# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-008223
**Filing Date:** 2026-2
**Character Count:** 22635
**Document Hash:** 2fe969205465cb4c976b0f66b6a7fd2b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008223.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008223

**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:** 26683542

**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 Climate Solutions Fund (Series ID: S000011242)

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

## Nport-Ex

## Schedule of investments
Nomura Climate Solutions Fund

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.58%♣** | &nbsp;&nbsp;**Common Stocks — 98.58%♣** | &nbsp;&nbsp;**Common Stocks — 98.58%♣** |
| &nbsp;&nbsp;Consumer Staples — 3.44% | &nbsp;&nbsp;Consumer Staples — 3.44% | &nbsp;&nbsp;Consumer Staples — 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients † | 97400 | &nbsp;&nbsp;$3506400 |
|  |  | &nbsp;&nbsp;&nbsp; 3506400 |
| &nbsp;&nbsp;Energy — 13.53% | &nbsp;&nbsp;Energy — 13.53% | &nbsp;&nbsp;Energy — 13.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neste | 152385 | &nbsp;&nbsp;&nbsp; 3447425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell ADR | 42613 | &nbsp;&nbsp;&nbsp; 3131203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | 94688 | &nbsp;&nbsp;&nbsp; 3634125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | 21909 | &nbsp;&nbsp;&nbsp; 3566566 |
|  |  | &nbsp;&nbsp;&nbsp; 13779319 |
| &nbsp;&nbsp;Industrials — 15.92% | &nbsp;&nbsp;Industrials — 15.92% | &nbsp;&nbsp;Industrials — 15.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;8802 | &nbsp;&nbsp;&nbsp; 4492981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingspan Group | 44316 | &nbsp;&nbsp;&nbsp; 3818663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | 15131 | &nbsp;&nbsp;&nbsp; 4139468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management | 17144 | &nbsp;&nbsp;&nbsp; 3766708 |
|  |  | &nbsp;&nbsp;&nbsp; 16217820 |
| &nbsp;&nbsp;Information Technology — 6.96% | &nbsp;&nbsp;Information Technology — 6.96% | &nbsp;&nbsp;Information Technology — 6.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | 15798 | &nbsp;&nbsp;&nbsp; 4126912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | 31920 | &nbsp;&nbsp;&nbsp; 2964091 |
|  |  | &nbsp;&nbsp;&nbsp; 7091003 |
| &nbsp;&nbsp;Materials — 24.86% | &nbsp;&nbsp;Materials — 24.86% | &nbsp;&nbsp;Materials — 24.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | 75872 | &nbsp;&nbsp;&nbsp; 4031838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | 91777 | &nbsp;&nbsp;&nbsp; 3796128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | 40656 | &nbsp;&nbsp;&nbsp; 3144335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holcim | 33992 | &nbsp;&nbsp;&nbsp; 3309132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Matthey | 106186 | &nbsp;&nbsp;&nbsp; 3046176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | 51495 | &nbsp;&nbsp;&nbsp; 3178271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | 20831 | &nbsp;&nbsp;&nbsp; 3529813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | 21010 | &nbsp;&nbsp;&nbsp; 1285352 |
|  |  | &nbsp;&nbsp;&nbsp; 25321045 |
| &nbsp;&nbsp;Real Estate — 3.11% | &nbsp;&nbsp;Real Estate — 3.11% | &nbsp;&nbsp;Real Estate — 3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser | 133744 | &nbsp;&nbsp;&nbsp; 3168395 |
|  |  | &nbsp;&nbsp;&nbsp; 3168395 |
| &nbsp;&nbsp;Utilities — 30.76% | &nbsp;&nbsp;Utilities — 30.76% | &nbsp;&nbsp;Utilities — 30.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren | 38908 | &nbsp;&nbsp;&nbsp; 3885353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLP Holdings | 356000 | &nbsp;&nbsp;&nbsp; 3184385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy | 52784 | &nbsp;&nbsp;&nbsp; 3691185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDP Renovaveis | 256668 | &nbsp;&nbsp;&nbsp; 3624740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | 42808 | &nbsp;&nbsp;&nbsp; 3436626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource | 86251 | &nbsp;&nbsp;&nbsp; 3601842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWE | 58116 | &nbsp;&nbsp;&nbsp; 3079384 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Utilities (continued) | &nbsp;&nbsp;Utilities (continued) | &nbsp;&nbsp;Utilities (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSE | 105567 | &nbsp;&nbsp;$3095004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy | 50496 | &nbsp;&nbsp;&nbsp; 3729635 |
|  |  | &nbsp;&nbsp;&nbsp; 31328154 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $78,762,556)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $78,762,556)** | &nbsp;&nbsp;&nbsp;**100412136** |
| &nbsp;&nbsp;**Short-Term Investments — 1.31%** | &nbsp;&nbsp;**Short-Term Investments — 1.31%** | &nbsp;&nbsp;**Short-Term Investments — 1.31%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.31% | &nbsp;&nbsp;Money Market Mutual Funds — 1.31% | &nbsp;&nbsp;Money Market Mutual Funds — 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 334302 | &nbsp;&nbsp;&nbsp; 334302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 334302 | &nbsp;&nbsp;&nbsp; 334302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 334302 | &nbsp;&nbsp;&nbsp; 334302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 334302 | &nbsp;&nbsp;&nbsp; 334302 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,337,208)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,337,208)** | &nbsp;&nbsp;&nbsp; **1337208** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.89%<br> (cost $80,099,764)** |  | &nbsp;&nbsp;&nbsp;**101749344** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.11%** |  | &nbsp;&nbsp;&nbsp; **115255** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 9,338,936 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$101864599** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

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

---

NQ- IV061 [1225] 0226 (5191634) 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 Climate Solutions Fund

- **b. EDGAR series identifier (if any):** S000011242

- **c. LEI of Series:** 7VPJ6M109QX5QEGF5V86

**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:** $102238079.44

**Total Liabilities:** $307605.74

**Net Assets:** $101930473.70

**Cash Not Reported:** $10269.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000030961 | 2.07%                | 3.48%                | 1.32%                |
| Class ID C000030963 | 1.94%                | 3.39%                | 1.24%                |
| Class ID C000030964 | 2.12%                | 3.39%                | 1.34%                |
| Class ID C000045550 | 2.07%                | 3.50%                | 1.32%                |
| Class ID C000122152 | 2.00%                | 3.43%                | 1.33%                |
| Class ID C000146685 | 2.06%                | 3.48%                | 1.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-283981.78              | $2403847.16                                |
| Month 2  | $659649.93               | $2653754.86                                |
| Month 3  | $-556507.95              | $1823240.17                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Neste Oyj                                      | Neste Oyj                                      | CUSIP: 000000000<br>LEI: 5493009GY1X8GQ66AM14 | Long             | EC               | CORP              | FI        |    152385 | NS      | $3447424.77   | 3.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    334302 | NS      | $334302.03    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                             | Steel Dynamics Inc                             | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     20831 | NS      | $3529812.95   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                          | Schneider Electric SE                          | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     15131 | NS      | $4139467.30   | 4.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                             | NextEra Energy Inc                             | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     42808 | NS      | $3436626.24   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Matthey PLC                            | Johnson Matthey PLC                            | CUSIP: 000000000<br>LEI: 2138001AVBSD1HSC6Z10 | Long             | EC               | CORP              | GB        |    106186 | NS      | $3046175.44   | 2.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Valero Energy Corp                             | Valero Energy Corp                             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     21909 | NS      | $3566566.11   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    334302 | NS      | $334302.03    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim AG                                      | Holcim AG                                      | CUSIP: 000000000<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     33992 | NS      | $3309131.97   | 3.25%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                         | RWE AG                                         | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     58116 | NS      | $3079383.57   | 3.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Itron Inc                                      | Itron Inc                                      | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     31920 | NS      | $2964091.20   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                        | Darling Ingredients Inc                        | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     97400 | NS      | $3506400.00   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    334302 | NS      | $334301.96    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     42613 | NS      | $3131203.24   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    334302 | NS      | $334302.03    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                                     | Alcoa Corp                                     | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     75872 | NS      | $4031838.08   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP Renovaveis SA                              | EDP Renovaveis SA                              | CUSIP: 000000000<br>LEI: 529900MUFAH07Q1TAX06 | Long             | EC               | CORP              | ES        |    256668 | NS      | $3624740.00   | 3.56%             |  |  |  | No            |                  2 | On Loan: No      |
| West Fraser Timber Co Ltd                      | West Fraser Timber Co Ltd                      | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     21010 | NS      | $1285351.86   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                    | Cummins Inc                                    | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      8802 | NS      | $4492980.90   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                     | CF Industries Holdings Inc                     | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     40656 | NS      | $3144335.04   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                   | NiSource Inc                                   | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     86251 | NS      | $3601841.76   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                    | Ameren Corp                                    | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     38908 | NS      | $3885352.88   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                             | Anglo American PLC                             | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     91777 | NS      | $3796127.85   | 3.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                                | Weyerhaeuser Co                                | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    133744 | NS      | $3168395.36   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                           | Waste Management Inc                           | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     17144 | NS      | $3766708.24   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                                | CMS Energy Corp                                | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     52784 | NS      | $3691185.12   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                    | Nutrien Ltd                                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     51495 | NS      | $3178271.40   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingspan Group PLC                             | Kingspan Group PLC                             | CUSIP: 000000000<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |     44316 | NS      | $3818663.23   | 3.75%             |  |  |  | No            |                  2 | On Loan: No      |
| SLB Ltd                                        | SLB Ltd                                        | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     94688 | NS      | $3634125.44   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CLP Holdings Ltd                               | CLP Holdings Ltd                               | CUSIP: 000000000<br>LEI: 25490002BUTSMP94GO68 | Long             | EC               | CORP              | HK        |    356000 | NS      | $3184385.30   | 3.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                | Xcel Energy Inc                                | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     50496 | NS      | $3729634.56   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SSE PLC                                        | SSE PLC                                        | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |    105567 | NS      | $3095004.35   | 3.04%             |  |  |  | No            |                  2 | On Loan: No      |
| First Solar Inc                                | First Solar Inc                                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |     15798 | NS      | $4126911.54   | 4.05%             |  |  |  | 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