 1539000 | &nbsp;&nbsp;&nbsp; 1550455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 7/31/34 # | &nbsp;&nbsp;&nbsp;&nbsp;332000 | &nbsp;&nbsp;&nbsp; 326951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 3/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 816896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings 5.375% 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;166000 | &nbsp;&nbsp;&nbsp; 162774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO Distribution 144A 5.25% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp; 414557 |
|  |  | &nbsp;&nbsp;&nbsp; 13316557 |
| &nbsp;&nbsp;Information Technology — 0.23% | &nbsp;&nbsp;Information Technology — 0.23% | &nbsp;&nbsp;Information Technology — 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Pearl Compute 144A 6.125% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;332000 | &nbsp;&nbsp;&nbsp; 338324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Borrower 144A 8.00% 6/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;378000 | &nbsp;&nbsp;&nbsp; 361527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cipher Compute 144A 7.125% 11/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp; 242723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group 144A 6.50% 3/31/29 # | 1003000 | &nbsp;&nbsp;&nbsp; 979485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US 144A 7.875% 9/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 620221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Data Storage Technology 144A 5.75% 12/1/34 # | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp; 813981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 54531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 107167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 102154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WULF Compute 144A 7.75% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp; 319309 |
|  |  | &nbsp;&nbsp;&nbsp; 3939422 |
| &nbsp;&nbsp;Insurance — 0.38% | &nbsp;&nbsp;Insurance — 0.38% | &nbsp;&nbsp;Insurance — 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding 6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp; 318056 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortitude Global Funding 144A 4.625% 10/6/28 # | 1025000 | &nbsp;&nbsp;$1015027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp; 613494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 144A 4.90% 1/9/30 # | 1820000 | &nbsp;&nbsp;&nbsp; 1836630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pine Street Trust III 144A 6.223% 5/15/54 # | 1565000 | &nbsp;&nbsp;&nbsp; 1564266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial 5.20% 3/14/35 | 1225000 | &nbsp;&nbsp;&nbsp; 1235074 |
|  |  | &nbsp;&nbsp;&nbsp; 6582547 |
| &nbsp;&nbsp;Materials — 1.11% | &nbsp;&nbsp;Materials — 1.11% | &nbsp;&nbsp;Materials — 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amsted Industries 144A 6.375% 3/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp;&nbsp; 773449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA 144A 6.25% 1/30/31 # | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 520914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent 144A 8.00% 10/1/30 # | 1661000 | &nbsp;&nbsp;&nbsp; 1731455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings 7.375% 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;779000 | &nbsp;&nbsp;&nbsp; 798778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours 144A 7.875% 3/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp; 340238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | 1747000 | &nbsp;&nbsp;&nbsp; 1692498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 1104000 | &nbsp;&nbsp;&nbsp; 1031085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals 144A 6.00% 12/15/35 # | 1141000 | &nbsp;&nbsp;&nbsp; 1126025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellium 144A 6.375% 8/15/32 # | 1215000 | &nbsp;&nbsp;&nbsp; 1229094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | 1390000 | &nbsp;&nbsp;&nbsp; 1288120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions<br> Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 395282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/30 # | 1302000 | &nbsp;&nbsp;&nbsp; 1210831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals 144A 8.50% 11/15/28 # | 3195000 | &nbsp;&nbsp;&nbsp; 3324611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding 144A 7.25% 2/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp; 787864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air 144A 7.25% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp; 797430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivium Packaging Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.25% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;458000 | &nbsp;&nbsp;&nbsp; 479550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 12.25% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp; 384639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Supply Holdings 144A 7.375% 11/15/30 # | 1377000 | &nbsp;&nbsp;&nbsp; 1336720 |
|  |  | &nbsp;&nbsp;&nbsp; 19248583 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Real Estate — 0.12% | &nbsp;&nbsp;Real Estate — 0.12% | &nbsp;&nbsp;Real Estate — 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forestar Group 144A 6.50% 3/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;$534344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millrose Properties 144A 6.375% 8/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp; 795289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RHP Hotel Properties 144A 6.50% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp; 789714 |
|  |  | &nbsp;&nbsp;&nbsp; 2119347 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.08% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.08% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp; 731251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group 2.65% 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp; 562185 |
|  |  | &nbsp;&nbsp;&nbsp; 1293436 |
| &nbsp;&nbsp;Technology — 0.48% | &nbsp;&nbsp;Technology — 0.48% | &nbsp;&nbsp;Technology — 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Capital 4.05% 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp; 943882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 177969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 242186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp; 683971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | 1035000 | &nbsp;&nbsp;&nbsp; 994855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 4.75% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp; 380840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.10% 1/25/36 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp; 747649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.15% 1/25/32 # | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 297748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 3/15/36 | 1470000 | &nbsp;&nbsp;&nbsp; 1421755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 265415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp; 383490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 2/4/36 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp; 476151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 9/26/45 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp; 500762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 2/4/56 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 236851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce 4.90% 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 549351 |
|  |  | &nbsp;&nbsp;&nbsp; 8302875 |
| &nbsp;&nbsp;Transportation — 0.09% | &nbsp;&nbsp;Transportation — 0.09% | &nbsp;&nbsp;Transportation — 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway 5.50% 3/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 229910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx 3.25% 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 282814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fedex Freight Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.95% 3/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 512224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 3/15/36 # | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp; 600076 |
|  |  | &nbsp;&nbsp;&nbsp; 1625024 |
| &nbsp;&nbsp;Utilities — 0.44% | &nbsp;&nbsp;Utilities — 0.44% | &nbsp;&nbsp;Utilities — 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 6.00% 1/15/36 # | &nbsp;&nbsp;&nbsp;&nbsp;827000 | &nbsp;&nbsp;&nbsp; 819972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG 144A 8.375% 6/1/31 # | 3265000 | &nbsp;&nbsp;&nbsp; 3397217 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Utilities (continued) | &nbsp;&nbsp;Utilities (continued) | &nbsp;&nbsp;Utilities (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG 144A 6.125% 12/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;$802602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 8.00% 10/15/26 #, μ, ψ | 2600000 | &nbsp;&nbsp;&nbsp; 2629159 |
|  |  | &nbsp;&nbsp;&nbsp; 7648950 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $243,035,518)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $243,035,518)** | &nbsp;&nbsp;&nbsp; **241840733** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.29%** | &nbsp;&nbsp;**Government Agency Obligations — 0.29%** | &nbsp;&nbsp;**Government Agency Obligations — 0.29%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AL Jawaher Assets 144A 4.662% 10/29/30 # | &nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp; 919451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Electricity Lux MPC II 144A 5.58% 10/20/35 # | &nbsp;&nbsp;&nbsp;&nbsp;708691 | &nbsp;&nbsp;&nbsp; 712796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comision Federal de<br> Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.045% 1/28/34 # | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp; 737466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 1/28/51 # | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 246075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dhafrah Pv2 Energy 144A 5.794% 6/30/53 # | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp; 627082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport Indonesia 144A 5.315% 4/14/32 # | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp; 721632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos 6.70% 2/16/32 | 1130000 | &nbsp;&nbsp;&nbsp; 1106847 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $5,155,467)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $5,155,467)** | &nbsp;&nbsp;&nbsp; **5071349** |
| &nbsp;&nbsp;**Municipal Bonds — 0.09%** | &nbsp;&nbsp;**Municipal Bonds — 0.09%** | &nbsp;&nbsp;**Municipal Bonds — 0.09%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development<br> Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Master Trust) 4.75% 10/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp; 817385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance<br> Authority Senior Lien Toll Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Georgia SR 400 Express Lanes Project) 6.50% 12/31/65 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 709787 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $1,491,732)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $1,491,732)** | &nbsp;&nbsp;&nbsp; **1527172** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 0.05%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 0.05%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 0.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;482169 | &nbsp;&nbsp;&nbsp; 485914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Series 2025-1 D 5.43% 3/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 303215 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $782,152)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $782,152)** | &nbsp;&nbsp;&nbsp; **789129** |

---

8&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.46%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.46%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R06 1M2 144A 6.362% (SOFR + 2.70%) 7/25/43 #, • | 2700000 | &nbsp;&nbsp;$2758996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R08 1M1 144A 5.162% (SOFR + 1.50%) 10/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;404710 | &nbsp;&nbsp;&nbsp; 404835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R03 2M1 144A 5.262% (SOFR + 1.60%) 3/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;172622 | &nbsp;&nbsp;&nbsp; 173036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 1M2 144A 5.162% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp; 797492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R05 2M2 144A 5.262% (SOFR + 1.60%) 7/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 351081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-R01 2M2 144A 5.012% (SOFR + 1.35%) 1/25/46 #, • | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp; 809977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-R02 1M2 144A 5.162% (SOFR + 1.50%) 2/25/46 #, • | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp; 441924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured<br> Agency Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 A1 144A 5.512% (SOFR + 1.85%) 11/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;427469 | &nbsp;&nbsp;&nbsp; 430452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M2 144A 5.162% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp; 280176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 M2 144A 5.162% (SOFR + 1.50%) 9/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 350804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-DNA2 B1 144A 5.772% (SOFR + 2.10%) 3/25/46 #, • | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp; 788519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Series 2026-DNA1 M2 144A 4.962% (SOFR + 1.30%) 2/25/46 #, • | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 330364 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $7,945,903)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $7,945,903)** | &nbsp;&nbsp;&nbsp; **7917656** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 1.33%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 1.33%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 1.33%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 Trust<br> Series 2025-1301 A 144A 5.059% 8/11/42 #, • | 2385000 | &nbsp;&nbsp;&nbsp; 2390658 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK Series 2020-BN26 A4 2.403% 3/15/63 | 1000000 | &nbsp;&nbsp;$914331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53 | 1250000 | &nbsp;&nbsp;&nbsp; 1124365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18 A5 1.925% 7/15/53 | 1415000 | &nbsp;&nbsp;&nbsp; 1253678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B20 A5 2.034% 10/15/53 | 2000000 | &nbsp;&nbsp;&nbsp; 1766210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24 A5 2.584% 3/15/54 | 2250000 | &nbsp;&nbsp;&nbsp; 2016986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 B 3.202% 1/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 668390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B36 A5 4.47% 7/15/55 • | 1200000 | &nbsp;&nbsp;&nbsp; 1161225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BFLD Commercial Mortgage Trust Series 2025-660F A 144A 5.173% (TSFR01M + 1.50%, Floor 1.50%) 11/15/42 #, • | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp; 784021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust Series 2020-555 A 144A 2.647% 12/10/41 # | 2000000 | &nbsp;&nbsp;&nbsp; 1810667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust Series 2019-K101 B 144A 3.528% 10/25/52 #, • | 2250000 | &nbsp;&nbsp;&nbsp; 2149116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 # | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp; 201013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust Series 2025-SPRL A 144A 5.467% 1/13/40 #, • | 3335000 | &nbsp;&nbsp;&nbsp; 3412597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBTY Commercial Mortgage Trust Series 2026-225L A 144A 4.593% 2/10/43 #, • | 1100000 | &nbsp;&nbsp;&nbsp; 1085661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEX Trust Series 2026-450 A 144A 5.023% (TSFR01M + 1.35%, Floor 1.35%) 3/15/43 #, • | 1275000 | &nbsp;&nbsp;&nbsp; 1269422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAD Commercial Mortgage Trust Series 2025-11MD A 144A 4.437% 10/15/42 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 995444 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $22,873,830)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $22,873,830)** | &nbsp;&nbsp;&nbsp; **23003784** |

---

&nbsp;&nbsp;&nbsp;&nbsp;9

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements — 0.33%** | &nbsp;&nbsp;**Loan Agreements — 0.33%** | &nbsp;&nbsp;**Loan Agreements — 0.33%** |
| &nbsp;&nbsp;Healthcare — 0.11% | &nbsp;&nbsp;Healthcare — 0.11% | &nbsp;&nbsp;Healthcare — 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 7.418% (SOFR01M + 3.75%) 8/25/32 • | 1985000 | &nbsp;&nbsp;$1981842 |
|  |  | &nbsp;&nbsp;&nbsp; 1981842 |
| &nbsp;&nbsp;Industrials — 0.22% | &nbsp;&nbsp;Industrials — 0.22% | &nbsp;&nbsp;Industrials — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Supply Holdings Tranche C 6.918% (SOFR01M + 3.25%) 10/19/29 • | 3937193 | &nbsp;&nbsp;&nbsp; 3793485 |
|  |  | &nbsp;&nbsp;&nbsp; 3793485 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $5,787,592)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $5,787,592)** | &nbsp;&nbsp;&nbsp; **5775327** |
| &nbsp;&nbsp;**Sovereign Bonds — 0.08%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 0.08%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 0.08%Δ** |
| &nbsp;&nbsp;Ecuador — 0.04% | &nbsp;&nbsp;Ecuador — 0.04% | &nbsp;&nbsp;Ecuador — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecuador Government<br> International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 1/29/34 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 196500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 1/29/39 # | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp; 422475 |
|  |  | &nbsp;&nbsp;&nbsp; 618975 |
| &nbsp;&nbsp;Paraguay — 0.04% | &nbsp;&nbsp;Paraguay — 0.04% | &nbsp;&nbsp;Paraguay — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paraguay Government International Bond<br> 144A 2.739% 1/29/33 # | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp; 669370 |
|  |  | &nbsp;&nbsp;&nbsp; 669370 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds<br> (cost $1,278,070)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds<br> (cost $1,278,070)** | &nbsp;&nbsp;&nbsp; **1288345** |
| &nbsp;&nbsp;**US Treasury Obligations — 0.36%** | &nbsp;&nbsp;**US Treasury Obligations — 0.36%** | &nbsp;&nbsp;**US Treasury Obligations — 0.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 24789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 8/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp; 286403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp; 238803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 2/15/36 | 5835000 | &nbsp;&nbsp;&nbsp; 5744284 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $6,399,034)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $6,399,034)** | &nbsp;&nbsp;&nbsp; **6294279** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 58.62%♣** | &nbsp;&nbsp;**Common Stocks — 58.62%♣** | &nbsp;&nbsp;**Common Stocks — 58.62%♣** |
| &nbsp;&nbsp;Communication Services — 5.30% | &nbsp;&nbsp;Communication Services — 5.30% | &nbsp;&nbsp;Communication Services — 5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84328 | &nbsp;&nbsp; 24249360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;799745 | &nbsp;&nbsp; 15197869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24486 | &nbsp;&nbsp; 14009175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;203993 | &nbsp;&nbsp; 19613927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38672 | &nbsp;&nbsp; 18752439 |
|  |  | &nbsp;&nbsp; 91822770 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Consumer Discretionary — 5.80% | &nbsp;&nbsp;Consumer Discretionary — 5.80% | &nbsp;&nbsp;Consumer Discretionary — 5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;108479 | &nbsp;&nbsp;$22592921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;564823 | &nbsp;&nbsp;&nbsp; 18593973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40028 | &nbsp;&nbsp;&nbsp; 13581659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62081 | &nbsp;&nbsp;&nbsp; 18877591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48436 | &nbsp;&nbsp;&nbsp; 15930116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;119583 | &nbsp;&nbsp;&nbsp; 9902668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | &nbsp;&nbsp;&nbsp;&nbsp;345208 | &nbsp;&nbsp;&nbsp; 838856 |
|  |  | &nbsp;&nbsp;&nbsp; 100317784 |
| &nbsp;&nbsp;Consumer Staples — 4.01% | &nbsp;&nbsp;Consumer Staples — 4.01% | &nbsp;&nbsp;Consumer Staples — 4.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;365890 | &nbsp;&nbsp;&nbsp; 20739290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;197145 | &nbsp;&nbsp;&nbsp; 19403011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25951 | &nbsp;&nbsp;&nbsp; 18888695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | &nbsp;&nbsp;&nbsp;&nbsp;821703 | &nbsp;&nbsp;&nbsp; 10340831 |
|  |  | &nbsp;&nbsp;&nbsp; 69371827 |
| &nbsp;&nbsp;Energy — 1.37% | &nbsp;&nbsp;Energy — 1.37% | &nbsp;&nbsp;Energy — 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82077 | &nbsp;&nbsp;&nbsp; 10834164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | &nbsp;&nbsp;&nbsp;&nbsp;251474 | &nbsp;&nbsp;&nbsp; 12923249 |
|  |  | &nbsp;&nbsp;&nbsp; 23757413 |
| &nbsp;&nbsp;Financials — 9.10% | &nbsp;&nbsp;Financials — 9.10% | &nbsp;&nbsp;Financials — 9.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52279 | &nbsp;&nbsp;&nbsp; 16874616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;&nbsp;994139 | &nbsp;&nbsp;&nbsp; 21472974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | 2443587 | &nbsp;&nbsp;&nbsp; 12788474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74333 | &nbsp;&nbsp;&nbsp; 13560569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;765428 | &nbsp;&nbsp;&nbsp; 19867970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | &nbsp;&nbsp;&nbsp;&nbsp;106365 | &nbsp;&nbsp;&nbsp; 16729087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37045 | &nbsp;&nbsp;&nbsp; 18509905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp; 20930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;125690 | &nbsp;&nbsp;&nbsp; 20684803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai =, †, π | 1819823 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82099 | &nbsp;&nbsp;&nbsp; 17083981 |
|  |  | &nbsp;&nbsp;&nbsp; 157593309 |
| &nbsp;&nbsp;Healthcare — 6.02% | &nbsp;&nbsp;Healthcare — 6.02% | &nbsp;&nbsp;Healthcare — 6.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49677 | &nbsp;&nbsp;&nbsp; 10804251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81446 | &nbsp;&nbsp;&nbsp; 18629144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19802 | &nbsp;&nbsp;&nbsp; 18213285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40008 | &nbsp;&nbsp;&nbsp; 9322868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | &nbsp;&nbsp;&nbsp;&nbsp;245322 | &nbsp;&nbsp;&nbsp; 12731172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96400 | &nbsp;&nbsp;&nbsp; 16711946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz 144A # | 2373919 | &nbsp;&nbsp;&nbsp; 17836989 |
|  |  | &nbsp;&nbsp;&nbsp; 104249655 |
| &nbsp;&nbsp;Industrials — 8.38% | &nbsp;&nbsp;Industrials — 8.38% | &nbsp;&nbsp;Industrials — 8.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87930 | &nbsp;&nbsp;&nbsp; 16625186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;698758 | &nbsp;&nbsp;&nbsp; 20486541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;251033 | &nbsp;&nbsp;&nbsp; 14135668 |

---

10&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **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;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95102 | &nbsp;&nbsp;$21917207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;&nbsp;164932 | &nbsp;&nbsp;&nbsp; 13214352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51645 | &nbsp;&nbsp;&nbsp; 18141856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53230 | &nbsp;&nbsp;&nbsp; 14498873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;&nbsp; 13804771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunbelt Rentals Holdings | &nbsp;&nbsp;&nbsp;&nbsp;192742 | &nbsp;&nbsp;&nbsp; 12295273 |
|  |  | &nbsp;&nbsp;&nbsp; 145119727 |
| &nbsp;&nbsp;Information Technology — 15.65% | &nbsp;&nbsp;Information Technology — 15.65% | &nbsp;&nbsp;Information Technology — 15.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;135594 | &nbsp;&nbsp;&nbsp; 34412401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54377 | &nbsp;&nbsp;&nbsp; 16830225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15973 | &nbsp;&nbsp;&nbsp; 23518805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;103554 | &nbsp;&nbsp;&nbsp; 38332584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;347936 | &nbsp;&nbsp;&nbsp; 60680109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66403 | &nbsp;&nbsp;&nbsp; 12395448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70223 | &nbsp;&nbsp;&nbsp; 11971803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25798 | &nbsp;&nbsp;&nbsp; 10106625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20433 | &nbsp;&nbsp;&nbsp; 11592972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;883550 | &nbsp;&nbsp;&nbsp; 51099694 |
|  |  | &nbsp;&nbsp;&nbsp; 270940666 |
| &nbsp;&nbsp;Materials — 1.88% | &nbsp;&nbsp;Materials — 1.88% | &nbsp;&nbsp;Materials — 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemex ADR | &nbsp;&nbsp;&nbsp;&nbsp;955172 | &nbsp;&nbsp;&nbsp; 10927167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45796 | &nbsp;&nbsp;&nbsp; 14679908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25233 | &nbsp;&nbsp;&nbsp; 6870946 |
|  |  | &nbsp;&nbsp;&nbsp; 32478021 |
| &nbsp;&nbsp;Utilities — 1.11% | &nbsp;&nbsp;Utilities — 1.11% | &nbsp;&nbsp;Utilities — 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 4867275 | &nbsp;&nbsp;&nbsp; 19170196 |
|  |  | &nbsp;&nbsp;&nbsp; 19170196 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $692,843,107)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $692,843,107)** | &nbsp;&nbsp;&nbsp;**1014821368** |
| &nbsp;&nbsp;**Preferred Stock — 0.01%♣** | &nbsp;&nbsp;**Preferred Stock — 0.01%♣** | &nbsp;&nbsp;**Preferred Stock — 0.01%♣** |
| &nbsp;&nbsp;Financials — 0.01% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp; 185693 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $176,276)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $176,276)** | &nbsp;&nbsp;&nbsp; **185693** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 10.10%** | &nbsp;&nbsp;**Exchange-Traded Funds — 10.10%** | &nbsp;&nbsp;**Exchange-Traded Funds — 10.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;382249 | &nbsp;&nbsp;&nbsp; 34605002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;313543 | &nbsp;&nbsp;&nbsp; 21869624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;198133 | &nbsp;&nbsp;&nbsp; 118394374 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $177,720,073)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $177,720,073)** | &nbsp;&nbsp;&nbsp; **174869000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Limited Liability Corporation — 0.04%** | &nbsp;&nbsp;**Limited Liability Corporation — 0.04%** | &nbsp;&nbsp;**Limited Liability Corporation — 0.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings Series H <<, =, †, ∞ | &nbsp;&nbsp;&nbsp;&nbsp;640301 | &nbsp;&nbsp;$755235 |
| &nbsp;&nbsp;&nbsp;**Total Limited Liability Corporation<br> (cost $442,631,494)** | &nbsp;&nbsp;&nbsp;**Total Limited Liability Corporation<br> (cost $442,631,494)** | &nbsp;&nbsp;&nbsp; **755235** |

---

---

| | | |
|:---|:---|:---|
|  | **Troy<br> Ounces** |  |
| &nbsp;&nbsp;**Bullion — 7.90%** | &nbsp;&nbsp;**Bullion — 7.90%** | &nbsp;&nbsp;**Bullion — 7.90%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold ∞ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29199 | &nbsp;&nbsp; 136777049 |
| &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $34,141,850)** | &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $34,141,850)** | &nbsp;&nbsp; **136777049** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Short-Term Investments — 0.48%** | &nbsp;&nbsp;**Short-Term Investments — 0.48%** | &nbsp;&nbsp;**Short-Term Investments — 0.48%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.48% | &nbsp;&nbsp;Money Market Mutual Funds — 0.48% | &nbsp;&nbsp;Money Market Mutual Funds — 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 2075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 2075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 2075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 2075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $8,300,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $8,300,000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8300000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.99%<br> (cost $1,736,919,791)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1713641614** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.01%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **17456653** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 78,158,003 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$1731098267** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |

---

&nbsp;&nbsp;&nbsp;&nbsp;11

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund

---

| | |
|:---|:---|
| Σ | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2026, the aggregate value of Rule 144A securities was $177,906,776, which represents 10.28% of the Fund's net assets. See Note 13 in "Notes to financial statements." |

---

---

| |
|:---|
| PIK. 100% of the income received was in the form of principal. |
| Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At March 31, 2026, the aggregate value of restricted securities was $2,149,756, which represented 0.12% of the Fund's net assets. See Note 13 in "Notes to financial statements" and table below for additional details on restricted securities. |
| Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2026. Rate will reset at a future date. |
| Perpetual security. Maturity date represents next call date. |
| Securities have been classified by country of risk. |
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Affiliated company. See Note 2 in "Notes to financial statements." |
| Represents a position held in the Subsidiary. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | Date of Acquisition | Cost | Value |
| New Cotai | 9/29/20 | $12323959 | $0 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;2353184 | &nbsp;&nbsp;&nbsp;2149756 |
| Total |  | $14677143 | $2149756 |

---

The following futures contracts were outstanding at March 31, 2026:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |  |
| US Treasury 2 yr Notes | US Treasury 2 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;$20329641 | $20474741 | 6/30/26 | $— | $(145100) | $7656 |
| US Treasury 5 yr Notes | US Treasury 5 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396261 | 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360 |
| US Treasury Long Bonds | US Treasury Long Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32755660 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(870660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56626662 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1058451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117016 |

---

12&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |
| US Treasury 10 yr Notes | US Treasury 10 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;$(2109891) | $(2144726) | 6/18/26 | $34835 | $— | $(4453) |
| US Treasury 10 yr Ultra Notes | US Treasury 10 yr Ultra Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44271096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44987504) | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124144) |
| US Treasury Ultra Bonds | US Treasury Ultra Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4662500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4793643) | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8750) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51925873) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137347) |
| Total Futures Contracts | Total Futures Contracts | $4700789 |  | $882386 | $(1058451) | $(20331) |

---

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the variation margin is reflected in the Fund's net assets.

<sup>1</sup> See Note 11 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| AMT – Subject to Alternative Minimum Tax |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| EAFE – Europe, Australasia, and Far East |
| ETF – Exchange-Traded Fund |
| FREMF – Freddie Mac Multifamily |
| GNMA – Government National Mortgage Association |
| LNG – Liquefied Natural Gas |
| MSCI – Morgan Stanley Capital International |
| PIK – Payment-in-kind |
| PJSC – Private Joint Stock Company |
| REMIC – Real Estate Mortgage Investment Conduit |
| S&P – Standard & Poor's Financial Services LLC |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TAS – Turk Anonim Sirketi |
| TSFR01M – 1 Month Term Secured Overnight Financing Rate |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |
| yr – Year |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;13

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Balanced Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.34%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.34%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-36 VB 3.50% 6/25/29 | 1325573 | &nbsp;&nbsp;$1321921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-71 NB 3.00% 10/25/46 | 3494790 | &nbsp;&nbsp;&nbsp; 3263315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs Series 4616 HW 3.00% 6/15/45 | 1772746 | &nbsp;&nbsp;&nbsp; 1703037 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $6,770,645)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $6,770,645)** | &nbsp;&nbsp;&nbsp; **6288273** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.22%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.22%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily<br> Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K144 A2 2.45% 4/25/32 ♦ | 2525000 | &nbsp;&nbsp;&nbsp; 2271741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K150 A2 3.71% 9/25/32 ♦, • | 1110000 | &nbsp;&nbsp;&nbsp; 1065862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K753 A2 4.40% 10/25/30 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 653177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series X3FX A2FX 3.00% 6/25/27 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98787 | &nbsp;&nbsp;&nbsp; 97858 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $4,098,170)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $4,098,170)** | &nbsp;&nbsp;&nbsp; **4088638** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.02%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.02%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae<br> 2.50% 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/36 | 2048182 | &nbsp;&nbsp;&nbsp; 1886264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;242293 | &nbsp;&nbsp;&nbsp; 229114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/36 | 1855595 | &nbsp;&nbsp;&nbsp; 1754672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;506584 | &nbsp;&nbsp;&nbsp; 491768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 9/1/37 | 1117533 | &nbsp;&nbsp;&nbsp; 1069626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;848622 | &nbsp;&nbsp;&nbsp; 691854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;210473 | &nbsp;&nbsp;&nbsp; 172905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59084 | &nbsp;&nbsp;&nbsp; 48525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57733 | &nbsp;&nbsp;&nbsp; 47605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 2/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;154182 | &nbsp;&nbsp;&nbsp; 126841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/51 | 1993944 | &nbsp;&nbsp;&nbsp; 1621037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 4/1/51 | 25409877 | &nbsp;&nbsp;&nbsp; 20645848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 7/1/51 | 1338075 | &nbsp;&nbsp;&nbsp; 1087830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80267 | &nbsp;&nbsp;&nbsp; 65810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 9/1/51 | 1900517 | &nbsp;&nbsp;&nbsp; 1541213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;199877 | &nbsp;&nbsp;&nbsp; 164260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/50 | 1727398 | &nbsp;&nbsp;&nbsp; 1484838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;636944 | &nbsp;&nbsp;&nbsp; 541468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;210142 | &nbsp;&nbsp;&nbsp; 181083 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;387602 | &nbsp;&nbsp;$332890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;515910 | &nbsp;&nbsp;&nbsp; 442786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;106435 | &nbsp;&nbsp;&nbsp; 89991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;142735 | &nbsp;&nbsp;&nbsp; 120791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | 1892417 | &nbsp;&nbsp;&nbsp; 1612563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | 2656976 | &nbsp;&nbsp;&nbsp; 2248458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/52 | 1714397 | &nbsp;&nbsp;&nbsp; 1461229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13489 | &nbsp;&nbsp;&nbsp; 12360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/51 | 2487386 | &nbsp;&nbsp;&nbsp; 2209572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 6/1/52 | 1935756 | &nbsp;&nbsp;&nbsp; 1721613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 | 4319476 | &nbsp;&nbsp;&nbsp; 4001120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/52 | 4875014 | &nbsp;&nbsp;&nbsp; 4533181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 6/1/52 | 1211813 | &nbsp;&nbsp;&nbsp; 1148531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;853406 | &nbsp;&nbsp;&nbsp; 850962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 3/1/56 | 5363093 | &nbsp;&nbsp;&nbsp; 5291509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/55 | 4159151 | &nbsp;&nbsp;&nbsp; 4180111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/55 | 7830449 | &nbsp;&nbsp;&nbsp; 7982103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 3/1/55 | 4037781 | &nbsp;&nbsp;&nbsp; 4174407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/36 | 4087154 | &nbsp;&nbsp;&nbsp; 3762417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;270949 | &nbsp;&nbsp;&nbsp; 249962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;237513 | &nbsp;&nbsp;&nbsp; 203411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;299899 | &nbsp;&nbsp;&nbsp; 257200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;381188 | &nbsp;&nbsp;&nbsp; 327153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 12/1/51 | 1372437 | &nbsp;&nbsp;&nbsp; 1181699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 9001994 | &nbsp;&nbsp;&nbsp; 7702726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 5/1/52 | 2147130 | &nbsp;&nbsp;&nbsp; 1816326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/52 | 6340794 | &nbsp;&nbsp;&nbsp; 5574204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;826398 | &nbsp;&nbsp;&nbsp; 791481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | 3525997 | &nbsp;&nbsp;&nbsp; 3343777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/52 | 2597182 | &nbsp;&nbsp;&nbsp; 2522189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 2234607 | &nbsp;&nbsp;&nbsp; 2165907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/52 | 1714042 | &nbsp;&nbsp;&nbsp; 1721019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 | 2537010 | &nbsp;&nbsp;&nbsp; 2532724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/52 | 1211551 | &nbsp;&nbsp;&nbsp; 1238081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/1/55 | 2495325 | &nbsp;&nbsp;&nbsp; 2507899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA I S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17681 | &nbsp;&nbsp;&nbsp; 15883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21486 | &nbsp;&nbsp;&nbsp; 19180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 1/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 | &nbsp;&nbsp;&nbsp; 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp; 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409 | &nbsp;&nbsp;&nbsp; 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp; 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97839 | &nbsp;&nbsp;&nbsp; 101713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% 11/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185 | &nbsp;&nbsp;&nbsp; 5905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018 | &nbsp;&nbsp;&nbsp; 2992 |

---

&nbsp;&nbsp;&nbsp;&nbsp;14

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 6/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6521 | &nbsp;&nbsp;$6312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 10/20/50 | 5795516 | &nbsp;&nbsp;&nbsp; 4793146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 7/20/51 | 6179530 | &nbsp;&nbsp;&nbsp; 5319636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 4/20/52 | 4261272 | &nbsp;&nbsp;&nbsp; 3807014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/20/55 | 3672187 | &nbsp;&nbsp;&nbsp; 3369599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 12/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 | &nbsp;&nbsp;&nbsp; 3310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 12/20/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578 | &nbsp;&nbsp;&nbsp; 2475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 4/20/55 | 2959661 | &nbsp;&nbsp;&nbsp; 2774481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 8/20/55 | 2873255 | &nbsp;&nbsp;&nbsp; 2777654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | 1295208 | &nbsp;&nbsp;&nbsp; 1289729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/20/54 | 2693091 | &nbsp;&nbsp;&nbsp; 2670552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;518458 | &nbsp;&nbsp;&nbsp; 525916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/55 | 1516119 | &nbsp;&nbsp;&nbsp; 1527812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 3/20/55 | 2247943 | &nbsp;&nbsp;&nbsp; 2288919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/20/55 | 1049419 | &nbsp;&nbsp;&nbsp; 1090579 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $148,889,690)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $148,889,690)** | &nbsp;&nbsp;&nbsp; **146567444** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 0.63%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.63%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 17<br> Series 2022-17A AR 144A 4.62% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp; 948443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 15<br> Series 2021-15A D1R 144A 6.418% (TSFR03M + 2.75%, Floor 2.75%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp; 286684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18<br> Series 2021-18A C1R 144A 6.522% (TSFR03M + 2.85%, Floor 2.85%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 292571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO<br> Series 2019-2A AR2 144A 4.682% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 499020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO<br> Series 2020-2A AR2 144A 4.702% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 698064 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding<br> Series 2025-1A D1 144A 6.171% (TSFR03M + 2.50%, Floor 2.50%) 4/23/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;$342644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 109 CLO<br> Series 2022-109A DR 144A 6.372% (TSFR03M + 2.70%, Floor 2.70%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 337759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 22<br> Series 2023-1A D1R 144A 6.468% (TSFR03M + 2.80%, Floor 2.80%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp; 287613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXVII<br> Series 2018-27A D1R 144A 6.518% (TSFR03M + 2.85%, Floor 2.85%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 338585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite LI<br> Series 2025-51A A1 144A 5.092% (TSFR03M + 1.20%, Floor 1.20%) 10/25/38 #, • | 4750000 | &nbsp;&nbsp;&nbsp; 4738016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XlV<br> Series 2025-45A D1 144A 6.172% (TSFR03M + 2.50%, Floor 2.50%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp; 285770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO<br> Series 2020-1A D1RR 144A 6.272% (TSFR03M + 2.60%, Floor 2.60%) 1/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 291165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Partners VII<br> Series 2012-7A D1R4 144A 6.156% (TSFR03M + 2.50%, Floor 2.50%) 2/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 343796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO<br> Series 2019-2A D1R2 144A 6.668% (TSFR03M + 3.00%, Floor 3.00%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 334808 |

---

&nbsp;&nbsp;&nbsp;&nbsp;15

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 16<br> Series 2020-16A A1R2 144A 4.798% (TSFR03M + 1.13%, Floor 1.13%) 10/20/34 #, • | 1450000 | &nbsp;&nbsp;$1448440 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $11,570,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $11,570,000)** | &nbsp;&nbsp;&nbsp; **11473378** |
| &nbsp;&nbsp;**Convertible Bond — 0.02%** | &nbsp;&nbsp;**Convertible Bond — 0.02%** | &nbsp;&nbsp;**Convertible Bond — 0.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 =, >>, π | &nbsp;&nbsp;&nbsp;&nbsp;413389 | &nbsp;&nbsp;&nbsp; 375269 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $410,782)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $410,782)** | &nbsp;&nbsp;&nbsp; **375269** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 9.52%** | &nbsp;&nbsp;**Corporate Bonds — 9.52%** | &nbsp;&nbsp;**Corporate Bonds — 9.52%** |
| &nbsp;&nbsp;Banking — 2.66% | &nbsp;&nbsp;Banking — 2.66% | &nbsp;&nbsp;Banking — 2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 4.551% 11/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 394442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.734% 7/22/27 μ | 2050000 | &nbsp;&nbsp; 2032972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.456% 2/6/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp; 809912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | 1813000 | &nbsp;&nbsp; 1813595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;881000 | &nbsp;&nbsp; 908945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | 2921000 | &nbsp;&nbsp; 3001595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | 1495000 | &nbsp;&nbsp; 1504864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;438000 | &nbsp;&nbsp; 449346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 4.439% 1/14/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 546646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 7.625% 3/15/35 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 202031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE 144A 6.347% 1/13/47 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 201122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank 5.57% 4/30/34 | 1195000 | &nbsp;&nbsp; 1238619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.503% 9/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp; 855373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;549000 | &nbsp;&nbsp; 560774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 2/15/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 375536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;451000 | &nbsp;&nbsp; 451040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;397000 | &nbsp;&nbsp; 408816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp; 495194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;517000 | &nbsp;&nbsp; 542928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp; 422859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% 10/21/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp; 863039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.049% 7/23/30 μ | 2580000 | &nbsp;&nbsp; 2611493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.065% 1/21/37 μ | 1405000 | &nbsp;&nbsp; 1374153 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;$868605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.387% 2/2/41 μ |  | 1230000 | &nbsp;&nbsp;&nbsp; 1188816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ |  | 2437000 | &nbsp;&nbsp;&nbsp; 2549818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 3/24/31 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 390892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 9/24/35 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 391287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.623% 1/28/32 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp; 384427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 1/28/41 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp; 522360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% 9/22/27 μ |  | 2870000 | &nbsp;&nbsp;&nbsp; 2830948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.898% 1/22/37 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 264299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;728000 | &nbsp;&nbsp;&nbsp; 741354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 198612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.193% 2/5/37 μ |  | 1330000 | &nbsp;&nbsp;&nbsp; 1307443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp; 713744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ |  | 1156000 | &nbsp;&nbsp;&nbsp; 1243323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.495% 10/26/29 μ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 134012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.493% 1/16/32 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp; 742524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192% 4/17/31 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp; 95423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% 3/13/47 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp; 642380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;881000 | &nbsp;&nbsp;&nbsp; 904288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;808000 | &nbsp;&nbsp;&nbsp; 843429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.627% 11/1/34 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp;&nbsp; 166544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank 144A 6.75% 11/10/33 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp; 419005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services<br> Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.423% 1/25/41 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 387134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;441000 | &nbsp;&nbsp;&nbsp; 450375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.676% 1/22/35 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 36016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;803000 | &nbsp;&nbsp;&nbsp; 832432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp; 623712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale 144A 5.439% 10/3/36 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 753799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.844% 11/6/33 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp; 767479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.01% 3/23/37 #, μ |  | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 744932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp; 867277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.491% 11/3/36 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp; 218822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% 4/27/26 |  | 1320000 | &nbsp;&nbsp;&nbsp; 1318994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 324293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank 4.73% 5/15/28 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp; 572198 |

---

16&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% 1/23/37 μ | &nbsp;&nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;$397602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp; 56967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.491% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp; 687755 |
|  |  | &nbsp;&nbsp;&nbsp; 48648614 |
| &nbsp;&nbsp;Basic Industry — 0.34% | &nbsp;&nbsp;Basic Industry — 0.34% | &nbsp;&nbsp;Basic Industry — 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital 144A 5.25% 3/19/36 # | 1640000 | &nbsp;&nbsp;&nbsp; 1604278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings 6.50% 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 21245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp; 73524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;606000 | &nbsp;&nbsp;&nbsp; 622115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | 1287000 | &nbsp;&nbsp;&nbsp; 1246849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;653000 | &nbsp;&nbsp;&nbsp; 605138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;839000 | &nbsp;&nbsp;&nbsp; 794334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olin 144A 6.625% 4/1/33 # | 1358000 | &nbsp;&nbsp;&nbsp; 1330128 |
|  |  | &nbsp;&nbsp;&nbsp; 6297611 |
| &nbsp;&nbsp;Brokerage — 0.26% | &nbsp;&nbsp;Brokerage — 0.26% | &nbsp;&nbsp;Brokerage — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management 4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp; 416367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management 4.653% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp; 808203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp; 622040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp; 106238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp; 464264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 1/20/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp; 46822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. 5.10% 8/7/35 | 1796000 | &nbsp;&nbsp;&nbsp; 1738228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II 4.875% 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp; 505353 |
|  |  | &nbsp;&nbsp;&nbsp; 4707515 |
| &nbsp;&nbsp;Capital Goods — 0.57% | &nbsp;&nbsp;Capital Goods — 0.57% | &nbsp;&nbsp;Capital Goods — 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.259% 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp; 1002284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp; 218687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | 2112000 | &nbsp;&nbsp;&nbsp; 2326316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Financial Services 4.15% 1/8/31 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp; 411287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 3/6/33 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197316 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 3/6/36 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;$330872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 256521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp; 186658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell Aerospace 144A 4.95% 3/16/36 # | &nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp; 957848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding 144A 7.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;834000 | &nbsp;&nbsp;&nbsp; 834596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 171701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;814000 | &nbsp;&nbsp;&nbsp; 750707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp; 284822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | 1162000 | &nbsp;&nbsp;&nbsp; 1146344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX 4.625% 11/16/48 | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp; 293922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.375% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 98671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;913000 | &nbsp;&nbsp;&nbsp; 861119 |
|  |  | &nbsp;&nbsp;&nbsp; 10329671 |
| &nbsp;&nbsp;Communications — 1.20% | &nbsp;&nbsp;Communications — 1.20% | &nbsp;&nbsp;Communications — 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp; 421580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 14056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/30/56 | 1490000 | &nbsp;&nbsp;&nbsp; 1458829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp; 433497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.25% 1/15/34 # | 1822000 | &nbsp;&nbsp;&nbsp; 1560404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 9/1/29 # | 1107000 | &nbsp;&nbsp;&nbsp; 1111106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating 3.85% 4/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 67223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding 144A 8.50% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp; 822015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 1255000 | &nbsp;&nbsp;&nbsp; 1170457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.25% 1/13/31 # | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp; 667265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 1/13/33 # | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp; 558888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 1/13/36 # | 1095000 | &nbsp;&nbsp;&nbsp; 1075950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% 2/15/34 | 1421000 | &nbsp;&nbsp;&nbsp; 1415325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% 4/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;728000 | &nbsp;&nbsp;&nbsp; 745420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.125% 7/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;756000 | &nbsp;&nbsp;&nbsp; 708359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp; 905000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | 1095000 | &nbsp;&nbsp;$1078660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;936000 | &nbsp;&nbsp;&nbsp; 989833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55% 5/1/37 | 2260000 | &nbsp;&nbsp;&nbsp; 2280286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp; 287954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp; 156058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 4/15/30 | 2280000 | &nbsp;&nbsp;&nbsp; 2221044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 365935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp; 726174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp; 773936 |
|  |  | &nbsp;&nbsp;&nbsp; 22015254 |
| &nbsp;&nbsp;Consumer Cyclical — 0.82% | &nbsp;&nbsp;Consumer Cyclical — 0.82% | &nbsp;&nbsp;Consumer Cyclical — 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% 11/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 519065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 3/13/36 | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp; 460942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/13/56 | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp; 514950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works 6.875% 11/1/35 | 1311000 | &nbsp;&nbsp;&nbsp; 1291101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment 144A 7.00% 2/15/30 # | 1892000 | &nbsp;&nbsp;&nbsp; 1916284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 4.00% 8/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;502000 | &nbsp;&nbsp;&nbsp; 490398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprium 144A 6.125% 4/15/31 # | 1354000 | &nbsp;&nbsp;&nbsp; 1338182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.532% 3/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;714000 | &nbsp;&nbsp;&nbsp; 733074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% 5/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp; 602749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp; 426015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% 2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp; 809401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 6/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp; 231376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A 4.70% 10/7/30 # | 1435000 | &nbsp;&nbsp;&nbsp; 1420366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp; 549872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp; 265822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp; 366177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises 4.75% 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp; 753361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | 2009000 | &nbsp;&nbsp;&nbsp; 2006556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp; 307701 |
|  |  | &nbsp;&nbsp;&nbsp; 15003392 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.77% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.77% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp; 641210 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% 3/15/36 | 1330000 | &nbsp;&nbsp;$1301063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp; 901922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp; 623254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen 4.85% 2/19/36 | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp; 653636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;793000 | &nbsp;&nbsp;&nbsp; 785666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 3/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;551000 | &nbsp;&nbsp;&nbsp; 473071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;613000 | &nbsp;&nbsp;&nbsp; 615604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.75% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp; 42206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 6/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp; 40408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 7/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;636000 | &nbsp;&nbsp;&nbsp; 647523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 10/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp; 419835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 2/12/65 | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp; 661118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp; 847026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro 4.65% 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 256848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 18859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp; 209007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 3/10/37 # | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp; 662478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 368082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. 3.85% 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 362424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York and<br> Presbyterian Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.256% 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp; 45464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.606% 8/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp; 23896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.063% 8/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 3/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp; 515003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 3/18/33 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp; 493042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 3/18/36 | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp; 888217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 3/18/56 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 367866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NYU Langone Hospitals 3.38% 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp; 26572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp; 332765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp; 500148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp; 409336 |
|  |  | &nbsp;&nbsp;&nbsp; 14135884 |
| &nbsp;&nbsp;Electric — 0.42% | &nbsp;&nbsp;Electric — 0.42% | &nbsp;&nbsp;Electric — 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power 6.05% 3/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp; 530455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp; 440448 |

---

18&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy<br> Generation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90% 1/8/28 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;$337427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 1/15/66 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp; 427546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp; 386714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp; 638526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy 5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 45764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital<br> Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp; 52682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp; 38196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.734% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp; 713719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.407% 10/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp; 564385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 11/1/34 # | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 105923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas & Electric 3.30% 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Gas & Electric 5.20% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp; 264416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 288146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 3/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp; 405639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 7.00% 12/15/26 #, μ, ψ | 1150000 | &nbsp;&nbsp;&nbsp; 1152279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.70% 1/31/31 # | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp; 428242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.35% 1/31/36 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp; 734148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 4/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp; 76127 |
|  |  | &nbsp;&nbsp;&nbsp; 7634525 |
| &nbsp;&nbsp;Energy — 0.75% | &nbsp;&nbsp;Energy — 0.75% | &nbsp;&nbsp;Energy — 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 107123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy 144A 5.20% 7/30/36 # | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp; 420825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy 5.55% 4/1/35 | 1140000 | &nbsp;&nbsp;&nbsp; 1163815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso Natural Gas 8.375% 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp; 22290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp; 373006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp; 359074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp; 585995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 3/8/33 | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp; 911911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/56 | 1365000 | &nbsp;&nbsp;&nbsp; 1345364 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ | 1027000 | &nbsp;&nbsp;$1015306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/56 μ | 1120000 | &nbsp;&nbsp;&nbsp; 1118305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products<br> Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp; 17543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 2/16/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp; 54871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.706% 6/1/67 • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp; 25780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp; 45713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 1304000 | &nbsp;&nbsp;&nbsp; 1262974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp;&nbsp; 607420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline 8.375% 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp; 22315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners 144A 7.125% 3/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;814000 | &nbsp;&nbsp;&nbsp; 833346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy 5.15% 3/10/36 | 1970000 | &nbsp;&nbsp;&nbsp; 1942717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass 144A 3.875% 11/1/33 # | 1696000 | &nbsp;&nbsp;&nbsp; 1503761 |
|  |  | &nbsp;&nbsp;&nbsp; 13739454 |
| &nbsp;&nbsp;Finance Companies — 0.68% | &nbsp;&nbsp;Finance Companies — 0.68% | &nbsp;&nbsp;Finance Companies — 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC 4.75% 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp; 495882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 12/15/26 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp; 35166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% 6/15/26 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 129764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp; 13033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Trust #1 144A 3.652% 3/15/48 # | 2000000 | &nbsp;&nbsp;&nbsp; 1978312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;597000 | &nbsp;&nbsp;&nbsp; 604321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group 144A 4.875% 1/28/33 # | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 579740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.85% 4/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp; 603830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 5/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp; 172938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit<br> Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp; 419817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp; 370712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | 1134000 | &nbsp;&nbsp;&nbsp; 1103665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp; 339593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 9/15/29 | 1414000 | &nbsp;&nbsp;&nbsp; 1409323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance 7.125% 9/15/32 | 1175000 | &nbsp;&nbsp;&nbsp; 1158675 |

---

&nbsp;&nbsp;&nbsp;&nbsp;19

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services 144A 6.875% 5/15/32 # | 1193000 | &nbsp;&nbsp;$1152459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC 144A 5.25% 11/26/35 # | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp; 820678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeoff Merger Sub |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.85% 3/24/31 # | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp; 409971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 3/24/36 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.25% 3/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp; 357318 |
|  |  | &nbsp;&nbsp;&nbsp; 12352318 |
| &nbsp;&nbsp;Insurance — 0.13% | &nbsp;&nbsp;Insurance — 0.13% | &nbsp;&nbsp;Insurance — 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon 2.90% 8/23/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 15245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding 6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp; 509824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;551000 | &nbsp;&nbsp;&nbsp; 554156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance 144A 7.25% 2/15/31 # | 1063000 | &nbsp;&nbsp;&nbsp; 1072776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding 144A 5.45% 9/18/26 # | &nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp; 184103 |
|  |  | &nbsp;&nbsp;&nbsp; 2336104 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.06% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.06% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp; 224923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group 2.65% 2/1/32 | 1005000 | &nbsp;&nbsp;&nbsp; 896818 |
|  |  | &nbsp;&nbsp;&nbsp; 1121741 |
| &nbsp;&nbsp;Technology — 0.75% | &nbsp;&nbsp;Technology — 0.75% | &nbsp;&nbsp;Technology — 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 177969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 40364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp; 133732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group 144A 2.80% 7/15/30 # | 2650000 | &nbsp;&nbsp;&nbsp; 2397413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 4.75% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp; 684524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.10% 1/25/36 # | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp; 613588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.15% 1/25/32 # | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp; 459682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp; 889806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp; 52062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp; 205441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 2/4/36 | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp; 952302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 9/26/45 | 1475000 | &nbsp;&nbsp;&nbsp; 1273488 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 2/4/56 | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;$380819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce 4.90% 9/15/31 | 1170000 | &nbsp;&nbsp;&nbsp; 1168620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSMC Global 144A 1.75% 4/23/28 # | 4400000 | &nbsp;&nbsp;&nbsp; 4192776 |
|  |  | &nbsp;&nbsp;&nbsp; 13622586 |
| &nbsp;&nbsp;Transportation — 0.11% | &nbsp;&nbsp;Transportation — 0.11% | &nbsp;&nbsp;Transportation — 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway 5.50% 3/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp; 493348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx 3.25% 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 527919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fedex Freight Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.95% 3/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp; 580521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 3/15/36 # | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp; 450057 |
|  |  | &nbsp;&nbsp;&nbsp; 2051845 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $176,018,133)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $176,018,133)** | &nbsp;&nbsp;&nbsp; **173996514** |
| &nbsp;&nbsp;**Municipal Bonds — 0.15%** | &nbsp;&nbsp;**Municipal Bonds — 0.15%** | &nbsp;&nbsp;**Municipal Bonds — 0.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, First Lien<br> Texas Hotel Occupancy Tax & Special Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.50% 9/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 131721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.50% 9/1/58 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp; 185883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia (Build America Bonds Plant Vogtle Units 3 & 4 Project)<br> 6.655% 4/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 70210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board Revenue (Master Trust)<br> 4.75% 10/15/55 | 1230000 | &nbsp;&nbsp;&nbsp; 1218647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Senior Lien Toll Revenue (Georgia SR 400 Express Lanes Project)<br> 6.50% 12/31/65 (AMT) | 1005000 | &nbsp;&nbsp;&nbsp; 1097440 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $2,651,853)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $2,651,853)** | &nbsp;&nbsp;&nbsp; **2703901** |

---

20&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.16%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.16%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyrusOne Data Centers Issuer I Series 2024-2A A2 144A 4.50% 5/20/49 # | 2945000 | &nbsp;&nbsp;$2862724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 366592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 # | &nbsp;&nbsp;&nbsp;&nbsp;316062 | &nbsp;&nbsp;&nbsp; 299067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 B 144A 1.788% 8/17/38 # | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 128536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 D 144A 2.058% 9/17/38 # | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 118507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29 | 1099346 | &nbsp;&nbsp;&nbsp; 1107884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust Series 2024-1 A1 144A 5.29% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp; 475439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | 2500000 | &nbsp;&nbsp;&nbsp; 2521859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust Series 2024-C A3 144A 4.62% 4/17/28 # | 1300000 | &nbsp;&nbsp;&nbsp; 1303906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Lease Trust Series 2026-A A2A 3.83% 7/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 3000000 | &nbsp;&nbsp;&nbsp; 3020567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porsche Innovative Lease Owner Trust Series 2024-1A A3 144A 4.67% 11/22/27 # | 1365211 | &nbsp;&nbsp;&nbsp; 1367703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto<br> Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 D 5.43% 3/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 555895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 D 4.95% 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 595673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29 | 1468651 | &nbsp;&nbsp;&nbsp; 1481561 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2024-3 A1A 5.34% 4/22/30 | 2700000 | &nbsp;&nbsp;$2735600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | 2176689 | &nbsp;&nbsp;&nbsp; 2183457 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $21,100,456)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $21,100,456)** | &nbsp;&nbsp;&nbsp; **21224762** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.11%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.11%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue<br> Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01 1M2 144A 5.562% (SOFR + 1.90%) 12/25/41 #, • | 1750000 | &nbsp;&nbsp;&nbsp; 1755970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R08 1M1 144A 5.162% (SOFR + 1.50%) 10/25/43 #, • | 1163541 | &nbsp;&nbsp;&nbsp; 1163901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 1M2 144A 5.162% (SOFR + 1.50%) 5/25/45 #, • | 1025000 | &nbsp;&nbsp;&nbsp; 1028213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R05 2M2 144A 5.262% (SOFR + 1.60%) 7/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp; 481483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-R01 2M2 144A 5.012% (SOFR + 1.35%) 1/25/46 #, • | 1740000 | &nbsp;&nbsp;&nbsp; 1739950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-R02 1M2 144A 5.162% (SOFR + 1.50%) 2/25/46 #, • | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp; 903936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured<br> Agency Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA2 M2 144A 5.712% (SOFR + 2.05%) 12/25/33 #, • | 3237377 | &nbsp;&nbsp;&nbsp; 3285637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 A1 144A 5.512% (SOFR + 1.85%) 11/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;940431 | &nbsp;&nbsp;&nbsp; 946994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M2 144A 5.162% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 375236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 M2 144A 5.162% (SOFR + 1.50%) 9/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp; 531217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA4 M2 144A 5.212% (SOFR + 1.55%) 10/25/45 #, • | 3000000 | &nbsp;&nbsp;&nbsp; 2998140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-DNA2 B1 144A 5.772% (SOFR + 2.10%) 3/25/46 #, • | 1630000 | &nbsp;&nbsp;&nbsp; 1626944 |

---

&nbsp;&nbsp;&nbsp;&nbsp;21

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, ~ | 2804328 | &nbsp;&nbsp;$2761960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Series 2026-DNA1 M2 144A 4.962% (SOFR + 1.30%) 2/25/46 #, • | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp; 710783 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $20,055,299)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $20,055,299)** | &nbsp;&nbsp;&nbsp; **20310364** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.24%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.24%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.24%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 Trust<br> Series 2025-1301 A 144A 5.059% 8/11/42 #, • | 1220000 | &nbsp;&nbsp;&nbsp; 1222894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK5 A5 3.39% 6/15/60 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 177848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN20 A3 3.011% 9/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 160589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN23 A3 2.92% 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp; 216790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN26 A4 2.403% 3/15/63 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp; 201153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN29 A4 1.997% 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 127599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN32 A5 2.643% 4/15/54 • | 7310000 | &nbsp;&nbsp;&nbsp; 6641536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN36 A5 2.47% 9/15/64 | 7696000 | &nbsp;&nbsp;&nbsp; 6842964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK39 B 3.237% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;588000 | &nbsp;&nbsp;&nbsp; 515279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK39 C 3.268% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;432000 | &nbsp;&nbsp;&nbsp; 368585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40 A4 3.389% 3/15/64 • | 8150000 | &nbsp;&nbsp;&nbsp; 7563498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40 B 3.389% 3/15/64 • | 1120000 | &nbsp;&nbsp;&nbsp; 978201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B17 A5 2.289% 3/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp; 446883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B25 A5 2.577% 4/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp; 121238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 A5 3.002% 1/15/55 • | 9130000 | &nbsp;&nbsp;&nbsp; 8113066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 B 3.202% 1/15/55 • | 2345000 | &nbsp;&nbsp;&nbsp; 1959220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 C 3.452% 1/15/55 • | 1346000 | &nbsp;&nbsp;&nbsp; 1019343 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 A5 3.458% 3/15/55 • | 8325000 | &nbsp;&nbsp;$7702775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 B 3.614% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 432561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 C 3.614% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 395819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B34 A5 3.786% 4/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 152415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B35 A5 4.442% 5/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 319055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BFLD Commercial Mortgage Trust Series 2025-660F A 144A 5.173% (TSFR01M + 1.50%, Floor 1.50%) 11/15/42 #, • | 1890000 | &nbsp;&nbsp;&nbsp; 1887642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 • | 4500000 | &nbsp;&nbsp;&nbsp; 4154656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cantor Commercial Real<br> Estate Lending |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-CF1 A5 3.786% 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp; 209552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-CF2 A5 2.874% 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 150830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD Mortgage Trust Series 2016-CD2 A3 3.248% 11/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;119015 | &nbsp;&nbsp;&nbsp; 118464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.839% 12/10/54 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 268378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-GS5 A4 3.674% 3/10/50 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 188075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GC39 A4 3.567% 5/10/52 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 187753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GC42 A4 3.001% 9/10/52 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 136847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Mortgage Trust Series 2025-SPRL A 144A 5.467% 1/13/40 #, • | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 168839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1 A5 3.914% 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9621 | &nbsp;&nbsp;&nbsp; 9586 |

---

22&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBTY Commercial Mortgage Trust Series 2026-225L A 144A 4.593% 2/10/43 #, • | 2350000 | &nbsp;&nbsp;$2319367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEX Trust Series 2026-450 A 144A 5.023% (TSFR01M + 1.35%, Floor 1.35%) 3/15/43 #, • | 2600000 | &nbsp;&nbsp;&nbsp; 2588625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAD Commercial Mortgage Trust Series 2025-11MD A 144A 4.437% 10/15/42 #, • | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp; 746583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-L3 A4 3.127% 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 104261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HR8 A4 2.041% 7/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 162266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 A3 2.652% 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 159079 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $64,957,892)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $64,957,892)** | &nbsp;&nbsp;&nbsp; **59240114** |
| &nbsp;&nbsp;**US Treasury Obligations — 3.94%** | &nbsp;&nbsp;**US Treasury Obligations — 3.94%** | &nbsp;&nbsp;**US Treasury Obligations — 3.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp; 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp; 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp; 3815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 1/31/31 | 6300000 | &nbsp;&nbsp;&nbsp; 6246844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 8/31/32 | 13830000 | &nbsp;&nbsp;&nbsp; 13658476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 2/15/36 | 52870000 | &nbsp;&nbsp;&nbsp; 52048035 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $72,954,535)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $72,954,535)** | &nbsp;&nbsp;&nbsp; **71961197** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 57.81%♣** | &nbsp;&nbsp;**Common Stocks — 57.81%♣** | &nbsp;&nbsp;**Common Stocks — 57.81%♣** |
| &nbsp;&nbsp;Communication Services — 5.85% | &nbsp;&nbsp;Communication Services — 5.85% | &nbsp;&nbsp;Communication Services — 5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;139989 | &nbsp;&nbsp; 40255237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99197 | &nbsp;&nbsp; 28455651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;&nbsp;501173 | &nbsp;&nbsp; 14529005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29558 | &nbsp;&nbsp; 16911019 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Communication Services (continued) | &nbsp;&nbsp;Communication Services (continued) | &nbsp;&nbsp;Communication Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70859 | &nbsp;&nbsp;$6813093 |
|  |  | &nbsp;&nbsp;&nbsp; 106964005 |
| &nbsp;&nbsp;Consumer Discretionary — 3.19% | &nbsp;&nbsp;Consumer Discretionary — 3.19% | &nbsp;&nbsp;Consumer Discretionary — 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;150240 | &nbsp;&nbsp;&nbsp; 31290485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6323 | &nbsp;&nbsp;&nbsp; 21357703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp; 5427102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88220 | &nbsp;&nbsp;&nbsp; 214375 |
|  |  | &nbsp;&nbsp;&nbsp; 58289665 |
| &nbsp;&nbsp;Consumer Staples — 1.57% | &nbsp;&nbsp;Consumer Staples — 1.57% | &nbsp;&nbsp;Consumer Staples — 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28881 | &nbsp;&nbsp;&nbsp; 28777895 |
|  |  | &nbsp;&nbsp;&nbsp; 28777895 |
| &nbsp;&nbsp;Energy — 0.00% | &nbsp;&nbsp;Energy — 0.00% | &nbsp;&nbsp;Energy — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp; 109 |
|  |  | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;Financials — 9.62% | &nbsp;&nbsp;Financials — 9.62% | &nbsp;&nbsp;Financials — 9.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;&nbsp;415483 | &nbsp;&nbsp;&nbsp; 16299398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47487 | &nbsp;&nbsp;&nbsp; 14363868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46427 | &nbsp;&nbsp;&nbsp; 14985707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81621 | &nbsp;&nbsp;&nbsp; 9385599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63029 | &nbsp;&nbsp;&nbsp; 17715561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91836 | &nbsp;&nbsp;&nbsp; 27123763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73102 | &nbsp;&nbsp;&nbsp; 21503684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40303 | &nbsp;&nbsp;&nbsp; 20137797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp; 79777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98451 | &nbsp;&nbsp;&nbsp; 16202081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;318315 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87461 | &nbsp;&nbsp;&nbsp; 18199759 |
|  |  | &nbsp;&nbsp;&nbsp; 175996994 |
| &nbsp;&nbsp;Healthcare — 4.85% | &nbsp;&nbsp;Healthcare — 4.85% | &nbsp;&nbsp;Healthcare — 4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;109049 | &nbsp;&nbsp;&nbsp; 11196061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37676 | &nbsp;&nbsp;&nbsp; 8194153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;106755 | &nbsp;&nbsp;&nbsp; 20240748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;119517 | &nbsp;&nbsp;&nbsp; 16657085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12822 | &nbsp;&nbsp;&nbsp; 6067883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34524 | &nbsp;&nbsp;&nbsp; 16969582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21078 | &nbsp;&nbsp;&nbsp; 9412170 |
|  |  | &nbsp;&nbsp;&nbsp; 88737682 |
| &nbsp;&nbsp;Industrials — 9.95% | &nbsp;&nbsp;Industrials — 9.95% | &nbsp;&nbsp;Industrials — 9.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | &nbsp;&nbsp;&nbsp;&nbsp;448675 | &nbsp;&nbsp;&nbsp; 21199894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;186337 | &nbsp;&nbsp;&nbsp; 21708260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;311559 | &nbsp;&nbsp;&nbsp; 17543887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49667 | &nbsp;&nbsp;&nbsp; 26721839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80383 | &nbsp;&nbsp;&nbsp; 28750588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74057 | &nbsp;&nbsp;&nbsp; 17274536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;23

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Balanced Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;164048 | &nbsp;&nbsp;$37806502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12116 | &nbsp;&nbsp;&nbsp; 10846728 |
|  |  | &nbsp;&nbsp;&nbsp; 181852234 |
| &nbsp;&nbsp;Information Technology — 19.48% | &nbsp;&nbsp;Information Technology — 19.48% | &nbsp;&nbsp;Information Technology — 19.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66894 | &nbsp;&nbsp;&nbsp; 13264411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52505 | &nbsp;&nbsp;&nbsp; 10681092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;209902 | &nbsp;&nbsp;&nbsp; 53271029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;100807 | &nbsp;&nbsp;&nbsp; 34454824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87668 | &nbsp;&nbsp;&nbsp; 27134123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36795 | &nbsp;&nbsp;&nbsp; 15909422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;100473 | &nbsp;&nbsp;&nbsp; 37192090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;466464 | &nbsp;&nbsp;&nbsp; 81356913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68490 | &nbsp;&nbsp;&nbsp; 26831642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;139922 | &nbsp;&nbsp;&nbsp; 47286640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42681 | &nbsp;&nbsp;&nbsp; 8921183 |
|  |  | &nbsp;&nbsp;&nbsp; 356303369 |
| &nbsp;&nbsp;Materials — 1.24% | &nbsp;&nbsp;Materials — 1.24% | &nbsp;&nbsp;Materials — 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;128980 | &nbsp;&nbsp;&nbsp; 12930245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35706 | &nbsp;&nbsp;&nbsp; 9722744 |
|  |  | &nbsp;&nbsp;&nbsp; 22652989 |
| &nbsp;&nbsp;Utilities — 2.06% | &nbsp;&nbsp;Utilities — 2.06% | &nbsp;&nbsp;Utilities — 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy | &nbsp;&nbsp;&nbsp;&nbsp;167016 | &nbsp;&nbsp;&nbsp; 18765918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;203294 | &nbsp;&nbsp;&nbsp; 18881946 |
|  |  | &nbsp;&nbsp;&nbsp; 37647864 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $736,445,513)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $736,445,513)** | &nbsp;&nbsp;&nbsp;**1057222806** |
| &nbsp;&nbsp;**Preferred Stock — 0.04%♣** | &nbsp;&nbsp;**Preferred Stock — 0.04%♣** | &nbsp;&nbsp;**Preferred Stock — 0.04%♣** |
| &nbsp;&nbsp;Financials — 0.04% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp; 708750 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $672,647)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $672,647)** | &nbsp;&nbsp;&nbsp; **708750** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 11.63%** | &nbsp;&nbsp;**Exchange-Traded Funds — 11.63%** | &nbsp;&nbsp;**Exchange-Traded Funds — 11.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Core US Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;608443 | &nbsp;&nbsp;&nbsp; 60400136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares US Treasury Bond ETF | 2382871 | &nbsp;&nbsp;&nbsp; 54591575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;163578 | &nbsp;&nbsp;&nbsp; 97746034 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $212,435,345)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $212,435,345)** | &nbsp;&nbsp;&nbsp; **212737745** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Limited Liability Corporation — 0.00%** | &nbsp;&nbsp;**Limited Liability Corporation — 0.00%** | &nbsp;&nbsp;**Limited Liability Corporation — 0.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings Series H <<, =, †, ∞ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72709 | &nbsp;&nbsp;$85760 |
| &nbsp;&nbsp;&nbsp;**Total Limited Liability Corporation<br> (cost $50,262,511)** | &nbsp;&nbsp;&nbsp;**Total Limited Liability Corporation<br> (cost $50,262,511)** | &nbsp;&nbsp;&nbsp; **85760** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Short-Term Investments — 1.64%** | &nbsp;&nbsp;**Short-Term Investments — 1.64%** | &nbsp;&nbsp;**Short-Term Investments — 1.64%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.64% | &nbsp;&nbsp;Money Market Mutual Funds — 1.64% | &nbsp;&nbsp;Money Market Mutual Funds — 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 7475000 | &nbsp;&nbsp;&nbsp; 7475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 7475000 | &nbsp;&nbsp;&nbsp; 7475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 7475000 | &nbsp;&nbsp;&nbsp; 7475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 7475000 | &nbsp;&nbsp;&nbsp; 7475000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $29,900,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $29,900,000)** | &nbsp;&nbsp;&nbsp; **29900000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.47%<br> (cost $1,559,193,471)** |  | &nbsp;&nbsp;&nbsp;**1818884915** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.53%** |  | &nbsp;&nbsp;&nbsp; **9761334** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 74,105,315 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$1828646249** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |

---

24&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | |
|:---|:---|
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2026, the aggregate value of Rule 144A securities was $110,224,435, which represents 6.03% of the Fund's net assets. See Note 13 in "Notes to financial statements." |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| >> | PIK. 100% of the income received was in the form of principal. |
| π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At March 31, 2026, the aggregate value of restricted securities was $375,378, which represented 0.02% of the Fund's net assets. See Note 13 in "Notes to financial statements" and table on the next column for additional details on restricted securities. |

---

---

| |
|:---|
| Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2026. Rate will reset at a future date. |
| Perpetual security. Maturity date represents next call date. |
| Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at March 31, 2026. |
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Affiliated company. See Note 2 in "Notes to financial statements." |
| Represents a position held in the Subsidiary. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | Date of Acquisition | Cost | Value |
| New Cotai | 9/29/20 | $2791169 | $0 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;410783 | &nbsp;&nbsp;&nbsp;375269 |
| Westmoreland Coal | 3/15/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Total |  | $3202061 | $375378 |

---

The following futures contracts and swap contracts were outstanding at March 31, 2026:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |  |
| US Treasury 2 yr Notes | US Treasury 2 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;$107249227 | $108014702 | 6/30/26 | $— | $(765475) | $40391 |
| US Treasury 10 yr Notes | US Treasury 10 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628616 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9610 |
| US Treasury Long Bonds | US Treasury Long Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59898250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61533847 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1635597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197250 |
| US Treasury Ultra Bonds | US Treasury Ultra Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15269687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15699809 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189876974 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2906888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275907 |

---

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Nomura Balanced Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |
| US Treasury 5 yr Notes | US Treasury 5 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(428) | &nbsp;&nbsp;$(46300907) | $(46885050) | 6/30/26 | $584143 | $— | $(60190) |
| US Treasury 10 yr Ultra Notes | US Treasury 10 yr Ultra Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95920707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97522437) | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253504) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144407487) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313694) |
| Total Futures Contracts | Total Futures Contracts | $45469487 |  | $2185873 | $(2906888) | $(37787) |

---

#### Swap Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> |
| Counterparty/<br> Reference Obligation/<br> Termination Date/<br> Payment Frequency | Notional<br> Amount<sup>3</sup> | Annual Protection<br> Payments | Value | Amortized<br> Upfront<br> Payments<br> Paid<br> (Received) | Unrealized<br> Depreciation | Variation Margin<br> Due from<br> (Due to) Brokers |
| **Centrally Cleared:** |  |  |  |  |  |  |
| **Protection Sold/Moody's Ratings:** |  |  |  |  |  |  |
| CDX.NA.HY.45.V2<sup>4</sup> 12/20/30-Quarterly | 3910500 | 5.000% | $212450 | $271437 | $(58987) | $33227 |

---

The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund's net assets.

<sup>1</sup> See Note 11 in "Notes to financial statements."

<sup>2</sup> A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.

<sup>3</sup> Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

<sup>4</sup> Markit's North America High Yield Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market. <br>

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| AG – Insured by Assured Guaranty Inc. |
| AMT – Subject to Alternative Minimum Tax |
| CD – Certificate of Deposit |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| ETF – Exchange-Traded Fund |
| GNMA – Government National Mortgage Association |
| GS – Goldman Sachs |
| PIK – Payment-in-kind |
| REMIC – Real Estate Mortgage Investment Conduit |
| S&P – Standard & Poor's Financial Services LLC |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |

---

26&nbsp;&nbsp;&nbsp;&nbsp;

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---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| TSFR01M – 1 Month Term Secured Overnight Financing Rate |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |
| yr – Year |

---

---

| |
|:---|
| **Summary of currencies:** |
| EUR – European Monetary Unit |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;27

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## Schedules of investments
Nomura Climate Solutions Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.74%♣** | &nbsp;&nbsp;**Common Stocks — 99.74%♣** | &nbsp;&nbsp;**Common Stocks — 99.74%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 2.49% | &nbsp;&nbsp;Consumer Discretionary — 2.49% | &nbsp;&nbsp;Consumer Discretionary — 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 13350 | &nbsp;&nbsp;$2780405 |
|  |  | &nbsp;&nbsp;&nbsp; 2780405 |
| &nbsp;&nbsp;Consumer Staples — 7.24% | &nbsp;&nbsp;Consumer Staples — 7.24% | &nbsp;&nbsp;Consumer Staples — 7.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients † | 73960 | &nbsp;&nbsp;&nbsp; 4574426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS Class A † | 196600 | &nbsp;&nbsp;&nbsp; 3530936 |
|  |  | &nbsp;&nbsp;&nbsp; 8105362 |
| &nbsp;&nbsp;Energy — 14.47% | &nbsp;&nbsp;Energy — 14.47% | &nbsp;&nbsp;Energy — 14.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neste | 138965 | &nbsp;&nbsp;&nbsp; 4516022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell ADR | 42213 | &nbsp;&nbsp;&nbsp; 3925809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | 68168 | &nbsp;&nbsp;&nbsp; 3503154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | 17169 | &nbsp;&nbsp;&nbsp; 4242116 |
|  |  | &nbsp;&nbsp;&nbsp; 16187101 |
| &nbsp;&nbsp;Industrials — 16.37% | &nbsp;&nbsp;Industrials — 16.37% | &nbsp;&nbsp;Industrials — 16.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Class H | 51100 | &nbsp;&nbsp;&nbsp; 4073088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;6402 | &nbsp;&nbsp;&nbsp; 3444404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingspan Group | 43896 | &nbsp;&nbsp;&nbsp; 3753542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | 13711 | &nbsp;&nbsp;&nbsp; 3734624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management | 14424 | &nbsp;&nbsp;&nbsp; 3314491 |
|  |  | &nbsp;&nbsp;&nbsp; 18320149 |
| &nbsp;&nbsp;Information Technology — 4.81% | &nbsp;&nbsp;Information Technology — 4.81% | &nbsp;&nbsp;Information Technology — 4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | 12928 | &nbsp;&nbsp;&nbsp; 2550177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | 31620 | &nbsp;&nbsp;&nbsp; 2834101 |
|  |  | &nbsp;&nbsp;&nbsp; 5384278 |
| &nbsp;&nbsp;Materials — 20.12% | &nbsp;&nbsp;Materials — 20.12% | &nbsp;&nbsp;Materials — 20.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | 51742 | &nbsp;&nbsp;&nbsp; 3432047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | 68617 | &nbsp;&nbsp;&nbsp; 2946112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | 27376 | &nbsp;&nbsp;&nbsp; 3554500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holcim | 40352 | &nbsp;&nbsp;&nbsp; 3335575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | 42425 | &nbsp;&nbsp;&nbsp; 3201390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | 16941 | &nbsp;&nbsp;&nbsp; 3049380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | 45750 | &nbsp;&nbsp;&nbsp; 2988171 |
|  |  | &nbsp;&nbsp;&nbsp; 22507175 |
| &nbsp;&nbsp;Real Estate — 2.89% | &nbsp;&nbsp;Real Estate — 2.89% | &nbsp;&nbsp;Real Estate — 2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser | 132494 | &nbsp;&nbsp;&nbsp; 3236828 |
|  |  | &nbsp;&nbsp;&nbsp; 3236828 |
| &nbsp;&nbsp;Utilities — 31.35% | &nbsp;&nbsp;Utilities — 31.35% | &nbsp;&nbsp;Utilities — 31.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren | 38538 | &nbsp;&nbsp;&nbsp; 4236097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLP Holdings | 352500 | &nbsp;&nbsp;&nbsp; 3318748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy | 52294 | &nbsp;&nbsp;&nbsp; 4056969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDP Renovaveis | 254248 | &nbsp;&nbsp;&nbsp; 4075054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | 42408 | &nbsp;&nbsp;&nbsp; 3938855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource | 85441 | &nbsp;&nbsp;&nbsp; 3986677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWE | 57566 | &nbsp;&nbsp;&nbsp; 3872974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSE | 104567 | &nbsp;&nbsp;&nbsp; 3614735 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Utilities (continued) | &nbsp;&nbsp;Utilities (continued) | &nbsp;&nbsp;Utilities (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy | 50016 | &nbsp;&nbsp;$3973271 |
|  |  | &nbsp;&nbsp;&nbsp; 35073380 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $79,453,695)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $79,453,695)** | &nbsp;&nbsp;&nbsp;**111594678** |
| &nbsp;&nbsp;**Short-Term Investments — 0.29%** | &nbsp;&nbsp;**Short-Term Investments — 0.29%** | &nbsp;&nbsp;**Short-Term Investments — 0.29%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.29% | &nbsp;&nbsp;Money Market Mutual Funds — 0.29% | &nbsp;&nbsp;Money Market Mutual Funds — 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 81127 | &nbsp;&nbsp;&nbsp; 81127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 81127 | &nbsp;&nbsp;&nbsp; 81127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 81127 | &nbsp;&nbsp;&nbsp; 81127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 81126 | &nbsp;&nbsp;&nbsp; 81126 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $324,507)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $324,507)** | &nbsp;&nbsp;&nbsp; **324507** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.03%<br> (cost $79,778,202)** |  | &nbsp;&nbsp;&nbsp;**111919185** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.03%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(28964)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 8,951,493 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$111890221** |

---

♣ 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 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;28

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Nomura Natural Resources Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.01%♣** | &nbsp;&nbsp;**Common Stocks — 97.01%♣** | &nbsp;&nbsp;**Common Stocks — 97.01%♣** |
| &nbsp;&nbsp;Agricultural Products — 2.41% | &nbsp;&nbsp;Agricultural Products — 2.41% | &nbsp;&nbsp;Agricultural Products — 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47484 | &nbsp;&nbsp;$6039965 |
|  |  | &nbsp;&nbsp;&nbsp; 6039965 |
| &nbsp;&nbsp;Aluminum — 2.63% | &nbsp;&nbsp;Aluminum — 2.63% | &nbsp;&nbsp;Aluminum — 2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99429 | &nbsp;&nbsp;&nbsp; 6595125 |
|  |  | &nbsp;&nbsp;&nbsp; 6595125 |
| &nbsp;&nbsp;Coal & Consumable Fuels — 5.49% | &nbsp;&nbsp;Coal & Consumable Fuels — 5.49% | &nbsp;&nbsp;Coal & Consumable Fuels — 5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80720 | &nbsp;&nbsp;&nbsp; 8453806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy | &nbsp;&nbsp;&nbsp;&nbsp;161759 | &nbsp;&nbsp;&nbsp; 5329959 |
|  |  | &nbsp;&nbsp;&nbsp; 13783765 |
| &nbsp;&nbsp;Construction & Engineering — 1.92% | &nbsp;&nbsp;Construction & Engineering — 1.92% | &nbsp;&nbsp;Construction & Engineering — 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45404 | &nbsp;&nbsp;&nbsp; 4819180 |
|  |  | &nbsp;&nbsp;&nbsp; 4819180 |
| &nbsp;&nbsp;Construction Materials — 3.31% | &nbsp;&nbsp;Construction Materials — 3.31% | &nbsp;&nbsp;Construction Materials — 3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57666 | &nbsp;&nbsp;&nbsp; 6033047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43323 | &nbsp;&nbsp;&nbsp; 2271403 |
|  |  | &nbsp;&nbsp;&nbsp; 8304450 |
| &nbsp;&nbsp;Diversified Metals & Mining — 10.42% | &nbsp;&nbsp;Diversified Metals & Mining — 10.42% | &nbsp;&nbsp;Diversified Metals & Mining — 10.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | &nbsp;&nbsp;&nbsp;&nbsp;163713 | &nbsp;&nbsp;&nbsp; 7029115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Metal Recycling<br> Holdings =, † | 30000000 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencore | 1059720 | &nbsp;&nbsp;&nbsp; 8026185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals | &nbsp;&nbsp;&nbsp;&nbsp;319967 | &nbsp;&nbsp;&nbsp; 6687310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teck Resources Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84989 | &nbsp;&nbsp;&nbsp; 4404937 |
|  |  | &nbsp;&nbsp;&nbsp; 26147547 |
| &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 8.28% | &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 8.28% | &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 8.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39772 | &nbsp;&nbsp;&nbsp; 5163996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69111 | &nbsp;&nbsp;&nbsp; 5785282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;&nbsp;130323 | &nbsp;&nbsp;&nbsp; 9834174 |
|  |  | &nbsp;&nbsp;&nbsp; 20783452 |
| &nbsp;&nbsp;Forest Products — 3.40% | &nbsp;&nbsp;Forest Products — 3.40% | &nbsp;&nbsp;Forest Products — 3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35843 | &nbsp;&nbsp;&nbsp; 2607578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90841 | &nbsp;&nbsp;&nbsp; 5933300 |
|  |  | &nbsp;&nbsp;&nbsp; 8540878 |
| &nbsp;&nbsp;Gold — 11.64% | &nbsp;&nbsp;Gold — 11.64% | &nbsp;&nbsp;Gold — 11.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35970 | &nbsp;&nbsp;&nbsp; 7301191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91980 | &nbsp;&nbsp;&nbsp; 3751864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining † | &nbsp;&nbsp;&nbsp;&nbsp;311865 | &nbsp;&nbsp;&nbsp; 5853706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldorado Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90210 | &nbsp;&nbsp;&nbsp; 3096909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85195 | &nbsp;&nbsp;&nbsp; 9222359 |
|  |  | &nbsp;&nbsp;&nbsp; 29226029 |
| &nbsp;&nbsp;Integrated Oil & Gas — 7.96% | &nbsp;&nbsp;Integrated Oil & Gas — 7.96% | &nbsp;&nbsp;Integrated Oil & Gas — 7.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP ADR | &nbsp;&nbsp;&nbsp;&nbsp;200290 | &nbsp;&nbsp;&nbsp; 9413630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;161139 | &nbsp;&nbsp;&nbsp; 7463159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89447 | &nbsp;&nbsp;&nbsp; 3090394 |
|  |  | &nbsp;&nbsp;&nbsp; 19967183 |
| &nbsp;&nbsp;Oil & Gas Drilling — 1.91% | &nbsp;&nbsp;Oil & Gas Drilling — 1.91% | &nbsp;&nbsp;Oil & Gas Drilling — 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;&nbsp;133099 | &nbsp;&nbsp;&nbsp; 4795557 |
|  |  | &nbsp;&nbsp;&nbsp; 4795557 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Oil & Gas Equipment & Services — 3.01% | &nbsp;&nbsp;Oil & Gas Equipment & Services — 3.01% | &nbsp;&nbsp;Oil & Gas Equipment & Services — 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85060 | &nbsp;&nbsp;$4371233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33720 | &nbsp;&nbsp;&nbsp; 3189238 |
|  |  | &nbsp;&nbsp;&nbsp; 7560471 |
| &nbsp;&nbsp;Oil & Gas Exploration & Production — 22.12% | &nbsp;&nbsp;Oil & Gas Exploration & Production — 22.12% | &nbsp;&nbsp;Oil & Gas Exploration & Production — 22.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Resources | &nbsp;&nbsp;&nbsp;&nbsp;287901 | &nbsp;&nbsp;&nbsp; 5991470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;151060 | &nbsp;&nbsp;&nbsp; 7368939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29805 | &nbsp;&nbsp;&nbsp; 4237675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62390 | &nbsp;&nbsp;&nbsp; 8235480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49512 | &nbsp;&nbsp;&nbsp; 9792978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36161 | &nbsp;&nbsp;&nbsp; 3969755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | &nbsp;&nbsp;&nbsp;&nbsp;361972 | &nbsp;&nbsp;&nbsp; 5237735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79830 | &nbsp;&nbsp;&nbsp; 4738709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Class A | &nbsp;&nbsp;&nbsp;&nbsp;278774 | &nbsp;&nbsp;&nbsp; 5943462 |
|  |  | &nbsp;&nbsp;&nbsp; 55516203 |
| &nbsp;&nbsp;Oil & Gas Refining & Marketing — 2.34% | &nbsp;&nbsp;Oil & Gas Refining & Marketing — 2.34% | &nbsp;&nbsp;Oil & Gas Refining & Marketing — 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23790 | &nbsp;&nbsp;&nbsp; 5878033 |
|  |  | &nbsp;&nbsp;&nbsp; 5878033 |
| &nbsp;&nbsp;Packaged Foods & Meats — 1.70% | &nbsp;&nbsp;Packaged Foods & Meats — 1.70% | &nbsp;&nbsp;Packaged Foods & Meats — 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS Class A † | &nbsp;&nbsp;&nbsp;&nbsp;238250 | &nbsp;&nbsp;&nbsp; 4278970 |
|  |  | &nbsp;&nbsp;&nbsp; 4278970 |
| &nbsp;&nbsp;Paper Packaging — 4.44% | &nbsp;&nbsp;Paper Packaging — 4.44% | &nbsp;&nbsp;Paper Packaging — 4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper | &nbsp;&nbsp;&nbsp;&nbsp;176484 | &nbsp;&nbsp;&nbsp; 6300479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smurfit Westrock | &nbsp;&nbsp;&nbsp;&nbsp;121570 | &nbsp;&nbsp;&nbsp; 4844564 |
|  |  | &nbsp;&nbsp;&nbsp; 11145043 |
| &nbsp;&nbsp;Steel — 4.03% | &nbsp;&nbsp;Steel — 4.03% | &nbsp;&nbsp;Steel — 4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56173 | &nbsp;&nbsp;&nbsp; 10111140 |
|  |  | &nbsp;&nbsp;&nbsp; 10111140 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $219,452,549)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $219,452,549)** | &nbsp;&nbsp;&nbsp;**243492991** |
| &nbsp;&nbsp;**Short-Term Investments — 4.12%** | &nbsp;&nbsp;**Short-Term Investments — 4.12%** | &nbsp;&nbsp;**Short-Term Investments — 4.12%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 4.12% | &nbsp;&nbsp;Money Market Mutual Funds — 4.12% | &nbsp;&nbsp;Money Market Mutual Funds — 4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 2581955 | &nbsp;&nbsp;&nbsp; 2581955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 2581954 | &nbsp;&nbsp;&nbsp; 2581954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 2581954 | &nbsp;&nbsp;&nbsp; 2581954 |

---

&nbsp;&nbsp;&nbsp;&nbsp;29

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Natural Resources 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;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 2581955 | &nbsp;&nbsp;$2581955 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $10,327,818)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $10,327,818)** | &nbsp;&nbsp;&nbsp; **10327818** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—101.13%<br> (cost $229,780,367)** |  | &nbsp;&nbsp;&nbsp;**253820809** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(1.13%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(2834396)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 10,124,245 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$250986413** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| Non-income producing security. |

---

---

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

---

See accompanying notes, which are an integral part of the financial statements.

30&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Real Estate Securities Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.04%♣** | &nbsp;&nbsp;**Common Stocks — 97.04%♣** | &nbsp;&nbsp;**Common Stocks — 97.04%♣** |
| &nbsp;&nbsp;Internet Services & Infrastructure — 1.63% | &nbsp;&nbsp;Internet Services & Infrastructure — 1.63% | &nbsp;&nbsp;Internet Services & Infrastructure — 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTDC † | 170807 | &nbsp;&nbsp;$1365598 |
|  |  | &nbsp;&nbsp;&nbsp; 1365598 |
| &nbsp;&nbsp;REIT Data Center — 12.98% | &nbsp;&nbsp;REIT Data Center — 12.98% | &nbsp;&nbsp;REIT Data Center — 12.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix | 11067 | &nbsp;&nbsp;&nbsp;10848316 |
|  |  | &nbsp;&nbsp;&nbsp;10848316 |
| &nbsp;&nbsp;REIT Healthcare — 22.18% | &nbsp;&nbsp;REIT Healthcare — 22.18% | &nbsp;&nbsp;REIT Healthcare — 22.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT | 72010 | &nbsp;&nbsp;&nbsp; 3395992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties | 76847 | &nbsp;&nbsp;&nbsp; 1262596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas | 47424 | &nbsp;&nbsp;&nbsp; 3878335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower | 50620 | &nbsp;&nbsp;&nbsp;10008080 |
|  |  | &nbsp;&nbsp;&nbsp;18545003 |
| &nbsp;&nbsp;REIT Hotel — 3.25% | &nbsp;&nbsp;REIT Hotel — 3.25% | &nbsp;&nbsp;REIT Hotel — 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Class A | &nbsp;&nbsp;&nbsp;&nbsp;2361 | &nbsp;&nbsp;&nbsp; 339488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties | 14142 | &nbsp;&nbsp;&nbsp; 1304882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 13232 | &nbsp;&nbsp;&nbsp; 1074836 |
|  |  | &nbsp;&nbsp;&nbsp; 2719206 |
| &nbsp;&nbsp;REIT Industrial — 14.40% | &nbsp;&nbsp;REIT Industrial — 14.40% | &nbsp;&nbsp;REIT Industrial — 14.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | 58542 | &nbsp;&nbsp;&nbsp; 3386655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | 64727 | &nbsp;&nbsp;&nbsp; 1162076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust | 19698 | &nbsp;&nbsp;&nbsp; 911230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis | 29541 | &nbsp;&nbsp;&nbsp; 3904729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty | 63375 | &nbsp;&nbsp;&nbsp; 2074264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UI Boustead REIT † | 958700 | &nbsp;&nbsp;&nbsp; 600259 |
|  |  | &nbsp;&nbsp;&nbsp;12039213 |
| &nbsp;&nbsp;REIT Multifamily — 5.82% | &nbsp;&nbsp;REIT Multifamily — 5.82% | &nbsp;&nbsp;REIT Multifamily — 5.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities | 17998 | &nbsp;&nbsp;&nbsp; 2939973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;7973 | &nbsp;&nbsp;&nbsp; 1929466 |
|  |  | &nbsp;&nbsp;&nbsp; 4869439 |
| &nbsp;&nbsp;REIT Office — 1.77% | &nbsp;&nbsp;REIT Office — 1.77% | &nbsp;&nbsp;REIT Office — 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty | 52417 | &nbsp;&nbsp;&nbsp; 1478683 |
|  |  | &nbsp;&nbsp;&nbsp; 1478683 |
| &nbsp;&nbsp;REIT Retail — 16.60% | &nbsp;&nbsp;REIT Retail — 16.60% | &nbsp;&nbsp;REIT Retail — 16.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty | 37577 | &nbsp;&nbsp;&nbsp; 2832554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InvenTrust Properties | 46325 | &nbsp;&nbsp;&nbsp; 1411060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macerich | 115206 | &nbsp;&nbsp;&nbsp; 2177393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NETSTREIT | 127372 | &nbsp;&nbsp;&nbsp; 2398415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income | 20208 | &nbsp;&nbsp;&nbsp; 1236326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group | 20512 | &nbsp;&nbsp;&nbsp; 3826103 |
|  |  | &nbsp;&nbsp;&nbsp;13881851 |
| &nbsp;&nbsp;REIT Self-Storage — 5.42% | &nbsp;&nbsp;REIT Self-Storage — 5.42% | &nbsp;&nbsp;REIT Self-Storage — 5.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;&nbsp;8345 | &nbsp;&nbsp;&nbsp; 1094280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 12695 | &nbsp;&nbsp;&nbsp; 3438821 |
|  |  | &nbsp;&nbsp;&nbsp; 4533101 |
| &nbsp;&nbsp;REIT Single Family — 2.79% | &nbsp;&nbsp;REIT Single Family — 2.79% | &nbsp;&nbsp;REIT Single Family — 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes | 93980 | &nbsp;&nbsp;&nbsp; 2335403 |
|  |  | &nbsp;&nbsp;&nbsp; 2335403 |
| &nbsp;&nbsp;REIT Specialty — 8.39% | &nbsp;&nbsp;REIT Specialty — 8.39% | &nbsp;&nbsp;REIT Specialty — 8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain | 36806 | &nbsp;&nbsp;&nbsp; 3759365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties | 119137 | &nbsp;&nbsp;&nbsp; 3254823 |
|  |  | &nbsp;&nbsp;&nbsp; 7014188 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;REIT Telecom Tower — 1.81% | &nbsp;&nbsp;REIT Telecom Tower — 1.81% | &nbsp;&nbsp;REIT Telecom Tower — 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;&nbsp;8759 | &nbsp;&nbsp;$1511628 |
|  |  | &nbsp;&nbsp;&nbsp; 1511628 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $51,518,946)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $51,518,946)** | &nbsp;&nbsp;&nbsp;**81141629** |
| &nbsp;&nbsp;**Short-Term Investments — 2.73%** | &nbsp;&nbsp;**Short-Term Investments — 2.73%** | &nbsp;&nbsp;**Short-Term Investments — 2.73%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.73% | &nbsp;&nbsp;Money Market Mutual Funds — 2.73% | &nbsp;&nbsp;Money Market Mutual Funds — 2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 571371 | &nbsp;&nbsp;&nbsp; 571371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 571371 | &nbsp;&nbsp;&nbsp; 571371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 571371 | &nbsp;&nbsp;&nbsp; 571371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 571370 | &nbsp;&nbsp;&nbsp; 571370 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $2,285,483)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $2,285,483)** | &nbsp;&nbsp;&nbsp; **2285483** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.77%<br> (cost $53,804,429)** |  | &nbsp;&nbsp;&nbsp;**83427112** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.23%** |  | &nbsp;&nbsp;&nbsp; **190619** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 6,282,929 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$83617731** |

---

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

---

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

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;31

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Science and Technology Fund

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.92%♣** | &nbsp;&nbsp;**Common Stocks — 98.92%♣** | &nbsp;&nbsp;**Common Stocks — 98.92%♣** |
| &nbsp;&nbsp;Communication Services — 13.67% | &nbsp;&nbsp;Communication Services — 13.67% | &nbsp;&nbsp;Communication Services — 13.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;606226 | &nbsp;&nbsp;$174326348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;488906 | &nbsp;&nbsp;&nbsp; 279717790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | 2034393 | &nbsp;&nbsp;&nbsp; 195606887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp; 90678170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software † | &nbsp;&nbsp;&nbsp;&nbsp;538796 | &nbsp;&nbsp;&nbsp; 106412210 |
|  |  | &nbsp;&nbsp;&nbsp; 846741405 |
| &nbsp;&nbsp;Consumer Discretionary — 10.29% | &nbsp;&nbsp;Consumer Discretionary — 10.29% | &nbsp;&nbsp;Consumer Discretionary — 10.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 1263451 | &nbsp;&nbsp;&nbsp; 263138940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21143 | &nbsp;&nbsp;&nbsp; 89018796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash Class A † | &nbsp;&nbsp;&nbsp;&nbsp;585970 | &nbsp;&nbsp;&nbsp; 87983395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38599 | &nbsp;&nbsp;&nbsp; 66738443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | 1233852 | &nbsp;&nbsp;&nbsp; 130664927 |
|  |  | &nbsp;&nbsp;&nbsp; 637544501 |
| &nbsp;&nbsp;Healthcare — 4.78% | &nbsp;&nbsp;Healthcare — 4.78% | &nbsp;&nbsp;Healthcare — 4.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;854881 | &nbsp;&nbsp;&nbsp; 119144765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;360078 | &nbsp;&nbsp;&nbsp; 58879955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | &nbsp;&nbsp;&nbsp;&nbsp;255562 | &nbsp;&nbsp;&nbsp; 117811526 |
|  |  | &nbsp;&nbsp;&nbsp; 295836246 |
| &nbsp;&nbsp;Industrials — 5.32% | &nbsp;&nbsp;Industrials — 5.32% | &nbsp;&nbsp;Industrials — 5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;616064 | &nbsp;&nbsp;&nbsp; 141978109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | 1518533 | &nbsp;&nbsp;&nbsp; 107071762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies † | 1119060 | &nbsp;&nbsp;&nbsp; 80493986 |
|  |  | &nbsp;&nbsp;&nbsp; 329543857 |
| &nbsp;&nbsp;Information Technology — 64.86% | &nbsp;&nbsp;Information Technology — 64.86% | &nbsp;&nbsp;Information Technology — 64.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | 1183685 | &nbsp;&nbsp;&nbsp; 240797040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Class A | &nbsp;&nbsp;&nbsp;&nbsp;734937 | &nbsp;&nbsp;&nbsp; 92859290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | &nbsp;&nbsp;&nbsp;&nbsp;163616 | &nbsp;&nbsp;&nbsp; 216108921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;829255 | &nbsp;&nbsp;&nbsp; 256662715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems † | &nbsp;&nbsp;&nbsp;&nbsp;383451 | &nbsp;&nbsp;&nbsp; 106549529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica † | &nbsp;&nbsp;&nbsp;&nbsp;323964 | &nbsp;&nbsp;&nbsp; 91254179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | &nbsp;&nbsp;&nbsp;&nbsp;265310 | &nbsp;&nbsp;&nbsp; 114714738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research | 1479172 | &nbsp;&nbsp;&nbsp; 316039889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology | &nbsp;&nbsp;&nbsp;&nbsp;537702 | &nbsp;&nbsp;&nbsp; 181657244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;674884 | &nbsp;&nbsp;&nbsp; 249821810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 2868737 | &nbsp;&nbsp;&nbsp; 500307733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | 1779460 | &nbsp;&nbsp;&nbsp; 208128118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 1154496 | &nbsp;&nbsp;&nbsp; 452285353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow † | &nbsp;&nbsp;&nbsp;&nbsp;826663 | &nbsp;&nbsp;&nbsp; 86427617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify Class A † | &nbsp;&nbsp;&nbsp;&nbsp;843466 | &nbsp;&nbsp;&nbsp; 100051937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 1098482 | &nbsp;&nbsp;&nbsp; 371231992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments | 1136229 | &nbsp;&nbsp;&nbsp; 220587498 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Western Digital | &nbsp;&nbsp;&nbsp;&nbsp;785210 | &nbsp;&nbsp;$212391453 |
|  |  | &nbsp;&nbsp;&nbsp;4017877056 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,323,783,743)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $3,323,783,743)** | &nbsp;&nbsp;&nbsp;**6127543065** |
| &nbsp;&nbsp;**Short-Term Investments — 1.21%** | &nbsp;&nbsp;**Short-Term Investments — 1.21%** | &nbsp;&nbsp;**Short-Term Investments — 1.21%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.21% | &nbsp;&nbsp;Money Market Mutual Funds — 1.21% | &nbsp;&nbsp;Money Market Mutual Funds — 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 18716260 | &nbsp;&nbsp;&nbsp; 18716260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 18716261 | &nbsp;&nbsp;&nbsp; 18716261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 18716261 | &nbsp;&nbsp;&nbsp; 18716261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 18716260 | &nbsp;&nbsp;&nbsp; 18716260 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $74,865,042)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $74,865,042)** | &nbsp;&nbsp;&nbsp; **74865042** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.13%<br> (cost $3,398,648,785)** |  | &nbsp;&nbsp;&nbsp;**6202408107** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.13%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(8010020)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 98,600,993 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$6194398087** |

---

♣ 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 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;32

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Funds

March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Balanced<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Nomura<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Nomura<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Nomura<br> Science and<br> Technology<br> Fund |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$1576109330 | &nbsp;&nbsp;$1818799155 | &nbsp;&nbsp;$111919185 | &nbsp;&nbsp;$253820809 | &nbsp;&nbsp;$83427112 | &nbsp;&nbsp;$6202408107 |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Bullion, at value<sup>‡</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136777049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10460418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14135473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107252 |
| &nbsp;&nbsp;&nbsp;Cash collateral due from brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231381 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581650 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211946 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191050 |
| &nbsp;&nbsp;&nbsp;Variation margin due from broker on centrally cleared credit default swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Due from brokers on centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8457 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;1738133360 | &nbsp;&nbsp;&nbsp;&nbsp;1843814930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112386822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254905767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83901157 | &nbsp;&nbsp;&nbsp;&nbsp;6211739843 |

---

&nbsp;&nbsp;&nbsp;&nbsp;33

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Ivy Funds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Balanced<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Nomura<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Nomura<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Nomura<br> Science and<br> Technology<br> Fund |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;$2464513 | &nbsp;&nbsp;$3973047 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3139861 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9151103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9809414 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375061 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375444 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057038 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881526 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433079 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334719 |
| &nbsp;&nbsp;&nbsp;IRS compliance fee for foreign withholding tax claims (see Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39917 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26460 |
| &nbsp;&nbsp;&nbsp;Legal fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9098 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7035093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15168681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17341756 |
| **Total Net Assets** | &nbsp;&nbsp;$1731098267 | &nbsp;&nbsp;$1828646249 | &nbsp;&nbsp;$111890221 | &nbsp;&nbsp;$250986413 | &nbsp;&nbsp;$83617731 | &nbsp;&nbsp;$6194398087 |
| **Net Assets Consist of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$1918555994 | &nbsp;&nbsp;$1489203374 | &nbsp;&nbsp;$246431640 | &nbsp;&nbsp;$781489250 | &nbsp;&nbsp;$51425978 | &nbsp;&nbsp;$2805554170 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187457727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339442875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134541419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530502837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32191753 | &nbsp;&nbsp;&nbsp;&nbsp;3388843917 |
| **Total Net Assets** | &nbsp;&nbsp;$1731098267 | &nbsp;&nbsp;$1828646249 | &nbsp;&nbsp;$111890221 | &nbsp;&nbsp;$250986413 | &nbsp;&nbsp;$83617731 | &nbsp;&nbsp;$6194398087 |

---

&nbsp;&nbsp;&nbsp;&nbsp;34

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Balanced<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Nomura<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Nomura<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Nomura<br> Science and<br> Technology<br> Fund |
| **Net Asset Value** |  |  |  |  |  |  |
| **Class A:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$1217397512 | &nbsp;&nbsp;$1372413148 | &nbsp;&nbsp;$45472999 | &nbsp;&nbsp;$146542769 | &nbsp;&nbsp;$53273920 | &nbsp;&nbsp;$3952581804 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55177831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55617523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6005331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69674268 |
| Net asset value per share | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$24.68 | &nbsp;&nbsp;$12.32 | &nbsp;&nbsp;$24.40 | &nbsp;&nbsp;$13.19 | &nbsp;&nbsp;$56.73 |
| Sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| Offering price per share, equal to net asset value per share / (1 - sales charge) | &nbsp;&nbsp;$23.41 | &nbsp;&nbsp;$26.19 | &nbsp;&nbsp;$13.07 | &nbsp;&nbsp;$25.89 | &nbsp;&nbsp;$13.99 | &nbsp;&nbsp;$60.19 |
| **Class C:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$29874181 | &nbsp;&nbsp;$30026639 | &nbsp;&nbsp;$3119220 | &nbsp;&nbsp;$2396770 | &nbsp;&nbsp;$446310 | &nbsp;&nbsp;$66820779 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860311 |
| Net asset value per share | &nbsp;&nbsp;$19.46 | &nbsp;&nbsp;$24.15 | &nbsp;&nbsp;$11.28 | &nbsp;&nbsp;$19.17 | &nbsp;&nbsp;$12.08 | &nbsp;&nbsp;$77.67 |
| **Class R:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$19722906 | &nbsp;&nbsp;$6950705 | &nbsp;&nbsp;$17087033 | &nbsp;&nbsp;$9876592 | &nbsp;&nbsp;$876003 | &nbsp;&nbsp;$105143120 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189442 |
| Net asset value per share | &nbsp;&nbsp;$21.52 | &nbsp;&nbsp;$24.59 | &nbsp;&nbsp;$12.15 | &nbsp;&nbsp;$24.04 | &nbsp;&nbsp;$13.07 | &nbsp;&nbsp;$48.02 |
| **Institutional Class:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$373049850 | &nbsp;&nbsp;$402285669 | &nbsp;&nbsp;$41771028 | &nbsp;&nbsp;$73798993 | &nbsp;&nbsp;$21962287 | &nbsp;&nbsp;$1535264675 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16446341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16276335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18712105 |
| Net asset value per share | &nbsp;&nbsp;$22.68 | &nbsp;&nbsp;$24.72 | &nbsp;&nbsp;$12.94 | &nbsp;&nbsp;$25.81 | &nbsp;&nbsp;$13.57 | &nbsp;&nbsp;$82.05 |
| **Class R6:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$18092099 | &nbsp;&nbsp;$10023301 | &nbsp;&nbsp;$1599085 | &nbsp;&nbsp;$5477459 | &nbsp;&nbsp;$4739883 | &nbsp;&nbsp;$208283991 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467410 |
| Net asset value per share | &nbsp;&nbsp;$22.76 | &nbsp;&nbsp;$24.79 | &nbsp;&nbsp;$12.99 | &nbsp;&nbsp;$25.83 | &nbsp;&nbsp;$13.61 | &nbsp;&nbsp;$84.41 |
| **Class Y:** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$72961719 | &nbsp;&nbsp;$6946787 | &nbsp;&nbsp;$2840856 | &nbsp;&nbsp;$12893830 | &nbsp;&nbsp;$2319328 | &nbsp;&nbsp;$326303718 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697457 |
| Net asset value per share | &nbsp;&nbsp;$22.19 | &nbsp;&nbsp;$24.70 | &nbsp;&nbsp;$12.63 | &nbsp;&nbsp;$25.18 | &nbsp;&nbsp;$13.43 | &nbsp;&nbsp;$69.46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;35

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Ivy Funds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Balanced<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Nomura<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Nomura<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Nomura<br> Science and<br> Technology<br> Fund |
| <br>\*Investments, at cost | &nbsp;&nbsp;$1260146447 | &nbsp;&nbsp;$1508930960 | &nbsp;&nbsp;$79778202 | &nbsp;&nbsp;$229780367 | &nbsp;&nbsp;$53804429 | &nbsp;&nbsp;$3398648785 |
| \*\*Investments of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442631494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50262511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>‡</sup>Bullion, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34141850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10589239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>φ</sup>Consolidated statements of assets and liabilities.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;36

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

## Statements of operations
Ivy Funds

Year ended March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Balanced<br> Fund<sup>α</sup> | &nbsp;&nbsp;Nomura<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Nomura<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Nomura<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Nomura<br> Science and<br> Technology<br> Fund |
| **Investment Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$26576367 | &nbsp;&nbsp;$25039550 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;17865749 | &nbsp;&nbsp;&nbsp;17859357 | &nbsp;&nbsp;&nbsp;2714027 | &nbsp;&nbsp;&nbsp;5342824 | &nbsp;&nbsp;2471649 | &nbsp;&nbsp;&nbsp;&nbsp;31418929 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1898930 |
| &nbsp;&nbsp;&nbsp;IRS compliance fee for foreign withholding tax claims (see Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(999806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54582) | &nbsp;&nbsp;&nbsp;&nbsp;(153319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6995) | &nbsp;&nbsp;&nbsp;&nbsp;(1582890) |
|  | &nbsp;&nbsp;&nbsp;44188589 | &nbsp;&nbsp;&nbsp;42724173 | &nbsp;&nbsp;&nbsp;2659445 | &nbsp;&nbsp;&nbsp;5189505 | &nbsp;&nbsp;&nbsp;2464654 | &nbsp;&nbsp;&nbsp;&nbsp;31734969 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;12202359 | &nbsp;&nbsp;&nbsp;12285039 | &nbsp;&nbsp;&nbsp;&nbsp;862388 | &nbsp;&nbsp;&nbsp;1649206 | &nbsp;&nbsp;&nbsp;&nbsp;794928 | &nbsp;&nbsp;&nbsp;&nbsp;49962874 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class A | &nbsp;&nbsp;&nbsp;&nbsp;3208871 | &nbsp;&nbsp;&nbsp;&nbsp;3352672 | &nbsp;&nbsp;&nbsp;&nbsp;105792 | &nbsp;&nbsp;&nbsp;&nbsp;299306 | &nbsp;&nbsp;&nbsp;&nbsp;141551 | &nbsp;&nbsp;&nbsp;&nbsp;10085111 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740288 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559083 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809272 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;2059040 | &nbsp;&nbsp;&nbsp;&nbsp;1746086 | &nbsp;&nbsp;&nbsp;&nbsp;187023 | &nbsp;&nbsp;&nbsp;&nbsp;348791 | &nbsp;&nbsp;&nbsp;&nbsp;144928 | &nbsp;&nbsp;&nbsp;&nbsp;5664972 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83668 | &nbsp;&nbsp;&nbsp;&nbsp;74613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742180 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64405 | &nbsp;&nbsp;&nbsp;&nbsp;38405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423610 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236209 | &nbsp;&nbsp;&nbsp;&nbsp;153590 | &nbsp;&nbsp;&nbsp;&nbsp;173077 | &nbsp;&nbsp;&nbsp;&nbsp;179784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347283 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30091 | &nbsp;&nbsp;&nbsp;&nbsp;27962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32302 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45329 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320672 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326363 |
| &nbsp;&nbsp;&nbsp;Investment interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34183 | &nbsp;&nbsp;&nbsp;&nbsp;13456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226746 |
|  | &nbsp;&nbsp;&nbsp;19376161 | &nbsp;&nbsp;&nbsp;19327698 | &nbsp;&nbsp;&nbsp;1602700 | &nbsp;&nbsp;&nbsp;2794636 | &nbsp;&nbsp;&nbsp;1444501 | &nbsp;&nbsp;&nbsp;&nbsp;70286085 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90557) | &nbsp;&nbsp;&nbsp;&nbsp;(2143249) | &nbsp;&nbsp;&nbsp;&nbsp;(382647) | &nbsp;&nbsp;&nbsp;&nbsp;(431055) | &nbsp;&nbsp;&nbsp;(456399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3727) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;19272643 | &nbsp;&nbsp;&nbsp;17153276 | &nbsp;&nbsp;&nbsp;1219647 | &nbsp;&nbsp;&nbsp;2362830 | &nbsp;&nbsp;&nbsp;&nbsp;987770 | &nbsp;&nbsp;&nbsp;&nbsp;70282358 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;24915946 | &nbsp;&nbsp;&nbsp;25570897 | &nbsp;&nbsp;&nbsp;1439798 | &nbsp;&nbsp;&nbsp;2826675 | &nbsp;&nbsp;&nbsp;1476884 | &nbsp;&nbsp;&nbsp;(38547389) |

---

&nbsp;&nbsp;&nbsp;&nbsp;37

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Ivy Funds

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Asset<br> Strategy<br> Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Balanced<br> Fund<sup>α</sup> | &nbsp;&nbsp;Nomura<br> Climate<br> Solutions<br> Fund | &nbsp;&nbsp;Nomura<br> Natural<br> Resources<br> Fund | &nbsp;&nbsp;Nomura<br> Real Estate<br> Securities<br> Fund | &nbsp;&nbsp;Nomura<br> Science and<br> Technology<br> Fund |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>\*, 1</sup> | &nbsp;&nbsp;$135180747 | &nbsp;&nbsp;$103604916 | &nbsp;&nbsp;$5095931 | &nbsp;&nbsp;$45219597 | &nbsp;&nbsp;$12698072 | &nbsp;&nbsp;$1023507181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;(165602879) | &nbsp;&nbsp;&nbsp;&nbsp;(19105718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295527) | &nbsp;&nbsp;&nbsp;&nbsp;(1902084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(30855947) | &nbsp;&nbsp;&nbsp;&nbsp;82914797 | &nbsp;&nbsp;&nbsp;&nbsp;5078073 | &nbsp;&nbsp;&nbsp;45202951 | &nbsp;&nbsp;&nbsp;12690445 | &nbsp;&nbsp;&nbsp;1023184020 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation<br> (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57858988 | &nbsp;&nbsp;&nbsp;&nbsp;87901999 | &nbsp;&nbsp;&nbsp;30663791 | &nbsp;&nbsp;&nbsp;47377369 | &nbsp;&nbsp;&nbsp;&nbsp;(6055520) | &nbsp;&nbsp;&nbsp;1190231192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;168844843 | &nbsp;&nbsp;&nbsp;&nbsp;(50176751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;226464881 | &nbsp;&nbsp;&nbsp;&nbsp;37354936 | &nbsp;&nbsp;&nbsp;30669772 | &nbsp;&nbsp;&nbsp;47376960 | &nbsp;&nbsp;&nbsp;&nbsp;(6055404) | &nbsp;&nbsp;&nbsp;1190230108 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;195608934 | &nbsp;&nbsp;&nbsp;120269733 | &nbsp;&nbsp;&nbsp;35747845 | &nbsp;&nbsp;&nbsp;92579911 | &nbsp;&nbsp;&nbsp;&nbsp;6635041 | &nbsp;&nbsp;&nbsp;2213414128 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$220524880 | &nbsp;&nbsp;$145840630 | &nbsp;&nbsp;$37187643 | &nbsp;&nbsp;$95406586 | &nbsp;&nbsp;$8111925 | &nbsp;&nbsp;$2174866739 |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated statement of operations. |
| <sup>α</sup> | Consolidated statement of operations from August 22, 2025. |
| <sup>\*</sup> | Includes $4,631,017 in proceeds received from the settlement of class action litigation for Nomura Asset Strategy Fund. |
| <sup>1</sup> | Includes $(1844421) capital gains taxes paid for Nomura Asset Strategy Fund. |
| <sup>2</sup> | Includes net change of $1,769,475 on capital gains taxes accrued for Nomura Asset Strategy Fund. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;38

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

## Statements of changes in net assets
Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Asset<br> Strategy Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura Asset<br> Strategy Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Balance Fund | &nbsp;&nbsp;Nomura<br> Balance Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26<sup>α</sup> | &nbsp;&nbsp;3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24915946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29778784 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25570897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22299615 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30855947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142332783 <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;82914797 | &nbsp;&nbsp;&nbsp;115860960 |
| &nbsp;&nbsp;&nbsp;Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19553) <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454 <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;226464881 | &nbsp;&nbsp;&nbsp;&nbsp;(57452229) | &nbsp;&nbsp;&nbsp;&nbsp;37354936 | &nbsp;&nbsp;&nbsp;(38748453) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;220524880 | &nbsp;&nbsp;&nbsp;&nbsp;114644239 | &nbsp;&nbsp;&nbsp;145840630 | &nbsp;&nbsp;&nbsp;&nbsp;99412122 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(116513092) | &nbsp;&nbsp;&nbsp;&nbsp;(92175091) | &nbsp;&nbsp;&nbsp;&nbsp;(38574637) | &nbsp;&nbsp;&nbsp;&nbsp;(11389226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3027248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2518996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1978684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1530396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(33539588) | &nbsp;&nbsp;&nbsp;&nbsp;(24861015) | &nbsp;&nbsp;&nbsp;&nbsp;(12611257) | &nbsp;&nbsp;&nbsp;&nbsp;(4091219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1644831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1530200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6927031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5709664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101038) |
|  | &nbsp;&nbsp;&nbsp;(163630474) | &nbsp;&nbsp;&nbsp;(128325362) | &nbsp;&nbsp;&nbsp;&nbsp;(52572451) | &nbsp;&nbsp;&nbsp;(15952865) |
| **Capital Share Transactions (See Note 7):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37111822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33631437<sup>5</sup> | &nbsp;&nbsp;&nbsp;134754746 | &nbsp;&nbsp;&nbsp;&nbsp;71882899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4362138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817077<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340415<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78291820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58278808<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79869643 | &nbsp;&nbsp;&nbsp;&nbsp;67538672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248769<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427278<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098302 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>6</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;318367122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;91832430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;39

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Asset<br> Strategy Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura Asset<br> Strategy Fund<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> Balance Fund | &nbsp;&nbsp;Nomura<br> Balance Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26<sup>α</sup> | &nbsp;&nbsp;3/31/25 |
| **Capital Share Transactions (See<br> Note 7) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$109239765 | &nbsp;&nbsp;$90758925 | &nbsp;&nbsp;$37845103 | &nbsp;&nbsp;$11293680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32676347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24657046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12540879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;283227202 | &nbsp;&nbsp;&nbsp;&nbsp;231358082 | &nbsp;&nbsp;&nbsp;&nbsp;688228842 | &nbsp;&nbsp;&nbsp;&nbsp;163443540 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(203316857) | &nbsp;&nbsp;&nbsp;&nbsp;(208789425) | &nbsp;&nbsp;&nbsp;&nbsp;(265883501) | &nbsp;&nbsp;&nbsp;&nbsp;(203398302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9714809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12065800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14443295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16089844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5502461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4819141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4715338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1352896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89555942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98480579) | &nbsp;&nbsp;&nbsp;&nbsp;(132167316) | &nbsp;&nbsp;&nbsp;&nbsp;(137592457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3279662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9314775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2606982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3037166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14491733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14680873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3676445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3072535) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(325861464) | &nbsp;&nbsp;&nbsp;&nbsp;(348150593) | &nbsp;&nbsp;&nbsp;&nbsp;(423492877) | &nbsp;&nbsp;&nbsp;&nbsp;(364543200) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42634262) | &nbsp;&nbsp;&nbsp;&nbsp;(116792511) | &nbsp;&nbsp;&nbsp;&nbsp;264735965 | &nbsp;&nbsp;&nbsp;&nbsp;(201099660) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14260144 | &nbsp;&nbsp;&nbsp;&nbsp;(130473634) | &nbsp;&nbsp;&nbsp;&nbsp;358004144 | &nbsp;&nbsp;&nbsp;&nbsp;(117640403) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;1716838123 | &nbsp;&nbsp;&nbsp;1847311757 | &nbsp;&nbsp;&nbsp;1470642105 | &nbsp;&nbsp;&nbsp;1588282508 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$1731098267 | &nbsp;&nbsp;$1716838123 | &nbsp;&nbsp;$1828646249 | &nbsp;&nbsp;$1470642105 |

---

<sup>1</sup> Excludes payment by affiliates.

<sup>2</sup> Excludes net increase from payment by affiliates.

<sup>3</sup> See Note 2 in "Notes to financial statements."

<sup>4</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

<sup>5</sup> Amount includes capital contribution by affiliates. See Note 2 in "Notes to financial statements."

<sup>6</sup> See Note 8 in "Notes to financial statements."

φ Consolidated statements of changes in net assets.

<sup>α</sup> Consolidated statement of changes in net assets from August 22, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;40

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Climate<br> Solutions Fund | &nbsp;&nbsp;Nomura Climate<br> Solutions Fund | &nbsp;&nbsp;Nomura Natural<br> Resources Fund | &nbsp;&nbsp;Nomura Natural<br> Resources Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1439798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1351609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2826675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1727343 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;5078073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10436371) | &nbsp;&nbsp;&nbsp;45202951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4454439) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;30669772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980084 | &nbsp;&nbsp;&nbsp;47376960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93715 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;37187643 | &nbsp;&nbsp;&nbsp;&nbsp;(5104678) | &nbsp;&nbsp;&nbsp;95406586 | &nbsp;&nbsp;&nbsp;&nbsp;(2633381) |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5008256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1900818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379258) |
| &nbsp;&nbsp;&nbsp;Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(920612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78530) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(949326) | &nbsp;&nbsp;&nbsp;&nbsp;(1287617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9362757) |
| **Capital Share Transactions (See Note 7):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1410792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946092 | &nbsp;&nbsp;&nbsp;&nbsp;8035277 | &nbsp;&nbsp;&nbsp;&nbsp;10394117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1493192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460714 | &nbsp;&nbsp;&nbsp;&nbsp;1709211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6048928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6957678 | &nbsp;&nbsp;&nbsp;20026163 | &nbsp;&nbsp;&nbsp;&nbsp;7424689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321724 | &nbsp;&nbsp;&nbsp;&nbsp;1351257 | &nbsp;&nbsp;&nbsp;&nbsp;1367688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296232 | &nbsp;&nbsp;&nbsp;&nbsp;2316643 | &nbsp;&nbsp;&nbsp;&nbsp;1122867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;41

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Climate<br> Solutions Fund | &nbsp;&nbsp;Nomura Climate<br> Solutions Fund | &nbsp;&nbsp;Nomura Natural<br> Resources Fund | &nbsp;&nbsp;Nomura Natural<br> Resources Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Capital Share Transactions (See<br> Note 7) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$402917 | &nbsp;&nbsp;$551238 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5842905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457303 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10575761 | &nbsp;&nbsp;&nbsp;&nbsp;12332822 | &nbsp;&nbsp;&nbsp;&nbsp;33652244 | &nbsp;&nbsp;&nbsp;&nbsp;30744531 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(12322970) | &nbsp;&nbsp;&nbsp;&nbsp;(19737362) | &nbsp;&nbsp;&nbsp;&nbsp;(23308031) | &nbsp;&nbsp;&nbsp;&nbsp;(29201965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(1174392) | &nbsp;&nbsp;&nbsp;&nbsp;(1610955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(643828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(3965570) | &nbsp;&nbsp;&nbsp;&nbsp;(6197732) | &nbsp;&nbsp;&nbsp;&nbsp;(1766981) | &nbsp;&nbsp;&nbsp;&nbsp;(3591430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(14464706) | &nbsp;&nbsp;&nbsp;&nbsp;(23746750) | &nbsp;&nbsp;&nbsp;&nbsp;(13007939) | &nbsp;&nbsp;&nbsp;&nbsp;(16578963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(782985) | &nbsp;&nbsp;&nbsp;&nbsp;(1687383) | &nbsp;&nbsp;&nbsp;&nbsp;(2778855) | &nbsp;&nbsp;&nbsp;&nbsp;(1917989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(740745) | &nbsp;&nbsp;&nbsp;&nbsp;(2255231) | &nbsp;&nbsp;&nbsp;&nbsp;(3194350) | &nbsp;&nbsp;&nbsp;&nbsp;(2685356) |
|  | &nbsp;&nbsp;&nbsp;(33451368) | &nbsp;&nbsp;&nbsp;&nbsp;(55235413) | &nbsp;&nbsp;&nbsp;&nbsp;(44699984) | &nbsp;&nbsp;&nbsp;&nbsp;(54772549) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(22875607) | &nbsp;&nbsp;&nbsp;&nbsp;(42902591) | &nbsp;&nbsp;&nbsp;&nbsp;(11047740) | &nbsp;&nbsp;&nbsp;&nbsp;(24028018) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;13362710 | &nbsp;&nbsp;&nbsp;&nbsp;(49294886) | &nbsp;&nbsp;&nbsp;&nbsp;84358846 | &nbsp;&nbsp;&nbsp;&nbsp;(36024156) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;98527511 | &nbsp;&nbsp;&nbsp;147822397 | &nbsp;&nbsp;&nbsp;166627567 | &nbsp;&nbsp;&nbsp;202651723 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$111890221 | &nbsp;&nbsp;$98527511 | &nbsp;&nbsp;$250986413 | &nbsp;&nbsp;$166627567 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;42

------

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Real Estate<br> Securities Fund | &nbsp;&nbsp;Nomura<br> Real Estate<br> Securities Fund | &nbsp;&nbsp;Nomura<br> Science and<br> Technology Fund | &nbsp;&nbsp;Nomura<br> Science and<br> Technology Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1476884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1657693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(38547389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(33361058) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;12690445 | &nbsp;&nbsp;&nbsp;&nbsp;21636594 | &nbsp;&nbsp;&nbsp;1023184020 | &nbsp;&nbsp;&nbsp;1204678718 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(6055404) | &nbsp;&nbsp;&nbsp;(13832570) | &nbsp;&nbsp;&nbsp;1190230108 | &nbsp;&nbsp;&nbsp;&nbsp;(937796843) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8111925 | &nbsp;&nbsp;&nbsp;&nbsp;9461717 | &nbsp;&nbsp;&nbsp;2174866739 | &nbsp;&nbsp;&nbsp;&nbsp;233520817 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(10823839) | &nbsp;&nbsp;&nbsp;&nbsp;(8551816) | &nbsp;&nbsp;&nbsp;&nbsp;(663409877) | &nbsp;&nbsp;&nbsp;&nbsp;(582131194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9095325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23329935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21266412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18547939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4260873) | &nbsp;&nbsp;&nbsp;&nbsp;(4353447) | &nbsp;&nbsp;&nbsp;&nbsp;(187713315) | &nbsp;&nbsp;&nbsp;&nbsp;(169976670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23112407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19798380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(453405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45497790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39121322) |
|  | &nbsp;&nbsp;&nbsp;(16542293) | &nbsp;&nbsp;&nbsp;(13898603) | &nbsp;&nbsp;&nbsp;&nbsp;(950095126) | &nbsp;&nbsp;&nbsp;&nbsp;(852905440) |
| **Capital Share Transactions (See Note 7):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1695103 | &nbsp;&nbsp;&nbsp;&nbsp;2196186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114297114 | &nbsp;&nbsp;&nbsp;&nbsp;102330044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6603030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14416930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15859535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5708657 | &nbsp;&nbsp;&nbsp;&nbsp;6676645 | &nbsp;&nbsp;&nbsp;&nbsp;272703140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225619311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;3535731 | &nbsp;&nbsp;&nbsp;&nbsp;1856846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63895341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40950556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61231968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51276586 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;10705481 | &nbsp;&nbsp;&nbsp;&nbsp;8508903 | &nbsp;&nbsp;&nbsp;&nbsp;651413931 | &nbsp;&nbsp;&nbsp;&nbsp;578353136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9091047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23301928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21219369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18544760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4256668 | &nbsp;&nbsp;&nbsp;&nbsp;4350002 | &nbsp;&nbsp;&nbsp;&nbsp;185179586 | &nbsp;&nbsp;&nbsp;&nbsp;169146364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22543660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19201734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42374621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39011904 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;28197804 | &nbsp;&nbsp;&nbsp;&nbsp;24980369 | &nbsp;&nbsp;&nbsp;1464969737 | &nbsp;&nbsp;&nbsp;1289880989 |

---

&nbsp;&nbsp;&nbsp;&nbsp;43

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Ivy Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> Real Estate<br> Securities Fund | &nbsp;&nbsp;Nomura<br> Real Estate<br> Securities Fund | &nbsp;&nbsp;Nomura<br> Science and<br> Technology Fund | &nbsp;&nbsp;Nomura<br> Science and<br> Technology Fund |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;3/31/25 |
| **Capital Share Transactions (See Note 7) (continued):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(13448603) | &nbsp;&nbsp;$(18231348) | &nbsp;&nbsp;$(784253486) | &nbsp;&nbsp;$(750542261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30568555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34123626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38133829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39866893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(15042062) | &nbsp;&nbsp;&nbsp;(20942173) | &nbsp;&nbsp;&nbsp;&nbsp;(530949235) | &nbsp;&nbsp;&nbsp;&nbsp;(434166523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(2578824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62697527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59195289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(534693) | &nbsp;&nbsp;&nbsp;&nbsp;(1088902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99317477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87738455) |
|  | &nbsp;&nbsp;&nbsp;(32007522) | &nbsp;&nbsp;&nbsp;(41300249) | &nbsp;&nbsp;&nbsp;(1545920109) | &nbsp;&nbsp;&nbsp;(1405633047) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(3809718) | &nbsp;&nbsp;&nbsp;(16319880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80950372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115752058) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;(12240086) | &nbsp;&nbsp;&nbsp;(20756766) | &nbsp;&nbsp;&nbsp;&nbsp;1143821241 | &nbsp;&nbsp;&nbsp;&nbsp;(735136681) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;95857817 | &nbsp;&nbsp;&nbsp;116614583 | &nbsp;&nbsp;&nbsp;&nbsp;5050576846 | &nbsp;&nbsp;&nbsp;&nbsp;5785713527 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$83617731 | &nbsp;&nbsp;$95857817 | &nbsp;&nbsp;$6194398087 | &nbsp;&nbsp;$5050576846 |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;44

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

## Financial highlights
Nomura Asset Strategy Fund Class A<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.44 | &nbsp;&nbsp;$21.66 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$23.05 | &nbsp;&nbsp;$24.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.81) |
| Capital contribution by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$21.44 | &nbsp;&nbsp;$21.66 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$23.05 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.14%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.79%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%<sup>7</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1217397 | &nbsp;&nbsp;$1232911 | &nbsp;&nbsp;$1327361 | &nbsp;&nbsp;$1259211 | &nbsp;&nbsp;$1531209 |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.38% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>3</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and total return by 0.28%. |
| <sup>4</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>5</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
| <sup>6</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;45

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund Class C<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$19.17 | &nbsp;&nbsp;$19.54 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$21.25 | &nbsp;&nbsp;$22.75 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.08) | &nbsp;&nbsp;&nbsp;&nbsp;(2.63) |
| Capital contribution by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.46 | &nbsp;&nbsp;$19.17 | &nbsp;&nbsp;$19.54 | &nbsp;&nbsp;$16.84 | &nbsp;&nbsp;$21.25 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;12.13%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.65%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;19.26%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5.80%) | &nbsp;&nbsp;&nbsp;&nbsp;4.49%<sup>7</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$29874 | &nbsp;&nbsp;$31469 | &nbsp;&nbsp;$37710 | &nbsp;&nbsp;$48216 | &nbsp;&nbsp;$89955 |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.06 and total return by 0.15% and 0.36% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>3</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.05 and total return by 0.26%. |
| <sup>4</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>5</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
| <sup>6</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

46&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund Class R<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$20.98 | &nbsp;&nbsp;$21.23 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$22.68 | &nbsp;&nbsp;$24.09 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;(2.72) |
| Capital contribution by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$21.52 | &nbsp;&nbsp;$20.98 | &nbsp;&nbsp;$21.23 | &nbsp;&nbsp;$18.24 | &nbsp;&nbsp;$22.68 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;12.68%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.16%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;19.88%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5.10%) | &nbsp;&nbsp;&nbsp;&nbsp;4.98%<sup>7</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$19723 | &nbsp;&nbsp;$20596 | &nbsp;&nbsp;$21732 | &nbsp;&nbsp;$20073 | &nbsp;&nbsp;$23787 |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.38% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>3</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and total return by 0.29%. |
| <sup>4</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>5</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>6</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;47

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund Institutional Class<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.99 | &nbsp;&nbsp;$22.17 | &nbsp;&nbsp;$19.01 | &nbsp;&nbsp;$23.48 | &nbsp;&nbsp;$24.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.87) |
| Capital contribution by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$22.68 | &nbsp;&nbsp;$21.99 | &nbsp;&nbsp;$22.17 | &nbsp;&nbsp;$19.01 | &nbsp;&nbsp;$23.48 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;13.28%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.69%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20.49%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.58%) | &nbsp;&nbsp;&nbsp;&nbsp;5.59%<sup>7</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$373050 | &nbsp;&nbsp;$340532 | &nbsp;&nbsp;$358336 | &nbsp;&nbsp;$393751 | &nbsp;&nbsp;$597362 |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>3</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and total return by 0.27%. |
| <sup>4</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>5</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>6</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

48&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund Class R6<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$22.23 | &nbsp;&nbsp;$19.08 | &nbsp;&nbsp;$23.55 | &nbsp;&nbsp;$24.92 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.32) | &nbsp;&nbsp;&nbsp;&nbsp;(2.91) |
| Capital contribution by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$22.76 | &nbsp;&nbsp;$22.06 | &nbsp;&nbsp;$22.23 | &nbsp;&nbsp;$19.08 | &nbsp;&nbsp;$23.55 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;13.40%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.80%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;20.45%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.39%) | &nbsp;&nbsp;&nbsp;&nbsp;5.73%<sup>7</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$18092 | &nbsp;&nbsp;$16142 | &nbsp;&nbsp;$20788 | &nbsp;&nbsp;$17914 | &nbsp;&nbsp;$16520 |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.13% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>3</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and total return by 0.27%. |
| <sup>4</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>5</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>6</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;49

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Asset Strategy Fund Class Y<sup>φ</sup>

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$21.56 | &nbsp;&nbsp;$21.77 | &nbsp;&nbsp;$18.69 | &nbsp;&nbsp;$23.14 | &nbsp;&nbsp;$24.53 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.25) | &nbsp;&nbsp;&nbsp;&nbsp;(2.81) |
| Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$22.19 | &nbsp;&nbsp;$21.56 | &nbsp;&nbsp;$21.77 | &nbsp;&nbsp;$18.69 | &nbsp;&nbsp;$23.14 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;13.00%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.42%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;20.15%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.72%) | &nbsp;&nbsp;&nbsp;&nbsp;5.35%<sup>6,7</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$72962 | &nbsp;&nbsp;$75188 | &nbsp;&nbsp;$81385 | &nbsp;&nbsp;$78829 | &nbsp;&nbsp;$96913 |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.03 and $0.07 and total return by 0.14% and 0.37% for the years ended March 31, 2025 and 2024, respectively. See Note 1 in "Notes to financial statements." |
| <sup>3</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and total return by 0.28%. |
| <sup>4</sup> | Payment by affiliates and capital contribution by affiliates are less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>5</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>6</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>7</sup> | Payments by affiliates had no impact on net asset value and total return. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |

---

See accompanying notes, which are an integral part of the financial statements.

50&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Nomura Balanced Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>α</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$23.21 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$25.53 | &nbsp;&nbsp;$27.29 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.04) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.16) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.68 | &nbsp;&nbsp;$23.21 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$25.53 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.27%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.36%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1372413 | &nbsp;&nbsp;$1080933 | &nbsp;&nbsp;$1140285 | &nbsp;&nbsp;$1102496 | &nbsp;&nbsp;$1485004 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>6</sup> | Includes non-recurring expenses of 0.02% for the year ended March 31, 2026. |

---

See accompanying notes, which are an integral part of the financial statements.

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Nomura Balanced Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>α</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$22.72 | &nbsp;&nbsp;$21.60 | &nbsp;&nbsp;$18.49 | &nbsp;&nbsp;$25.21 | &nbsp;&nbsp;$26.98 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.93) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.93) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.15 | &nbsp;&nbsp;$22.72 | &nbsp;&nbsp;$21.60 | &nbsp;&nbsp;$18.49 | &nbsp;&nbsp;$25.21 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.44%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.66%<sup>4</sup> | &nbsp;&nbsp;&nbsp;18.44%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.53%) | &nbsp;&nbsp;&nbsp;&nbsp;3.77% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$30026 | &nbsp;&nbsp;$34221 | &nbsp;&nbsp;$43118 | &nbsp;&nbsp;$63537 | &nbsp;&nbsp;$117058 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.74%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.86%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;(0.34%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;(0.34%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>6</sup> | Includes non-recurring expenses of 0.02% for the year ended March 31, 2026. |

---

See accompanying notes, which are an integral part of the financial statements.

52&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Balanced Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>α</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$23.10 | &nbsp;&nbsp;$21.93 | &nbsp;&nbsp;$18.78 | &nbsp;&nbsp;$25.46 | &nbsp;&nbsp;$27.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.02) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.78) | &nbsp;&nbsp;&nbsp;&nbsp;(3.03) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.59 | &nbsp;&nbsp;$23.10 | &nbsp;&nbsp;$21.93 | &nbsp;&nbsp;$18.78 | &nbsp;&nbsp;$25.46 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;8.97%<sup>4</sup> | &nbsp;&nbsp;&nbsp;6.23%<sup>4</sup> | &nbsp;&nbsp;&nbsp;19.04%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.97%) | &nbsp;&nbsp;&nbsp;&nbsp;4.15% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$6951 | &nbsp;&nbsp;$9794 | &nbsp;&nbsp;$9503 | &nbsp;&nbsp;$8650 | &nbsp;&nbsp;$10852 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.24%<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.36%<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>6</sup> | Includes non-recurring expenses of 0.02% for the year ended March 31, 2026. |

---

See accompanying notes, which are an integral part of the financial statements.

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Nomura Balanced Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>α</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$23.24 | &nbsp;&nbsp;$22.03 | &nbsp;&nbsp;$18.86 | &nbsp;&nbsp;$25.54 | &nbsp;&nbsp;$27.29 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.04) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.21) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.72 | &nbsp;&nbsp;$23.24 | &nbsp;&nbsp;$22.03 | &nbsp;&nbsp;$18.86 | &nbsp;&nbsp;$25.54 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.56%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.76%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19.63%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.52%) | &nbsp;&nbsp;&nbsp;&nbsp;4.82% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$402286 | &nbsp;&nbsp;$327848 | &nbsp;&nbsp;$375021 | &nbsp;&nbsp;$406338 | &nbsp;&nbsp;$745878 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>6</sup> | Includes non-recurring expenses of 0.02% for the year ended March 31, 2026. |

---

See accompanying notes, which are an integral part of the financial statements.

54&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Balanced Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>α</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$23.31 | &nbsp;&nbsp;$22.09 | &nbsp;&nbsp;$18.91 | &nbsp;&nbsp;$25.60 | &nbsp;&nbsp;$27.36 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.04) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.91) | &nbsp;&nbsp;&nbsp;&nbsp;(3.25) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.79 | &nbsp;&nbsp;$23.31 | &nbsp;&nbsp;$22.09 | &nbsp;&nbsp;$18.91 | &nbsp;&nbsp;$25.60 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.61%<sup>4</sup> | &nbsp;&nbsp;&nbsp;6.86%<sup>4</sup> | &nbsp;&nbsp;&nbsp;19.72%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.39%) | &nbsp;&nbsp;&nbsp;&nbsp;4.93% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$10023 | &nbsp;&nbsp;$8678 | &nbsp;&nbsp;$9906 | &nbsp;&nbsp;$9291 | &nbsp;&nbsp;$10232 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>6</sup> | &nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.78%<sup>6</sup> | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>6</sup> | Includes non-recurring expenses of 0.02% for the year ended March 31, 2026. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;55

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Nomura Balanced Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>α</sup>** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$23.22 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$25.54 | &nbsp;&nbsp;$27.29 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.04) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.84) | &nbsp;&nbsp;&nbsp;&nbsp;(3.15) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.70 | &nbsp;&nbsp;$23.22 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;$18.85 | &nbsp;&nbsp;$25.54 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;9.24%<sup>4</sup> | &nbsp;&nbsp;&nbsp;6.51%<sup>4</sup> | &nbsp;&nbsp;&nbsp;19.35%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.71%) | &nbsp;&nbsp;&nbsp;&nbsp;4.59%<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$6947 | &nbsp;&nbsp;$9168 | &nbsp;&nbsp;$10450 | &nbsp;&nbsp;$10194 | &nbsp;&nbsp;$12699 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.99%<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;1.11%<sup>6</sup> | &nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% |

---

---

| | |
|:---|:---|
| <sup>α</sup> | Consolidated financial highlights from August 22, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.03 and total return by 0.16%. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
| <sup>4</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>5</sup> | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
| <sup>6</sup> | Includes non-recurring expenses of 0.02% for the year ended March 31, 2026. |

---

See accompanying notes, which are an integral part of the financial statements.

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Nomura Climate Solutions Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$9.25 | &nbsp;&nbsp;$9.88 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$6.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Net asset value, end of period** | &nbsp;&nbsp;$12.32 | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$9.25 | &nbsp;&nbsp;$9.88 | &nbsp;&nbsp;$9.69 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;43.94% | &nbsp;&nbsp;&nbsp;&nbsp;(5.52%) | &nbsp;&nbsp;&nbsp;(3.92%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;&nbsp;59.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$45473 | &nbsp;&nbsp;$40972 | &nbsp;&nbsp;$60980 | &nbsp;&nbsp;$91379 | &nbsp;&nbsp;$104280 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;57

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Nomura Climate Solutions Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$7.91 | &nbsp;&nbsp;$8.48 | &nbsp;&nbsp;$9.03 | &nbsp;&nbsp;$8.88 | &nbsp;&nbsp;$5.68 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Net asset value, end of period** | &nbsp;&nbsp;$11.28 | &nbsp;&nbsp;$7.91 | &nbsp;&nbsp;$8.48 | &nbsp;&nbsp;$9.03 | &nbsp;&nbsp;$8.88 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;42.91% | &nbsp;&nbsp;&nbsp;&nbsp;(6.29%) | &nbsp;&nbsp;&nbsp;(4.57%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;57.97% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$3119 | &nbsp;&nbsp;$3164 | &nbsp;&nbsp;$4902 | &nbsp;&nbsp;$9909 | &nbsp;&nbsp;$13503 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;2.34% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.11%.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

58&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Climate Solutions Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$8.53 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.57 | &nbsp;&nbsp;$6.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| **Net asset value, end of period** | &nbsp;&nbsp;$12.15 | &nbsp;&nbsp;$8.53 | &nbsp;&nbsp;$9.13 | &nbsp;&nbsp;$9.74 | &nbsp;&nbsp;$9.57 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;43.52%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(5.72%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;(4.14%)<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.31%<sup>4</sup> | &nbsp;&nbsp;&nbsp;58.80% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$17087 | &nbsp;&nbsp;$14060 | &nbsp;&nbsp;$19602 | &nbsp;&nbsp;$33606 | &nbsp;&nbsp;$36368 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Climate Solutions Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.06 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$10.34 | &nbsp;&nbsp;$10.13 | &nbsp;&nbsp;$6.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| **Net asset value, end of period** | &nbsp;&nbsp;$12.94 | &nbsp;&nbsp;$9.06 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$10.34 | &nbsp;&nbsp;$10.13 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;44.33% | &nbsp;&nbsp;&nbsp;&nbsp;(5.32%) | &nbsp;&nbsp;&nbsp;(3.69%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;&nbsp;59.90% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$41771 | &nbsp;&nbsp;$36515 | &nbsp;&nbsp;$55024 | &nbsp;&nbsp;$97636 | &nbsp;&nbsp;$110841 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Climate Solutions Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$6.49 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| **Net asset value, end of period** | &nbsp;&nbsp;$12.99 | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.18 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;44.59% | &nbsp;&nbsp;&nbsp;&nbsp;(5.17%) | &nbsp;&nbsp;&nbsp;(3.58%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;4.03% | &nbsp;&nbsp;&nbsp;59.68% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1599 | &nbsp;&nbsp;$1431 | &nbsp;&nbsp;$2879 | &nbsp;&nbsp;$3411 | &nbsp;&nbsp;$6610 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.07% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;61

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Nomura Climate Solutions Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$8.85 | &nbsp;&nbsp;$9.46 | &nbsp;&nbsp;$10.08 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;$6.28 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| **Net asset value, end of period** | &nbsp;&nbsp;$12.63 | &nbsp;&nbsp;$8.85 | &nbsp;&nbsp;$9.46 | &nbsp;&nbsp;$10.08 | &nbsp;&nbsp;$9.85 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;43.97% | &nbsp;&nbsp;&nbsp;&nbsp;(5.63%) | &nbsp;&nbsp;&nbsp;(3.89%)<sup>2</sup> | &nbsp;&nbsp;&nbsp;3.69% | &nbsp;&nbsp;&nbsp;59.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2841 | &nbsp;&nbsp;$2386 | &nbsp;&nbsp;$4435 | &nbsp;&nbsp;$7290 | &nbsp;&nbsp;$11467 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.10%.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

62&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Natural Resources Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.05 | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$15.75 | &nbsp;&nbsp;$16.92 | &nbsp;&nbsp;$12.42 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.40 | &nbsp;&nbsp;$15.05 | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$15.75 | &nbsp;&nbsp;$16.92 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;62.13%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.80%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.63% | &nbsp;&nbsp;&nbsp;&nbsp;(5.03%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39.47% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$146543 | &nbsp;&nbsp;$102747 | &nbsp;&nbsp;$123472 | &nbsp;&nbsp;$150383 | &nbsp;&nbsp;$170746 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Natural Resources Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$11.92 | &nbsp;&nbsp;$12.99 | &nbsp;&nbsp;$12.71 | &nbsp;&nbsp;$13.81 | &nbsp;&nbsp;$10.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.17 | &nbsp;&nbsp;$11.92 | &nbsp;&nbsp;$12.99 | &nbsp;&nbsp;$12.71 | &nbsp;&nbsp;$13.81 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;60.82%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(2.52%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;(5.76%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;38.45% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2397 | &nbsp;&nbsp;$1874 | &nbsp;&nbsp;$2394 | &nbsp;&nbsp;$3846 | &nbsp;&nbsp;$3460 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

64&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Natural Resources Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$14.87 | &nbsp;&nbsp;$15.93 | &nbsp;&nbsp;$15.52 | &nbsp;&nbsp;$16.69 | &nbsp;&nbsp;$12.25 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| **Net asset value, end of period** | &nbsp;&nbsp;$24.04 | &nbsp;&nbsp;$14.87 | &nbsp;&nbsp;$15.93 | &nbsp;&nbsp;$15.52 | &nbsp;&nbsp;$16.69 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;61.67%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(2.00%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;4.33% | &nbsp;&nbsp;&nbsp;(5.21%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;39.60% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$9876 | &nbsp;&nbsp;$6305 | &nbsp;&nbsp;$9011 | &nbsp;&nbsp;$12202 | &nbsp;&nbsp;$14145 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;65

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Nomura Natural Resources Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.88 | &nbsp;&nbsp;$16.99 | &nbsp;&nbsp;$16.52 | &nbsp;&nbsp;$17.72 | &nbsp;&nbsp;$12.99 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.81 | &nbsp;&nbsp;$15.88 | &nbsp;&nbsp;$16.99 | &nbsp;&nbsp;$16.52 | &nbsp;&nbsp;$17.72 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;62.53%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(1.57%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;(4.73%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;40.30% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$73799 | &nbsp;&nbsp;$42165 | &nbsp;&nbsp;$51824 | &nbsp;&nbsp;$76474 | &nbsp;&nbsp;$84343 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Natural Resources Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.86 | &nbsp;&nbsp;$16.96 | &nbsp;&nbsp;$16.56 | &nbsp;&nbsp;$17.79 | &nbsp;&nbsp;$13.03 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.83 | &nbsp;&nbsp;$15.86 | &nbsp;&nbsp;$16.96 | &nbsp;&nbsp;$16.56 | &nbsp;&nbsp;$17.79 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;62.86%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(1.41%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;4.89% | &nbsp;&nbsp;&nbsp;(4.63%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;40.61% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$5477 | &nbsp;&nbsp;$4730 | &nbsp;&nbsp;$5446 | &nbsp;&nbsp;$4213 | &nbsp;&nbsp;$2228 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;2.46% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.46% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Natural Resources Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.53 | &nbsp;&nbsp;$16.63 | &nbsp;&nbsp;$16.19 | &nbsp;&nbsp;$17.38 | &nbsp;&nbsp;$12.74 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| **Net asset value, end of period** | &nbsp;&nbsp;$25.18 | &nbsp;&nbsp;$15.53 | &nbsp;&nbsp;$16.63 | &nbsp;&nbsp;$16.19 | &nbsp;&nbsp;$17.38 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;62.14%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(1.79%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.60% | &nbsp;&nbsp;&nbsp;(4.95%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;40.08% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$12894 | &nbsp;&nbsp;$8807 | &nbsp;&nbsp;$10505 | &nbsp;&nbsp;$12632 | &nbsp;&nbsp;$14348 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Real Estate Securities Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$14.92 | &nbsp;&nbsp;$15.74 | &nbsp;&nbsp;$16.43 | &nbsp;&nbsp;$27.72 | &nbsp;&nbsp;$24.82 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.06) | &nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.75) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.19 | &nbsp;&nbsp;$14.92 | &nbsp;&nbsp;$15.74 | &nbsp;&nbsp;$16.43 | &nbsp;&nbsp;$27.72 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.70%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.89%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.55%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(20.26%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26.90% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$53274 | &nbsp;&nbsp;$59981 | &nbsp;&nbsp;$70391 | &nbsp;&nbsp;$86795 | &nbsp;&nbsp;$143562 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Real Estate Securities Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$13.93 | &nbsp;&nbsp;$14.86 | &nbsp;&nbsp;$15.60 | &nbsp;&nbsp;$26.73 | &nbsp;&nbsp;$24.11 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.98) | &nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.58) |
| **Net asset value, end of period** | &nbsp;&nbsp;$12.08 | &nbsp;&nbsp;$13.93 | &nbsp;&nbsp;$14.86 | &nbsp;&nbsp;$15.60 | &nbsp;&nbsp;$26.73 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;8.86%<sup>3</sup> | &nbsp;&nbsp;&nbsp;8.07%<sup>3</sup> | &nbsp;&nbsp;&nbsp;5.79%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(21.00%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;25.74% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$446 | &nbsp;&nbsp;$380 | &nbsp;&nbsp;$577 | &nbsp;&nbsp;$815 | &nbsp;&nbsp;$1707 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;2.33% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;2.33% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;(0.24%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

70&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Real Estate Securities Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$14.83 | &nbsp;&nbsp;$15.67 | &nbsp;&nbsp;$16.36 | &nbsp;&nbsp;$27.66 | &nbsp;&nbsp;$24.78 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.56 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;(2.24) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.68) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.07 | &nbsp;&nbsp;$14.83 | &nbsp;&nbsp;$15.67 | &nbsp;&nbsp;$16.36 | &nbsp;&nbsp;$27.66 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;9.38%<sup>3</sup> | &nbsp;&nbsp;&nbsp;8.67%<sup>3</sup> | &nbsp;&nbsp;&nbsp;6.33%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(20.50%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;26.55% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$876 | &nbsp;&nbsp;$618 | &nbsp;&nbsp;$477 | &nbsp;&nbsp;$497 | &nbsp;&nbsp;$555 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;71

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Nomura Real Estate Securities Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.27 | &nbsp;&nbsp;$16.04 | &nbsp;&nbsp;$16.70 | &nbsp;&nbsp;$28.05 | &nbsp;&nbsp;$25.05 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.81 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.10) | &nbsp;&nbsp;&nbsp;&nbsp;(2.28) | &nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.81) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.57 | &nbsp;&nbsp;$15.27 | &nbsp;&nbsp;$16.04 | &nbsp;&nbsp;$16.70 | &nbsp;&nbsp;$28.05 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.90%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.22%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.84%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(20.07%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27.32% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$21962 | &nbsp;&nbsp;$29108 | &nbsp;&nbsp;$40263 | &nbsp;&nbsp;$64516 | &nbsp;&nbsp;$133161 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Real Estate Securities Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.30 | &nbsp;&nbsp;$16.07 | &nbsp;&nbsp;$16.74 | &nbsp;&nbsp;$28.10 | &nbsp;&nbsp;$25.09 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.85) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.61 | &nbsp;&nbsp;$15.30 | &nbsp;&nbsp;$16.07 | &nbsp;&nbsp;$16.74 | &nbsp;&nbsp;$28.10 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;10.11%<sup>3</sup> | &nbsp;&nbsp;&nbsp;9.36%<sup>3</sup> | &nbsp;&nbsp;&nbsp;6.94%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(19.99%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;27.48% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$4740 | &nbsp;&nbsp;$3373 | &nbsp;&nbsp;$1938 | &nbsp;&nbsp;$1973 | &nbsp;&nbsp;$1112 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Real Estate Securities Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$15.14 | &nbsp;&nbsp;$15.93 | &nbsp;&nbsp;$16.60 | &nbsp;&nbsp;$27.79 | &nbsp;&nbsp;$24.87 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3.06) | &nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.76) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.43 | &nbsp;&nbsp;$15.14 | &nbsp;&nbsp;$15.93 | &nbsp;&nbsp;$16.60 | &nbsp;&nbsp;$27.79 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;9.69%<sup>3</sup> | &nbsp;&nbsp;&nbsp;8.93%<sup>3</sup> | &nbsp;&nbsp;&nbsp;6.57%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(20.27%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;26.98% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$2320 | &nbsp;&nbsp;$2398 | &nbsp;&nbsp;$2969 | &nbsp;&nbsp;$3481 | &nbsp;&nbsp;$90376 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

74&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Science and Technology Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$46.51 | &nbsp;&nbsp;$53.07 | &nbsp;&nbsp;$42.38 | &nbsp;&nbsp;$63.48 | &nbsp;&nbsp;$92.04 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30.63) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30.63) |
| **Net asset value, end of period** | &nbsp;&nbsp;$56.73 | &nbsp;&nbsp;$46.51 | &nbsp;&nbsp;$53.07 | &nbsp;&nbsp;$42.38 | &nbsp;&nbsp;$63.48 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.88%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$3952582 | &nbsp;&nbsp;$3241372 | &nbsp;&nbsp;$3743633 | &nbsp;&nbsp;$3186208 | &nbsp;&nbsp;$4958005 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.05 and $0.04 and total return by 0.09% and 0.09% for the years ended March 31, 2025 and 2024, respectively.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Science and Technology Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26<sup>1</sup>** | &nbsp;&nbsp;**3/31/25<sup>1</sup>** | &nbsp;&nbsp;**3/31/24<sup>1</sup>** | &nbsp;&nbsp;**3/31/23<sup>1</sup>** | &nbsp;&nbsp;**3/31/22<sup>1</sup>** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$61.44 | &nbsp;&nbsp;$84.00 | &nbsp;&nbsp;$74.28 | &nbsp;&nbsp;$131.25 | &nbsp;&nbsp;$217.32 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.12) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.67<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.86 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;(27.72) | &nbsp;&nbsp;&nbsp;&nbsp;(15.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37.11) | &nbsp;&nbsp;&nbsp;&nbsp;(90.81) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;(27.72) | &nbsp;&nbsp;&nbsp;&nbsp;(15.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37.11) | &nbsp;&nbsp;&nbsp;&nbsp;(90.81) |
| **Net asset value, end of period** | &nbsp;&nbsp;$77.67 | &nbsp;&nbsp;$61.44 | &nbsp;&nbsp;$84.00 | &nbsp;&nbsp;$74.28 | &nbsp;&nbsp;$131.25 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;43.39% | &nbsp;&nbsp;&nbsp;&nbsp;2.27%<sup>3</sup> | &nbsp;&nbsp;&nbsp;39.82%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(13.14%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$66821 | &nbsp;&nbsp;$64680 | &nbsp;&nbsp;$88952 | &nbsp;&nbsp;$109544 | &nbsp;&nbsp;$237610 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1.42%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.45%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.56%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(1.42%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.45%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.56%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

<sup>1</sup> On September 26, 2025, the Fund declared a 3 for 1 reverse stock split. All historical per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 and $0.02 and total return by 0.07% and 0.08% for the years ended March 31, 2025 and 2024, respectively.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

76&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura Science and Technology Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$40.58 | &nbsp;&nbsp;$47.42 | &nbsp;&nbsp;$38.46 | &nbsp;&nbsp;$59.21 | &nbsp;&nbsp;$87.86 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.60<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(30.37) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(30.37) |
| **Net asset value, end of period** | &nbsp;&nbsp;$48.02 | &nbsp;&nbsp;$40.58 | &nbsp;&nbsp;$47.42 | &nbsp;&nbsp;$38.46 | &nbsp;&nbsp;$59.21 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;44.08% | &nbsp;&nbsp;&nbsp;&nbsp;2.80%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40.53%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.65%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$105143 | &nbsp;&nbsp;$90043 | &nbsp;&nbsp;$109957 | &nbsp;&nbsp;$94005 | &nbsp;&nbsp;$120945 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.92%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.88%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.92%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.88%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.04 and $0.04 and total return by 0.08% and 0.10% for the years ended March 31, 2025 and 2024, respectively.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Science and Technology Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$63.88 | &nbsp;&nbsp;$69.75 | &nbsp;&nbsp;$54.09 | &nbsp;&nbsp;$76.68 | &nbsp;&nbsp;$105.32 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.14<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30.87) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30.87) |
| **Net asset value, end of period** | &nbsp;&nbsp;$82.05 | &nbsp;&nbsp;$63.88 | &nbsp;&nbsp;$69.75 | &nbsp;&nbsp;$54.09 | &nbsp;&nbsp;$76.68 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.23%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.14%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1535264 | &nbsp;&nbsp;$1253021 | &nbsp;&nbsp;$1403120 | &nbsp;&nbsp;$1281422 | &nbsp;&nbsp;$2354813 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.07 and $0.05 and total return by 0.10% and 0.09% for the years ended March 31, 2025 and 2024, respectively.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Science and Technology Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$65.47 | &nbsp;&nbsp;$71.23 | &nbsp;&nbsp;$55.11 | &nbsp;&nbsp;$77.75 | &nbsp;&nbsp;$106.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.56<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(31.12) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(31.12) |
| **Net asset value, end of period** | &nbsp;&nbsp;$84.41 | &nbsp;&nbsp;$65.47 | &nbsp;&nbsp;$71.23 | &nbsp;&nbsp;$55.11 | &nbsp;&nbsp;$77.75 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;44.92% | &nbsp;&nbsp;&nbsp;&nbsp;3.40%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41.31%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.02%) | &nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$208284 | &nbsp;&nbsp;$143735 | &nbsp;&nbsp;$155573 | &nbsp;&nbsp;$108424 | &nbsp;&nbsp;$173276 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.07 and $0.05 and total return by 0.10% and 0.09% for the years ended March 31, 2025 and 2024, respectively.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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Nomura Science and Technology Fund Class Y

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**3/31/26** | &nbsp;&nbsp;**3/31/25** | &nbsp;&nbsp;**3/31/24** | &nbsp;&nbsp;**3/31/23** | &nbsp;&nbsp;**3/31/22** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$55.33 | &nbsp;&nbsp;$61.62 | &nbsp;&nbsp;$48.45 | &nbsp;&nbsp;$70.42 | &nbsp;&nbsp;$98.99 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.76<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(30.62) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(10.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.37) | &nbsp;&nbsp;&nbsp;&nbsp;(30.62) |
| **Net asset value, end of period** | &nbsp;&nbsp;$69.46 | &nbsp;&nbsp;$55.33 | &nbsp;&nbsp;$61.62 | &nbsp;&nbsp;$48.45 | &nbsp;&nbsp;$70.42 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;44.44% | &nbsp;&nbsp;&nbsp;&nbsp;3.06%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40.88%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22%)<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$326304 | &nbsp;&nbsp;$257726 | &nbsp;&nbsp;$284479 | &nbsp;&nbsp;$229962 | &nbsp;&nbsp;$351136 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.67%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.78%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.67%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlements received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.06 and $0.05 and total return by 0.10% and 0.10% for the years ended March 31, 2025 and 2024, respectively.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

<sup>4</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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## Notes to financial statements
Ivy Funds

March 31, 2026

Ivy Funds (Trust) is organized as a Delaware statutory trust and offers 17 series. These financial statements and the related notes pertain to 6 series: Nomura Asset Strategy Fund (formerly, Macquarie Asset Strategy Fund through November 30, 2025), Nomura Balanced Fund (formerly, Macquarie Balanced Fund through November 30, 2025), Nomura Climate Solutions Fund (formerly, Macquarie Climate Solutions Fund through November 30, 2025), Nomura Natural Resources Fund (formerly, Macquarie Natural Resources Fund through November 30, 2025), Nomura Real Estate Securities Fund (formerly, Macquarie Real Estate Securities Fund through November 30, 2025), and Nomura Science and Technology Fund (formerly, Macquarie Science and Technology Fund through November 30, 2025), (each, a Fund or collectively, the Funds). The Trust is an open-end investment company. Nomura Asset Strategy Fund, Nomura Balanced Fund, Nomura Natural Resources Fund, and Nomura Real Estate Securities Fund are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Nomura Climate Solutions Fund and Nomura Science and Technology Fund are considered nondiversified.

Each Fund offers Class A, Class C, Class R, Institutional Class (formerly, Class I), Class R6, and Class Y shares. Class A shares are subject to an initial sales charge. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, Class R6, and Class Y shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

**Basis of Consolidation — Ivy ASF II, Ltd. (the Subsidiary), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Nomura Asset Strategy Fund (referred to as the Fund in this subsection). Ivy ASF III (SBP), LLC (Company I), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for the Fund. The Subsidiary and Company I act as investment vehicles for the Fund, in order to affect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund, its Subsidiary and Company I. The consolidated financial statements include the accounts of the Fund and its Subsidiary and Company I. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund, its Subsidiary and Company I comprising the entire issued share capital of the Subsidiary and Company I with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and Company I confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and Company I and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and Company I. The date of incorporation of the Subsidiary and Company I was January 31, 2013 and April 16, 2013, respectively. As of March 31, 2026, the total net assets held by the Subsidiary is $136,979,914, or approximately 7.91% of the Fund's net assets and the total net assets held by Company I is $792,473, or approximately 0.05% of the Fund's net assets.**

Ivy WGA III (SBP), LLC (Company II), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for Nomura Balanced Fund (referred to as the Fund in this subsection) in connection with the reorganization of the Macquarie Global Allocation Fund (see Note 8). Company II acts as an investment vehicle for the Fund, in order to affect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and Company II. The consolidated financial statements include the accounts of the Fund and Company II. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and Company II comprising the entire issued share capital of Company II with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by Company II confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of Company II and shall confer upon the shareholder

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Ivy Funds

1. Significant Accounting Policies (continued)

rights in a winding-up or repayment of capital and the right to participate in the profits or assets of Company II. The date of incorporation of Company II was April 9, 2013. As of March 31, 2026, the total net assets held by Company II are $112,760, or approximately 0.01% of the Fund's net assets.

**Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. The fair value of bullion is at the last traded price at the end of each day on the board of trade or exchange upon which they are traded. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities and credit default swap (CDS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (Policy). Fixed income security and CDS contracts valuations are then reviewed by DMC as part of its duties as each Fund's valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and certain US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Futures contracts are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee (Pricing Committee) to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Funds may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.** 

**Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund's tax positions taken or expected to be taken on each Fund's federal income tax returns through the year ended March 31, 2026, and for all open tax years (years ended March 31, 2023–March 31, 2025), and has concluded that no provision for federal income tax is required in each Fund's financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign**

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countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the year ended March 31, 2026, the Funds did not incur any interest or tax penalties.

As a result of several court cases, in certain countries across the European Union, certain Funds filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU tax reclaims). Income recognized, if any, for EU reclaims is reflected as "Foreign withholding tax claims" on the "Statements of operations." Any fees associated with these filings are included on the "Statements of operations" under "Foreign withholding tax claims." Generally unless fund management believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, reduce the amount of foreign taxes, if any, that a Fund may elect to pass-through to its shareholders from a US federal tax perspective. In certain circumstances and to the extent that EU tax reclaims recognized by a Fund were previously passed-through as a foreign tax credits to its US taxable shareholders, a Fund may enter into a closing agreement with the US Internal Revenue Service (the IRS). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Based on current guidance from the IRS, it is expected that Nomura Asset Strategy Fund will enter into a closing agreement with the IRS. Accordingly, estimated charges to Nomura Asset Strategy Fund's closing agreement liability is presented as a reduction of "IRS compliance fee for foreign withholding tax claims (see Note 1)" in the "Statements of operations" and its estimated closing agreement liability is presented as "IRS compliance fee for foreign withholding tax claims (see Note 1)" in the "Statements of assets and liabilities."

**Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.**

**Underlying Funds — Each Fund may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which each Fund may invest include ETFs. Each Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.**

**To Be Announced (TBA) Trades — Nomura Asset Strategy Fund and Nomura Balanced Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery. No TBA trades were outstanding at March 31, 2026.**

**Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. Each Fund generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of realized gains (losses), attributable to changes in foreign exchange rates, is included on the "Statements of operations" under "Net realized gain (loss) on foreign currencies." For foreign equity securities, the realized gains and losses are included on the "Statements of operations" under "Net realized gain (loss) on investments." Each Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.**

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Ivy Funds

1. Significant Accounting Policies (continued)

**Derivative Financial Instruments — The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, forward foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds intend to either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.**

**Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Funds may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the "Statements of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedules of investments."**

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Nomura Funds (formerly, Macquarie Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any Underlying Funds in which each Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. When a loan agreement is purchased, a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates. Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Each Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The "Statements of operations" include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Each Fund will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. Nomura Asset Strategy Fund, Nomura Balanced Fund, and Nomura Real Estate Securities Fund declare and pay dividends quarterly. Nomura Climate Solutions Fund, Nomura Natural Resources Fund, and Nomura Science and Technology Fund declare and pay dividends annually. Each Fund declares and pays distributions from net realized gain on investments, if any, at least annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.**

**Segment Reporting — In November 2023, FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through**

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enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund's Chief Executive Officer and Chief Financial Officer act as each Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment since each Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund's financial statements.

**Recent Accounting Standard — Each Fund adopted FASB ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures as of March 31, 2026. ASU2023-09 requires public business entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. During the year ended March 31, 2026, each Fund did not pay a material amount of foreign or US federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.**

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statements of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended March 31, 2026, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Custody Credits |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$9830 |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;29311 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 |

---

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended March 31, 2026, each Fund earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$3131 |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;1862 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;3040 |

---

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion and up to $28 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.545% of net assets over $28 billion and up to $53 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% of net assets over $53 billion. |

---

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% of net assets over $10 billion. |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% of net assets over $10 billion. |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $10 billion. |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% of net assets over $10 billion. |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $8 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.755% of net assets over $8 billion and up to $13 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% of net assets over $13 billion. |

---

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Prior to December 1, 2025 (Closing Date), NIMBT was named Macquarie Investment Management Business Trust (MIMBT).

As of the Closing Date, Nomura Holding America Inc. completed the acquisition of Macquarie Asset Management's US and European public investments business. The closing of this transaction resulted in the automatic termination of each Fund's investment advisory agreement with DMC and any sub-advisory agreement, as applicable. At a special shareholder meeting held on October 23, 2025 for Nomura Climate Solutions Fund, October 24, 2025 for Nomura Balanced Fund, October 31, 2025 for Nomura Real Estate Securities Fund and Nomura Science and Technology Fund, November 10, 2025 for Nomura Asset Strategy Fund, and November 14, 2025 for Nomura Natural Resources Fund, Fund shareholders approved a new investment advisory agreement for each Fund. On the Closing Date, the new investment advisory agreement, any applicable sub-advisory agreement, and each Fund's name changes reflected below went effective.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name Prior to December 1, 2025** | &nbsp;&nbsp;**Fund Name Effective December 1, 2025** |
| &nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;Nomura Asset Strategy Fund |
| &nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;Nomura Balanced Fund |
| &nbsp;&nbsp;Macquarie Climate Solutions Fund | &nbsp;&nbsp;Nomura Climate Solutions Fund |
| &nbsp;&nbsp;Macquarie Natural Resources Fund | &nbsp;&nbsp;Nomura Natural Resources Fund |
| &nbsp;&nbsp;Macquarie Real Estate Securities Fund | &nbsp;&nbsp;Nomura Real Estate Securities Fund |
| &nbsp;&nbsp;Macquarie Science and Technology Fund | &nbsp;&nbsp;Nomura Science and Technology Fund |

---

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any annual distribution and service (12b-1) fees, acquired fund fees and expenses (other than Nomura Balanced Fund), taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding the following percentages of each Fund's average daily net assets from April 1, 2025 (except as noted) through July 30, 2026 (except as noted). These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage of average<br> daily<br> net assets<br> for all share classes<br> other than<br> Class R6 | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as<br> a percentage<br> of average<br> daily net assets<br> for Class R6 |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;0.72%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.64%<sup>\*</sup> |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.82% |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;0.95%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.78%<sup>\*\*</sup> |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;0.95%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;0.80%<sup>\*\*\*</sup> |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;0.92%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.84%<sup>\*\*</sup> |

---

\*Effective April 25, 2025. Prior to April 25, 2025, the amounts for all share classes other than R6 and Class R6 were 0.80% and 0.71% respectively.

\*\*Effective July 31, 2025. Prior to July 31, 2025, the Fund had no expense limitation.

\*\*\*Through April 9, 2026.

With respect to Nomura Asset Strategy Fund, DMC has voluntarily agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in ETFs advised or sub-advised by DMC and its affiliates (Affiliated ETFs). Any such voluntary waiver or reimbursement may be eliminated by DMC at any time.

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

After consideration of class specific expenses, including 12b-1 fees (but excluding acquired fund fees and expenses other than Nomura Balanced Fund), the class level operating expense limitation as a percentage of average daily net assets from April 1, 2025 (except as noted) through July 30, 2026 (except as noted), unless terminated by agreement of DMC and the Funds, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets |
| Fund | &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;Class Y |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;&nbsp;n/a |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;0.97%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1.72%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1.22%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.72%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.64%<sup>\*</sup> | &nbsp;&nbsp;&nbsp;0.97%<sup>\*</sup> |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;1.24% |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;1.20%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.95%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.45%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.95%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.78%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.20%<sup>\*\*</sup> |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;1.20%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;1.95%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;1.45%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;0.95%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;0.80%<sup>\*\*\*</sup> | &nbsp;&nbsp;&nbsp;1.20%<sup>\*\*\*</sup> |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;1.17%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.92%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.42%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.92%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;0.84%<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;1.17%<sup>\*\*</sup> |

---

\*Effective April 25, 2025. Prior to April 25, 2025, these amounts for Class A, Class C, Class R, Institutional Class, Class R6, and Class Y shares were 1.05%, 1.80%, 1.30%, 0.80%, 0.71%, and 1.05%, respectively.

\*\*Effective July 31, 2025. Prior to July 31, 2025, the Fund had no expense limitation.

\*\*\*Through April 9, 2026.

With respect to Nomura Real Estate Securities Fund:

Prior to the Closing Date, DMC had entered into sub-advisory agreements on behalf of the Fund with Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL). As of the Closing Date, MIMEL and MIMGL no longer serve as sub-advisors to the Fund.

With respect to Nomura Asset Strategy Fund and Nomura Balanced Fund:

Prior to the Closing Date, DMC had entered into sub-advisory agreements on behalf of the Funds with Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), MIMEL and MIMGL. As of the Closing Date, MIMAK and MIMEL no longer serve as sub-advisors to the Funds. For Nomura Asset Strategy Fund, MIMGL continues to serve as a sub-advisor to the Fund as an unaffiliated sub-advisor. For Nomura Balanced Fund, MIMGL was added as an unaffiliated sub-advisor to the Fund.

With respect to Nomura Climate Solutions Fund, Nomura Natural Resources Fund and Nomura Science and Technology Fund:

Prior to the Closing Date, MIMGL had served as a sub-advisor to the Funds to execute security trades on behalf of DMC as well as to provide quantitative support. As of the Closing Date, MIMGL no longer serves as a sub-advisor to the Funds.

Effective October 1, 2025, Van Eck Associates Corporation (VanEck) serves as sub-advisor to Nomura Climate Solutions Fund and Nomura Natural Resources Fund. DMC seeks non-discretionary model portfolio and allocation recommendations from VanEck with respect to Nomura Natural Resources Fund's natural resources sleeve based upon which DMC will purchase and sell natural resources securities for Nomura Natural Resources Fund.

Pursuant to the terms of the relevant sub-advisory agreement, an investment sub-advisory fee is paid by DMC to each sub-advisor.

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Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Nomura Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Nomura Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the "Statements of operations" under "Accounting and administration expenses." For the year ended March 31, 2026, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Nomura Asset Strategy Fund | $86753 |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;87893 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;8638 |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;12725 |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;8065 |
| Nomura Science and Technology Fund | &nbsp;&nbsp;294365 |

---

DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Nomura Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Nomura Funds on a relative NAV basis. These amounts are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." For the year ended March 31, 2026, each Fund paid for these services as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Nomura Asset Strategy Fund | $126252 |
| Nomura Balanced Fund | &nbsp;&nbsp;127918 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;7028 |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;13262 |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;6157 |
| Nomura Science and Technology Fund | &nbsp;&nbsp;442790 |

---

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by each Fund and are also included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, 0.50%, and 0.25% of the average daily net assets of the Class A, Class C, Class R, and Class Y shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Fund. These amounts are included on the "Statements of operations" under "Legal fees." For the year ended March 31, 2026, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Fees |
| Nomura Asset Strategy Fund | $36353 |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;29587 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;2191 |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;3562 |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;1573 |
| Nomura Science and Technology Fund | &nbsp;&nbsp;107524 |

---

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Ivy Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

For the year ended March 31, 2026, DDLP earned commissions on sales of Class A shares for each Fund as follows:

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Class A |
| Nomura Asset Strategy Fund | $53113 |
| Nomura Balanced Fund | &nbsp;&nbsp;103462 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;2237 |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;8295 |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;5061 |
| Nomura Science and Technology Fund | &nbsp;&nbsp;211390 |

---

For the year ended March 31, 2026, DDLP received gross CDSC commissions on redemptions of each Fund's Class A and Class C shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;Class C |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$1565 | &nbsp;&nbsp;&nbsp;$1583 |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp;&nbsp;&nbsp;2055 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;8765 | &nbsp;&nbsp;&nbsp;&nbsp;5607 |

---

Trustees' fees include expenses accrued by each Fund for each Trustee's retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

On September 19, 2024, MIMBT (renamed NIMBT on the Closing Date), of which DMC is a series, entered into a settlement agreement with the US Securities and Exchange Commission (SEC) consenting to an order (Settlement Order) relating to a legacy investment strategy, the Absolute Return Mortgage-Backed Securities Strategy (ARMBS Strategy). MIMBT no longer offers the ARMBS Strategy. MIMBT agreed to the Settlement Order without admitting or denying the SEC's findings. The Settlement Order does not impact MIMBT's ability to continue to provide services to the Funds. In connection with the findings in the Settlement Order, MIMBT made a payment to the Nomura Asset Strategy Fund on October 25, 2024, in the amount of $419,237. An amount of $19,553 is included under "payment by affiliates" and an amount of $399,684 is included under "Proceeds from shares sold" on the "Statements of changes in net assets." Payment by affiliates and capital contribution by affiliates had no impact on total return.

During the year ended March 31, 2025, DMC reimbursed Nomura Asset Strategy Fund $4,454 in connection with a trade error. These amounts are included in "Net increase from payment by affiliates" in the "Statements of changes in net assets." Payment by affiliates had no impact on total return.

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An affiliated issuer includes any company in which a Fund held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or sub-advisor to a Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. A summary of the transactions in affiliated companies during the year ended March 31, 2026 was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> investments | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on<br> affiliated<br> investments | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Dividends |
| **Nomura Asset Strategy Fund** |  |  |  |  |  |  |  |  |
| Limited Liability Corporation—0.04% |  |  |  |  |  |  |  |  |
| Media Group Holdings Series H |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;$1254542 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(813673)<sup>1</sup> | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$314366 | &nbsp;&nbsp;&nbsp;$755235 | &nbsp;&nbsp;&nbsp;640301 | &nbsp;&nbsp;&nbsp;$— |
| Media Group Holdings Series T<sup>2</sup> |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278188) | &nbsp;&nbsp;&nbsp;&nbsp;(168252289) | &nbsp;&nbsp;&nbsp;&nbsp;168530477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange-Traded<br> Fund—0.00% |  |  |  |  |  |  |  |  |
| Nomura Focused Emerging Markets Equity ETF<sup>2</sup> |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27224020 | &nbsp;&nbsp;&nbsp;&nbsp;(29873430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753069 |
| Total | &nbsp;&nbsp;$1254542 | &nbsp;&nbsp;&nbsp;$27224020 | &nbsp;&nbsp;&nbsp;$(30965291) | &nbsp;&nbsp;&nbsp;$(165602879) | &nbsp;&nbsp;&nbsp;$168844843 | &nbsp;&nbsp;&nbsp;$755235 |  | &nbsp;&nbsp;&nbsp;$753069 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross<br> additions<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> investments | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on<br> affiliated<br> investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;Dividends |
| **Nomura Balanced Fund** |  |  |  |  |  |  |  |  |
| Limited Liability Corporation—0.00% |  |  |  |  |  |  |  |  |
| Media Group Holdings Series H |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$50331872 | &nbsp;&nbsp;&nbsp;$(69361)<sup>1</sup> | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(50176751) | &nbsp;&nbsp;&nbsp;$85760 | &nbsp;&nbsp;&nbsp;&nbsp;72709 | &nbsp;&nbsp;&nbsp;$— |
| Media Group Holdings Series T<sup>2</sup> |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19137307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19105718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$64469179 | &nbsp;&nbsp;&nbsp;$(100950) | &nbsp;&nbsp;&nbsp;$(19105718) | &nbsp;&nbsp;&nbsp;$(50176751) | &nbsp;&nbsp;&nbsp;$85760 |  | &nbsp;&nbsp;&nbsp;$— |

---

<sup>1</sup> The amount shown includes return of capital.

<sup>2</sup> Security was not held by the Fund at the beginning or the end of the year.

<sup>3</sup> These amounts are in connection with the reorganization of the Macquarie Global Allocation Fund (see Note 8).

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Ivy Funds

3. Investments

For the year ended March 31, 2026, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Purchases<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Purchases of<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales of<br> US government<br> securities |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$1064805368 | &nbsp;&nbsp;&nbsp;$271251594 | &nbsp;&nbsp;&nbsp;$1174366115 | &nbsp;&nbsp;&nbsp;$339154584 |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964523709 | &nbsp;&nbsp;&nbsp;&nbsp;461758020 | &nbsp;&nbsp;&nbsp;&nbsp;1080459948 | &nbsp;&nbsp;&nbsp;&nbsp;518380069 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28789800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50998468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123682673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136288998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32493574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52772993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;3642478267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4747432088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2026, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Cost of<br> investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> appreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> depreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Net unrealized<br> appreciation<br> (depreciation)<br> of investments<br> and derivatives |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$1985551723 | &nbsp;&nbsp;&nbsp;$297257750 | &nbsp;&nbsp;&nbsp;$(569343924) | &nbsp;&nbsp;&nbsp;$(272086174) |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;1578984615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378651473 | &nbsp;&nbsp;&nbsp;&nbsp;(139531175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239120298 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81620410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34745252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4446477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30298775 |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231685607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66482107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44346905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22135202 |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54589266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31522513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2684667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28837846 |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;3404526498 | &nbsp;&nbsp;&nbsp;&nbsp;2898848646 | &nbsp;&nbsp;&nbsp;&nbsp;(100967037) | &nbsp;&nbsp;&nbsp;&nbsp;2797881609 |

---

US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund's investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 - Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 - Significant unobservable inputs, including each Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund's investments by fair value hierarchy levels as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Asset Strategy Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3815199 | &nbsp;&nbsp;&nbsp;&nbsp;$3815199 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923219 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75241488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75241488 |
| Bullion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136777049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136777049 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295833 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76624901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15197869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91822770 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86736125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13581659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100317784 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59030996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10340831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69371827 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23757413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23757413 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103442961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54129418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157593309 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65483669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38765986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104249655 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67409083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77710644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145119727 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196276197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74664469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270940666 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32478021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32478021 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19170196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19170196 |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149756 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241840733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241840733 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174869000 |
| Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071349 |
| Limited Liability Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755235 |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775327 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527172 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789129 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7917656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7917656 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23003784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23003784 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185693 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288345 |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294279 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300000 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$1031185415 | &nbsp;&nbsp;&nbsp;&nbsp;$675715079 | &nbsp;&nbsp;&nbsp;&nbsp;$6741120 | &nbsp;&nbsp;&nbsp;&nbsp;$1713641614 |

---

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Ivy Funds

3. Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Asset Strategy Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$882386 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$882386 |
| Liabilities: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(1058451) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1058451) |

---

<br> <sup>1</sup>Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Balanced Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6288273 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6288273 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088638 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146567444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146567444 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11473378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11473378 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057142920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057222806 |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375269 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173996514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173996514 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212737745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212737745 |
| Limited Liability Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85760 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703901 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21224762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21224762 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20310364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20310364 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59240114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59240114 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708750 |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71961197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71961197 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29900000 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$1299780665 | &nbsp;&nbsp;&nbsp;&nbsp;$518563335 | &nbsp;&nbsp;&nbsp;&nbsp;$540915 | &nbsp;&nbsp;&nbsp;&nbsp;$1818884915 |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$2185873 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2185873 |
| Liabilities: |  |  |  |  |
| Centrally Cleared Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(58987) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(58987) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2906888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2906888) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;94

------

[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

<br> <sup>1</sup>Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Climate Solutions Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;$2780405 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2780405 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8105362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8105362 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11671079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16187101 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6758895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11561254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18320149 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384278 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16225488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6281687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22507175 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236828 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20191869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14881511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35073380 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324507 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$74678711 | &nbsp;&nbsp;&nbsp;&nbsp;$37240474 | &nbsp;&nbsp;&nbsp;&nbsp;$111919185 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Natural Resources Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Products | &nbsp;&nbsp;&nbsp;&nbsp;$6039965 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6039965 |
| &nbsp;&nbsp;&nbsp;Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595125 |
| &nbsp;&nbsp;&nbsp;Coal & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13783765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13783765 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819180 |
| &nbsp;&nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304450 |
| &nbsp;&nbsp;&nbsp;Diversified Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11092247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15055300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26147547 |
| &nbsp;&nbsp;&nbsp;Fertilizers & Agricultural Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20783452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20783452 |
| &nbsp;&nbsp;&nbsp;Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8540878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8540878 |
| &nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29226029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29226029 |
| &nbsp;&nbsp;&nbsp;Integrated Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12504024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7463159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19967183 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Drilling | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795557 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7560471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7560471 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Exploration & Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55516203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55516203 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Refining & Marketing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878033 |
| &nbsp;&nbsp;&nbsp;Packaged Foods & Meats | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278970 |
| &nbsp;&nbsp;&nbsp;Paper Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11145043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11145043 |
| &nbsp;&nbsp;&nbsp;Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10111140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10111140 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10327818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10327818 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$222997900 | &nbsp;&nbsp;&nbsp;&nbsp;$30822909 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$253820809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;95

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[**Table of Contents**](#JOB_Ivy_D_12bea61b-fa61-4cc0-9d18-a27359eabe64_TOC_AltSty1)

Ivy Funds

3. Investments (continued)

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Real Estate Securities Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Internet Services & Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1365598 | &nbsp;&nbsp;&nbsp;&nbsp;$1365598 |
| &nbsp;&nbsp;&nbsp;REIT Data Center | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10848316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10848316 |
| &nbsp;&nbsp;&nbsp;REIT Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18545003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18545003 |
| &nbsp;&nbsp;&nbsp;REIT Hotel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719206 |
| &nbsp;&nbsp;&nbsp;REIT Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10877137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12039213 |
| &nbsp;&nbsp;&nbsp;REIT Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869439 |
| &nbsp;&nbsp;&nbsp;REIT Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478683 |
| &nbsp;&nbsp;&nbsp;REIT Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13881851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13881851 |
| &nbsp;&nbsp;&nbsp;REIT Self-Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533101 |
| &nbsp;&nbsp;&nbsp;REIT Single Family | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335403 |
| &nbsp;&nbsp;&nbsp;REIT Specialty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014188 |
| &nbsp;&nbsp;&nbsp;REIT Telecom Tower | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511628 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285483 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$80899438 | &nbsp;&nbsp;&nbsp;&nbsp;$2527674 | &nbsp;&nbsp;&nbsp;&nbsp;$83427112 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;Nomura Science and Technology Fund |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;$846741405 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$846741405 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637544501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637544501 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295836246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295836246 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329543857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329543857 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809748938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208128118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017877056 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74865042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74865042 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$5994279989 | &nbsp;&nbsp;&nbsp;&nbsp;$208128118 | &nbsp;&nbsp;&nbsp;&nbsp;$6202408107 |

---

As a result of utilizing international fair value pricing at March 31, 2026, a portion of the common stock in the portfolio for Nomura Asset Strategy Fund, Nomura Climate Solutions Fund, Nomura Natural Resources Fund, Nomura Real Estate Securities Fund, and Nomura Science and Technology Fund were categorized as Level 2.

During the year ended March 31, 2026, Nomura Asset Strategy Fund, Nomura Climate Solutions Fund, Nomura Natural Resources Fund, Nomura Real Estate Securities Fund, and Nomura Science and Technology Fund had no transfers into or out of Level 3 investments. During the year ended March 31, 2026, Nomura Balanced Fund had transfers out of Level 3 investments. Each Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to that Fund's net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3

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investments were not considered significant to Nomura Asset Strategy Fund, Nomura Balanced Fund, and Nomura Natural Resources Fund's net assets at the beginning or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Nomura Asset Strategy Fund, Nomura Balanced Fund, and Nomura Natural Resources Fund's net assets at the end of the year. As of March 31, 2026, Nomura Climate Solutions Fund, Nomura Real Estate Securities Fund, and Nomura Science and Technology Fund had no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2026 and 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;Ordinary<br> income | &nbsp;&nbsp;&nbsp;Long-term<br> capital<br> gains | &nbsp;&nbsp;&nbsp;Return of<br> capital | &nbsp;&nbsp;&nbsp;Total |
| Year ended March 31, 2026: |  |  |  |  |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;$28436872 | &nbsp;&nbsp;&nbsp;$135193602 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$163630474 |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23307648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29264803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52572451 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949326 |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14589517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16542293 |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;950095126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;950095126 |
| Year ended March 31, 2025: |  |  |  |  |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54719173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73606189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;128325362 |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15952865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15952865 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287617 |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1492223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9362757 |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11989085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13898603 |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;102240091 | &nbsp;&nbsp;&nbsp;&nbsp;750665349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;852905440 |

---

5. Components of Net Assets on a Tax Basis

As of March 31, 2026, the components of net assets on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Asset<br> Strategy Fund | &nbsp;&nbsp;&nbsp;Nomura<br> Balanced Fund | &nbsp;&nbsp;&nbsp;Nomura Climate<br> Solutions Fund |
| Paid-in capital | $1918555994 | &nbsp;&nbsp;&nbsp;$1489203374 | &nbsp;&nbsp;&nbsp;$246431640 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;34880528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188963 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;50217579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71713218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10592099)\* | &nbsp;&nbsp;&nbsp;&nbsp;(166014628) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19718) |
| Unrealized appreciation (depreciation) of investments,<br> foreign currencies and derivatives | &nbsp;&nbsp;&nbsp;(272166531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269665858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30303964 |
| Net assets | $1731098267 | &nbsp;&nbsp;&nbsp;$1828646249 | &nbsp;&nbsp;&nbsp;$111890221 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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Ivy Funds

5. Components of Net Assets on a Tax Basis (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Natural<br> Resources Fund | &nbsp;&nbsp;&nbsp;Nomura<br> Real Estate<br> Securities Fund | &nbsp;&nbsp;&nbsp;Nomura<br> Science and<br> Technology Fund |
| Paid-in capital | &nbsp;&nbsp;$781489250 | &nbsp;&nbsp;&nbsp;$51425978 | &nbsp;&nbsp;&nbsp;$2805554170 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601202423 |
| Qualified late year loss deferrals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9865311) |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(555300373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345764) |
| Unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22133445 | &nbsp;&nbsp;&nbsp;&nbsp;28837846 | &nbsp;&nbsp;&nbsp;&nbsp;2797852569 |
| Net assets | &nbsp;&nbsp;$250986413 | &nbsp;&nbsp;&nbsp;$83617731 | &nbsp;&nbsp;&nbsp;$6194398087 |

---

\* The Fund's capital loss carryforward is subject to limitations under the Internal Revenue Code and related regulations.

Differences between components of net assets unrealized and tax cost unrealized may arise due to unrealized appreciation/depreciation on foreign currencies and foreign capital gains tax.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral losses on straddles, investments held within the wholly-owned subsidiary, mark-to-market of futures contracts, tax recognition of unrealized gain on passive foreign investment companies, tax treatment of swap contracts, and tax treatment of partnerships.

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2026 through March 31, 2026 and November 1, 2025 through March 31, 2026, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to Fund level overdistribution, nondeductible taxes paid, tax treatment of partnerships, gain (loss) on foreign currency transactions, swap contracts, tax treatment of REITs, passive foreign investment companies (PFICs) and securities no longer deemed to be PFICs, write-off of net operating losses, earnings and profits distributed to shareholders on the redemptions of shares, paydown gain (losses) of asset- and mortgage-backed securities, and foreign capital gains taxes. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2026, certain Funds recorded the following reclassifications:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;Total distributable earnings (loss) |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;$1275945 | &nbsp;&nbsp;$(1275945) |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;2547776 | &nbsp;&nbsp;&nbsp;&nbsp;(2547776) |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(865267) |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;16169794 | &nbsp;&nbsp;&nbsp;&nbsp;(16169794) |

---

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2026, capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Loss carryforward character | &nbsp;&nbsp;Loss carryforward character |  |
|  | &nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;Total |
| Nomura Balanced Fund | &nbsp;&nbsp;$6957643 | &nbsp;&nbsp;&nbsp;$3634456 | &nbsp;&nbsp;&nbsp;$10592099 |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;&nbsp;54806162 | &nbsp;&nbsp;&nbsp;&nbsp;111208466 | &nbsp;&nbsp;&nbsp;&nbsp;166014628 |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;265456835 | &nbsp;&nbsp;&nbsp;&nbsp;289843538 | &nbsp;&nbsp;&nbsp;&nbsp;555300373 |

---

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6. Tax Information

Company I and Company II are subject to US federal and state income taxes. These taxable entities are not consolidated for income tax purposes and may generate income tax assets or liabilities that reflect the net tax effect of temporary differences between the carrying amount of the assets and liabilities for financial reporting and tax purposes and for tax loss carryforwards.

Company I's income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit) for the year ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Tax expense/(benefit)** | &nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;Deferred | &nbsp;&nbsp;&nbsp;Total |
| Federal | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$149869 | &nbsp;&nbsp;&nbsp;$149869 |
| State | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13136008 | &nbsp;&nbsp;&nbsp;&nbsp;13136008 |
| Valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(13285877) | &nbsp;&nbsp;&nbsp;&nbsp;(13285877) |
| Total tax expense/(benefit) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Components of Company I's deferred tax assets and liabilities as of March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **Deferred tax assets/(liabilities)** |  |
| Basis in partnerships | &nbsp;&nbsp;$14394783 |
| Net operating loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82618733 |
| Capital loss carryover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33739027 |
| Total net deferred tax asset/(liability) before valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;130752543 |
| Less: valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;(130752543) |
| Net deferred tax asset/(liability) | &nbsp;&nbsp; $— |

---

Net operating loss carryforwards are available to offset future taxable income of Company I. Company I had cumulative net operating loss carryforwards as of its most recent tax year ending March 31, 2026, of $393,422,540. Net operating loss carryforwards from years beginning in 2015 – 2017 expire within 20 years and net operating loss carryforwards originating in years beginning in 2018 and forward do not expire. Company I had capital loss carryforward of $160,662,035 as of its most recent tax year ending March 31, 2026. This capital loss was generated in 2026 and would expire in 2031 if unused.

The recoverability of deferred tax assets is based upon the weight of available positive and negative evidence regarding sources of future taxable income. When assessing the recoverability of deferred tax assets, significant weight is given to the period over which the deferred tax assets can be realized and the recent history of pre-tax earnings. If Company I concludes that it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized as stated, a valuation allowance is recognized to reduce the value of the deferred tax assets.

The difference between the statutory income tax rate, 21%, and the actual effective tax rate, as reported for the year ended March 31, 2026, are as follows:

---

| | |
|:---|:---|
| Company I's pre-tax income, all domestic | &nbsp;&nbsp;$2022605 |
| Pre-tax income/(loss) at the statutory rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424747 |
| Adjustment to prior year deferred taxes | &nbsp;&nbsp;&nbsp;&nbsp;(274878) |
| State income tax expense, net of federal benefit (including valuation allowance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Less: federal valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;(149869) |
| Total income tax expense/(benefit) | &nbsp;&nbsp;$— |

---

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Ivy Funds

6. Tax Information (continued)

Company II's income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit) for the year ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Tax expense/(benefit)** | &nbsp;&nbsp;&nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| Federal | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(1630901) | &nbsp;&nbsp;&nbsp;$(1630901) |
| State | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1630901 | &nbsp;&nbsp;&nbsp;&nbsp;1630901 |
| Total tax expense/(benefit) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Components of Company II's deferred tax assets and liabilities as of March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **Deferred tax assets/(liabilities)** |  |
| Basis in partnerships | &nbsp;&nbsp;$5868 |
| Net operating loss | &nbsp;&nbsp;&nbsp;&nbsp;1618216 |
| Capital loss carryover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6817 |
| Total net deferred tax asset/(liability) before valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;1630901 |
| Less: valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;(1630901) |
| Net deferred tax asset/(liability) | &nbsp;&nbsp;$— |

---

Ivy WGA III (SBP), LLC is a wholly owned subsidiary for Nomura Balanced Fund that was acquired in connection with the reorganization of the Macquarie Global Allocation Fund. The deferred balances, including the tax attribute carryforwards corresponding valuation allowances, were transferred to Nomura Balanced Fund. Due to the resulting change in control, the provisions of Internal Revenue Code Section 382 apply to limit the annual use of acquired tax attribute carryovers. Based upon application of the Section 382 rules, it was determined that certain portions of the tax attribute carryforwards will never be used and thus eliminated from the deferred tax inventory.

Net operating loss carryforwards are available to offset future taxable income of Company II. Company II had cumulative net operating loss carryforwards as of its most recent tax year ending March 31, 2026, of $7,705,790, net of applicable Section 382 limits. Net operating loss carryforwards from years beginning in 2015 – 2017 expire within 20 years and net operating loss carryforwards originating in years beginning in 2018 and forward do not expire. Company II had capital loss carryforward of $32,462, net of applicable Section 382 limits as of its most recent tax year ending March 31, 2026. This capital loss was generated in 2026 and would expire in 2031 if unused.

The recoverability of deferred tax assets is based upon the weight of available positive and negative evidence regarding sources of future taxable income. When assessing the recoverability of deferred tax assets, significant weight is given to the period over which the deferred tax assets can be realized and the recent history of pre-tax earnings. If Company II concludes that it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized as stated, a valuation allowance is recognized to reduce the value of the deferred tax assets.

The difference between the statutory income tax rate, 21%, and the actual effective tax rate, as reported for the year ended March 31, 2026, are as follows:

---

| | |
|:---|:---|
| Company II's pre-tax income, all domestic | &nbsp;&nbsp;$42522 |
| Pre-tax income/(loss) at the statutory rate | &nbsp;&nbsp;&nbsp;&nbsp;8930 |
| Adjustment to prior year deferred taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| State income tax expense, net of federal benefit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Less: federal valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;(8930) |
| Total income tax expense/(benefit) | &nbsp;&nbsp; $— |

---

Company I and Company II recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed Company I and II's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on US tax returns filed since inception of Company I and Company II. Company I and Company II are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Tax years March 31, 2023 and later are open to examination by federal and state tax authorities under the applicable statute of limitations.

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7. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura Asset<br> Strategy Fund | Nomura Asset<br> Strategy Fund | Nomura<br> Balanced Fund | Nomura<br> Balanced Fund | Nomura Climate<br> Solutions Fund | Nomura Climate<br> Solutions Fund |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;1614739 | &nbsp;&nbsp;&nbsp;1506903 | &nbsp;&nbsp;&nbsp;5391750 | &nbsp;&nbsp;&nbsp;3099764 | &nbsp;&nbsp;&nbsp;&nbsp;136269 | &nbsp;&nbsp;&nbsp;&nbsp;208631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45377 | &nbsp;&nbsp;&nbsp;&nbsp;136705 | &nbsp;&nbsp;&nbsp;&nbsp;160499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;3322864 | &nbsp;&nbsp;&nbsp;2566624 | &nbsp;&nbsp;&nbsp;3191635 | &nbsp;&nbsp;&nbsp;2912526 | &nbsp;&nbsp;&nbsp;&nbsp;562376 | &nbsp;&nbsp;&nbsp;&nbsp;707795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31004 |
| Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;12707881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3726415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;4863372 | &nbsp;&nbsp;&nbsp;4143547 | &nbsp;&nbsp;&nbsp;1497740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;1415153 | &nbsp;&nbsp;&nbsp;1098023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 |
|  | &nbsp;&nbsp;12393395 | &nbsp;&nbsp;10434513 | &nbsp;&nbsp;27549106 | &nbsp;&nbsp;&nbsp;7056641 | &nbsp;&nbsp;&nbsp;&nbsp;986897 | &nbsp;&nbsp;1285353 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;(8793856) | &nbsp;&nbsp;&nbsp;(9426654) | (10545968) | &nbsp;&nbsp;&nbsp;(8809378) | (1224343) | (2118137) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(473213) | &nbsp;&nbsp;&nbsp;&nbsp;(608623) | &nbsp;&nbsp;&nbsp;&nbsp;(590626) | &nbsp;&nbsp;&nbsp;&nbsp;(714473) | &nbsp;&nbsp;&nbsp;(128485) | &nbsp;&nbsp;&nbsp;(189153) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(245035) | &nbsp;&nbsp;&nbsp;&nbsp;(222536) | &nbsp;&nbsp;&nbsp;&nbsp;(183495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58355) | &nbsp;&nbsp;&nbsp;(389995) | &nbsp;&nbsp;&nbsp;(674294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(3776972) | &nbsp;&nbsp;&nbsp;(4342111) | &nbsp;&nbsp;&nbsp;(5243365) | &nbsp;&nbsp;&nbsp;(6005029) | (1395489) | (2410244) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;(138556) | &nbsp;&nbsp;&nbsp;&nbsp;(410310) | &nbsp;&nbsp;&nbsp;&nbsp;(103444) | &nbsp;&nbsp;&nbsp;&nbsp;(129549) | &nbsp;&nbsp;&nbsp;&nbsp;(70013) | &nbsp;&nbsp;&nbsp;(173563) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(629686) | &nbsp;&nbsp;&nbsp;&nbsp;(662234) | &nbsp;&nbsp;&nbsp;&nbsp;(145580) | &nbsp;&nbsp;&nbsp;&nbsp;(131735) | &nbsp;&nbsp;&nbsp;&nbsp;(73527) | &nbsp;&nbsp;&nbsp;(233141) |
|  | (14057318) | (15672468) | (16812478) | (15848519) | (3281852) | (5798532) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;(1663923) | &nbsp;&nbsp;&nbsp;(5237955) | &nbsp;&nbsp;10736628 | &nbsp;&nbsp;&nbsp;(8791878) | (2294955) | (4513179) |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>2</sup> See Note 8.

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Ivy Funds

7. Capital Shares (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura Natural<br> Resources Fund | Nomura Natural<br> Resources Fund | Nomura<br> Real Estate<br> Securities Fund | Nomura<br> Real Estate<br> Securities Fund | Nomura<br> Science and<br> Technology Fund | Nomura<br> Science and<br> Technology Fund |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 | 3/31/26 | 3/31/25 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;395401 | &nbsp;&nbsp;&nbsp;&nbsp;625309 | &nbsp;&nbsp;&nbsp;&nbsp;118796 | &nbsp;&nbsp;&nbsp;&nbsp;139576 | &nbsp;&nbsp;&nbsp;1945278 | &nbsp;&nbsp;&nbsp;1875271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;871891 | &nbsp;&nbsp;&nbsp;&nbsp;438522 | &nbsp;&nbsp;&nbsp;&nbsp;390398 | &nbsp;&nbsp;&nbsp;&nbsp;410917 | &nbsp;&nbsp;&nbsp;3264753 | &nbsp;&nbsp;&nbsp;3102959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79143 | &nbsp;&nbsp;&nbsp;&nbsp;240804 | &nbsp;&nbsp;&nbsp;&nbsp;118094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;114270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798706 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;375991 | &nbsp;&nbsp;&nbsp;&nbsp;827946 | &nbsp;&nbsp;&nbsp;&nbsp;551664 | &nbsp;&nbsp;11324998 | &nbsp;&nbsp;11001581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115164 | &nbsp;&nbsp;&nbsp;1003961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;137992 | &nbsp;&nbsp;&nbsp;&nbsp;319543 | &nbsp;&nbsp;&nbsp;&nbsp;275554 | &nbsp;&nbsp;&nbsp;2227858 | &nbsp;&nbsp;&nbsp;2344371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623791 |
|  | &nbsp;&nbsp;1536280 | &nbsp;&nbsp;1877351 | &nbsp;&nbsp;2068635 | &nbsp;&nbsp;1585007 | &nbsp;&nbsp;22193834 | &nbsp;&nbsp;22520200 |
| Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: | Shares from reverse stock split: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1803432)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (1216399) | (1815390) | &nbsp;&nbsp;&nbsp;(926245) | (1143890) | (13285708) | (13734044) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;(45549) | &nbsp;&nbsp;&nbsp;&nbsp;(61289) | &nbsp;&nbsp;&nbsp;&nbsp;(12122) | &nbsp;&nbsp;&nbsp;&nbsp;(18254) | &nbsp;&nbsp;&nbsp;&nbsp;(776770) | &nbsp;&nbsp;&nbsp;(1261094) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;(95418) | &nbsp;&nbsp;&nbsp;(220151) | &nbsp;&nbsp;&nbsp;&nbsp;(16768) | &nbsp;&nbsp;&nbsp;&nbsp;(12476) | &nbsp;&nbsp;&nbsp;&nbsp;(741811) | &nbsp;&nbsp;&nbsp;&nbsp;(828317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(667808) | &nbsp;&nbsp;&nbsp;(972242) | &nbsp;&nbsp;&nbsp;(998036) | (1289782) | &nbsp;&nbsp;&nbsp;(6394729) | &nbsp;&nbsp;&nbsp;(5948400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;(145434) | &nbsp;&nbsp;&nbsp;(113738) | &nbsp;&nbsp;&nbsp;(169850) | &nbsp;&nbsp;&nbsp;&nbsp;(35757) | &nbsp;&nbsp;&nbsp;&nbsp;(728766) | &nbsp;&nbsp;&nbsp;&nbsp;(791530) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;(169223) | &nbsp;&nbsp;&nbsp;(160383) | &nbsp;&nbsp;&nbsp;&nbsp;(35911) | &nbsp;&nbsp;&nbsp;&nbsp;(69260) | &nbsp;&nbsp;&nbsp;(1395807) | &nbsp;&nbsp;&nbsp;(1380971) |
|  | (2339831) | (3343193) | (2158932) | (2569419) | (23323591) | (23944356) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;(803551) | (1465842) | &nbsp;&nbsp;&nbsp;&nbsp;(90297) | &nbsp;&nbsp;&nbsp;(984412) | &nbsp;&nbsp;&nbsp;(2933189) | &nbsp;&nbsp;&nbsp;(1424156) |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares. <br> <sup>3</sup> Updated to reflect the effect of a 3 for 1 reverse stock split on September 26, 2025.

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Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the tables on the previous pages and on the "Statements of changes in net assets." For the years ended March 31, 2026 and 2025, each Fund had the following exchange transactions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;Year ended March 31, 2026 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;Year ended March 31, 2025 |
|  | &nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Exchange<br> Redemptions | &nbsp;&nbsp;&nbsp;Exchange<br> Subscriptions | &nbsp;&nbsp;&nbsp;Value |
| Nomura Asset Strategy Fund |  |  | &nbsp;&nbsp;&nbsp;$2182432 |  |  | &nbsp;&nbsp;&nbsp;$5344270 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;43093 | &nbsp;&nbsp;&nbsp;50835 |  | &nbsp;&nbsp;&nbsp;173332 | &nbsp;&nbsp;&nbsp;&nbsp;65744 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;55905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;69080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3362 | &nbsp;&nbsp;&nbsp;39317 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;167571 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4975 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Nomura Balanced Fund |  |  | &nbsp;&nbsp;&nbsp;$1626701 |  |  | &nbsp;&nbsp;&nbsp;$2350509 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;6157 | &nbsp;&nbsp;&nbsp;40246 |  | &nbsp;&nbsp;&nbsp;&nbsp;39944 | &nbsp;&nbsp;&nbsp;&nbsp;51729 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;60976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;63979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;22957 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49708 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2948 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 |  |
| Nomura Climate Solutions Fund |  |  | &nbsp;&nbsp;&nbsp;$86353 |  |  | &nbsp;&nbsp;&nbsp;$77286 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;6521 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;5905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3744 | &nbsp;&nbsp;&nbsp;&nbsp;3037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6047 |  |
| Nomura Natural Resources Fund |  |  | &nbsp;&nbsp;&nbsp;$71774 |  |  | &nbsp;&nbsp;&nbsp;$137910 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;3658 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |  |
| Nomura Real Estate Securities Fund |  |  | &nbsp;&nbsp;&nbsp;$25192 |  |  | &nbsp;&nbsp;&nbsp;$68694 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019 |  |
| Nomura Science and Technology Fund |  |  | &nbsp;&nbsp;&nbsp;$5146737 |  |  | &nbsp;&nbsp;&nbsp;$7080679 |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;72803 | &nbsp;&nbsp;&nbsp;13765 |  | &nbsp;&nbsp;&nbsp;&nbsp;94551 | &nbsp;&nbsp;&nbsp;&nbsp;21159 |  |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;20206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;34394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;41800 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3646 | &nbsp;&nbsp;&nbsp;&nbsp;77996 |  |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7865 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 |  |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1399 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

<sup>1</sup> Effective November 15, 2024, Class I shares were renamed Institutional Class shares.

8. Reorganization

The following reorganizations occurred during the reporting period, as noted within the "Statements of changes in net assets." On February 11-13, 2025, the Board approved proposals to reorganize the following acquired funds (Acquired Funds), each a series of the Trust, with and into the following acquiring fund (Acquiring Fund), each a series of the Trust, set forth in the table below (each a "Reorganization" and together the "Reorganizations").

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;Macquarie Multi-Asset Income Fund (Acquired Fund I), a series of the Trust | &nbsp;&nbsp;Nomura Balanced Fund (Acquiring Fund), a series of the Trust |
| &nbsp;&nbsp;Macquarie Global Allocation Fund (Acquired Fund II), a series of the Trust | &nbsp;&nbsp;Nomura Balanced Fund (Acquiring Fund), a series of the Trust |

---

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Ivy Funds

8. Reorganization (continued)

In approving the Reorganizations, the Board considered various factors, including that the applicable Acquiring Fund and the applicable Acquired Fund shared similar investment objectives, principal investment strategies and principal risks, and materially similar fundamental investment restrictions and that the applicable Acquiring Fund's overall total expense ratio was equal to or lower than the corresponding Acquired Fund's total expense ratio following the applicable Reorganization taking into account applicable expense limitation arrangements.

Acquired Fund II shareholders approved the Reorganization on July 21, 2025. No shareholder approval was required for the Acquired Fund I reorganization.

Pursuant to an Agreement and Plan of Reorganization (the "Plan"): (i) all of the property and assets of the Acquired Funds were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Funds in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganizations. The Reorganizations were accomplished by a tax-free exchange of shares on the following dates.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Acquired Fund** | &nbsp;&nbsp;**Reorganization Date** |
| &nbsp;&nbsp;Acquired Fund I | &nbsp;&nbsp;April 25, 2025 |
| &nbsp;&nbsp;Acquired Fund II | &nbsp;&nbsp;August 22, 2025 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Acquired Fund I, and the Acquiring Fund Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Acquired<br> Fund I<br> Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;Acquired<br> Fund I Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiring<br> Fund<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;&nbsp;$29708724 | &nbsp;&nbsp;&nbsp;&nbsp;3300969 | &nbsp;&nbsp;&nbsp;1298458 | &nbsp;&nbsp;&nbsp;$1060390907 | &nbsp;&nbsp;&nbsp;0.3934 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33153968 | &nbsp;&nbsp;&nbsp;0.4030 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9621754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;24464851 | &nbsp;&nbsp;&nbsp;&nbsp;2712289 | &nbsp;&nbsp;&nbsp;1067868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324714272 | &nbsp;&nbsp;&nbsp;0.3937 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475399 | &nbsp;&nbsp;&nbsp;0.3916 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8887627 | &nbsp;&nbsp;&nbsp;0.3941 |

---

The share transactions associated with the Acquired Fund II, and the Acquiring Fund Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Acquired<br> Fund II<br> Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;Acquired<br> Fund II Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiring<br> Fund<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class A | &nbsp;&nbsp;$288658398 | &nbsp;&nbsp;&nbsp;&nbsp;41895268 | &nbsp;&nbsp;&nbsp;11409423 | &nbsp;&nbsp;&nbsp;$1225736072 | &nbsp;&nbsp;&nbsp;0.2723 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35306018 | &nbsp;&nbsp;&nbsp;0.2519 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10641591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;67367579 | &nbsp;&nbsp;&nbsp;&nbsp;9569258 | &nbsp;&nbsp;&nbsp;&nbsp;2658547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385641113 | &nbsp;&nbsp;&nbsp;0.2778 |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10130222 | &nbsp;&nbsp;&nbsp;0.2712 |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9227129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The net assets of the Acquired Fund I and Acquired Fund II before the Reorganizations were $57,034,367 and $357,712,445, respectively. The Acquired Fund I and Acquired Fund II net assets and shares outstanding presented on the table above do not include the shareholders that did not participate in the Reorganizations. The net assets of the Acquiring Fund immediately following the Acquired Fund I and Acquired Fund II Reorganizations were $1,502,210,872 and 2,034,083,455, respectively.

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Assuming the Reorganizations had been completed on April 1, 2025, the Acquiring Funds' pro forma results of operations for the year ended March 31, 2026, would have been as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Acquiring Fund |
| Net investment income | &nbsp;&nbsp;$27261700 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176848997 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23928670) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$180182027 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund I and Acquired Fund II that have been included in the Acquiring Fund's "Statement of operations" since the Reorganizations were consummated on April 25, 2025 for Acquired Fund I and August 22, 2025 for Acquired Fund II.

9. Line of Credit

Each Fund, along with certain other funds in the Nomura Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 27, 2025. This Agreement was extended to October 26, 2026.

Each Fund had no amounts outstanding as of March 31, 2026, or at any time during the year then ended.

10. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 10) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the year ended March 31, 2026.

11. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity's results of operations and financial position.

**Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures contracts in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Funds deposit cash or pledge US government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At March 31, 2026, Nomura Asset Strategy Fund**

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Ivy Funds

11. Derivatives (continued)

posted $605,440 and Nomura Balanced Fund posted $1,569,625 in cash as collateral for open futures contracts, which is included in "Cash collateral due from brokers" on the "Statements of assets and liabilities." Open futures contracts, if any, are disclosed on the "Consolidated schedules of investments."

During the year ended March 31, 2026, Nomura Asset Strategy Fund and Nomura Balanced Fund invested in futures contracts to hedge the Funds' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and as a cash management tool.

During the year ended March 31, 2026, Nomura Asset Strategy Fund experienced net realized and unrealized gains or losses attributable to futures contracts, which are disclosed on the "Statements of operations" and "Statements of assets and liabilities."

**Swap Contracts — Nomura Balanced Fund may enter into CDS contracts in the normal course of pursuing its investment objective. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. Swap agreements are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).**

*Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.*

During the year ended March 31, 2026, Nomura Balanced Fund entered into CDS contracts as a seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. Nomura Balanced Fund did not enter into CDS contracts as a purchaser of protection.

As disclosed in the footnotes to the "Consolidated schedules of investments," at March 31, 2026, the notional value of the protection sold was $3,910,500, which reflects the maximum potential amount Nomura Balanced Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At March 31, 2026, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Fund and other third parties which the Fund can obtain in the occurrence of a credit event. At March 31, 2026, net unrealized depreciation of the protection sold was $58,987.

CDS contracts may involve greater risks than if Nomura Balanced Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund's maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund

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to cover the Fund's exposure to the counterparty, or (2) for cleared swaps, trading these instruments through a central counterparty. Open swap contracts, if any, are disclosed on the "Consolidated schedules of investments."

During the year ended March 31, 2026, Nomura Balanced Fund used CDS contracts to gain exposure to certain securities or markets.

During the year ended March 31, 2026, Nomura Balanced Fund posted $273,468 in cash as collateral for certain centrally cleared derivatives, which is included in "Cash collateral due from brokers" on the "Statements of assets and liabilities."

Fair values of derivative instruments as of March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Nomura Balanced Fund |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statements of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$2185873 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Balanced Fund | &nbsp;&nbsp;Nomura Balanced Fund | &nbsp;&nbsp;Nomura Balanced Fund |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value | &nbsp;&nbsp;Liability Derivatives Fair Value | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statements of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Credit<br> Contracts | &nbsp;&nbsp;Total |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$(2906888) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2906888) |
| Variation margin due to broker on centrally cleared credit default swap contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(58987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58987) |
| Total | &nbsp;&nbsp;$(2906888) | &nbsp;&nbsp;$(58987) | &nbsp;&nbsp;$(2965875) |

---

\*Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared CDS contracts from the date the contracts were opened through March 31, 2026. Only current day variation margin is reported on the Fund's "Statements of assets and liabilities."

The effect of derivative instruments on the "Statements of operations" for the year ended March 31, 2026 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura Balanced Fund | &nbsp;&nbsp;Nomura Balanced Fund | &nbsp;&nbsp;Nomura Balanced Fund |
|  | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(1902084) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1902084) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;313766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313766 |
| Total | &nbsp;&nbsp;$(1902084) | &nbsp;&nbsp;$313766 | &nbsp;&nbsp;$(1588318) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(363808) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(363808) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10845) | &nbsp;&nbsp;&nbsp;&nbsp;(10845) |
| Total | &nbsp;&nbsp;$(363808) | &nbsp;&nbsp;$(10845) | &nbsp;&nbsp;$(374653) |

---

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Ivy Funds

11. Derivatives (continued)

The tables below summarize the average daily balance of derivative holdings by certain Funds during the year ended March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Long Derivative Volume | &nbsp;&nbsp;Long Derivative Volume |
|  | &nbsp;&nbsp;Nomura<br> Asset<br> Strategy<br> Fund | &nbsp;&nbsp;Nomura<br> Balanced<br> Fund |
| Futures contracts (average notional amount) | $&nbsp;&nbsp;42785865 | $&nbsp;&nbsp;182072760 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Nomura<br> Asset<br> Strategy<br> Fund | &nbsp;&nbsp;Nomura<br> Balanced<br> Fund |
| Futures contracts (average notional amount) | $&nbsp;&nbsp;29890608 | $&nbsp;&nbsp;91623569 |
| CDS contracts (average notional amount)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7650931 |

---

\*Long represents buying protection and short represents selling protection.

**12. Securities Lending**

Each Fund, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

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Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund's cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

During the year ended March 31, 2026, each Fund had no securities out on loan.

13. Credit and Market Risks

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or armed conflict in a geographic region has the potential to adversely impact the Funds' investments. Such conflicts and other corresponding events could result in increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors or in markets for certain securities and commodities. Such conflicts also may result in a negative impact on the Funds' investments, even beyond any direct investment exposure a Fund may have to issuers located in or with significant exposure to an impacted country or geographic region.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which each Fund invests will cause the NAV of each Fund to fluctuate.

Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds. In addition, recent trade tensions and the imposition of tariffs may disrupt markets and lead to heightened market volatility.

Certain Funds invest a portion of their assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor's Financial Services LLC and lower than Baa3 by Moody's Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

Certain Funds may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause a Fund to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, a Fund could sustain a

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Ivy Funds

13. Credit and Market Risks (continued)

loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes "subprime" loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, a Fund's investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause a Fund to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

Certain Funds invest in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Funds will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer each Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Funds may involve revolving credit facilities or other standby financing commitments that obligate the Funds to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Funds might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high-grade debt obligations in an amount sufficient to meet such commitments.

As the Funds may be required to rely upon another lending institution to collect and pass on to the Funds amounts payable with respect to the loan and to enforce the Funds' rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Funds from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Funds.

Certain Funds invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Certain Funds may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended March 31, 2026. The Funds' REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the "Statements of assets and liabilities", if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Fund may not realize the intended benefits. Derivatives contracts

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are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds' 15% limit on investments in illiquid securities. Rule 144A and restricted securities have been identified on the "Consolidated schedules of investments" and "Schedules of investments."

14. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund's maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund's existing contracts and expects the risk of loss to be remote.

15. Subsequent Events

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any annual 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses exceeding 0.83% of the Nomura Real Estate Securities Fund's Class A, Class C, Class R, and Institutional Class shares' average daily net assets and 0.68% of the Fund's Class R6 shares' average daily net assets from April 10, 2026 through July 28, 2027.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2026, that would require recognition or disclosure in the Funds' financial statements.

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Report of independent registered public accounting firm

To the Board of Trustees of Ivy Funds and Shareholders of each of the six funds listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting Ivy Funds, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2026, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Nomura Climate Solutions Fund<sup>(1)</sup><br> Nomura Natural Resources Fund<sup>(1)</sup><br> Nomura Real Estate Securities Fund<sup>(1)</sup> | &nbsp;&nbsp;Nomura Science and Technology Fund<sup>(1)</sup><br> Nomura Asset Strategy Fund<sup>(1)\*</sup><br> Nomura Balanced Fund<sup>(1)\*\*</sup> |

---

#### <sup>\*</sup> The financial statements for Nomura Asset Strategy Fund and its subsidiaries are presented on a consolidated basis.
<sup>\*\*</sup>The financial statements for Nomura Balanced Fund and its subsidiary are presented on a consolidated basis as of and for the year ended March 31, 2026 and for Nomura Balanced Fund on a stand-alone basis for prior periods.

<sup>(1)</sup> Statement of operations for the year ended March 31, 2026, statement of changes in net assets for each of the two years in the period ended March 31, 2026 and the financial highlights for each of the five years in the period ended March 31, 2026.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian, transfer agents, portfolio companies, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 29, 2026

We have served as the auditor of one or more Nomura investment companies since 2010.

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## Other Fund information (Unaudited)
Ivy Funds

#### Tax Information
The information set forth below is for the Funds' fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of each Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Funds to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended March 31, 2026, certain Funds reports distributions paid during the year as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;(A)<br> Ordinary Income<br> Distributions\*<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(B)<br> Long-Term<br> Capital Gains<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;Total<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(C)<br> Qualifying<br> Dividends<sup>1</sup> |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;17.38% | &nbsp;&nbsp;&nbsp;&nbsp;82.62% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;19.97% |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;44.33% | &nbsp;&nbsp;&nbsp;&nbsp;55.67% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;41.51% |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;11.80% | &nbsp;&nbsp;&nbsp;&nbsp;88.20% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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(A) and (B) are based on a percentage of each Fund's total distributions.

(C) is based on each Fund's ordinary income distributions.

<sup>1</sup> Qualified dividends represent dividends which qualify for corporate dividends received deduction.

\*For the fiscal year ended March 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Funds from ordinary income reported as qualified income are reported in the following table. Complete information will be computed and reported in conjunction with your 2026 Form 1099-DIV.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Percentage |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;48.82% |
| Nomura Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;55.13% |
| Nomura Climate Solutions Fund | &nbsp;&nbsp;100.00% |
| Nomura Natural Resources Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;6.02% |
| Nomura Science and Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

For the fiscal year ended March 31, 2026, certain distributions paid by the Funds, determined to be Qualified Short-Term Capital Gains may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004: the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended March 31, 2026, certain Funds have reported maximum Qualified Short-Term Capital Gains distributions as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Qualified Short-Term Capital Gains |
| Nomura Asset Strategy Fund | &nbsp;&nbsp;$6155766 |

---

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## Other Fund information (Unaudited)
Ivy Funds

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies

#### Change in Independent Registered Public Accounting Firm
At a meeting held on May 20, 2026, the Board of Trustees (Board), upon recommendation of the Audit Committee, approved the dismissal of PricewaterhouseCoopers LLP (PwC) upon completion of services currently being performed by PwC related to the audits of Nomura Asset Strategy Fund (formerly, Macquarie Asset Strategy Fund), Nomura Balanced Fund (formerly, Macquarie Balanced Fund), Nomura Climate Solutions Fund (formerly, Macquarie Climate Solutions Fund), Nomura Natural Resources Fund (formerly, Macquarie Natural Resources Fund), Nomura Real Estate Securities Fund (formerly, Macquarie Real Estate Securities Fund), and Nomura Science and Technology Fund (formerly, Macquarie Science and Technology Fund) (the "Funds") March 31, 2026 financial statements, and approved the appointment of Ernst & Young LLP (E&Y) to serve as the independent registered public accounting firm for the Funds, beginning with the fiscal year ending March 31, 2027.

PwC's reports on the financial statements for the fiscal years ended March 31, 2025 and March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

In addition, during the fiscal years ended March 31, 2025 and March 31, 2026 and during the subsequent interim period through May 29, 2026, (i) there were no disagreements between the Funds and PwC on accounting principles, financial statement disclosures or audit scope, which, if not resolved to the satisfaction of PwC, would have caused them to make reference to the disagreement in their reports; and (ii) there were no reportable events described in Item 304(a) (1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. During the fiscal years ended March 31, 2025 and March 31, 2026 and during the subsequent interim period through May 29, 2026, neither the Board nor anyone on its behalf has consulted with E&Y at any time prior to their selection with respect to (i) the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Funds' financial statements; or (ii) the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).

The Funds have provided PwC with a copy of this Form N-CSR and requested that PwC furnish the Funds with a letter stating whether or not it agrees with the statements made herein. A copy of PwC's letter, dated June 8, 2026, is attached as Exhibit 99 to this N-CSR.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements at a Meeting Held on June 18, 2025
At its June 2025 Meeting, the Board, including its Independent Trustees, considered and unanimously approved the proposed New Investment Advisory Agreements between the Trusts, on behalf of each of their Funds, and DMC. The Board also approved the New Sub-Advisory Agreements for the Funds, as applicable, that will become effective after the Closing or Split Closing, as applicable. In addition, the Board approved interim advisory and interim sub-advisory agreements (together the "Interim Advisory Agreements" and together with the New Investment Advisory Agreements and New Sub-Advisory Agreements, the "Proposed Advisory Agreements"). The Interim Advisory Agreements will take effect in the event that shareholders did not approve of one or more of the New Investment Advisory Agreements by the time of the Closing. The Board also determined to recommend that Fund shareholders approve the proposed New Investment Advisory Agreements. As part of their evaluation, the Board's Independent Trustees reviewed material supporting the approval of the Proposed Advisory Agreements in executive sessions with its independent legal counsel both with and without representatives of management. Such material included responses provided by DMC and Nomura to an extensive initial questionnaire and a subsequent memorandum with questions relating to the Transaction and the impact on the Funds, as well as governance, compliance, investment and operational matters.

**Background for the Board Approvals. At the June 2025 Meeting, representatives of DMC and Nomura met with the Board to discuss the Transaction. The Independent Trustees were advised that the Transaction, if completed, would constitute a Change of Control Event and result**

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in the termination of the Current Investment Advisory Agreements. The Independent Trustees were also advised that it was proposed that DMC would continue to serve as the investment adviser to each Fund after the Closing and that the Board would be asked to consider approval of the terms and conditions of the proposed New Investment Advisory Agreements with DMC and thereafter to submit the proposed New Investment Advisory Agreements to the Funds' shareholders for approval.

At the June 2025 Meeting, the Board, including a majority of the Independent Trustees, reviewed and approved the Proposed Advisory Agreements, including the New Investment Advisory Agreements, which are still subject to shareholder approval. The Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate.

The Board, together with independent legal counsel to the Independent Trustees and Fund counsel, met with representatives of DMC and Nomura to discuss the Transaction. In addition, management of DMC and certain Independent Trustees met in person or virtually on several other occasions preceding the June 2025 Meeting. At these meetings, the Transaction and future plans for DMC and the Funds were discussed at length. Finally, the Independent Trustees consulted with their independent legal counsel in executive sessions during the time period covered by the negotiation of the Transaction and discussed, among other things, the legal standards applicable to their review of the Proposed Advisory Agreements and certain other contracts and considerations relevant to their deliberations on whether to approve the Proposed Advisory Agreements.

At the in-person and virtual meetings with DMC management and with key Nomura representatives, the Trustees discussed the Transaction. The meetings included discussions of the strategic rationale for the Transaction and Nomura's general plans and intentions regarding the Funds and DMC. On these occasions, representatives of DMC and Nomura made presentations to, and responded to questions from, the Trustees. The Board also inquired about the plans for, and anticipated roles and responsibilities of, key employees and officers of DMC in connection with the Transaction, and Nomura's role with respect to DMC Management.

In connection with the Trustees' review of the Proposed Advisory Agreements, DMC and/or Nomura emphasized that:

&nbsp;&nbsp;&nbsp;&nbsp;• They expected that there will be no adverse changes as a result of the Transaction in the nature, quality, or extent of services currently provided to the Funds and their shareholders, including investment management, distribution, or other shareholder services;

&nbsp;&nbsp;&nbsp;&nbsp;• No material changes in personnel or operations are currently contemplated in the operation of DMC under Nomura as a result of the Transaction (with the exception of the US leveraged credit team, as indicated below);

&nbsp;&nbsp;&nbsp;&nbsp;• Nomura has no present intention to cause DMC to alter the contractual expense limitations and reimbursements currently in effect for the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;• Under the Purchase Agreement, Nomura has agreed to, and to cause its affiliates to, use commercially reasonable efforts after Closing to conduct their respective businesses in compliance with the conditions of Section 15(f) of the 1940 Act with respect to the Funds, to the extent within its control, including maintaining Board composition of at least 75% of the Board members qualifying as Independent Trustees and not imposing any "unfair burden" on the Funds for at least two years from the Closing.

The Board considered that management proposed that the Board approve the Proposed Advisory Agreements because, upon the Closing, the Current Investment Advisory Agreements and the current sub-advisory agreements (the "Current Sub-Advisory Agreements") would automatically terminate in accordance with their terms and applicable regulations. The Board further considered that management proposed that the Board approve the Interim Advisory Agreements so that, if the Transaction closes before a Fund receives the requisite shareholder approval of its New Investment Advisory Agreement, an Interim Advisory Agreement would permit continuity of the management of the Fund while it continued to solicit the requisite shareholder approval of the New Investment Advisory Agreement. The Board reviewed and also considered the forms of the Proposed Advisory Agreements, noting that the terms and conditions of each such agreement were substantially identical to the terms and conditions of the Current Investment Advisory Agreements or Current Sub-Advisory Agreements, except for the effective dates, duration and, with respect to the Interim Advisory Agreements, escrow provisions required by applicable law. The Board also considered the impact of a possible Split Closing and DMC's representation that, if it occurs, it would not affect the day-to-day management of the applicable Funds. The Board noted that the New Investment Advisory Agreements would have an initial two-year term and that the Interim Advisory Agreements would be effective on an interim basis, as necessary upon the Closing, from its effective date until the earlier of (i) 150 calendar days from the effective date or such later date as may be consistent with the 1940 Act, rules and regulations thereunder or exemptive relief or interpretative position of the staff of the SEC; or (ii) the effective date of the applicable New Investment Advisory Agreement

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## Other Fund information (Unaudited)
Ivy Funds

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements at a Meeting Held on June 18, 2025
(continued)

("Interim Period"). The Interim Advisory Agreement may also be terminated on 10 days' written notice by the Board. The Board further noted management's representation that the approval of the Proposed Advisory Agreements would not result in any changes to the Funds' investment objectives or strategies. The Board considered DMC's and Nomura's representations that there are no planned or anticipated material personnel changes as a result of the Transaction, with the exception of the US leveraged credit team where certain team members are expected to remain with Macquarie. The Board further considered DMC's representation that the US leveraged credit team Funds will all be managed with the same investment objective and in the same style post-closing and DMC representing that it believes that there will be no reduction in the quality of advisory services to those Funds. Otherwise, the portfolio managers responsible for the day-to-day management of the Funds are expected to continue to manage the Funds and certain sub-adviser(s) are expected to continue to manage their respective sleeves of the Funds pursuant to New Sub-Advisory Agreements that would be substantially similar to the Current Sub-Advisory Agreements. The Board also noted management's representation that the New Sub-Advisory Agreements would not require shareholder approval, and that management proposed that the Board approve the New Sub-Advisory Agreements pursuant to the Funds' manager of managers exemptive relief. In addition, the Board also considered that, in connection with the Transaction, certain investment professionals at Macquarie-affiliated sub-advisers would be employed by Nomura advisory affiliates in the United Kingdom and Australia and would continue to manage the Funds they currently manage under participating affiliate arrangements.

**Nature, Extent, and Quality of Service. The Trustees considered the services historically provided by DMC to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered that the New Investment Advisory Agreements and New Sub-Advisory Agreements will be substantially similar to the Current Investment Advisory Agreements and Current Sub-Advisory Agreements, respectively, and they therefore considered the many reports furnished to them throughout 2024 and 2025 at regular Board meetings covering matters such as the relative performance of the Funds; the compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; the compliance of management personnel with the Code of Ethics adopted throughout the Macquarie Funds complex; and the adherence to fair value pricing procedures as established by the Board. Further, and consistent with its continued oversight of these matters, the Board discussed with DMC and Nomura the impact of the Transaction on the remediation efforts and actions and specific initiatives being undertaken to enhance DMC's compliance, risk, operational and portfolio management functions arising out of DMC's previously announced settlement agreement with the SEC in September 2024. The Board relied on commitments by DMC and Nomura that these remediation efforts and actions and specific initiatives would not be negatively affected by the Transaction and would continue through and following Closing.**

The Board also considered the transfer agent and shareholder services that would continue to be provided to Fund shareholders by DMC's affiliate, Delaware Investments Fund Services Company ("DIFSC"). The Board routinely reviews DIFSC's performance.

Nomura and DMC indicated that they currently expected no material changes as a result of the Transaction in (i) personnel or operations of DMC (with the exception of the US leveraged credit team, as indicated above) or (ii) third parties providing operational services to the Funds, and stated that the nature, extent, and quality of services currently provided to the Funds and their shareholders were very likely to continue under the New Investment Advisory Agreements and New Sub-Advisory Agreements. The Board also considered that management of Nomura and Macquarie represented that there would not be any "unfair burden" imposed on any of the Funds for the first two years following the Closing as a result of the Transaction in accordance with Section 15(f) of the 1940 Act, and that they did not expect the Transaction to result in any adverse changes in the nature, quality, or extent of services (including investment management, distribution, or other shareholder services) currently provided to the Funds and their shareholders. The Board noted, among other things, the contractual expense limitations or reimbursements currently in effect for certain Funds and Nomura's acknowledgment of Macquarie's intention to continue to comply with an expense limitation policy related to contractual fee waivers for certain Funds.

**Investment Performance. The Board considered the overall investment performance of DMC and the Funds. The Board placed significant emphasis on the investment performance of the Funds in view of its importance to shareholders. The Board gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year and considered its review of investment performance in connection with the approval of the Current Investment Advisory Agreements at the Board meeting held in August 2024.**

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The Board also considered DMC's representations that neither the Transaction, the New Investment Advisory Agreements nor the New Sub-Advisory Agreements would likely have an adverse effect on the investment performance of any Fund because (i) DMC and Nomura did not currently expect the Transaction to cause any material change to the Funds' portfolio management teams responsible for investment performance (with the exception of the US leveraged credit team), (ii) as discussed in more detail below, the Funds' expenses were not expected to increase as a result of the Transaction, (iii) the Funds would not bear any Transaction-related expenses, and (iv) as indicated by Nomura and Macquarie, there was not expected to be any "unfair burden" imposed on the Funds as a result of the Transaction.

**Comparative Expenses. At its August 2024 meeting, the Board evaluated expense comparison data for the Funds. At that meeting, DMC provided the Board with information on pricing levels and fee structures for the Funds and comparative funds. The Board focused on the comparative analysis of the effective management fees and total expense ratios of each Fund versus the effective management fees and expense ratios of a group of funds selected by Broadridge as being similar to each Fund (the "Expense Group"). The Board placed significant emphasis on the Funds' expenses in view of their importance to shareholders. The Board gave appropriate consideration to expense reports and discussions with DMC at Board meetings throughout the year and considered its prior review of expenses in connection with the approval of the Current Investment Advisory Agreements at the Board meeting held in August 2024.**

The Board considered the representations of DMC and Nomura that neither the Transaction, the New Investment Advisory Agreements nor New Sub-Advisory Agreements would likely have an adverse effect on the Funds' expenses because (i) each Fund's contractual fee rates under the New Investment Advisory Agreements would remain the same, (ii) DMC had no current intention to change the existing contractual expense limitations and reimbursement policy as a result of the Transaction, (iii) under the Purchase Agreement, Macquarie and Nomura would pay all reasonable costs related to the related proxy solicitation, and (iv) Nomura and Macquarie represented that, consistent with Section 15(f) of the 1940 Act, no "unfair burden" would be imposed on the Funds for the first two years after the Closing.

**Management Profitability. At its August 2024 meeting, the Board evaluated DMC's profitability in connection with the operation of the Funds. The Board had previously considered DMC's profitability in connection with the operation of the Funds at its August 2024 meeting. At that meeting, the Board reviewed an analysis that addressed the overall profitability of DMC's business in providing management and other services to each of the Funds and the complex as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. At that meeting, the Board determined that the management fees charged under the Current Investment Advisory Agreements were reasonable in light of the services rendered and the level of profitability of DMC. Nomura advised the Board in June 2025 that it anticipated that management profitability would remain substantially the same following the Closing, noting that services and costs are expected to be the same.**

The Board also requested and reviewed financial statements provided by Nomura for Nomura Holdings Inc., the parent of Nomura, for the purpose of evaluating Nomura's ability to financially support DMC's advisory business after the Closing and to seek to ensure that DMC can continue to provide services of a similar nature, extent, and quality to the Funds following the Closing as it has under the Current Investment Advisory Agreements.

Based on information provided by DMC and Nomura, the Board considered their representations that DMC would have sufficient financial resources following the Transaction to continue to provide the same level and quality of services to the Funds under the New Investment Advisory Agreements as is the case under the Current Investment Advisory Agreements. The Board also considered Nomura's representation that it had sufficient financial strength and resources, as well as an ongoing commitment to a global asset management business, to continue investing in DMC to the extent that Nomura determined it was appropriate.

**Economies of Scale. The Board considered whether economies of scale would be realized by DMC as each Fund's assets increase and the extent to which any economies of scale would be reflected in the management fees charged. The Board took into account DMC's practice of maintaining the competitive nature of management fees based on its analysis of fees charged by comparable funds. The Board also acknowledged Nomura's statement that the Transaction would not by itself immediately provide additional economies of scale given Nomura's limited presence in the US mutual fund market. Nonetheless, the Board considered that additional economies of scale could potentially be achieved in the future if DMC were owned by Nomura as a result of Nomura's willingness to invest additional amounts in DMC if appropriate opportunities arise. The Board further considered that potential economies of scale could be achieved as a result of DMC's potentially expanded distribution capabilities arising from the Transaction, as well as opportunities that might arise from Nomura's commitment to its global asset management business.**

&nbsp;&nbsp;&nbsp;&nbsp;117

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## Other Fund information (Unaudited)
Ivy Funds

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements at a Meeting Held on June 18, 2025
(continued)

**Fall-Out Benefits. The Board acknowledged that DMC would continue to benefit from soft dollar arrangements using portfolio brokerage of each Fund that invests in equity securities. The Board also considered that Nomura and DMC may derive reputational, strategic, and other benefits from their association with the Funds, including, for Nomura and DMC, service relationships with DMC, DIFSC, and Delaware Distributors, L.P., and evaluated the extent to which DMC might derive ancillary benefits from Fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Funds and the potential benefits from allocation of Fund brokerage to improve trading efficiencies.**

**The Purchase Agreement. The Board considered the terms of the Purchase Agreement, including those related to Section 15(f) of the 1940 Act and that Macquarie and Nomura will bear the expenses related to the Funds' proxy solicitation. At the June 2025 Meeting, the Board discussed the conditions to the Closing, including the requirements for obtaining consents to the change in control from DMC's advisory clients, such as the Funds.**

**Board Review of Nomura. The Board reviewed detailed information supplied by Nomura about its operations. As previously noted, to consider DMC's ability to continue to provide the same level and quality of services to the Funds, the Board requested, received, and reviewed information from Nomura concerning its financial condition to demonstrate its ability support DMC's advisory business after the Closing. Based on this review, the Board considered that DMC would continue to have the financial ability to maintain the high quality of services required by the Funds.**

Nomura described its proposed changes to DMC's corporate governance, primarily through the anticipated addition of certain Nomura officers to DMC's parent company. The Board considered Nomura's statement that it plans to retain the pre-closing organizational and operating structure with respect to the Funds post-Closing as much as possible. Nomura described the proposed harmonization of the compensation system in use at DMC with the compensation plan used by Nomura, including short-term and long-term incentive compensation and equity interests for executive officers and investment personnel.

The Board also considered Nomura's current strategic plans to increase its asset management activities, one of its core businesses, particularly in North America, and its statement that its acquisition of DMC is an important component of this strategic growth and the establishment of a significant presence in the United States. In addition, the Board considered Nomura's representation that the acquisition of DMC could potentially enhance the nature, quality, and extent of services provided to the Funds and their shareholders.

The Board noted that DMC has placed brokerage transactions with a broker/dealer affiliate of Nomura and received research in connection with those transactions. In addition, certain other Nomura affiliates participate as underwriters for securities offerings outside of the United States.

**Conclusion. The Independent Trustees of each Trust deliberated in executive session; the entire Board of each Fund, including the Independent Trustees, then approved the Proposed Advisory Agreements. The Board concluded that the advisory fee rates under each New Investment Advisory Agreement are reasonable in relation to the services provided and that execution of the New Investment Advisory Agreements is in the best interests of the shareholders. For each Fund, the Board noted that they had concluded in their most recent advisory agreement continuance considerations in August 2024 that the management fees and total expense ratios were at acceptable levels in light of the quality of services provided to the Funds and in comparison to those of the Funds' respective peer groups; that the advisory fee schedule would not be increased and would stay the same for all of the Funds; that the total expense ratio had not changed materially since that determination; and that DMC had represented that the overall expenses for each Fund were not expected to be adversely affected by the Transaction. The Board also noted, with respect to the Funds that currently had the benefit of contractual fee limitations, that Nomura indicated it will maintain the Funds' existing contractual expense limitations and/or advisory fee waivers post-Closing through the stated end date for such expense limitation and fee waiver. Nomura further indicated it has no current plans to increase advisory, administration, distribution, transfer agency, or other fees of the Funds following the Transaction. The Board noted Nomura's acknowledgment of Macquarie's intention to continue to comply with an expense limitation policy related to contractual fee waivers for certain Funds. On that basis, the Board concluded that each of the total expense ratio and proposed advisory fee for the Funds anticipated to result from the Transaction was acceptable.**

&nbsp;&nbsp;&nbsp;&nbsp;118

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In reaching its determination regarding the approval of the Proposed Advisory Agreements, the Board, including all of the Independent Trustees, considered the factors, conclusions and information they believed relevant in the exercise of their reasonable judgment, including, but not limited to, the factors, conclusions and information discussed above.

Further, in their deliberations, the Board members did not identify any particular factor (or conclusion with respect thereto) or information that was all important or controlling, and each Board member may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

&nbsp;&nbsp;&nbsp;&nbsp;119

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#### Contact information

#### Shareholder assistance by phone 800 523-1918, weekdays from 8:30am to 6:00pm ET

#### For securities dealers and financial institutions representatives only 800 362-7500

#### Regular mail Nomura Funds P.O. Box 534437 Pittsburgh, PA 15253-4437

#### Overnight courier service Nomura Funds Attention: 534437 1350 Penn Avenue, Suite 102 Pittsburgh, PA 15222
Nomura Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

**Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT.**

(5415200) **ANN-IVYSPEC-0526**

This page is not part of the financial statements and other information.

------

The Financial Highlights are attached herewith.

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

#### Change in Independent Registered Public Accounting Firm
At a meeting held on May 20, 2026, the Board of Trustees (Board), upon recommendation of the Audit Committee, approved the dismissal of PricewaterhouseCoopers LLP (PwC) upon completion of services currently being performed by PwC related to the audits of Nomura Asset Strategy Fund (formerly, Macquarie Asset Strategy Fund), Nomura Balanced Fund (formerly, Macquarie Balanced Fund), Nomura Climate Solutions Fund (formerly, Macquarie Climate Solutions Fund), Nomura Natural Resources Fund (formerly, Macquarie Natural Resources Fund), Nomura Real Estate Securities Fund (formerly, Macquarie Real Estate Securities Fund), Nomura Science and Technology Fund (formerly, Macquarie Science and Technology Fund), Nomura Core Equity Fund (formerly, Macquarie Core Equity Fund), Nomura Global Bond Fund (formerly, Macquarie Global Bond Fund), Nomura Global Growth Fund, (formerly, Macquarie Global Growth Fund), Nomura High Income Fund (formerly, Macquarie High Income Fund), Nomura International Core Equity Fund (formerly, Macquarie International Core Equity Fund), Nomura Large Cap Growth Fund (formerly, Macquarie Large Cap Growth Fund), Nomura Mid Cap Growth Fund (formerly, Macquarie Mid Cap Growth Fund), Nomura Mid Cap Income Opportunities Fund (formerly, Macquarie Mid Cap Income Opportunities Fund), Nomura Small Cap Growth Fund (formerly, Macquarie Small Cap Growth Fund), Nomura Smid Cap Core Fund (formerly, Macquarie Smid Cap Core Fund), and Nomura Systematic Emerging Markets Equity Fund (formerly, Macquarie Systematic Emerging Markets Equity Fund), (the "Funds") s' March 31, 2026 financial statements, and approved the appointment of Ernst & Young LLP (E&Y) to serve as the independent registered public accounting firm for the Funds, beginning with the fiscal year ending March 31, 2027. PwC's dismissal was not effective until the issuance of the March 31, 2026 financial statements on May 29, 2026.

PwC's reports on the financial statements for the fiscal years ended March 31, 2025 and March 31, 2026 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

In addition, during the fiscal years ended March 31, 2025 and March 31, 2026 and during the subsequent interim period through May 29, 2026, (i) there were no disagreements between the Funds and PwC on accounting principles, financial statement disclosures or audit scope, which, if not resolved to the satisfaction of PwC, would have caused them to make reference to the disagreement in their reports; and (ii) there were no reportable events described in Item 304(a) (1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. During the fiscal years ended March 31, 2025 and March 31, 2026 and during the subsequent interim period through May 29, 2026, neither the Board nor anyone on its behalf has consulted with E&Y at any time prior to their selection with respect to (i) the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinions that might be rendered on the Funds' financial statements; or (ii) the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).

The Funds have provided PwC with a copy of this Form N-CSR and requested that PwC furnish the Funds with a letter stating whether or not it agrees with the statements made herein. A copy of PwC's letter, dated June 8, 2026, is attached as Exhibit 99 to this N-CSR.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is included as part of materials filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
This information is included as part of materials filed under Item 7 of this form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

------

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.CERT.](d154472dex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | [There was a change in the Registrant's independent public accountant during the period covered by the report. Attached hereto as Exhibit 99.IND PUB ACCT.](d154472dex99indpubacct.htm) |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.](d154472dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

**Name of Registrant**: Ivy Funds

---

| |
|:---|
| /s/ SHAWN K. LYTLE |
| By: Shawn K. Lytle |
| Title: President and Principal Executive Officer |
| Date: June 8, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| /s/ SHAWN K. LYTLE |
| By: Shawn K. Lytle |
| Title: President and Principal Executive Officer |
| Date: June 8, 2026 |
| /s/ RICHARD SALUS |
| By: Richard Salus |
| Title: Principal Financial Officer |
| Date: June 8, 2026 |

---

## Ex-99.Cert

**EXHIBIT 99.CERT** 

**<u>CERTIFICATION</u>**

I, Shawn K. Lytle, certify that:

1. I have reviewed this report on Form N-CSR of Ivy Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: June 8, 2026

---

| |
|:---|
| /s/ SHAWN K. LYTLE |
| By: Shawn K. Lytle |
| Title: President and Principal Executive Officer |

---

------

**<u>CERTIFICATION</u>**

I, Richard Salus, certify that:

1. I have reviewed this report on Form N-CSR of Ivy Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: June 8, 2026

---

| |
|:---|
| /s/ RICHARD SALUS |
| By: Richard Salus |
| Title: Principal Financial Officer |

---

## Ex-99.Ind

June 8, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We have read the statements made by Nomura Asset Strategy Fund, Nomura Balanced Fund, Nomura Climate Solutions Fund, Nomura Natural Resources Fund, Nomura Real Estate Securities Fund, Nomura Science and Technology Fund, Nomura Core Equity Fund, Nomura Global Bond Fund, Nomura Global Growth Fund, Nomura High Income Fund, Nomura International Core Equity Fund, Nomura Large Cap Growth Fund, Nomura Mid Cap Growth Fund, Nomura Mid Cap Income Opportunities Fund, Nomura Small Cap Growth Fund, Nomura Smid Cap Core Fund, and Nomura Systematic Emerging Markets Equity Fund (the "Funds") (copy attached), which we understand will be filed with the Securities and Exchange Commission, pursuant to Item 1 and Item 8 of Form N-CSR of the Funds dated June 8, 2026. We agree with the statements concerning our Firm contained therein.

Very truly yours,

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

Attachment

## Exhibit 99.906

**EXHIBIT 99.906CERT** 

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify, to the best of such officer's knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934; and

2. The information contained in the Report fairly represents, in all material respects, the financial condition
and results of operations of the registrant as of, and for, the periods presented in the Report.

Date: June 8, 2026

---

| |
|:---|
| /s/ SHAWN K. LYTLE |
| By: Shawn K. Lytle |
| Title: President and Principal Executive Officer |
| /s/ RICHARD SALUS |
| By: Richard Salus |
| Title: Principal Financial Officer |

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