# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-008182
**Filing Date:** 2026-2
**Character Count:** 30389
**Document Hash:** 5bae95059a3fdfdb82a22ff742528570
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008182.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008182

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622

**ORGANIZATION NAME:**
- **EIN:** 481112076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 26683408

**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 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           |

## Nport-Ex

## Schedule of investments
Nomura Natural Resources Fund

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.28%♣** | &nbsp;&nbsp;**Common Stocks — 98.28%♣** | &nbsp;&nbsp;**Common Stocks — 98.28%♣** |
| &nbsp;&nbsp;Consumer Staples — 2.02% | &nbsp;&nbsp;Consumer Staples — 2.02% | &nbsp;&nbsp;Consumer Staples — 2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46584 | &nbsp;&nbsp;$4149703 |
|  |  | &nbsp;&nbsp;&nbsp; 4149703 |
| &nbsp;&nbsp;Energy — 34.38% | &nbsp;&nbsp;Energy — 34.38% | &nbsp;&nbsp;Energy — 34.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Resources | &nbsp;&nbsp;&nbsp;&nbsp;257281 | &nbsp;&nbsp;&nbsp; 4826772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP ADR | &nbsp;&nbsp;&nbsp;&nbsp;115600 | &nbsp;&nbsp;&nbsp; 4014788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24915 | &nbsp;&nbsp;&nbsp; 2309621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55320 | &nbsp;&nbsp;&nbsp; 5178505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61060 | &nbsp;&nbsp;&nbsp; 5404421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DHT Holdings | &nbsp;&nbsp;&nbsp;&nbsp;161243 | &nbsp;&nbsp;&nbsp; 1968777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39952 | &nbsp;&nbsp;&nbsp; 6005984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28771 | &nbsp;&nbsp;&nbsp; 3175168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;&nbsp;167899 | &nbsp;&nbsp;&nbsp; 4815343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37535 | &nbsp;&nbsp;&nbsp; 1729613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | &nbsp;&nbsp;&nbsp;&nbsp;355192 | &nbsp;&nbsp;&nbsp; 4177058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parex Resources | &nbsp;&nbsp;&nbsp;&nbsp;191208 | &nbsp;&nbsp;&nbsp; 2570243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy | &nbsp;&nbsp;&nbsp;&nbsp;139579 | &nbsp;&nbsp;&nbsp; 4145496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | &nbsp;&nbsp;&nbsp;&nbsp;196994 | &nbsp;&nbsp;&nbsp; 2763826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;269049 | &nbsp;&nbsp;&nbsp; 9915061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87787 | &nbsp;&nbsp;&nbsp; 2708229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29160 | &nbsp;&nbsp;&nbsp; 4746956 |
|  |  | &nbsp;&nbsp;&nbsp; 70455861 |
| &nbsp;&nbsp;Industrials — 2.09% | &nbsp;&nbsp;Industrials — 2.09% | &nbsp;&nbsp;Industrials — 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40384 | &nbsp;&nbsp;&nbsp; 4293627 |
|  |  | &nbsp;&nbsp;&nbsp; 4293627 |
| &nbsp;&nbsp;Information Technology — 2.35% | &nbsp;&nbsp;Information Technology — 2.35% | &nbsp;&nbsp;Information Technology — 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18412 | &nbsp;&nbsp;&nbsp; 4809767 |
|  |  | &nbsp;&nbsp;&nbsp; 4809767 |
| &nbsp;&nbsp;Materials — 57.44% | &nbsp;&nbsp;Materials — 57.44% | &nbsp;&nbsp;Materials — 57.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | &nbsp;&nbsp;&nbsp;&nbsp;116319 | &nbsp;&nbsp;&nbsp; 6181192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | &nbsp;&nbsp;&nbsp;&nbsp;160653 | &nbsp;&nbsp;&nbsp; 6645013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp; 3396900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canfor † | &nbsp;&nbsp;&nbsp;&nbsp;228525 | &nbsp;&nbsp;&nbsp; 1953006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70442 | &nbsp;&nbsp;&nbsp; 5447984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Metal Recycling<br> Holdings =, † | 30000000 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining † | &nbsp;&nbsp;&nbsp;&nbsp;361355 | &nbsp;&nbsp;&nbsp; 6442960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67801 | &nbsp;&nbsp;&nbsp; 4544701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56596 | &nbsp;&nbsp;&nbsp; 7032704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals | &nbsp;&nbsp;&nbsp;&nbsp;385897 | &nbsp;&nbsp;&nbsp; 7660055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper | &nbsp;&nbsp;&nbsp;&nbsp;160114 | &nbsp;&nbsp;&nbsp; 6306890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30633 | &nbsp;&nbsp;&nbsp; 2473921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metallus † | &nbsp;&nbsp;&nbsp;&nbsp;180019 | &nbsp;&nbsp;&nbsp; 3089126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93900 | &nbsp;&nbsp;&nbsp; 3729708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96675 | &nbsp;&nbsp;&nbsp; 9652999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;&nbsp;144603 | &nbsp;&nbsp;&nbsp; 8924897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSR Mining † | &nbsp;&nbsp;&nbsp;&nbsp;127861 | &nbsp;&nbsp;&nbsp; 2803058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52893 | &nbsp;&nbsp;&nbsp; 8962719 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Teck Resources Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53659 | &nbsp;&nbsp;$2568892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42503 | &nbsp;&nbsp;&nbsp; 2618696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valterra Platinum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83459 | &nbsp;&nbsp;&nbsp; 6965283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64741 | &nbsp;&nbsp;&nbsp; 3960731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54112 | &nbsp;&nbsp;&nbsp; 6359242 |
|  |  | &nbsp;&nbsp;&nbsp;117720677 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $190,532,020)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $190,532,020)** | &nbsp;&nbsp;&nbsp;**201429635** |
| &nbsp;&nbsp;**Short-Term Investments — 1.79%** | &nbsp;&nbsp;**Short-Term Investments — 1.79%** | &nbsp;&nbsp;**Short-Term Investments — 1.79%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.79% | &nbsp;&nbsp;Money Market Mutual Funds — 1.79% | &nbsp;&nbsp;Money Market Mutual Funds — 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | &nbsp;&nbsp;&nbsp;&nbsp;917920 | &nbsp;&nbsp;&nbsp; 917920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | &nbsp;&nbsp;&nbsp;&nbsp;917920 | &nbsp;&nbsp;&nbsp; 917920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;917920 | &nbsp;&nbsp;&nbsp; 917920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | &nbsp;&nbsp;&nbsp;&nbsp;917920 | &nbsp;&nbsp;&nbsp; 917920 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,671,680)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,671,680)** | &nbsp;&nbsp;&nbsp; **3671680** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.07%<br> (cost $194,203,700)** |  | &nbsp;&nbsp;&nbsp;**205101315** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.07%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(148803)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 9,839,737 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$204952512** |

---

---

| |
|:---|
| 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. |

---

---

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

---

NQ- IV955 [1225] 0226 (5191660) 1

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

- **a. Name of Series:** Nomura Natural Resources Fund

- **b. EDGAR series identifier (if any):** S000024838

- **c. LEI of Series:** H5O0FZSRUYD7KTKCRI50

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $205668517.39

**Total Liabilities:** $640214.83

**Net Assets:** $205028302.56

**Cash Not Reported:** $76094.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073944 | -0.27%               | 4.73%                | 2.80%                |
| Class ID C000073946 | -0.15%               | 4.81%                | 2.84%                |
| Class ID C000073947 | -0.27%               | 4.79%                | 2.84%                |
| Class ID C000073948 | -0.20%               | 4.78%                | 2.86%                |
| Class ID C000073949 | -0.16%               | 4.77%                | 2.85%                |
| Class ID C000146698 | -0.20%               | 4.82%                | 2.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4844424.90              | $-5021365.63                               |
| Month 2  | $4819622.97              | $3824485.44                                |
| Month 3  | $3925936.29              | $1593777.81                                |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     55320 | NS      | $5178505.20   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc                                   | Metallus Inc                                   | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |    180019 | NS      | $3089126.04   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc                     | Core Natural Resources Inc                     | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     61060 | NS      | $5404420.60   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                             | Steel Dynamics Inc                             | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     52893 | NS      | $8962718.85   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Canfor Corp                                    | Canfor Corp                                    | CUSIP: 137576104<br>LEI: 549300DRE7WBHY02BD70 | Long             | EC               | CORP              | CA        |    228525 | NS      | $1953005.90   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Methanex Corp                                  | Methanex Corp                                  | CUSIP: 59151K108<br>LEI: 549300TSJHRXT9QXRD13 | Long             | EC               | CORP              | CA        |     93900 | NS      | $3729708.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp                               | HF Sinclair Corp                               | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     37535 | NS      | $1729612.80   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                         | BP PLC                                         | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    115600 | NS      | $4014788.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Unit Corp                                      | Unit Corp                                      | CUSIP: 909218406<br>LEI: 549300XGK22FZCTN8B67 | Long             | EC               | CORP              | US        |     87787 | NS      | $2708228.95   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                        | CRH PLC                                        | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     56596 | NS      | $7032703.70   | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Valero Energy Corp                             | Valero Energy Corp                             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     29160 | NS      | $4746956.40   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp                         | Louisiana-Pacific Corp                         | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     30633 | NS      | $2473921.08   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan SA                                       | Titan SA                                       | CUSIP: 000000000<br>LEI: 213800H2CDP9I374WH83 | Long             | EC               | CORP              | BE        |     42503 | NS      | $2618696.14   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Peabody Energy Corp                            | Peabody Energy Corp                            | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |    139579 | NS      | $4145496.30   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    917920 | NS      | $917919.94    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                         | Diamondback Energy Inc                         | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     39952 | NS      | $6005984.16   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Parex Resources Inc                            | Parex Resources Inc                            | CUSIP: 69946Q104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    191208 | NS      | $2570243.42   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp                            | Barrick Mining Corp                            | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     78000 | NS      | $3396900.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| China Metal Recycling Holdings                 | China Metal Recycling Holdings Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |  30000000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Expand Energy Corp                             | Expand Energy Corp                             | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     28771 | NS      | $3175167.56   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                               | Coeur Mining Inc                               | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    361355 | NS      | $6442959.65   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    917920 | NS      | $917920.13    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                   | Newmont Corp                                   | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     96675 | NS      | $9652998.75   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                   | Wheaton Precious Metals Corp                   | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     54112 | NS      | $6359242.24   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    917920 | NS      | $917920.19    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co                         | International Paper Co                         | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    160114 | NS      | $6306890.46   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals Inc                            | Hudbay Minerals Inc                            | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |    385897 | NS      | $7660055.45   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                                     | Alcoa Corp                                     | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    116319 | NS      | $6181191.66   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                         | Permian Resources Corp                         | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    196994 | NS      | $2763825.82   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                    | Corteva Inc                                    | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     67801 | NS      | $4544701.03   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                     | Arcosa Inc                                     | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     40384 | NS      | $4293626.88   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd                      | West Fraser Timber Co Ltd                      | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     64741 | NS      | $3960731.32   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                     | CF Industries Holdings Inc                     | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     70442 | NS      | $5447984.28   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                             | Anglo American PLC                             | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    160653 | NS      | $6645012.66   | 3.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimbell Royalty Partners LP                    | Kimbell Royalty Partners LP                    | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |    355192 | NS      | $4177057.92   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                             | Teck Resources Ltd                             | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     53659 | NS      | $2568892.13   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd                          | Valterra Platinum Ltd                          | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     83459 | NS      | $6965282.47   | 3.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SSR Mining Inc                                 | SSR Mining Inc                                 | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |    127861 | NS      | $2803058.17   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                    | Nutrien Ltd                                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    144603 | NS      | $8924897.16   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    269049 | NS      | $9915061.20   | 4.84%             |  |  |  | No            |                  2 | On Loan: No      |
| DHT Holdings Inc                               | DHT Holdings Inc                               | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | BM        |    161243 | NS      | $1968777.03   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd                              | ARC Resources Ltd                              | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    257281 | NS      | $4826771.88   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                              | Chord Energy Corp                              | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     24915 | NS      | $2309620.50   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                          | Helmerich & Payne Inc                          | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |    167899 | NS      | $4815343.32   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                | First Solar Inc                                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |     18412 | NS      | $4809766.76   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    917920 | NS      | $917920.19    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                | Bunge Global SA                                | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | US        |     46584 | NS      | $4149702.72   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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