# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-008190
**Filing Date:** 2026-2
**Character Count:** 65923
**Document Hash:** 8c1dd09d15e657a57a9add1e914a1d33
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008190.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008190

**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:** 26683419

**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 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           |

## Nport-Ex

## Schedule of investments
Nomura Smid Cap Core Fund

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.57%♣** | &nbsp;&nbsp;**Common Stocks — 97.57%♣** | &nbsp;&nbsp;**Common Stocks — 97.57%♣** |
| &nbsp;&nbsp;Communication Services — 2.68% | &nbsp;&nbsp;Communication Services — 2.68% | &nbsp;&nbsp;Communication Services — 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | &nbsp;&nbsp;&nbsp;&nbsp;101079 | &nbsp;&nbsp;$3735880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9739 | &nbsp;&nbsp;&nbsp; 1977504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group | &nbsp;&nbsp;&nbsp;&nbsp;29948 | &nbsp;&nbsp;&nbsp; 2418301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp † | &nbsp;&nbsp;&nbsp;&nbsp;48574 | &nbsp;&nbsp;&nbsp; 1476164 |
|  |  | &nbsp;&nbsp;&nbsp; 9607849 |
| &nbsp;&nbsp;Consumer Discretionary — 8.85% | &nbsp;&nbsp;Consumer Discretionary — 8.85% | &nbsp;&nbsp;Consumer Discretionary — 8.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;75754 | &nbsp;&nbsp;&nbsp; 2792292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner | &nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp; 2738161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | &nbsp;&nbsp;&nbsp;&nbsp;15378 | &nbsp;&nbsp;&nbsp; 2207051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;&nbsp;&nbsp;22595 | &nbsp;&nbsp;&nbsp; 4473132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;23426 | &nbsp;&nbsp;&nbsp; 1321461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy | &nbsp;&nbsp;&nbsp;&nbsp;42593 | &nbsp;&nbsp;&nbsp; 1587441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;97772 | &nbsp;&nbsp;&nbsp; 2598780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malibu Boats Class A † | &nbsp;&nbsp;&nbsp;&nbsp;34511 | &nbsp;&nbsp;&nbsp; 973555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Madden | &nbsp;&nbsp;&nbsp;&nbsp;57059 | &nbsp;&nbsp;&nbsp; 2375937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home † | &nbsp;&nbsp;&nbsp;&nbsp;25352 | &nbsp;&nbsp;&nbsp; 1492472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse | &nbsp;&nbsp;&nbsp;&nbsp;20218 | &nbsp;&nbsp;&nbsp; 3356188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers | &nbsp;&nbsp;&nbsp;&nbsp;20160 | &nbsp;&nbsp;&nbsp; 2726035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;70663 | &nbsp;&nbsp;&nbsp; 3121185 |
|  |  | &nbsp;&nbsp;&nbsp; 31763690 |
| &nbsp;&nbsp;Consumer Staples — 3.28% | &nbsp;&nbsp;Consumer Staples — 3.28% | &nbsp;&nbsp;Consumer Staples — 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;42926 | &nbsp;&nbsp;&nbsp; 3864628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;11538 | &nbsp;&nbsp;&nbsp; 6377168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods | &nbsp;&nbsp;&nbsp;&nbsp;16859 | &nbsp;&nbsp;&nbsp; 1523548 |
|  |  | &nbsp;&nbsp;&nbsp; 11765344 |
| &nbsp;&nbsp;Energy — 3.90% | &nbsp;&nbsp;Energy — 3.90% | &nbsp;&nbsp;Energy — 3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;36923 | &nbsp;&nbsp;&nbsp; 4074822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Seaways | &nbsp;&nbsp;&nbsp;&nbsp;21737 | &nbsp;&nbsp;&nbsp; 1055331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy | &nbsp;&nbsp;&nbsp;&nbsp;227346 | &nbsp;&nbsp;&nbsp; 4196807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | &nbsp;&nbsp;&nbsp;&nbsp;331214 | &nbsp;&nbsp;&nbsp; 4646933 |
|  |  | &nbsp;&nbsp;&nbsp; 13973893 |
| &nbsp;&nbsp;Financials — 16.50% | &nbsp;&nbsp;Financials — 16.50% | &nbsp;&nbsp;Financials — 16.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;&nbsp;98548 | &nbsp;&nbsp;&nbsp; 4463239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings | &nbsp;&nbsp;&nbsp;&nbsp;60486 | &nbsp;&nbsp;&nbsp; 6477446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;71216 | &nbsp;&nbsp;&nbsp; 8003966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group | &nbsp;&nbsp;&nbsp;&nbsp;47822 | &nbsp;&nbsp;&nbsp; 3108908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;32228 | &nbsp;&nbsp;&nbsp; 4328543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;194912 | &nbsp;&nbsp;&nbsp; 4348487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America | &nbsp;&nbsp;&nbsp;&nbsp;23958 | &nbsp;&nbsp;&nbsp; 4874495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank | &nbsp;&nbsp;&nbsp;&nbsp;48880 | &nbsp;&nbsp;&nbsp; 4600097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial | &nbsp;&nbsp;&nbsp;&nbsp;40940 | &nbsp;&nbsp;&nbsp; 5126507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial | &nbsp;&nbsp;&nbsp;&nbsp;106331 | &nbsp;&nbsp;&nbsp; 6692473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial | &nbsp;&nbsp;&nbsp;&nbsp;59817 | &nbsp;&nbsp;&nbsp; 3304291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;66112 | &nbsp;&nbsp;&nbsp; 3870196 |
|  |  | &nbsp;&nbsp;&nbsp; 59198648 |
| &nbsp;&nbsp;Healthcare — 13.93% | &nbsp;&nbsp;Healthcare — 13.93% | &nbsp;&nbsp;Healthcare — 13.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;132476 | &nbsp;&nbsp;&nbsp; 1886458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;23855 | &nbsp;&nbsp;&nbsp; 4356877 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Bio-Techne | &nbsp;&nbsp;&nbsp;&nbsp;39193 | &nbsp;&nbsp;$2304940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines =, † | &nbsp;&nbsp;&nbsp;&nbsp;23060 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;31425 | &nbsp;&nbsp;&nbsp; 3335450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences † | &nbsp;&nbsp;&nbsp;&nbsp;29124 | &nbsp;&nbsp;&nbsp; 2957833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glaukos † | &nbsp;&nbsp;&nbsp;&nbsp;20877 | &nbsp;&nbsp;&nbsp; 2357222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;49355 | &nbsp;&nbsp;&nbsp; 3321592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;33536 | &nbsp;&nbsp;&nbsp; 5836605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems † | &nbsp;&nbsp;&nbsp;&nbsp;14475 | &nbsp;&nbsp;&nbsp; 1335029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;27535 | &nbsp;&nbsp;&nbsp; 1832454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;21808 | &nbsp;&nbsp;&nbsp; 4123239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera † | &nbsp;&nbsp;&nbsp;&nbsp;14724 | &nbsp;&nbsp;&nbsp; 3373121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences † | &nbsp;&nbsp;&nbsp;&nbsp;27376 | &nbsp;&nbsp;&nbsp; 3882738 |
| &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;18111 | &nbsp;&nbsp;&nbsp; 2967669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;59124 | &nbsp;&nbsp;&nbsp; 2938463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;19951 | &nbsp;&nbsp;&nbsp; 2427039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical † | &nbsp;&nbsp;&nbsp;&nbsp;31668 | &nbsp;&nbsp;&nbsp; 728364 |
|  |  | &nbsp;&nbsp;&nbsp; 49965093 |
| &nbsp;&nbsp;Industrials — 22.81% | &nbsp;&nbsp;Industrials — 22.81% | &nbsp;&nbsp;Industrials — 22.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries | &nbsp;&nbsp;&nbsp;&nbsp;51829 | &nbsp;&nbsp;&nbsp; 2192367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group † | &nbsp;&nbsp;&nbsp;&nbsp;53278 | &nbsp;&nbsp;&nbsp; 2038416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies | &nbsp;&nbsp;&nbsp;&nbsp;11215 | &nbsp;&nbsp;&nbsp; 2879676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;35501 | &nbsp;&nbsp;&nbsp; 3774466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8287 | &nbsp;&nbsp;&nbsp; 524153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Class A † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040 | &nbsp;&nbsp;&nbsp; 524816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade | &nbsp;&nbsp;&nbsp;&nbsp;28858 | &nbsp;&nbsp;&nbsp; 2123949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4398 | &nbsp;&nbsp;&nbsp; 1406744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7436 | &nbsp;&nbsp;&nbsp; 2341150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;26218 | &nbsp;&nbsp;&nbsp; 2567791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;14680 | &nbsp;&nbsp;&nbsp; 3442166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;104199 | &nbsp;&nbsp;&nbsp; 4422206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;38622 | &nbsp;&nbsp;&nbsp; 4193963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp; 1290745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial † | &nbsp;&nbsp;&nbsp;&nbsp;101372 | &nbsp;&nbsp;&nbsp; 2176457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco | &nbsp;&nbsp;&nbsp;&nbsp;33734 | &nbsp;&nbsp;&nbsp; 2765176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7508 | &nbsp;&nbsp;&nbsp; 2139930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR | &nbsp;&nbsp;&nbsp;&nbsp;53291 | &nbsp;&nbsp;&nbsp; 2142298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | &nbsp;&nbsp;&nbsp;&nbsp;38370 | &nbsp;&nbsp;&nbsp; 4227607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings | &nbsp;&nbsp;&nbsp;&nbsp;54358 | &nbsp;&nbsp;&nbsp; 2841836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;20548 | &nbsp;&nbsp;&nbsp; 4924123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp; 1040094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378 | &nbsp;&nbsp;&nbsp; 1847779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord | &nbsp;&nbsp;&nbsp;&nbsp;18870 | &nbsp;&nbsp;&nbsp; 2647838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp; 1189186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;11103 | &nbsp;&nbsp;&nbsp; 2221266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecnoglass | &nbsp;&nbsp;&nbsp;&nbsp;20813 | &nbsp;&nbsp;&nbsp; 1047310 |

---

NQ- IV065 [1225] 0226 (5191660) 1

------

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;Tetra Tech | &nbsp;&nbsp;&nbsp;&nbsp;87507 | &nbsp;&nbsp;$2934985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions Class A | &nbsp;&nbsp;&nbsp;&nbsp;25210 | &nbsp;&nbsp;&nbsp; 1988061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International | &nbsp;&nbsp;&nbsp;&nbsp;19258 | &nbsp;&nbsp;&nbsp; 4711277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings | &nbsp;&nbsp;&nbsp;&nbsp;89068 | &nbsp;&nbsp;&nbsp; 1677150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO † | &nbsp;&nbsp;&nbsp;&nbsp;12512 | &nbsp;&nbsp;&nbsp; 1700506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | &nbsp;&nbsp;&nbsp;&nbsp;83713 | &nbsp;&nbsp;&nbsp; 3891817 |
|  |  | &nbsp;&nbsp;&nbsp; 81837304 |
| &nbsp;&nbsp;Information Technology — 13.87% | &nbsp;&nbsp;Information Technology — 13.87% | &nbsp;&nbsp;Information Technology — 13.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN † | &nbsp;&nbsp;&nbsp;&nbsp;29992 | &nbsp;&nbsp;&nbsp; 1444715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astera Labs † | &nbsp;&nbsp;&nbsp;&nbsp;19024 | &nbsp;&nbsp;&nbsp; 3164833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box Class A † | &nbsp;&nbsp;&nbsp;&nbsp;53558 | &nbsp;&nbsp;&nbsp; 1601920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | &nbsp;&nbsp;&nbsp;&nbsp;43988 | &nbsp;&nbsp;&nbsp; 8118865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace † | &nbsp;&nbsp;&nbsp;&nbsp;54340 | &nbsp;&nbsp;&nbsp; 2355096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software † | &nbsp;&nbsp;&nbsp;&nbsp;26439 | &nbsp;&nbsp;&nbsp; 5314503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;30776 | &nbsp;&nbsp;&nbsp; 5271313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;33287 | &nbsp;&nbsp;&nbsp; 2421296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973 | &nbsp;&nbsp;&nbsp; 1737396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;40931 | &nbsp;&nbsp;&nbsp; 2953581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;16120 | &nbsp;&nbsp;&nbsp; 1232858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech † | &nbsp;&nbsp;&nbsp;&nbsp;92665 | &nbsp;&nbsp;&nbsp; 6828484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;19860 | &nbsp;&nbsp;&nbsp; 2595702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911 | &nbsp;&nbsp;&nbsp; 615977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems † | &nbsp;&nbsp;&nbsp;&nbsp;73869 | &nbsp;&nbsp;&nbsp; 2422903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva † | &nbsp;&nbsp;&nbsp;&nbsp;19293 | &nbsp;&nbsp;&nbsp; 1664021 |
|  |  | &nbsp;&nbsp;&nbsp; 49743463 |
| &nbsp;&nbsp;Materials — 3.29% | &nbsp;&nbsp;Materials — 3.29% | &nbsp;&nbsp;Materials — 3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;29336 | &nbsp;&nbsp;&nbsp; 3369533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies | &nbsp;&nbsp;&nbsp;&nbsp;62376 | &nbsp;&nbsp;&nbsp; 3801817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance | &nbsp;&nbsp;&nbsp;&nbsp;15978 | &nbsp;&nbsp;&nbsp; 4615565 |
|  |  | &nbsp;&nbsp;&nbsp; 11786915 |
| &nbsp;&nbsp;Real Estate — 6.42% | &nbsp;&nbsp;Real Estate — 6.42% | &nbsp;&nbsp;Real Estate — 6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group | &nbsp;&nbsp;&nbsp;&nbsp;132077 | &nbsp;&nbsp;&nbsp; 3463059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;37962 | &nbsp;&nbsp;&nbsp; 4178857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;70683 | &nbsp;&nbsp;&nbsp; 4048015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties | &nbsp;&nbsp;&nbsp;&nbsp;151373 | &nbsp;&nbsp;&nbsp; 2434078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle † | &nbsp;&nbsp;&nbsp;&nbsp;10674 | &nbsp;&nbsp;&nbsp; 3591481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;133043 | &nbsp;&nbsp;&nbsp; 3189041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty | &nbsp;&nbsp;&nbsp;&nbsp;36391 | &nbsp;&nbsp;&nbsp; 2136515 |
|  |  | &nbsp;&nbsp;&nbsp; 23041046 |

---

---

| | | |
|:---|:---|:---|
|  | **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 — 2.04% | &nbsp;&nbsp;Utilities — 2.04% | &nbsp;&nbsp;Utilities — 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills | &nbsp;&nbsp;&nbsp;&nbsp;49054 | &nbsp;&nbsp;$3405329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire | &nbsp;&nbsp;&nbsp;&nbsp;47130 | &nbsp;&nbsp;&nbsp; 3897651 |
|  |  | &nbsp;&nbsp;&nbsp; 7302980 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $252,799,867)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $252,799,867)** | &nbsp;&nbsp;&nbsp;**349986225** |
| &nbsp;&nbsp;**Short-Term Investments — 2.44%** | &nbsp;&nbsp;**Short-Term Investments — 2.44%** | &nbsp;&nbsp;**Short-Term Investments — 2.44%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.44% | &nbsp;&nbsp;Money Market Mutual Funds — 2.44% | &nbsp;&nbsp;Money Market Mutual Funds — 2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 2189190 | &nbsp;&nbsp;&nbsp; 2189190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 2189189 | &nbsp;&nbsp;&nbsp; 2189189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 2189190 | &nbsp;&nbsp;&nbsp; 2189190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 2189188 | &nbsp;&nbsp;&nbsp; 2189188 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $8,756,757)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $8,756,757)** | &nbsp;&nbsp;&nbsp; **8756757** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.01%<br> (cost $261,556,624)** |  | &nbsp;&nbsp;&nbsp;**358742982** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.01%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(26454)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 18,296,053 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$358716528** |

---

---

| |
|:---|
| 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. |

---

2 NQ- IV065 [1225] 0226 (5191660)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

- **a. Name of Series:** Nomura Smid Cap Core Fund

- **b. EDGAR series identifier (if any):** S000024831

- **c. LEI of Series:** OM63H9DPPVCCB437YV91

**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:** $359561627.47

**Total Liabilities:** $918101.93

**Net Assets:** $358643525.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073902 | 0.53%                | 5.29%                | -0.19%               |
| Class ID C000073903 | 0.52%                | 5.27%                | -0.15%               |
| Class ID C000073905 | 0.55%                | 5.17%                | -0.21%               |
| Class ID C000073907 | 0.60%                | 5.27%                | -0.13%               |
| Class ID C000122159 | 0.47%                | 5.25%                | -0.15%               |
| Class ID C000146691 | 0.54%                | 5.30%                | -0.13%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-807777.07              | $2843722.04                                |
| Month 2  | $-281762.79              | $18345610.04                               |
| Month 3  | $2245371.16              | $-2936028.34                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BorgWarner Inc                                 | BorgWarner Inc                                 | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     60767 | NS      | $2738161.02   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                        | Axsome Therapeutics Inc                        | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     23855 | NS      | $4356877.20   | 1.21%             |  |  |  | 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        |   2189190 | NS      | $2189190.15   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                         | Guidewire Software Inc                         | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     26439 | NS      | $5314503.39   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                     | Casey's General Stores Inc                     | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     11538 | NS      | $6377167.98   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                   | Reliance Inc                                   | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     15978 | NS      | $4615564.86   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   2189187 | NS      | $2189187.39   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                               | Boise Cascade Co                               | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     28858 | NS      | $2123948.80   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                            | Federal Signal Corp                            | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     38622 | NS      | $4193962.98   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                       | Saia Inc                                       | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      3642 | NS      | $1189185.84   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp                          | Stifel Financial Corp                          | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     40940 | NS      | $5126506.80   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust                  | First Industrial Realty Trust Inc              | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70683 | NS      | $4048015.41   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                      | Halozyme Therapeutics Inc                      | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     49355 | NS      | $3321591.50   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                                      | IMAX Corp                                      | CUSIP: 45245E109<br>LEI: 894500GS1ESLAPZCEI74 | Long             | EC               | CORP              | CA        |    101079 | NS      | $3735879.84   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   2189190 | NS      | $2189189.83   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| UL Solutions Inc                               | UL Solutions Inc                               | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |     25210 | NS      | $1988060.60   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                      | Graco Inc                                      | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     33734 | NS      | $2765175.98   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                              | Hamilton Lane Inc                              | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     32228 | NS      | $4328542.68   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                                   | Semtech Corp                                   | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     92665 | NS      | $6828483.85   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                     | Kirby Corp                                     | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     38370 | NS      | $4227606.60   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc                      | Minerals Technologies Inc                      | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     62376 | NS      | $3801817.20   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc                      | Brinker International Inc                      | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     15378 | NS      | $2207050.56   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                        | PTC Inc                                        | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      9973 | NS      | $1737396.33   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc                  | Lincoln Electric Holdings Inc                  | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     20548 | NS      | $4924122.72   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb, Inc.                                   | OmniAb, Inc.                                   | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10854 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Webster Financial Corp                         | Webster Financial Corp                         | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    106331 | NS      | $6692473.14   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                        | Aramark                                        | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     75754 | NS      | $2792292.44   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                              | FTAI Aviation Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6557 | NS      | $1290745.45   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                     | Neurocrine Biosciences Inc                     | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     27376 | NS      | $3882738.08   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                               | Carlisle Cos Inc                               | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      4398 | NS      | $1406744.28   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUEPRINT MEDICINES CORP                       | BLUEPRINT MEDICINES CORP                       | CUSIP: 096CVR048<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23060 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SPX Technologies Inc                           | SPX Technologies Inc                           | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     11103 | NS      | $2221266.18   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                            | Texas Roadhouse Inc                            | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     20218 | NS      | $3356188.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                                | Astera Labs Inc                                | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |     19024 | NS      | $3164832.64   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                         | Jones Lang LaSalle Inc                         | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     10674 | NS      | $3591480.78   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                                   | La-Z-Boy Inc                                   | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     42593 | NS      | $1587441.11   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                      | Healthpeak Properties Inc                      | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    151373 | NS      | $2434077.84   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp                      | Taylor Morrison Home Corp                      | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     25352 | NS      | $1492472.24   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                              | Clean Harbors Inc                              | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     14680 | NS      | $3442166.40   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd                      | Axis Capital Holdings Ltd                      | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     60486 | NS      | $6477445.74   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                             | ABM Industries Inc                             | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     51829 | NS      | $2192366.70   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                                 | Tetra Tech Inc                                 | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     87507 | NS      | $2934984.78   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     47130 | NS      | $3897651.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                            | Quanta Services Inc                            | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      4378 | NS      | $1847778.68   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                             | nVent Electric PLC                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     10200 | NS      | $1040094.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                               | SPS Commerce Inc                               | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      6911 | NS      | $615977.43    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                                   | Glaukos Corp                                   | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     20877 | NS      | $2357222.07   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                     | Arcosa Inc                                     | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     35501 | NS      | $3774466.32   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                            | Varonis Systems Inc                            | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     73869 | NS      | $2422903.20   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                                 | Tecnoglass Inc                                 | CUSIP: 000000000<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | US        |     20813 | NS      | $1047310.16   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                                    | Workiva Inc                                    | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     19293 | NS      | $1664021.25   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                                 | API Group Corp                                 | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     53278 | NS      | $2038416.28   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp                         | J & J Snack Foods Corp                         | CUSIP: 466032109<br>LEI: 894500IGP1Y2ZQFQMJ83 | Long             | EC               | CORP              | US        |     16859 | NS      | $1523547.83   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc                       | Silicon Laboratories Inc                       | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |     19860 | NS      | $2595702.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                                       | ASGN Inc                                       | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |     29992 | NS      | $1444714.64   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I                 | BJ's Wholesale Club Holdings Inc               | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     42926 | NS      | $3864627.78   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb, Inc.                                   | OmniAb, Inc.                                   | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10854 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Old National Bancorp/IN                        | Old National Bancorp/IN                        | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    194912 | NS      | $4348486.72   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                    | Inspire Medical Systems Inc                    | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     14475 | NS      | $1335029.25   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc                        | WESCO International Inc                        | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     19258 | NS      | $4711277.12   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp                              | Bloom Energy Corp                              | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      6040 | NS      | $524815.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                               | Essent Group Ltd                               | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |     47822 | NS      | $3108908.22   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                  | Repligen Corp                                  | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     18111 | NS      | $2967668.46   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                                        | Box Inc                                        | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |     53558 | NS      | $1601919.78   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho                 | Knight-Swift Transportation Holdings Inc       | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54358 | NS      | $2841836.24   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                          | East West Bancorp Inc                          | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |     71216 | NS      | $8003966.24   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                        | ExlService Holdings Inc                        | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |    104199 | NS      | $4422205.56   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc                   | Life Time Group Holdings Inc                   | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97772 | NS      | $2598779.76   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc                              | YETI Holdings Inc                              | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     70663 | NS      | $3121184.71   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                            | Terreno Realty Corp                            | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36391 | NS      | $2136515.61   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                                     | Kadant Inc                                     | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |      7508 | NS      | $2139930.16   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor                 | Zurn Elkay Water Solutions Corp                | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     83713 | NS      | $3891817.37   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc                              | Toll Brothers Inc                              | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     20160 | NS      | $2726035.20   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp                         | WillScot Holdings Corp                         | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     89068 | NS      | $1677150.44   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                             | Expand Energy Corp                             | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     36923 | NS      | $4074822.28   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   2189189 | NS      | $2189189.34   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                        | Kite Realty Group Trust                        | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133043 | NS      | $3189040.71   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc                      | International Seaways Inc                      | CUSIP: 000000000<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | US        |     21737 | NS      | $1055331.35   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                     | Brixmor Property Group Inc                     | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    132077 | NS      | $3463058.94   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                     | Atkore Inc                                     | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      8287 | NS      | $524152.75    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc                        | Amicus Therapeutics Inc                        | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |    132476 | NS      | $1886458.24   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                              | Omnicom Group Inc                              | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     29948 | NS      | $2418301.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc                     | Ligand Pharmaceuticals Inc                     | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     21808 | NS      | $4123238.56   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                     | Rubrik Inc                                     | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |     16120 | NS      | $1232857.60   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                           | Kaiser Aluminum Corp                           | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29336 | NS      | $3369532.96   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                                | Q2 Holdings Inc                                | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     40931 | NS      | $2953580.96   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                          | Camden Property Trust                          | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     37962 | NS      | $4178856.96   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                     | Insmed Inc                                     | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     33536 | NS      | $5836605.44   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                            | Exact Sciences Corp                            | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     29124 | NS      | $2957833.44   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                | Bio-Techne Corp                                | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     39193 | NS      | $2304940.33   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                            | WSFS Financial Corp                            | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     59817 | NS      | $3304291.08   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                      | Dick's Sporting Goods Inc                      | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     22595 | NS      | $4473132.15   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp                      | Carpenter Technology Corp                      | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      7436 | NS      | $2341150.24   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORP                           | SOUTHSTATE BANK CORP                           | CUSIP: 84472E102<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     48880 | NS      | $4600096.80   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                  | Ultragenyx Pharmaceutical Inc                  | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     31668 | NS      | $728364.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Hol                 | MACOM Technology Solutions Holdings Inc        | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30776 | NS      | $5271313.28   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                     | Natera Inc                                     | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |     14724 | NS      | $3373121.16   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                             | Liberty Energy Inc                             | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    227346 | NS      | $4196807.16   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                             | Ally Financial Inc                             | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     98548 | NS      | $4463238.92   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc                   | Supernus Pharmaceuticals Inc                   | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     59124 | NS      | $2938462.80   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                        | KBR Inc                                        | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     53291 | NS      | $2142298.20   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                      | Gates Industrial Corp PLC                      | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |    101372 | NS      | $2176456.84   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                         | Permian Resources Corp                         | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    331214 | NS      | $4646932.42   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                               | Zions Bancorp NA                               | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     66112 | NS      | $3870196.48   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                       | Procore Technologies Inc                       | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     33287 | NS      | $2421296.38   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                      | Casella Waste Systems Inc                      | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     26218 | NS      | $2567790.92   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                             | Regal Rexnord Corp                             | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     18870 | NS      | $2647838.40   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I                 | Reinsurance Group of America Inc               | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     23958 | NS      | $4874494.68   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                          | Encompass Health Corp                          | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     31425 | NS      | $3335449.50   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                  | Dynatrace Inc                                  | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     54340 | NS      | $2355095.60   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                        | Nexstar Media Group Inc                        | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      9739 | NS      | $1977503.95   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                        | KB Home                                        | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     23426 | NS      | $1321460.66   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc                               | Malibu Boats Inc                               | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34511 | NS      | $973555.31    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                          | TransMedics Group Inc                          | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     19951 | NS      | $2427039.15   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                          | Lantheus Holdings Inc                          | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     27535 | NS      | $1832454.25   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                              | Steven Madden Ltd                              | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     57059 | NS      | $2375936.76   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie                 | Applied Industrial Technologies Inc            | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     11215 | NS      | $2879675.55   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                        | XPO Inc                                        | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     12512 | NS      | $1700505.92   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                               | Black Hills Corp                               | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     49054 | NS      | $3405328.68   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                  | Coherent Corp                                  | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     43988 | NS      | $8118865.16   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                       | Yelp Inc                                       | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     48574 | NS      | $1476163.86   | 0.41%             |  |  |  | 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