Ivy Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-6569

IVY FUNDS

(Exact name of registrant as specified in charter)

6300 Lamar Avenue, Overland Park, Kansas 66202

(Address of principal executive offices) (Zip code)

Jennifer K. Dulski

6300 Lamar Avenue

Overland Park, Kansas 66202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (913)236-2000

Date of fiscal year end: September 30

Date of reporting period: March 31, 2020

ITEM 1.     REPORTS TO STOCKHOLDERS.

1

  Semiannual Report   MARCH 31, 2020

Ticker

Class A

Class B

Class C

Class E

Class I

Class N

Class R

Class Y

IVY FUNDS

Ivy Apollo Multi-Asset Income Fund

IMAAX

IMACX

IMAIX

IMURX

IMAYX

Ivy Apollo Strategic Income Fund

IAPOX

ICPOX

IIPOX

IRPOX

IYPOX

Ivy California Municipal High Income Fund

IMHAX

IMHCX

IMHIX

IMHYX

Ivy Cash Management Fund

IAAXX

IABXX

IACXX

Ivy Corporate Bond Fund

IBJAX

IBJBX

IBJCX

IBJEX

IBJIX

IBJNX

IBJRX

IBJYX

Ivy Crossover Credit Fund

ICKAX

ICKEX

ICKIX

ICKNX

ICKRX

ICKYX

Ivy Government Securities Fund

IGJAX

IGJBX

IGJCX

IGJEX

IGJIX

IGJNX

IGJRX

IGJYX

Ivy International Small Cap Fund

IVJAX

IVJCX

IVJIX

IVJRX

IVJYX

Ivy Pictet Emerging Markets Local Currency Debt Fund

IECAX

IECCX

IECEX

IECIX

IMMCX

IECRX

IECYX

Ivy Pictet Targeted Return Bond Fund

IRBAX

IRBCX

IRBIX

IRBRX

IRBYX

Ivy PineBridge High Yield Fund

IPNAX

IPNIX

IPNNX

IPNRX

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission (SEC), paper copies of the Funds’ Annual and Semiannual Shareholder Reports no longer will be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Ivy Investments website (www.ivyinvestments.com), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (e.g., a broker-dealer or bank) or, if you are a direct investor, by calling1-888-923-3355 or by enrolling at www.ivyinvestments.com.

You may elect to receive all future reports in paper format free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you may call1-888-923-3355 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper format will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Fund Complex if you invest directly with the Funds.

IVY INVESTMENTS^® refers to the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS^® mutual funds, and those financial services offered by its affiliates.

CONTENTS IVY FUNDS

President’s Letter	3
Illustration of Fund Expenses	4
Portfolio Highlights and Schedule of Investments:
Ivy Apollo Multi-Asset Income Fund	7
Ivy Apollo Strategic Income Fund	22
Ivy California Municipal High Income Fund	38
Ivy Cash Management Fund	42
Ivy Corporate Bond Fund	46
Ivy Crossover Credit Fund	53
Ivy Government Securities Fund	57
Ivy International Small Cap Fund	60
Ivy Pictet Emerging Markets Local Currency Debt Fund	64
Ivy Pictet Targeted Return Bond Fund	79
Ivy PineBridge High Yield Fund	88
Statements of Assets and Liabilities	93
Statements of Operations	95
Statements of Changes in Net Assets	97
Financial Highlights	102
Notes to Financial Statements	124
Proxy Voting Information	149
Quarterly Portfolio Schedule Information	149
IRA Disclosure	149

This report is submitted for the general information of the shareholders of Ivy Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current Ivy Funds prospectus, or summary prospectus, and current performance information.

2

PRESIDENT’S LETTER IVY FUNDS

	MARCH 31, 2020 (UNAUDITED)
Philip J. Sanders, CFA

Dear Shareholder,

Financial markets had been positive in late 2019 and early 2020, as political conflicts, trade uncertainty and global economic growth concerns waned. However, that upward trajectory suddenly reversed in late February 2020 and markets declined in response to two exogenous shocks: theCOVID-19 pandemic and the collapse in energy markets. TheCOVID-19 pandemic has caused one of the most rapid and dramatic global economic downturns in history. We may not realize the totality of the tragic human consequences for several months. The U.S. stock markets dropped approximately 35% from peak in February to trough in late March. Global economic activity hit a full stop around the world, as countries and businesses implemented plans to isolate and protect each other. The pause on economic activity, along with a conflict between Russia and Saudi Arabia, caused a historic rout in oil markets. Remarkably, within about 30 days, we moved from a relatively strong domestic economy with financial market indexes hitting record highs, to a global recession.

Governments and central banks have taken unprecedented steps to mitigate the economic blow of social distancing. The U.S. Federal Reserve (Fed) carried out two emergency cuts to its policy rate, launched yet another quantitative easing program and rolled out bond-buying programs in an effort to stabilize markets. In a matter of two weeks, the Fed’s balance sheet expanded by $2 trillion. In addition to monetary easing, Congress passed a $2.2 trillion rescue package, the CARES (Coronavirus Aid, Relief and Economic Security) Act, which we believe should provide meaningful support for a recovery.

The economic landscape is evolving and market volatility reflects that uncertainty. Unlike previous recessionary periods, we had an economy performing at record pace before theCOVID-19 outbreak. Looking ahead, there are key questions to be answered. Mainly, how long withCOVID-19 dampen economic activity and how long will oil stay depressed?

As we examine the investment landscape, we continue to put greater emphasis on the fundamentals and quality of asset classes and sectors. We believe it is important to stay focused on the merits of individual market sectors, industries and company business models when making investment decisions. Those fundamentals historically have tended to outweigh external factors. In today’s environment, we believe there are many high-quality

businesses offering attractive entry points and cyclicals that will likely be key beneficiaries in an eventual recovery. Importantly, through this uncertain time, we remain focused on the innovation and management skill within individual companies, the ultimate drivers of long-term stock prices.

Economic Snapshot

	3/31/2020		9/30/2019
S&P 500 Index		2,584.59		2,976.74
MSCI EAFE Index		1,559.59		1,889.36
10-Year Treasury Yield		0.70%		1.68%
U.S. unemployment rate		4.4%		3.5%
30-year fixed mortgage rate		3.50%		3.64%
Oil price per barrel	$	20.48	$	54.07

Sources: Bloomberg, U.S. Department of Labor, MBA, CME

All government statistics shown are subject to periodic revision. The S&P 500 Index is an unmanaged index that tracks the stocks of 500 primarilylarge-cap U.S. companies. MSCI EAFE Index is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. It is not possible to invest directly in any of these indexes. Mortgage rates are from BankRate and reflect the overnight national average rate on a conventional30-year fixed loan. Oil prices reflect the market price of West Texas intermediate grade crude.

Respectfully,

Philip J. Sanders, CFA

President

The opinions expressed in this letter are those of the President of the Ivy Funds and are current only through the end of the period of the report, as stated on the cover. The President’s views are subject to change at any time, based on market and other conditions, and no forecasts can be guaranteed.

2020 SEMIANNUAL REPORT 3

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, exchange fees and account fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Fund expenses. The following table is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for thesix-month period ended March 31, 2020.

Actual Expenses

The first section in the following table provides information about actual account values and actual expenses for each share class. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. There may be additional fees charged to holders of certain accounts that are not included in the expenses shown in the table. Fees apply to Individual Retirement Accounts (IRAs), IRA Rollovers, Roth IRAs, Conversion Roth IRAs, Simplified Employee Pension (SEP), Savings Incentive Match Plan for Employees (SIMPLE) IRAs,Tax-Sheltered Accounts (TSAs), Keogh Plans, Owner Only 401(k) (Exclusive K) Plans and Final Pay Plans. As of the close of the six months covered by the table, a customer is charged an annual fee of $18 within each plan type. This fee is waived for IRA Rollovers and Conversion Roth IRAs if the customer owns another type of IRA. Coverdell Education Savings Account plans are charged an annual fee of $10 per customer. With limited exceptions, for Class A shares, if your Fund account balance

is below $650 on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20. You should consider the additional fees that were charged to your Fund account over thesix-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value as such additional expenses are not reflected in the information provided in the following table. Additional fees have the effect of reducing investment returns.

Hypothetical Example for Comparison Purposes

The second section in the following table provides information about hypothetical account values and hypothetical expenses for each share class based on the Fund’s actual expense ratio and an assumed rate of return of five percent per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this five percent hypothetical example with the five percent hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), exchange fees or account fees. Therefore, the second section in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expenses paid may be impacted by expense reduction arrangements. If those arrangements had not been in place, expenses paid would have been higher. See Note 5 in Notes to Financial Statements for further information.

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-19		Ending Account Value 3-31-20		Expenses Paid During Period*		Beginning Account Value 9-30-19		Ending Account Value 3-31-20		Expenses Paid During Period*
Ivy Apollo Multi-Asset Income Fund
Class A	$	1,000	$	836.10	$	5.51	$	1,000	$	1,019.00	$	6.06		1.20%
Class C	$	1,000	$	832.80	$	8.98	$	1,000	$	1,015.23	$	9.87		1.95%
Class I	$	1,000	$	837.40	$	3.49	$	1,000	$	1,021.24	$	3.84		0.75%
Class N	$	1,000	$	837.40	$	3.49	$	1,000	$	1,021.24	$	3.84		0.75%
Class Y	$	1,000	$	836.30	$	5.33	$	1,000	$	1,019.21	$	5.86		1.16%

See footnotes on page 6.

4 SEMIANNUAL REPORT 2020

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-19		Ending Account Value 3-31-20		Expenses Paid During Period*		Beginning Account Value 9-30-19		Ending Account Value 3-31-20		Expenses Paid During Period*
Ivy Apollo Strategic Income Fund
Class A	$	1,000	$	918.30	$	5.08	$	1,000	$	1,019.68	$	5.35		1.06%
Class C	$	1,000	$	914.50	$	8.81	$	1,000	$	1,015.81	$	9.27		1.84%
Class I	$	1,000	$	920.10	$	3.26	$	1,000	$	1,021.64	$	3.44		0.67%
Class N	$	1,000	$	920.10	$	3.26	$	1,000	$	1,021.64	$	3.44		0.67%
Class Y	$	1,000	$	917.40	$	5.08	$	1,000	$	1,019.68	$	5.35		1.06%
Ivy California Municipal High Income Fund
Class A	$	1,000	$	967.30	$	3.93	$	1,000	$	1,020.99	$	4.04		0.80%
Class C	$	1,000	$	963.00	$	8.24	$	1,000	$	1,016.59	$	8.47		1.68%
Class I	$	1,000	$	968.20	$	2.95	$	1,000	$	1,021.99	$	3.03		0.60%
Class Y	$	1,000	$	967.30	$	3.93	$	1,000	$	1,020.99	$	4.04		0.80%
Ivy Cash Management Fund
Class A	$	1,000	$	1,006.10	$	3.41	$	1,000	$	1,021.61	$	3.44		0.68%
Class B**	$	1,000	$	1,002.30	$	7.21	$	1,000	$	1,017.76	$	7.26		1.45%
Class C	$	1,000	$	1,001.60	$	7.91	$	1,000	$	1,017.10	$	7.97		1.58%
Ivy Corporate Bond Fund
Class A	$	1,000	$	975.60	$	5.04	$	1,000	$	1,019.93	$	5.15		1.01%
Class B**	$	1,000	$	967.80	$	12.99	$	1,000	$	1,011.77	$	13.28		2.65%
Class C	$	1,000	$	971.20	$	9.36	$	1,000	$	1,015.53	$	9.57		1.89%
Class E	$	1,000	$	978.10	$	4.06	$	1,000	$	1,020.92	$	4.14		0.82%
Class I	$	1,000	$	977.10	$	3.56	$	1,000	$	1,021.43	$	3.64		0.71%
Class N	$	1,000	$	977.90	$	2.77	$	1,000	$	1,022.20	$	2.83		0.56%
Class R	$	1,000	$	974.00	$	6.42	$	1,000	$	1,018.50	$	6.56		1.30%
Class Y	$	1,000	$	977.20	$	4.75	$	1,000	$	1,020.24	$	4.85		0.95%
Ivy Crossover Credit Fund
Class A	$	1,000	$	936.10	$	4.36	$	1,000	$	1,020.49	$	4.55		0.90%
Class E	$	1,000	$	936.10	$	4.36	$	1,000	$	1,020.48	$	4.55		0.90%
Class I	$	1,000	$	937.30	$	3.20	$	1,000	$	1,021.74	$	3.34		0.65%
Class N	$	1,000	$	937.30	$	3.20	$	1,000	$	1,021.74	$	3.34		0.65%
Class R	$	1,000	$	934.70	$	6.77	$	1,000	$	1,017.98	$	7.06		1.40%
Class Y	$	1,000	$	936.10	$	4.36	$	1,000	$	1,020.49	$	4.55		0.90%
Ivy Government Securities Fund
Class A	$	1,000	$	1,044.80	$	5.11	$	1,000	$	1,020.04	$	5.05		0.99%
Class B**	$	1,000	$	1,039.00	$	10.60	$	1,000	$	1,014.55	$	10.48		2.09%
Class C	$	1,000	$	1,040.20	$	9.59	$	1,000	$	1,015.64	$	9.47		1.87%
Class E	$	1,000	$	1,045.10	$	4.50	$	1,000	$	1,020.58	$	4.45		0.88%
Class I	$	1,000	$	1,046.20	$	3.68	$	1,000	$	1,021.37	$	3.64		0.72%
Class N	$	1,000	$	1,046.50	$	3.17	$	1,000	$	1,021.87	$	3.13		0.63%
Class R	$	1,000	$	1,042.70	$	7.05	$	1,000	$	1,018.12	$	6.96		1.38%
Class Y	$	1,000	$	1,044.60	$	5.11	$	1,000	$	1,020.04	$	5.05		0.99%

See footnotes on page 6.

2020 SEMIANNUAL REPORT 5

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-19		Ending Account Value 3-31-20		Expenses Paid During Period*		Beginning Account Value 9-30-19		Ending Account Value 3-31-20		Expenses Paid During Period*
Ivy International Small Cap Fund
Class A	$	1,000	$	817.10	$	6.27	$	1,000	$	1,018.09	$	6.96		1.39%
Class C	$	1,000	$	814.30	$	9.71	$	1,000	$	1,014.29	$	10.78		2.14%
Class I	$	1,000	$	819.30	$	4.55	$	1,000	$	1,020.04	$	5.05		0.99%
Class N	$	1,000	$	819.30	$	4.55	$	1,000	$	1,020.04	$	5.05		0.99%
Class Y	$	1,000	$	817.90	$	6.36	$	1,000	$	1,018.04	$	7.06		1.39%
Ivy Pictet Emerging Markets Local Currency Debt Fund
Class A	$	1,000	$	877.70	$	5.73	$	1,000	$	1,018.89	$	6.16		1.22%
Class C	$	1,000	$	874.80	$	8.62	$	1,000	$	1,015.77	$	9.27		1.85%
Class E	$	1,000	$	878.40	$	4.98	$	1,000	$	1,019.73	$	5.35		1.05%
Class I	$	1,000	$	879.60	$	3.76	$	1,000	$	1,020.99	$	4.04		0.80%
Class N	$	1,000	$	879.60	$	3.76	$	1,000	$	1,020.99	$	4.04		0.80%
Class R	$	1,000	$	876.10	$	7.04	$	1,000	$	1,017.48	$	7.57		1.50%
Class Y	$	1,000	$	877.80	$	5.73	$	1,000	$	1,018.89	$	6.16		1.22%
Ivy Pictet Targeted Return Bond Fund
Class A	$	1,000	$	974.90	$	6.12	$	1,000	$	1,018.80	$	6.26		1.24%
Class C	$	1,000	$	971.10	$	9.46	$	1,000	$	1,015.40	$	9.67		1.92%
Class I	$	1,000	$	975.20	$	4.94	$	1,000	$	1,019.99	$	5.05		1.00%
Class N	$	1,000	$	976.40	$	4.35	$	1,000	$	1,020.64	$	4.45		0.87%
Class Y	$	1,000	$	974.90	$	6.12	$	1,000	$	1,018.80	$	6.26		1.24%
Ivy PineBridge High Yield Fund
Class A	$	1,000	$	904.50	$	4.76	$	1,000	$	1,020.01	$	5.05		1.00%
Class I	$	1,000	$	905.80	$	3.43	$	1,000	$	1,021.39	$	3.64		0.72%
Class N	$	1,000	$	904.70	$	3.43	$	1,000	$	1,021.39	$	3.64		0.72%
Class R	$	1,000	$	902.20	$	7.04	$	1,000	$	1,017.64	$	7.47		1.47%

* Fund expenses for each share class are equal to the Fund’s annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in thesix-month period ended March 31, 2020, and divided by 366.

** These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund.

(1) This section uses the Fund’s actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The “Ending Account Value” shown is computed using the Fund’s actual return and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column of this section.

(2) This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund’s ongoing costs with other mutual funds. A shareholder can compare the Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads or exchange fees.

6 SEMIANNUAL REPORT 2020

PORTFOLIO HIGHLIGHTS IVY APOLLO MULTI-ASSET INCOME FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Stocks	49.1%
Real Estate	9.0%
Financials	8.4%
Health Care	8.0%
Information Technology	4.8%
Consumer Staples	4.6%
Industrials	3.7%
Utilities	3.5%
Energy	2.2%
Materials	1.7%
Communication Services	1.7%
Consumer Discretionary	1.5%
Warrants	0.0%
Bonds	48.5%
Corporate Debt Securities	27.5%
Loans	17.1%
Asset-Backed Securities	2.3%
Mortgage-Backed Securities	1.5%
Other Government Securities	0.1%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.4%

Country Weightings

North America	57.4%
United States	54.8%
Other North America	2.6%
Europe	26.0%
France	6.2%
United Kingdom	5.3%
Other Europe	14.5%
Pacific Basin	10.1%
Bahamas/Caribbean	3.3%
Other	0.4%
South America	0.4%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.4%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Verizon Communications, Inc.	United States	Communication Services	Integrated Telecommunication Services
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	Information Technology	Semiconductors
AstraZeneca plc	United Kingdom	Health Care	Pharmaceuticals
Nestle S.A., Registered Shares	Switzerland	Consumer Staples	Packaged Foods & Meats
Roche Holdings AG, Genusscheine	Switzerland	Health Care	Pharmaceuticals
Procter & Gamble Co. (The)	United States	Consumer Staples	Household Products
Cisco Systems, Inc.	United States	Information Technology	Communications Equipment
ENEL S.p.A.	Italy	Utilities	Electric Utilities
Philip Morris International, Inc.	United States	Consumer Staples	Tobacco
Samsung Electronics Co. Ltd.	South Korea	Information Technology	Technology Hardware, Storage & Peripherals

See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2020 SEMIANNUAL REPORT 7

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Integrated Telecommunication Services – 1.5%
Verizon Communications, Inc.		92	$	4,938
Wireless Telecommunication Service – 0.2%
SBA Communications Corp.		2		581
Total Communication Services – 1.7%				5,519
Consumer Discretionary
Apparel Retail – 0.0%
True Religion Apparel, Inc. (A)(B)		1		—
Automobile Manufacturers – 0.5%
Subaru Corp. (C)		94		1,795
Casinos & Gaming – 0.7%
Sands China Ltd. (C)		654		2,379
Education Services – 0.1%
Laureate Education, Inc., Class A (A)		11		112
Hotels, Resorts & Cruise Lines – 0.2%
Studio City International Holdings Ltd. ADR (A)		35		717
Total Consumer Discretionary – 1.5%				5,003
Consumer Staples
Household Products – 1.2%
Procter & Gamble Co. (The)		37		4,042
Hypermarkets & Super Centers – 0.5%
Wal-Mart Stores, Inc.		15		1,761
Packaged Foods & Meats – 1.7%
Mowi ASA (C)		96		1,449
Nestle S.A., Registered Shares (C)		42		4,272
				5,721
Tobacco – 1.2%
Philip Morris International, Inc.		52		3,782
Total Consumer Staples – 4.6%				15,306
Energy
Coal & Consumable Fuels – 0.0%
Westmoreland Coal Co. (A)		7		91
Integrated Oil & Gas – 1.4%
PJSC LUKOIL ADR (C)		22		1,297
Total S.A. (C)(D)		85		3,184
				4,481
Oil & Gas Equipment & Services – 0.0%
McDermott International, Inc. (A)(B)		4		—
Oil & Gas Exploration & Production – 0.6%
Bellatrix Exploration Ltd. (A)(B)(C)		76		—	*

COMMON STOCKS(Continued)	Shares		Value
Oil & Gas Exploration & Production(Continued)
CNOOC Ltd. (C)		1,711	$	1,778
				1,778
Total Energy – 2.0%				6,350
Financials
Asset Management & Custody Banks – 0.5%
3i Group plc (C)		168		1,626
Consumer Finance – 0.5%
ORIX Corp. (C)		142		1,697
Diversified Banks – 2.9%
Bank of Montreal (C)		42		2,123
BNP Paribas S.A. (C)		58		1,690
DBS Group Holdings Ltd. (C)		132		1,721
ING Groep N.V., Certicaaten Van Aandelen (C)		264		1,350
KeyCorp		155		1,612
PT Bank Mandiri (Persero) Tbk (C)		4,156		1,182
				9,678
Investment Banking & Brokerage – 0.8%
Morgan Stanley		81		2,769
Multi-Line Insurance – 1.4%
Axa S.A. (C)		155		2,618
Zurich Financial Services, Registered Shares (C)		6		2,038
				4,656
Other Diversified Financial Services – 0.9%
Citigroup, Inc.		72		3,041
Property & Casualty Insurance – 0.9%
Tokio Marine Holdings, Inc. (C)		63		2,887
Total Financials – 7.9%				26,354
Health Care
Biotechnology – 0.8%
Amgen, Inc.		13		2,656
Health Care Equipment – 0.9%
Koninklijke Philips Electronics N.V., Ordinary Shares (C)		69		2,814
Health Care Services – 1.0%
CVS Caremark Corp.		53		3,167
Pharmaceuticals – 5.3%
Advanz Pharma Corp. (A)(C)(D)		6		22
AstraZeneca plc (C)		49		4,353
GlaxoSmithKline plc (C)		157		2,953
Pfizer, Inc.		97		3,166
Roche Holdings AG, Genusscheine (C)		13		4,224
Sanofi-Aventis (C)		33		2,819
				17,537
Total Health Care – 8.0%				26,174

COMMON STOCKS(Continued)	Shares		Value
Industrials
Aerospace & Defense – 1.5%
BAE Systems plc (C)		299	$	1,919
Lockheed Martin Corp.		8		2,865
				4,784
Construction & Engineering – 0.8%
Vinci (C)		35		2,850
Electrical Components & Equipment – 1.4%
Eaton Corp.		27		2,123
Schneider Electric S.A. (C)		33		2,800
				4,923
Total Industrials – 3.7%				12,557
Information Technology
Communications Equipment – 1.2%
Cisco Systems, Inc.		102		4,013
Semiconductors – 2.4%
QUALCOMM, Inc.		50		3,367
Taiwan Semiconductor Manufacturing Co. Ltd. (C)		519		4,672
				8,039
Technology Hardware, Storage & Peripherals – 1.2%
Samsung Electronics Co. Ltd. (C)		97		3,755
Total Information Technology – 4.8%				15,807
Materials
Construction Materials – 0.5%
CRH plc (C)		65		1,765
Diversified Chemicals – 0.4%
Eastman Chemical Co.		27		1,279
Diversified Metals & Mining – 0.8%
Anglo American plc (C)		153		2,687
Total Materials – 1.7%				5,731
Real Estate
Diversified Real Estate Activities – 0.7%
CapitaLand Ltd. (C)		166		332
Daibiru Corp. (C)		22		177
Heiwa Real Estate Co. Ltd. (C)		5		137
Henderson Land Development Co. Ltd. (C)		55		209
Mitsubishi Estate Co. Ltd. (C)		36		527
Mitsui Fudosan Co. Ltd. (C)		17		298
Nomura Real Estate Holdings, Inc. (C)		3		49
Sun Hung Kai Properties Ltd. (C)		42		553
				2,282
Diversified REITs – 0.6%
Cominar Real Estate Investment Trust (C)		16		94
Dexus (C)		38		209

8 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares			Value
Diversified REITs(Continued)
Gecina (C)		3		$	387
GPT Group (C)		63			139
H&R Real Estate Investment Trust (C)		9			54
Land Securities Group plc (C)		34			234
Merlin Properties Socimi S.A. (C)		20			152
Mirvac Group (C)		104			132
Nomura Real Estate Master Fund, Inc. (C)		—	*		265
Star Asia Investment Corp. (C)		—	*		123
VEREIT, Inc.		15			71
					1,860
Health Care REITs – 0.6%
Aedifica S.A. (C)		—	*		29
Healthcare Trust of America, Inc., Class A		22			542
Ventas, Inc.		19			521
Welltower, Inc.		17			786
					1,878
Hotel & Resort REITs – 0.1%
Park Hotels & Resorts, Inc.		12			93
Pebblebrook Hotel Trust		12			128
Sunstone Hotel Investors, Inc.		27			236
					457
Industrial REITs – 1.1%
CRE Logistics REIT, Inc. (C)		—	*		105
Duke Realty Corp.		24			787
First Industrial Realty Trust, Inc.		16			529
GLPJ-REIT (C)		—	*		209
ITOCHU Advance Logistics Investment Corp. (C)		—	*		171
Mapletree Investments Pte Ltd. (C)		48			81
Mitsui Fudosan Logistics Park, Inc. (C)		—	*		135
Nippon Prologis, Inc. (C)		—	*		176
ProLogis, Inc.		11			878
Safestore Holdings plc (C)		16			125
SEGRO plc (C)		44			415
					3,611
Office REITs – 1.3%
Cousins Properties, Inc.		1			24
Daiwa Office Investment Corp. (C)		—	*		117
Derwent London plc (C)		8			332
Global One Corp. (C)		—	*		168
Great Portland Estates plc (C)		6			54
Hibernia REIT plc (C)		215			248
Highwoods Properties, Inc.		11			376
Hudson Pacific Properties, Inc.		16			398
Ichigo Office REIT Investment Corp. (A)(C)		—	*		100
Invesco OfficeJ-REIT, Inc. (C)		2			229
Japan Excellent, Inc. (C)		—	*		263
Japan Real Estate Investment Corp. (C)		—	*		306
Kilroy Realty Corp.		13			824
ORIX JREIT, Inc. (C)		—	*		268
Sankei Real Estate, Inc. (C)		—	*		168
Vornado Realty Trust		14			511
					4,386

COMMON STOCKS(Continued)	Shares				Value
Real Estate Development – 0.4%
Cheung Kong (Holdings) Ltd. (C)		84			$	457
New World Development Co. Ltd. (C)		673				718
Wharf (Holdings) Ltd. (The) (C)(D)		49				202
						1,377
Real Estate Operating Companies – 0.9%
Deutsche Wohnen AG (C)		11				409
Entra ASA (C)		37				442
Grainger plc (C)		83				263
Keihanshin Building Co. Ltd. (C)		10				125
Shurgard Self Storage Europe S.a.r.l. (C)		6				178
Swire Properties Ltd. (C)		70				196
Vonovia SE (C)		26				1,289
						2,902
Residential REITs – 1.3%
American Campus Communities, Inc.		13				372
AvalonBay Communities, Inc.		7				1,047
Camden Property Trust		4				339
Canadian Apartment Properties REIT (C)		14				423
Equity Residential		8				486
Essex Property Trust, Inc.		2				367
Invitation Homes, Inc.		48				1,016
Irish Residential Properties REIT plc (C)		94				128
Japan Rental Housing Investments, Inc. (C)		—	*			69
Starts Proceed Investment Corp. (C)		—	*			75
						4,322
Retail REITs – 1.0%
Agree Realty Corp.		5				306
Federal Realty Investment Trust		—	*			32
First Capital REIT (C)		36				353
Frasers Centrepoint Trust (C)		113				177
Link (The) (C)		27				231
National Retail Properties, Inc.		17				560
Realty Income Corp.		7				325
Regency Centers Corp.		13				498
Simon Property Group, Inc.		9				490
SITE Centers Corp.		3				16
Weingarten Realty Investors		7				100
						3,088
Specialized REITs – 1.0%
Big Yellow Group plc (C)		10		��		119
CubeSmart		15				393
Digital Realty Trust, Inc.		6				820
Equinix, Inc.		—	*			203
Public Storage, Inc.		6				1,218
VICI Properties, Inc.		25				422
						3,175
Total Real Estate – 9.0%						29,338

COMMON STOCKS(Continued)	Shares		Value
Utilities
Electric Utilities – 2.4%
E.ON AG (C)		214	$	2,200
ENEL S.p.A. (C)		550		3,791
Exelon Corp.		56		2,047
				8,038
Multi-Utilities – 0.6%
RWE Aktiengesellschaft (C)		70		1,828
Water Utilities – 0.5%
Guangdong Investment Ltd. (C)		906		1,738
Total Utilities – 3.5%				11,604
TOTAL COMMON STOCKS – 48.4%			$	159,743
(Cost: $174,351)
INVESTMENT FUNDS
Registered Investment Companies – 0.5%
iShares iBoxx $ High Yield Corporate Bond ETF (D)		21		1,618
TOTAL INVESTMENT FUNDS – 0.5%			$	1,618
(Cost: $1,788)
PREFERRED STOCKS
Consumer Staples
Agricultural Products – 0.0%
Pinnacle Agriculture Enterprises LLC (A)(B)(E)		233		—	*
Total Consumer Staples – 0.0%				—	*
Energy
Oil & Gas Exploration & Production – 0.2%
Targa Resources Corp., 9.500% (A)(E)		1		752
Total Energy – 0.2%				752
TOTAL PREFERRED STOCKS – 0.2%			$	752
(Cost: $1,521)
WARRANTS
Oil & Gas Exploration & Production – 0.0%
Ultra Resources, Inc., expires 7–14–25 (F)		3		—	*
TOTAL WARRANTS – 0.0%			$	—	*
(Cost: $1)
ASSET-BACKED SECURITIES	Principal
Adams Mill CLO Ltd., Series2014-1A, Class D1(3-Month U.S. LIBOR plus 350 bps), 5.331%, 7–15–26 (G)(H)	$	600		493

2020 SEMIANNUAL REPORT 9

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

ASSET-BACKED SECURITIES (Continued)	Principal		Value
Antares CLO2017-1A Ltd.(3-Month U.S. LIBOR plus 775 bps), 9.569%, 7–20–28 (H)	$	650	$	466
Audax Senior Debt CLO II LLC,Series 2019-2A, Class C(3-Month U.S LIBOR plus 490 bps), 6.811%, 10–22–29 (G)(H)		250		186
Fortress Credit BSL Ltd.,Series 2018-1A, Class ER(3-Month U.S. LIBOR plus 645 bps), 8.256%, 7–23–31 (G)(H)		750		497
GoldenTree Loan Management CLO Ltd., Series 2X, Class D(3-Month EURIBOR plus 285 bps), 2.850%, 1–20–32 (H)(I)	EUR	385		298
Golub Capital Partners CLO Ltd.,Series 2013-17A, Class CR(3-Month U.S. LIBOR plus 350 bps), 5.294%, 10–25–30 (G)(H)	$	1,000		673
Northwoods CapitalXI-B Ltd. and Northwoods CapitalXI-B LLC, Series 2018-14BA, Class D(3-Month U.S. LIBOR plus 340 bps), 5.107%, 11–13–31 (G)(H)		1,200		791
Octagon Investment Partners 40 Ltd., Series2019-1A, Class E(3-Month U.S. LIBOR plus 646 bps), 8.279%, 4–20–31 (G)(H)		1,250		813
OZLM Ltd., Series2014-9A, Class DRR(3-Month U.S. LIBOR plus 612 bps), 7.939%, 10–20–31 (G)(H)		500		306
Rockford Tower CLO Ltd.,Series 2019-2A, Class B(3-Month U.S. LIBOR plus 193 bps), 3.625%, 8–20–32 (G)(H)		500		447
TIAA Churchill Middle Market CLO I Ltd., Series2016-1A, Class DR(3-Month U.S. LIBOR plus 390 bps), 5.719%, 10–20–30 (G)(H)		750		531
Trestles CLO Ltd., Series2017-1A, Class D(3-Month U.S. LIBOR plus 668 bps), 8.474%, 7–25–29 (G)(H)		750		531
Trinitas CLO Ltd., Ser2019-11A, Class D(3-MonthU.S. LIBOR plus 422 bps), 6.051%, 7–15–32 (G)(H)		1,000		742
Trinitas CLO Ltd., Series2018-8A, Class E(3-Month U.S. LIBOR plus 590 bps), 7.719%, 7–20–31 (G)(H)		750		481
Venture CDO Ltd., Series17-26A, Class D(3-Month U.S. LIBOR plus 425 bps), 6.069%, 1–20–29 (G)(H)		400		297
Venture CDO Ltd., Series2020-39A, Class D(3-Month U.S. LIBOR plus 425 bps), 5.710%, 4–15–33 (G)(H)		750		495
TOTAL ASSET-BACKED SECURITIES – 2.3%			$	8,047
(Cost: $11,317)

CORPORATE DEBT SECURITIES	Principal		Value
Communication Services
Advertising – 0.1%
Alliance Data Systems Corp., 4.750%, 12–15–24 (G)	$	465	$	353
Lamar Media Corp., 4.000%, 2–15–30 (G)		110		102
				455
Alternative Carriers – 0.0%
Front Range BidCo, Inc., 4.000%, 3–1–27 (G)		129		123
Broadcasting – 0.5%
Clear Channel Outdoor Holdings, Inc., 5.125%, 8–15–27 (G)		822		770
Clear Channel Worldwide Holdings, Inc., 9.250%, 2–15–24 (G)		609		524
Globo Comunicacoes e Participacoes S.A.:
4.843%, 6–8–25		200		181
4.875%, 1–22–30 (G)		200		171
Nexstar Escrow Corp., 5.625%, 8–1–24 (G)		53		50
Nexstar Escrow, Inc., 5.625%, 7–15–27 (G)		30		29
				1,725
Cable & Satellite – 4.7%
Altice Financing S.A.:
7.500%, 5–15–26 (G)		1,600		1,556
5.000%, 1–15–28 (G)		220		195
Altice France Holding S.A.:
10.500%, 5–15–27 (G)		1,706		1,800
6.000%, 2–15–28 (G)		1,641		1,443
Altice France S.A.:
7.375%, 5–1–26 (G)		1,122		1,133
8.125%, 2–1–27 (G)		1,200		1,251
3.375%, 1–15–28 (G)(I)	EUR	100		103
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.000%, 2–1–28 (G)	$	726		729
4.500%, 8–15–30 (G)		137		134
4.500%, 5–1–32 (G)		206		201
CSC Holdings LLC:
5.500%, 5–15–26 (G)		500		517
5.375%, 2–1–28 (G)		880		897
5.750%, 1–15–30 (D)(G)		202		204
DISH DBS Corp.:
5.875%, 7–15–22		1,000		974
5.875%, 11–15–24		335		326
7.750%, 7–1–26		498		512
Grupo Televis S.A.B. de C.V., 5.000%, 5–13–45		200		201
Intelsat Jackson Holdings S.A., 9.500%, 9–30–22 (G)		1,719		1,753
Neptune Finco Corp., 6.625%, 10–15–25 (G)		225		237
Quebecor Media, Inc., 5.750%, 1–15–23		228		231
VTR Finance B.V., 6.875%, 1–15–24 (G)		1,066		967

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Cable & Satellite(Continued)
Ziggo B.V., 2.875%, 1–15–30 (G)(I)	EUR	170	$	171
				15,535
Integrated Telecommunication Services – 1.7%
Frontier Communications Corp.:
7.125%, 1–15–23 (E)	$	76		18
7.625%, 4–15–24 (E)		55		14
6.875%, 1–15–25 (E)		942		236
11.000%, 9–15–25 (E)		1,409		366
8.500%, 4–1–26 (G)		1,762		1,610
8.000%, 4–1–27 (G)		1,532		1,511
9.000%, 8–15–31 (E)		53		13
West Corp., 8.500%, 10–15–25 (G)		2,588		1,888
				5,656
Publishing – 0.2%
MDC Partners, Inc., 6.500%, 5–1–24 (G)		688		516
Wireless Telecommunication Service – 0.7%
Digicel Group Ltd.:
6.000%, 4–15–21 (E)(G)		403		230
8.250%, 9–30–22 (E)(G)		195		30
8.250%, 12–30–22 (E)(G)		715		340
Digicel Group Ltd. (7.125% Cash and 2.000% PIK), 9.125%, 4–1–24 (E)(G)(J)		510		64
Digicel International Finance Ltd., 8.750%, 5–25–24 (G)		1,676		1,500
Digicel Ltd., 6.750%, 3–1–23 (G)		1,000		450
				2,614
Total Communication Services – 7.9%				26,624
Consumer Discretionary
Automobile Manufacturers – 0.1%
Tesla, Inc. (GTD by SolarCity Corp.), 5.300%, 8–15–25 (G)		172		161
Automotive Retail – 0.5%
Allison Transmission, Inc., 5.000%, 10–1–24 (G)		136		132
Asbury Automotive Group, Inc.:
4.500%, 3–1–28 (G)		293		249
4.750%, 3–1–30 (G)		293		249
Carvana Co., 8.875%, 10–1–23 (G)		600		567
Dealer Tire LLC and DT Issuer LLC, 8.000%, 2–1–28 (G)		110		88
Lithia Motors, Inc., 4.625%, 12–15–27 (G)		271		244
Sonic Automotive, Inc., 6.125%, 3–15–27		185		163
				1,692
Casinos & Gaming – 0.8%
Boyd Gaming Corp., 4.750%, 12–1–27 (G)		324		267
Churchill Downs, Inc., 5.500%, 4–1–27 (G)		102		96

10 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Casinos & Gaming(Continued)
Everi Payments, Inc., 7.500%, 12–15–25 (D)(G)	$	565	$	429
Gateway Casinos & Entertainment Ltd., 8.250%, 3–1–24 (G)		426		371
Golden Nugget, Inc., 6.750%, 10–15–24 (G)		914		576
Scientific Games International, Inc. (GTD by Scientific Games Corp.):
7.000%, 5–15–28 (G)		43		26
7.250%, 11–15–29 (G)		43		27
Wynn Macau Ltd.:
4.875%, 10–1–24 (G)		200		187
5.500%, 10–1–27 (G)		409		363
5.125%, 12–15–29 (D)(G)		65		55
				2,397
Education Services – 0.5%
Laureate Education, Inc., 8.250%, 5–1–25 (G)		1,730		1,722
Homebuilding – 0.2%
K. Hovnanian Enterprises, Inc., 10.500%, 2–15–26 (G)		500		481
Lennar Corp., 4.125%, 1–15–22		214		212
				693
Hotels, Resorts & Cruise Lines – 0.1%
Boyne USA, Inc., 7.250%, 5–1–25 (G)		426		407
Leisure Facilities – 0.1%
Cedar Fair L.P., Magnum Management Corp., Canada’s Wonderland Co. and Millennium Operations LLC, 5.375%, 4–15–27		356		306
Restaurants – 0.0%
Tasty Bondco 1 S.A., 6.250%, 5–15–26 (G)(I)	EUR	162		129
Specialized Consumer Services – 0.3%
Klesia Prevoyance, 5.375%, 12–8–26 (I)		200		212
Nielsen Co. (Luxembourg) S.a.r.l. (The), 5.500%, 10–1–21 (G)	$	400		392
Nielsen Finance LLC and Nielsen Finance Co., 5.000%, 4–15–22 (G)		148		136
Service Corp. International, 5.125%, 6–1–29		341		348
				1,088
Specialty Stores – 1.0%
Party City Holdings, Inc., 6.625%, 8–1–26 (G)		299		30
Staples, Inc.:
7.500%, 4–15–26 (G)		2,584		2,261

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialty Stores(Continued)
10.750%, 4–15–27 (D)(G)	$	1,117	$	857
				3,148
Total Consumer Discretionary – 3.6%				11,743
Consumer Staples
Food Retail – 0.1%
Albertsons Cos. LLC, Safeway, Inc., New Albertson’s, Inc. and Albertson’s LLC, 4.875%, 2–15–30 (D)(G)		220		218
Packaged Foods & Meats – 2.1%
JBS Investments II GmbH (GTD by JBS S.A.), 7.000%, 1–15–26		200		199
JBS USA LLC and JBS USA Finance, Inc.:
5.875%, 7–15–24 (G)		782		792
5.750%, 6–15–25 (G)		790		798
JBS USA Lux S.A. and JBS USA Finance, Inc., 6.750%, 2–15–28 (G)		907		968
JBS USA, JBS USA Food Co. and JBS USA Finance, Inc. (GTD by JBS S.A.):
6.500%, 4–15–29 (G)		380		408
5.500%, 1–15–30 (G)		448		462
Pilgrim’s Pride Corp.:
5.750%, 3–15–25 (G)		153		154
5.875%, 9–30–27 (G)		550		548
Post Holdings, Inc.:
5.000%, 8–15–26 (G)		220		226
5.750%, 3–1–27 (G)		973		997
Simmons Foods, Inc.:
7.750%, 1–15–24 (G)		274		274
5.750%, 11–1–24 (G)		1,182		1,073
				6,899
Soft Drinks – 0.0%
Sunshine Mid B.V.,
6.500%, 5–15–26 (I)	EUR	100		103
Total Consumer Staples – 2.2%				7,220
Energy
Coal & Consumable Fuels – 0.1%
Minejesa Capital B.V.,
4.625%, 8–10–30	$	200		178
Oil & Gas Drilling – 0.2%
KCA Deutag UK Finance plc,
7.250%, 5–15–21 (G)		1,000		355
Offshore Drilling Holding S.A.,
8.375%, 9–20–20 (G)(K)		1,400		329
Valaris plc,
7.750%, 2–1–26		443		41
				725

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Equipment & Services – 0.0%
Nine Energy Service, Inc.,
8.750%, 11–1–23 (G)	$	311	$	78
Oil & Gas Exploration & Production – 1.1%
Abu Dhabi National Energy Co.,
4.000%, 10–3–49 (G)		200		184
Bellatrix Exploration Ltd.,
8.500%, 9–11–23 (L)		177		107
Bellatrix Exploration Ltd.
(3.000% Cash or 9.500% PIK), 9.500%, 12–15–23 (J)(L)		193		107
Chesapeake Energy Corp.,
11.500%, 1–1–25 (G)		506		81
Crownrock L.P.,
5.625%, 10–15–25 (G)		1,255		653
Endeavor Energy Resources L.P.:
5.500%, 1–30–26 (G)		438		302
5.750%, 1–30–28 (G)		319		217
Extraction Oil & Gas, Inc.,
5.625%, 2–1–26 (G)		642		106
Laredo Petroleum, Inc.:
9.500%, 1–15–25		660		264
10.125%, 1–15–28 (D)		440		167
Moss Creek Resources Holdings, Inc.,
7.500%, 1–15–26 (G)		754		219
QEP Resources, Inc.:
6.875%, 3–1–21		103		52
5.250%, 5–1–23		210		78
5.625%, 3–1–26 (D)		183		67
Sanchez Energy Corp.,
7.250%, 2–15–23 (D)(G)(L)		111		17
Seven Generations Energy Ltd.:
6.750%, 5–1–23 (G)		971		680
5.375%, 9–30–25 (G)		419		230
Ultra Resources, Inc.
(9.000% Cash and 2.000% PIK), 11.000%, 7–12–24 (J)		176		10
				3,541
Oil & Gas Refining & Marketing – 0.5%
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.):
6.125%, 10–1–24		163		29
6.375%, 7–1–26		218		35
Comstock Escrow Corp.,
9.750%, 8–15–26		1,809		1,284
EG Global Finance plc:
4.375%, 2–7–25 (G)(I)	EUR	169		141
6.250%, 10–30–25 (G)(I)		107		94
EP Energy LLC and Everest Acquisition Finance, Inc.:
9.375%, 5–1–24 (G)(L)	$	207		—	*
8.000%, 2–15–25 (G)(L)		221		1
7.750%, 5–15–26 (G)(L)		323		39
PBF Holding Co. LLC,
6.000%, 2–15–28 (G)		220		148
				1,771
Total Energy – 1.9%				6,293

2020 SEMIANNUAL REPORT 11

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials
Asset Management & Custody Banks – 0.0%
MDGH-GMTN B.V.,
3.700%, 11–7–49 (G)	$	200	$	185
Consumer Finance – 0.1%
CURO Group Holdings Corp.,
8.250%, 9–1–25 (G)		478		337
Diversified Banks – 0.6%
Banco de Bogota S.A.,
5.375%, 2–19–23		200		194
Banco de Credito del Peru,
6.125%, 4–24–27		200		205
Bancolombia S.A.,
4.625%, 12–18–29		300		262
Bank Leumi Israel B.M.,
3.275%, 1–29–31 (G)		400		366
BBVA Bancomer S.A.:
5.350%, 11–12–29		200		182
5.875%, 9–13–34 (G)		200		167
TerraForm Power Operating LLC (GTD by TerraForm Power LLC),
4.750%, 1–15–30 (G)		341		331
				1,707
Financial Exchanges & Data – 0.3%
Refinitiv U.S. Holdings, Inc.,
8.250%, 11–15–26 (G)		972		1,025
Insurance Brokers – 0.7%
NFP Corp.:
6.875%, 7–15–25 (G)		1,997		1,967
8.000%, 7–15–25 (G)		422		386
Vienna Insurance Group AG,
5.500%, 10–9–43 (I)	EUR	100		115
				2,468
Life & Health Insurance – 0.4%
Aegon N.V.,
4.000%, 4–25–44 (I)		200		220
MetLife, Inc.:
9.250%, 4–8–38 (G)	$	445		556
10.750%, 8–1–39		452		628
				1,404
Multi-line Insurance – 0.0%
La Mondiale SAM,
6.750%, 4–25–44 (I)	EUR	100		118
Multi-Line Insurance – 0.1%
ASR Nederland N.V.,
5.125%, 9–29–45 (I)		100		115
Humanis Prevoyance,
5.750%, 10–22–25 (I)		300		331
				446
Other Diversified Financial Services – 0.3%
New Cotai LLC and New Cotai Capital Corp.
(10.625% Cash or 10.625% PIK), 10.625%, 5–1–19 (G)(J)(L)	$	2,703		946

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Property & Casualty Insurance – 0.5%
Amwins Group, Inc.,
7.750%, 7–1–26 (G)	$	657	$	641
GTCR AP Finance, Inc.,
8.000%, 5–15–27 (G)		307		282
Hub International Ltd.,
7.000%, 5–1–26 (G)		821		813
Mapfre S.A.,
4.375%, 3–31–47 (I)	EUR	100		114
				1,850
Specialized Finance – 0.5%
BCPE Cycle Merger Sub II, Inc.,
10.625%, 7–15–27 (G)	$	809		680
Compass Group Diversified Holdings LLC,
8.000%, 5–1–26 (G)		434		417
Galaxy Bidco Ltd.,
6.500%, 7–31–26 (I)	GBP	100		112
NBK Tier 1 Financing (2) Ltd.,
4.500%, 5–27–68 (G)	$	300		282
Rede D’Or Finance S.a.r.l.,
4.500%, 1–22–30 (G)		300		260
				1,751
Thrifts & Mortgage Finance – 0.1%
Provident Funding Associates L.P. and PFG Finance Corp.,
6.375%, 6–15–25 (G)		510		427
Total Financials – 3.6%				12,664
Health Care
Health Care Equipment – 0.0%
Hologic, Inc.,
4.625%, 2–1–28 (G)		132		131
Health Care Facilities – 0.6%
HCA, Inc. (GTD by HCA Holdings, Inc.),
3.500%, 9–1–30		69		63
RegionalCare Hospital Partners Holdings, Inc. and Legend Merger Sub, Inc.,
9.750%, 12–1–26 (G)		1,276		1,208
Surgery Center Holdings, Inc.,
10.000%, 4–15–27 (G)		924		647
				1,918
Health Care Services – 0.2%
Heartland Dental LLC,
8.500%, 5–1–26 (G)		789		588
Health Care Supplies – 0.1%
Catalent Pharma Solutions, Inc.,
2.375%, 3–1–28 (G)(I)	EUR	133		135
Health Care Technology – 0.5%
Verscend Holding Corp.,
9.750%, 8–15–26 (G)	$	1,581		1,578

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Managed Health Care – 0.0%
Centene Corp.,
4.625%, 12–15–29 (G)	$	100	$	100
Pharmaceuticals – 0.7%
Advanz Pharma Corp.,
8.000%, 9–6–24		72		63
Bausch Health Cos., Inc.:
6.125%, 4–15–25 (G)		291		287
9.000%, 12–15–25 (G)		153		161
9.250%, 4–1–26 (G)		441		460
8.500%, 1–31–27 (G)		832		870
Par Pharmaceutical, Inc.,
7.500%, 4–1–27 (D)(G)		557		554
				2,395
Total Health Care – 2.1%				6,845
Industrials
Aerospace & Defense – 1.8%
Arconic Rolled Products Corp.,
6.125%, 2–15–28 (G)		88		90
TransDigm UK Holdings plc,
6.875%, 5–15–26		366		340
TransDigm, Inc. (GTD by TransDigm Group, Inc.):
6.500%, 7–15–24		1,047		997
6.500%, 5–15–25		200		190
6.250%, 3–15–26 (G)		786		782
6.375%, 6–15–26		202		194
7.500%, 3–15–27		408		393
5.500%, 11–15–27 (G)		1,051		943
Wolverine Escrow LLC:
8.500%, 11–15–24 (G)		1,167		931
9.000%, 11–15–26 (G)		1,703		1,384
13.125%, 11–15–27 (G)		128		102
				6,346
Airlines – 0.0%
Swissport Financing S.a.r.l.,
5.250%, 8–15–24 (G)(I)	EUR	150		98
Building Products – 0.2%
CEMEX S.A.B. de C.V.,
6.000%, 4–1–24	$	200		173
JELD-WEN, Inc.,
4.875%, 12–15–27 (G)		113		100
Standard Industries, Inc.:
2.250%, 11–21–26 (G)(I)	EUR	100		89
4.750%, 1–15–28 (G)	$	62		57
				419
Diversified Support Services – 0.2%
Ahern Rentals, Inc.,
7.375%, 5–15–23 (G)		665		379
Q-Park Holding I B.V.,
2.000%, 3–1–27 (G)(I)	EUR	100		94
United Rentals (North America), Inc. (GTD by United Rentals, Inc.):
5.875%, 9–15–26	$	133		135
3.875%, 11–15–27		50		47
				655

12 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Environmental & Facilities Services – 0.2%
GFL Environmental, Inc.:
7.000%, 6–1–26 (G)	$	388	$	376
5.125%, 12–15–26 (G)		21		20
8.500%, 5–1–27 (G)		86		86
Waste Pro USA, Inc.,
5.500%, 2–15–26 (G)		86		80
				562
Marine Ports & Services – 0.1%
DP World plc,
6.850%, 7–2–37 (G)		200		188
Mersin Uluslararasi Liman Isletmeciligi A.S.,
5.375%, 11–15–24		200		180
				368
Railroads – 0.1%
Lima Metro Line 2 Finance Ltd.:
5.875%, 7–5–34 (G)		218		232
4.350%, 4–5–36 (G)		200		189
				421
Security & Alarm Services – 0.2%
Brink’s Co. (The),
4.625%, 10–15–27 (G)		150		139
Garda World Security Corp. (GTD by GW Intermediate Corp.),
4.625%, 2–15–27 (G)		236		211
Prime Security Services Borrower LLC and Prime Finance, Inc.,
6.250%, 1–15–28 (G)		330		285
				635
Total Industrials – 2.8%				9,504
Information Technology
Application Software – 0.9%
ACI Worldwide, Inc.,
5.750%, 8–15–26 (G)		16		16
Kronos Acquisition Holdings, Inc.,
9.000%, 8–15–23 (G)		1,663		1,364
Orbcomm, Inc.,
8.000%, 4–1–24 (G)		1,015		984
Riverbed Technology, Inc. and Project Homestake Merger Corp.,
8.875%, 3–1–23 (D)(G)		938		596
SS&C Technologies Holdings, Inc.,
5.500%, 9–30–27 (G)		120		124
				3,084
Data Processing & Outsourced Services – 0.1%
j2 Cloud Services LLC and j2 Global, Inc.,
6.000%, 7–15–25 (G)		206		205
Electronic Equipment & Instruments – 0.1%
Itron, Inc.,
5.000%, 1–15–26 (G)		52		49
NCR Corp.:
5.750%, 9–1–27 (G)		113		103

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Electronic Equipment & Instruments(Continued)
6.125%, 9–1–29 (G)	$	144	$	134
				286
IT Consulting & Other Services – 0.1%
NCR Escrow Corp.,
6.375%, 12–15–23		540		533
Total Information Technology – 1.2%				4,108
Materials
Aluminum – 0.4%
Constellium N.V.:
5.750%, 5–15–24 (G)		1,000		893
5.875%, 2–15–26 (D)(G)		391		340
Novelis Corp. (GTD by Novelis, Inc.),
4.750%, 1–30–30 (G)		176		156
				1,389
Commodity Chemicals – 0.2%
NOVA Chemicals Corp.:
4.875%, 6–1–24 (G)		508		446
5.250%, 6–1–27 (G)		203		171
				617
Construction Materials – 0.2%
Hillman Group, Inc. (The),
6.375%, 7–15–22 (G)		886		688
Gold – 0.1%
AngloGold Ashanti Holdings plc,
6.500%, 4–15–40		120		107
Gold Fields Orogen Holding Ltd.,
6.125%, 5–15–29 (G)		200		189
				296
Metal & Glass Containers – 0.2%
ARD Finance S.A. (6.500% Cash or 7.250% PIK),
6.500%, 6–30–27 (G)(J)		320		275
Ardagh Packaging Finance plc and Ardagh Holdings USA, Inc.,
4.125%, 8–15–26 (G)		27		27
Crown Americas LLC and Crown Americas Capital Corp. IV,
4.500%, 1–15–23		24		25
Crown Americas LLC and Crown Americas Capital Corp. V,
4.250%, 9–30–26		100		98
HudBay Minerals, Inc.:
7.250%, 1–15–23 (G)		65		57
7.625%, 1–15–25 (G)		98		85
				567
Paper Packaging – 0.2%
Graphic Packaging International LLC (GTD by Graphic Packaging International Partners LLC and Field Container Queretaro (USA) LLC),
3.500%, 3–15–28 (G)		304		273

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Paper Packaging(Continued)
Reynolds Group Issuer, Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A.,
5.125%, 7–15–23 (G)	$	60	$	60
Sealed Air Corp.,
4.000%, 12–1–27 (G)		354		329
				662
Paper Products – 0.3%
American Greetings Corp.,
8.750%, 4–15–25 (G)		1,117		950
Precious Metals & Minerals – 0.0%
Industrias Penoles S.A.B. de C.V.,
5.650%, 9–12–49 (G)		200		175
Specialty Chemicals – 0.0%
Monitchem Holdco 3 S.A.,
5.250%, 3–15–25 (G)(I)	EUR	100		92
Valvoline, Inc.,
4.250%, 2–15–30 (G)	$	36		33
				125
Steel – 0.0%
Cleveland-Cliffs, Inc.,
6.750%, 3–15–26 (G)		126		111
Total Materials – 1.6%				5,580
Real Estate
Diversified Real Estate Activities – 0.1%
Shimao Property Holdings Ltd.:
6.375%, 10–15–21		200		202
4.750%, 7–3–22		200		194
				396
Industrial REITs – 0.0%
Avolon Holdings Funding Ltd.,
5.250%, 5–15–24 (G)		171		146
Real Estate Development – 0.1%
Country Garden Holdings Co. Ltd.:
7.250%, 4–4–21		200		200
7.250%, 4–8–26		200		198
				398
Total Real Estate – 0.2%				940
Utilities
Electric Utilities – 0.2%
Colbun S.A.,
3.150%, 3–6–30 (G)		400		348
Israel Electric Corp. Ltd.,
5.000%, 11–12–24		200		208
				556
Renewable Electricity – 0.2%
Clearway Energy Operating LLC,
5.750%, 10–15–25		369		366

2020 SEMIANNUAL REPORT 13

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Renewable Electricity(Continued)
NRG Yield Operating LLC,
5.000%, 9–15–26	$	366	$	354
				720
Total Utilities – 0.4%				1,276
TOTAL CORPORATE DEBT SECURITIES – 27.5%			$	92,797
(Cost: $112,340)
MORTGAGE-BACKED SECURITIES
Other Mortgage-Backed Securities – 1.5%
ALM Loan Funding VIIR-2 Ltd., Series 2013-7R2A, Class DR2(3-Month U.S. LIBOR plus 600 bps),
7.831%, 10–15–27 (G)(H)		700		475
ALM Loan Funding XIX LLC,Series 2015-16A, Class D(3-Month U.S. LIBOR plus 510 bps),
6.931%, 7–15–27 (G)(H)		250		162
Ashford Hospitality Trust, Series 2018-ASHF, Class F(1-Month U.S. LIBOR plus 410 bps),
4.805%, 4–15–35 (G)(H)		600		428
Diameter Credit Funding II Ltd.,Series 2019-2A, Class A,
3.940%, 1–25–38 (G)		1,000		892
Diameter Credit Funding II Ltd.,Series 2019-2A, Class B,
4.540%, 1–25–38 (G)		500		395
Gulf Stream Meridian 1 Ltd.,Series 2020-IA, Class C(3-Month U.S. LIBOR plus 250 bps),
4.080%, 4–15–33 (G)(H)		250		217
Gulf Stream Meridian 1 Ltd.,Series 2020-IA, Class D(3-Month U.S. LIBOR plus 350 bps),
5.080%, 4–15–33 (G)(H)		250		184
Gulf Stream Meridian 1 Ltd.,Series 2020-IA, Class E(3-Month U.S. LIBOR plus 645 bps),
8.030%, 4–15–33 (G)(H)		250		167
Highbridge Loan Management Ltd.,Series 2014-4A, Class DR(3-Month U.S. LIBOR plus 555 bps),
7.345%, 1–28–30 (G)(H)		250		161
PNMAC GMSR Issuer Trust,Series 2018-GT1(1-Month U.S. LIBOR plus 285 bps),
3.797%, 2–25–23 (G)(H)		2,100		1,926
				5,007
TOTAL MORTGAGE-BACKED SECURITIES – 1.5%			$	5,007
(Cost: $6,143)

OTHER GOVERNMENT SECURITIES (M)	Principal		Value
Bulgaria – 0.1%
Bulgaria Government Bond,
3.125%, 3–26–35 (I)	EUR	200	$	279
TOTAL OTHER GOVERNMENT SECURITIES – 0.1%			$	279
(Cost: $283)
LOANS (H)
Communication Services
Advertising – 0.3%
ABG Intermediate Holdings 2 LLC (ICE LIBOR plus 350 bps),
4.950%, 9–29–24	$	250		197
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 325 bps),
4.700%, 7–25–21		542		434
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 650 bps),
7.950%, 7–25–22		438		311
				942
Alternative Carriers – 0.2%
Front Range BidCo, Inc. (ICE LIBOR plus 300 bps),
3.989%, 3–9–27 (B)		250		235
Level 3 Parent LLC (ICE LIBOR plus 175 bps),
2.739%, 3–1–27		189		176
				411
Broadcasting – 0.4%
Clear Channel Outdoor Holdings, Inc. (ICE LIBOR plus 350 bps),
4.489%, 8–1–26 (B)		980		823
Nexstar Broadcasting, Inc.(3-Month ICE LIBOR plus 275 bps),
4.331%, 9–19–26		240		223
Sinclair Television Group, Inc. (ICE LIBOR plus 250 bps),
3.210%, 9–30–26		249		234
				1,280
Cable & Satellite – 0.4%
CSC Holdings LLC (ICE LIBOR plus 225 bps),
2.862%, 7–17–25		277		264
Intelsat Jackson Holdings S.A.,
0.000%, 11–27–23 (N)		72		66
UPC Broadband Holding B.V.,
0.000%, 4–30–29 (I)(N)	EUR	500		500
Ziggo B.V.(3-Month EURIBOR plus 300 bps),
3.000%, 1–31–29 (I)		500		508
				1,338
Integrated Telecommunication Services – 1.0%
CenturyLink, Inc.(3-Month ICE LIBOR plus 225 bps),
3.239%, 3–15–27	$	537		498

LOANS (H)(Continued)	Principal		Value
Integrated Telecommunication Services(Continued)
CenturyLink, Inc. (ICE LIBOR plus 200 bps),
2.989%, 1–31–25	$	450	$	412
eircom Finco S.a.r.l.(3-Month EURIBOR plus 325 bps),
3.250%, 5–15–26 (I)	EUR	153		160
Frontier Communications Corp. (ICE LIBOR plus 375 bps):
5.210%, 6–15–24	$	2		2
5.350%, 6–15–24		494		467
Telenet Financing USD LLC (ICE LIBOR plus 200 bps),
2.705%, 4–30–28		250		228
Telenet International Finance S.a.r.l.(6-Month EURIBOR plus 225 bps),
2.250%, 4–30–29 (I)	EUR	250		259
West Corp.(3-Month ICE LIBOR plus 400 bps),
5.450%, 10–10–24	$	1,855		1,383
				3,409
Movies & Entertainment – 0.1%
1232743 B.C. Ltd.,
0.000%, 2–7–27 (B)(N)		250		165
Publishing – 0.1%
Recorded Books, Inc.,
0.000%, 8–31–25 (N)		198		171
Recorded Books, Inc. (ICE LIBOR plus 425 bps),
4.960%, 8–31–25		189		163
				334
Wireless Telecommunication Service – 0.3%
Digicel International Finance Ltd. (ICE LIBOR plus 325 bps),
4.870%, 5–27–24		762		589
Iridium Satellite LLC (ICE LIBOR plus 375 bps),
4.750%, 11–4–26		250		235
				824
Total Communication Services – 2.8%				8,703
Consumer Discretionary
Apparel Retail – 0.2%
Speedster Bidco GmbH,
0.000%, 2–14–27 (I)(N)	EUR	250		236
Talbots, Inc. (The) (ICE LIBOR plus 700 bps),
8.450%, 11–28–22	$	632		474
TRLG Intermediate Holdings LLC,
10.000%, 10–27–22 (E)		131		123
				833
Auto Parts & Equipment – 0.1%
Rough Country LLC (ICE LIBOR plus 375 bps),
4.572%, 5–25–23		222		216

14 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

LOANS (H)(Continued)	Principal			Value
Automotive Retail – 0.2%
Belron Finance U.S. LLC (ICE LIBOR plus 250 bps),
4.270%, 11–7–26 (B)	$	249		$	234
Dealer Tire LLC(1-Month ICE LIBOR plus 425 bps),
5.239%, 12–19–25		30			24
EG Finco Ltd.(3-Month EURIBOR plus 400 bps),
4.000%, 2–5–25 (I)	EUR	499			428
					686
Casinos & Gaming – 0.3%
Cosmopolitan of Las Vegas (The)(1-Month U.S. LIBOR plus 525 bps),
5.955%, 11–9–20	$	800			750
GVC Holdings plc (ICE LIBOR plus 225 bps),
3.308%, 3–16–24		245			198
Penn National Gaming, Inc. (ICE LIBOR plus 225 bps),
2.989%, 10–19–23		89			69
					1,017
Department Stores – 0.0%
Belk, Inc. (ICE LIBOR plus 675 bps),
7.750%, 7–31–25		95			52
Neiman Marcus Group Ltd. LLC(3-Month ICE LIBOR plus 550 bps),
7.516%, 10–25–23 (B)(J)		—	*		—	*
					52
Hotels, Resorts & Cruise Lines – 0.4%
CIF Times Square Mezz 1 LLC and CPTS Hotel Lessee Mezz 1 LLC(1-Month U.S. LIBOR plus 600 bps),
7.006%, 5–9–20		261			260
Hotel del Coronado(1-Month U.S. LIBOR plus 500 bps),
5.705%, 8–9–20		150			145
International Cruise & Excursion Gallery, Inc. (ICE LIBOR plus 525 bps),
6.322%, 6–8–25		197			163
Times Square JV LLC and CPTS Hotel Lessee LLC(1-Month U.S. LIBOR plus 600 bps),
7.006%, 5–9–20		642			640
					1,208
Housewares & Specialties – 0.2%
KIK Custom Products, Inc.,
0.000%, 5–15–23 (N)		36			32
KIK Custom Products, Inc. (ICE LIBOR plus 400 bps),
5.000%, 5–15–23		697			621
					653
Leisure Facilities – 0.1%
United PF Holdings LLC,
0.000%, 1–6–27 (B)(N)		65			47

LOANS (H)(Continued)	Principal		Value
Leisure Facilities(Continued)
United PF Holdings LLC (ICE LIBOR plus 400 bps),
5.450%, 1–6–27 (B)	$	528	$	380
				427
Restaurants – 0.1%
CEC Entertainment, Inc. (ICE LIBOR plus 650 bps),
7.572%, 8–30–26		512		272
NPC International, Inc. (ICE LIBOR plus 750 bps),
9.277%, 4–18–25 (L)		572		6
				278
Specialized Consumer Services – 0.3%
Asurion LLC (ICE LIBOR plus 600 bps),
7.489%, 8–4–25		666		607
frontdoor, Inc. (ICE LIBOR plus 250 bps),
3.500%, 8–16–25 (B)		246		234
				841
Specialty Stores – 0.4%
Jo-Ann Stores, Inc.,
0.000%, 10–16–23 (N)		44		16
Jo-Ann Stores, Inc. (ICE LIBOR plus 500 bps),
6.000%, 10–16–23		659		238
Jo-Ann Stores, Inc. (ICE LIBOR plus 925 bps),
10.250%, 5–21–24		671		142
Party City Holdings, Inc.,
0.000%, 8–19–22 (N)		137		66
Party City Holdings, Inc. (ICE LIBOR plus 250 bps):
4.100%, 8–19–22		67		32
4.110%, 8–19–22		69		34
PETCO Animal Supplies, Inc. (ICE LIBOR plus 325 bps),
5.027%, 1–26–23		545		376
Staples, Inc. (ICE LIBOR plus 500 bps),
6.515%, 4–12–26		924		725
				1,629
Textiles – 0.2%
SIWF Holdings, Inc. (ICE LIBOR plus 425 bps),
5.322%, 6–15–25 (B)		693		603
Tires & Rubber – 0.1%
Wheel Pros, Inc. (ICE LIBOR plus 475 bps),
5.822%, 4–4–25 (B)		146		102
Winter Park Intermediate, Inc. (ICE LIBOR plus 475 bps),
5.739%, 4–4–25 (B)		100		70
				172
Total Consumer Discretionary – 2.6%				8,615

LOANS (H)(Continued)	Principal		Value
Consumer Staples
Packaged Foods & Meats – 0.5%
Bellring Brands LLC (ICE LIBOR plus 500 bps),
6.000%, 10–21–24	$	412	$	384
Froneri Lux Finco S.a.r.l.,
0.000%, 1–30–27 (I)(N)	EUR	250		260
Froneri Lux Finco S.a.r.l.(3-Month EURIBOR plus 262.5 bps),
2.625%, 1–30–27 (I)		250		260
Froneri U.S., Inc. (ICE LIBOR plus 225 bps),
3.239%, 1–30–27 (B)	$	500		474
Upfield B.V.(3-Month EURIBOR plus 350 bps),
3.500%, 7–2–25 (I)	EUR	250		250
				1,628
Total Consumer Staples – 0.5%				1,628
Energy
Coal & Consumable Fuels – 0.2%
Foresight Energy LLC,
0.000%, 9–10–20 (N)	$	79		76
Foresight Energy LLC(1-Month ICE LIBOR plus 1,100 bps),
13.000%, 9–10–20		96		93
Foresight Energy LLC (ICE LIBOR plus 725 bps),
7.363%, 3–28–22 (L)		1,168		152
Westmoreland Coal Co. (ICE LIBOR plus 650 bps),
9.093%, 3–15–22		134		130
Westmoreland Mining Holdings LLC (15.000% Cash or 15.000% PIK),
15.000%, 3–15–29 (B)(J)		493		296
				747
Oil & Gas Drilling – 0.1%
KCA Deutag U.S. Finance LLC (ICE LIBOR plus 675 bps),
8.200%, 2–28–23		490		172
Oil & Gas Exploration & Production – 0.0%
California Resources Corp. (ICE LIBOR plus 1,037.50 bps),
11.988%, 12–31–21		435		20
California Resources Corp. (ICE LIBOR plus 475 bps),
6.363%, 12–31–22		323		71
				91
Oil & Gas Refining & Marketing – 0.1%
EG America LLC (ICE LIBOR plus 400 bps),
5.072%, 2–5–25		291		211
Oil & Gas Storage & Transportation – 0.2%
EPIC Crude Services L.P. (ICE LIBOR plus 500 bps),
6.620%, 3–1–26		900		588

2020 SEMIANNUAL REPORT 15

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

LOANS (H)(Continued)	Principal			Value
Oil & Gas Storage & Transportation(Continued)
Oryx Midstream Holdings LLC (ICE LIBOR plus 400 bps),
4.989%, 5–22–26 (B)	$	324		$	194
					782
Total Energy – 0.6%					2,003
Financials
Asset Management & Custody Banks – 0.4%
Deerfield Dakota Holding LLC,
0.000%, 3–5–27 (B)(N)		250			210
Edelman Financial Holdings II, Inc. (ICE LIBOR plus 675 bps),
7.679%, 7–20–26		689			517
HarbourVest Partners LLC (ICE LIBOR plus 225 bps),
3.927%, 3–1–25		211			186
Jade Germany GmbH(3-Month EURIBOR plus 475 bps),
5.750%, 5–31–23 (I)	EUR	486			367
					1,280
Financial Exchanges & Data – 0.2%
Hudson River Trading LLC (ICE LIBOR plus 300 bps),
3.941%, 2–18–27	$	341			302
Refinitiv U.S. Holdings, Inc.(3-Month EURIBOR plus 400 bps),
3.250%, 10–1–25 (I)	EUR	138	��		144
					446
Insurance Brokers – 0.3%
AssuredPartners, Inc. (ICE LIBOR plus 350 bps),
4.489%, 2–13–27	$	249			216
NFP Corp. (ICE LIBOR plus 325 bps),
4.239%, 2–13–27		668			570
					786
Investment Banking & Brokerage – 0.3%
ION Trading Finance Ltd.(3-Month EURIBOR plus 325 bps),
4.250%, 11–21–24 (I)	EUR	249			221
ION Trading Finance Ltd. (ICE LIBOR plus 400 bps),
5.072%, 11–21–24	$	276			226
Jane Street Group LLC (ICE LIBOR plus 300 bps),
4.613%, 1–7–25		588			523
					970
Multi-Sector Holdings – 0.1%
THG Operations Holdings Ltd.,
0.000%, 12–10–26 (I)(N)	EUR	250			239
Other Diversified Financial Services – 0.2%
AqGen Ascensus, Inc. (ICE LIBOR plus 350 bps),
5.072%, 12–3–22	$	369			329

LOANS (H)(Continued)	Principal		Value
Other Diversified Financial Services(Continued)
AqGen Ascensus, Inc. (ICE LIBOR plus 425 bps),
5.322%, 12–3–22 (B)	$	213	$	192
New Cotai LLC,
0.000%, 7–20–20 (N)		5		5
New Cotai LLC(1-Month U.S. LIBOR plus 25 bps):
2.250%, 7–20–20		7		7
3.500%, 7–20–20		7		8
				541
Property & Casualty Insurance – 0.5%
Alera Group Intermediate Holdings, Inc.(3-Month ICE LIBOR plus 450 bps):
4.989%, 8–1–25 (B)		1		1
5.072%, 8–1–25 (B)		249		215
Amynta Agency Borrower, Inc. (ICE LIBOR plus 400 bps),
5.489%, 2–28–25		1,612		1,274
				1,490
Specialized Finance – 0.2%
Gulf Finance LLC (ICE LIBOR plus 525 bps):
6.710%, 8–25–23		336		168
6.840%, 8–25–23		559		279
MA FinanceCo. LLC (ICE LIBOR plus 275 bps),
3.489%, 6–21–24		43		38
				485
Total Financials – 2.2%				6,237
Health Care
Biotechnology – 0.1%
Grifols S.A.(3-Month EURIBOR plus 225 bps),
2.250%, 11–15–27 (I)		EUR249		265
Health Care Equipment – 0.2%
Exactech, Inc. (ICE LIBOR plus 375 bps),
4.750%, 2–14–25	$	245		193
LifeScan Global Corp.(3-Month ICE LIBOR plus 950 bps),
11.556%, 10–1–25		107		68
Patterson Medical Holdings, Inc. (ICE LIBOR plus 475 bps),
6.527%, 8–28–22		244		174
				435
Health Care Facilities – 0.4%
BW NHHC Holdco, Inc. (ICE LIBOR plus 500 bps),
6.615%, 5–15–25		139		79
Gentiva Health Services, Inc. (ICE LIBOR plus 325 bps),
4.250%, 7–2–25 (B)		1,245		1,164

LOANS (H)(Continued)	Principal		Value
Health Care Facilities(Continued)
Team Health Holdings, Inc. (ICE LIBOR plus 275 bps),
3.750%, 2–6–24	$	186	$	116
				1,359
Health Care Services – 1.2%
Bio Lam LCD SELAS(3-Month EURIBOR plus 375 bps),
3.750%, 4–25–26 (I)	EUR	500		468
Elysium Healthcare Holdings 3 Ltd. (ICE LIBOR plus 525 bps),
6.015%, 4–4–25 (I)	GBP	500		501
Hanger, Inc. (ICE LIBOR plus 350 bps),
4.489%, 3–6–25 (B)	$	245		228
Heartland Dental LLC (ICE LIBOR plus 375 bps),
4.739%, 4–30–25		690		526
LifePoint Health, Inc. (ICE LIBOR plus 375 bps),
4.739%, 11–16–25		590		545
LSCS Holdings, Inc. (ICE LIBOR plus 425 bps):
5.322%, 3–9–25 (B)		165		149
5.322%, 3–17–25 (B)		43		38
U.S. Renal Care, Inc.(3-Month ICE LIBOR plus 500 bps),
6.000%, 6–26–26		1,609		1,391
Vivalto Sante Investissement S.A.(3-Month EURIBOR plus 325 bps),
3.250%, 7–9–26 (I)	EUR	250		241
				4,087
Health Care Technology – 0.4%
BioClinica Holding I L.P. (ICE LIBOR plus 425 bps),
5.250%, 10–20–23	$	339		280
Verscend Holding Corp. (ICE LIBOR plus 450 bps),
5.489%, 8–27–25 (B)		1,285		1,208
				1,488
Life Sciences Tools & Services – 0.0%
Syneos Health, Inc. (ICE LIBOR plus 200 bps),
2.739%, 8–1–24 (B)		124		119
Pharmaceuticals – 0.4%
Albany Molecular Research, Inc. (ICE LIBOR plus 325 bps),
4.250%, 8–31–24		244		210
Amneal Pharmaceuticals LLC (ICE LIBOR plus 350 bps),
4.500%, 5–4–25		494		420
Concordia International Corp. (ICE LIBOR plus 550 bps),
6.568%, 9–6–24		194		165
Elanco Animal Health, Inc.,
0.000%, 2–4–27 (N)		250		236

16 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

LOANS (H)(Continued)	Principal		Value
Pharmaceuticals(Continued)
Nidda Healthcare Holding GmbH,
0.000%, 8–21–26 (I)(N)	EUR	250	$	244
				1,275
Total Health Care – 2.7%				9,028
Industrials
Aerospace & Defense – 0.3%
Bleriot U.S. Bidco, Inc. (ICE LIBOR plus 475 bps):
6.200%, 11–1–26 (B)	$	216		190
7.000%, 11–1–26 (B)		34		30
TransDigm, Inc. (ICE LIBOR plus 225 bps),
3.239%, 12–31–25		249		226
Tronair, Inc.(1-Month U.S. LIBOR plus 475 bps),
6.463%, 9–8–23 (B)		338		263
				709
Airlines – 0.2%
Kestrel Bidco, Inc. (ICE LIBOR plus 300 bps),
4.000%, 10–8–26		249		190
Loire Finco Luxembourg S.a.r.l.,
0.000%, 3–13–27 (N)		500		430
				620
Building Products – 0.1%
C.H.I. Overhead Doors, Inc. (ICE LIBOR plus 375 bps),
4.250%, 7–31–22		530		451
Construction & Engineering – 0.6%
Maverick Purchaser Sub LLC (ICE LIBOR plus 400 bps),
4.989%, 1–23–27		394		363
McDermott Technology Americas, Inc.:
0.000%, 10–21–20 (N)		99		89
0.000%, 5–10–25 (L)(N)		472		134
McDermott Technology Americas, Inc. (ICE LIBOR plus 500 bps),
7.250%, 5–10–25 (L)		940		266
McDermott Technology Americas, Inc. (ICE LIBOR plus 900 bps):
10.647%, 10–21–20		632		570
10.806%, 10–21–20		332		300
				1,722
Diversified Support Services – 0.1%
Creative Artists Agency LLC (ICE LIBOR plus 375 bps),
4.739%, 11–26–26		163		141
United Rentals (North America), Inc. (ICE LIBOR plus 175 bps),
2.739%, 10–31–25		246		229
				370

LOANS (H)(Continued)	Principal		Value
Electrical Components & Equipment – 0.1%
Vertiv Group Corp. (ICE LIBOR plus 300 bps),
4.581%, 3–2–27 (B)	$	250	$	215
Environmental & Facilities Services – 0.0%
SMI Acquisition, Inc. (ICE LIBOR plus 375 bps),
5.513%, 11–1–24 (B)		244		147
U.S. Ecology, Inc. (ICE LIBOR plus 250 bps),
3.489%, 11–1–26 (B)		17		16
				163
Human Resource & Employment Services – 0.1%
Fastball Mergersub LLC (ICE LIBOR plus 350 bps),
4.572%, 1–31–27		250		210
Industrial Conglomerates – 0.3%
PAE Holding Corp. (ICE LIBOR plus 550 bps),
6.500%, 10–20–22		1,082		974
PAE Holding Corp. (ICE LIBOR plus 950 bps),
10.500%, 10–20–23 (B)		59		56
				1,030
Industrial Machinery – 0.4%
Form Technologies LLC (ICE LIBOR plus 850 bps),
9.950%, 1–30–23 (B)		1,089		1,024
Form Technologies LLC (ICE LIBOR plus 325 bps),
4.700%, 1–28–22 (B)		250		162
Ingersoll-Rand Services Co. (ICE LIBOR plus 175 bps),
2.739%, 2–28–27		250		234
				1,420
Railroads – 0.1%
Genesee & Wyoming, Inc.(1-Month ICE LIBOR plus 200 bps),
3.450%, 11–5–26		250		238
Research & Consulting Services – 0.2%
APCO Holdings, Inc. (ICE LIBOR plus 550 bps),
6.490%, 6–8–25 (B)		180		148
Guidehouse LLP(1-Month ICE LIBOR plus 450 bps),
5.489%, 5–1–25		249		199
Red Ventures LLC (ICE LIBOR plus 250 bps),
3.489%, 11–8–24		292		242
				589
Security & Alarm Services – 0.0%
Garda World Security Corp. (ICE LIBOR plus 475 bps),
6.390%, 10–30–26 (B)		164		154
Total Industrials – 2.5%				7,891

LOANS (H)(Continued)	Principal		Value
Information Technology
Application Software – 0.9%
Applied Systems, Inc. (ICE LIBOR plus 700 bps),
8.450%, 9–19–25	$	334	$	301
ION Corporate Solutions Finance S.a.r.l.(1-Month EURIBOR plus 425 bps),
4.250%, 10–24–25 (I)	EUR	348		318
Kronos Acquisition Holdings, Inc. (ICE LIBOR plus 700 bps),
7.959%, 5–15–23 (B)	$	81		72
Mitchell International, Inc. (ICE LIBOR plus 725 bps),
8.239%, 11–30–25		208		156
Riverbed Technology, Inc.,
0.000%, 4–24–22 (N)		31		20
Riverbed Technology, Inc. (ICE LIBOR plus 325 bps),
4.250%, 4–24–22		1,152		739
Seattle Spinco, Inc. (ICE LIBOR plus 275 bps),
3.489%, 6–21–24		290		257
SS&C Technologies, Inc. (ICE LIBOR plus 175 bps),
2.739%, 4–16–25		499		465
VF Holding Corp. (ICE LIBOR plus 325 bps),
4.239%, 7–2–25		281		246
VS Buyer LLC(3-Month ICE LIBOR plus 325 bps),
4.863%, 3–2–27 (B)		250		239
				2,813
Communications Equipment – 0.3%
MLN U.S. Holdco LLC (ICE LIBOR plus 450 bps),
6.015%, 11–30–25		1,097		752
MLN U.S. Holdco LLC (ICE LIBOR plus 875 bps),
10.265%, 11–30–26		470		263
				1,015
Data Processing & Outsourced Services – 0.5%
CommerceHub, Inc. (ICE LIBOR plus 375 bps),
4.489%, 5–21–25 (B)		529		439
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 300 bps),
8.250%, 5–1–25		570		202
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 325 bps),
3.620%, 5–1–24		800		513
Navicure, Inc. (ICE LIBOR plus 400 bps),
4.989%, 10–22–26		285		261
Output Services Group, Inc. (ICE LIBOR plus 425 bps),
6.113%, 3–27–24 (B)		245		203
Sedgwick Claims Management Services, Inc. (ICE LIBOR plus 400 bps),
4.989%, 9–4–26		248		222
				1,840

2020 SEMIANNUAL REPORT 17

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

LOANS (H)(Continued)	Principal		Value
Electronic Equipment & Instruments – 0.1%
Electronics For Imaging, Inc. (ICE LIBOR plus 500 bps),
6.450%, 7–23–26	$	249	$	203
Internet Services & Infrastructure – 0.2%
Informatica LLC:
7.125%, 2–14–25 (B)		594		523
0.000%, 2–14–27 (N)		238		205
				728
IT Consulting & Other Services – 0.1%
Science Applications International Corp. (ICE LIBOR plus 225 bps),
3.239%, 3–13–27		250		234
Systems Software – 0.3%
DCert Buyer, Inc. (ICE LIBOR plus 400 bps),
4.989%, 10–16–26		500		443
Park Place Technologies LLC (ICE LIBOR plus 400 bps),
5.000%, 3–29–25 (B)		246		203
Surf Holdings LLC (ICE LIBOR plus 350 bps),
4.814%, 3–5–27		500		442
				1,088
Total Information Technology – 2.4%				7,921
Materials
Commodity Chemicals – 0.1%
ILPEA Parent, Inc. (ICE LIBOR plus 550 bps),
6.010%, 3–2–23 (B)		492		418

LOANS (H)(Continued)	Principal		Value
Construction Materials – 0.3%
Associated Asphalt Partners LLC (ICE LIBOR plus 525 bps),
6.250%, 4–5–24	$	170	$	119
Hillman Group, Inc. (The),
0.000%, 5–31–25 (N)		103		80
Hillman Group, Inc. (The) (ICE LIBOR plus 350 bps),
5.072%, 5–31–25		708		549
				748
Paper Packaging – 0.0%
Archroma Finance S.a.r.l. (ICE LIBOR plus 425 bps),
5.700%, 7–28–24 (B)		2		2
Specialty Chemicals – 0.2%
Archroma Finance S.a.r.l.(3-Month ICE LIBOR plus 425 bps),
6.098%, 7–28–24 (B)		344		296
Hercules Merger Sub LLC (ICE LIBOR plus 275 bps),
4.265%, 11–1–26		250		228
				524
Total Materials – 0.6%				1,692
Real Estate
Retail REITs – 0.2%
Inland Retail Real Estate Trust, Inc.(1-Month U.S. LIBOR plus 650 bps),
7.332%, 1–1–22		812		809
Total Real Estate – 0.2%				809
TOTAL LOANS – 17.1%			$	54,527
(Cost: $69,215)

SHORT-TERM SECURITIES	Shares		Value
Money Market Funds (P)- 2.6%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
0.390% (O)		2,797	$	2,797
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.310%		5,812		5,812
				8,609
TOTAL SHORT-TERM SECURITIES – 2.6%			$	8,609
(Cost: $8,609)
TOTAL INVESTMENT SECURITIES – 100.2%			$	331,379
(Cost: $385,568)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2)%				(794	)
NET ASSETS – 100.0%			$	330,585

Notes to Schedule of Investments

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) Securities whose value was determined using significant unobservable inputs.

(C) Listed on an exchange outside the United States.

(D) All or a portion of securities with an aggregate value of $6,880 are on loan.

(E) Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.

(F) Restricted securities. At March 31, 2020, the Fund owned the following restricted securities:

Security	Acquisition Date(s)		Shares		Cost		Value
Pinnacle Agriculture Enterprises LLC		3-10-17		233	$	106	$	—	*
Targa Resources Corp., 9.500%		10-24-17		1		1,415		752
					$	1,521	$	752

18 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

    The total value of these securities represented 0.2% of net assets at March 31, 2020.

(G) Warrants entitle the Fund to purchase a predetermined number of shares of common stock and arenon-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(H) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $90,197 or 26.6% of net assets.

(I) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2020. Description of the reference rate and spread, if applicable, are included in the security description.

(J) Principal amounts are denominated in the indicated foreign currency, where applicable (EUR - Euro and GBP - British Pound).

(K) Payment-in-kind bond which may pay interest in additional par and/or in cash. Rates shown are the current rate and possible payment rates.

(L) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at March 31, 2020.

(M) Other Government Securities may include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(N) All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.

(O) Investment made with cash collateral received from securities on loan.

(P) Rate shown is the annualized7-day yield at March 31, 2020.

The following forward foreign currency contracts were outstanding at March 31, 2020:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
British Pound		480	U.S. Dollar		583	6–30–20	JPMorgan Securities LLC	$	—	$	14
Euro		1,410	U.S. Dollar		1,560	6–30–20	JPMorgan Securities LLC		—		—	*
Euro		5,072	U.S. Dollar		6,571	9–30–21	JPMorgan Securities LLC		884		—
								$	884	$	14

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2			Level 3
Assets
Investments in Securities
Common Stocks
Communication Services	$	5,519	$	—		$	—
Consumer Discretionary		112		4,891			—
Consumer Staples		9,585		5,721			—
Energy		—		6,350			—	*
Financials		9,545		16,809			—
Health Care		8,989		17,185			—
Industrials		4,988		7,569			—
Information Technology		7,380		8,427			—
Materials		1,279		4,452			—
Real Estate		16,638		12,700			—
Utilities		2,047		9,557			—
Total Common Stocks	$	66,082	$	93,661		$	—	*
Investment Funds		1,618		—			—
Preferred Stocks		—		752			—	*
Warrants		—		—	*		—
Asset-Backed Securities		—		8,047			—
Corporate Debt Securities		—		92,797			—

2020 SEMIANNUAL REPORT 19

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

	Level 1		Level 2		Level 3
Mortgage-Backed Securities		—		5,007		—
Other Government Securities		—		279		—
Loans		—		42,346		12,181
Short-Term Securities		8,609		—		—
Total	$	76,309	$	242,889	$	12,181
Forward Foreign Currency Contracts	$	—	$	884	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	14	$	—

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Common Stocks			Preferred Stocks			Warrants			Loans
Beginning Balance10-1-19	$	—		$	9		$	—	*	$	4,842
Net realized gain (loss)		—			—			—			(14	)
Net change in unrealized appreciation (depreciation)		(22	)		(9	)		—			(1,737	)
Purchases		—			—			—			4,419
Sales		—			—			—			(1,191	)
Amortization/Accretion of premium/discount		—			—			—			(17	)
Transfers into Level 3 during the period		22			—			—			8,043
Transfers out of Level 3 during the period		—			—			—	*		(2,164	)
Ending Balance3-31-20	$	—	*	$	—	*	$	—		$	12,181
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of3-31-20	$	(22	)	$	(9	)	$	—		$	(1,749	)

Transfers from Level 2 to Level 3 occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred primarily due to the increased availability of observable market data due to increased market activity or information.

Information about Level 3 fair value measurements:

	Fair Value at 3-31-20			Valuation Technique(s)	Unobservable Input(s)	Input Value(s)
Assets
Common Stocks	$	—	*	Market comparable approach	Adjusted EBITDA multiple		3.10x
Preferred Stocks		—	*	Transaction	Price		$0
Loans		12,181		Third-party vendor pricing service	Broker quotes		N/A

Significant increases (decreases) in the adjusted EBITDA multiple inputs as of the reporting date would result in a higher (lower) fair value measurement.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

CLO = Collateralized Loan Obligation

EURIBOR = Euro Interbank Offered Rate

GTD = Guaranteed

ICE = Intercontinental Exchange

LIBOR = London Interbank Offered Rate

PIK = Payment in kind

REIT = Real Estate Investment Trust

20 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO MULTI-ASSET INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

Country Diversification
(as a % of net assets)
United States	54.8%
France	6.2%
United Kingdom	5.3%
Japan	3.2%
Switzerland	3.2%
Luxembourg	3.0%
Netherlands	2.7%
Canada	2.5%
Cayman Islands	2.2%
Germany	2.0%
Hong Kong	1.6%
Taiwan	1.4%
Italy	1.1%
South Korea	1.1%
Other Countries	7.3%
Other+	2.4%

+ Includes liabilities (net of cash and other assets), and cash equivalents

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 21

PORTFOLIO HIGHLIGHTS IVY APOLLO STRATEGIC INCOME FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Stocks	1.5%
Financials	1.1%
Energy	0.2%
Consumer Discretionary	0.2%
Health Care	0.0%
Consumer Staples	0.0%
Warrants	0.0%
Bonds	90.2%
Corporate Debt Securities	61.8%
Loans	14.8%
Other Government Securities	5.7%
United States Government and Government Agency Obligations	4.1%
Asset-Backed Securities	2.0%
Mortgage-Backed Securities	1.8%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	8.3%

Quality Weightings

Investment Grade	41.5%
AAA	3.7%
AA	3.0%
A	10.0%
BBB	24.8%
Non-Investment Grade	48.7%
BB	12.9%
B	23.1%
CCC	9.4%
Below CCC	0.3%
Non-rated	3.0%
Liabilities (Net of Cash and Other Assets), Cash Equivalents+ and Equities	9.8%

Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Country Weightings

North America	53.6%
United States	47.1%
Mexico	4.0%
Other North America	2.5%
Europe	15.6%
Luxembourg	3.6%
Other Europe	12.0%
Pacific Basin	8.0%
South America	6.4%
Bahamas/Caribbean	4.7%
Cayman Islands	3.5%
Other Bahamas/Caribbean	1.2%
Other	2.6%
Middle East	0.6%
Africa	0.2%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	8.3%

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

22 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS	Shares		Value
Canada
Energy – 0.0%
Bellatrix Exploration Ltd. (A)(B)		98	$	—	*
Health Care – 0.0%
Advanz Pharma Corp. (A)(C)		7		27
Total Canada – 0.0%				27
Hong Kong
Consumer Discretionary – 0.2%
Studio City International Holdings Ltd. ADR (A)		46		935
Total Hong Kong – 0.2%				935
United States
Consumer Discretionary – 0.0%
Laureate Education, Inc., Class A (A)		20		208
True Religion Apparel, Inc. (A)(B)		1		—
				208
Energy – 0.0%
McDermott International, Inc. (A)(B)		4		—
Westmoreland Coal Co. (A)		7		91
				91
Total United States – 0.0%				299
TOTAL COMMON STOCKS – 0.2%			$	1,261
(Cost: $1,210)
United States – 1.1%
Invesco Senior Loan ETF (C)		76		1,552
iShares iBoxx $ High Yield Corporate Bond ETF (C)		39		2,970
				4,522
TOTAL INVESTMENT FUNDS – 1.1%			$	4,522
(Cost: $4,743)
PREFERRED STOCKS
United States
Consumer Staples – 0.0%
Pinnacle Agriculture Enterprises LLC (A)(B)(D)		389		—	*
Energy – 0.2%
Targa Resources Corp., 9.500% (A)(D)		1		863
Total United States – 0.2%				863
TOTAL PREFERRED STOCKS – 0.2%			$	863
(Cost: $1,801)

WARRANTS	Shares		Value
United States – 0.0%
Ultra Resources, Inc., Expires 7–14–25 (E)		4	$	—	*
TOTAL WARRANTS – 0.0%			$	—	*
(Cost: $1)
ASSET-BACKED SECURITIES	Principal
Cayman Islands – 1.0%
Audax Senior Debt CLO II LLC, Series2019-2A, Class C(3-Month U.S LIBOR plus 490 bps)
6.811%, 10–22–29 (F)(G)	$	250		186
Dewolf Park CLO Ltd., Series2017-1A, Class E(3-Month U.S. LIBOR plus 620 bps)
8.031%, 10–15–30 (F)(G)		500		337
Northwoods CapitalXI-B Ltd. and Northwoods CapitalXI-B LLC, Series 2018-14BA, Class D(3-Month U.S. LIBOR plus 340 bps)
5.107%, 11–13–31 (F)(G)		800		528
Octagon Investment Partners 40 Ltd., Series2019-1A, Class E(3-Month U.S. LIBOR plus 646 bps)
8.279%, 4–20–31 (F)(G)		1,250		813
OZLM Ltd., Series2014-9A, Class DRR(3-Month U.S. LIBOR plus 612 bps)
7.939%, 10–20–31 (F)(G)		500		306
Rockford Tower CLO Ltd., Series2019-2A, Class B(3-Month U.S. LIBOR plus 193 bps)
3.625%, 8–20–32 (F)(G)		500		447
TIAA Churchill Middle Market CLO I Ltd., Series2016-1A, Class DR(3-Month U.S. LIBOR plus 390 bps)
5.719%, 10–20–30 (F)(G)		250		177
Trestles CLO Ltd., Series2017-1A, Class D(3-Month U.S. LIBOR plus 668 bps)
8.474%, 7–25–29 (F)(G)		1,000		708
Venture CDO Ltd., Series17-26A, Class D(3-Month U.S. LIBOR plus 425 bps)
6.069%, 1–20–29 (F)(G)		500		371
Venture CDO Ltd., Series2020-39A, Class D(3-Month U.S. LIBOR plus 425 bps)
5.710%, 4–15–33 (F)(G)		750		495
				4,368
Ireland – 0.1%
GoldenTree Loan Management CLO Ltd., Series 2X, Class D(3-Month EURIBOR plus 285 bps)
2.850%, 1–20–32 (G)(H)	EUR	385		298

ASSET-BACKED SECURITIES (Continued)	Principal		Value
United States – 0.9%
Adams Mill CLO Ltd., Series2014-1A, Class D1(3-Month U.S. LIBOR plus 350 bps)
5.331%, 7–15–26 (F)(G)	$	400	$	329
Antares CLO2017-1A Ltd.(3-Month U.S. LIBOR plus 775 bps)
9.569%, 7–20–28 (G)		1,350		969
Fortress Credit BSL Ltd., Series 2018-1A, Class ER(3-Month U.S. LIBOR plus 645 bps)
8.256%, 7–23–31 (F)(G)		750		497
Golub Capital Partners CLO Ltd., Series 2013-17A, Class CR(3-Month U.S. LIBOR plus 350 bps)
5.294%, 10–25–30 (F)(G)		1,000		673
Trinitas CLO Ltd., Ser 2019-11A, Class D (3-Month U.S. LIBOR plus 422 bps)
6.051%, 7–15–32 (F)(G)		1,000		742
Trinitas CLO Ltd., Series 2018-8A, Class E (3-Month U.S. LIBOR plus 590 bps)
7.719%, 7–20–31 (F)(G)		750		481
				3,691
TOTAL ASSET-BACKED SECURITIES – 2.0%			$	8,357
(Cost: $11,733)
CORPORATE DEBT SECURITIES
Argentina
Energy – 0.2%
Pampa Energia S.A.
7.500%, 1–24–27 (C)(F)		1,200		798
Industrials – 0.1%
Aeropuertos Argentina 2000 S.A.
6.875%, 2–1–27 (F)		547		314
Total Argentina – 0.3%			$	1,112
Australia
Financials – 0.4%
Australia and New Zealand Banking Group Ltd.
4.500%, 3–19–24 (F)		1,500		1,549
Utilities – 0.4%
Ausgrid Finance Pty Ltd.
3.850%, 5–1–23 (F)		1,400		1,467
Total Australia – 0.8%			$	3,016

2020 SEMIANNUAL REPORT 23

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Austria
Consumer Staples – 0.4%
JBS Investments II GmbH (GTD by JBS S.A.):
7.000%, 1–15–26 (F)	$	1,500	$	1,495
7.000%, 1–15–26		200		199
				1,694
Financials – 0.0%
Vienna Insurance Group AG
5.500%, 10–9–43 (H)	EUR	100		115
Materials – 0.5%
Bahia Sul Holdings GmbH
5.750%, 7–14–26 (F)	$	2,000		1,941
Total Austria – 0.9%			$	3,750
Bermuda
Consumer Staples – 0.3%
Bacardi Ltd.
4.450%, 5–15–25 (F)		1,100		1,156
Energy – 0.1%
GeoPark Ltd.
5.500%, 1–17–27 (F)		850		404
Total Bermuda – 0.4%			$	1,560
Brazil
Communication Services – 0.1%
Globo Comunicacoes e Participacoes S.A.:
4.843%, 6–8–25		200		181
4.875%, 1–22–30 (F)		200		171
				352
Industrials – 0.4%
Cosan Ltd.
5.500%, 9–20–29 (C)(F)		1,750		1,422
Materials – 0.6%
Fibria Overseas Finance Ltd.
4.000%, 1–14–25		850		786
Unigel Luxembourg S.A.
8.750%, 10–1–26 (F)		650		383
Vale Overseas Ltd.
6.250%, 8–10–26		1,025		1,107
				2,276
Utilities – 0.3%
Aegea Finance S.a.r.l.
5.750%, 10–10–24 (F)		1,000		920
Total Brazil – 1.4%			$	4,970

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
British Virgin Islands
Materials – 0.1%
Gold Fields Orogen Holding Ltd.
6.125%, 5–15–29 (F)	$	200	$	189
Total British Virgin Islands – 0.1%			$	189
Canada
Communication Services – 0.1%
Quebecor Media, Inc.
5.750%, 1–15–23		255		259
Consumer Discretionary – 0.1%
Gateway Casinos & Entertainment Ltd.
8.250%, 3–1–24 (F)		562		489
Energy – 0.8%
Seven Generations Energy Ltd.:
6.750%, 5–1–23 (F)		1,257		880
5.375%, 9–30–25 (F)		480		264
TransCanada PipeLines Ltd.:
3.800%, 10–1–20		1,000		995
4.250%, 5–15–28		900		919
				3,058
Financials – 0.3%
Royal Bank of Canada:
3.700%, 10–5–23		750		790
4.650%, 1–27–26		550		575
				1,365
Health Care – 0.0%
Advanz Pharma Corp.
8.000%, 9–6–24 (C)		81		71
Industrials – 0.2%
Garda World Security Corp. (GTD by GW Intermediate Corp.)
4.625%, 2–15–27 (F)		239		214
GFL Environmental, Inc.:
7.000%, 6–1–26 (F)		438		424
5.125%, 12–15–26 (F)		21		20
8.500%, 5–1–27 (F)		102		103
				761
Information Technology – 0.4%
Kronos Acquisition Holdings, Inc.
9.000%, 8–15–23 (F)		1,909		1,565
Materials – 0.4%
First Quantum Minerals Ltd.:
6.500%, 3–1–24 (F)		650		539
6.875%, 3–1–26 (F)		600		482
HudBay Minerals, Inc.:
7.250%, 1–15–23 (F)		68		59
7.625%, 1–15–25 (F)		102		89
NOVA Chemicals Corp.:
4.875%, 6–1–24 (F)		661		580

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Materials(Continued)
5.250%, 6–1–27 (F)	$	265	$	223
				1,972
Total Canada – 2.3%			$	9,540
Cayman Islands
Communication Services – 0.5%
CK Hutchison International (16) Ltd.
1.875%, 10–3–21 (F)		2,000		1,994
Financials – 0.8%
Grupo Aval Ltd.
4.375%, 2–4–30 (F)		700		562
Itau Unibanco Holdings S.A.:
3.250%, 1–24–25 (F)		1,070		998
4.625%, 8–27–68 (F)		1,680		1,373
				2,933
Industrials – 0.4%
DP World Crescent Ltd.
3.875%, 7–18–29		600		507
LATAM Finance Ltd.
7.000%, 3–1–26 (F)		1,900		865
Lima Metro Line 2 Finance Ltd.:
5.875%, 7–5–34 (F)		218		232
4.350%, 4–5–36 (F)		200		189
				1,793
Total Cayman Islands – 1.7%			$	6,720
Chile
Consumer Discretionary – 0.2%
Saci Falabella
3.750%, 10–30–27 (F)		1,000		851
Energy – 0.2%
GeoPark Ltd.
6.500%, 9–21–24 (F)		1,200		681
Financials – 0.6%
Banco del Estado de Chile
2.704%, 1–9–25 (F)		1,300		1,210
Banco Santander Chile
2.500%, 12–15–20 (F)		1,250		1,241
				2,451
Utilities – 0.4%
AES Gener S.A.
6.350%, 10–7–79 (F)		650		494
Colbun S.A.
3.150%, 3–6–30 (F)		400		348
Enel Chile S.A.
4.875%, 6–12–28		840		828
				1,670
Total Chile – 1.4%			$	5,653

24 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
China
Communication Services – 0.4%
Tencent Holdings Ltd.
2.985%, 1–19–23 (F)	$	1,000	$	1,020
Weibo Corp.
3.500%, 7–5–24		900		900
				1,920
Consumer Discretionary – 0.6%
Alibaba Group Holding Ltd.:
2.800%, 6–6–23		900		915
3.400%, 12–6–27		1,500		1,574
				2,489
Energy – 0.5%
Sinopec Group Overseas Development (2018) Ltd.:
2.500%, 11–12–24 (F)		1,000		1,001
4.125%, 9–12–25 (F)		800		871
				1,872
Real Estate – 0.1%
Country Garden Holdings Co. Ltd.:
7.250%, 4–4–21		200		200
7.250%, 4–8–26		200		198
				398
Total China – 1.6%			$	6,679
Columbia
Financials – 0.1%
Banco de Bogota S.A.
5.375%, 2–19–23		200		194
Bancolombia S.A.:
3.000%, 1–29–25		340		305
4.625%, 12–18–29		300		262
				761
Utilities – 0.4%
Empresas Publicas de Medellin E.S.P.
4.250%, 7–18–29 (F)		1,900		1,620
Total Columbia – 0.5%			$	2,381
Denmark
Financials – 0.4%
Danske Bank A.S.:
5.000%, 1–12–22 (F)		700		717
2.700%, 3–2–22 (F)		800		765
				1,482
Total Denmark – 0.4%			$	1,482
France
Communication Services – 0.7%
Altice France S.A.:
7.375%, 5–1–26 (F)		1,194		1,206
8.125%, 2–1–27 (F)		1,300		1,355

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Communication Services(Continued)
3.375%, 1–15–28 (F)(H)	EUR	100	$	103
				2,664
Consumer Discretionary – 0.1%
Klesia Prevoyance
5.375%, 12–8–26 (H)		300		318
Consumer Staples – 0.6%
Danone S.A.
3.000%, 6–15–22 (F)	$	900		914
Pernod Ricard S.A.
4.450%, 1–15–22 (F)		1,500		1,541
				2,455
Financials – 0.5%
BNP Paribas S.A.
7.625%, 12–29–49 (F)		1,800		1,757
Humanis Prevoyance
5.750%, 10–22–25 (H)	EUR	300		331
La Mondiale SAM
6.750%, 4–25–44 (H)		100		118
				2,206
Total France – 1.9%			$	7,643
Hong Kong
Financials – 0.2%
AIA Group Ltd.
3.375%, 4–7–30 (F)	$	200		201
Bangkok Bank Public Co. Ltd.
4.050%, 3–19–24 (F)		600		633
				834
Real Estate – 0.1%
Shimao Property Holdings Ltd.:
6.375%, 10–15–21		200		202
4.750%, 7–3–22		200		194
				396
Total Hong Kong – 0.3%			$	1,230
India
Communication Services – 0.1%
Network i2i Ltd.
5.650%, 4–15–68 (F)		250		201
Utilities – 0.4%
Adani Electricity Mumbai Ltd.
3.949%, 2–12–30 (F)		620		508
Adani Green Energy (UP) Ltd., Parampujya Solar Energy Private Ltd. and Prayatna Developers Private Ltd.
6.250%, 12–10–24 (F)		900		793
Greenko Mauritius Ltd.
6.250%, 2–21–23 (F)		650		576
				1,877
Total India – 0.5%			$	2,078

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Indonesia
Utilities – 0.2%
Perusahaan Listrik Negara
5.450%, 5–21–28 (F)	$	700	$	731
Total Indonesia – 0.2%			$	731
Ireland
Materials – 0.0%
Ardagh Packaging Finance plc and Ardagh Holdings USA, Inc.
4.125%, 8–15–26 (F)		28		28
Real Estate – 0.0%
Avolon Holdings Funding Ltd.
5.250%, 5–15–24 (F)		188		160
Total Ireland – 0.0%			$	188
Isle of Man
Consumer Discretionary – 0.4%
GOHL Capital Ltd.
4.250%, 1–24–27		2,000		1,640
Total Isle of Man – 0.4%			$	1,640
Israel
Financials – 0.1%
Bank Leumi Israel B.M.
3.275%, 1–29–31 (F)		400		366
Utilities – 0.0%
Israel Electric Corp. Ltd.
5.000%, 11–12–24		200		208
Total Israel – 0.1%			$	574
Jamaica
Communication Services – 0.3%
Digicel Group Ltd.:
6.000%, 4–15–21 (F)(K)		447		255
8.250%, 9–30–22 (F)(K)		195		30
8.250%, 12–30–22 (F)(K)		798		379
Digicel Group Ltd. (7.125% Cash and 2.000% PIK)
9.125%, 4–1–24 (F)(I)(K)		603		75
Digicel Ltd.
6.750%, 3–1–23 (F)		1,000		450
				1,189
Total Jamaica – 0.3%			$	1,189
Japan
Financials – 1.0%
Mitsubishi UFJ Financial Group, Inc.
3.287%, 7–25–27		600		622
Mizuho Financial Group, Inc.
3.170%, 9–11–27		600		601

2020 SEMIANNUAL REPORT 25

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials(Continued)
Sumitomo Mitsui Financial Group, Inc.:
3.748%, 7–19–23	$	1,240	$	1,294
3.936%, 10–16–23		900		947
				3,464
Total Japan – 1.0%			$	3,464
Luxembourg
Communication Services – 1.7%
Altice Financing S.A.:
7.500%, 5–15–26 (F)		1,672		1,626
5.000%, 1–15–28 (F)		235		208
Altice France Holding S.A.:
10.500%, 5–15–27 (F)		1,997		2,107
6.000%, 2–15–28 (F)		1,058		931
Intelsat Jackson Holdings S.A.
9.500%, 9–30–22 (F)		1,511		1,541
				6,413
Consumer Discretionary – 0.1%
Nielsen Co. (Luxembourg) S.a.r.l. (The)
5.500%, 10–1–21 (F)		500		490
Consumer Staples – 0.3%
Minerva Luxembourg S.A.
5.875%, 1–19–28 (F)		1,200		1,054
Energy – 0.1%
Offshore Drilling Holding S.A.
8.375%, 9–20–20 (F)(J)		1,600		376
Financials – 0.1%
Rede D’Or Finance S.a.r.l.
4.500%, 1–22–30 (F)		300		260
Industrials – 0.8%
Ingersoll–Rand Luxembourg Finance S.A.
2.625%, 5–1–20		1,500		1,500
Rumo Luxembourg S.a.r.l.
7.375%, 2–9–24 (F)		1,750		1,750
Swissport Financing S.a.r.l.
5.250%, 8–15–24 (F)(H)	EUR	150		98
				3,348
Materials – 0.1%
ARD Finance S.A. (6.500% Cash or 7.250% PIK)
6.500%, 6–30–27 (F)(I)	$	353		303
Monitchem Holdco 3 S.A.
5.250%, 3–15–25 (F)(H)	EUR	100		92
VM Holding S.A.
5.375%, 5–4–27 (F)	$	250		193
				588
Total Luxembourg – 3.2%			$	12,529

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Macau
Consumer Discretionary – 0.3%
Sands China Ltd.
5.125%, 8–8–25	$	600	$	564
Wynn Macau Ltd.:
4.875%, 10–1–24 (F)		200		187
5.500%, 10–1–27 (F)		446		396
5.125%, 12–15–29 (C)(F)		71		60
				1,207
Total Macau – 0.3%			$	1,207
Mauritius
Industrials – 0.1%
HTA Group Ltd.
9.125%, 3–8–22 (F)		600		558
Total Mauritius – 0.1%			$	558
Mexico
Communication Services – 0.2%
Axtel S.A.B. de C.V.
6.375%, 11–14–24 (F)		650		537
Grupo Televis S.A.B. de C.V.
5.000%, 5–13–45		200		201
				738
Consumer Staples – 0.5%
Grupo Bimbo S.A.B. de C.V.:
4.875%, 6–30–20 (F)		100		101
4.500%, 1–25–22 (F)		1,250		1,255
Kimberly-Clark de Mexico
3.800%, 4–8–24 (F)		1,000		920
				2,276
Energy – 0.3%
Petroleos Mexicanos
6.490%, 1–23–27 (F)		1,300		959
Financials – 0.9%
Banco Santander (Mexico) S.A.
5.950%, 10–1–28 (F)		350		323
Banco Santander S.A.
4.125%, 11–9–22 (F)		2,350		2,278
Nacional Financiera SNC
3.375%, 11–5–20 (F)		750		730
				3,331
Industrials – 0.5%
Aerovias de Mexico S.A. de C.V. (GTD by Grupo Aeromexico S.A.B. de C.V.)
7.000%, 2–5–25 (F)		2,000		600
Alfa S.A.B. de C.V.
5.250%, 3–25–24 (F)		1,400		1,312
				1,912
Materials – 1.0%
CEMEX S.A.B. de C.V.
7.750%, 4–16–26 (F)		550		492

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Materials(Continued)
Grupo Cementos de Chihuahua S.A.B. de C.V.
5.250%, 6–23–24 (F)	$	2,146	$	1,974
Industrias Penoles S.A.B. de C.V.:
4.150%, 9–12–29 (F)		700		618
5.650%, 9–12–49 (F)		200		175
Orbia Advance Corp. S.A.B. de C.V.
4.000%, 10–4–27 (F)		1,200		1,044
				4,303
Total Mexico – 3.4%			$	13,519
Netherlands
Communication Services – 0.5%
VTR Finance B.V.
6.875%, 1–15–24 (F)		2,364		2,145
Ziggo B.V.
2.875%, 1–15–30 (F)(H)	EUR	173		174
				2,319
Consumer Discretionary – 0.3%
Prosus N.V.
3.680%, 1–21–30 (C)(F)	$	1,110		1,005
Consumer Staples – 0.2%
MARB BondCo plc (GTD by Marfrig Global Foods S.A., Marfrig Overseas Ltd. and Marfrig Holdings (Europe) B.V.)
7.000%, 3–15–24 (F)		650		580
Sunshine Mid B.V.
6.500%, 5–15–26 (H)	EUR	100		103
				683
Energy – 0.1%
Minejesa Capital B.V.
4.625%, 8–10–30	$	200		178
Financials – 0.9%
Aegon N.V.
4.000%, 4–25–44 (H)	EUR	200		220
ASR Nederland N.V.
5.125%, 9–29–45 (H)		100		115
Cooperatieve Rabobank U.A.
3.875%, 2–8–22	$	625		645
Enel Finance International N.V.
4.625%, 9–14–25 (F)		1,450		1,532
MDGH–GMTN B.V.
3.700%, 11–7–49 (F)		200		185
Syngenta Finance N.V.
5.182%, 4–24–28 (F)		725		619
				3,316
Health Care – 0.3%
Teva Pharmaceutical Finance Netherlands III B.V. (GTD by Teva Pharmaceutical Industries Ltd.):
2.800%, 7–21–23		600		547
6.750%, 3–1–28 (C)		600		582
				1,129

26 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials – 0.0%
Q-Park Holding I B.V.
2.000%, 3–1–27 (F)(H)	EUR	100	$	94
Materials – 0.2%
Braskem Netherlands B.V.:
4.500%, 1–10–28 (F)	$	500		396
4.500%, 1–31–30 (F)		600		467
				863
Total Netherlands – 2.5%			$	9,587
Nigeria
Financials – 0.2%
Africa Finance Corp.
4.375%, 4–17–26 (F)		900		878
Total Nigeria – 0.2%			$	878
Norway
Energy – 0.8%
Aker BP ASA:
6.000%, 7–1–22 (F)		1,500		1,342
4.750%, 6–15–24 (F)		900		755
3.750%, 1–15–30 (F)		1,400		1,048
				3,145
Total Norway – 0.8%			$	3,145
Panama
Financials – 0.2%
Banco Latinoamericano de Comercio Exterior S.A.
3.250%, 5–7–20 (F)		1,000		995
Total Panama – 0.2%			$	995
Peru
Consumer Discretionary – 0.2%
InRetail Shopping Malls
5.750%, 4–3–28 (F)		1,000		870
Financials – 0.6%
Banco de Credito del Peru:
4.250%, 4–1–23 (F)		550		542
6.125%, 4–24–27		200		205
Banco Internacional del Peru S.A.
3.250%, 10–4–26 (F)		1,500		1,320
Corporacion Financiera de Desarrolla S.A.
4.750%, 2–8–22 (F)		550		550
				2,617
Utilities – 0.4%
Fenix Power Peru S.A.
4.317%, 9–20–27		726		645
Kallpa Generacion S.A.
4.875%, 5–24–26 (F)		1,000		948
				1,593
Total Peru – 1.2%			$	5,080

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Qatar
Energy – 0.0%
Ras Laffan Liquefied Natural Gas Co. Ltd. II
5.298%, 9–30–20 (F)	$	129	$	130
Total Qatar – 0.0%			$	130
Saint Lucia
Communication Services – 0.3%
Digicel International Finance Ltd.
8.750%, 5–25–24 (F)		1,447		1,295
Total Saint Lucia – 0.3%			$	1,295
South Korea
Communication Services – 0.1%
SK Telecom Co. Ltd.
3.750%, 4–16–23 (F)		500		528
Financials – 0.7%
Hyundai Capital Services, Inc.
3.750%, 3–5–23 (F)		1,200		1,234
Kookmin Bank
2.125%, 10–21–20 (F)		750		751
Woori Bank
2.625%, 7–20–21 (F)		750		752
				2,737
Total South Korea – 0.8%			$	3,265
Spain
Consumer Discretionary – 0.0%
Tasty Bondco 1 S.A.
6.250%, 5–15–26 (F)(H)	EUR	180		143
Financials – 0.5%
Banco Santander S.A.
2.706%, 6–27–24	$	2,000		1,981
Mapfre S.A.
4.375%, 3–31–47 (H)	EUR	100		114
				2,095
Total Spain – 0.5%			$	2,238
Switzerland
Financials – 0.2%
Credit Suisse Group AG
4.282%, 1–9–28 (F)	$	700		717
Total Switzerland – 0.2%			$	717
Turkey
Industrials – 0.4%
Koc Holding A.S.
6.500%, 3–11–25 (F)		1,700		1,568

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials(Continued)
Mersin Uluslararasi Liman Isletmeciligi A.S.
5.375%, 11–15–24	$	200	$	180
				1,748
Total Turkey – 0.4%			$	1,748
United Arab Emirates
Consumer Discretionary – 0.2%
GEMS MENASA Cayman Ltd. and GEMS Education Delaware LLC
7.125%, 7–31–26 (F)		800		666
Energy – 0.4%
Abu Dhabi National Energy Co.:
4.375%, 4–23–25 (F)		1,400		1,407
4.000%, 10–3–49 (F)		200		184
				1,591
Financials – 0.4%
ICICI Bank Ltd.
4.000%, 3–18–26 (F)		1,200		1,158
NBK Tier 1 Financing (2) Ltd.
4.500%, 5–27–68 (F)		300		282
				1,440
Industrials – 0.1%
DP World plc
6.850%, 7–2–37 (F)		200		188
Total United Arab Emirates – 1.1%			$	3,885
United Kingdom
Consumer Staples – 0.5%
Imperial Tobacco Finance plc
3.750%, 7–21–22 (F)		1,500		1,500
MARB BondCo plc
6.875%, 1–19–25 (F)		600		541
				2,041
Energy – 0.2%
EG Global Finance plc:
4.375%, 2–7–25 (F)(H)	EUR	186		156
6.250%, 10–30–25 (F)(H)		109		95
KCA Deutag UK Finance plc
7.250%, 5–15–21 (F)	$	1,000		355
Valaris plc
7.750%, 2–1–26		480		44
				650
Financials – 1.3%
ANZ New Zealand International Ltd.
3.450%, 1–21–28 (F)		500		507
Barclays plc
4.337%, 1–10–28		700		712
Galaxy Bidco Ltd.
6.500%, 7–31–26 (H)	GBP	100		112
HSBC Holdings plc
4.583%, 6–19–29	$	800		852

2020 SEMIANNUAL REPORT 27

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials (Continued)
Royal Bank of Scotland Group plc (The)
6.000%, 12–19–23	$	900	$	935
State Bank of India
4.375%, 1–24–24 (F)		2,500		2,465
				5,583
Materials – 0.0%
AngloGold Ashanti Holdings plc
6.500%, 4–15–40		120		107
Total United Kingdom – 2.0%			$	8,381
United States
Communication Services – 3.7%
Alliance Data Systems Corp.
4.750%, 12–15–24 (F)		500		380
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.000%, 2–1–28 (F)		909		912
4.500%, 8–15–30 (F)		142		139
4.500%, 5–1–32 (F)		213		208
Clear Channel Outdoor Holdings, Inc.
5.125%, 8–15–27 (F)		996		933
Clear Channel Worldwide Holdings, Inc.
9.250%, 2–15–24 (F)		706		607
CSC Holdings LLC:
5.500%, 5–15–26 (F)		500		517
5.375%, 2–1–28 (F)		960		979
5.750%, 1–15–30 (F)		248		250
DISH DBS Corp.:
5.875%, 7–15–22		1,000		974
5.875%, 11–15–24		379		369
7.750%, 7–1–26		620		637
Front Range BidCo, Inc.
4.000%, 3–1–27 (F)		136		130
Frontier Communications Corp.:
7.125%, 1–15–23 (K)		81		19
7.625%, 4–15–24 (K)		59		15
6.875%, 1–15–25 (K)		1,122		280
11.000%, 9–15–25 (K)		1,751		455
8.500%, 4–1–26 (F)		2,097		1,916
8.000%, 4–1–27 (F)		1,928		1,902
9.000%, 8–15–31 (K)		56		14
Lamar Media Corp.
4.000%, 2–15–30 (F)		120		112
MDC Partners, Inc.
6.500%, 5–1–24 (F)		908		681
Neptune Finco Corp.
6.625%, 10–15–25 (F)		225		237
Nexstar Escrow Corp.
5.625%, 8–1–24 (F)		159		150
Nexstar Escrow, Inc.
5.625%, 7–15–27 (F)		30		29
West Corp.
8.500%, 10–15–25 (F)		2,969		2,167
				15,012

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Discretionary – 2.9%
Allison Transmission, Inc.
5.000%, 10–1–24 (F)	$	178	$	173
Asbury Automotive Group, Inc.:
4.500%, 3–1–28 (F)		311		264
4.750%, 3–1–30 (F)		715		608
Boyd Gaming Corp.
4.750%, 12–1–27 (F)		357		294
Boyne USA, Inc.
7.250%, 5–1–25 (F)		476		455
Carvana Co.
8.875%, 10–1–23 (F)		548		518
Cedar Fair L.P., Magnum Management Corp., Canada’s Wonderland Co. and Millennium Operations LLC
5.375%, 4–15–27		405		349
Churchill Downs, Inc.
5.500%, 4–1–27 (F)		107		101
Dealer Tire LLC and DT Issuer LLC
8.000%, 2–1–28 (F)		117		94
Everi Payments, Inc.
7.500%, 12–15–25 (C)(F)		659		501
Golden Nugget, Inc.
6.750%, 10–15–24 (F)		1,042		656
K. Hovnanian Enterprises, Inc.
10.500%, 2–15–26 (F)		700		674
Laureate Education, Inc.
8.250%, 5–1–25 (F)		751		747
Lennar Corp.
4.125%, 1–15–22		233		230
Lithia Motors, Inc.
4.625%, 12–15–27 (F)		295		266
Nielsen Finance LLC and Nielsen Finance Co.
5.000%, 4–15–22 (F)		172		158
Party City Holdings, Inc.
6.625%, 8–1–26 (F)		343		34
Scientific Games International, Inc. (GTD by Scientific Games Corp.):
7.000%, 5–15–28 (F)		47		29
7.250%, 11–15–29 (F)		47		29
Service Corp. International
5.125%, 6–1–29		341		348
Sonic Automotive, Inc.
6.125%, 3–15–27		213		187
Staples, Inc.:
7.500%, 4–15–26 (F)		3,000		2,625
10.750%, 4–15–27 (C)(F)		1,335		1,024
Tesla, Inc. (GTD by SolarCity Corp.)
5.300%, 8–15–25 (F)		177		166
Volkswagen Group of America, Inc.
4.250%, 11–13–23 (F)		1,300		1,284
				11,814
Consumer Staples – 3.8%
Albertsons Cos. LLC, Safeway, Inc., New Albertson’s, Inc. and Albertson’s LLC
4.875%, 2–15–30 (F)		235		233
Anheuser–Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB)
4.000%, 4–13–28		1,150		1,214

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Staples(Continued)
Bunge Ltd. Finance Corp.
3.500%, 11–24–20	$	3,795	$	3,826
JBS USA LLC and JBS USA Finance, Inc.:
5.875%, 7–15–24 (F)		1,014		1,027
5.750%, 6–15–25 (F)		1,017		1,027
JBS USA Lux S.A. and JBS USA Finance, Inc.
6.750%, 2–15–28 (F)		1,014		1,082
JBS USA, JBS USA Food Co. and JBS USA Finance, Inc. (GTD by JBS S.A.):
6.500%, 4–15–29 (F)		404		433
5.500%, 1–15–30 (F)		516		533
Keurig Dr Pepper, Inc.
4.597%, 5–25–28		1,075		1,177
Pilgrim’s Pride Corp.:
5.750%, 3–15–25 (F)		170		171
5.875%, 9–30–27 (F)		636		634
Post Holdings, Inc.:
5.000%, 8–15–26 (F)		289		298
5.750%, 3–1–27 (F)		1,185		1,214
Reynolds American, Inc.
4.450%, 6–12–25		1,000		1,018
Simmons Foods, Inc.:
7.750%, 1–15–24 (F)		314		314
5.750%, 11–1–24 (F)		1,393		1,265
				15,466
Energy – 1.1%
Bellatrix Exploration Ltd.
8.500%, 9–11–23 (K)		228		138
Bellatrix Exploration Ltd. (3.000% Cash or 9.500% PIK)
9.500%, 12–15–23 (I)(K)		249		139
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.):
6.125%, 10–1–24		200		36
6.375%, 7–1–26		246		39
Chesapeake Energy Corp.
11.500%, 1–1–25 (F)		587		94
Comstock Escrow Corp.
9.750%, 8–15–26		2,082		1,478
Crownrock L.P.
5.625%, 10–15–25 (F)		1,441		749
Endeavor Energy Resources L.P.:
5.500%, 1–30–26 (F)		513		354
5.750%, 1–30–28 (F)		347		236
EP Energy LLC and Everest Acquisition Finance, Inc.:
9.375%, 5–1–24 (F)(K)		235		—	*
8.000%, 2–15–25 (F)(K)		248		1
7.750%, 5–15–26 (F)(K)		367		44
Extraction Oil & Gas, Inc.
5.625%, 2–1–26 (F)		702		116
Laredo Petroleum, Inc.:
9.500%, 1–15–25		705		282
10.125%, 1–15–28		470		179
Moss Creek Resources Holdings, Inc.
7.500%, 1–15–26 (F)		736		213
Nine Energy Service, Inc.
8.750%, 11–1–23 (F)		375		94

28 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Energy(Continued)
PBF Holding Co. LLC
6.000%, 2–15–28 (F)	$	234	$	158
QEP Resources, Inc.:
6.875%, 3–1–21		115		59
5.250%, 5–1–23		228		84
5.625%, 3–1–26 (C)		210		77
Reliance Holding USA, Inc.
4.500%, 10–19–20 (F)		500		503
Sanchez Energy Corp.
7.250%, 2–15–23 (C)(F)(K)		122		18
Ultra Resources, Inc. (9.000% Cash and 2.000% PIK)
11.000%, 7–12–24 (I)		190		10
				5,101
Financials – 7.0%
Amwins Group, Inc.
7.750%, 7–1–26 (F)		731		714
Bank of America Corp.
3.593%, 7–21–28		1,200		1,228
BBVA Bancomer S.A.:
6.500%, 3–10–21 (F)		265		265
5.350%, 11–12–29		200		182
5.875%, 9–13–34 (F)		1,500		1,252
BCPE Cycle Merger Sub II, Inc.
10.625%, 7–15–27 (F)		990		832
Citigroup, Inc.
3.520%, 10–27–28		1,250		1,252
Compass Group Diversified Holdings LLC
8.000%, 5–1–26 (F)		488		469
Cooperatieve Rabobank U.A.
3.125%, 4–26–21		1,000		1,007
CURO Group Holdings Corp.
8.250%, 9–1–25 (F)		549		387
Ford Motor Credit Co. LLC
3.096%, 5–4–23		1,300		1,150
Goldman Sachs Group, Inc. (The)
3.814%, 4–23–29		2,300		2,378
GTCR AP Finance, Inc.
8.000%, 5–15–27 (F)		396		364
HSBC USA, Inc.
2.750%, 8–7–20		1,000		995
Hub International Ltd.
7.000%, 5–1–26 (F)		918		909
Industrial and Commercial Bank of China Ltd.
2.957%, 11–8–22		750		782
JPMorgan Chase & Co.:
3.540%, 5–1–28 (C)		1,750		1,846
4.000%, 10–1–68		700		598
MetLife, Inc.
10.750%, 8–1–39		530		737
National Australia Bank Ltd.
3.625%, 6–20–23		1,500		1,528
New Cotai LLC and New Cotai Capital Corp. (10.625% Cash or 10.625% PIK)
10.625%, 5–1–19 (F)(I)(K)		3,519		1,231
NFP Corp.:
6.875%, 7–15–25 (F)		2,595		2,556
8.000%, 7–15–25 (F)		502		459

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials(Continued)
Provident Funding Associates L.P. and PFG Finance Corp.
6.375%, 6–15–25 (F)	$	1,111	$	930
Rabobank Nederland
2.500%, 1–19–21		750		750
Refinitiv U.S. Holdings, Inc.
8.250%, 11–15–26 (F)		1,135		1,198
TerraForm Global Operating LLC (GTD by TerraForm Global LLC)
6.125%, 3–1–26 (F)		1,150		1,121
TerraForm Power Operating LLC (GTD by TerraForm Power LLC)
4.750%, 1–15–30 (F)		383		372
Wells Fargo & Co.
4.300%, 7–22–27		1,175		1,260
				28,752
Health Care – 2.8%
Bausch Health Cos., Inc.:
6.125%, 4–15–25 (F)		419		413
9.000%, 12–15–25 (F)		167		176
9.250%, 4–1–26 (F)		488		509
8.500%, 1–31–27 (F)		929		971
Bayer U.S. Finance II LLC
2.850%, 4–15–25 (F)		1,000		972
Catalent Pharma Solutions, Inc.
2.375%, 3–1–28 (F)(H)	EUR	184		187
Centene Corp.
4.625%, 12–15–29 (F)	$	110		111
Fresenius U.S. Finance II, Inc.:
4.250%, 2–1–21 (F)		600		603
4.500%, 1–15–23 (F)		2,500		2,512
HCA, Inc. (GTD by HCA Holdings, Inc.)
3.500%, 9–1–30		71		65
Heartland Dental LLC
8.500%, 5–1–26 (F)		894		666
Hologic, Inc.
4.625%, 2–1–28 (F)		154		152
Par Pharmaceutical, Inc.
7.500%, 4–1–27 (F)		642		639
RegionalCare Hospital Partners Holdings, Inc. and Legend Merger Sub, Inc.
9.750%, 12–1–26 (F)		790		748
Surgery Center Holdings, Inc.
10.000%, 4–15–27 (F)		1,150		805
Verscend Holding Corp.
9.750%, 8–15–26 (F)		1,816		1,812
				11,341
Industrials – 2.4%
Ahern Rentals, Inc.
7.375%, 5–15–23 (F)		770		439
Arconic Rolled Products Corp.
6.125%, 2–15–28 (F)		94		96
BAE Systems Holdings, Inc.
3.800%, 10–7–24 (F)		1,100		1,143
Brink’s Co. (The)
4.625%, 10–15–27 (F)		155		143
CEMEX S.A.B. de C.V.
6.000%, 4–1–24		200		173

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials(Continued)
JELD–WEN, Inc.
4.875%, 12–15–27 (F)	$	132	$	116
Prime Security Services Borrower LLC and Prime Finance, Inc.
6.250%, 1–15–28 (F)		352		304
Standard Industries, Inc.:
2.250%, 11–21–26 (F)(H)	EUR	100		89
4.750%, 1–15–28 (F)	$	68		63
TransDigm UK Holdings plc
6.875%, 5–15–26		413		384
TransDigm, Inc. (GTD by TransDigm Group, Inc.):
6.500%, 5–15–25		215		204
6.250%, 3–15–26 (F)		1,499		1,491
6.375%, 6–15–26		287		275
7.500%, 3–15–27		474		457
5.500%, 11–15–27 (F)		1,248		1,120
United Rentals (North America), Inc. (GTD by United Rentals, Inc.):
5.875%, 9–15–26		151		153
3.875%, 11–15–27 (C)		60		57
Waste Pro USA, Inc.
5.500%, 2–15–26 (F)		94		87
Wolverine Escrow LLC:
8.500%, 11–15–24 (F)		1,291		1,029
9.000%, 11–15–26 (F)		1,883		1,530
13.125%, 11–15–27 (F)		142		114
				9,467
Information Technology – 0.7%
ACI Worldwide, Inc.
5.750%, 8–15–26 (F)		17		17
Itron, Inc.
5.000%, 1–15–26 (F)		56		53
j2 Cloud Services LLC and j2 Global, Inc.
6.000%, 7–15–25 (F)		270		268
NCR Corp.:
5.750%, 9–1–27 (F)		136		124
6.125%, 9–1–29 (F)		174		162
NCR Escrow Corp.
6.375%, 12–15–23		705		696
Orbcomm, Inc.
8.000%, 4–1–24 (F)		867		841
Riverbed Technology, Inc. and Project Homestake Merger Corp.
8.875%, 3–1–23 (C)(F)		820		521
SS&C Technologies Holdings, Inc.
5.500%, 9–30–27 (F)		130		134
				2,816
Materials – 1.5%
American Greetings Corp.
8.750%, 4–15–25 (F)		1,033		878
Cleveland–Cliffs, Inc.
6.750%, 3–15–26 (F)		136		120
Crown Americas LLC and Crown Americas Capital Corp. IV
4.500%, 1–15–23		26		26
Crown Americas LLC and Crown Americas Capital Corp. V
4.250%, 9–30–26		150		148

2020 SEMIANNUAL REPORT 29

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Materials(Continued)
Freeport-McMoRan, Inc.
4.250%, 3–1–30	$	1,335	$	1,160
Glencore Funding LLC
4.125%, 3–12–24 (F)		1,200		1,103
Graphic Packaging International LLC (GTD by Graphic Packaging International Partners LLC and Field Container Queretaro (USA) LLC)
3.500%, 3–15–28 (F)		323		291
GUSAP III L.P.
4.250%, 1–21–30 (F)		1,100		971
Hillman Group, Inc. (The)
6.375%, 7–15–22 (F)		1,061		824
Reynolds Group Issuer, Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A.
5.125%, 7–15–23 (F)		67		66
Sealed Air Corp.
4.000%, 12–1–27 (F)		396		368
Valvoline, Inc.
4.250%, 2–15–30 (F)		39		36
				5,991
Real Estate – 0.7%
Aircastle Ltd.
4.400%, 9–25–23		1,100		1,064
Crown Castle International Corp.
3.700%, 6–15–26		1,500		1,519
				2,583
Utilities – 0.6%
Clearway Energy Operating LLC
5.750%, 10–15–25		371		367
Great Plains Energy, Inc.
4.850%, 6–1–21		1,500		1,516
NRG Yield Operating LLC
5.000%, 9–15–26		384		372
				2,255
Total United States – 27.2%			$	110,598
Venezuela
Financials – 0.8%
Corporacion Andina de Fomento:
3.250%, 2–11–22		1,600		1,659
4.375%, 6–15–22		1,500		1,602
				3,261
Total Venezuela – 0.8%			$	3,261

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Vietnam
Energy – 0.1%
Mong Duong Finance Holdings B.V.
5.125%, 5–7–29 (F)	$	650	$	548
Total Vietnam – 0.1%			$	548
TOTAL CORPORATE DEBT SECURITIES – 61.8%			$	249,353
(Cost: $279,677)
MORTGAGE–BACKED SECURITIES
Cayman Islands – 0.6%
ALM Loan Funding VII R-2 Ltd., Series 2013-7R2A, Class DR2(3-Month U.S. LIBOR plus 600 bps)
7.831%, 10–15–27 (F)(G)		1,000		678
Diameter Credit Funding II Ltd., Series 2019-2A, Class A
3.940%, 1–25–38 (F)		1,000		892
Diameter Credit Funding II Ltd., Series 2019-2A, Class B
4.540%, 1–25–38 (F)		500		395
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class C(3-Month U.S. LIBOR plus 250 bps)
4.080%, 4–15–33 (F)(G)		250		217
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class D (3-Month U.S. LIBOR plus 350 bps)
5.080%, 4–15–33 (F)(G)		250		184
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E(3-Month U.S. LIBOR plus 645 bps)
8.030%, 4–15–33 (F)(G)		250		167
Highbridge Loan Management Ltd., Series 2014-4A, Class DR (3-Month U.S. LIBOR plus 555 bps)
7.345%, 1–28–30 (F)(G)		250		161
				2,694
United States – 1.2%
Ashford Hospitality Trust, Series 2018-ASHF, Class F(1-Month U.S. LIBOR plus 410 bps)
4.805%, 4–15–35 (F)(G)		600		428
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class F(1-Month U.S. LIBOR plus 420 bps)
4.905%, 12–15–36 (F)(G)		400		266
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-FRR1, Class A–K10
4.286%, 11–27–49 (F)		2,089		2,027

MORTGAGE–BACKED SECURITIES (Continued)	Principal		Value
United States(Continued)
PNMAC GMSR Issuer Trust, Series 2018–GT1 (1-Month U.S. LIBOR plus 285 bps)
3.797%, 2–25–23 (F)(G)	$	2,000	$	1,835
				4,556
TOTAL MORTGAGE–BACKED SECURITIES – 1.8%			$	7,250
(Cost: $8,553)
OTHER GOVERNMENT SECURITIES (L)
Argentina – 0.1%
Republic of Argentina
5.625%, 1–26–22		1,700		493
Bulgaria – 0.1%
Bulgaria Government Bond
3.125%, 3–26–35 (H)	EUR	200		279
Columbia – 0.5%
Republic of Colombia:
2.625%, 3–15–23	$	1,100		1,065
4.500%, 3–15–29		800		820
				1,885
Indonesia – 1.6%
Republic of Indonesia:
3.750%, 4–25–22 (F)		3,000		3,018
2.950%, 1–11–23		3,300		3,269
				6,287
Israel – 0.2%
Israel Government Bond
2.750%, 7–3–30		700		700
Mexico – 0.6%
United Mexican States:
4.150%, 3–28–27		1,000		1,022
3.250%, 4–16–30		1,654		1,551
				2,573
Panama – 0.2%
Republic of Panama
3.750%, 4–17–26		900		909
Poland – 0.5%
Republic of Poland
5.125%, 4–21–21		2,000		2,072
Qatar – 0.7%
Qatar Government Bond:
2.375%, 6–2–21 (F)		2,000		1,989
3.250%, 6–2–26 (F)		1,000		1,014
				3,003
Saudi Arabia – 0.6%
Saudi Arabia Government Bond:
2.375%, 10–26–21 (F)		1,500		1,481
2.875%, 3–4–23 (F)		1,000		998
				2,479

30 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (L)(Continued)	Principal		Value
South Africa – 0.1%
Republic of South Africa
4.875%, 4–14–26	$	600	$	535
Turkey – 0.3%
Turkey Government Bond
6.350%, 8–10–24		1,250		1,184
Uruguay – 0.2%
Republica Orient Uruguay
4.500%, 8–14–24 (C)		600		634
TOTAL OTHER GOVERNMENT SECURITIES – 5.7%			$	23,033
(Cost: $24,499)
LOANS (G)
Canada
Communication Services – 0.0%
1232743 B.C. Ltd.
0.000%, 2–7–27 (B)(M)		250		165
Consumer Discretionary – 0.2%
KIK Custom Products, Inc.
0.000%, 5–15–23 (M)		39		35
KIK Custom Products, Inc. (ICE LIBOR plus 400 bps)
5.000%, 5–15–23		850		756
				791
Industrials – 0.0%
Kestrel Bidco, Inc. (ICE LIBOR plus 300 bps)
4.000%, 10–8–26		249		190
Information Technology – 0.0%
Kronos Acquisition Holdings, Inc. (ICE LIBOR plus 700 bps)
7.959%, 5–15–23 (B)		94		84
Total Canada – 0.2%			$	1,230
France
Health Care – 0.2%
Bio Lam LCD SELAS(3-Month EURIBOR plus 375 bps)
3.750%, 4–25–26 (H)	EUR	500		468
Vivalto Sante Investissement S.A.(3-Month EURIBOR plus 325 bps)
3.250%, 7–9–26 (H)		250		241
				709
Total France – 0.2%			$	709
Germany
Consumer Discretionary – 0.1%
Speedster Bidco GmbH
0.000%, 2–14–27 (H)(M)		250		236

LOANS (G)(Continued)	Principal		Value
Financials – 0.1%
Jade Germany GmbH(3-Month EURIBOR plus 475 bps)
5.750%, 5–31–23 (H)	$	486	$	367
Health Care – 0.1%
Nidda Healthcare Holding GmbH
0.000%, 8–21–26 (H)(M)		250		244
Total Germany – 0.3%			$	847
Ireland
Financials – 0.1%
ION Trading Finance Ltd.(3-Month EURIBOR plus 325 bps)
4.250%, 11–21–24 (H)		249		221
ION Trading Finance Ltd. (ICE LIBOR plus 400 bps)
5.072%, 11–21–24	$	276		226
				447
Total Ireland – 0.1%			$	447
Isle of Man
Consumer Discretionary – 0.1%
GVC Holdings plc (ICE LIBOR plus 225 bps)
3.308%, 3–16–24		245		198
Total Isle of Man – 0.1%			$	198
Luxembourg
Communication Services – 0.1%
eircom Finco S.a.r.l.(3-Month EURIBOR plus 325 bps)
3.250%, 5–15–26 (H)	EUR	153		160
Intelsat Jackson Holdings S.A.
0.000%, 11–27–23 (M)	$	78		71
Telenet International Finance S.a.r.l.(6-Month EURIBOR plus 225 bps)
2.250%, 4–30–29 (H)	EUR	250		259
				490
Consumer Staples – 0.2%
Froneri Lux Finco S.a.r.l.
0.000%, 1–30–27 (H)(M)		250		260
Froneri Lux Finco S.a.r.l.(3-Month EURIBOR plus 262.5 bps)
2.625%, 1–30–27 (H)		250		260
				520
Industrials – 0.1%
Loire Finco Luxembourg S.a.r.l.
0.000%, 3–13–27 (M)	$	500		430
Information Technology – 0.1%
ION Corporate Solutions Finance S.a.r.l.(1-Month EURIBOR plus 425 bps)
4.250%, 10–24–25 (H)	EUR	348		318

LOANS (G)(Continued)	Principal		Value
Materials – 0.1%
Archroma Finance S.a.r.l.(3-Month ICE LIBOR plus 425 bps)
6.098%, 7–28–24 (B)	$	344	$	296
Archroma Finance S.a.r.l. (ICE LIBOR plus 425 bps)
5.700%, 7–28–24 (B)		2		2
				298
Total Luxembourg – 0.6%			$	2,056
Netherlands
Communication Services – 0.3%
Telenet Financing USD LLC (ICE LIBOR plus 200 bps)
2.705%, 4–30–28		250		228
UPC Broadband Holding B.V.
0.000%, 4–30–29 (H)(M)	EUR	500		500
Ziggo B.V.(3-Month EURIBOR plus 300 bps)
3.000%, 1–31–29 (H)		500		508
				1,236
Consumer Staples – 0.1%
Upfield B.V.(3-Month EURIBOR plus 350 bps)
3.500%, 7–2–25 (H)		250		250
Total Netherlands – 0.4%			$	1,486
Saint Lucia
Communication Services – 0.2%
Digicel International Finance Ltd. (ICE LIBOR plus 325 bps)
4.870%, 5–27–24	$	900		697
Total Saint Lucia – 0.2%			$	697
Spain
Health Care – 0.1%
Grifols S.A.(3-Month EURIBOR plus 225 bps)
2.250%, 11–15–27 (H)	EUR	249		265
Total Spain – 0.1%			$	265
United Kingdom
Consumer Discretionary – 0.1%
EG Finco Ltd.(3-Month EURIBOR plus 400 bps):
4.000%, 2–5–25 (H)		499		428
Financials – 0.0%
THG Operations Holdings Ltd.
0.000%, 12–10–26 (H)(M)		250		238

2020 SEMIANNUAL REPORT 31

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

LOANS (G)(Continued)	Principal		Value
Health Care – 0.1%
Elysium Healthcare Holdings 3 Ltd. (ICE LIBOR plus 525 bps)
6.015%, 4–4–25 (H)	GBP	500	$	501
Total United Kingdom – 0.2%			$	1,167
United States
Communication Services – 1.8%
ABG Intermediate Holdings 2 LLC (ICE LIBOR plus 350 bps)
4.950%, 9–29–24	$	250		197
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 325 bps):
4.700%, 7–25–21		567		454
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 650 bps)
7.950%, 7–25–22		530		376
CenturyLink, Inc.(3-Month ICE LIBOR plus 225 bps)
3.239%, 3–15–27		642		596
CenturyLink, Inc. (ICE LIBOR plus 200 bps)
2.989%, 1–31–25		922		845
Clear Channel Outdoor Holdings, Inc. (ICE LIBOR plus 350 bps)
4.489%, 8–1–26 (B)		1,189		999
CSC Holdings LLC (ICE LIBOR plus 225 bps)
2.862%, 7–17–25		209		199
Front Range BidCo, Inc. (ICE LIBOR plus 300 bps)
3.989%, 3–9–27 (B)		250		235
Frontier Communications Corp. (ICE LIBOR plus 375 bps):
5.350%, 6–15–24		622		588
5.210%, 6–15–24		2		2
Iridium Satellite LLC (ICE LIBOR plus 375 bps)
4.750%, 11–4–26		250		235
Level 3 Parent LLC (ICE LIBOR plus 175 bps)
2.739%, 3–1–27		148		138
Nexstar Broadcasting, Inc.(3-Month ICE LIBOR plus 275 bps)
4.331%, 9–19–26		240		222
Recorded Books, Inc.
0.000%, 8–31–25 (M)		228		196
Recorded Books, Inc. (ICE LIBOR plus 425 bps)
4.960%, 8–31–25		218		188
Sinclair Television Group, Inc. (ICE LIBOR plus 250 bps)
3.210%, 9–30–26		249		234
West Corp.
0.000%, 10–10–24 (M)		152		113
West Corp.(3-Month ICE LIBOR plus 400 bps)
5.450%, 10–10–24		2,150		1,603
				7,420

LOANS (G)(Continued)	Principal			Value
Consumer Discretionary – 1.9%
Asurion LLC (ICE LIBOR plus 600 bps)
7.489%, 8–4–25	$	731		$	666
Belk, Inc. (ICE LIBOR plus 675 bps)
7.750%, 7–31–25		138			76
Belron Finance U.S. LLC (ICE LIBOR plus 250 bps)
4.270%, 11–7–26 (B)		249			234
CEC Entertainment, Inc. (ICE LIBOR plus 650 bps)
7.572%, 8–30–26		617			327
CIF Times Square Mezz 1 LLC and CPTS Hotel Lessee Mezz 1 LLC(1-Month U.S. LIBOR plus 600 bps)
7.006%, 5–9–20		224			223
Cosmopolitan of Las Vegas (The)(1-Month U.S. LIBOR plus 525 bps)
5.955%, 11–9–20		800			750
Dealer Tire LLC(1-Month ICE LIBOR plus 425 bps)
5.239%, 12–19–25		34			27
frontdoor, Inc. (ICE LIBOR plus 250 bps)
3.500%, 8–16–25 (B)		246			234
Hotel del Coronado(1-Month U.S. LIBOR plus 500 bps)
5.705%, 8–9–20		120			116
International Cruise & Excursion Gallery, Inc. (ICE LIBOR plus 525 bps)
6.322%, 6–8–25		197			162
Jo-Ann Stores, Inc.
0.000%, 10–16–23 (M)		45			16
Jo-Ann Stores, Inc. (ICE LIBOR plus 500 bps)
6.000%, 10–16–23		819			296
Jo-Ann Stores, Inc. (ICE LIBOR plus 925 bps)
10.250%, 5–21–24		784			166
Neiman Marcus Group Ltd. LLC(3-Month ICE LIBOR plus 550 bps)
7.516%, 10–25–23 (B)(I)		—	*		—	*
NPC International, Inc. (ICE LIBOR plus 750 bps)
9.277%, 4–18–25 (K)		616			7
Party City Holdings, Inc.
0.000%, 8–19–22 (M)		146			71
Party City Holdings, Inc. (ICE LIBOR plus 250 bps):
4.100%, 8–19–22		71			34
4.110%, 8–19–22		74			36
Penn National Gaming, Inc. (ICE LIBOR plus 225 bps)
2.989%, 10–19–23		89			69
PETCO Animal Supplies, Inc. (ICE LIBOR plus 325 bps)
5.027%, 1–26–23		631			435
Rough Country LLC (ICE LIBOR plus 375 bps)
4.572%, 5–25–23		222			216
SIWF Holdings, Inc. (ICE LIBOR plus 425 bps)
5.322%, 6–15–25 (B)		792			689

LOANS (G)(Continued)	Principal		Value
Consumer Discretionary(Continued)
Staples, Inc. (ICE LIBOR plus 500 bps)
6.515%, 4–12–26	$	1,072	$	842
Talbots, Inc. (The) (ICE LIBOR plus 700 bps)
8.450%, 11–28–22		692		519
Times Square JV LLC and CPTS Hotel Lessee LLC(1-Month U.S. LIBOR plus 600 bps)
7.006%, 5–9–20		550		549
TRLG Intermediate Holdings LLC
10.000%, 10–27–22 (K)		146		137
United PF Holdings LLC
0.000%, 1–6–27 (B)(M)		75		54
United PF Holdings LLC (ICE LIBOR plus 400 bps)
5.450%, 1–6–27 (B)		608		438
Wheel Pros, Inc. (ICE LIBOR plus 475 bps)
5.822%, 4–4–25 (B)		146		102
Winter Park Intermediate, Inc. (ICE LIBOR plus 475 bps)
5.739%, 4–4–25 (B)		100		70
				7,561
Consumer Staples – 0.2%
Bellring Brands LLC (ICE LIBOR plus 500 bps)
6.000%, 10–21–24		493		459
Froneri U.S., Inc. (ICE LIBOR plus 225 bps)
3.239%, 1–30–27 (B)		500		474
				933
Energy – 0.5%
California Resources Corp. (ICE LIBOR plus 1,037.50 bps)
11.988%, 12–31–21		510		24
California Resources Corp. (ICE LIBOR plus 475 bps)
6.363%, 12–31–22		376		83
EG America LLC (ICE LIBOR plus 400 bps)
5.072%, 2–5–25		291		211
EPIC Crude Services L.P. (ICE LIBOR plus 500 bps)
6.620%, 3–1–26		1,100		719
Foresight Energy LLC
0.000%, 9–10–20 (M)		107		103
Foresight Energy LLC(1-Month ICE LIBOR plus 1,100 bps)
13.000%, 9–10–20		131		126
Foresight Energy LLC (ICE LIBOR plus 725 bps)
7.363%, 3–28–22 (K)		1,584		206
Oryx Midstream Holdings LLC (ICE LIBOR plus 400 bps)
4.989%, 5–22–26 (B)		345		207
Westmoreland Coal Co. (ICE LIBOR plus 650 bps)
9.093%, 3–15–22		134		130

32 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

LOANS (G)(Continued)	Principal		Value
Energy(Continued)
Westmoreland Mining Holdings LLC (15.000% Cash or 15.000% PIK)
15.000%, 3–15–29 (B)(I)	$	493	$	296
				2,105
Financials – 1.4%
Alera Group Intermediate Holdings, Inc.(3-Month ICE LIBOR plus 450 bps):
5.072%, 8–1–25 (B)		249		215
4.989%, 8–1–25 (B)		1		1
Amynta Agency Borrower, Inc. (ICE LIBOR plus 400 bps)
5.489%, 2–28–25		1,740		1,374
AqGen Ascensus, Inc. (ICE LIBOR plus 350 bps)
5.072%, 12–3–22		550		491
AssuredPartners, Inc. (ICE LIBOR plus 350 bps)
4.489%, 2–13–27		249		216
Deerfield Dakota Holding LLC
0.000%, 3–5–27 (B)(M)		250		210
Edelman Financial Holdings II, Inc. (ICE LIBOR plus 675 bps)
7.679%, 7–20–26		780		585
Gulf Finance LLC (ICE LIBOR plus 525 bps):
6.710%, 8–25–23		406		202
6.840%, 8–25–23		675		337
HarbourVest Partners LLC (ICE LIBOR plus 225 bps)
3.927%, 3–1–25		211		186
Hudson River Trading LLC (ICE LIBOR plus 300 bps)
3.941%, 2–18–27		393		348
Jane Street Group LLC (ICE LIBOR plus 300 bps)
4.613%, 1–7–25		691		615
MA FinanceCo. LLC (ICE LIBOR plus 275 bps)
3.489%, 6–21–24		34		30
New Cotai LLC
0.000%, 7–20–20 (M)		6		6
New Cotai LLC(1-Month U.S. LIBOR plus 25 bps):
3.500%, 7–20–20		10		9
2.250%, 7–20–20		10		10
NFP Corp. (ICE LIBOR plus 325 bps)
4.239%, 2–13–27		776		663
Refinitiv U.S. Holdings, Inc.(3-Month EURIBOR plus 400 bps)
3.250%, 10–1–25 (H)	EUR	138		144
				5,642
Health Care – 2.1%
Albany Molecular Research, Inc. (ICE LIBOR plus 325 bps)
4.250%, 8–31–24	$	244		210
Amneal Pharmaceuticals LLC (ICE LIBOR plus 350 bps)
4.500%, 5–4–25		494		420

LOANS (G)(Continued)	Principal		Value
Health Care(Continued)
BioClinica Holding I L.P. (ICE LIBOR plus 425 bps)
5.250%, 10–20–23	$	145	$	120
BW NHHC Holdco, Inc. (ICE LIBOR plus 500 bps)
6.615%, 5–15–25		139		79
Concordia International Corp. (ICE LIBOR plus 550 bps)
6.568%, 9–6–24		219		187
Elanco Animal Health, Inc.
0.000%, 2–4–27 (M)		250		236
Exactech, Inc. (ICE LIBOR plus 375 bps)
4.750%, 2–14–25		245		193
Gentiva Health Services, Inc. (ICE LIBOR plus 325 bps)
4.250%, 7–2–25 (B)		1,410		1,318
Hanger, Inc. (ICE LIBOR plus 350 bps)
4.489%, 3–6–25 (B)		245		228
Heartland Dental LLC (ICE LIBOR plus 375 bps)
4.739%, 4–30–25		782		597
LifePoint Health, Inc. (ICE LIBOR plus 375 bps)
4.739%, 11–16–25		660		609
LifeScan Global Corp.(3-Month ICE LIBOR plus 950 bps)
11.556%, 10–1–25		122		78
LSCS Holdings, Inc. (ICE LIBOR plus 425 bps):
5.322%, 3–9–25 (B)		165		149
5.322%, 3–17–25 (B)		43		38
Patterson Medical Holdings, Inc. (ICE LIBOR plus 475 bps)
6.527%, 8–28–22		244		174
Surgery Center Holdings, Inc.
0.000%, 8–31–24 (M)		454		346
Syneos Health, Inc. (ICE LIBOR plus 200 bps)
2.739%, 8–1–24 (B)		124		119
Team Health Holdings, Inc. (ICE LIBOR plus 275 bps)
3.750%, 2–6–24		146		91
U.S. Renal Care, Inc.(3-Month ICE LIBOR plus 500 bps)
6.000%, 6–26–26		1,976		1,708
Verscend Holding Corp.
0.000%, 8–27–25 (B)(M)		455		428
Verscend Holding Corp. (ICE LIBOR plus 450 bps)
5.489%, 8–27–25 (B)		1,478		1,390
				8,718
Industrials – 1.9%
APCO Holdings, Inc. (ICE LIBOR plus 550 bps)
6.490%, 6–8–25 (B)		180		148
Bleriot U.S. Bidco, Inc. (ICE LIBOR plus 475 bps):
6.200%, 11–1–26 (B)		216		190
7.000%, 11–1–26 (B)		34		30

LOANS (G)(Continued)	Principal		Value
Industrials(Continued)
C.H.I. Overhead Doors, Inc. (ICE LIBOR plus 375 bps)
4.250%, 7–31–22	$	434	$	369
Creative Artists Agency LLC (ICE LIBOR plus 375 bps)
4.739%, 11–26–26		174		150
Fastball Mergersub LLC (ICE LIBOR plus 350 bps)
4.572%, 1–31–27		250		210
Form Technologies LLC (ICE LIBOR plus 325 bps)
4.700%, 1–28–22 (B)		300		195
Form Technologies LLC (ICE LIBOR plus 850 bps)
9.950%, 1–30–23 (B)		1,313		1,234
Garda World Security Corp. (ICE LIBOR plus 475 bps)
6.390%, 10–30–26 (B)		164		154
Genesee & Wyoming, Inc.(1-Month ICE LIBOR plus 200 bps)
3.450%, 11–5–26		250		238
Guidehouse LLP(1-Month ICE LIBOR plus 450 bps)
5.489%, 5–1–25		249		199
Ingersoll-Rand Services Co. (ICE LIBOR plus 175 bps)
2.739%, 2–28–27		250		234
Maverick Purchaser Sub LLC (ICE LIBOR plus 400 bps)
4.989%, 1–23–27		455		418
McDermott Technology Americas, Inc.:
0.000%, 10–21–20 (M)		107		97
0.000%, 5–10–25 (K)(M)		504		143
McDermott Technology Americas, Inc. (ICE LIBOR plus 500 bps)
7.250%, 5–10–25 (K)		1,058		300
McDermott Technology Americas, Inc. (ICE LIBOR plus 900 bps):
10.647%, 10–21–20		707		638
10.806%, 10–21–20		370		334
PAE Holding Corp. (ICE LIBOR plus 550 bps)
6.500%, 10–20–22		1,349		1,214
PAE Holding Corp. (ICE LIBOR plus 950 bps)
10.500%, 10–20–23 (B)		65		62
Red Ventures LLC (ICE LIBOR plus 250 bps)
3.489%, 11–8–24		292		242
SMI Acquisition, Inc. (ICE LIBOR plus 375 bps)
5.513%, 11–1–24 (B)		244		147
TransDigm, Inc. (ICE LIBOR plus 225 bps)
3.239%, 12–31–25		249		226
Tronair, Inc.(1-Month U.S. LIBOR plus 475 bps)
6.463%, 9–8–23 (B)		145		113
U.S. Ecology, Inc. (ICE LIBOR plus 250 bps)
3.489%, 11–1–26 (B)		17		16

2020 SEMIANNUAL REPORT 33

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

LOANS (G)(Continued)	Principal		Value
Industrials(Continued)
United Rentals (North America), Inc. (ICE LIBOR plus 175 bps)
2.739%, 10–31–25	$	246	$	229
Vertiv Group Corp. (ICE LIBOR plus 300 bps)
4.581%, 3–2–27 (B)		250		215
				7,745
Information Technology – 2.0%
Applied Systems, Inc. (ICE LIBOR plus 700 bps)
8.450%, 9–19–25		384		346
CommerceHub, Inc. (ICE LIBOR plus 375 bps)
4.489%, 5–21–25 (B)		596		495
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 300 bps)
8.250%, 5–1–25		625		222
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 325 bps)
3.620%, 5–1–24		916		587
DCert Buyer, Inc. (ICE LIBOR plus 400 bps)
4.989%, 10–16–26		500		443
Electronics For Imaging, Inc. (ICE LIBOR plus 500 bps)
6.450%, 7–23–26		249		203
Informatica LLC:
7.125%, 2–14–25 (B)		685		603
0.000%, 2–14–27 (M)		274		236
Mitchell International, Inc. (ICE LIBOR plus 725 bps)
8.239%, 11–30–25		237		178
MLN U.S. Holdco LLC (ICE LIBOR plus 450 bps):
0.000%, 11–30–25 (M)		531		364
6.015%, 11–30–25		1,225		840
MLN U.S. Holdco LLC (ICE LIBOR plus 875 bps)
10.265%, 11–30–26		534		299
Navicure, Inc. (ICE LIBOR plus 400 bps)
4.989%, 10–22–26		285		261
Output Services Group, Inc. (ICE LIBOR plus 425 bps)
6.113%, 3–27–24 (B)		245		204
Park Place Technologies LLC (ICE LIBOR plus 400 bps)
5.000%, 3–29–25 (B)		246		203
Riverbed Technology, Inc.
0.000%, 4–24–22 (M)		27		18
Riverbed Technology, Inc. (ICE LIBOR plus 325 bps)
4.250%, 4–24–22		1,028		659
Science Applications International Corp. (ICE LIBOR plus 225 bps)
3.239%, 3–13–27		250		234
Seattle Spinco, Inc. (ICE LIBOR plus 275 bps)
3.489%, 6–21–24		228		202

LOANS (G)(Continued)	Principal		Value
Information Technology(Continued)
Sedgwick Claims Management Services, Inc. (ICE LIBOR plus 400 bps)
4.989%, 9–4–26	$	248	$	222
SS&C Technologies, Inc. (ICE LIBOR plus 175 bps)
2.739%, 4–16–25		499		465
Surf Holdings LLC (ICE LIBOR plus 350 bps)
4.814%, 3–5–27		500		442
VF Holding Corp. (ICE LIBOR plus 325 bps)
4.239%, 7–2–25		281		246
VS Buyer LLC(3-Month ICE LIBOR plus 325 bps)
4.863%, 3–2–27 (B)		250		239
				8,211
Materials – 0.4%
Associated Asphalt Partners LLC (ICE LIBOR plus 525 bps)
6.250%, 4–5–24		128		90
Hercules Merger Sub LLC (ICE LIBOR plus 275 bps)
4.265%, 11–1–26		250		228
Hillman Group, Inc. (The)
0.000%, 5–31–25 (M)		132		102
Hillman Group, Inc. (The) (ICE LIBOR plus 350 bps)
5.072%, 5–31–25		826		642
ILPEA Parent, Inc. (ICE LIBOR plus 550 bps)
6.010%, 3–2–23 (B)		371		316
				1,378
Real Estate – 0.2%
Inland Retail Real Estate Trust, Inc.(1-Month U.S. LIBOR plus 650 bps)
7.332%, 1–1–22		928		925
Total United States – 12.4%			$	50,638
TOTAL LOANS – 14.8%			$	59,740
(Cost: $75,677)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
United States – 0.3%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO
2.500%, 6–15–39		561		576
Federal National Mortgage Association Agency REMIC/CMO:
2.000%, 4–25–40		465		472
3.000%, 2–25–44		142		149

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
United States(Continued)
Federal National Mortgage Association Fixed Rate Pass-Through Certificates
4.646%, 7–1–20	$	65	$	65
Government National Mortgage Association Fixed Rate Pass-Through Certificates
3.500%, 4–20–34		76		80
				1,342
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.3%			$	1,342
(Cost: $1,327)
UNITED STATES GOVERNMENT OBLIGATIONS
United States – 3.8%
U.S. Treasury Notes:
2.125%, 9–30–24		1,600		1,726
1.750%, 12–31–24		400		426
2.875%, 7–31–25		2,735		3,087
2.250%, 11–15–25		2,250		2,471
1.625%, 10–31–26		1,400		1,499
1.625%, 8–15–29		5,000		5,429
1.750%, 11–15–29		500		550
				15,188
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 3.8%			$	15,188
(Cost: $13,743)
SHORT-TERM SECURITIES	Shares
Money Market Funds (N) – 9.3%
State Street Institutional U.S. Government Money Market Fund – Premier Class
0.310%		32,184		32,184
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares
0.390% (O)		5,311		5,311
				37,495
TOTAL SHORT-TERM SECURITIES – 9.3%			$	37,495
(Cost: $37,495)
TOTAL INVESTMENT SECURITIES – 101.0%			$	408,404
(Cost: $460,459)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.0)%				(4,020	)
NET ASSETS – 100.0%			$	404,384

34 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

Notes to Schedule of Investments

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) Securities whose value was determined using significant unobservable inputs.

(C) All or a portion of securities with an aggregate value of $7,866 are on loan.

(D) Restricted securities. At March 31, 2020, the Fund owned the following restricted securities:

Security	Acquisition Date(s)		Shares		Cost		Value
Pinnacle Agriculture Enterprises LLC		3–10–17		389	$	177	$	—	*
Targa Resources Corp., 9.500%		10–24–17		1		1,624		863
					$	1,801	$	863

The total value of these securities represented 0.2% of net assets at March 31, 2020.

(E) Warrants entitle the Fund to purchase a predetermined number of shares of common stock and arenon-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(F) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $202,073 or 50.0% of net assets.

(G) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2020. Description of the reference rate and spread, if applicable, are included in the security description.

(H) Principal amounts are denominated in the indicated foreign currency, where applicable (EUR—Euro and GBP—British Pound).

(I) Payment-in-kind bond which may pay interest in additional par and/or in cash. Rates shown are the current rate and possible payment rates.

(J) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at March 31, 2020.

(K) Non-income producing as the issuer has either missed its most recent interest payment or declared bankruptcy.

(L) Other Government Securities may include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(M) All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.

(N) Rate shown is the annualized7-day yield at March 31, 2020.

(O) Investment made with cash collateral received from securities on loan.

The following forward foreign currency contracts were outstanding at March 31, 2020:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
British Pound		480	U.S. Dollar		583	6–30–20	JPMorgan Securities LLC	$	—	$	14
Euro		1,420	U.S. Dollar		1,571	6–30–20	JPMorgan Securities LLC		—		—	*
Euro		5,186	U.S. Dollar		6,719	9–30–21	JPMorgan Securities LLC		904		—
								$	904	$	14

2020 SEMIANNUAL REPORT 35

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2			Level 3
Assets
Investments in Securities
Common Stocks
Consumer Discretionary	$	208	$	935		$	—
Energy		—		91			—	*
Health Care		—		27			—
Total Common Stocks	$	208	$	1,053		$	—	*
Investment Funds		4,522		—			—
Preferred Stocks		—		863			—	*
Warrants		—		—	*		—
Asset-Backed Securities		—		8,357			—
Corporate Debt Securities		—		249,353			—
Mortgage-Backed Securities		—		7,250			—
Other Government Securities		—		23,033			—
Loans		—		46,501			13,239
United States Government Agency Obligations		—		1,342			—
United States Government Obligations		—		15,188			—
Short-Term Securities		37,495		—			—
Total	$	42,225	$	352,940		$	13,239
Forward Foreign Currency Contracts	$	—	$	904		$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	14		$	—

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Common Stocks			Preferred Stocks			Warrants			Loans
Beginning Balance10-1-19	$	—		$	16		$	—	*	$	5,022
Net realized gain (loss)		—			—			—			(15	)
Net change in unrealized appreciation (depreciation)		(29	)		(16	)		—			(1,802	)
Purchases		—			—			—			5,110
Sales		—			—			—			(1,545	)
Amortization/Accretion of premium/discount		—			—			—			(16	)
Transfers into Level 3 during the period		29			—			—			8,772
Transfers out of Level 3 during the period		—			—			—	*		(2,287	)
Ending Balance3-31-20	$	—	*	$	—	*	$	—		$	13,239
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held asof 3-31-20	$	(29	)	$	(16	)	$	—		$	(1,815	)

Transfers from Level 2 to Level 3 occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred primarily due to the increased availability of observable market data due to increased market activity or information.

36 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY APOLLO STRATEGIC INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

Information about Level 3 fair value measurements:

	Fair Value at 3-31-20			Valuation Technique(s)	Unobservable Input(s)	Input Value(s)
Assets
Common Stocks	$	—	*	Market comparable approach	Adjusted EBITDA multiple		3.10x
Preferred Stocks		—	*	Transaction	Price		$0
Loans		13,239		Third-party vendor pricing service	Broker quotes		N/A

Significant increases (decreases) in the adjusted EBITDA multiple inputs as of the reporting date would result in a higher (lower) fair value measurement.

The following acronyms are used throughout this schedule:

CLO = Collateralized Loan Obligation

CMO = Collateralized Mortgage Obligation

EURIBOR = Euro Interbank Offered Rate

GTD = Guaranteed

ICE = Intercontinental Exchange

LIBOR = London Interbank Offered Rate

PIK = Payment in Kind

REMIC = Real Estate Mortgage Investment Conduit

Market Sector Diversification
(as a % of net assets)
Financials	24.6%
Communication Services	11.3%
Consumer Discretionary	8.1%
Industrials	7.1%
Consumer Staples	7.0%
Other Government Securities	5.7%
Health Care	5.6%
Energy	5.5%

Market Sector Diversification(Continued)
Materials	5.0%
United States Government and Government Agency Obligations	4.1%
Information Technology	3.4%
Utilities	3.2%
Real Estate	1.1%
Other+	8.3%

+ Includes liabilities (net of cash and other assets), and cash equivalents

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 37

PORTFOLIO HIGHLIGHTS IVY CALIFORNIA MUNICIPAL HIGH INCOME FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Bonds	90.2%
Municipal Bonds	90.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	9.8%

Quality Weightings

Investment Grade	66.1%
AA	22.8%
A	17.3%
BBB	26.0%
Non-Investment Grade	24.1%
BB	4.5%
B	0.7%
CCC	0.1%
Non-rated	18.8%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	9.8%

Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

38 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY CALIFORNIA MUNICIPAL HIGH INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

MUNICIPAL BONDS	Principal		Value
California – 88.5%
CA Cnty Tob Securitization Agy, Tob Stlmt Asset-Bkd Bonds (Stanislaus Cnty Tob Funding Corp.), Ser 2006,
0.000%, 6–1–55 (A)	$	1,000	$	54
CA Edu Fac Auth, Rev Bonds (Art Ctr College of Design), Ser 2018A,
5.000%, 12–1–48		250		273
CA Edu Fac Auth, Rev Bonds (Loma Linda Univ), Ser 2017A,
5.000%, 4–1–47		300		334
CA Hlth Fac Fin Auth, Rev Bonds (Children’s Hosp of Orange Cnty), Ser 2019A,
4.000%, 11–1–20		100		102
CA Hlth Fac Fin Auth, Rev Bonds (City of Hope), Ser 2019,
5.000%, 11–15–24		100		117
CA Hlth Fac Fin Auth, Rev Bonds (Providence St. Joseph Hlth), Ser 2019C,
5.000%, 10–1–39		500		571
CA Infra and Econ Dev Bank, Natl Charter Sch Revolving Loan Fund Rev Bonds, Ser 2019B:
5.000%, 11–1–25		100		120
5.000%, 11–1–49		100		119
CA Muni Fin Auth, Charter Sch Lease Rev Bonds (Bella Mente Montessori Academy Proj), Ser 2018A,
5.000%, 6–1–48		325		325
CA Muni Fin Auth, Charter Sch Rev Bonds (Palmdale Aerospace Academy Proj), Ser 2018A,
5.000%, 7–1–49		300		299
CA Muni Fin Auth, Insd Rev Bonds (Channing House Proj), Ser 2017B (Insured by the CA Office of Statewide Hlth Planning and Dev),
5.000%, 5–15–24		100		116
CA Muni Fin Auth, Insd Rev Bonds (Town and Country Manor), Ser 2019:
4.000%, 7–1–20		110		111
4.000%, 7–1–21		200		207
CA Muni Fin Auth, Rev Bonds (CA Baptist Univ), Ser 2016A,
5.000%, 11–1–46		500		508
CA Muni Fin Auth, Rev Bonds (CA Lutheran Univ), Ser 2018,
5.000%, 10–1–27		250		276
CA Muni Fin Auth, Rev Bonds (Ret Hsng Fndtn Oblig Group), Ser 2017A,
5.000%, 11–15–32		425		510
CA Muni Fin Auth, Rev Rfdg Bonds (Eisenhower Med Ctr), Ser 2017B:
5.000%, 7–1–37		250		283
5.000%, 7–1–42		250		275
CA Muni Fin Auth, Rev Rfdg Bonds (HumanGood Oblig Group), Ser 2019A,
4.000%, 10–1–28		290		298

MUNICIPAL BONDS(Continued)	Principal		Value
California(Continued)
CA Muni Fin Auth, Spl Fac Rev Bonds (Utd Airlines, Inc. Los Angeles Intl Arpt Proj), Ser 2019,
4.000%, 7–15–29	$	250	$	252
CA Muni Fin Auth, Sr Lien Rev Bonds (LINXS APM Proj), Ser 2018A:
4.000%, 12–31–47		250		258
5.000%, 12–31–47		250		265
CA Muni Fin Auth, Student Hsng Rev Bonds (CHF-Davis I LLC - West Vlg Student Hsng Proj), Ser 2018 (Insured by BAMAC),
4.000%, 5–15–48		300		288
CA Pollutn Ctl Fin Auth, Solid Waste Disp Rev Bonds (Republic Svc, Inc. Proj),Ser 2017A-1,
1.170%, 11–1–42 (B)		250		250
CA Pollutn Ctl Fin Auth, Solid Waste Disp Rfdg Rev Bonds (Waste Mgmt, Inc. Proj), Ser 2015A-1,
3.375%, 7–1–25		300		312
CA Pollutn Ctl Fin Auth, Solid Waste Rfdg Rev Bonds (Republic Svc, Inc. Proj), Ser 2010A,
5.820%, 9–1–38 (B)		250		250
CA Pollutn Ctl Fin Auth, Water Furnishing Rev Bonds (Poseidon Res (Channelside) L.P. Desalination Proj), Ser 2012,
5.000%, 11–21–45		250		246
CA Pollutn Ctl Fin Auth, Water Furnishing Rev Rfdg Bonds (San Diego Cnty Water Auth Desalination Proj Pipeline), Ser 2019,
5.000%, 11–21–45		250		246
CA Sch Fin Auth, Charter Sch Rev Bonds (Larchmont Charter Sch Proj), Ser 2018A,
5.000%, 6–1–43		250		248
CA Sch Fin Auth, Charter Sch Rev Bonds (Rocketship Pub Sch – Oblig Group), Ser 2017G:
5.000%, 6–1–30		310		317
5.000%, 6–1–37		330		328
CA Sch Fin Auth, Charter Sch Rev Bonds (Summit Pub Sch – Oblig Group), Ser 2017,
5.000%, 6–1–37		500		535
CA Sch Fin Auth, Charter Sch Rev Rfdg Bonds (Aspire Pub Sch – Oblig Group), Ser 2016,
5.000%, 8–1–41		250		262
CA Sch Fin Auth, Sch Fac Rev Bonds (Granada Hills Charter High Sch Oblig Group), Ser 2017A,
5.000%, 7–1–48		350		368
CA Sch Fin Auth, Sch Fac Rev Bonds (Green Dot Pub Sch CA Proj), Ser 2018A,
5.000%, 8–1–48		250		258
CA Sch Fin Auth, Sch Fac Rev Bonds (Kipp LA Proj), Ser 2017A,
5.000%, 7–1–47		300		320

MUNICIPAL BONDS(Continued)	Principal		Value
California(Continued)
CA Sch Fin Auth, Sch Fac Rev Rfdg Bonds (HTH Learning Proj), Ser 2017A,
5.000%, 7–1–49	$	300	$	316
CA Statewide Cmnty Dev Auth, Rev Bonds (American Baptist Homes of the West), Ser 2015,
5.000%, 10–1–22		270		291
CA Statewide Cmnty Dev Auth, Rev Bonds (Loma Linda Univ Med Ctr), Ser 2016A,
5.250%, 12–1–56		250		266
CA Statewide Cmnty Dev Auth, Student Hsng Rev Bonds (Univ of CA, Irvine East Campus Apt, Phase IV-A CHF – Irvine LLC), Ser 2017,
5.000%, 5–15–47		185		206
CA Statewide Cmnty Dev Auth, Student Hsng Rev Bonds (Univ of CA, Irvine East Campus Apts, Phase IV-A CHF – Irvine LLC), Ser 2017,
5.000%, 5–15–42		300		336
CA Statewide Comnty Dev Auth, Rev Bonds (Loma Linda Univ Med Ctr), Ser 2014A,
5.250%, 12–1–44		250		266
CA Various Purp GO Bonds,
5.000%, 9–1–46		500		588
Chino Pub Fin Auth, Local Agy Rfdg Bonds, Ser 2016A,
3.500%, 9–1–43		250		242
Chino, CA, Cmnty Fac Dist, Spl Tax Rev Bonds, Ser 2016–2,
5.000%, 9–1–47		150		163
City of San Ramon, Cert of Part (Cap Impvt Fin Prog), Ser 2019,
4.000%, 6–1–39		300		337
Cmnty Fac Dist No. 36 of Jurupa Cmnty Svc Dist., Spl Tax Bonds, Ser 2017A:
4.125%, 9–1–42		200		204
4.250%, 9–1–47		300		310
Corona–Norco Unif Sch Dist (Riverside Cnty, CA), Election of 2014 GO Bonds, Ser C,
4.000%, 8–1–49		500		556
Corona–Norco Unif Sch Dist (Riverside, CA), Election of 2006 GO Bonds, Ser 2011E,
0.000%, 8–1–24 (A)		80		87
Eureka Successor Agy, Tax Alloc Rfdg Bonds, Ser 2017B,
5.000%, 11–1–21		155		164
Foothill/Eastn Trans Corridor Agy, Toll Road Rfdg Rev Bonds, Ser 2013B-1 (Insured by AGM),
3.950%, 1–15–53		300		315
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2017A-1,
5.000%, 6–1–29		600		697
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2018A,
5.000%, 6–1–22		175		187

2020 SEMIANNUAL REPORT 39

SCHEDULE OF INVESTMENTS IVY CALIFORNIA MUNICIPAL HIGH INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

MUNICIPAL BONDS(Continued)	Principal		Value
California(Continued)
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2007A-2 Sr Convertible Bonds,
5.300%, 6–1–37	$	150	$	150
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2018A-1,
5.000%, 6–1–47		500		481
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2018A-2,
5.000%, 6–1–47		250		241
Irvine Unif Sch Dist, Cmnty Fac Dist No. 09-1 Spl Tax Bonds, Ser 2017B (Insured by BAMAC),
5.000%, 9–1–47		150		166
Irvine Unif Sch Dist, Cmnty Fac Dist No. 09-1 Spl Tax Bonds, Ser 2019A,
4.000%, 9–1–54		250		269
Lammersville, CA, Joint Unif Sch Dist, Spl Tax Bonds (Lammersville Sch Dist Cmnty Fac Dist No. 2002, Mountain House), Ser 2017,
5.000%, 9–1–33		500		566
Lincoln Unif Sch Dist Fin Corp., Cert of Part, Ser 2019,
4.000%, 9–1–25		315		356
Long Beach Bond Fin Auth, Natural Gas Purchase Rev Bonds, Ser 2007A,
5.500%, 11–15–37		165		212
Long Beach, CA, Harbor Rev Rfdg Bonds, Ser 2020B,
5.000%, 5–15–24		500		552
Los Angeles, CA, Dept of Arpts, Los Angeles Intl Arpt Sub Rev Bonds, Ser 2016B,
5.000%, 5–15–46		300		337
M-S-R Energy Auth, Gas Rev Bonds, Ser 2009C,
7.000%, 11–1–34		300		416
Murrieta, CA, Cmnty Fac Dist No. 2005-5, Spl Tax Bonds (Golden City), Ser 2017A,
5.000%, 9–1–46		300		328
Oakland-Alameda Cnty Coliseum Auth, Lease Rev Bonds (Oakland Coliseum Proj), Ser 2012A,
5.000%, 2–1–24		250		267
Ontario, CA, Cmnty Fac Dist No. 28, Spl Tax Bonds (New Haven Fac–Area A), Ser 2017:
5.000%, 9–1–42		130		141
5.000%, 9–1–47		230		251
Ontario, CA, Cmnty Fac Dist No. 31, Spl Tax Bonds (Carriage House/Amberly Lane), Ser 2017,
5.000%, 9–1–47		135		149
Oro Grande Elem Sch Dist, Cert of Part, Ser 2013,
5.000%, 9–15–27		40		42
Palamar Hlth, Rfdg Rev Bonds, Ser 2016:
4.000%, 11–1–39		175		186
5.000%, 11–1–39		500		574

MUNICIPAL BONDS(Continued)	Principal		Value
California(Continued)
Palomar Hlth, Cert of Part, Ser 2017,
5.000%, 11–1–21	$	250	$	263
Poway Unif Sch Dist, Spl Tax Bonds (Cmnty Fac Dist No. 15 Del Sur East Impvt Area C), Ser 2016,
5.000%, 9–1–46		250		273
Regents of the Univ of CA, Ltd. Proj Rev Bonds, Ser M,
5.000%, 5–15–32		300		366
Richmond Joint Powers Fin Auth, Lease Rev Rfdg Bonds (Civic Ctr Proj), Ser 2019A (Insured by AGM),
5.000%, 11–1–25		400		480
Roseville City Sch Dist (Placer Cnty, CA), Election of 2002 GO Bonds, Ser A,
0.000%, 8–1–22 (A)		100		97
Roseville, CA, Spl Tax Rev Bonds (Fiddyment Ranch Cmnty Fac Dist No. 1), Ser 2017A,
5.000%, 9–1–35		250		282
Sacramento Cnty Sanitation Dist Fin Auth, 2000 Sub Lien Var Rate Rev Bonds (Sacramento Rgnl Cnty Sanitation Dist), Ser C,
4.710%, 12–1–30		500		500
Sacramento Cnty Watr Fin Auth, Rev Bnds (Sacramento Cnty Watr Agy Zone 40 and 41 2007 Watr Sys Proj), Ser 2007B (3-Month U.S. LIBOR*0.67 plus 55 bps),
1.609%, 6–1–34 (C)		400		377
Sacramento Cnty, Arpt Sys Sub Rev Rfdg Bonds, Ser 2018E,
5.000%, 7–1–35		250		300
Sacramento, CA, Spl Tax Bonds (Natomas Cent Comnty Fac), Ser 2016,
5.000%, 9–1–41		250		275
San Bernardino, CA, Cmnty Fac Dist No. 2006-1 (Lytle Creek North), Impvt Area No. 4 Spl Tax Bonds, Ser 2016,
4.000%, 9–1–42		250		255
San Buenaventura Rev Bonds (Cmnty Mem Hlth Sys), Ser 2011,
7.500%, 12–1–41		100		108
San Diego Assoc of Govts, South Bay Expressway Toll Rev First Sr Lien Bonds, Ser 2017A,
5.000%, 7–1–27		100		126
San Diego Cnty Rgnl Arpt Auth, Sub Arpt Rev Bonds, Ser 2017A,
5.000%, 7–1–42		200		237
San Francisco City and Cnty Arpt Comsn, San Francisco Intl Arpt Second Ser Rev Bonds, Ser 2019A,
4.000%, 5–1–49		250		264
San Francisco City and Cnty Pub Util Comsn, Water Rev Bonds, Ser 2016AB,
4.000%, 11–1–39		250		275

MUNICIPAL BONDS(Continued)	Principal		Value
California(Continued)
San Jose, CA, Arpt Rev Rfdg Bonds, Ser 2017A,
5.000%, 3–1–47	$	200	$	223
San Juan Unif Sch Dist (Sacramento Cnty, CA), Elec of 1998 GO Bonds, Ser 2003B,
0.000%, 8–1–21 (A)		200		197
San Mateo Cmnty Fac Dist No. 2008-1 (Bay Meadows), Spl Tax Bonds, Ser 2012,
6.000%, 9–1–42		250		264
Santa Clara Cnty Fin Auth, Var Rate Demand Rfdg Lease Rev Bonds (Multiple Fac Proj), Ser 2008M,
4.710%, 5–15–35		500		500
Santa Clara Cnty, CA, Union Elem Sch Dist, Election of 1999 GO Bonds, Ser A,
0.000%, 9–1–22 (A)		100		97
Southn CA Pub Power Auth, Gas Proj Rev Bonds (Proj No. 1), Ser 2007A,
5.000%, 11–1–33		295		353
Southn CA Pub Power Auth, Milford Wind Corridor Phase I Proj, Rfdg Rev Bonds, Ser 2019-1:
4.000%, 7–1–20		100		101
3.000%, 7–1–21		100		102
2.000%, 7–1–22		100		102
State Pub Works Board of CA, Lease Rev Rfdg Bonds (Dept of Edu), Ser 2017H,
5.000%, 4–1–26		300		363
Stockton Pub Fin Auth, Wastewater Bond Anticipation Notes, Ser 2019,
1.400%, 6–1–22		400		399
Successor Agy to the Lemon Grove Cmnty Dev Agy, Lemon Grove Redev Proj Area, Tax Alloc Rfdg Bonds, Ser 2019A (Insured by BAMAC),
4.000%, 8–1–21		370		384
Successor Agy to the Redev Agy of the City of Tulare, Tax Alloc Rfdg Bonds, Ser 2017A (Insured by BAMAC),
4.000%, 8–1–40		250		274
Tob Securitization Auth of Northn CA, Tob Stlmt Asset-Bkd Bonds (Sacramento Cnty Tob Securitization Corp.), Ser 2005A-1,
5.500%, 6–1–45		100		94
Tob Securitization Auth of Southn CA, Tob Stlmt Asset-Bkd Bonds (San Diego Cnty Tob Asset Securitization Corp.), Ser 2006D,
0.000%, 6–1–46 (A)		300		40
WA Township Hlth Care Dist Rev Bonds, Ser 2017A:
3.500%, 7–1–30		45		48
3.750%, 7–1–31		255		277
Westn Riverside Water and Wastewater Fin Auth, Local Agy Rev Rfdg Bonds, Ser 2016A,
5.000%, 9–1–29		250		302

40 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY CALIFORNIA MUNICIPAL HIGH INCOME FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

MUNICIPAL BONDS(Continued)	Principal		Value
California(Continued)
William S. Hart Union High Sch Dist, Cmnty Fac Dist No. 2015-1 Spl Tax Bonds, Ser 2017,
5.000%, 9–1–47	$	300	$	325
				30,039
Guam – 0.8%
Guam Port Rev Bonds, Ser 2018B,
5.000%, 7–1–22		250		254

MUNICIPAL BONDS(Continued)	Principal		Value
Puerto Rico – 0.9%
Cmnwlth of PR, Pub Impvt Rfdg GO Bonds, Ser 2007A-4,
5.250%, 7–1–30	$	135	$	136
PR Hwy and Trans Auth, Hwy Rev Rfdg Bonds, Ser CC:
5.250%, 7–1–32		120		128
5.250%, 7–1–33		50		53
				317
TOTAL MUNICIPAL BONDS – 90.2%			$	30,610
(Cost: $30,417)

SHORT-TERM SECURITIES	Shares		Value
Money Market Funds (D) – 8.3%
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.310%		2,830	$	2,830
TOTAL SHORT-TERM SECURITIES – 8.3%			$	2,830
(Cost: $2,830)
TOTAL INVESTMENT SECURITIES – 98.5%			$	33,440
(Cost: $33,247)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.5%				520
NET ASSETS – 100.0%			$	33,960

Notes to Schedule of Investments

(A) Zero coupon bond.

(B) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $500 or 1.5% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2020. Description of the reference rate and spread, if applicable, are included in the security description.

(D) Rate shown is the annualized7-day yield at March 31, 2020.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Municipal Bonds	$	—	$	30,610	$	—
Short-Term Securities		2,830		—		—
Total	$	2,830	$	30,610	$	—

The following acronyms are used throughout this schedule:

AGM = Assured Guaranty Municipal

BAMAC = Build America Mutual Assurance Co.

BVAL = Bloomberg Valuation Municipal AAA Benchmark

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 41

PORTFOLIO HIGHLIGHTS IVY CASH MANAGEMENT FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Investment Funds	1.2%
Money Market Funds	1.2%
Corporate Obligations	64.4%
Commercial Paper	36.7%
Certificate Of Deposit	19.0%
Notes	5.1%
Master Note	3.6%
United States Government and Government Agency Obligations	27.7%
Municipal Obligations	6.9%
Liabilities, Net of Cash and Other Assets	-0.2%

42 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY CASH MANAGEMENT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

INVESTMENT FUNDS	Shares		Value
Money Market Funds (A) – 1.2%
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.310%,4-1-20		18,912	$	18,912
TOTAL INVESTMENT FUNDS – 1.2%				18,912
(Cost: $18,912)
CORPORATE OBLIGATIONS	Principal
Certificate Of Deposit
Banco del Estado de Chile(1-Month U.S. LIBOR plus 24 bps),
1.040%,4-17-20 (B)	$	15,000		15,000
Banco del Estado de Chile(1-Month U.S. LIBOR plus 23 bps),
1.170%,4-29-20 (B)		7,000		7,000
Banco del Estado de Chile(1-Month U.S. LIBOR plus 22 bps),
1.080%,4-13-20 (B)		20,000		20,000
Banco del Estado de Chile(3-Month U.S. LIBOR plus 24 bps),
1.940%,5-14-20 (B)		20,000		20,000
Bank of Montreal(1-Month U.S. LIBOR plus 11 bps),
0.910%,4-14-20 (B)		15,000		15,000
Bank of Montreal (Secured Overnight Financing Rate plus 41 bps),
0.420%,4-1-20 (B)		12,000		12,000
Bank of Montreal (Secured Overnight Financing Rate plus 25 bps),
0.260%,4-1-20 (B)		10,000		10,000
Bank of Nova Scotia (The)(1-Month U.S. LIBOR plus 23 bps),
1.000%,4-20-20 (B)		15,000		15,000
Bank of Nova Scotia (The) (Federal Funds Rate plus 37 bps),
0.460%,4-1-20 (B)		15,000		15,000
Canadian Imperial Bank of Commerce (Secured Overnight Financing Rate plus 25 bps),
0.260%,4-1-20 (B)		10,000		10,000
Canadian Imperial Bank of Commerce (Secured Overnight Financing Rate plus 28 bps),
0.290%,4-1-20 (B)		25,000		25,000
Canadian Imperial Bank of Commerce (Secured Overnight Financing Rate plus 21 bps),
0.220%,4-1-20 (B)		20,000		20,000
Canadian Imperial Bank of Commerce (U.S. Federal Funds effective rate plus 16 bps),
0.250%,4-1-20 (B)		10,000		10,000
Citibank N.A.,
0.820%,9-8-20		10,000		10,000
Royal Bank of Canada(1-Month U.S. LIBOR plus 21 bps),
1.070%,4-11-20 (B)		11,000		11,000

CORPORATE OBLIGATIONS (Continued)	Principal		Value
Certificate Of Deposit(Continued)
Royal Bank of Canada (Federal Funds Rate plus 27 bps),
0.360%,4-1-20 (B)	$	10,000	$	10,000
Royal Bank of Canada (Secured Overnight Financing Rate plus 55 bps),
0.560%,4-1-20 (B)		25,000		25,000
Toronto-Dominion Bank(1-Month U.S. LIBOR plus 24 bps),
1.170%,4-25-20 (B)		25,000		25,000
Toronto-Dominion Bank (Federal Funds Rate plus 37 bps),
0.460%,4-1-20 (B)		15,000		15,000
Wells Fargo Bank N.A.(1-Month U.S. LIBOR plus 29 bps),
0.380%,4-1-20 (B)		12,000		12,000
Wells Fargo Bank N.A. (Federal Funds Rate plus 45 bps),
0.540%,4-1-20 (B)		9,000		9,000
Total Certificate Of Deposit – 19.0%				311,000
Commercial Paper (B)
Archer Daniels Midland Co.,
2.100%,4-2-20		15,000		14,999
Bank of Nova Scotia (The) (Secured Overnight Financing Rate plus 23 bps),
0.240%,4-1-20 (B)		15,000		15,000
Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.):
1.750%,4-1-20		15,000		15,000
1.950%,4-7-20		12,000		11,996
2.000%,4-8-20		10,000		9,996
Chevron Corp.:
1.900%,4-1-20		10,000		10,000
1.950%,4-8-20		12,000		11,995
Coca-Cola Co. (The):
0.750%,7-7-20		15,000		14,969
1.000%,1-15-21		15,000		14,880
Corporacion Andina de Fomento:
1.000%,4-1-20		10,000		10,000
1.660%,4-24-20		5,000		4,994
1.700%,5-19-20		8,000		7,982
CVS Health Corp.,
3.450%,4-1-20		14,750		14,750
Florida Power & Light Co.,
1.710%,4-2-20		10,000		10,000
GlaxoSmithKline Finance plc (GTD by GlaxoSmithKline plc):
1.130%,5-29-20		6,750		6,738
1.000%,8-26-20		5,000		4,980
GlaxoSmithKline LLC (GTD by GlaxoSmithKline plc):
1.250%,4-2-20		10,000		10,000
1.920%,4-23-20		6,000		5,993
2.270%,4-27-20		5,000		4,992
International Business Machines Corp.,
0.990%,6-26-20		15,000		14,964
John Deere Capital Corp.,
1.580%,5-21-20		5,000		4,989

CORPORATE OBLIGATIONS (Continued)	Principal		Value
Commercial Paper (B)(Continued)
Kimberly-Clark Corp.:
1.400%,4-3-20	$	10,750	$	10,749
1.710%,4-13-20		10,000		9,994
1.920%,4-23-20		7,000		6,991
Malayan Banking Berhad (GTD by Wells Fargo Bank N.A.):
1.920%,4-23-20		10,000		9,988
1.990%,7-22-20		30,000		29,813
0.950%,10-8-20		5,000		4,975
1.980%,10-15-20		5,000		4,946
McCormick & Co., Inc.,
3.050%,4-1-20		14,200		14,200
Merck & Co., Inc.,
1.720%,4-14-20		15,000		14,990
Mondelez International, Inc.,
2.050%,4-8-20		15,000		14,994
Northern Illinois Gas Co.,
1.880%,4-16-20		20,000		19,983
PACCAR Financial Corp. (GTD by PACCAR, Inc.):
1.090%,4-6-20		5,000		4,999
1.500%,4-7-20		13,500		13,497
PacifiCorp,
2.450%,4-1-20		12,700		12,700
Pricoa Short Term Funding LLC,
1.710%,4-13-20		29,500		29,482
Prudential Financial, Inc.,
0.400%,4-1-20		30,000		30,000
Rockwell Automation, Inc.:
2.500%,4-6-20		10,000		9,997
2.390%,4-22-20		10,000		9,985
Royal Bank of Canada (Federal Funds Rate plus 35 bps),
0.440%,4-1-20 (B)		15,000		15,000
Shell International Finance B.V. (GTD by Royal Dutch Shell plc),
1.980%,6-18-20		15,000		14,935
Sonoco Products Co.,
1.700%,4-1-20		16,000		16,000
UnitedHealth Group, Inc.:
2.500%,4-1-20		23,706		23,706
2.300%,4-2-20		10,000		9,999
2.220%,4-28-20		7,000		6,988
Wisconsin Electric Power Co.,
2.250%,4-1-20		25,000		25,000
Total Commercial Paper – 36.7%				583,128
Master Note
Toyota Motor Credit Corp.(1-Month U.S. LIBOR plus 15 bps),
0.930%,4-7-20 (B)		58,348		58,348
Total Master Note – 3.6%				58,348
Notes
Bank of America N.A. (Federal Funds Rate plus 30 bps),
0.390%,4-1-20 (B)		15,000		15,000
Corporacion Andina de Fomento,
2.550%,7-18-20		22,417		22,393

2020 SEMIANNUAL REPORT 43

SCHEDULE OF INVESTMENTS IVY CASH MANAGEMENT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE OBLIGATIONS (Continued)	Principal		Value
Notes(Continued)
Net Magan Two LLC (GTD by Federal Home Loan Bank)(1-Month U.S. LIBOR plus 10 bps),
1.450%,4-7-20 (B)	$	15,200	$	15,200
Osprey Properties Ltd.(1-Month U.S. LIBOR),
1.200%,4-7-20 (B)		19,670		19,670
Wells Fargo & Co.(3-Month U.S. LIBOR plus 88 bps),
2.680%,4-22-20 (B)		11,000		11,025
Total Notes – 5.1%				83,288
TOTAL CORPORATE OBLIGATIONS – 64.4%			$	1,035,764
(Cost: $1,035,764)
MUNICIPAL OBLIGATIONS
California – 1.2%
University of California(1-Month U.S. LIBOR plus 8 bps),
5.000%,4-7-20 (B)		18,675		18,675
Colorado – 0.1%
Sheridan Redev Agy CO Tax, Var Rfdg S Santa Fe Dr Corridor Redev PJ, SerA-1 (GTD by JPMorgan Chase & Co.) (BVAL plus 30 bps),
6.000%,4-7-20 (B)		1,200		1,200
Florida – 0.2%
Miami-Dade Cnty, FL, Seaport Rev Commercial Paper Notes, SerA-2 (GTD by Bank of America N.A.),
5.190%,4-2-20		2,619		2,619
Kansas – 0.1%
Univ of KS Hosp Auth, Var Rate Demand Hlth Fac Rev Bonds (KU Hlth Sys), Ser 2004 (GTD by U.S. Bank N.A.) (BVAL plus 17 bps),
0.700%,4-1-20 (B)		2,000		2,000

MUNICIPAL OBLIGATIONS (Continued)	Principal		Value
Missouri – 0.4%
Kansas City, MO, Var Rate Dem Taxable Spl Oblig Rfdg Bonds (President Hotel Redev Proj), Ser 2009B (GTD by JPMorgan Chase & Co.) (BVAL plus 22 bps),
2.990%,4-7-20 (B)	$	5,700	$	5,700
New Jersey – 0.4%
Trap Rock Industries, Inc., Var Demand Bonds, Ser 2005 (GTD by Wachovia Bank N.A.)(1-Week U.S. LIBOR plus 10 bps),
1.200%,4-7-20 (B)		5,765		5,765
Pennsylvania – 0.4%
EPC – Allentown, LLC, Incr Taxable Var Rate Demand Bonds, Ser 2005 (GTD by U.S. Bank N.A.)(1-Week U.S. LIBOR plus 10 bps),
1.200%,4-7-20 (B)		5,835		5,835
South Carolina – 4.1%
SC Pub Svc Auth, Rev Commercial Paper Notes, Ser DD (GTD by Bank of America N.A.):
1.300%,4-7-20		46,361		46,361
1.750%,4-8-20		19,614		19,614
				65,975
TOTAL MUNICIPAL OBLIGATIONS – 6.9%			$	107,769
(Cost: $107,769)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Treasury Bills (C) – 7.0%
U.S. Treasury Bills:
1.530%,4-2-20		5,000		5,000
1.530%,4-9-20		22,000		21,993
1.440%,4-16-20		18,000		17,988
0.040%,4-21-20		10,000		10,000
1.460%,4-23-20		5,000		4,995
1.480%,4-30-20		3,200		3,196
0.800%,5-5-20		3,000		2,998
1.510%,5-7-20		12,500		12,481
1.520%,5-14-20		15,000		14,972

UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS(Continued)	Principal		Value
Treasury Bills (C)(Continued)
1.140%,6-4-20	$	10,000	$	9,979
0.380%,6-11-20		9,000		8,993
				112,595
United States Government Agency Obligations – 20.7%
U.S. International Development Finance Corp. (GTD by U.S. Government),
1.890%,11-17-20		8,000		8,000
U.S. International Development Finance Corp. (GTD by U.S. Government)(3-Month U.S. TB Rate):
2.000%,4-1-20 (B)		20,600		20,600
1.450%,4-7-20 (B)		3,461		3,461
1.900%,4-7-20 (B)		21,708		21,708
2.000%,4-7-20 (B)		279,583		279,583
				333,352
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 27.7%			$	445,947
(Cost: $445,947)
TOTAL INVESTMENT SECURITIES – 100.2%			$	1,608,392
(Cost: $1,608,392)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2)%				(2,544	)
NET ASSETS – 100.0%			$	1,605,848

Notes to Schedule of Investments

(A) Rate shown is the annualized7-day yield at March 31, 2020.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2020. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

(C) Rate shown is the yield to maturity at March 31, 2020.

44 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY CASH MANAGEMENT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Investment Funds	$	18,912	$	—	$	—
Corporate Obligations		—		1,035,764		—
Municipal Obligations		—		107,769		—
United States Government and Government Agency Obligations		—		445,947		—
Total	$	18,912	$	1,589,480	$	—

The following acronyms are used throughout this schedule:

BVAL = Bloomberg Valuation Municipal AAA Benchmark

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

TB = Treasury Bill

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 45

PORTFOLIO HIGHLIGHTS IVY CORPORATE BOND FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Bonds		96.9%
Corporate Debt Securities		90.1%
Asset-Backed Securities		3.0%
Municipal Bonds — Taxable		2.0%
Other Government Securities		1.6%
Mortgage-Backed Securities		0.2%
United States Government and Government Agency Obligations		0.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	��	3.1%

Quality Weightings

Investment Grade	93.2%
AAA	2.0%
AA	12.1%
A	29.0%
BBB	50.1%
Non-Investment Grade	3.7%
BB	3.2%
Non-rated	0.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.1%

Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

46 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust,
3.500%, 5–26–22	$	1,900	$	1,584
Air Canada Enhanced Equipment Trust, Series2015-2, Class AA,
3.750%, 12–15–27 (A)		3,325		3,710
American Airlines Class A Pass-Through Certificates,Series 2016-2,
3.650%, 6–15–28		1,709		1,843
American Airlines Class AA Pass-Through Certificates,Series 2016-2,
3.200%, 6–15–28		2,564		2,787
American Airlines Class AA Pass-Through Certificates,Series 2017-2,
3.350%, 10–15–29		919		913
American Airlines, Inc. Pass-Through Certificates,Series 2016-1, Class AA,
3.575%, 1–15–28		3,332		3,161
American Airlines, Inc. Pass-Through Certificates,Series 2017-1, Class AA,
3.650%, 2–15–29		426		406
Delta Air Lines, Inc. Pass-Through Certificates, Series 2020AA, Class B,
2.000%, 6–10–28		1,975		1,797
SBA Tower Trust, Series2016-1 (GTD by SBA Guarantor LLC and SBA Holdings LLC),
2.877%, 7–9–21 (A)		3,500		3,488
United Airlines Pass-Through Certificates, Series2016-AA,
3.100%, 7–7–28		4,417		4,098
TOTAL ASSET-BACKED SECURITIES – 3.0%			$	23,787
(Cost: $24,032)
CORPORATE DEBT SECURITIES
Communication Services
Advertising – 0.6%
Interpublic Group of Cos., Inc. (The),
4.750%, 3–30–30		2,725		2,709
Omnicom Group, Inc.,
4.200%, 6–1–30		2,000		2,062
				4,771
Broadcasting – 0.2%
Fox Corp.,
3.500%, 4–8–30		1,425		1,422
Cable & Satellite – 1.3%
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.,
4.464%, 7–23–22		3,208		3,314

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Cable & Satellite(Continued)
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal):
3.900%, 3–1–38	$	1,000	$	1,124
4.600%, 10–15–38		1,875		2,336
Comcast Corp. (GTD by Comcast Cable Communications LLC and NBCUniversal Media LLC),
3.250%, 11–1–39		3,125		3,298
				10,072
Integrated Telecommunication Services – 2.9%
AT&T, Inc.:
3.950%, 1–15–25		1,750		1,844
2.950%, 7–15–26		4,500		4,427
3.800%, 2–15–27		500		519
4.350%, 3–1–29		4,000		4,301
Verizon Communications, Inc.:
4.329%, 9–21–28		2,500		2,881
5.250%, 3–16–37 (B)		2,250		2,878
4.812%, 3–15–39		4,672		5,757
				22,607
Interactive Home Entertainment – 1.0%
Activision Blizzard, Inc.:
2.300%, 9–15–21		5,250		5,286
2.600%, 6–15–22		3,000		3,021
				8,307
Movies & Entertainment – 0.6%
TWDC Enterprises 18 Corp.,
3.700%, 12–1–42		1,000		1,124
Walt Disney Co. (The):
4.125%, 12–1–41		2,000		2,352
4.125%, 6–1–44		1,000		1,184
				4,660
Publishing – 0.3%
Thomson Reuters Corp.,
5.850%, 4–15–40		2,000		2,365
Wireless Telecommunication Service – 1.6%
Crown Castle Towers LLC:
3.222%, 5–15–22 (A)		2,000		2,001
3.663%, 5–15–25 (A)		5,120		5,122
4.241%, 7–15–28 (A)		2,500		2,527
Sprint Spectrum L.P.,
3.360%, 9–20–21 (A)		3,375		3,358
				13,008
Total Communication Services – 8.5%				67,212
Consumer Discretionary
Apparel Retail – 0.2%
TJX Cos., Inc. (The),
4.500%, 4–15–50		1,750		1,876
Auto Parts & Equipment – 0.1%
Delphi Jersey Holdings plc,
5.000%, 10–1–25 (A)		1,425		1,136

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Automobile Manufacturers – 0.2%
General Motors Co.,
5.000%, 10–1–28	$	1,750	$	1,534
Automotive Retail – 0.3%
AutoZone, Inc.,
4.000%, 4–15–30		2,600		2,654
Casinos & Gaming – 0.5%
GLP Capital L.P. and GLP Financing II, Inc.,
4.000%, 1–15–30		900		757
Las Vegas Sands Corp.,
3.500%, 8–18–26		3,557		3,254
				4,011
Education Services – 0.3%
University of Southern California,
3.028%, 10–1–39		2,000		1,928
Footwear – 0.6%
NIKE, Inc.:
3.875%, 11–1–45		3,000		3,547
3.375%, 3–27–50		1,000		1,096
				4,643
Home Improvement Retail – 0.7%
Home Depot, Inc. (The),
4.200%, 4–1–43		4,700		5,461
Hotels, Resorts & Cruise Lines – 0.4%
Royal Caribbean Cruises Ltd.,
2.650%, 11–28–20		3,108		2,799
Restaurants – 0.6%
Starbucks Corp.,
4.450%, 8–15–49		4,400		5,028
Total Consumer Discretionary – 3.9%				31,070
Consumer Staples
Brewers – 1.8%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
4.750%, 1–23–29		13,250		14,567
Drug Retail – 0.8%
CVS Health Corp.:
3.250%, 8–15–29		3,125		3,044
5.050%, 3–25–48		3,200		3,634
				6,678
Food Distributors – 0.2%
Sysco Corp.:
6.600%, 4–1–40		885		949
6.600%, 4–1–50		425		462
				1,411

2020 SEMIANNUAL REPORT 47

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Food Retail – 0.3%
Alimentation Couche-Tard, Inc.,
2.950%, 1–25–30 (A)	$	2,650	$	2,463
Hypermarkets & Super Centers – 0.9%
Walmart, Inc.,
4.050%, 6–29–48		5,250		6,751
Packaged Foods & Meats – 2.0%
Mars, Inc.,
3.200%, 4–1–30 (A)		4,375		4,572
Nestle Holdings, Inc.,
3.900%, 9–24–38 (A)		5,500		6,332
Smithfield Foods, Inc.:
2.650%, 10–3–21 (A)		3,000		2,808
3.350%, 2–1–22 (A)		2,000		1,945
				15,657
Personal Products – 0.8%
Estee Lauder Co., Inc. (The):
4.150%, 3–15–47		3,125		3,369
3.125%, 12–1–49		3,000		2,914
				6,283
Soft Drinks – 0.3%
Keurig Dr Pepper, Inc.,
4.057%, 5–25–23		2,250		2,343
Tobacco – 1.5%
Altria Group, Inc. (GTD by Philip Morris USA, Inc.):
3.490%, 2–14–22		3,380		3,417
2.850%, 8–9–22		2,250		2,261
Imperial Brands Finance plc,
3.125%, 7–26–24 (A)		3,800		3,715
Philip Morris International, Inc.,
2.875%, 5–1–24		2,008		2,059
				11,452
Total Consumer Staples – 8.6%				67,605
Energy
Oil & Gas Equipment & Services – 0.3%
Halliburton Co.,
5.000%, 11–15–45		3,000		2,350
Oil & Gas Exploration & Production – 1.1%
Canadian Natural Resources Ltd.,
3.850%, 6–1–27		7,250		5,741
ConocoPhillips Co. (GTD by ConocoPhillips),
4.150%, 11–15–34		1,193		1,294
EQT Corp.:
3.000%, 10–1–22 (B)		1,500		1,253
6.125%, 2–1–25		1,000		770
				9,058
Oil & Gas Refining & Marketing – 0.1%
Phillips 66 (GTD by Phillips 66 Co.)(3-Month U.S. LIBOR plus 60 bps),
2.247%, 2–26–21 (C)		1,000		935

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation – 5.9%
Boardwalk Pipelines L.P. (GTD by Boardwalk Pipeline Partners L.P.),
4.450%, 7–15–27	$	3,090	$	2,319
Cheniere Corpus Christi Holdings LLC,
7.000%, 6–30–24		1,425		1,251
Colonial Pipeline Co.,
4.250%, 4–15–48 (A)		2,000		1,935
Colorado Interstate Gas Co.,
4.150%, 8–15–26 (A)		6,000		5,837
Enbridge, Inc. (GTD by Enbridge Energy Partners L.P. and Spectra Energy Partners L.P.),
3.125%, 11–15–29		25		23
Energy Transfer Partners L.P.:
4.950%, 6–15–28		2,750		2,277
4.900%, 3–15–35		750		590
EQT Midstream Partners L.P.,
4.750%, 7–15–23		2,500		1,809
Midwest Connector Capital Co. LLC,
3.900%, 4–1–24 (A)		2,200		2,054
Plains All American Pipeline L.P. and PAA Finance Corp.,
3.600%, 11–1–24		4,469		3,675
Sabal Trail Transmission LLC,
4.246%, 5–1–28 (A)		5,000		4,932
Sabine Pass Liquefaction LLC,
4.200%, 3–15–28		2,350		2,018
Sunoco Logistics Partners Operations L.P. (GTD by Sunoco Logistics Partners L.P.),
4.400%, 4–1–21		2,551		2,543
Tennessee Gas Pipeline Co.,
7.000%, 3–15–27		3,000		3,371
TransCanada Corp.,
5.100%, 3–15–49		4,500		5,052
Transcontinental Gas Pipe Line Co. LLC,
4.600%, 3–15–48		2,000		1,986
Western Midstream Operating L.P.:
3.100%, 2–1–25		1,625		850
4.050%, 2–1–30		1,075		473
Williams Partners L.P.,
4.850%, 3–1–48		3,500		3,267
				46,262
Total Energy – 7.4%				58,605
Financials
Asset Management & Custody Banks – 2.0%
BlackRock, Inc.,
3.250%, 4–30–29		3,100		3,274
Blackstone Holdings Finance Co. LLC,
2.500%, 1–10–30 (A)		3,125		2,904
Brookfield Finance LLC (GTD by Brookfield Asset Management, Inc.),
3.450%, 4–15–50		2,500		2,001

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Asset Management & Custody Banks (Continued)
Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.),
4.700%, 9–20–47	$	3,043	$	2,861
KKR Group Finance Co. III LLC,
5.125%, 6–1–44 (A)		2,500		2,558
Owl Rock Capital Corp.:
5.250%, 4–15–24		1,125		1,091
4.000%, 3–30–25		1,675		1,292
				15,981
Consumer Finance – 1.7%
Ford Motor Credit Co. LLC:
2.425%, 6–12–20		5,000		4,863
5.875%, 8–2–21		2,500		2,450
2.979%, 8–3–22		2,000		1,860
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
3.200%, 7–6–21		4,500		4,297
				13,470
Diversified Banks – 9.3%
Banco Santander S.A.,
3.500%, 4–11–22		2,500		2,473
Bank of America Corp.:
2.503%, 10–21–22		2,000		2,005
4.200%, 8–26–24		6,000		6,377
6.300%, 12–29–49		2,000		2,100
5.875%, 9–15–66		2,500		2,533
Bank of America Corp.(3-Month U.S. LIBOR plus 77 bps),
2.511%, 2–5–26 (B)(C)		1,000		908
BB&T Corp.,
2.750%, 4–1–22		3,000		3,019
Citizens Bank N.A.,
3.250%, 2–14–22		1,750		1,773
Commonwealth Bank of Australia,
2.000%, 9–6–21 (A)		3,500		3,473
Danske Bank A.S.,
2.700%, 3–2–22 (A)		2,000		1,912
Fifth Third Bank N.A.,
2.250%, 6–14–21		2,500		2,488
Huntington Bancshares, Inc.,
2.300%, 1–14–22		1,500		1,486
ING Groep N.V.,
3.550%, 4–9–24		2,425		2,437
Korea Development Bank,
3.000%, 3–19–22		1,875		1,927
Mitsubishi UFJ Financial Group, Inc.,
2.190%, 9–13–21		3,588		3,539
Mizuho Financial Group, Inc.,
2.953%, 2–28–22		4,000		4,039
Royal Bank of Canada:
2.350%, 10–30–20		4,000		4,008
2.500%, 1–19–21		4,000		4,031
Toronto-Dominion Bank,
3.250%, 3–11–24		3,125		3,266
Truist Financial Corp.,
3.875%, 3–19–29		3,275		3,322

48 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)		Principal		Value
Diversified Banks(Continued)
U.S. Bancorp,
3.375%, 2–5–24		$	4,000	$	4,248
U.S. Bank N.A.,
3.450%, 11–16–21			1,500		1,529
Wells Fargo & Co.:
2.100%, 7–26–21			1,000		999
3.069%, 1–24–23			500		508
4.300%, 7–22–27			1,500		1,608
4.150%, 1–24–29			1,500		1,636
4.478%, 4–4–31			1,725		1,951
Westpac Banking Corp.,
2.000%, 8–19–21			4,000		3,988
					73,583
Financial Exchanges & Data – 0.4%
S&P Global, Inc.,
3.250%, 12–1–49			3,000		2,983
Insurance Brokers – 0.9%
Marsh & McLennan Cos., Inc.,
3.500%, 12–29–20			4,000		4,030
Willis North America, Inc.,
2.950%, 9–15–29			2,800		2,661
					6,691
Investment Banking & Brokerage – 3.6%
Credit Suisse Group Funding (Guernsey) Ltd.,
3.125%, 12–10–20			1,500		1,498
Daiwa Securities Group, Inc.,
3.129%, 4–19–22 (A)			4,000		4,039
Goldman Sachs Group, Inc. (The):
2.350%, 11–15–21			3,000		2,996
2.905%, 7–24–23			1,000		1,005
4.250%, 10–21–25			2,500		2,628
3.500%, 11–16–26			1,000		1,022
4.017%, 10–31–38			4,000		4,017
Morgan Stanley:
4.875%, 11–1–22			2,000		2,100
5.000%, 11–24–25			2,850		3,150
3.875%, 1–27–26			4,150		4,479
Raymond James Financial, Inc.,
4.650%, 4–1–30			1,150		1,203
					28,137
Life & Health Insurance – 2.8%
Aflac, Inc.,
4.750%, 1–15–49			2,750		3,040
Metropolitan Life Insurance Co.,
3.450%, 10–9–21 (A)	��		2,000		2,014
New York Life Global Funding:
2.300%, 6–10–22 (A)			3,000		3,013
2.900%, 1–17–24 (A)			1,500		1,576
2.350%, 7–14–26 (A)			3,000		2,987
Northwestern Mutual Life Insurance Co. (The),
3.850%, 9–30–47 (A)			3,000		2,540
Principal Life Global Funding II,
3.000%, 4–18–26 (A)			4,000		3,981

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Life & Health Insurance(Continued)
Sumitomo Life Insurance Co.,
4.000%, 9–14–77 (A)	$	3,000	$	3,000
				22,151
Other Diversified Financial Services – 3.0%
Citigroup, Inc.:
3.500%, 5–15–23		1,000		1,030
3.875%, 3–26–25		2,948		3,090
4.450%, 9–29–27		3,250		3,408
4.125%, 7–25–28		1,425		1,462
4.412%, 3–31–31		1,700		1,870
4.700%, 7–30–68		1,150		995
5.000%, 3–12–69		2,000		1,828
JPMorgan Chase & Co.:
3.220%, 3–1–25		5,000		5,183
4.000%, 10–1–68		2,100		1,794
5.000%, 2–1–69		3,500		3,281
				23,941
Property & Casualty Insurance – 0.2%
Aon Corp. (GTD by Aon plc),
3.750%, 5–2–29		1,500		1,582
Regional Banks – 2.0%
First Republic Bank,
2.500%, 6–6–22		5,000		4,926
PNC Financial Services Group, Inc. (The):
2.600%, 7–23–26		3,125		3,156
3.450%, 4–23–29		3,000		2,975
SunTrust Banks, Inc.,
3.200%, 4–1–24		4,500		4,649
				15,706
Reinsurance – 0.3%
Reinsurance Group of America, Inc.,
3.900%, 5–15–29		2,800		2,734
Specialized Finance – 0.8%
Air Lease Corp.,
3.000%, 2–1–30 (B)		1,425		1,030
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.:
4.420%, 6–15–21 (A)		2,000		2,021
8.100%, 7–15–36 (A)		2,500		2,875
				5,926
Total Financials – 27.0%				212,885
Health Care
Biotechnology – 0.9%
Amgen, Inc.:
2.200%, 5–11–20		3,500		3,500
4.950%, 10–1–41		3,000		3,228
				6,728
Health Care Distributors – 0.3%
McKesson Corp.,
3.650%, 11–30–20		2,500		2,518

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Equipment – 0.8%
Becton Dickinson & Co.,
2.894%, 6–6–22	$	3,050	$	3,053
Boston Scientific Corp.,
4.550%, 3–1–39		3,125		3,435
				6,488
Health Care Facilities – 0.4%
HCA, Inc. (GTD by HCA Holdings, Inc.),
4.125%, 6–15–29		3,325		3,349
Health Care Services – 0.6%
Cigna Corp.,
3.400%, 9–17–21		4,500		4,567
Health Care Supplies – 1.2%
Abbott Laboratories,
4.750%, 11–30–36		2,500		3,165
Shire Acquisitions Investments Ireland Designated Activity Co.,
2.400%, 9–23–21		6,000		5,978
				9,143
Life Sciences Tools & Services – 0.4%
PerkinElmer, Inc.,
3.300%, 9–15–29		2,800		2,647
Managed Health Care – 0.7%
Humana, Inc.,
2.900%, 12–15–22		2,000		1,990
UnitedHealth Group, Inc.,
3.500%, 2–15–24		3,500		3,724
				5,714
Pharmaceuticals – 2.4%
Bayer U.S. Finance LLC,
3.000%, 10–8–21 (A)		500		495
Bristol-Myers Squibb Co.,
2.900%, 7–26–24 (A)		3,125		3,312
Elanco Animal Health, Inc.:
3.912%, 8–27–21		2,250		2,238
5.022%, 8–28–23 (D)		2,250		2,276
Perrigo Finance Unlimited Co. (GTD by Perrigo Co. plc),
3.500%, 3–15–21		2,000		1,999
Pfizer, Inc.,
3.900%, 3–15–39		3,500		3,959
Zoetis, Inc.:
3.900%, 8–20–28		2,000		2,080
4.700%, 2–1–43		2,500		2,814
				19,173
Total Health Care – 7.7%				60,327
Industrials
Aerospace & Defense – 2.7%
BAE Systems Holdings, Inc.,
3.850%, 12–15–25 (A)		4,300		4,373
Boeing Co. (The):
1.650%, 10–30–20 (B)		2,500		2,444
2.950%, 2–1–30 (B)		2,500		2,315
3.750%, 2–1–50		5,125		4,681

2020 SEMIANNUAL REPORT 49

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Aerospace & Defense(Continued)
L3Harris Technologies, Inc.,
4.400%, 6–15–28	$	2,750	$	2,975
Rockwell Collins, Inc.,
2.800%, 3–15–22		3,500		3,536
Spirit AeroSystems, Inc. (GTD by Spirit AeroSystems Holdings, Inc.),
4.600%, 6–15–28		1,067		918
				21,242
Airlines – 0.5%
Aviation Capital Group Corp.,
2.875%, 1–20–22 (A)		2,000		1,807
Sydney Airport Finance,
3.625%, 4–28–26 (A)		2,000		2,144
				3,951
Building Products – 0.4%
Allegion plc,
3.500%, 10–1–29		2,800		2,715
Masco Corp.,
4.500%, 5–15–47		250		218
				2,933
Construction Machinery & Heavy Trucks – 0.3%
Oshkosh Corp.,
3.100%, 3–1–30		2,700		2,617
Diversified Support Services – 0.3%
Genpact Luxembourg S.a.r.l. (GTD by Genpact Ltd.),
3.375%, 12–1–24		2,000		2,009
Environmental & Facilities Services – 0.8%
Republic Services, Inc.,
3.050%, 3–1–50		2,000		1,766
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.),
4.150%, 7–15–49		4,000		4,600
				6,366
Industrial Conglomerates – 1.5%
Carlisle Cos., Inc.,
2.750%, 3–1–30		2,700		2,360
General Electric Capital Corp.,
2.342%, 11–15–20		7,787		7,743
General Electric Co.,
2.700%, 10–9–22		2,000		1,967
				12,070
Railroads – 1.2%
Burlington Northern Santa Fe LLC,
4.550%, 9–1–44		2,000		2,424
Kansas City Southern:
4.300%, 5–15–43		2,525		2,551
4.700%, 5–1–48		1,000		1,098
Union Pacific Corp.,
3.550%, 8–15–39		3,125		3,146
				9,219

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Research & Consulting Services – 1.0%
RELX Capital, Inc. (GTD by RELX plc),
4.000%, 3–18–29	$	3,125	$	3,229
Verisk Analytics, Inc.,
4.125%, 3–15–29		4,550		4,803
				8,032
Total Industrials – 8.7%				68,439
Information Technology
Application Software – 0.1%
Autodesk, Inc.,
2.850%, 1–15–30		1,016		995
Communications Equipment – 0.5%
Motorola Solutions, Inc.,
4.600%, 5–23–29		3,925		4,122
Data Processing & Outsourced Services – 1.6%
Fiserv, Inc.,
3.500%, 7–1–29		4,075		4,312
PayPal Holdings, Inc.,
2.650%, 10–1–26		5,625		5,512
Visa, Inc.,
3.650%, 9–15–47		2,000		2,277
				12,101
Electronic Components – 0.5%
Amphenol Corp.,
2.050%, 3–1–25		1,040		984
Maxim Integrated Products, Inc.,
3.450%, 6–15–27		2,620		2,684
				3,668
Semiconductor Equipment – 0.4%
Lam Research Corp.,
3.750%, 3–15–26		3,125		3,316
Semiconductors – 3.4%
Broadcom Corp. and Broadcom Cayman Finance Ltd. (GTD by Broadcom Ltd.):
3.000%, 1–15–22		400		396
3.625%, 1–15–24		1,500		1,484
Broadcom, Inc.:
3.125%, 4–15–21 (A)		2,370		2,341
3.125%, 10–15–22 (A)		2,750		2,723
Intel Corp.,
4.100%, 5–19–46		6,000		7,247
Microchip Technology, Inc.,
3.922%, 6–1–21		4,165		4,058
QUALCOMM, Inc.,
4.300%, 5–20–47		3,000		3,628
Texas Instruments, Inc.,
3.875%, 3–15–39		4,500		5,182
				27,059
Systems Software – 0.4%
Microsoft Corp.,
3.500%, 2–12–35		2,750		3,255

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Technology Hardware, Storage & Peripherals – 0.9%
Apple, Inc.:
2.400%, 5–3–23	$	1,000	$	1,040
4.500%, 2–23–36		3,000		3,746
NetApp, Inc.,
3.375%, 6–15–21		2,000		2,005
				6,791
Total Information Technology – 7.8%				61,307
Materials
Specialty Chemicals – 0.6%
Ecolab, Inc.,
4.800%, 3–24–30		1,150		1,309
Methanex Corp.,
5.250%, 3–1–22		3,500		3,210
				4,519
Total Materials – 0.6%				4,519
Real Estate
Hotel & Resort REITs – 0.2%
Hospitality Properties Trust,
3.950%, 1–15–28		2,500		1,858
Industrial REITs – 0.6%
Aircastle Ltd.,
5.500%, 2–15–22		4,909		4,469
Specialized REITs – 2.9%
American Tower Corp.:
3.070%, 3–15–23 (A)		3,000		2,948
3.700%, 10–15–49		3,125		2,988
American Tower Trust I,
3.652%, 3–23–28 (A)		2,000		1,942
Crown Castle International Corp.:
2.250%, 9–1–21		3,000		2,958
5.250%, 1–15–23		844		895
CubeSmart L.P. (GTD by CubeSmart),
4.375%, 2–15–29		2,125		2,209
Equinix, Inc.,
3.200%, 11–18–29		2,506		2,321
Public Storage, Inc.,
3.385%, 5–1–29		2,500		2,509
Ventas Realty L.P. (GTD by Ventas, Inc.):
2.650%, 1–15–25		3,125		3,001
4.875%, 4–15–49		1,000		1,051
				22,822
Total Real Estate – 3.7%				29,149
Utilities
Electric Utilities – 4.0%
AEP Transmission Co. LLC,
4.250%, 9–15–48		2,000		2,065
Appalachian Power Co., Series W,
4.450%, 6–1–45		1,000		1,053
Commonwealth Edison Co.,
3.650%, 6–15–46		2,500		2,647
Consumers Energy Co.,
4.350%, 4–15–49		2,500		3,006

50 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Electric Utilities(Continued)
Duke Energy Carolinas LLC,
3.750%, 6–1–45	$	3,875	$	4,263
Duke Energy Indiana LLC,
3.750%, 5–15–46		1,000		1,087
Entergy Arkansas, Inc.,
4.000%, 6–1–28		2,650		2,871
MidAmerican Energy Co.,
3.950%, 8–1–47		1,000		1,077
National Rural Utilities Cooperative Finance Corp.,
4.400%, 11–1–48		3,000		3,457
Southern California Edison Co.,
4.125%, 3–1–48		2,475		2,642
Southern Co. (The),
4.400%, 7–1–46		3,125		3,267
Virginia Electric and Power Co., Series B,
4.600%, 12–1–48		1,500		1,705
Wisconsin Electric Power Co.:
4.250%, 6–1–44		750		807
4.300%, 10–15–48		1,750		1,951
				31,898
Gas Utilities – 0.4%
Southern California Gas Co.,
4.300%, 1–15–49		2,500		2,750
Independent Power Producers & Energy Traders – 0.6%
Black Hills Corp.,
4.350%, 5–1–33		3,750		4,589
Multi-Utilities – 0.7%
Ameren Corp.,
3.500%, 1–15–31		1,150		1,147
Baltimore Gas and Electric Co.,
4.250%, 9–15–48		2,500		2,907
Berkshire Hathaway Energy Co.,
2.800%, 1–15–23		500		481
Dominion Resources, Inc.,
2.750%, 1–15–22		1,000		997
				5,532

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Water Utilities – 0.5%
American Water Capital Corp.,
4.150%, 6–1–49	$	3,500	$	3,863
Total Utilities – 6.2%				48,632
TOTAL CORPORATE DEBT SECURITIES – 90.1%			$	709,750
(Cost: $704,840)
MORTGAGE-BACKED SECURITIES
Non-Agency REMIC/CMO – 0.2%
MASTR Adjustable Rate Mortgages Trust, Series2005-1, Class B1 (Mortgage spread to10-year U.S. Treasury index),
3.782%, 3–25–35 (C)		2,103		1,457
TOTAL MORTGAGE-BACKED SECURITIES – 0.2%			$	1,457
(Cost: $2,093)
MUNICIPAL BONDS – TAXABLE
New York – 0.9%
NYC GO Bonds, Fiscal 2017 SerA-2,
2.460%, 8–1–26		3,000		3,048
NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009,
11.000%, 3–1–29 (A)		3,237		4,437
				7,485
Ohio – 0.7%
OH State Univ, Gen Receipts Bonds (Multiyear Debt Issuance Prog), Ser 2016A,
3.798%, 12–1–46		5,500		5,618
Pennsylvania – 0.4%
Cmnwlth of PA, GO Bonds, Third Ser B of 2010 (Federally Taxable - Build America Bonds),
4.750%, 7–15–22		3,075		3,100
TOTAL MUNICIPAL BONDS - TAXABLE – 2.0%			$	16,203
(Cost: $14,847)

OTHER GOVERNMENT SECURITIES (E)	Principal		Value
Canada – 1.6%
Province de Quebec,
7.140%, 2–27–26	$	9,365	$	12,263
TOTAL OTHER GOVERNMENT SECURITIES – 1.6%			$	12,263
(Cost: $9,508)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 0.0%
U.S. Treasury Bonds,
3.000%, 11–15–44		210		284
U.S. Treasury Notes,
2.000%, 8–15–25		19		20
				304
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 0.0%			$	304
(Cost: $248)
SHORT-TERM SECURITIES	Shares
Money Market Funds (G) – 1.6%
Dreyfus Institutional Preferred Government Money Market Fund-Institutional Shares,
0.390% (F)		2,508		2,508
State Street Institutional U.S. Government Money Market Fund-Premier Class,
0.310%		10,134		10,134
				12,642
TOTAL SHORT-TERM SECURITIES – 1.6%			$	12,642
(Cost: $12,642)
TOTAL INVESTMENT SECURITIES – 98.5%			$	776,406
(Cost: $768,210)
CASH AND OTHER ASSETS, NET OF LIABILITIES (H) – 1.5%				11,888
NET ASSETS – 100.0%			$	788,294

Notes to Schedule of Investments

(A) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $123,350 or 15.3% of net assets.

(B) All or a portion of securities with an aggregate value of $6,693 are on loan.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2020. Description of the reference rate and spread, if applicable, are included in the security description.

2020 SEMIANNUAL REPORT 51

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

(D) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at March 31, 2020.

(E) Other Government Securities may include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(F) Investment made with cash collateral received from securities on loan.

(G) Rate shown is the annualized7-day yield at March 31, 2020.

(H) Cash of $311 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at March 31, 2020 (contracts unrounded):

Description	Type		Number of Contracts	Expiration Date		Notional Amount		Value			Unrealized Depreciation
U.S.10-Year Treasury Note		Short	168		6-30-20		16,800	$	(23,300	)	$	(557	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Asset-Backed Securities	$	—	$	23,787	$	—
Corporate Debt Securities		—		709,750		—
Mortgage-Backed Securities		—		1,457		—
Municipal Bonds		—		16,203		—
Other Government Securities		—		12,263		—
United States Government Obligations		—		304		—
Short-Term Securities		12,642		—		—
Total	$	12,642	$	763,764	$	—
Liabilities
Futures Contracts	$	557	$	—	$	—

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

REMIC = Real Estate Mortgage Investment Conduit

See Accompanying Notes to Financial Statements.

52 SEMIANNUAL REPORT 2020

PORTFOLIO HIGHLIGHTS IVY CROSSOVER CREDIT FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Bonds	97.5%
Corporate Debt Securities	95.1%
Asset-Backed Securities	2.4%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.5%

Quality Weightings

Investment Grade	87.0%
A	3.2%
BBB	83.8%
Non-Investment Grade	10.5%
BB	9.3%
Non-rated	1.2%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.5%

Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2020 SEMIANNUAL REPORT 53

SCHEDULE OF INVESTMENTS IVY CROSSOVER CREDIT FUND(in thousands)

MARCH 31, 2020 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust,
3.500%, 5–26–22	$	1,254	$	1,046
TOTAL ASSET-BACKED SECURITIES – 2.4%			$	1,046
(Cost: $1,282)
CORPORATE DEBT SECURITIES
Communication Services
Advertising – 1.7%
Interpublic Group of Cos., Inc. (The),
4.750%, 3–30–30		750		746
Cable & Satellite – 1.2%
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.,
4.500%, 2–1–24		500		515
Integrated Telecommunication Services – 1.7%
AT&T, Inc.,
3.950%, 1–15–25		250		264
AT&T, Inc.(3-Month U.S. LIBOR plus 118 bps),
1.964%, 6–12–24 (A)		500		464
				728
Total Communication Services – 4.6%				1,989
Consumer Discretionary
Auto Parts & Equipment – 0.9%
Delphi Jersey Holdings plc,
5.000%, 10–1–25 (B)		500		399
Automobile Manufacturers – 1.0%
General Motors Co.,
5.000%, 10–1–28 (C)		500		438
Automotive Retail – 1.2%
AutoZone, Inc.,
4.000%, 4–15–30		500		510
Casinos & Gaming – 3.2%
GLP Capital L.P. and GLP Financing II, Inc.,
4.000%, 1–15–30		500		421
Las Vegas Sands Corp.,
3.500%, 8–18–26		1,045		956
				1,377
Restaurants – 1.3%
Starbucks Corp.,
4.450%, 8–15–49		500		571
Total Consumer Discretionary – 7.6%				3,295
Consumer Staples
Brewers – 2.5%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
4.750%, 1–23–29		1,000		1,099

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Drug Retail – 2.6%
CVS Health Corp.,
5.050%, 3–25–48	$	1,000	$	1,136
Food Distributors – 1.3%
Sysco Corp.:
6.600%, 4–1–40		250		268
6.600%, 4–1–50		250		272
				540
Food Retail – 1.6%
Alimentation Couche-Tard, Inc.,
2.950%, 1–25–30 (B)		750		697
Packaged Foods & Meats – 1.6%
Smithfield Foods, Inc.,
2.650%, 10–3–21 (B)		750		702
Tobacco – 4.6%
Altria Group, Inc. (GTD by Philip Morris USA, Inc.),
2.850%, 8–9–22		1,250		1,256
Imperial Brands Finance plc,
3.125%, 7–26–24 (B)		750		733
				1,989
Total Consumer Staples – 14.2%				6,163
Energy
Oil & Gas Exploration & Production – 1.8%
Canadian Natural Resources Ltd.,
3.850%, 6–1–27		500		396
EQT Corp.:
3.000%, 10–1–22 (C)		250		209
6.125%, 2–1–25		250		192
				797
Oil & Gas Storage & Transportation – 9.1%
Boardwalk Pipelines L.P. (GTD by Boardwalk Pipeline Partners L.P.),
4.450%, 7–15–27		500		375
Cheniere Corpus Christi Holdings LLC,
7.000%, 6–30–24		500		439
Energy Transfer Partners L.P.,
4.950%, 6–15–28		250		207
EQT Midstream Partners L.P.,
4.750%, 7–15–23		500		362
Midwest Connector Capital Co. LLC,
3.900%, 4–1–24 (B)		400		373
Sabine Pass Liquefaction LLC,
4.200%, 3–15–28		500		429
Sunoco Logistics Partners Operations L.P. (GTD by Energy Transfer Partners L.P.),
4.000%, 10–1–27		1,000		792
Western Midstream Operating L.P.:
3.100%, 2–1–25		300		157
4.050%, 2–1–30		200		88

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation(Continued)
Williams Partners L.P.,
4.850%, 3–1–48 (C)	$	750	$	700
				3,922
Total Energy – 10.9%				4,719
Financials
Asset Management & Custody Banks – 3.6%
Brookfield Finance LLC (GTD by Brookfield Asset Management, Inc.),
3.450%, 4–15–50		250		200
Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.),
4.700%, 9–20–47		750		705
Owl Rock Capital Corp.:
5.250%, 4–15–24		450		437
4.000%, 3–30–25		300		231
				1,573
Consumer Finance – 1.1%
Ford Motor Credit Co. LLC,
3.336%, 3–18–21		500		478
Diversified Banks – 3.0%
Banco Bilbao Vizcaya Argentaria S.A.,
6.125%, 2–16–68		400		294
Bank of America Corp.,
5.875%, 9–15–66		500		507
Danske Bank A.S.,
2.700%, 3–2–22 (B)		500		478
				1,279
Insurance Brokers – 1.1%
Willis North America, Inc.,
2.950%, 9–15–29		500		475
Investment Banking & Brokerage – 3.0%
Goldman Sachs Group, Inc. (The),
4.250%, 10–21–25		750		788
Raymond James Financial, Inc.,
4.650%, 4–1–30		500		523
				1,311
Other Diversified Financial Services – 3.8%
Citigroup, Inc.:
4.125%, 7–25–28		500		513
5.000%, 3–12–69		500		457
JPMorgan Chase & Co.:
4.000%, 10–1–68		250		213
5.000%, 2–1–69		500		469
				1,652
Reinsurance – 1.1%
Reinsurance Group of America, Inc.,
3.900%, 5–15–29		500		488

54 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY CROSSOVER CREDIT FUND(in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized Finance – 0.9%
Air Lease Corp.,
3.000%, 2–1–30 (C)	$	500	$	362
Total Financials – 17.6%				7,618
Health Care
Health Care Facilities – 2.3%
HCA, Inc. (GTD by HCA Holdings, Inc.):
4.750%, 5–1–23		500		512
4.125%, 6–15–29		500		504
				1,016
Life Sciences Tools & Services – 1.1%
PerkinElmer, Inc.,
3.300%, 9–15–29		500		473
Pharmaceuticals – 4.9%
AbbVie, Inc.,
4.400%, 11–6–42		500		555
Elanco Animal Health, Inc.:
3.912%, 8–27–21		500		497
5.022%, 8–28–23 (D)		500		506
Zoetis, Inc.,
4.700%, 2–1–43		500		563
				2,121
Total Health Care – 8.3%				3,610
Industrials
Aerospace & Defense – 4.2%
BAE Systems Holdings, Inc.,
3.850%, 12–15–25 (B)		500		508
Boeing Co. (The):
2.950%, 2–1–30 (C)		500		463
3.750%, 2–1–50		500		457
Spirit AeroSystems, Inc. (GTD by Spirit AeroSystems Holdings, Inc.),
4.600%, 6–15–28		440		378
				1,806
Building Products – 2.1%
Allegion plc,
3.500%, 10–1–29		500		485
Masco Corp.,
4.500%, 5–15–47		500		436
				921

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Construction Machinery & Heavy Trucks – 1.1%
Oshkosh Corp.,
3.100%, 3–1–30	$	500	$	485
Diversified Support Services – 1.2%
Genpact Luxembourg S.a.r.l. (GTD by Genpact Ltd.),
3.375%, 12–1–24		500		502
Industrial Conglomerates – 1.0%
Carlisle Cos., Inc.,
2.750%, 3–1–30		500		437
Railroads – 1.2%
Kansas City Southern,
4.300%, 5–15–43		500		505
Research & Consulting Services – 3.6%
IHS Markit Ltd.,
4.750%, 2–15–25 (B)		500		525
Verisk Analytics, Inc.,
4.125%, 3–15–29		1,000		1,056
				1,581
Total Industrials – 14.4%				6,237
Information Technology
Communications Equipment – 1.2%
Motorola Solutions, Inc.,
5.500%, 9–1–44		500		505
Data Processing & Outsourced Services – 2.3%
PayPal Holdings, Inc.,
2.650%, 10–1–26		1,000		980
Semiconductors – 3.4%
Broadcom Corp. and Broadcom Cayman Finance Ltd. (GTD by Broadcom Ltd.),
3.000%, 1–15–22		1,250		1,238
Broadcom, Inc.,
3.125%, 10–15–22 (B)		250		248
				1,486
Total Information Technology – 6.9%				2,971

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Real Estate
Hotel & Resort REITs – 1.7%
Hospitality Properties Trust,
3.950%, 1–15–28	$	1,000	$	743
Specialized REITs – 8.9%
Crown Castle International Corp.,
4.750%, 5–15–47		1,000		1,092
CubeSmart L.P. (GTD by CubeSmart),
4.375%, 2–15–29		1,000		1,040
Equinix, Inc.:
2.625%, 11–18–24		500		467
3.200%, 11–18–29		500		463
Ventas Realty L.P. (GTD by Ventas, Inc.),
4.875%, 4–15–49		750		788
				3,850
Total Real Estate – 10.6%				4,593
TOTAL CORPORATE DEBT SECURITIES – 95.1%			$	41,195
(Cost: $43,940)
SHORT-TERM SECURITIES	Shares
Money Market Funds (F) – 3.6%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
0.390% (E)		902		902
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.310%		672		672
				1,574
TOTAL SHORT-TERM SECURITIES – 3.6%			$	1,574
(Cost: $1,574)
TOTAL INVESTMENT SECURITIES – 101.1%			$	43,815
(Cost: $46,796)
LIABILITIES, NET OF CASH AND OTHER ASSETS (G) – (1.1)%				(481	)
NET ASSETS – 100.0%			$	43,334

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2020. Description of the reference rate and spread, if applicable, are included in the security description.

(B) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $4,663 or 10.8% of net assets.

(C) All or a portion of securities with an aggregate value of $1,721 are on loan.

(D) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at March 31, 2020.

2020 SEMIANNUAL REPORT 55

SCHEDULE OF INVESTMENTS IVY CROSSOVER CREDIT FUND(in thousands)

MARCH 31, 2020 (UNAUDITED)

(E) Investment made with cash collateral received from securities on loan.

(F) Rate shown is the annualized7-day yield at March 31, 2020.

(G) Cash of $83 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at March 31, 2020 (contracts unrounded):

Description	Type		Number of Contracts	Expiration Date		Notional Amount		Value			Unrealized Depreciation
U.S.10-Year Treasury Note		Short	45		6–30–20		4,500	$	(6,241	)	$	(147	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Asset-Backed Securities	$	—	$	1,046	$	—
Corporate Debt Securities		—		41,195		—
Short-Term Securities		1,574		—		—
Total	$	1,574	$	42,241	$	—
Liabilities
Futures Contracts	$	147	$	—	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

56 SEMIANNUAL REPORT 2020

PORTFOLIO HIGHLIGHTS IVY GOVERNMENT SECURITIES FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Bonds	97.9%
United States Government and Government Agency Obligations	97.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.1%

Quality Weightings

Investment Grade	90.3%
AAA	40.5%
AA	49.8%
Non-Investment Grade	7.6%
Non-rated	7.6%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.1%

Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2020 SEMIANNUAL REPORT 57

SCHEDULE OF INVESTMENTS IVY GOVERNMENT SECURITIES FUND(in thousands)

MARCH 31, 2020 (UNAUDITED)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS	Principal		Value
Agency Obligations – 6.3%
Federal Farm Credit Bank:
3.560%, 10–6–32	$	5,000	$	6,352
3.460%, 2–22–33		3,500		4,417
Tennessee Valley Authority,
2.875%, 2–1–27		2,500		2,683
U.S. Department of Transportation,
6.001%, 12–7–21 (A)		8,000		8,679
U.S. International Development Finance Corp. (GTD by U.S. Government),
5.142%, 12–15–23		1,113		1,211
				23,342
Mortgage-Backed Obligations – 39.5%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
2.790%, 6–25–22		7,250		7,528
5.000%, 5–15–23		449		470
3.000%, 10–15–36		1,870		1,923
3.000%, 4–15–46		2,113		2,256
3.000%, 4–15–53		2,869		2,947
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to7-year U.S. Treasury index),
3.430%, 1–25–27 (B)		3,500		3,919
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
4.000%, 10–1–44		1,719		1,860
3.500%, 7–1–49		4,223		4,496
3.500%, 10–1–49		4,345		4,595
3.000%, 11–1–49		9,804		10,293
3.000%, 12–1–49		9,371		9,856
3.000%, 1–1–50		3,975		4,181
3.000%, 2–1–50		3,589		3,769
Federal National Mortgage Association Agency REMIC/CMO:
3.360%, 12–1–22		1,826		1,927
3.020%, 1–1–23		1,115		1,169
2.390%, 6–1–25		4,193		4,341
3.360%, 7–1–25		2,479		2,736
3.500%, 4–25–37		1,613		1,684
2.500%, 5–25–45		4,876		5,087
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
5.380%, 11–1–20		32		32
4.381%, 6–1–21		3,275		3,393

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS(Continued)	Principal		Value
Mortgage-Backed Obligations(Continued)
2.759%, 4–1–22	$	5,315	$	5,490
2.000%, 10–1–27		1,330		1,372
3.400%, 6–1–31		3,000		3,413
4.000%, 12–1–31		1,099		1,200
4.000%, 12–1–32		2,417		2,554
5.500%, 12–1–34		352		398
6.000%, 4–1–39		120		133
4.500%, 2–1–44		2,236		2,478
4.500%, 2–1–48		2,074		2,285
3.500%, 5–1–49		3,968		4,199
3.000%, 8–1–49		4,830		5,084
3.500%, 8–1–49		4,703		4,979
3.000%, 9–1–49		4,414		4,645
3.000%, 10–1–49		2,235		2,344
3.000%, 1–1–50		4,957		5,213
3.500%, 2–1–50		4,492		4,794
Government National Mortgage Association Agency REMIC/CMO:
2.000%, 3–16–42		6,362		6,536
3.000%, 4–20–48		4,000		4,271
3.500%, 4–20–48		3,951		4,472
Government National Mortgage Association Fixed Rate Pass-Through Certificates,
5.000%, 4–20–34		1,978		2,233
				146,555
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 45.8%			$	169,897
(Cost: $161,865)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 52.1%
U.S. Treasury Bonds:
2.750%, 8–15–42		2,500		3,228
2.500%, 2–15–45		500		625
2.250%, 8–15–49 (C)		8,550		10,402
2.000%, 2–15–50 (C)		4,000		4,646
U.S. Treasury Notes:
2.750%, 11–30–20		4,000		4,069
2.500%, 1–31–21		5,300		5,406
1.125%, 6–30–21		2,000		2,025
1.125%, 9–30–21		12,150		12,317
2.000%, 12–31–21		3,000		3,093
1.875%, 4–30–22		6,000		6,204
1.750%, 5–31–22		2,000		2,065

UNITED STATES GOVERNMENT OBLIGATIONS(Continued)	Principal		Value
Treasury Obligations(Continued)
2.000%, 10–31–22	$	2,000	$	2,089
1.625%, 11–15–22		9,375		9,707
2.000%, 11–30–22		1,000		1,046
2.750%, 7–31–23		7,500		8,109
2.625%, 12–31–23		8,150		8,852
2.125%, 2–29–24		8,000		8,562
2.000%, 4–30–24		17,000		18,141
2.125%, 7–31–24		17,500		18,823
1.875%, 8–31–24		4,000		4,264
1.500%, 9–30–24		8,575		9,011
2.125%, 5–15–25		10,000		10,862
2.000%, 8–15–25		4,000		4,329
1.625%, 2–15–26		5,000		5,327
1.625%, 5–15–26		5,500		5,870
1.500%, 1–31–27		7,825		8,327
2.250%, 2–15–27		6,000		6,695
2.375%, 5–15–27		1,000		1,128
2.250%, 8–15–27		500		561
2.875%, 5–15–28		2,000		2,359
1.625%, 8–15–29		2,500		2,715
1.750%, 11–15–29		1,050		1,154
1.500%, 2–15–30 (C)		1,000		1,078
				193,089
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 52.1%			$	193,089
(Cost: $180,227)
SHORT-TERM SECURITIES	Shares
Money Market Funds (D) – 1.6%
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.310%		6,070		6,070
TOTAL SHORT-TERM SECURITIES – 1.6%			$	6,070
(Cost: $6,070)
TOTAL INVESTMENT SECURITIES – 99.5%			$	369,056
(Cost: $348,162)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%				1,767
NET ASSETS – 100.0%			$	370,823

Notes to Schedule of Investments

(A) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $8,679 or 2.4% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2020. Description of the reference rate and spread, if applicable, are included in the security description.

(C) All or a portion of securities with an aggregate value of $11,288 are on loan.

(D) Rate shown is the annualized7-day yield at March 31, 2020.

58 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY GOVERNMENT SECURITIES FUND(in thousands)

MARCH 31, 2020 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
United States Government Agency Obligations	$	—	$	169,897	$	—
United States Government Obligations		—		193,089		—
Short-Term Securities		6,070		—		—
Total	$	6,070	$	362,986	$	—

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

REMIC = Real Estate Mortgage Investment Conduit

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 59

PORTFOLIO HIGHLIGHTS IVY INTERNATIONAL SMALL CAP FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Stocks	98.3%
Industrials	17.3%
Information Technology	13.8%
Communication Services	11.6%
Real Estate	11.6%
Consumer Discretionary	9.3%
Health Care	8.8%
Consumer Staples	8.8%
Financials	8.6%
Materials	5.6%
Energy	2.9%
Rights	0.0%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.7%

Country Weightings

Europe	49.2%
United Kingdom	14.8%
France	8.2%
Ireland	7.7%
Switzerland	5.6%
Other Europe	12.9%
Pacific Basin	48.5%
Japan	38.0%
Australia	4.2%
Other Pacific Basin	6.3%
North America	0.5%
Other	0.1%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.7%

Top 10 Equity Holdings

Company	Country	Sector	Industry
ARTERIA Networks Corp.	Japan	Communication Services	Alternative Carriers
Uniphar plc	Ireland	Health Care	Health Care Distributors
Kobe Bussan Co. Ltd.	Japan	Consumer Staples	Food Retail
Matsumotokiyoshi Holdings Co. Ltd.	Japan	Consumer Staples	Drug Retail
SCSK Corp.	Japan	Information Technology	IT Consulting & Other Services
Future plc	United Kingdom	Communication Services	Publishing
Logitech International S.A., Registered Shares	Switzerland	Information Technology	Technology Hardware, Storage & Peripherals
Rubis Group	France	Energy	Oil & Gas Storage & Transportation
SG Holdings Co. Ltd.	Japan	Industrials	Air Freight & Logistics
Alstom	France	Industrials	Construction Machinery & Heavy Trucks

See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

60 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY INTERNATIONAL SMALL CAP FUND(in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Consumer Discretionary – 0.3%
Ardent Leisure Group (A)		2,745	$	359
Financials – 1.6%
Steadfast Group Ltd.		1,480		2,231
Materials – 2.3%
Evolution Mining Ltd.		782		1,827
Nufarm Ltd.		449		1,389
				3,216
Total Australia – 4.2%				5,806
Austria
Real Estate – 0.5%
Immofinanz AG		40		720
Total Austria – 0.5%				720
Belgium
Information Technology – 1.4%
Barco N.V.		14		2,068
Total Belgium – 1.4%				2,068
Canada
Materials – 0.5%
Lundin Mining Corp.		188		698
Total Canada – 0.5%				698
France
Energy – 2.9%
Gaztransport et Technigaz S.A.		16		1,149
Rubis Group		73		3,020
				4,169
Financials – 0.1%
Rothschild & Co.		5		93
Health Care – 1.2%
Orpea S.A.		16		1,713
Industrials – 3.9%
Alstom		69		2,846
Teleperformance SE		13		2,700
				5,546
Information Technology – 0.1%
Sopra Steria Group S.A.		1		126
Total France – 8.2%				11,647
Germany
Health Care – 0.8%
Vivoryon Therapeutics AG (A)		260		1,088
Information Technology – 0.7%
Mynaric AG (A)(B)		27		1,034

COMMON STOCKS(Continued)	Shares		Value
Real Estate – 0.3%
PATRIZIA Immobilien AG		22	$	501
Total Germany – 1.8%				2,623
Hong Kong
Communication Services – 1.6%
HKBN Ltd.		1,417		2,230
Industrials – 1.0%
Pacific Basin Shipping Ltd.		11,505		1,368
Total Hong Kong – 2.6%				3,598
Ireland
Consumer Discretionary – 0.6%
Dalata Hotel Group plc		292		797
Consumer Staples – 0.7%
Total Produce plc		1,037		960
Financials – 1.1%
Greencoat Renewables plc		1,216		1,569
Health Care – 3.2%
UDG Healthcare plc		109		849
Uniphar plc (A)		2,635		3,662
				4,511
Industrials – 0.9%
Kingspan Group plc		24		1,280
Materials – 1.2%
Smurfit Kappa Group plc		64		1,813
Total Ireland – 7.7%				10,930
Isle of Man
Information Technology – 1.5%
Strix Group plc (B)		1,074		2,198
Total Isle of Man – 1.5%				2,198
Italy
Health Care – 0.5%
DiaSorin S.p.A. (A)		6		729
Total Italy – 0.5%				729
Japan
Communication Services – 5.4%
ARTERIA Networks Corp.		223		3,771
Capcom Co. Ltd.		57		1,772
Daiichikosho Co. Ltd.		56		1,504
Macromill, Inc.		113		648
				7,695
Consumer Discretionary – 5.1%
Komeda Holdings Co. Ltd.		159		2,449
NGK Spark Plug Co. Ltd.		126		1,760

COMMON STOCKS(Continued)	Shares			Value
Consumer Discretionary(Continued)
Ryohin Keikaku Co. Ltd.		148		$	1,644
Stanley Electric Co. Ltd.		82			1,604
					7,457
Consumer Staples – 4.5%
Kobe Bussan Co. Ltd.		83			3,278
Matsumotokiyoshi Holdings Co. Ltd.		86			3,135
					6,413
Financials – 1.7%
Bank of Kyoto Ltd. (The) (B)		78			2,459
Health Care – 1.2%
Nippon Shinyaku Co. Ltd.		23			1,809
Industrials – 8.3%
MISUMI Group, Inc.		80			1,724
Okamura Corp.		305			2,433
OSG Corp.		63			831
SATO Holdings Corp.		76			1,481
SG Holdings Co. Ltd.		121			2,889
Takeuchi Mfg Co. Ltd. (B)		120			1,482
Tsubaki Nakashima Co. Ltd.		170			1,054
					11,894
Information Technology – 4.8%
DISCO Corp.		13			2,490
Sansan, Inc. (A)		30			1,248
SCSK Corp.		71			3,128
					6,866
Materials – 1.2%
Zeon Corp.		236			1,764
Real Estate – 5.8%
GLPJ-REIT		2			2,049
Ichigo, Inc.		503			1,162
Kenedix Office Investment Corp.		—	*		2,230
TechnoPro Holdings, Inc.		60			2,800
					8,241
Total Japan – 38.0%					54,598
Jersey
Materials – 0.4%
Breedon Group plc (A)		652			545
Total Jersey – 0.4%					545
Luxembourg
Real Estate – 1.8%
Grand City Properties S.A.		121			2,528
Total Luxembourg – 1.8%					2,528
Netherlands
Information Technology – 1.3%
ASM International N.V.		18			1,863
Total Netherlands – 1.3%					1,863

2020 SEMIANNUAL REPORT 61

SCHEDULE OF INVESTMENTS IVY INTERNATIONAL SMALL CAP FUND(in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares		Value
Norway
Consumer Staples – 0.5%
SalMar ASA		24	$	784
Total Norway – 0.5%				784
Poland
Communication Services – 0.9%
CD Projekt S.A.		19		1,276
Total Poland – 0.9%				1,276
Singapore
Real Estate – 2.4%
City Developments Ltd.		239		1,210
Manulife U.S. REIT		3,239		2,338
				3,548
Total Singapore – 2.4%				3,548
South Korea
Financials – 1.3%
Hyundai Marine & Fire Insurance Co. Ltd.		103		1,908
Total South Korea – 1.3%				1,908
Spain
Health Care – 1.0%
Almirall S.A.		124		1,434
Total Spain – 1.0%				1,434
Switzerland
Consumer Staples – 1.7%
Barry Callebaut AG, Registered Shares		1		2,392
Financials – 1.0%
Helvetia Holding AG		18		1,510
Health Care – 0.7%
Vifor Pharma AG		7		984
Information Technology – 2.2%
Logitech International S.A., Registered Shares		72		3,102
Total Switzerland – 5.6%				7,988

COMMON STOCKS(Continued)	Shares		Value
United Arab Emirates
Information Technology – 0.1%
Network International Holdings plc (A)		19	$	90
Total United Arab Emirates – 0.1%				90
United Kingdom
Communication Services – 3.7%
Future plc		251		3,123
Rightmove plc		362		2,181
				5,304
Consumer Discretionary – 3.3%
City Pub Group plc (The)		252		212
Coats Group plc		2,232		1,162
Games Workshop Group plc		42		2,253
Gamesys Group plc (A)		32		292
Stock Spirits Group plc		384		765
				4,684
Consumer Staples – 1.4%
Cranswick plc		45		2,056
Financials – 1.8%
Draper Esprit plc (A)(B)		154		667
St. James’s Place plc		91		851
TP ICAP plc		248		1,033
				2,551
Health Care – 0.2%
Sensyne Health plc (A)(B)		629		352
Industrials – 1.9%
Diploma plc		87		1,744
National Express Group plc		377		955
				2,699
Information Technology – 1.7%
Avast plc		494		2,390
Real Estate – 0.8%
Great Portland Estates plc		126		1,063
Total United Kingdom – 14.8%				21,099
TOTAL COMMON STOCKS – 97.0%			$	138,678
(Cost: $158,975)

PREFERRED STOCKS	Shares		Value
Germany
Industrials – 1.3%
Sixt SE		49	$	1,891
Total Germany – 1.3%				1,891
TOTAL PREFERRED STOCKS – 1.3%			$	1,891
(Cost: $2,838)
RIGHTS
United Kingdom – 0.0%
City Pub Group plc (The)		57		12
TOTAL RIGHTS – 0.0%			$	12
(Cost: $26)
SHORT-TERM SECURITIES
Money Market Funds (C) – 2.8%
State Street Institutional U.S. Government Money Market Fund – Premier Class
0.310%		1,406		1,406
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares
0.390% (D)		2,659		2,659
				4,065
TOTAL SHORT-TERM SECURITIES – 2.8%			$	4,065
(Cost: $4,065)
TOTAL INVESTMENT SECURITIES – 101.1%			$	144,646
(Cost: $165,904)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.1)%				(1,641	)
NET ASSETS – 100.0%			$	143,005

Notes to Schedule of Investments

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) All or a portion of securities with an aggregate value of $2,611 are on loan.

(C) Rate shown is the annualized7-day yield at March 31, 2020.

(D) Investment made with cash collateral received from securities on loan.

62 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY INTERNATIONAL SMALL CAP FUND(in thousands)

MARCH 31, 2020 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Communication Services	$	—	$	16,505	$	—
Consumer Discretionary		—		13,297		—
Consumer Staples		—		12,605		—
Energy		—		4,169		—
Financials		1,569		10,752		—
Health Care		5,102		7,518		—
Industrials		—		22,787		—
Information Technology		2,198		17,539		—
Materials		—		8,036		—
Real Estate		—		16,601		—
Total Common Stocks	$	8,869	$	129,821	$	—
Preferred Stocks		—		1,891		—
Rights		—		12		—
Short-Term Securities		4,065		—		—
Total	$	12,934	$	131,712	$	—

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

Market Sector Diversification
(as a % of net assets)
Industrials	17.3%
Information Technology	13.8%
Real Estate	11.6%
Communication Services	11.6%
Consumer Discretionary	9.3%
Health Care	8.8%
Consumer Staples	8.8%
Financials	8.6%
Materials	5.6%
Energy	2.9%
Other+	1.7%

+ Includes liabilities (net of cash and other assets), and cash equivalents

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 63

PORTFOLIO HIGHLIGHTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Bonds	77.3%
Other Government Securities	77.3%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	22.7%

Quality Weightings

Investment Grade	53.2%
AA	4.1%
A	15.5%
BBB	33.6%
Non-Investment Grade	24.1%
BB	18.4%
B	0.3%
Non-rated	5.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	22.7%

Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Country Weightings

Pacific Basin	23.2%
Thailand	9.0%
Indonesia	5.8%
Malaysia	4.7%
Other Pacific Basin	3.7%
North America	4.8%
Mexico	4.8%
Europe	22.5%
Russia	7.3%
Hungary	4.2%
Czech Republic	4.1%
Poland	4.0%
Other Europe	2.9%
South America	19.0%
Brazil	8.5%
Peru	4.2%
Columbia	4.0%
Other South America	2.3%
Africa	7.8%
South Africa	7.8%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	22.7%

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

64 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (A)	Principal		Value
Brazil – 8.5%
Brazil Letras do Tesouro Nacional:
0.000%, 7–1–21 (B)(C)	BRL	1,550	$	285
0.000%, 1–1–22 (B)(C)		2,000		358
0.000%, 7–1–22 (B)(C)		2,100		363
0.000%, 7–1–23 (B)(C)		10,019		1,602
Brazil Notas do Tesouro Nacional:
10.000%, 1–1–23 (C)		12,700		2,714
10.000%, 1–1–25 (C)		10,245		2,224
10.000%, 1–1–27 (C)		1,400		305
6.000%, 8–15–28 (C)		631		465
6.000%, 5–15–35 (C)		570		434
				8,750
Chile – 2.1%
Chile Bonos Tesoreria:
4.500%, 3–1–21 (C)	CLP	410,000		495
4.500%, 3–1–26 (C)		120,000		153
4.700%, 9–1–30 (C)		140,000		179
5.000%, 3–1–35 (C)		480,000		624
6.000%, 1–1–43 (C)		470,000		702
				2,153
China – 1.2%
China Government Bond
3.250%, 6–6–26 (C)	CNH	8,500		1,244
Columbia – 4.0%
Colombian TES:
7.000%, 5–4–22 (C)	COP	1,047,600		267
10.000%, 7–24–24 (C)		1,506,200		421
7.500%, 8–26–26 (C)		1,993,600		498
6.000%, 4–28–28 (C)		2,948,500		670
7.750%, 9–18–30 (C)		2,396,000		604
7.000%, 6–30–32 (C)		4,251,900		1,009
7.250%, 10–18–34 (C)		2,830,600		687
				4,156
Czech Republic – 4.1%
Czech Republic Government Bond:
0.450%, 10–25–23 (C)	CZK	20,430		801
2.400%, 9–17–25 (C)		5,900		250
1.000%, 6–26–26 (C)		30,990		1,211
2.500%, 8–25–28 (C)		14,860		642
2.750%, 7–23–29 (C)		11,470		503
0.950%, 5–15–30 (C)		10,800		406
2.000%, 10–13–33 (C)		10,450		429
				4,242
Hungary – 4.2%
Hungary Government Bond:
6.000%, 11–24–23 (C)	HUF	132,520		469
2.500%, 10–24–24 (C)		306,620		975
5.500%, 6–24–25 (C)		261,910		951
1.000%, 11–26–25 (C)		124,770		370
2.750%, 12–22–26 (C)		188,070		604
6.750%, 10–22–28 (C)		87,140		349

OTHER GOVERNMENT SECURITIES (A)(Continued)	Principal		Value
Hungary(Continued)
3.000%, 8–21–30 (C)	HUF	85,480	$	267
3.000%, 10–27–38 (C)		113,000		324
				4,309
Indonesia – 5.8%
Indonesia Government Bond:
9.000%, 3–15–29 (C)	IDR	15,181,000		980
8.250%, 5–15–29 (C)		959,000		60
9.500%, 7–15–31 (C)		290,000		19
6.625%, 5–15–33 (C)		6,093,000		321
8.375%, 3–15–34 (C)		37,318,000		2,265
8.250%, 5–15–36 (C)		29,338,000		1,748
8.375%, 4–15–39 (C)		4,453,000		273
9.500%, 5–15–41 (C)		1,307,000		85
6.375%, 4–15–42 (C)		658,000		31
8.750%, 2–15–44 (C)		3,653,000		223
				6,005
Malaysia – 4.7%
Malaysia Government Bond:
3.955%, 9–15–25 (C)	MYR	762		184
4.392%, 4–15–26 (C)		3,700		909
3.900%, 11–30–26 (C)		900		215
3.899%, 11–16–27 (C)		7,277		1,736
3.733%, 6–15–28 (C)		1,196		282
4.498%, 4–15–30 (C)		1,118		274
4.232%, 6–30–31 (C)		2,700		653
4.127%, 4–15–32 (C)		681		163
3.844%, 4–15–33 (C)		561		132
4.935%, 9–30–43 (C)		760		196
4.736%, 3–15–46 (C)		200		49
4.921%, 7–6–48 (C)		273		71
				4,864
Mexico – 4.8%
Mexican Bonos:
7.250%, 12–9–21 (C)	MXN	40,000		1,713
8.000%, 12–7–23 (C)		14,800		654
8.500%, 5–31–29 (C)		9,330		425
7.750%, 11–23–34 (C)		7,500		322
10.000%, 11–20–36 (C)		11,300		579
8.500%, 11–18–38 (C)		7,083		316
7.750%, 11–13–42 (C)		14,210		585
8.000%, 11–7–47 (C)		9,350		394
				4,988
Peru – 4.2%
Republic of Peru:
5.700%, 8–12–24 (C)	PEN	2,516		831
6.350%, 8–12–28 (C)		3,205		1,032
5.940%, 2–12–29 (C)(D)		1,200		375
6.950%, 8–12–31 (C)		1,624		539
5.400%, 8–12–34 (C)(D)		1,056		305
6.900%, 8–12–37 (C)		2,762		920
6.850%, 2–12–42 (C)		906		295
				4,297

OTHER GOVERNMENT SECURITIES (A)(Continued)	Principal		Value
Philippines – 0.4%
Republic of Philippines:
4.950%, 1–15–21 (C)	PHP	10,000	$	194
6.250%, 1–14–36 (C)		10,000		245
				439
Poland – 4.0%
Poland Government Bond:
2.250%, 4–25–22 (C)	PLN	3,000		745
5.750%, 9–23–22 (C)		1,700		458
2.500%, 7–25–26 (C)		3,714		952
2.500%, 7–25–27 (C)		2,422		621
2.750%, 4–25–28 (C)		1,649		428
2.750%, 10–25–29 (C)		3,588		947
				4,151
Romania – 2.6%
Romania Government Bond:
5.950%, 6–11–21 (C)	RON	20		5
5.850%, 4–26–23 (C)		3,700		890
3.250%, 4–29–24 (C)		3,080		681
4.850%, 4–22–26 (C)		1,255		293
5.800%, 7–26–27 (C)		1,240		306
5.000%, 2–12–29 (C)		1,485		341
3.650%, 9–24–31 (C)		785		150
				2,666
Russia – 7.3%
Russia Government Bond:
7.500%, 8–18–21 (C)	RUB	17,351		225
7.000%, 1–25–23 (C)		17,985		232
7.000%, 8–16–23 (C)		124,796		1,617
7.100%, 10–16–24 (C)		20,000		261
8.150%, 2–3–27 (C)		84,407		1,171
7.050%, 1–19–28 (C)		161,566		2,110
6.900%, 5–23–29 (C)		20,811		270
8.500%, 9–17–31 (C)		25,000		364
7.700%, 3–23–33 (C)		23,550		325
7.250%, 5–10–34 (C)		39,096		520
7.700%, 3–16–39 (C)		27,797		386
				7,481
South Africa – 7.8%
Republic of South Africa:
10.500%, 12–21–26 (C)	ZAR	38,414		2,191
8.000%, 1–31–30 (C)		24,405		1,119
7.000%, 2–28–31 (C)		9,000		370
8.875%, 2–28–35 (C)		11,158		501
6.250%, 3–31–36 (C)		10,488		357
8.500%, 1–31–37 (C)		13,519		571
9.000%, 1–31–40 (C)		1,125		49
6.500%, 2–28–41 (C)		9,800		326
8.750%, 1–31–44 (C)		22,750		961
8.750%, 2–28–48 (C)		39,192		1,643
				8,088
Thailand – 9.0%
Thailand Government Bond:
2.400%, 12–17–23 (C)	THB	109,718		3,513
3.850%, 12–12–25 (C)		12,850		449

2020 SEMIANNUAL REPORT 65

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (A)(Continued)	Principal		Value
Thailand(Continued)
2.875%, 12–17–28 (C)	THB	24,048	$	816
1.600%, 12–17–29 (C)		27,000		835
3.775%, 6–25–32 (C)		2,966		111
3.400%, 6–17–36 (C)		7,344		274
3.300%, 6–17–38 (C)		69,927		2,567
2.875%, 6–17–46 (C)(E)		5,000		166
1.875%, 6–17–49 (C)		18,800		522
				9,253
Turkey – 2.1%
Turkey Government Bond:
12.200%, 1–18–23 (C)	TRY	6,392		964
9.000%, 7–24–24 (C)		2,000		265
10.600%, 2–11–26 (C)		1,789		244
11.000%, 2–24–27 (C)		626		86
10.500%, 8–11–27 (C)		2,673		359
12.400%, 3–8–28 (C)		1,497		219
				2,137
Ukraine – 0.3%
Ukraine Government Bond:
11.670%, 11–22–23 (C)	UAH	7,894		220
0.000%, 5–31–40 (B)	$	174		127
				347

OTHER GOVERNMENT SECURITIES (A)(Continued)	Principal		Value
Uruguay – 0.2%
Republica Orient Uruguay:
9.875%, 6–20–22 (C)	UYU	5,281	$	114
8.500%, 3–15–28 (C)		4,137		77
				191
TOTAL OTHER GOVERNMENT SECURITIES – 77.3%			$	79,761
(Cost: $91,420)
SHORT-TERM SECURITIES	Shares
Money Market Funds – 18.0% (F)
State Street Institutional U.S. Government Money Market Fund – Premier Class
0.310%		18,431		18,431
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares
0.390% (G)		144		144
				18,575

SHORT-TERM SECURITIES (Continued)	Principal		Value
Treasury Bills (H) – 1.0%
Egypt Government Treasury Bills:
13.950%, 5–7–29 (C)	EGP	8,700	$	613
11.770%, 5–26–20 (C)		6,700		418
				1,031
TOTAL SHORT-TERM SECURITIES – 19.0%			$	19,606
(Cost: $19,552)
TOTAL INVESTMENT SECURITIES – 96.3%			$	99,367
(Cost: $110,972)
CASH AND OTHER ASSETS, NET OF LIABILITIES (I)(J) – 3.7%				3,796
NET ASSETS – 100.0%			$	103,163

Notes to Schedule of Investments

* Not shown due to rounding.

(A) Other Government Securities may include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(B) Zero coupon bond.

(C) Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real, CLP - Chilean Peso, CNH -Chinese Yuan in Hong Kong, CNY - Chinese Yuan Renminbi, COP - Columbian Peso, CZK - Czech Koruna, EGP - Egypt Pound, HUF - Hungarian Forint, IDR - Indonesian Rupiah, ILS - Israeli Shekel, INR - Indian Rupee, KRW - South Korean Won, MXN - Mexican Peso, MYR - Malaysian Ringgit, PEN - Peruvian Neuvo Sol, PHP - Philippine Peso, PLN - Polish Zloty, RON - Romania Leu, RUB - Russian Ruble, THB - Thai Baht, TRY - Turkish New Lira, UAH - Ukraine Hryvnia, UYU - Uruguay Peso and ZAR - South African Rand).

(D) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $680 or 0.7% of net assets.

(E) All or a portion of securities with an aggregate value of $134 are on loan.

(F) Rate shown is the annualized7-day yield at March 31, 2020.

(G) Investment made with cash collateral received from securities on loan.

(H) Rate shown is the yield to maturity at March 31, 2020.

(I) Cash of $1,390 has been pledged as collateral on OTC forward foreign currency contracts.

(J) Cash of $1,695 has been pledged as collateal on centrally cleared swaps.

66 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

The following centrally cleared credit default swaps — buy protection⁽¹⁾ were outstanding at March 31, 2020:

Index	(Pay) Fixed Rate			Maturity Date		Notional Amount(2)		Value		Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Markit CDX Emerging Markets, Series 32 Index		(1.000	%)		12-20-24		400	$	46	$	50	$	(4	)
Markit CDX Emerging Markets, Series 33 Index		(1.000	%)		6-20-25		400		47		51		(4	)
Markit CDX Emerging Markets, Series 33 Index		(1.000	%)		6-20-25		400		46		59		(12	)
Markit CDX Emerging Markets, Series 33 Index		(1.000	%)		6-20-25		400		46		39		7
Federative Republic of Brazil		(1.000	%)		6-20-25		800		60		110		(50	)
Republic of Colombia		(1.000	%)		6-20-25		400		24		43		(19	)
Republic of South Africa		(1.000	%)		6-20-25		400		57		58		(1	)
								$	327	$	410	$	(83	)

The following centrally cleared credit default swaps — sold protection⁽³⁾ were outstanding at March 31, 2020:

Index	Receive Fixed Rate			Maturity Date		Implied Credit Spread at March 31, 2020(4)			Notional Amount(2)		Value			Upfront Payments/ (Receipts)		Unrealized Depreciation
Federation of Malaysia		1.000	%		12-20-24		1.798	%		1,000	$	(3	)	$	20	$	(23	)

The following over the counter credit default swaps — buy protection⁽¹⁾ were outstanding at March 31, 2020:

Referenced Obligation	Counterparty		(Pay) Fixed Rate			Maturity Date		Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation
Federation of Malaysia		Morgan Stanley & Co. International plc		(1.000	%)		6–20–24		157	$	—	*	$	(3	)	$	3
Federation of Malaysia		Goldman Sachs International		(1.000	%)		6–20–24		396		(1	)		(7	)		6
Federation of Malaysia		Morgan Stanley & Co. International plc		(1.000	%)		6–20–24		99		—	*		(2	)		2
Federation of Malaysia		Barclays Bank plc		(1.000	%)		6–20–24		30		—	*		—	*		—
Federation of Malaysia		Goldman Sachs International		(1.000	%)		12–20–24		800		2			(17	)		19
Federation of Malaysia		Barclays Bank plc		(1.000	%)		12–20–24		189		1			(4	)		5
										$	2		$	(33	)	$	35

The following over the counter credit default swaps — sold protection⁽³⁾ were outstanding at March 31, 2020:

Referenced Obligation	Counterparty		Receive Fixed Rate			Maturity Date		Implied Credit Spread at March 31, 2020(4)			Notional Amount(2)		Value			Upfront Payments/ (Receipts)		Unrealized Depreciation
State of Qatar		JPMorgan Chase Bank N.A.		1.000	%		6–20–24		1.542	%		460	$	(3	)	$	6	$	(9	)
State of Qatar		Barclays Bank plc		1.000	%		6–20–24		1.542			440		(3	)		6		(9	)
State of Qatar		Goldman Sachs International		1.000	%		12–20–24		1.637			800		(7	)		17		(24	)
State of Qatar		JPMorgan Chase Bank N.A.		1.000	%		12–20–24		1.637			189		(2	)		4		(6	)
Kingdom of Saudi Arabia		Morgan Stanley & Co. International plc		1.000	%		6–20–24		2.120			212		(5	)		3		(8	)
Kingdom of Saudi Arabia		JPMorgan Chase Bank N.A.		1.000	%		6–20–24		2.120			188		(5	)		3		(8	)
Kingdom of Saudi Arabia		Morgan Stanley & Co. International plc		1.000	%		6–24–24		2.123			188		(5	)		3		(8	)
Kingdom of Saudi Arabia		Barclays Bank plc		1.000	%		6–20–24		2.120			212		(5	)		3		(8	)
													$	(35	)	$	45	$	(80	)

(1) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and/or take delivery of the referenced

2020 SEMIANNUAL REPORT 67

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

(3) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and/or deliver the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues, or an index as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The following forward foreign currency contracts were outstanding at March 31, 2020:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
Philippine Peso		20,700	U.S. Dollar		407	4–1–20	Barclays Capital, Inc.	$	—	*	$	—
U.S. Dollar		406	Philippine Peso		20,700	4–1–20	Barclays Capital, Inc.		1			—
Brazilian Real		1,160	U.S. Dollar		231	4–2–20	Barclays Capital, Inc.		8			—
Chinese Yuan Renminbi		9,250	U.S. Dollar		1,305	4–3–20	Barclays Capital, Inc.		1			—
Malaysian Ringgit		440	U.S. Dollar		102	4–3–20	Barclays Capital, Inc.		—			—	*
U.S. Dollar		407	Chinese Yuan Renminbi		2,850	4–3–20	Barclays Capital, Inc.		—			5
Argentine Peso		34,736	U.S. Dollar		572	4–6–20	Barclays Capital, Inc.		35			—
Russian Ruble		15,400	U.S. Dollar		195	4–6–20	Barclays Capital, Inc.		—			1
Turkish New Lira		5,120	U.S. Dollar		837	4–7–20	Barclays Capital, Inc.		64			—
U.S. Dollar		235	Colombian Peso		770,000	4–8–20	Barclays Capital, Inc.		—			46
Russian Ruble		33,332	U.S. Dollar		426	4–9–20	Barclays Capital, Inc.		1			—
U.S. Dollar		1,304	Chinese Yuan Renminbi		9,250	4–13–20	Barclays Capital, Inc.		—	*		—
Euro		659	Canadian Dollar		1,020	4–14–20	Barclays Capital, Inc.		—			2
U.S. Dollar		790	Colombian Peso		3,230,000	4–15–20	Barclays Capital, Inc.		5			—
Thai Baht		20,000	U.S. Dollar		614	4–16–20	Barclays Capital, Inc.		4			—
Philippine Peso		20,700	U.S. Dollar		404	4–17–20	Barclays Capital, Inc.		—			2
U.S. Dollar		297	South Korean Won		379,000	4–23–20	Barclays Capital, Inc.		15			—
Japanese Yen		69,000	U.S. Dollar		635	4–24–20	Barclays Capital, Inc.		—			8
U.S. Dollar		314	Colombian Peso		1,300,000	4–30–20	Barclays Capital, Inc.		5			—
U.S. Dollar		808	Mexican Peso		15,700	5–5–20	Barclays Capital, Inc.		—			150
U.S. Dollar		379	Russian Ruble		25,400	5–6–20	Barclays Capital, Inc.		—			56
Turkish New Lira		4,960	U.S. Dollar		793	5–11–20	Barclays Capital, Inc.		52			—
U.S. Dollar		768	Turkish New Lira		4,890	5–11–20	Barclays Capital, Inc.		—			38
U.S. Dollar		468	Mexican Peso		10,001	5–12–20	Barclays Capital, Inc.		—			49
U.S. Dollar		311	Egyptian Pound		4,990	5–26–20	Barclays Capital, Inc.		—			1
Euro		710	Canadian Dollar		1,081	5–28–20	Barclays Capital, Inc.		—			16
Turkish New Lira		18,930	U.S. Dollar		2,947	5–28–20	Barclays Capital, Inc.		130			—
U.S. Dollar		622	Turkish New Lira		4,110	5–28–20	Barclays Capital, Inc.		—			11
U.S. Dollar		1,492	Japanese Yen		155,000	6–12–20	Barclays Capital, Inc.		—			46
Egyptian Pound		10,700	U.S. Dollar		611	12–16–20	Barclays Capital, Inc.		—			1
Chilean Peso		79,000	U.S. Dollar		93	4–1–20	Citibank N.A.		—	*		—
Peruvian New Sol		1,181	U.S. Dollar		343	4–1–20	Citibank N.A.		—			—	*
Philippine Peso		20,700	U.S. Dollar		408	4–1–20	Citibank N.A.		1			—
U.S. Dollar		93	Chilean Peso		79,000	4–1–20	Citibank N.A.		—			1

68 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
U.S. Dollar		339	Peruvian New Sol		1,181	4–1–20	Citibank N.A.	$	5		$	—
U.S. Dollar		407	Philippine Peso		20,700	4–1–20	Citibank N.A.		—			—	*
Brazilian Real		8,819	U.S. Dollar		1,765	4–2–20	Citibank N.A.		68			—
Colombian Peso		3,530,000	U.S. Dollar		921	4–2–20	Citibank N.A.		52			—
U.S. Dollar		2,685	Brazilian Real		12,191	4–2–20	Citibank N.A.		—			338
U.S. Dollar		881	Colombian Peso		3,530,000	4–2–20	Citibank N.A.		—			12
Chinese Yuan Renminbi		2,500	U.S. Dollar		355	4–3–20	Citibank N.A.		2			—
Indonesian Rupiah		23,980,000	U.S. Dollar		1,479	4–3–20	Citibank N.A.		9			—
Peruvian New Sol		1,144	U.S. Dollar		330	4–3–20	Citibank N.A.		—			3
Argentine Peso		23,300	U.S. Dollar		394	4–6–20	Citibank N.A.		33			—
Philippine Peso		9,497	U.S. Dollar		186	4–6–20	Citibank N.A.		—			—	*
Polish Zloty		2,860	U.S. Dollar		740	4–6–20	Citibank N.A.		49			—
U.S. Dollar		1,610	Polish Zloty		6,178	4–6–20	Citibank N.A.		—			116
U.S. Dollar		696	Romanian Leu		3,082	4–6–20	Citibank N.A.		7			—
Peruvian New Sol		570	U.S. Dollar		161	4–7–20	Citibank N.A.		—			5
Chinese Yuan Renminbi Offshore		8,950	U.S. Dollar		1,289	4–9–20	Citibank N.A.		27			—
Hungarian Forint		82,709	U.S. Dollar		256	4–9–20	Citibank N.A.		3			—
U.S. Dollar		1,054	South African Rand		16,500	4–9–20	Citibank N.A.		—			132
Canadian Dollar		1,036	Euro		660	4–14–20	Citibank N.A.		—			8
Czech Koruna		3,646	U.S. Dollar		162	4–14–20	Citibank N.A.		16			—
Hungarian Forint		1,068,676	U.S. Dollar		3,381	4–14–20	Citibank N.A.		112			—
Israeli Shekel		2,778	Euro		720	4–14–20	Citibank N.A.		10			—
Mexican Peso		9,213	U.S. Dollar		378	4–14–20	Citibank N.A.		—			9
Colombian Peso		700,000	U.S. Dollar		172	4–15–20	Citibank N.A.		—	*		—
Polish Zloty		3,111	U.S. Dollar		786	4–15–20	Citibank N.A.		34			—
U.S. Dollar		194	Colombian Peso		790,000	4–15–20	Citibank N.A.		1			—
Euro		620	U.S. Dollar		682	4–16–20	Citibank N.A.		—			3
Israeli Shekel		2,600	U.S. Dollar		693	4–16–20	Citibank N.A.		—			42
U.S. Dollar		512	Turkish New Lira		3,335	4–17–20	Citibank N.A.		—			10
Hungarian Forint		35,000	U.S. Dollar		115	4–20–20	Citibank N.A.		8			—
Polish Zloty		780	U.S. Dollar		186	4–20–20	Citibank N.A.		—			3
U.S. Dollar		31	Thai Baht		1,000	4–20–20	Citibank N.A.		—			—	*
U.S. Dollar		1,658	Turkish New Lira		10,706	4–20–20	Citibank N.A.		—			49
Nigerian Naira		91,300	U.S. Dollar		238	4���21–20	Citibank N.A.		9			—
Chilean Peso		1,098,000	U.S. Dollar		1,269	4–22–20	Citibank N.A.		—			14
Peruvian New Sol		719	U.S. Dollar		210	4–22–20	Citibank N.A.		—	*		—
Romanian Leu		5,151	U.S. Dollar		1,209	4–22–20	Citibank N.A.		36			—
U.S. Dollar		677	Chilean Peso		576,316	4–22–20	Citibank N.A.		—			3
U.S. Dollar		329	Hungarian Forint		107,000	4–22–20	Citibank N.A.		—			2
U.S. Dollar		260	Romanian Leu		1,156	4–22–20	Citibank N.A.		4			—
U.S. Dollar		1,210	Indonesian Rupiah		19,880,000	4–23–20	Citibank N.A.		6			—
Japanese Yen		69,000	U.S. Dollar		633	4–24–20	Citibank N.A.		—			9
Mexican Peso		39,286	U.S. Dollar		2,034	4–27–20	Citibank N.A.		384			—
U.S. Dollar		893	Peruvian New Sol		3,114	4–27–20	Citibank N.A.		14			—
U.S. Dollar		189	Turkish New Lira		1,240	4–28–20	Citibank N.A.		—			3
Egyptian Pound		6,410	U.S. Dollar		401	4–30–20	Citibank N.A.		—			1
Peruvian New Sol		621	U.S. Dollar		179	4–30–20	Citibank N.A.		—			1
U.S. Dollar		395	Egyptian Pound		6,410	4–30–20	Citibank N.A.		6			—
U.S. Dollar		159	Colombian Peso		650,000	5–4–20	Citibank N.A.		—	*		—
U.S. Dollar		1,007	Brazilian Real		5,148	5–5–20	Citibank N.A.		—			19
U.S. Dollar		803	Mexican Peso		15,700	5–5–20	Citibank N.A.		—			145

2020 SEMIANNUAL REPORT 69

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
Euro		363	Singapore Dollar		580	5–6–20	Citibank N.A.	$	7		$	—
U.S. Dollar		431	South African Rand		7,392	5–7–20	Citibank N.A.		—			20
Peruvian New Sol		1,392	U.S. Dollar		413	5–8–20	Citibank N.A.		8			—
U.S. Dollar		1,036	South African Rand		17,350	5–11–20	Citibank N.A.		—			71
Peruvian New Sol		1,194	U.S. Dollar		352	5–12–20	Citibank N.A.		5			—
Turkish New Lira		3,742	U.S. Dollar		602	5–12–20	Citibank N.A.		43			—
Turkish New Lira		3,256	U.S. Dollar		522	5–14–20	Citibank N.A.		36			—
U.S. Dollar		1,490	Turkish New Lira		9,609	5–14–20	Citibank N.A.		—			55
U.S. Dollar		111	Romanian Leu		486	5–18–20	Citibank N.A.		—			1
Peruvian New Sol		5,419	U.S. Dollar		1,521	5–19–20	Citibank N.A.		—			55
Egyptian Pound		10,310	U.S. Dollar		647	5–26–20	Citibank N.A.		8			—
Romanian Leu		490	U.S. Dollar		108	5–26–20	Citibank N.A.		—			3
U.S. Dollar		244	Colombian Peso		990,000	5–26–20	Citibank N.A.		—			1
U.S. Dollar		718	Egyptian Pound		11,603	5–26–20	Citibank N.A.		—			—	*
Hungarian Forint		122,290	U.S. Dollar		377	5–27–20	Citibank N.A.		3			—
U.S. Dollar		1,283	Mexican Peso		31,500	5–27–20	Citibank N.A.		34			—
U.S. Dollar		318	Russian Ruble		25,000	5–27–20	Citibank N.A.		—			—	*
Canadian Dollar		2,141	Euro		1,470	5–28–20	Citibank N.A.		103			—
Czech Koruna		18,234	Euro		710	5–28–20	Citibank N.A.		51			—
Euro		641	Czech Koruna		16,800	5–28–20	Citibank N.A.		—			32
U.S. Dollar		114	Polish Zloty		446	6–5–20	Citibank N.A.		—			6
U.S. Dollar		222	Romanian Leu		943	6–5–20	Citibank N.A.		—			7
Euro		1,330	U.S. Dollar		1,517	6–9–20	Citibank N.A.		46			—
U.S. Dollar		809	Euro		720	6–9–20	Citibank N.A.		—			13
U.S. Dollar		92	Turkish New Lira		582	6–11–20	Citibank N.A.		—			6
Japanese Yen		75,000	U.S. Dollar		700	6–12–20	Citibank N.A.		—	*		—
Turkish New Lira		291	U.S. Dollar		46	6–12–20	Citibank N.A.		3			—
Polish Zloty		550	U.S. Dollar		139	6–18–20	Citibank N.A.		6			—
South African Rand		1,900	U.S. Dollar		113	6–18–20	Citibank N.A.		8			—
U.S. Dollar		409	Hungarian Forint		128,172	6–19–20	Citibank N.A.		—			16
Romanian Leu		3,591	U.S. Dollar		814	6–22–20	Citibank N.A.		—			—	*
U.S. Dollar		588	Hungarian Forint		188,914	6–22–20	Citibank N.A.		—			10
U.S. Dollar		587	Romanian Leu		2,639	6–22–20	Citibank N.A.		11			—
South African Rand		5,287	U.S. Dollar		302	6–25–20	Citibank N.A.		9			—
U.S. Dollar		1,115	South African Rand		19,925	6–25–20	Citibank N.A.		—			13
U.S. Dollar		643	Polish Zloty		2,650	6–29–20	Citibank N.A.		—			2
Euro		359	Singapore Dollar		560	6–30–20	Citibank N.A.		—			3
Egyptian Pound		5,310	U.S. Dollar		312	7–15–20	Citibank N.A.		—			10
U.S. Dollar		542	Egyptian Pound		8,990	8–26–20	Citibank N.A.		—			6
Egyptian Pound		4,460	U.S. Dollar		254	9–10–20	Citibank N.A.		—			11
U.S. Dollar		290	Egyptian Pound		5,310	7–15–20	Deutsche Bank AG		32			—
Chilean Peso		79,000	U.S. Dollar		93	4–1–20	Goldman Sachs International		1			—
Peruvian New Sol		1,181	U.S. Dollar		332	4–1–20	Goldman Sachs International		—			12
U.S. Dollar		94	Chilean Peso		79,000	4–1–20	Goldman Sachs International		—			1
U.S. Dollar		343	Peruvian New Sol		1,181	4–1–20	Goldman Sachs International		1			—
Brazilian Real		2,522	U.S. Dollar		562	4–2–20	Goldman Sachs International		77			—
Malaysian Ringgit		8,360	U.S. Dollar		1,932	4–2–20	Goldman Sachs International		—			3
U.S. Dollar		1,966	Malaysian Ringgit		8,360	4–2–20	Goldman Sachs International		—			30
U.S. Dollar		678	Mexican Peso		16,026	4–2–20	Goldman Sachs International		—			3
Malaysian Ringgit		4,210	U.S. Dollar		972	4–3–20	Goldman Sachs International		—			2
U.S. Dollar		703	Indonesian Rupiah		9,880,000	4–3–20	Goldman Sachs International		—			98
U.S. Dollar		939	Malaysian Ringgit		3,950	4–3–20	Goldman Sachs International		—			25

70 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
Colombian Peso		660,000	U.S. Dollar		189	4–6–20	Goldman Sachs International	$	26	$	—
Polish Zloty		3,410	U.S. Dollar		863	4–6–20	Goldman Sachs International		39		—
Russian Ruble		158,700	U.S. Dollar		2,334	4–6–20	Goldman Sachs International		312		—
U.S. Dollar		163	Colombian Peso		660,000	4–6–20	Goldman Sachs International		—		1
U.S. Dollar		1,546	Mexican Peso		29,181	4–6–20	Goldman Sachs International		—		317
U.S. Dollar		801	Polish Zloty		3,030	4–6–20	Goldman Sachs International		—		68
U.S. Dollar		314	Romanian Leu		1,389	4–6–20	Goldman Sachs International		3		—
U.S. Dollar		3,340	Russian Ruble		221,017	4–6–20	Goldman Sachs International		—		527
U.S. Dollar		736	Turkish New Lira		4,390	4–7–20	Goldman Sachs International		—		73
Colombian Peso		3,880,000	U.S. Dollar		1,100	4–8–20	Goldman Sachs International		146		—
Hungarian Forint		282,521	U.S. Dollar		955	4–9–20	Goldman Sachs International		91		—
U.S. Dollar		403	Hungarian Forint		119,299	4–9–20	Goldman Sachs International		—		38
U.S. Dollar		1,187	Russian Ruble		78,255	4–9–20	Goldman Sachs International		—		190
Chilean Peso		79,000	U.S. Dollar		94	4–13–20	Goldman Sachs International		1		—
Euro		675	Israeli Shekel		2,700	4–14–20	Goldman Sachs International		18		—
Israeli Shekel		2,731	Euro		710	4–14–20	Goldman Sachs International		12		—
U.S. Dollar		123	Chilean Peso		104,159	4–14–20	Goldman Sachs International		—		1
U.S. Dollar		10,021	Mexican Peso		220,271	4–14–20	Goldman Sachs International		—		753
Mexican Peso		40,807	U.S. Dollar		1,850	4–15–20	Goldman Sachs International		134		—
Russian Ruble		57,162	U.S. Dollar		728	4–15–20	Goldman Sachs International		—		—	*
U.S. Dollar		966	Malaysian Ringgit		4,180	4–15–20	Goldman Sachs International		3		—
U.S. Dollar		26	Russian Ruble		1,981	4–15–20	Goldman Sachs International		—		1
Euro		1,260	U.S. Dollar		1,400	4–16–20	Goldman Sachs International		10		—
Israeli Shekel		2,600	U.S. Dollar		705	4–16–20	Goldman Sachs International		—		29
U.S. Dollar		1,475	Euro		1,320	4–16–20	Goldman Sachs International		—		18
U.S. Dollar		310	Thai Baht		10,200	4–16–20	Goldman Sachs International		1		—
Czech Koruna		16,200	Euro		590	4–20–20	Goldman Sachs International		—		1
Czech Koruna		2,900	U.S. Dollar		113	4–20–20	Goldman Sachs International		—		4
Euro		632	Czech Koruna		17,300	4–20–20	Goldman Sachs International		—		2
Philippine Peso		21,000	U.S. Dollar		408	4–20–20	Goldman Sachs International		—		3
U.S. Dollar		450	Malaysian Ringgit		1,919	4–20–20	Goldman Sachs International		—		6
U.S. Dollar		164	Thai Baht		5,345	4–20–20	Goldman Sachs International		—		2
Chilean Peso		496,143	U.S. Dollar		577	4–22–20	Goldman Sachs International		—		4
U.S. Dollar		463	Chilean Peso		387,000	4–22–20	Goldman Sachs International		—		10
U.S. Dollar		303	Romanian Leu		1,343	4–22–20	Goldman Sachs International		4		—
U.S. Dollar		740	Malaysian Ringgit		3,200	4–23–20	Goldman Sachs International		2		—
Euro		290	Mexican Peso		7,651	4–24–20	Goldman Sachs International		1		—
Euro		1,180	U.S. Dollar		1,302	4–27–20	Goldman Sachs International		—		1
U.S. Dollar		1,209	Colombian Peso		4,128,625	4–30–20	Goldman Sachs International		—		195
Romanian Leu		820	U.S. Dollar		188	5–4–20	Goldman Sachs International		1		—
U.S. Dollar		620	Indonesian Rupiah		10,200,000	5–4–20	Goldman Sachs International		4		—
Mexican Peso		46,800	U.S. Dollar		2,281	5–5–20	Goldman Sachs International		318		—
U.S. Dollar		633	Mexican Peso		12,300	5–5–20	Goldman Sachs International		—		117
U.S. Dollar		29	Singapore Dollar		40	5–6–20	Goldman Sachs International		—		1
South African Rand		12,400	U.S. Dollar		801	5–11–20	Goldman Sachs International		112		—
Turkish New Lira		5,060	U.S. Dollar		816	5–11–20	Goldman Sachs International		60		—
U.S. Dollar		775	Turkish New Lira		4,890	5–11–20	Goldman Sachs International		—		44
Mexican Peso		3,700	U.S. Dollar		147	5–12–20	Goldman Sachs International		—		8
Colombian Peso		660,000	U.S. Dollar		162	5–18–20	Goldman Sachs International		1		—
U.S. Dollar		715	South African Rand		10,900	5–26–20	Goldman Sachs International		—		110
U.S. Dollar		318	Mexican Peso		7,700	5–27–20	Goldman Sachs International		4		—
U.S. Dollar		1,590	Russian Ruble		124,900	5–27–20	Goldman Sachs International		—		6

2020 SEMIANNUAL REPORT 71

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
Czech Koruna		18,381	Euro		720	5–28–20	Goldman Sachs International	$	56		$	—
Turkish New Lira		2,070	U.S. Dollar		308	5–28–20	Goldman Sachs International		—	*		—
Mexican Peso		34,682	U.S. Dollar		1,431	5–29–20	Goldman Sachs International		—			18
Canadian Dollar		2,119	Euro		1,420	6–4–20	Goldman Sachs International		63			—
Mexican Peso		16,026	U.S. Dollar		672	6–4–20	Goldman Sachs International		3			—
U.S. Dollar		397	Romanian Leu		1,693	6–5–20	Goldman Sachs International		—			13
Euro		920	U.S. Dollar		992	6–9–20	Goldman Sachs International		—			25
Mexican Peso		2,800	U.S. Dollar		127	6–11–20	Goldman Sachs International		10			—
Russian Ruble		12,900	U.S. Dollar		171	6–11–20	Goldman Sachs International		8			—
U.S. Dollar		345	Russian Ruble		26,238	6–11–20	Goldman Sachs International		—			13
Japanese Yen		80,000	U.S. Dollar		756	6–12–20	Goldman Sachs International		10			—
Mexican Peso		5,984	U.S. Dollar		247	6–12–20	Goldman Sachs International		—			2
U.S. Dollar		1,506	Japanese Yen		156,000	6–12–20	Goldman Sachs International		—			51
U.S. Dollar		69	Romanian Leu		304	6–19–20	Goldman Sachs International		—	*		—
South African Rand		11,854	U.S. Dollar		671	6–25–20	Goldman Sachs International		14			—
U.S. Dollar		414	South African Rand		7,341	6–25–20	Goldman Sachs International		—			8
Euro		743	Singapore Dollar		1,140	6–30–20	Goldman Sachs International		—			19
Egyptian Pound		21,180	U.S. Dollar		1,292	8–26–20	Goldman Sachs International		28			—
Brazilian Real		1,100	U.S. Dollar		212	4–2–20	JPMorgan Securities LLC		—	*		—
U.S. Dollar		314	Brazilian Real		1,410	4–2–20	JPMorgan Securities LLC		—			42
Thai Baht		5,800	U.S. Dollar		179	4–3–20	JPMorgan Securities LLC		3			—
Turkish New Lira		1,590	U.S. Dollar		252	4–3–20	JPMorgan Securities LLC		12			—
U.S. Dollar		744	Indonesian Rupiah		11,200,000	4–3–20	JPMorgan Securities LLC		—			59
U.S. Dollar		326	Peruvian New Sol		1,143	4–3–20	JPMorgan Securities LLC		7			—
U.S. Dollar		707	Thai Baht		22,610	4–3–20	JPMorgan Securities LLC		—			18
Argentine Peso		13,200	U.S. Dollar		218	4–6–20	JPMorgan Securities LLC		14			—
Polish Zloty		1,550	U.S. Dollar		397	4–6–20	JPMorgan Securities LLC		22			—
U.S. Dollar		1,109	Argentine Peso		71,340	4–6–20	JPMorgan Securities LLC		—			6
U.S. Dollar		336	Peruvian New Sol		1,179	4–7–20	JPMorgan Securities LLC		8			—
Polish Zloty		150	U.S. Dollar		36	4–8–20	JPMorgan Securities LLC		—			1
Hungarian Forint		77,574	U.S. Dollar		236	4–9–20	JPMorgan Securities LLC		—			2
U.S. Dollar		230	Hungarian Forint		69,157	4–9–20	JPMorgan Securities LLC		—			18
Philippine Peso		21,100	U.S. Dollar		410	4–15–20	JPMorgan Securities LLC		—			4
U.S. Dollar		198	Peruvian New Sol		703	4–15–20	JPMorgan Securities LLC		7			—
U.S. Dollar		603	Euro		560	4–16–20	JPMorgan Securities LLC		15			—
U.S. Dollar		630	Israeli Shekel		2,300	4–16–20	JPMorgan Securities LLC		20			—
Australian Dollar		2,440	Japanese Yen		180,355	4–20–20	JPMorgan Securities LLC		178			—
Czech Koruna		16,893	Euro		620	4–20–20	JPMorgan Securities LLC		5			—
Euro		576	Czech Koruna		16,000	4–20–20	JPMorgan Securities LLC		7			—
Euro		590	Hungarian Forint		210,000	4–20–20	JPMorgan Securities LLC		—			9
Japanese Yen		179,103	Australian Dollar		2,440	4–20–20	JPMorgan Securities LLC		—			166
Euro		294	Mexican Peso		7,600	4–24–20	JPMorgan Securities LLC		—			5
Mexican Peso		15,600	Euro		594	4–24–20	JPMorgan Securities LLC		—	*		—
U.S. Dollar		1,841	Japanese Yen		203,000	4–24–20	JPMorgan Securities LLC		49			—
U.S. Dollar		1,277	Turkish New Lira		8,437	4–24–20	JPMorgan Securities LLC		—			10
Euro		1,770	U.S. Dollar		1,949	4–27–20	JPMorgan Securities LLC		—			5
U.S. Dollar		3,151	Euro		2,900	4–27–20	JPMorgan Securities LLC		50			—
U.S. Dollar		395	Peruvian New Sol		1,392	4–27–20	JPMorgan Securities LLC		10			—
Romanian Leu		1,569	U.S. Dollar		354	4–28–20	JPMorgan Securities LLC		—			3
U.S. Dollar		59	Romanian Leu		258	4–28–20	JPMorgan Securities LLC		—			—	*
South African Rand		14,900	U.S. Dollar		946	5–4–20	JPMorgan Securities LLC		117			—
Turkish New Lira		7,637	U.S. Dollar		1,199	5–4–20	JPMorgan Securities LLC		55			—

72 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
U.S. Dollar		212	Turkish New Lira		1,417	5–4–20	JPMorgan Securities LLC	$	—		$	—	*
Euro		368	Singapore Dollar		560	5–6–20	JPMorgan Securities LLC		—			12
Singapore Dollar		1,451	U.S. Dollar		1,070	5–6–20	JPMorgan Securities LLC		49			—
U.S. Dollar		734	Peruvian New Sol		2,533	5–7–20	JPMorgan Securities LLC		4			—
Turkish New Lira		2,850	U.S. Dollar		460	5–11–20	JPMorgan Securities LLC		34			—
U.S. Dollar		308	Turkish New Lira		2,024	5–11–20	JPMorgan Securities LLC		—			6
U.S. Dollar		558	Colombian Peso		1,890,000	5–18–20	JPMorgan Securities LLC		—			94
U.S. Dollar		2	Colombian Peso		10,000	5–26–20	JPMorgan Securities LLC		—	*		—
U.S. Dollar		246	Egyptian Pound		4,027	5–26–20	JPMorgan Securities LLC		3			—
Mexican Peso		15,500	U.S. Dollar		664	5–27–20	JPMorgan Securities LLC		16			—
U.S. Dollar		320	Mexican Peso		7,600	5–27–20	JPMorgan Securities LLC		—			2
Canadian Dollar		1,060	Euro		700	5–28–20	JPMorgan Securities LLC		20			—
Czech Koruna		18,860	Euro		740	5–28–20	JPMorgan Securities LLC		59			—
Euro		1,440	Canadian Dollar		2,140	5–28–20	JPMorgan Securities LLC		—			70
Euro		710	Czech Koruna		18,082	5–28–20	JPMorgan Securities LLC		—			57
Turkish New Lira		5,073	U.S. Dollar		774	5–28–20	JPMorgan Securities LLC		20			—
Canadian Dollar		1,820	U.S. Dollar		1,288	5–29–20	JPMorgan Securities LLC		—			6
Euro		1,250	U.S. Dollar		1,400	6–9–20	JPMorgan Securities LLC		17			—
U.S. Dollar		3,128	Euro		2,780	6–9–20	JPMorgan Securities LLC		—			53
U.S. Dollar		799	Polish Zloty		3,040	6–10–20	JPMorgan Securities LLC		—			64
U.S. Dollar		455	Russian Ruble		35,936	6–15–20	JPMorgan Securities LLC		—	*		—
U.S. Dollar		348	South African Rand		6,100	6–15–20	JPMorgan Securities LLC		—			11
South African Rand		11,200	U.S. Dollar		622	6–25–20	JPMorgan Securities LLC		3			—
Polish Zloty		3,140	U.S. Dollar		762	6–29–20	JPMorgan Securities LLC		3			—
U.S. Dollar		632	Polish Zloty		2,680	6–29–20	JPMorgan Securities LLC		15			—
Euro		1,097	Singapore Dollar		1,680	6–30–20	JPMorgan Securities LLC		—			31
Singapore Dollar		3,110	Euro		2,060	6–30–20	JPMorgan Securities LLC		88			—
U.S. Dollar		1,927	Euro		1,740	7–1–20	JPMorgan Securities LLC		—			1
U.S. Dollar		1,289	Japanese Yen		139,000	7–1–20	JPMorgan Securities LLC		9			—
U.S. Dollar		302	Egyptian Pound		4,990	8–26–20	JPMorgan Securities LLC		—			4
Egyptian Pound		5,190	U.S. Dollar		306	9–10–20	JPMorgan Securities LLC		—			2
Euro		2,932	Hungarian Forint		1,040,239	9–30–20	JPMorgan Securities LLC		—			64
Hungarian Forint		520,779	Euro		1,466	3–30–21	JPMorgan Securities LLC		35			—
U.S. Dollar		1,273	Chinese Yuan Renminbi		8,900	4–3–20	Morgan Stanley International		—			18
U.S. Dollar		200	Indonesian Rupiah		2,900,000	4–3–20	Morgan Stanley International		—			22
U.S. Dollar		166	Malaysian Ringgit		700	4–3–20	Morgan Stanley International		—			4
Polish Zloty		2,810	U.S. Dollar		716	4–6–20	Morgan Stanley International		37			—
Russian Ruble		54,100	U.S. Dollar		721	4–6–20	Morgan Stanley International		32			—
U.S. Dollar		149	Philippine Peso		7,600	4–6–20	Morgan Stanley International		1			—
U.S. Dollar		2,280	Polish Zloty		8,640	4–8–20	Morgan Stanley International		—			191
Hungarian Forint		60,310	U.S. Dollar		184	4–9–20	Morgan Stanley International		—			—	*
South African Rand		11,935	U.S. Dollar		830	4–9–20	Morgan Stanley International		164			—
Hungarian Forint		175,754	U.S. Dollar		593	4–14–20	Morgan Stanley International		56			—
U.S. Dollar		3,349	Hungarian Forint		1,030,189	4–14–20	Morgan Stanley International		—			199
Czech Koruna		19,547	U.S. Dollar		841	4–15–20	Morgan Stanley International		54			—
U.S. Dollar		571	Russian Ruble		42,490	4–15–20	Morgan Stanley International		—			29
Israeli Shekel		1,300	U.S. Dollar		338	4–16–20	Morgan Stanley International		—			29
U.S. Dollar		338	Israeli Shekel		1,300	4–16–20	Morgan Stanley International		29			—
Hungarian Forint		218,537	Euro		640	4–20–20	Morgan Stanley International		38			—
Hungarian Forint		212,000	U.S. Dollar		677	4–22–20	Morgan Stanley International		28			—
Polish Zloty		3,833	U.S. Dollar		967	4–22–20	Morgan Stanley International		41			—
U.S. Dollar		317	Hungarian Forint		105,000	4–22–20	Morgan Stanley International		5			—

2020 SEMIANNUAL REPORT 73

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
U.S. Dollar		10	Polish Zloty		40	4–22–20	Morgan Stanley International		—			1
U.S. Dollar		2,140	Polish Zloty		8,838	4–23–20	Morgan Stanley International		—			4
Czech Koruna		21,302	U.S. Dollar		913	4–24–20	Morgan Stanley International		56			—
Japanese Yen		69,000	U.S. Dollar		629	4–24–20	Morgan Stanley International		—			14
U.S. Dollar		913	Czech Koruna		21,195	4–24–20	Morgan Stanley International		—			60
U.S. Dollar		300	Indonesian Rupiah		5,000,000	4–27–20	Morgan Stanley International		5			—
Colombian Peso		5,080,000	U.S. Dollar		1,233	4–30–20	Morgan Stanley International		—			15
South African Rand		6,971	U.S. Dollar		472	4–30–20	Morgan Stanley International		84			—
U.S. Dollar		1,398	South African Rand		22,418	4–30–20	Morgan Stanley International		—			149
U.S. Dollar		1,077	Euro		955	5–6–20	Morgan Stanley International		—			22
South African Rand		9,116	U.S. Dollar		611	5–8–20	Morgan Stanley International		104			—
U.S. Dollar		542	South African Rand		8,996	5–8–20	Morgan Stanley International		—			41	��
U.S. Dollar		501	South African Rand		8,017	5–12–20	Morgan Stanley International		—			56
U.S. Dollar		3,573	Polish Zloty		14,087	5–20–20	Morgan Stanley International		—			169
Egyptian Pound		10,310	U.S. Dollar		645	5–26–20	Morgan Stanley International		6			—
South African Rand		12,400	U.S. Dollar		810	5–26–20	Morgan Stanley International		122			—
Euro		539	Czech Koruna		14,700	5–28–20	Morgan Stanley International		—			4
South African Rand		22,933	U.S. Dollar		1,495	5–29–20	Morgan Stanley International		223			—
U.S. Dollar		893	South African Rand		15,921	5–29–20	Morgan Stanley International		—			10
Euro		1,410	Canadian Dollar		2,111	6–4–20	Morgan Stanley International		—			58
South African Rand		5,931	U.S. Dollar		374	6–4–20	Morgan Stanley International		46			—
U.S. Dollar		781	South African Rand		12,349	6–4–20	Morgan Stanley International		—			96
South African Rand		6,531	U.S. Dollar		422	6–5–20	Morgan Stanley International		60			—
U.S. Dollar		409	Czech Koruna		9,389	6–5–20	Morgan Stanley International		—			31
U.S. Dollar		127	Polish Zloty		490	6–5–20	Morgan Stanley International		—			9
South African Rand		4,443	U.S. Dollar		283	6–9–20	Morgan Stanley International		37			—
U.S. Dollar		652	Czech Koruna		14,847	6–12–20	Morgan Stanley International		—			54
South African Rand		5,600	U.S. Dollar		324	6–15–20	Morgan Stanley International		14			—
Hungarian Forint		40,000	U.S. Dollar		123	6–19–20	Morgan Stanley International		—	*		—
South African Rand		19,151	U.S. Dollar		1,109	6–22–20	Morgan Stanley International		50			—
U.S. Dollar		570	Czech Koruna		14,196	6–22–20	Morgan Stanley International		2			—
U.S. Dollar		903	Hungarian Forint		291,758	6–22–20	Morgan Stanley International		—			9
South African Rand		11,700	U.S. Dollar		650	7–2–20	Morgan Stanley International		4			—
								$	5,456		$	6,673

The following centrally cleared interest rate swap agreements were outstanding at March 31, 2020:

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(C)		Value		Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Goldman Sachs International	Receive	28-Day Mexico Equilibrium Interbank Interest Rate		6.813	%	12/14/2022	MXN	2,536	$	41	$	—	$	41
Goldman Sachs International	Pay	3-Month Colombia Overnight Interbank Reference Rate		4.370	%	6/17/2022	COP	2,005		26		—		26
Goldman Sachs International	Pay	3-Month Colombia Overnight Interbank Reference Rate		4.490	%	6/17/2022		2,002		30		—		30
Goldman Sachs International	Receive	3-Month Colombia Overnight Interbank Reference Rate		5.620	%	6/17/2030		621		52		—		52

74 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

Counterparty	Pay/Receive Floating Rate		Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(C)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Goldman Sachs International		Receive	3-Month Colombia Overnight Interbank Reference Rate		5.800	%	6/17/2030		619	$	48		$	—	$	48
Goldman Sachs International		Receive	3-Month Johannesburg Interbank Agreed Rate		5.710	%	12/16/2022	ZAR	1,490		(9	)		—		(9	)
Goldman Sachs International		Pay	3-Month Johannesburg Interbank Agreed Rate		9.710	%	12/16/2030		631		18			—		18
Goldman Sachs International		Pay	3-Month LIBOR		0.610	%	12/16/2025	$	1,339		6			—		6
Goldman Sachs International		Receive	3-Month LIBOR		0.840	%	12/16/2050		247		3			—		3
Goldman Sachs International		Receive	6-Month Budapest Interbank Offered Rate		1.420	%	6/17/2025	HUF	844		(17	)		—		(17	)
Goldman Sachs International		Pay	6-Month Warsaw Interbank Offered Rate		0.730	%	9/16/2022	PLN	3,409		3			—		3
Goldman Sachs International		Receive	6-Month Warsaw Interbank Offered Rate		1.132	%	9/16/2030		773		(3	)		—		(3	)
Goldman Sachs International		Pay	7-Day China Fixing Repo Rates		2.495	%	2/4/2023	CNY	1,477		16			—		16
JPMorgan Chase Bank N.A.		Receive	1-Day Brazil Interbank Deposit Rate		4.805	%	1/3/2023	BRL	617		—	*		—		—	*
JPMorgan Chase Bank N.A.		Receive	1-Day Brazil Interbank Deposit Rate		5.830	%	1/3/2023		771		—	*		—		—	*
JPMorgan Chase Bank N.A.		Receive	1-Day South Korean Won Certificate of Deposit		1.383	%	3/18/2022	KRW	790		6			—		6
JPMorgan Chase Bank N.A.		Receive	28-Day Mexico Equilibrium Interbank Interest Rate		6.853	%	9/15/2022	MXN	936		17			—		17
JPMorgan Chase Bank N.A.		Pay	28-Day Mexico Equilibrium Interbank Interest Rate		7.015	%	12/14/2022		3,243		62			—		62
JPMorgan Chase Bank N.A.		Pay	28-Day Mexico Equilibrium Interbank Interest Rate		6.245	%	12/13/2023		4,406		(7	)		—		(7	)
JPMorgan Chase Bank N.A.		Pay	28-Day Mexico Equilibrium Interbank Interest Rate		6.340	%	12/13/2023		4,413		(1	)		—		(1	)
JPMorgan Chase Bank N.A.		Receive	28-Day Mexico Equilibrium Interbank Interest Rate		7.198	%	9/11/2025		3,121		70			—		70
JPMorgan Chase Bank N.A.		Pay	28-Day Mexico Equilibrium Interbank Interest Rate		7.420	%	9/9/2027		2,228		52			—		52
JPMorgan Chase Bank N.A.		Receive	28-Day Mexico Equilibrium Interbank Interest Rate		7.140	%	12/12/2029		2,779		55			—		55
JPMorgan Chase Bank N.A.		Receive	28-Day Mexico Equilibrium Interbank Interest Rate		7.180	%	12/12/2029		2,701		50			—		50
JPMorgan Chase Bank N.A.		Pay	28-Day Mexico Equilibrium Interbank Interest Rate		7.475	%	9/5/2030		704		12			—		12
JPMorgan Chase Bank N.A.		Receive	3-Month Johannesburg Interbank Agreed Rate		6.350	%	6/17/2022	ZAR	1,958		(36	)		—		(36	)
JPMorgan Chase Bank N.A.		Receive	3-Month Johannesburg Interbank Agreed Rate		5.835	%	12/16/2022		1,496		(13	)		—		(13	)
JPMorgan Chase Bank N.A.		Pay	3-Month Johannesburg Interbank Agreed Rate		9.615	%	12/16/2030		629		15			—		15
JPMorgan Chase Bank N.A.		Pay	3-Month LIBOR		0.765	%	12/16/2025	$	1,349		16			—		16
JPMorgan Chase Bank N.A.		Receive	3-Month LIBOR		1.010	%	12/16/2050		247		(6	)		—		(6	)
JPMorgan Chase Bank N.A.		Pay	6-Month Budapest Interbank Offered Rate		0.460	%	9/16/2022	HUF	604		(2	)		—		(2	)

2020 SEMIANNUAL REPORT 75

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

Counterparty	Pay/Receive Floating Rate		Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(C)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank N.A.		Pay	6-Month Budapest Interbank Offered Rate		0.570	%	9/16/2022	HUF	3,472	$	(6	)	$	—	$	(6	)
JPMorgan Chase Bank N.A.		Pay	6-Month Budapest Interbank Offered Rate		0.620	%	9/16/2022		1,058		(1	)		—		(1	)
JPMorgan Chase Bank N.A.		Receive	6-Month Budapest Interbank Offered Rate		1.395	%	9/16/2030		834		19			—		19
JPMorgan Chase Bank N.A.		Receive	6-Month Budapest Interbank Offered Rate		1.800	%	9/16/2030		260		(2	)		—		(2	)
JPMorgan Chase Bank N.A.		Receive	6-Month Budapest Interbank Offered Rate		1.580	%	9/16/2030		149		1			—		1
JPMorgan Chase Bank N.A.		Receive	6-Month Warsaw Interbank Offered Rate		0.678	%	9/16/2022	PLN	3,405		—	*		—		—	*
JPMorgan Chase Bank N.A.		Pay	6-Month Warsaw Interbank Offered Rate		0.830	%	9/16/2023		1,288		3			—		3
JPMorgan Chase Bank N.A.		Receive	6-Month Warsaw Interbank Offered Rate		0.730	%	9/16/2024		2,188		(6	)		—		(6	)
JPMorgan Chase Bank N.A.		Receive	6-Month Warsaw Interbank Offered Rate		1.400	%	6/17/2025		806		(21	)		—		(21	)
JPMorgan Chase Bank N.A.		Pay	6-Month Warsaw Interbank Offered Rate		0.991	%	9/16/2025		811		4			—		4
JPMorgan Chase Bank N.A.		Receive	6-Month Warsaw Interbank Offered Rate		1.150	%	9/16/2030		773		(4	)		—		(4	)
JPMorgan Chase Bank N.A.		Pay	6-Month Warsaw Interbank Offered Rate		1.160	%	9/16/2030		429		3			—		3
JPMorgan Chase Bank N.A.		Pay	7-Day China Fixing Repo Rates		2.475	%	2/4/2023	CNY	1,476		15			—		15
Morgan Stanley & Co. International plc		Pay	3-Month Johannesburg Interbank Agreed Rate		6.530	%	6/17/2025	ZAR	1,034		(13	)		—		(13	)
Morgan Stanley & Co. International plc		Receive	6-Month Budapest Interbank Offered Rate		1.440	%	6/17/2025	HUF	844		(18	)		—		(18	)
										$	478		$	—	$	478

The following over the counter interest rate swap agreements were outstanding at March 31, 2020:

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(C)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Barclays Bank plc	Pay	6-Month LIBOR		7.650	%	3/9/2024	IDR	1,043	$	(50	)	$	—	$	(50	)
Citibank N.A.	Pay	1-Day South Korean Won Certificate of Deposit		1.365	%	12/18/2021	KRW	3,986		27			—		27
Citibank N.A.	Receive	3-Month Kuala Lumpur Interbank Offered Rate		3.213	%	12/10/2021	MYR	2,450		32			—		32
Citibank N.A.	Pay	3-Month Kuala Lumpur Interbank Offered Rate		2.450	%	3/16/2022		2,156		3			—		3
Citibank N.A.	Pay	3-Month Kuala Lumpur Interbank Offered Rate		2.420	%	3/18/2022		2,107		2			—		2
Citibank N.A.	Receive	3-Month Kuala Lumpur Interbank Offered Rate		3.229	%	12/10/2024		1,001		(31	)		—		(31	)
Citibank N.A.	Receive	3-Month Kuala Lumpur Interbank Offered Rate		2.540	%	3/18/2025		851		(3	)		—		(3	)
Citibank N.A.	Receive	3-Month Kuala Lumpur Interbank Offered Rate		2.610	%	3/16/2030		520		8			—		8

76 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

Counterparty	Pay/Receive Floating Rate		Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(C)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Citibank N.A.		Pay	7-Day China Fixing Repo Rates		2.600	%	7/5/2022	CNY	1,565	$	21		$	—	$	21
Credit Suisse International		Receive	1-Day Mumbai Interbank Outright Rate		6.615	%	3/20/2023	INR	1,959		(62	)		—		(62	)
Goldman Sachs International		Pay	1-Day Mumbai Interbank Outright Rate		6.319	%	12/20/2020		846		(2	)		—		(2	)
Goldman Sachs International		Pay	3-Month Kuala Lumpur Interbank Offered Rate		3.215	%	12/10/2021	MYR	2,450		32			—		32
Goldman Sachs International		Receive	3-Month Kuala Lumpur Interbank Offered Rate		3.234	%	12/10/2024		1,001		(31	)		—		(31	)
Goldman Sachs International		Receive	3-Month RUB NFEA MosPrime Rate		7.100	%	12/16/2023	RUB	1,203		(1	)		—		(1	)
Goldman Sachs International		Pay	3-Month Tel Aviv Interbank Offered Rate		1.040	%	9/16/2030	ILS	435		2			—		2
Goldman Sachs International		Pay	3-Month Tel Aviv Interbank Offered Rate		1.070	%	9/16/2030		374		3			—		3
Goldman Sachs International		Pay	7-Day China Fixing Repo Rates		2.629	%	7/5/2022	CNY	1,566		22			—		22
JPMorgan Chase Bank N.A.		Pay	1-Day Mumbai Interbank Outright Rate		6.385	%	12/19/2020	INR	1,590		—	*		—		—	*
JPMorgan Chase Bank N.A.		Pay	1-Day Mumbai Interbank Outright Rate		6.320	%	12/20/2020		720		(2	)		—		(2	)
JPMorgan Chase Bank N.A.		Pay	1-Day South Korean Won Certificate of Deposit		1.365	%	12/18/2021	KRW	1,663		11			—		11
JPMorgan Chase Bank N.A.		Pay	1-Day South Korean Won Certificate of Deposit		1.365	%	12/18/2021		2,323		16			—		16
JPMorgan Chase Bank N.A.		Receive	1-Day South Korean Won Certificate of Deposit		1.384	%	12/18/2024		964		(15	)		—		(15	)
JPMorgan Chase Bank N.A.		Receive	1-Day South Korean Won Certificate of Deposit		1.384	%	12/18/2024		690		(10	)		—		(10	)
JPMorgan Chase Bank N.A.		Pay	3-Month RUB NFEA MosPrime Rate		6.490	%	12/16/2022	RUB	2,153		(20	)		—		(20	)
JPMorgan Chase Bank N.A.		Pay	6-Month LIBOR		9.800	%	10/9/2022	IDR	123		(35	)		—		(35	)
Morgan Stanley & Co. International plc		Pay	3-Month Kuala Lumpur Interbank Offered Rate		3.205	%	1/9/2022	MYR	4,911		66			—		66
Morgan Stanley & Co. International plc		Receive	3-Month Kuala Lumpur Interbank Offered Rate		3.340	%	1/9/2030		1,208		(44	)		—		(44	)
Morgan Stanley & Co. International plc		Receive	6-Month LIBOR		7.400	%	4/24/2024	IDR	647		(110	)		—		(110	)
										$	(171	)	$	—	$	(171	)

2020 SEMIANNUAL REPORT 77

SCHEDULE OF INVESTMENTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Other Government Securities	$	—	$	79,761	$	—
Short-Term Securities		18,575		1,031		—
Total	$	18,575	$	80,792	$	—
Centrally Cleared Credit Default Swaps	$	7	$	—	$	—
Over the Counter Credit Default Swaps	$	—	$	3	$	—
Forward Foreign Currency Contracts	$	—	$	5,456	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	643	$	—
Over the Counter Interest Rate Swaps	$	—	$	245	$	—
Liabilities
Centrally Cleared Credit Default Swaps	$	34	$	79	$	—
Over the Counter Credit Default Swaps	$	—	$	36	$	—
Forward Foreign Currency Contracts	$	—	$	6,673	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	165	$	—
Over the Counter Interest Rate Swaps	$	—	$	416	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

Market Sector Diversification
(as a % of net assets)
Other Government Securities	77.3%
Other+	22.7%

+ Includes cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

78 SEMIANNUAL REPORT 2020

PORTFOLIO HIGHLIGHTS IVY PICTET TARGETED RETURN BOND FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Purchased Options	0.3%
Bonds	83.5%
Other Government Securities	38.7%
Corporate Debt Securities	22.7%
United States Government and Government Agency Obligations	22.1%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	16.2%

Quality Weightings

Investment Grade	73.0%
AAA	40.0%
AA	9.7%
A	6.1%
BBB	17.2%
Non-Investment Grade	10.5%
BB	6.7%
B	3.6%
CCC	0.0%
Below CCC	0.0%
Non-rated	0.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ and Purchased Options	16.5%

Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Country Weightings

North America	36.6%
United States	29.4%
Canada	7.0%
Other North America	0.2%
Europe	33.5%
Germany	16.2%
Other Europe	17.3%
Pacific Basin	6.0%
South America	2.4%
Other	2.7%
Bahamas/Caribbean	1.4%
Asia	0.4%
Africa	0.3%
Middle East	0.2%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Purchased Options	16.5%

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2020 SEMIANNUAL REPORT 79

SCHEDULE OF INVESTMENTS IVY PICTET TARGETED RETURN BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

PURCHASED OPTIONS	Number of Contracts (Unrounded)		Notional Amount		Value
EUR versus USD,
Call $1.12, Expires 6–4–20, OTC (Ctrpty: Barclays Capital, Inc.)		7,640,000		7,640	$	67
GBP versus USD,
Put $1.22, Expires 11–26–20, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		8,880,000		8,880		276
USD versus ZAR,
Call $16.45, Expires 6–3–20, OTC (Ctrpty: Goldman Sachs International)		4,260,000		4,260		402
TOTAL PURCHASED OPTIONS – 0.3%					$	745
(Cost: $302)

CORPORATE DEBT SECURITIES	Principal
Communication Services
Broadcasting – 0.5%
Discovery Communications LLC (GTD by Discovery, Inc.),
5.300%, 5–15–49	$	369	374
Fox Corp.,
5.576%, 1–25–49		372	445
			819
Cable & Satellite – 0.6%
Altice France S.A.,
5.875%, 2–1–27 (A)	EUR	363	405
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.,
5.750%, 4–1–48	$	450	511
Summer BidCo B.V. (9.000% Cash or 9.750% PIK),
9.000%, 11–15–25 (A)(B)	EUR	200	197
			1,113
Integrated Telecommunication Services – 0.6%
AT&T, Inc.:
4.250%, 6–1–43 (A)	GBP	176	236
5.150%, 2–15–50	$	455	544
CK Hutchison Group Telecom Finance S.A.,
1.500%, 10–17–31 (A)	EUR	200	200
Oi S.A. (10.000% Cash or 8.000% Cash and 4.000% PIK),
10.000%, 7–27–25 (B)	$	215	147
			1,127
Total Communication Services – 1.7%			3,059

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 0.2%
PVH Corp.,
3.125%, 12–15–27 (A)	EUR	340	$	356
Auto Parts & Equipment – 0.4%
Grupo-Antolin Irausa S.A.,
3.250%, 4–30–24 (A)		134		96
IHO Verwaltungs GmbH (3.875% Cash or 3.875% PIK),
3.875%, 5–15–27 (A)(B)		300		251
ZF Europe Finance B.V.,
3.000%, 10–23–29 (A)		400		312
				659
Automobile Manufacturers – 0.1%
Jaguar Land Rover Automotive plc,
5.875%, 11–15–24 (A)		220		179
Home Improvement Retail – 0.3%
Lowe’s Co., Inc.,
4.550%, 4–5–49	$	470		520
Restaurants – 0.1%
Starbucks Corp.,
4.450%, 8–15–49		246		281
Total Consumer Discretionary – 1.1%				1,995
Consumer Staples
Brewers – 0.3%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
5.800%, 1–23–59		365		447
Drug Retail – 0.3%
CVS Health Corp.,
5.050%, 3–25–48		489		555
Packaged Foods & Meats – 0.2%
Mars, Inc.,
4.200%, 4–1–59 (C)		395		433
Total Consumer Staples – 0.8%				1,435
Energy
Integrated Oil & Gas – 1.3%
Nexen Energy ULC,
6.400%, 5–15–37		229		312
Pemex Project Funding Master Trust (GTD by Petroleos Mexicanos),
6.625%, 6–15–35		352		237
Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.),
6.625%, 1–16–34 (A)	GBP	400		457
Petroleos Mexicanos,
4.875%, 2–21–28 (A)(D)	EUR	281		223
PT Perusahaan Gas Negara Tbk,
5.125%, 5–16–24	$	600		585

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Oil & Gas(Continued)
Raizen Fuels Finance Ltd.,
5.300%, 1–20–27 (C)	$	589	$	560
				2,374
Oil & Gas Exploration & Production – 0.3%
Oil and Gas Holding Co.,
7.500%, 10–25–27		600		515
Oil & Gas Storage & Transportation – 0.8%
Energy Transfer Partners L.P.,
6.000%, 6–15–48		550		462
Kunlun Energy Co. Ltd.,
3.750%, 5–13–25		464		499
TransCanada PipeLines Ltd.,
5.300%, 3–15–77		774		577
				1,538
Total Energy – 2.4%				4,427
Financials
Asset Management & Custody Banks – 0.5%
Charming Light Investments Ltd.,
4.375%, 12–21–27		458		495
China Cinda Finance (2017) I Ltd.,
4.400%, 3–9–27		404		439
				934
Consumer Finance – 0.5%
Ford Motor Credit Co. LLC,
3.815%, 11–2–27		440		365
Intrum AB,
3.000%, 9–15–27 (A)(C)	EUR	669		521
				886
Diversified Banks – 2.2%
ABANCA Corp. Bancaria S.A.,
6.125%, 1–18–29 (A)		300		284
ABN AMRO Bank N.V.,
2.875%, 1–18–28 (A)		300		324
Banco Santander S.A.,
6.750%, 7–25–68 (A)		200		198
Bankia S.A.,
6.000%, 10–18–68 (A)		600		505
Banque Centrale de Tunisia,
6.375%, 7–15–26 (A)		166		148
Barclays plc,
2.000%, 2–7–28 (A)(D)		400		403
BNP Paribas S.A.,
4.500%, 8–25–68 (C)	$	320		246
CaixaBank S.A.,
5.250%, 6–23–68 (A)	EUR	200		164
CYBG plc,
8.000%, 6–8–68 (A)	GBP	200		195
Erste Group Bank AG,
6.500%, 10–15–68 (A)	EUR	400		414
UniCredit S.p.A.,
5.861%, 6–19–32		400		362
Unione di Banche Italiane S.p.A.,
4.450%, 9–15–27 (A)	EUR	350		376

80 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET TARGETED RETURN BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Banks(Continued)
Virgin Money UK plc,
4.000%, 9–25–26 (A)	GBP	300	$	347
				3,966
Diversified Capital Markets – 0.2%
Credit Suisse Group AG,
7.250%, 3–12–68	$	400		363
Life & Health Insurance – 0.7%
Legal & General Group plc,
3.750%, 11–26–49 (A)	GBP	850		956
Rothesay Life plc,
6.875%, 3–12–68 (A)		300		305
				1,261
Other Diversified Financial Services – 0.2%
RCI Banque S.A.,
2.625%, 2–18–30 (A)	EUR	400		365
Property & Casualty Insurance – 0.2%
Chubb INA Holdings, Inc. (GTD by Chubb Ltd.),
2.500%, 3–15–38 (A)		243		257
Direct Line Insurance Group plc,
4.750%, 6–7–68 (A)	GBP	200		183
				440
Specialized Finance – 0.6%
China Great Wall International Holdings III Ltd.,
3.875%, 8–31–27 (D)	$	679		703
Huarong Finance 2017 Co. Ltd.,
4.250%, 11–7–27		354		352
				1,055
Thrifts & Mortgage Finance – 0.4%
Deutsche Pfandbriefbank AG,
2.875%, 6–28–27 (A)	EUR	700		708
Total Financials – 5.5%				9,978
Health Care
Health Care Facilities – 0.2%
HCA, Inc. (GTD by HCA Holdings, Inc.),
5.250%, 6–15–49	$	320		341
Health Care Supplies – 0.2%
Medtronic Global Holdings SCA,
1.750%, 7–2–49 (A)	EUR	363		343
Life Sciences Tools & Services – 0.1%
Thermo Fisher Scientific, Inc.,
2.875%, 7–24–37 (A)		158		182
Managed Health Care – 0.3%
UnitedHealth Group, Inc.:
3.700%, 8–15–49	$	238		265
3.875%, 8–15–59		233		254
				519
Total Health Care – 0.8%				1,385

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials
Airlines – 0.1%
Avianca Holdings S.A.,
9.000%, 5–10–23 (C)	$	240	$	48
GOL Finance S.A.,
7.000%, 1–31–25		224		97
				145
Diversified Support Services – 0.6%
Logicor Financing S.a.r.l.:
2.250%, 5–13–25 (A)	EUR	550		604
3.250%, 11–13–28 (A)		400		440
				1,044
Industrial Conglomerates – 0.2%
General Electric Co.,
4.125%, 10–9–42	$	324		306
Marine Ports & Services – 0.3%
CCCI Treasure Ltd. (GTD by China Communications Construction Co. Ltd.),
3.500%, 12–29–49		566		564
Railroads – 0.2%
CSX Corp.,
4.750%, 11–15–48		390		450
Total Industrials – 1.4%				2,509
Information Technology
IT Consulting & Other Services – 0.6%
Capgemini SE,
1.750%, 7–1–20 (A)	EUR	400		441
International Business Machines Corp.,
4.250%, 5–15–49	$	567		691
				1,132
Technology Hardware, Storage & Peripherals – 0.6%
Hewlett Packard Enterprise Co.:
4.900%, 10–15–25 (E)		359		378
6.350%, 10–15–45 (E)		530		616
Hewlett Packard Enterprise Co.(3-Month U.S. LIBOR plus 72 bps),
2.620%, 10–5–21 (F)		97		91
				1,085
Total Information Technology – 1.2%				2,217
Materials
Aluminum – 0.2%
PT Indonesia Asahan Aluminum Persero Tbk,
6.757%, 11–15–48		315		335
Diversified Chemicals – 0.5%
Chemours Co. (The),
4.000%, 5–15–26 (A)	EUR	200		145

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Chemicals(Continued)
CNAK (HK) Finbridge Co. Ltd.,
5.125%, 3–14–28	$	200	$	218
Dow Chemical Co. (The),
4.375%, 11–15–42		500		488
				851
Fertilizers & Agricultural Chemicals – 0.2%
Israel Chemicals Ltd.,
6.375%, 5–31–38		413		452
Specialty Chemicals – 0.4%
International Flavors & Fragrances, Inc.,
5.000%, 9–26–48		343		350
Westlake Chemical Corp.,
1.625%, 7–17–29 (A)	EUR	344		337
				687
Total Materials – 1.3%				2,325
Real Estate
Diversified Real Estate Activities – 1.8%
Blackstone Property Partners Europe L.P.,
2.200%, 7–24–25 (A)		800		868
CPI Property Group S.A.,
2.125%, 10–4–24 (A)(E)		500		539
Inmobiliaria Colonial Socimi S.A.,
2.500%, 11–28–29 (A)		200		221
Shimao Property Holdings Ltd.,
6.125%, 2–21–24	$	842		840
Vanke Real Estate (Hong Kong) Co. Ltd.,
3.975%, 11–9–27 (D)		335		339
WPC Eurobond B.V.,
1.350%, 4–15–28 (A)	EUR	535		516
				3,323
Diversified REITs – 0.3%
Aroundtown S.A.,
1.625%, 1–31–28 (A)		200		208
Powerlong Real Estate Holdings Ltd.,
5.950%, 7–19–20	$	441		434
				642
Hotel & Resort REITs – 0.3%
China Aoyuan Property Group Ltd.:
7.500%, 5–10–21		234		228
5.375%, 9–13–22		400		352
				580
Industrial REITs – 0.3%
Prologis Euro Finance LLC (GTD by Prologis L.P.):
0.625%, 9–10–31 (A)	EUR	340		313
1.500%, 9–10–49 (A)		327		262
				575

2020 SEMIANNUAL REPORT 81

SCHEDULE OF INVESTMENTS IVY PICTET TARGETED RETURN BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Office REITs – 0.2%
TLG Immobilien AG,
1.500%, 5–28–26 (A)	EUR	300	$	319
Real Estate Development – 2.5%
Agile Group Holdings Ltd.,
6.700%, 3–7–22	$	295		284
China Evergrande Group:
8.250%, 3–23–22		255		205
8.750%, 6–28–25		663		468
CIFI Holdings Group Co. Ltd.,
6.550%, 3–28–24		600		557
Country Garden Holdings Co. Ltd.:
8.000%, 1–27–24		369		377
7.250%, 4–8–26		200		198
Logan Property Holdings Co. Ltd.,
6.500%, 7–16–23		302		284
Longfor Properties Co. Ltd.,
4.500%, 1–16–28		706		711
RKPF Overseas 2019 A Ltd.,
7.875%, 2–1–23		500		478
Sunac China Holdings Ltd.,
7.950%, 10–11–23		1,000		920
				4,482
Residential REITs – 0.4%
Heimstaden Bostad AB,
1.750%, 12–7–21 (A)(E)	EUR	600		666
Retail REITs – 0.2%
MAF Global Securities Ltd.,
5.500%, 9–7–68	$	400		296
Specialized REITs – 0.2%
Digital Stout Holding LLC,
3.750%, 10–17–30 (A)	GBP	300		383
Total Real Estate – 6.2%				11,266
Utilities
Electric Utilities – 0.1%
Energo-Pro A.S.,
4.500%, 5–4–24 (A)		EUR171		175
Gas Utilities – 0.2%
Origin Energy Finance Ltd.,
2.500%, 10–23–20 (A)		300		333
Total Utilities – 0.3%				508
TOTAL CORPORATE DEBT SECURITIES – 22.7%			$	41,104
(Cost: $44,376)
OTHER GOVERNMENT SECURITIES (G)
Brazil – 0.8%
Federative Republic of Brazil,
4.625%, 1–13–28	$	1,318		1,402

OTHER GOVERNMENT SECURITIES (G)(Continued)	Principal		Value
Canada – 6.6%
Canada Government Bond,
1.500%, 9–1–24 (A)	CAD	16,306	$	12,039
Chile – 0.3%
Chile Bonos Tesoreria,
3.500%, 1–25–50	$	480		497
Columbia – 0.6%
Republic of Colombia:
4.500%, 3–15–29		486		498
6.125%, 1–18–41		523		602
				1,100
Croatia – 0.2%
Republic of Croatia,
1.125%, 6–19–29 (A)	EUR	350		352
Dominican Republic – 0.3%
Dominican Republic,
6.000%, 7–19–28	$	570		540
Egypt – 0.5%
Arab Republic of Egypt:
6.375%, 4–11–31 (A)	EUR	524		455
8.500%, 1–31–47 (C)	$	277		226
8.700%, 3–1–49		222		184
				865
Europe – 0.0%
Republic of Ecuador,
8.750%, 6–2–23 (D)		300		90
Germany – 15.6%
Bundesrepublik Deutschland:
0.250%, 2–15–29 (A)	EUR	20,706		24,438
0.000%, 8–15–50 (A)(H)		3,750		4,103
				28,541
Ghana – 0.3%
Republic of Ghana,
8.125%, 1–18–26	$	600		471
Indonesia – 0.7%
Indonesia Government Bond,
8.375%, 4–15–39 (A)	IDR	7,041,000		431
Republic of Indonesia:
1.450%, 9–18–26 (A)	EUR	187		188
1.400%, 10–30–31 (A)		219		208
3.700%, 10–30–49	$	500		498
				1,325
Israel – 0.2%
State of Israel,
4.500%, 4–3–20		443		443
Italy – 2.2%
Buoni del Tesoro Poliennali:
2.700%, 3–1–47 (A)	EUR	1,497		1,757
3.450%, 3–1–48 (A)		1,771		2,361
				4,118

OTHER GOVERNMENT SECURITIES (G)(Continued)	Principal		Value
Nigeria – 0.2%
Republic of Nigeria:
7.625%, 11–28–47	$	479	$	316
9.248%, 1–21–49		200		140
				456
Norway – 3.3%
Norway Government Bond,
1.750%, 2–17–27 (A)	NOK	59,196		6,081
Peru – 0.7%
Republic of Peru:
7.350%, 7–21–25	$	309		391
8.750%, 11–21–33		580		918
				1,309
Qatar – 0.3%
Qatar Government Bond,
5.103%, 4–23–48		440		534
Romania – 0.2%
Romania Government Bond,
3.375%, 1–28–50 (A)	EUR	350		344
South Africa – 0.9%
Republic of South Africa:
5.875%, 9–16–25	$	427		410
5.875%, 6–22–30		588		512
9.000%, 1–31–40 (A)	ZAR	16,991		746
				1,668
Spain – 2.5%
Spain Government Bond,
0.500%, 4–30–30 (A)(C)	EUR	4,308		4,664
Sri Lanka – 0.2%
Republic of Sri Lanka:
6.200%, 5–11–27 (C)	$	580		336
7.850%, 3–14–29		200		116
				452
Sweden – 1.4%
Sweden Government Bond,
0.750%, 11–12–29 (A)	SEK	22,770		2,500
United Arab Emirates – 0.3%
Abu Dhabi Government Bond,
4.125%, 10–11–47	$	515		557
Uzbekistan – 0.4%
Republic of Uzbekistan,
5.375%, 2–20–29		759		753
TOTAL OTHER GOVERNMENT SECURITIES – 38.7%			$	71,101
(Cost: $74,216)

82 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET TARGETED RETURN BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

UNITED STATES GOVERNMENT OBLIGATIONS	Principal		Value
Treasury Obligations – 22.1%
U.S. Treasury Bonds,
3.375%, 11–15–48 (I)	$	6,063	$	9,002
U.S. Treasury Notes:
2.750%, 9–15–21		7,314		7,581
2.875%, 10–31–23		8,777		9,573
2.000%, 2–15–25		6,160		6,639
1.125%, 2–28–25		7,320		7,592
				40,387
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 22.1%			$	40,387
(Cost: $36,929)

SHORT-TERM SECURITIES	Shares		Value
Money Market Funds (K) – 0.9%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
0.390% (J)		1,292	$	1,292
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.310%		296		296
				1,588
	Principal
Treasury Bills (L) – 6.3%
Japan Government Treasury Bills,
-0.049%, 5–25–20 (A)		JPY 1,181,000		10,987

SHORT-TERM SECURITIES (Continued)	Principal		Value
Treasury Bills (L)(Continued)
Republic of Argentina Treasury Bills:
35.900%, 6–21–20 (A)(D)	ARS	8,819	$	88
5.830%, 10–29–20 (A)		28,487		377
				11,452
TOTAL SHORT-TERM SECURITIES – 7.2%			$	13,040
(Cost: $13,290)
TOTAL INVESTMENT SECURITIES – 91.0%			$	166,377
(Cost: $169,113)
CASH AND OTHER ASSETS, NET OF LIABILITIES (M)(N)– 9.0%				16,479
NET ASSETS – 100.0%			$	182,856

Notes to Schedule of Investments

* Not shown due to rounding.

(A) Principal amounts are denominated in the indicated foreign currency, where applicable (ARS – Argentine Peso, AUD – Australian Dollar, BRL – Brazilian Real, CAD – Canadian Dollar, CHF – Swiiss Franc, CNY – Chinese Yuan Renminbi, CZK – Czech Koruna, EUR – Euro, GBP – British Pound, HUF – Hungarian Forint, IDR – Indonesian Rupiah, JPY – Japanese Yen, KRW – South Korean Won, MXN – Mexican Peso, NOK – Norwegian Krone, NZD – New Zealand Dollar, PLN – Polish Zloty, SEK – Swedish Krona, TRY – Turkish Lira and ZAR – South African Rand).

(B) Payment-in-kind bond which may pay interest in additional par and/or in cash. Rates shown are the current rate and possible payment rates.

(C) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $7,034 or 3.8% of net assets.

(D) All or a portion of securities with an aggregate value of $1,225 are on loan.

(E) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at March 31, 2020.

(F) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2020. Description of the reference rate and spread, if applicable, are included in the security description.

(G) Other Government Securities may include emerging markets sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities.

(H) Zero coupon bond.

(I) All or a portion of securities with an aggregate value of $3,385 have been pledged as collateral on open futures contracts.

(J) Investment made with cash collateral received from securities on loan.

(K) Rate shown is the annualized7-day yield at March 31, 2020.

(L) Rate shown is the yield to maturity at March 31, 2020.

(M) Cash of $630 has been pledged as collateral on OTC forward foreign currency contracts.

(N) Cash of $2,490 has been pledged as collateral on centrally cleared swaps.

2020 SEMIANNUAL REPORT 83

SCHEDULE OF INVESTMENTS IVY PICTET TARGETED RETURN BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

The following centrally cleared credit default swaps — buy protection⁽¹⁾ were outstanding at March 31, 2020:     

Index	(Pay) Fixed Rate			Maturity Date		Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation
Banco Bilbao Vizcaya Argentaria S.A.		(1.000	%)		12–20–24		1,000	$	(7	)	$	(25	)	$	18
iTraxx Europe Crossover, Series 32 Index		(5.000	%)		12–20–24		800		17			15			3
Markit CDX Investment Grade, Series 33 Index		(1.000	%)		12–20–24		13,200		25			(235	)		260
iTraxx Asiaex-Japan Investment Grade, Series 31 Index		(1.000	%)		6–20–24		9,100		(77	)		(103	)		25
iTraxx Europe Senior Financials, Series 31 Index		(1.000	%)		6–20–24		4,200		6			(34	)		40
iTraxx Europe, Series 32 Index		(1.000	%)		12–20–24		3,000		(7	)		(72	)		64
								$	(43	)	$	(454	)	$	410

The following centrally cleared credit default swaps — sold protection⁽³⁾ were outstanding at March 31, 2020:     

Index	Receive Fixed Rate			Maturity Date		Implied Credit Spread at March 31, 2020(4)			Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation (Depreciation)
Deutsche Lufthansa AG		1.000	%		12–20–24		3.996	%		900	$	(61	)	$	(101	)	$	41
iTraxx Europe, Series 32 Index		1.000	%		12–20–29		1.585			1,900		(45	)		(31	)		(14	)
											$	(106	)	$	(132	)	$	27

The following over the counter credit default swaps — buy protection⁽¹⁾ were outstanding at March 31, 2020:

Referenced Obligation	Counterparty		(Pay) Fixed Rate			Maturity Date		Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation (Depreciation)
Commerzbank AG		Morgan Stanley & Co. International plc		(1.000	%)		12–20–24		1,000	$	(9	)	$	(24	)	$	15
Bouygues S.A.		Barclays Bank plc		(1.000	%)		6–20–24		1,000		(26	)		(23	)		(3	)
People’s Republic of China		Barclays Bank plc		(1.000	%)		6–20–24		7,200		(183	)		(124	)		(59	)
Republic of Korea		Morgan Stanley & Co. International plc		(1.000	%)		6–20–24		4,600		(136	)		(123	)		(13	)
										$	(354	)	$	(294	)	$	(60	)

(1) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and/or take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

(3) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and/or deliver the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues, or an index as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

84 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET TARGETED RETURN BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

The following forward foreign currency contracts were outstanding at March 31, 2020:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
Indonesian Rupiah		30,200,000	U.S. Dollar		2,028	5–5–20	Barclays Capital, Inc.	$	184	$	—
Russian Ruble		311,600	U.S. Dollar		4,401	5–6–20	Barclays Capital, Inc.		428		—
Euro		59,786	U.S. Dollar		67,044	6–17–20	Barclays Capital, Inc.		912		—
Swedish Krona		45,900	Euro		4,224	6–17–20	Barclays Capital, Inc.		25		—
Swiss Franc		750	U.S. Dollar		776	6–17–20	Barclays Capital, Inc.		—		7
U.S. Dollar		6,666	Brazilian Real		28,428	5–5–20	Citibank N.A.		—		1,207
Japanese Yen		1,181,000	U.S. Dollar		10,769	5–26–20	Citibank N.A.		—		241
Canadian Dollar		36,849	U.S. Dollar		26,515	6–17–20	Citibank N.A.		312		—
Euro		443	Hungarian Forint		151,601	6–17–20	Citibank N.A.		—		26
Euro		3,590	Norwegian Krone		45,475	6–17–20	Citibank N.A.		405		—
Euro		358	Polish Zloty		1,584	6–17–20	Citibank N.A.		—		13
Israeli Shekel		14,762	U.S. Dollar		3,947	6–17–20	Citibank N.A.		—		237
Turkish New Lira		13,977	U.S. Dollar		2,109	6–17–20	Citibank N.A.		41		—
Indonesian Rupiah		15,300,000	U.S. Dollar		1,109	5–5–20	Goldman Sachs International		175		—
Philippine Peso		112,600	U.S. Dollar		2,207	5–5–20	Goldman Sachs International		11		—
U.S. Dollar		1,119	Chilean Peso		887,835	5–5–20	Goldman Sachs International		—		81
U.S. Dollar		535	Indonesian Rupiah		7,400,000	5–5–20	Goldman Sachs International		—		83
British Pound		2,098	Euro		2,305	6–17–20	Goldman Sachs International		—		59
Euro		1,673	British Pound		1,525	6–17–20	Goldman Sachs International		46		—
Euro		4,140	Swiss Franc		4,363	6–17–20	Goldman Sachs International		—		30
Euro		2,783	U.S. Dollar		3,047	6–17–20	Goldman Sachs International		—		31
Japanese Yen		50,878	U.S. Dollar		472	6–17–20	Goldman Sachs International		—		3
Mexican Peso		41,300	U.S. Dollar		1,815	6–17–20	Goldman Sachs International		94		—
Norwegian Krone		87,912	Euro		7,668	6–17–20	Goldman Sachs International		24		—
South African Rand		30,700	U.S. Dollar		1,704	6–17–20	Goldman Sachs International		5		—
U.S. Dollar		3,822	British Pound		3,209	6–17–20	Goldman Sachs International		169		—
U.S. Dollar		10,976	Canadian Dollar		15,568	6–17–20	Goldman Sachs International		95		—
U.S. Dollar		2,450	Euro		2,222	6–17–20	Goldman Sachs International		8		—
U.S. Dollar		2,114	Israeli Shekel		7,500	6–17–20	Goldman Sachs International		12		—
U.S. Dollar		8,300	Japanese Yen		875,332	6–17–20	Goldman Sachs International		—		133
U.S. Dollar		2,310	New Zealand Dollar		3,830	6–17–20	Goldman Sachs International		—		26
Brazilian Real		8,410	U.S. Dollar		1,773	5–5–20	Morgan Stanley International		158		—
Chilean Peso		887,000	U.S. Dollar		1,034	5–5–20	Morgan Stanley International		—		4
New Taiwan Dollar		201,300	U.S. Dollar		6,722	5–5–20	Morgan Stanley International		32		—
U.S. Dollar		743	New Taiwan Dollar		22,200	5–5–20	Morgan Stanley International		—		5
U.S. Dollar		2,043	Russian Ruble		161,900	5–6–20	Morgan Stanley International		22		—
South African Rand		15,478	U.S. Dollar		916	6–17–20	Morgan Stanley International		59		—
Thai Baht		68,691	U.S. Dollar		2,146	6–17–20	Morgan Stanley International		52		—
U.S. Dollar		2,023	Australian Dollar		3,280	6–17–20	Morgan Stanley International		—		5
U.S. Dollar		550	British Pound		467	6–17–20	Morgan Stanley International		31		—
U.S. Dollar		1,909	Israeli Shekel		7,300	6–17–20	Morgan Stanley International		160		—
								$	3,460	$	2,191

The following futures contracts were outstanding at March 31, 2020 (contracts unrounded):

Description	Type		Number of Contracts	Expiration Date		Notional Amount		Value			Unrealized Appreciation (Depreciation)
BTP Italian Government Bond		Short	22		6–10–20		2,200	$	(3,431	)	$	128
Euro-Bobl5-Year Bond		Short	49		6–10–20		4,900		(7,307	)		37
Euro-Bund10-Year Bond		Long	3		6–10–20		300		571			9
Euro-OAT France Government10-Year Bond		Short	90		6–10–20		9,000		(16,598	)		442
Euro-Schatz		Long	3		6–10–20		300		371			—	*

2020 SEMIANNUAL REPORT 85

SCHEDULE OF INVESTMENTS IVY PICTET TARGETED RETURN BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

Description	Type		Number of Contracts	Expiration Date		Notional Amount		Value			Unrealized Appreciation (Depreciation)
Australia10-Year Commonwealth Treasury Bond		Long	65		6–15–20		6,500	$	6,022		$	(44	)
U.S.10-Year Treasury Note		Short	6		6–30–20		600		(832	)		—	*
U.S.10-Year Ultra Treasury Note		Short	102		6–30–20		10,200		(15,915	)		(816	)
U.S.30-Year Treasury Bond		Short	72		6–30–20		7,200		(12,893	)		(957	)
United Kingdom Long Gilt		Short	24		6–30–20		2,400		(4,060	)		(86	)
U.S.2-Year Treasury Note		Long	20		7–6–20		4,000		4,408			79
U.S.5-Year Treasury Note		Long	189		7–6–20		18,900		23,693			228
								$	(25,971	)	$	(980	)

The following centrally cleared interest rate swap agreements were outstanding at March 31, 2020:

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(A)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Barclays Bank plc	Pay	28-Day Mexico Equilibrium Interbank Interest Rate		6.960	%	10/2/2029	MXN	14,321	$	(352	)	$	—	$	(352	)
Citibank N.A.	Receive	3-Month LIBOR		0.710	%	9/21/2050	$	4,696		184			—		184
Citibank N.A.	Receive	6-Month EURIBOR		(0.240	)%	9/18/2030	EUR	9,827		249			—		249
Citibank N.A.	Receive	7-Day China Fixing Repo Rates		2.423	%	9/16/2025	CNY	14,755		18			—		18
Deutsche Bank AG	Pay	3-Month New Zealand Dollar LIBOR		1.320	%	9/16/2022	NZD	21,247		315			—		315
Deutsche Bank AG	Receive	3-Month New Zealand Dollar LIBOR		1.707	%	9/16/2027		6,481		(380	)		—		(380	)
Goldman Sachs International	Receive	3-Month Stockholm Interbank Offered Rate		0.158	%	9/15/2027	SEK	7,152		(67	)		—		(67	)
Goldman Sachs International	Receive	6-Month Budapest Interbank Offered Rate		3.130	%	10/15/2022	HUF	11,141		(534	)		—		(534	)
Goldman Sachs International	Pay	6-Month GBP LIBOR		0.579	%	9/17/2025	GBP	10,731		35			—		35
Goldman Sachs International	Receive	6-Month GBP LIBOR		0.731	%	9/21/2050		2,169		(66	)		—		(66	)
Goldman Sachs International	Receive	6-Month Prague Interbank Offered Rate		1.420	%	3/19/2030	CZK	2,376		(71	)		—		(71	)
Goldman Sachs International	Receive	6-Month Prague Interbank Offered Rate		1.270	%	3/19/2030		2,376		(55	)		—		(55	)
Goldman Sachs International	Receive	6-Month Warsaw Interbank Offered Rate		1.115	%	9/17/2025	PLN	8,318		(93	)		—		(93	)
Morgan Stanley & Co. International plc	Receive	6-Month Japanese Yen LIBOR		(0.122	)%	9/18/2030	JPY	4,915		(46	)		—		(46	)
Morgan Stanley & Co. International plc	Receive	6-Month Japanese Yen LIBOR		0.020	%	9/19/2040		2,545		33			—		33
									$	(830	)	$	—	$	(830	)

The following written options were outstanding at March 31, 2020 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Notional Amount		Expiration Month		Exercise Price		Premium Received		Value
iTraxx Europe Crossover Series 29	Barclays Capital, Inc.		Put		3,900,000		3,900		April 2020	EUR	350.00	$	55	$	(365	)
U.S. Treasury Long Bond June Futures	N/A		Put		22		2,200		April 2020	$	175.00		45		(24	)
USD versus ZAR	Goldman Sachs International		Put		4,260,000		4,260		June 2020		14.83		42		(2	)
	Goldman Sachs International		Call		4,260,000		4,260		June 2020		16.45		376		(402	)
												$	518	$	(793	)

86 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PICTET TARGETED RETURN BOND FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Purchased Options	$	—	$	745	$	—
Corporate Debt Securities		—		41,104		—
Other Government Securities		—		71,101		—
United States Government Obligations		—		40,387		—
Short-Term Securities		1,588		11,452		—
Total	$	1,588	$	164,789	$	—
Centrally Cleared Credit Default Swaps	$	—	$	451	$	—
Forward Foreign Currency Contracts	$	—	$	3,460	$	—
Futures Contracts	$	923	$	—	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	834	$	—
Liabilities
Centrally Cleared Credit Default Swaps	$	—	$	14	$	—
Over the Counter Credit Default Swaps	$	—	$	354	$	—
Forward Foreign Currency Contracts	$	—	$	2,191	$	—
Futures Contracts	$	1,903	$	—	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	1,664	$	—
Written Options	$	24	$	769	$	—

The following acronyms are used throughout this schedule:

EURIBOR = Euro Interbank Offered Rate

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

REIT = Real Estate Investment Trust

Country Diversification
(as a % of net assets)
United States	29.4%
Germany	16.2%
Canada	7.0%
Japan	6.9%
Spain	1.4%
Norway	4.3%
China	6.5%
Italy	2.7%
Luxembourg	2.1%
Sweden	2.1%
Hong Kong	2.5%
United Kingdom	1.4%
Indonesia	1.3%
Other+	16.2%

+ Includes options, cash and other assets (net of liabilities), and cash equivalents

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 87

PORTFOLIO HIGHLIGHTS IVY PINEBRIDGE HIGH YIELD FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Bonds	92.8%
Corporate Debt Securities	92.6%
Asset-Backed Securities	0.2%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	7.2%

Quality Weightings

Investment Grade	5.1%
BBB	5.1%
Non-Investment Grade	87.7%
BB	43.7%
B	35.2%
CCC	8.3%
Non-rated	0.5%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	7.2%

Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

88 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PINEBRIDGE HIGH YIELD FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
United Airlines Pass-Through Certificates, Series2014-2B,
4.625%, 9–3–22	$	164	$	153
TOTAL ASSET-BACKED SECURITIES – 0.2%			$	153
(Cost: $166)
CORPORATE DEBT SECURITIES
Communication Services
Advertising – 0.5%
Alliance Data Systems Corp.,
4.750%, 12–15–24 (A)		525		399
Alternative Carriers – 1.7%
Cogent Communications Holdings, Inc.,
5.375%, 3–1–22 (A)		521		524
Front Range BidCo, Inc.,
6.125%, 3–1–28 (A)		353		335
Level 3 Financing, Inc. (GTD by Level 3 Parent LLC),
4.625%, 9–15–27 (A)		625		621
				1,480
Broadcasting – 2.3%
Banijay Entertainment S.A.S.,
5.375%, 3–1–25 (A)		400		366
National CineMedia LLC,
5.875%, 4–15–28 (A)		648		447
Sirius XM Radio, Inc.:
4.625%, 7–15–24 (A)		638		648
5.375%, 7–15–26 (A)		445		450
				1,911
Cable & Satellite – 9.6%
Altice Financing S.A.,
5.000%, 1–15–28 (A)		726		643
Altice France Holding S.A.,
6.000%, 2–15–28 (A)		830		730
Altice France S.A.,
7.375%, 5–1–26 (A)		624		630
Block Communications, Inc.,
4.875%, 3–1–28 (A)(B)		490		456
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.375%, 5–1–25 (A)		275		282
5.500%, 5–1–26 (A)		331		335
5.000%, 2–1–28 (A)		340		342
5.375%, 6–1–29 (A)		335		344
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.,
5.050%, 3–30–29		450		489
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.(3-Month U.S. LIBOR plus 165 bps),
3.413%, 2–1–24 (C)		411		399
CSC Holdings LLC:
5.250%, 6–1–24		220		220
5.500%, 4–15–27 (A)		1,542		1,596

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Cable & Satellite(Continued)
Hughes Satellite Systems Corp.,
6.625%, 8–1–26 (B)	$	809	$	819
Telesat Canada and Telesat LLC:
4.875%, 6–1–27 (A)		291		278
6.500%, 10–15–27 (A)		554		532
				8,095
Integrated Telecommunication Services – 4.5%
CenturyLink, Inc.,
7.500%, 4–1–24		1,140		1,248
Sprint Corp.,
7.875%, 9–15–23		2,358		2,600
				3,848
Movies & Entertainment – 1.9%
Netflix, Inc.:
4.375%, 11–15–26		257		257
4.875%, 6–15–30 (A)		1,300		1,320
				1,577
Publishing – 2.0%
A. H. Belo Corp.:
7.750%, 6–1–27		502		537
7.250%, 9–15–27		470		494
E.W. Scripps Co.,
5.125%, 5–15–25 (A)		746		656
				1,687
Wireless Telecommunication Service – 1.5%
C&W Senior Financing Designated Activity Co.,
6.875%, 9–15–27 (A)		944		814
T-Mobile USA, Inc.:
6.500%, 1–15–24		261		265
6.375%, 3–1–25		220		225
				1,304
Total Communication Services – 24.0%				20,301
Consumer Discretionary
Auto Parts & Equipment – 0.6%
Dana, Inc.,
5.375%, 11–15–27		361		293
Delphi Jersey Holdings plc,
5.000%, 10–1–25 (A)		241		192
				485
Automobile Manufacturers – 0.6%
Tesla, Inc. (GTD by SolarCity Corp.),
5.300%, 8–15–25 (A)		550		516
Casinos & Gaming – 1.2%
Boyd Gaming Corp.,
4.750%, 12–1–27 (A)		369		304
GLP Capital L.P. and GLP Financing II, Inc.,
5.375%, 4–15–26		342		303

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Casinos & Gaming(Continued)
MGM Growth Properties Operating Partnership L.P. and MGP FinanceCo-Issuer, Inc.,
5.750%, 2–1–27	$	470	$	409
				1,016
Consumer Electronics – 0.1%
Conn’s, Inc.,
7.250%, 7–15–22 (B)		170		97
Homebuilding – 0.4%
Mattamy Group Corp.,
5.250%, 12–15–27 (A)		371		345
Hotels, Resorts & Cruise Lines – 1.7%
Hilton Grand Vacations Borrower LLC and Hilton Grand Vacations Borrower, Inc.,
6.125%, 12–1–24		339		305
Silversea Cruise Finance Ltd.,
7.250%, 2–1–25 (A)		505		429
Viking Cruises Ltd.,
5.875%, 9–15–27 (A)		144		84
Wyndham Worldwide Corp.,
4.500%, 4–1–27 (D)		675		564
				1,382
Internet & Direct Marketing Retail – 0.8%
Grubhub Holdings, Inc.,
5.500%, 7–1–27 (A)		784		694
Restaurants – 0.5%
Brinker International, Inc. (GTD by Brinker Restaurant Corp., Brinker Texas, Inc. and Brinker Florida, Inc.),
5.000%, 10–1–24 (A)		546		393
YUM! Brands, Inc.,
7.750%, 4–1–25		39		41
				434
Specialized Consumer Services – 1.1%
frontdoor, Inc.,
6.750%, 8–15–26 (A)		414		396
Nielsen Finance LLC and Nielsen Finance Co.,
5.000%, 4–15–22 (A)		600		553
				949
Total Consumer Discretionary – 7.0%				5,918
Consumer Staples
Agricultural Products – 0.6%
Dole Food Co., Inc.,
7.250%, 6–15–25 (A)		590		466
Food Retail – 1.4%
Albertsons Cos. LLC, Safeway, Inc., New Albertson’s, Inc. and Albertson’s LLC:
5.750%, 3–15–25		446		445

2020 SEMIANNUAL REPORT 89

SCHEDULE OF INVESTMENTS IVY PINEBRIDGE HIGH YIELD FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Food Retail(Continued)
4.625%, 1–15–27 (A)	$	295	$	294
5.875%, 2–15–28 (A)		451		459
				1,198
Packaged Foods & Meats – 2.2%
JBS USA LLC and JBS USA Finance, Inc.,
5.875%, 7–15–24 (A)		587		594
Lamb Weston Holdings, Inc.,
4.625%, 11–1–24 (A)		365		360
Land O’Lakes Capital Trust I,
7.450%, 3–15–28 (A)		349		349
Land O’Lakes, Inc.,
7.000%, 12–15–68 (A)		140		119
Pilgrim’s Pride Corp.,
5.875%, 9–30–27 (A)		480		478
				1,900
Personal Products – 0.7%
Coty, Inc.,
6.500%, 4–15–26 (A)		678		600
Total Consumer Staples – 4.9%				4,164
Energy
Coal & Consumable Fuels – 0.4%
CONSOL Energy, Inc.,
6.875%, 6–15–25 (A)		385		333
Oil & Gas Equipment & Services – 0.4%
Calfrac Holdings L.P.,
10.875%, 3–15–26 (A)		54		14
Hi-Crush Partners L.P.,
9.500%, 8–1–26 (A)		936		140
Nine Energy Service, Inc.,
8.750%, 11–1–23 (A)		345		86
SESI LLC,
7.750%, 9–15–24		318		83
				323
Oil & Gas Exploration & Production – 1.6%
Extraction Oil & Gas, Inc.,
5.625%, 2–1–26 (A)		201		33
Hilcorp Energy I L.P. and Hilcorp Finance Co.,
5.000%, 12–1–24 (A)		1,124		517
Lonestar Resources America, Inc.,
11.250%, 1–1–23 (A)		817		149
Murphy Oil USA, Inc. (GTD by Murphy USA, Inc.),
4.750%, 9–15–29		570		535
Southwestern Energy Co.,
7.500%, 4–1–26 (B)		206		135
				1,369
Oil & Gas Refining & Marketing – 1.2%
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.):
6.125%, 10–1–24		206		37
6.375%, 7–1–26		714		114

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Refining & Marketing(Continued)
EG Global Finance plc,
6.750%, 2–7–25 (A)	$	708	$	580
PBF Holding Co. LLC,
6.000%, 2–15–28 (A)		385		259
				990
Oil & Gas Storage & Transportation – 3.0%
Buckeye Partners L.P.:
4.125%, 3–1–25 (A)		318		268
4.500%, 3–1–28 (A)		433		355
Cheniere Energy Partners L.P.:
5.250%, 10–1–25		308		287
4.500%, 10–1–29 (A)		380		338
Genesis Energy L.P. and Genesis Energy Finance Corp.:
5.625%, 6–15–24		703		492
6.500%, 10–1–25		325		235
Holly Energy Partners L.P. and Holly Energy Finance Corp.,
5.000%, 2–1–28 (A)		650		544
Summit Midstream Holdings LLC and Summit Midstream Finance Corp.,
5.500%, 8–15–22		247		54
				2,573
Total Energy – 6.6%				5,588
Financials
Consumer Finance – 3.7%
Credit Acceptance Corp.,
6.625%, 3–15–26		377		356
Enova International, Inc.:
8.500%, 9–1–24 (A)		500		435
8.500%, 9–15–25 (A)		406		349
Fairstone Financial, Inc.,
7.875%, 7–15–24 (A)		543		511
Quicken Loans, Inc.,
5.750%, 5–1–25 (A)		743		739
Springleaf Finance Corp.:
6.875%, 3–15–25		500		504
5.375%, 11–15–29		237		217
				3,111
Financial Exchanges & Data – 0.5%
Donnelley Financial Solutions, Inc.,
8.250%, 10–15–24		497		467
Investment Banking & Brokerage – 0.5%
LPL Holdings, Inc.,
5.750%, 9–15–25 (A)(B)		472		453
Mortgage REITs – 1.0%
iStar, Inc.,
5.250%, 9–15–22		419		386
Starwood Property Trust, Inc.,
4.750%, 3–15–25		543		478
				864
Property & Casualty Insurance – 0.5%
Amwins Group, Inc.,
7.750%, 7–1–26 (A)		404		395

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized Finance – 4.1%
Camelot Finance S.A.,
4.500%, 11–1–26 (A)	$	301	$	292
CTR Partnership L.P. and CareTrust Capital Corp. (GTD by CareTrust REIT),
5.250%, 6–1–25		646		636
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.,
6.020%, 6–15–26 (A)		1,186		1,262
Goeasy Ltd.,
5.375%, 12–1–24 (A)		572		533
Navient Corp.:
5.000%, 3–15–27		325		280
5.625%, 8–1–33		596		439
				3,442
Total Financials – 10.3%				8,732
Health Care
Health Care Facilities – 2.5%
DaVita HealthCare Partners, Inc.,
5.125%, 7–15–24		667		665
HCA, Inc. (GTD by HCA Holdings, Inc.),
5.375%, 2–1–25		859		874
MPH Acquisition Holdings LLC,
7.125%, 6–1–24 (A)(B)		675		588
				2,127
Health Care Supplies – 0.5%
Catalent Pharma Solutions, Inc.,
5.000%, 7–15–27 (A)		380		368
Ortho-Clinical Diagnostics,
6.625%, 5–15–22 (A)		97		92
				460
Life Sciences Tools & Services – 0.1%
Avantor, Inc.,
6.000%, 10–1–24 (A)		36		38
Managed Health Care – 0.6%
Centene Corp.,
4.625%, 12–15–29 (A)		89		89
Centene Escrow Corp.,
4.250%, 12–15–27 (A)		375		376
				465
Pharmaceuticals – 2.3%
Bausch Health Cos., Inc.:
6.125%, 4–15–25 (A)		630		621
5.000%, 1–30–28 (A)		543		514
Endo Designed Activity Co., Endo Finance LLC and Endo Finco, Inc.,
6.000%, 2–1–25 (A)(D)		450		306
Par Pharmaceutical, Inc.,
7.500%, 4–1–27 (A)(B)		527		524
				1,965
Total Health Care – 6.0%				5,055

90 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PINEBRIDGE HIGH YIELD FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials
Air Freight & Logistics – 0.7%
Cargo Aircraft Management, Inc.,
4.750%, 2–1–28 (A)	$	650	$	603
Building Products – 1.3%
Griffon Corp.,
5.750%, 3–1–28 (A)		555		522
Standard Industries, Inc.,
6.000%, 10–15–25 (A)		623		612
				1,134
Construction & Engineering – 0.3%
Tutor Perini Corp.,
6.875%, 5–1–25 (A)		275		228
Diversified Support Services – 1.2%
Ahern Rentals, Inc.,
7.375%, 5–15–23 (A)		596		339
Sotheby’s Holdings, Inc.,
7.375%, 10–15–27 (A)		905		722
				1,061
Electrical Components & Equipment – 1.1%
Anixter, Inc. (GTD by Anixter International, Inc.),
6.000%, 12–1–25		369		361
EnerSys,
5.000%, 4–30–23 (A)		628		598
				959
Environmental & Facilities Services – 0.6%
Clean Harbors, Inc.,
4.875%, 7–15–27 (A)		531		520
Industrial Machinery – 0.7%
Energizer Holdings, Inc.,
6.375%, 7–15–26 (A)		565		571
Research & Consulting Services – 0.4%
Korn Ferry,
4.625%, 12–15–27 (A)		385		335
Security & Alarm Services – 1.7%
GWB-CR Security Corp.,
9.500%, 11–1–27 (A)		505		451
Prime Security Services Borrower LLC and Prime Finance, Inc.:
5.250%, 4–15–24 (A)		414		409
5.750%, 4–15–26 (A)(B)		558		547
				1,407
Trading Companies & Distributors – 0.6%
H&E Equipment Services, Inc.,
5.625%, 9–1–25		515		478
Total Industrials – 8.6%				7,296
Information Technology
Application Software – 1.7%
CDK Global, Inc.,
5.875%, 6–15–26 (B)		398		421
Delta Merger Sub, Inc.,
6.000%, 9–15–26 (B)		555		501

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Application Software(Continued)
SS&C Technologies Holdings, Inc.,
5.500%, 9–30–27 (A)	$	463	$	477
				1,399
Electronic Equipment & Instruments – 1.2%
Diebold, Inc.,
8.500%, 4–15–24 (B)		953		619
NCR Corp.,
6.125%, 9–1–29 (A)		431		403
				1,022
It Consulting & Other Services – 0.6%
Fair Isaac Corp.,
4.000%, 6–15–28 (A)		570		547
Technology Distributors – 0.9%
Ingram Micro, Inc.,
5.450%, 12–15–24 (D)		925		755
Technology Hardware, Storage & Peripherals – 1.1%
Inception Parent, Inc., Inception Merger Sub, Inc. and Rackspace Hosting, Inc.,
8.625%, 11–15–24 (A)(B)		555		494
Seagate HDD Cayman (GTD by Seagate Technology plc),
4.750%, 1–1–25		440		438
				932
Total Information Technology – 5.5%				4,655
Materials
Diversified Metals & Mining – 4.2%
Cliffs Natural Resources, Inc.,
5.750%, 3–1–25		513		396
First Quantum Minerals Ltd.,
7.250%, 4–1–23 (A)		488		418
FMG Resources August 2006 Partners Ltd.,
4.500%, 9–15–27 (A)		815		725
Freeport-McMoRan, Inc.:
3.875%, 3–15–23		430		410
4.125%, 3–1–28		235		206
5.250%, 9–1–29 (B)		380		358
4.250%, 3–1–30		235		204
Harsco Corp.,
5.750%, 7–31–27 (A)		432		400
Mineral Resources Ltd.,
8.125%, 5–1–27 (A)		500		468
				3,585
Fertilizers & Agricultural Chemicals – 0.5%
OCI N.V.,
5.250%, 11–1–24 (A)		492		423
Metal & Glass Containers – 2.9%
Ardagh Packaging Finance plc and Ardagh Holdings USA, Inc.,
5.250%, 8–15–27 (A)		500		513
Berry Global, Inc.,
4.500%, 2–15–26 (A)		330		321

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Metal & Glass Containers(Continued)
Crown Americas LLC and Crown Americas Capital Corp. IV,
4.500%, 1–15–23	$	128	$	131
Owens-Brockway Glass Container, Inc.,
5.375%, 1–15–25 (A)		498		473
Silgan Holdings, Inc.,
4.750%, 3–15–25		501		483
Trivium Packaging Finance B.V.,
8.500%, 8–15–27 (A)		500		503
				2,424
Paper Packaging – 1.9%
Cascades, Inc.:
5.750%, 7–15–23 (A)		230		223
5.125%, 1–15–26 (A)		162		157
5.375%, 1–15–28 (A)		349		333
Intertape Polymer Group, Inc.,
7.000%, 10–15–26 (A)		525		501
Sealed Air Corp.,
5.125%, 12–1–24 (A)		406		408
				1,622
Steel – 1.0%
Commercial Metals Co.,
5.750%, 4–15–26		417		389
SunCoke Energy Partners L.P. and SunCoke Energy Partners Finance Corp.,
7.500%, 6–15–25 (A)		604		435
				824
Total Materials – 10.5%				8,878
Real Estate
Health Care REITs – 1.3%
MPT Operating Partnership L.P. and MPT Finance Corp. (GTD by Medical Properties Trust, Inc.),
5.000%, 10–15–27		385		373
Sabra Health Care L.P.,
5.125%, 8-15-26		797		754
				1,127
Hotel & Resort REITs – 0.8%
ESH Hospitality, Inc.:
5.250%, 5-1-25 (A)(B)		492		413
4.625%, 10-1-27 (A)		315		246
				659
Industrial REITs – 0.6%
Kennedy-Wilson, Inc. (GTD by Kennedy-Wilson Holdings, Inc.),
5.875%, 4-1-24		533		477
Real Estate Services – 0.8%
Ladder Capital Finance Holdings LLP and Ladder Capital Finance Corp.,
4.250%, 2-1-27 (A)		351		278

2020 SEMIANNUAL REPORT 91

SCHEDULE OF INVESTMENTS IVY PINEBRIDGE HIGH YIELD FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Real Estate Services(Continued)
Newmark Group, Inc.,
6.125%, 11-15-23	$	415	$	422
				700
Specialized REITs – 0.7%
VICI Properties L.P. and VICI Note Co., Inc.:
4.250%, 12-1-26 (A)		128		117
3.750%, 2-15-27 (A)		330		311
4.625%, 12-1-29 (A)		191		174
				602
Total Real Estate – 4.2%				3,565
Utilities
Electric Utilities – 2.2%
NextEra Energy Operating Partners L.P. (GTD by NextEra Energy Partners L.P. and NextEra Energy U.S. Partners Holdings LLC),
4.250%, 7-15-24 (A)		560		546
Talen Energy Supply LLC:
7.250%, 5-15-27 (A)		175		158
6.625%, 1-15-28 (A)		480		402
Vistra Operations Co. LLC,
5.000%, 7-31-27 (A)		725		736
				1,842

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Independent Power Producers & Energy Traders – 0.9%
Pattern Energy Group, Inc. (GTD by Pattern U.S. Finance Co. LLC),
5.875%, 2-1-24 (A)	$	735	$	730
Multi-Utilities – 0.6%
MEG Energy Corp.,
7.125%, 2-1-27 (A)		550		274
MGE Energy Corp.,
6.500%, 1-15-25 (A)		407		257
				531
Renewable Electricity – 1.3%
HAT Holdings I LLC and HAT Holdings II LLC (GTD by Hannon Armstrong Sustainable Infrastructure Capital, Inc.),
5.250%, 7-15-24 (A)		552		530
NRG Yield Operating LLC,
5.000%, 9-15-26		583		564
				1,094
Total Utilities – 5.0%92				4,197
TOTAL CORPORATE DEBT SECURITIES – 92.6%			$	78,349
(Cost: $87,972)

SHORT-TERM SECURITIES	Shares		Value
Money Market Funds (F) – 8.2%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
0.390% (E)		2,395	$	2,395
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.310%		4,584		4,584
				6,979
TOTAL SHORT-TERM SECURITIES – 8.2%			$	6,979
(Cost: $6,979)
TOTAL INVESTMENT SECURITIES – 101.0%			$	85,481
(Cost: $95,117)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.0)%				(864	)
NET ASSETS – 100.0%			$	84,617

Notes to Schedule of Investments

(A) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $52,325 or 61.7% of net assets.

(B) All or a portion of securities with an aggregate value of $4,241 are on loan.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2020. Description of the reference rate and spread, if applicable, are included in the security description.

(D) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at March 31, 2020.

(E) Investment made with cash collateral received from securities on loan.

(F) Rate shown is the annualized7-day yield at March 31, 2020.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Asset-Backed Securities	$	—	$	153	$	—
Corporate Debt Securities		—		78,349		—
Short-Term Securities		6,979		—		—
Total	$	6,979	$	78,502	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

92 SEMIANNUAL REPORT 2020

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF MARCH 31, 2020 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Apollo Multi- Asset Income Fund			Ivy Apollo Strategic Income Fund			Ivy California Municipal High Income Fund			Ivy Cash Management Fund		Ivy Corporate Bond Fund		Ivy Crossover Credit Fund			Ivy Government Securities Fund			Ivy International Small Cap Fund
ASSETS
Investments in unaffiliated securities at value+^	$	331,379		$	408,404		$	33,440		$	1,608,392	$	776,406	$	43,815		$	369,056		$	144,646
Investments at Value		331,379			408,404			33,440			1,608,392		776,406		43,815			369,056			144,646
Cash		1,000			3,257			—			—		779		93			—	*		—
Cash denominated in foreign currencies at value+		130			46			—			—		—		—			—			2,733
Restricted cash		—			—			—			—		311		83			—			—
Investment securities sold receivable		5,413			2,637			—			—		18,245		527			—			202
Dividends and interest receivable		3,712			5,063			353			1,484		6,430		404			1,330			738
Capital shares sold receivable		335			270			73			8,514		576		66			752			94
Receivable from affiliates		434			534			90			—		—		95			69			239
Unrealized appreciation on forward foreign currency contracts		884			904			—			—		—		—			—			—
Receivable from securities lending income – net		6			12			—			—		3		1			3			6
Variation margin receivable		—			—			—			—		24		6			—			—
Prepaid and other assets		8			52			29			108		81		71			69			53
Total Assets		343,301			421,179			33,985			1,618,498		802,855		45,161			371,279			148,711
LIABILITIES
Cash collateral on securities loaned at value		2,797			5,311			—			—		2,508		902			—			2,659
Investment securities purchased payable		9,207			10,487			—			—		11,109		871			—			2,867
Capital shares redeemed payable		557			818			7			12,056		556		37			292			133
Distributions payable		—			—			5			86		—		—			30			—
Independent Trustees and Chief Compliance Officer fees payable		15			14			1			72		178		1			57			3
Distribution and service fees payable		1			1			—	*		—		2		—	*		1			—	*
Shareholder servicing payable		70			68			3			363		145		5			43			17
Investment management fee payable		7			8			1			14		10		1			5			4
Accounting services fee payable		10			11			2			21		18		2			9			6
Unrealized depreciation on forward foreign currency contracts		14			14			—			—		—		—			—			—
Other liabilities		38			63			6			38		35		8			19			17
Total Liabilities		12,716			16,795			25			12,650		14,561		1,827			456			5,706
Commitments and Contingencies (See Note 2 and Note 11)
Total Net Assets	$	330,585		$	404,384		$	33,960		$	1,605,848	$	788,294	$	43,334		$	370,823		$	143,005
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	391,936		$	456,328		$	33,798		$	1,605,848	$	770,875	$	45,370		$	356,356		$	182,845
Accumulated earnings gain (loss)		(61,351	)		(51,944	)		162			—		17,419		(2,036	)		14,467			(39,840	)
Total Net Assets	$	330,585		$	404,384		$	33,960		$	1,605,848	$	788,294	$	43,334		$	370,823		$	143,005
CAPITAL SHARES OUTSTANDING:
Class A		10,448			11,495			1,733			1,602,811		51,100		1,288			14,261			1,346
Class B		N/A			N/A			N/A			466		53		N/A			28			N/A
Class C		1,301			578			190			2,570		568		N/A			230			136
Class E		N/A			N/A			N/A			N/A		40		50			46			N/A
Class I		26,420			29,886			1,303			N/A		68,281		2,928			24,472			6,975
Class N		363			2,563			N/A			N/A		5,232		50			24,804			7,105
Class R		N/A			N/A			N/A			N/A		40		50			46			N/A
Class Y		359			677			126			N/A		41		100			46			55
NET ASSET VALUE PER SHARE:
Class A		$8.50			$8.95			$10.13			$1.00		$6.29		$9.70			$5.80			$9.14
Class B		N/A			N/A			N/A			$1.00		$6.28		N/A			$5.80			N/A
Class C		$8.50			$8.94			$10.13			$1.00		$6.28		N/A			$5.80			$9.08
Class E		N/A			N/A			N/A			N/A		$6.29		$9.70			$5.80			N/A
Class I		$8.50			$8.95			$10.13			N/A		$6.29		$9.70			$5.80			$9.16
Class N		$8.50			$8.95			N/A			N/A		$6.29		$9.70			$5.80			$9.16
Class R		N/A			N/A			N/A			N/A		$6.28		$9.70			$5.80			N/A
Class Y		$8.51			$8.94			$10.13			N/A		$6.29		$9.70			$5.80			$9.14
+COST
Investments in unaffiliated securities at cost	$	385,568		$	460,459		$	33,247		$	1,608,392	$	768,210	$	46,796		$	348,162		$	165,904
Cash denominated in foreign currencies at cost		135			52			—			—		—		—			—			2,675
^Securities loaned at value		6,880			7,866			—			—		6,693		1,721			11,288			2,611

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 93

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF MARCH 31, 2020 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Pictet Emerging Markets Local Currency Debt Fund			Ivy Pictet Targeted Return Bond Fund			Ivy PineBridge High Yield Fund
ASSETS
Investments in unaffiliated securities at value+^	$	99,367		$	166,377		$	85,481
Investments at Value		99,367			166,377			85,481
Cash		70			107			—
Cash denominated in foreign currencies at value+		794			11,633			—
Restricted cash		3,085			3,120			—
Investment securities sold receivable		1,272			21,818			179
Dividends and interest receivable		1,509			1,161			1,412
Capital shares sold receivable		20			79			63
Receivable from affiliates		252			251			127
Unrealized appreciation on forward foreign currency contracts		5,456			3,460			—
Swap agreements, at value		248			—			—
Receivable from securities lending income – net		—	*		—	*		2
Variation margin receivable		362			544			—
Prepaid and other assets		65			53			49
Total Assets		112,500			208,603			87,313
LIABILITIES
Cash collateral on securities loaned at value		144			1,292			2,395
Investment securities purchased payable		1,695			20,722			223
Capital shares redeemed payable		135			309			46
Independent Trustees and Chief Compliance Officer fees payable		4			7			2
Distribution and service fees payable		—	*		—	*		—	*
Shareholder servicing payable		17			26			13
Investment management fee payable		2			5			1
Accounting services fee payable		5			7			5
Unrealized depreciation on forward foreign currency contracts		6,673			2,191			—
Swap agreements, at value		452			354			—
Variation margin payable		121			13			—
Written options at value+		—			793			—
Other liabilities		89			28			11
Total Liabilities		9,337			25,747			2,696
Commitments and Contingencies (See Note 2 and Note 11)
Total Net Assets	$	103,163		$	182,856		$	84,617
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	125,159		$	186,479		$	97,025
Accumulated earnings loss		(21,996	)		(3,623	)		(12,408	)
Total Net Assets	$	103,163		$	182,856		$	84,617
CAPITAL SHARES OUTSTANDING:
Class A		977			2,231			1,318
Class C		217			406			N/A
Class E		200			N/A			N/A
Class I		8,228			10,677			6,048
Class N		3,452			4,990			2,299
Class R		200			N/A			50
Class Y		301			351			N/A
NET ASSET VALUE PER SHARE:
Class A		$7.53			$9.78			$8.71
Class C		$7.33			$9.69			N/A
Class E		$7.56			N/A			N/A
Class I		$7.62			$9.80			$8.71
Class N		$7.62			$9.82			$8.70
Class R		$7.45			N/A			$8.71
Class Y		$7.54			$9.78			N/A
+COST
Investments in unaffiliated securities at cost	$	110,972		$	169,113		$	95,117
Cash denominated in foreign currencies at cost		825			11,031			—
Written options premiums received at cost		—			518			—
^Securities loaned at value		134			1,225			4,241

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

94 SEMIANNUAL REPORT 2020

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED MARCH 31, 2020 (UNAUDITED)

(In thousands)	Ivy Apollo Multi- Asset Income Fund			Ivy Apollo Strategic Income Fund			Ivy California Municipal High Income Fund			Ivy Cash Management Fund		Ivy Corporate Bond Fund			Ivy Crossover Credit Fund			Ivy Government Securities Fund			Ivy International Small Cap Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	3,470		$	150		$	—		$	—	$	—		$	—		$	—		$	1,321
Foreign dividend withholding tax		(231	)		—			—			—		—			—			—			(108	)
Interest and amortization from unaffiliated securities		7,731			12,686			489			12,253		14,757			778			3,440			11
Foreign interest withholding tax		—	*		—			—			—		—			—			—			—
Securities lending income – net		—	*		27			—			—		7			1			4			58
Total Investment Income		10,970			12,863			489			12,253		14,764			779			3,444			1,282
EXPENSES
Investment management fee		1,544			1,631			88			2,198		2,125			113			757			835
Distribution and service fees:
Class A		144			146			21			—		427			17			86			20
Class B		N/A			N/A			N/A			—		2			N/A			1			N/A
Class C		70			29			10			—		19			N/A			6			9
Class E		N/A			N/A			N/A			N/A		—	*		1			—	*		N/A
Class R		N/A			N/A			N/A			N/A		1			1			1			N/A
Class Y		5			8			2			N/A		—	*		1			—	*		1
Shareholder servicing:
Class A		112			81			3			1,794		360			3			79			11
Class B		N/A			N/A			N/A			1		2			N/A			1			N/A
Class C		14			8			—	*		1		7			N/A			2			1
Class E		N/A			N/A			N/A			N/A		—	*		—	*		—	*		N/A
Class I		255			250			11			N/A		411			24			85			70
Class N		—	*		2			N/A			N/A		2			—	*		7			4
Class R		N/A			N/A			N/A			N/A		—	*		1			—	*		N/A
Class Y		3			5			1			N/A		—	*		1			—	*		1
Registration fees		80			47			28			81		61			36			54			34
Custodian fees		18			16			1			6		8			2			5			26
Independent Trustees and Chief Compliance Officer fees		19			20			2			65		62			2			20			5
Accounting services fee		67			69			14			128		116			15			52			35
Professional fees		63			64			31			35		46			38			27			37
Third-party valuation service fees		11			6			—			—		—			—			—			6
Commitment and interest expense for borrowing		—			8			1			—		—			—			—			—
Other		33			27			6			88		46			9			17			14
Total Expenses		2,438			2,417			219			4,397		3,695			264			1,200			1,109
Less:
Expenses in excess of limit		(434	)		(534	)		(89	)		—		—			(96	)		(69	)		(239	)
Total Net Expenses		2,004			1,883			130			4,397		3,695			168			1,131			870
Net Investment Income		8,966			10,980			359			7,856		11,069			611			2,313			412
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		(5,261	)		1,044			27			—		15,811			1,190			2,493			(2,676	)
Futures contracts		—			—			—			—		(32	)		(5	)		—			—
Swap agreements		(27	)		(28	)		—			—		—			—			—			—
Forward foreign currency contracts		56			66			—			—		—			—			—			—
Foreign currency exchange transactions		(38	)		(1	)		—			—		—			—			—			22
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(69,552	)		(47,787	)		(1,385	)		—		(43,775	)		(4,537	)		11,510			(27,141	)
Futures contracts		—			—			—			—		(557	)		(147	)		—			—
Swap agreements		10			11			—			—		—			—			—			—
Forward foreign currency contracts		10			8			—			—		—			—			—			—
Foreign currency exchange transactions		(23	)		(31	)		—			—		—			—			—			96
Net Realized and Unrealized Gain (Loss)		(74,825	)		(46,718	)		(1,358	)		—		(28,553	)		(3,499	)		14,003			(29,699	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(65,859	)	$	(35,738	)	$	(999	)	$	7,856	$	(17,484	)	$	(2,888	)	$	16,316		$	(29,287	)

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 95

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED MARCH 31, 2020 (UNAUDITED)

(In thousands)	Ivy Pictet Emerging Markets Local Currency Debt Fund			Ivy Pictet Targeted Return Bond Fund			Ivy PineBridge High Yield Fund
INVESTMENT INCOME
Interest and amortization from unaffiliated securities	$	3,393		$	2,320		$	2,975
Foreign interest withholding tax		(39	)		(2	)		—
Securities lending income – net		—	*		1			10
Total Investment Income		3,354			2,319			2,985
EXPENSES
Investment management fee		481			975			325
Distribution and service fees:
Class A		11			29			15
Class C		10			21			N/A
Class E		2			N/A			N/A
Class R		4			N/A			1
Class Y		3			5			N/A
Shareholder servicing:
Class A		6			13			5
Class C		1			1			N/A
Class E		—	*		N/A			N/A
Class I		68			104			51
Class N		2			3			2
Class R		2			N/A			—	*
Class Y		2			3			N/A
Registration fees		35			42			30
Custodian fees		65			26			4
Independent Trustees and Chief Compliance Officer fees		9			9			5
Accounting services fee		34			45			31
Professional fees		56			48			39
Commitment and interest expense for borrowing		—			—			2
Other		16			17			9
Total Expenses		807			1,341			519
Less:
Expenses in excess of limit		(252	)		(251	)		(127	)
Total Net Expenses		555			1,090			392
Net Investment Income		2,799			1,229			2,593
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		(883	)		(10,457	)		(1,506	)
Futures contracts		(137	)		491			—
Written options		—			870			—
Swap agreements		(461	)		(1,155	)		—
Forward foreign currency contracts		(1,513	)		7,707			—
Foreign currency exchange transactions		(1,939	)		4,156			—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(11,859	)		(6,834	)		(9,897	)
Futures contracts		(32	)		(1,514	)		—
Written options		—			(249	)		—
Swap agreements		320			418			—
Forward foreign currency contracts		(596	)		494			—
Foreign currency exchange transactions		(197	)		107			—
Net Realized and Unrealized Loss		(17,297	)		(5,966	)		(11,403	)
Net Decrease in Net Assets Resulting from Operations	$	(14,498	)	$	(4,737	)	$	(8,810	)

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

96 SEMIANNUAL REPORT 2020

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Apollo Multi-Asset Income Fund						Ivy Apollo Strategic Income Fund						Ivy California Municipal High Income Fund
(In thousands)	Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19			Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19			Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	8,966		$	20,293		$	10,980		$	23,292		$	359		$	741
Net realized gain (loss) on investments		(5,270	)		5,929			1,081			(725	)		27			40
Net change in unrealized appreciation (depreciation)		(69,555	)		(11,470	)		(47,799	)		2,943			(1,385	)		1,635
Net Increase (Decrease) in Net Assets Resulting from Operations		(65,859	)		14,752			(35,738	)		25,510			(999	)		2,416
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(4,549	)		(9,075	)		(2,893	)		(5,616	)		(172	)		(340	)
Class C		(498	)		(998	)		(118	)		(233	)		(11	)		(30	)
Class I		(12,628	)		(25,556	)		(8,175	)		(16,194	)		(151	)		(334	)
Class N		(161	)		(294	)		(1,149	)		(2,533	)		N/A			N/A
Class Y		(156	)		(410	)		(168	)		(342	)		(14	)		(33	)
Total Distributions to Shareholders		(17,992	)		(36,333	)		(12,503	)		(24,918	)		(348	)		(737	)
Capital Share Transactions		(46,654	)		(28,653	)		(42,370	)		(4,654	)		2,577			3,010
Net Increase (Decrease) in Net Assets		(130,505	)		(50,234	)		(90,611	)		(4,062	)		1,230			4,689
Net Assets, Beginning of Period		461,090			511,324			494,995			499,057			32,730			28,041
Net Assets, End of Period	$	330,585		$	461,090		$	404,384		$	494,995		$	33,960		$	32,730

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 97

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Cash Management Fund						Ivy Corporate Bond Fund						Ivy Crossover Credit Fund
(In thousands)	Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19			Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19			Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	7,856		$	23,976		$	11,069		$	24,991		$	611		$	1,258
Net realized gain on investments		—			10			15,779			1,533			1,185			272
Net change in unrealized appreciation (depreciation)		—			—			(44,332	)		73,955			(4,684	)		3,067
Net Increase (Decrease) in Net Assets Resulting from Operations		7,856			23,986			(17,484	)		100,479			(2,888	)		4,597
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(7,864	)		(23,958	)		(4,870	)		(8,915	)		(185	)		(412	)
Class B		(1	)		(6	)		(3	)		(6	)		N/A			N/A
Class C		(2	)		(12	)		(38	)		(65	)		N/A			N/A
Class E		N/A			N/A			(4	)		(7	)		(8	)		(17	)
Class I		N/A			N/A			(8,021	)		(15,141	)		(453	)		(866	)
Class N		N/A			N/A			(710	)		(1,176	)		(8	)		(19	)
Class R		N/A			N/A			(3	)		(6	)		(6	)		(15	)
Class Y		N/A			N/A			(4	)		(7	)		(15	)		(35	)
Total Distributions to Shareholders		(7,867	)		(23,976	)		(13,653	)		(25,323	)		(675	)		(1,364	)
Capital Share Transactions		346,696			(23,815	)		(99,401	)		(114,020	)		3,827			2,906
Net Increase (Decrease) in Net Assets		346,685			(23,805	)		(130,538	)		(38,864	)		264			6,139
Net Assets, Beginning of Period		1,259,163			1,282,968			918,832			957,696			43,070			36,931
Net Assets, End of Period	$	1,605,848		$	1,259,163		$	788,294		$	918,832		$	43,334		$	43,070

See Accompanying Notes to Financial Statements.

98 SEMIANNUAL REPORT 2020

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Government Securities Fund						Ivy International Small Cap Fund						Ivy Pictet Emerging Markets Local Currency Debt Fund
(In thousands)	Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19			Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19			Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	2,313		$	5,641		$	412		$	2,225		$	2,799		$	7,346
Net realized gain (loss) on investments		2,493			(1,046	)		(2,654	)		(12,771	)		(4,933	)		(9,671	)
Net change in unrealized appreciation (depreciation)		11,510			22,615			(27,045	)		37			(12,364	)		10,733
Net Increase (Decrease) in Net Assets Resulting from Operations		16,316			27,210			(29,287	)		(10,509	)		(14,498	)		8,408
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(474	)		(1,084	)		(289	)		(224	)		(104	)		—
Class B		—	*		(1	)		N/A			N/A			N/A			N/A
Class C		(3	)		(8	)		(19	)		(10	)		(21	)		—
Class E		(2	)		(4	)		N/A			N/A			(21	)		—	*
Class I		(838	)		(1,917	)		(1,651	)		(1,137	)		(972	)		(187	)
Class N		(1,126	)		(3,023	)		(1,558	)		(1,365	)		(429	)		(97	)
Class R		(2	)		(3	)		N/A			N/A			(20	)		—
Class Y		(2	)		(4	)		(24	)		(40	)		(31	)		—
Total Distributions to Shareholders		(2,447	)		(6,044	)		(3,541	)		(2,776	)		(1,598	)		(284	)
Capital Share Transactions		74,646			(114,107	)		11,887			4,295			(10,009	)		(20,756	)
Net Increase (Decrease) in Net Assets		88,515			(92,941	)		(20,941	)		(8,990	)		(26,105	)		(12,632	)
Net Assets, Beginning of Period		282,308			375,249			163,946			172,936			129,268			141,900
Net Assets, End of Period	$	370,823		$	282,308		$	143,005		$	163,946		$	103,163		$	129,268

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 99

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Pictet Targeted Return Bond Fund						Ivy PineBridge High Yield Fund
(In thousands)	Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19			Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,229		$	4,556		$	2,593		$	5,022
Net realized gain (loss) on investments		1,612			4,135			(1,506	)		(1,054	)
Net change in unrealized appreciation (depreciation)		(7,578	)		7,804			(9,897	)		1,621
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,737	)		16,495			(8,810	)		5,589
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(429	)		(1,003	)		(308	)		(439	)
Class C		(51	)		(169	)		N/A			N/A
Class I		(2,445	)		(6,359	)		(1,546	)		(2,640	)
Class N		(1,535	)		(4,192	)		(916	)		(1,834	)
Class R		N/A			N/A			(11	)		(24	)
Class Y		(66	)		(171	)		N/A			N/A
Total Distributions to Shareholders		(4,526	)		(11,894	)		(2,781	)		(4,937	)
Capital Share Transactions		(28,580	)		(24,430	)		(6,135	)		14,710
Net Increase (Decrease) in Net Assets		(37,843	)		(19,829	)		(17,726	)		15,362
Net Assets, Beginning of Period		220,699			240,528			102,343			86,981
Net Assets, End of Period	$	182,856		$	220,699		$	84,617		$	102,343

See Accompanying Notes to Financial Statements.

100 SEMIANNUAL REPORT 2020

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2020 SEMIANNUAL REPORT 101

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY APOLLO MULTI-ASSET INCOME FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	10.58	$	0.20	$	(1.87	)	$	(1.67	)	$	(0.28	)	$	(0.13	)	$	(0.41	)
Year ended9-30-2019		11.07		0.43		(0.13	)		0.30			(0.45	)		(0.34	)		(0.79	)
Year ended9-30-2018		11.02		0.42		0.05			0.47			(0.41	)		(0.01	)		(0.42	)
Year ended9-30-2017		10.45		0.39		0.50			0.89			(0.30	)		(0.02	)		(0.32	)
Year ended9-30-2016(5)		10.00		0.37		0.31			0.68			(0.23	)		—	*		(0.23	)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		10.58		0.16		(1.87	)		(1.71	)		(0.24	)		(0.13	)		(0.37	)
Year ended9-30-2019		11.07		0.35		(0.12	)		0.23			(0.38	)		(0.34	)		(0.72	)
Year ended9-30-2018		11.02		0.33		0.06			0.39			(0.33	)		(0.01	)		(0.34	)
Year ended9-30-2017		10.46		0.31		0.50			0.81			(0.23	)		(0.02	)		(0.25	)
Year ended9-30-2016(5)		10.00		0.28		0.33			0.61			(0.15	)		—	*		(0.15	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		10.59		0.22		(1.87	)		(1.65	)		(0.31	)		(0.13	)		(0.44	)
Year ended9-30-2019		11.07		0.47		(0.11	)		0.36			(0.50	)		(0.34	)		(0.84	)
Year ended9-30-2018		11.02		0.45		0.06			0.51			(0.45	)		(0.01	)		(0.46	)
Year ended9-30-2017		10.46		0.41		0.51			0.92			(0.34	)		(0.02	)		(0.36	)
Year ended9-30-2016(5)		10.00		0.39		0.32			0.71			(0.25	)		—	*		(0.25	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		10.59		0.22		(1.87	)		(1.65	)		(0.31	)		(0.13	)		(0.44	)
Year ended9-30-2019		11.08		0.47		(0.12	)		0.35			(0.50	)		(0.34	)		(0.84	)
Year ended9-30-2018		11.03		0.47		0.05			0.52			(0.46	)		(0.01	)		(0.47	)
Year ended9-30-2017		10.46		0.43		0.52			0.95			(0.36	)		(0.02	)		(0.38	)
Year ended9-30-2016(5)		10.00		0.38		0.33			0.71			(0.25	)		—	*		(0.25	)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		10.59		0.20		(1.87	)		(1.67	)		(0.28	)		(0.13	)		(0.41	)
Year ended9-30-2019		11.07		0.42		(0.10	)		0.32			(0.46	)		(0.34	)		(0.80	)
Year ended9-30-2018		11.02		0.42		0.06			0.48			(0.42	)		(0.01	)		(0.43	)
Year ended9-30-2017		10.45		0.39		0.51			0.90			(0.31	)		(0.02	)		(0.33	)
Year ended9-30-2016(5)		10.00		0.34		0.34			0.68			(0.23	)		—	*		(0.23	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from October 1, 2015 (commencement of operations of the class) through September 30, 2016.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2016.

(7) Ratio of expenses to average net assets excluding offering costs was 1.25%.

(8) Ratio of expenses to average net assets excluding offering costs was 2.01%.

(9) Ratio of expenses to average net assets excluding offering costs was 0.93%.

(10) Ratio of expenses to average net assets excluding offering costs was 0.89%.

(11) Ratio of expenses to average net assets excluding offering costs was 1.20%.

102 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	8.50		-16.39	%	$	89		1.20	%(4)		3.79	%(4)		1.28	%(4)		3.71	%(4)		43	%
Year ended9-30-2019		10.58		3.22			119		1.20			4.06			1.24			4.02			54
Year ended9-30-2018		11.07		4.41			131		1.24			3.77			1.24			3.77			59
Year ended9-30-2017		11.02		8.67			143		1.24			3.64			—			—			84
Year ended9-30-2016(5)		10.45		6.85			95		1.30	(4)(7)		3.69	(4)		1.41	(4)		3.58	(4)		63	(6)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		8.50		-16.72			11		1.95	(4)		3.04	(4)		2.03	(4)		2.96	(4)		43
Year ended9-30-2019		10.58		2.46			14		1.94			3.31			1.98			3.27			54
Year ended9-30-2018		11.07		3.64			16		1.98			3.01			1.98			3.01			59
Year ended9-30-2017		11.02		7.86			20		1.97			2.87			—			—			84
Year ended9-30-2016(5)		10.46		6.14			14		2.06	(4)(8)		2.78	(4)		—			—			63	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		8.50		-16.26			225		0.75	(4)		4.23	(4)		1.00	(4)		3.98	(4)		43
Year ended9-30-2019		10.59		3.77			320		0.75			4.51			0.97			4.29			54
Year ended9-30-2018		11.07		4.71			354		0.93			4.07			0.96			4.04			59
Year ended9-30-2017		11.02		8.92			401		0.95			3.88			—			—			84
Year ended9-30-2016(5)		10.46		7.25			255		0.98	(4)(9)		3.80	(4)		—			—			63	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		8.50		-16.26			3		0.75	(4)		4.24	(4)		0.85	(4)		4.14	(4)		43
Year ended9-30-2019		10.59		3.69			4		0.75			4.50			0.92			4.33			54
Year ended9-30-2018		11.08		4.96			4		0.79			4.23			0.80			4.22			59
Year ended9-30-2017		11.03		9.12			4		0.78			4.09			—			—			84
Year ended9-30-2016(5)		10.46		7.26			3		0.94	(4)(10)		3.73	(4)		—			—			63	(6)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		8.51		-16.37			3		1.16	(4)		3.85	(4)		1.24	(4)		3.77	(4)		43
Year ended9-30-2019		10.59		3.33			4		1.17			4.06			1.21			4.02			54
Year ended9-30-2018		11.07		4.45			6		1.19			3.82			1.19			3.82			59
Year ended9-30-2017		11.02		8.75			5		1.17			3.69			—			—			84
Year ended9-30-2016(5)		10.45		6.90			4		1.25	(4)(11)		3.31	(4)		1.33	(4)		3.23	(4)		63	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 103

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY APOLLO STRATEGIC INCOME FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	9.99	$	0.21	$	(1.01	)	$	(0.80	)	$	(0.24	)	$	—		$	(0.24	)
Year ended9-30-2019		9.97		0.44		0.06			0.50			(0.45	)		(0.03	)		(0.48	)
Year ended9-30-2018		10.27		0.42		(0.27	)		0.15			(0.40	)		(0.05	)		(0.45	)
Year ended9-30-2017		10.26		0.39		0.04			0.43			(0.38	)		(0.04	)		(0.42	)
Year ended9-30-2016(5)		10.00		0.34		0.18			0.52			(0.26	)		—			(0.26	)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		9.98		0.18		(1.01	)		(0.83	)		(0.21	)		—			(0.21	)
Year ended9-30-2019		9.97		0.36		0.05			0.41			(0.37	)		(0.03	)		(0.40	)
Year ended9-30-2018		10.27		0.35		(0.27	)		0.08			(0.33	)		(0.05	)		(0.38	)
Year ended9-30-2017		10.26		0.32		0.04			0.36			(0.31	)		(0.04	)		(0.35	)
Year ended9-30-2016(5)		10.00		0.27		0.19			0.46			(0.20	)		—			(0.20	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		9.99		0.23		(1.01	)		(0.78	)		(0.26	)		—			(0.26	)
Year ended9-30-2019		9.98		0.48		0.05			0.53			(0.49	)		(0.03	)		(0.52	)
Year ended9-30-2018		10.28		0.45		(0.27	)		0.18			(0.43	)		(0.05	)		(0.48	)
Year ended9-30-2017		10.27		0.42		0.05			0.47			(0.42	)		(0.04	)		(0.46	)
Year ended9-30-2016(5)		10.00		0.39		0.17			0.56			(0.29	)		—			(0.29	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		9.99		0.23		(1.01	)		(0.78	)		(0.26	)		—			(0.26	)
Year ended9-30-2019		9.98		0.48		0.05			0.53			(0.49	)		(0.03	)		(0.52	)
Year ended9-30-2018		10.28		0.46		(0.27	)		0.19			(0.44	)		(0.05	)		(0.49	)
Year ended9-30-2017		10.27		0.43		0.04			0.47			(0.42	)		(0.04	)		(0.46	)
Year ended9-30-2016(5)		10.00		0.34		0.22			0.56			(0.29	)		—			(0.29	)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		9.99		0.21		(1.01	)		(0.80	)		(0.25	)		—			(0.25	)
Year ended9-30-2019		9.97		0.44		0.06			0.50			(0.45	)		(0.03	)		(0.48	)
Year ended9-30-2018		10.27		0.42		(0.27	)		0.15			(0.40	)		(0.05	)		(0.45	)
Year ended9-30-2017		10.26		0.40		0.04			0.44			(0.39	)		(0.04	)		(0.43	)
Year ended9-30-2016(5)		10.00		0.33		0.20			0.53			(0.27	)		—			(0.27	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from October 1, 2015 (commencement of operations of the class) through September 30, 2016.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2016.

(7) Ratio of expenses to average net assets excluding offering costs was 1.10%.

(8) Ratio of expenses to average net assets excluding offering costs was 1.79%.

(9) Ratio of expenses to average net assets excluding offering costs was 0.80%.

(10) Ratio of expenses to average net assets excluding offering costs was 0.79%.

(11) Ratio of expenses to average net assets excluding offering costs was 1.05%.

104 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	8.95		-8.17	%	$	103		1.06	%(4)		4.31	%(4)		1.17	%(4)		4.20	%(4)		28	%
Year ended9-30-2019		9.99		5.13			120		1.05			4.45			1.15			4.35			45
Year ended9-30-2018		9.97		1.53			117		1.15			4.14			1.16			4.13			48
Year ended9-30-2017		10.27		4.38			123		1.15			3.83			1.17			3.81			48
Year ended9-30-2016(5)		10.26		5.35			95		1.15	(4)(7)		3.36	(4)		1.26	(4)		3.25	(4)		42	(6)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		8.94		-8.55			5		1.84	(4)		3.53	(4)		2.08	(4)		3.29	(4)		28
Year ended9-30-2019		9.98		4.21			5		1.85			3.65			2.04			3.46			45
Year ended9-30-2018		9.97		0.82			6		1.85			3.43			2.02			3.26			48
Year ended9-30-2017		10.27		3.66			8		1.85			3.13			1.98			3.00			48
Year ended9-30-2016(5)		10.26		4.66			8		1.84	(4)(8)		2.71	(4)		1.96	(4)		2.59	(4)		42	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		8.95		-7.99			267		0.67	(4)		4.70	(4)		0.95	(4)		4.42	(4)		28
Year ended9-30-2019		9.99		5.43			315		0.67			4.83			0.93			4.57			45
Year ended9-30-2018		9.98		1.95			315		0.82			4.46			0.93			4.35			48
Year ended9-30-2017		10.28		4.59			320		0.85			4.13			0.94			4.04			48
Year ended9-30-2016(5)		10.27		5.75			184		0.85	(4)(9)		3.91	(4)		0.98	(4)		3.78	(4)		42	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		8.95		-7.99			23		0.67	(4)		4.69	(4)		0.80	(4)		4.56	(4)		28
Year ended9-30-2019		9.99		5.43			48		0.67			4.83			0.78			4.72			45
Year ended9-30-2018		9.98		1.92			53		0.77			4.52			0.78			4.51			48
Year ended9-30-2017		10.28		4.75			61		0.77			4.24			—			—			48
Year ended9-30-2016(5)		10.27		5.75			6		0.84	(4)(10)		3.44	(4)		—			—			42	(6)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		8.94		-8.26			6		1.06	(4)		4.31	(4)		1.19	(4)		4.18	(4)		28
Year ended9-30-2019		9.99		5.13			7		1.05			4.46			1.18			4.33			45
Year ended9-30-2018		9.97		1.58			8		1.10			4.18			1.17			4.11			48
Year ended9-30-2017		10.27		4.44			9		1.10			3.89			1.19			3.80			48
Year ended9-30-2016(5)		10.26		5.39			6		1.10	(4)(11)		3.31	(4)		1.23	(4)		3.18	(4)		42	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 105

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY CALIFORNIA MUNICIPAL HIGH INCOME FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	10.58	$	0.11	$	(0.45	)	$	(0.34	)	$	(0.11	)	$	—		$	(0.11	)
Year ended9-30-2019		9.98		0.26		0.60			0.86			(0.26	)		—			(0.26	)
Year ended9-30-2018		10.16		0.26		(0.16	)		0.10			(0.26	)		(0.02	)		(0.28	)
Year ended9-30-2017(5)		10.00		0.26		0.14			0.40			(0.24	)		—			(0.24	)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		10.58		0.06		(0.45	)		(0.39	)		(0.06	)		—			(0.06	)
Year ended9-30-2019		9.98		0.17		0.60			0.77			(0.17	)		—			(0.17	)
Year ended9-30-2018		10.16		0.17		(0.17	)		0.00	*		(0.16	)		(0.02	)		(0.18	)
Year ended9-30-2017(5)		10.00		0.19		0.16			0.35			(0.19	)		—			(0.19	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		10.58		0.12		(0.45	)		(0.33	)		(0.12	)		—			(0.12	)
Year ended9-30-2019		9.98		0.28		0.60			0.88			(0.28	)		—			(0.28	)
Year ended9-30-2018		10.16		0.28		(0.16	)		0.12			(0.28	)		(0.02	)		(0.30	)
Year ended9-30-2017(5)		10.00		0.28		0.13			0.41			(0.25	)		—			(0.25	)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		10.58		0.11		(0.45	)		(0.34	)		(0.11	)		—			(0.11	)
Year ended9-30-2019		9.98		0.26		0.60			0.86			(0.26	)		—			(0.26	)
Year ended9-30-2018		10.16		0.25		(0.15	)		0.10			(0.26	)		(0.02	)		(0.28	)
Year ended9-30-2017(5)		10.00		0.25		0.15			0.40			(0.24	)		—			(0.24	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from October 3, 2016 (commencement of operations of the class) through September 30, 2017.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2017.

106 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	10.13		-3.27	%	$	18		0.80	%(4)		2.11	%(4)		1.30	%(4)		1.61	%(4)		4	%
Year ended9-30-2019		10.58		8.73			17		0.80			2.54			1.29			2.05			10
Year ended9-30-2018		9.98		0.89			14		0.78			2.56			1.32			2.02			10
Year ended9-30-2017(5)		10.16		4.17			8		0.60	(4)		2.62	(4)		1.12	(4)		2.10	(4)		7	(6)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		10.13		-3.70			2		1.68	(4)		1.23	(4)		2.10	(4)		0.81	(4)		4
Year ended9-30-2019		10.58		7.81			2		1.66			1.69			2.06			1.29			10
Year ended9-30-2018		9.98		-0.07			2		1.63			1.70			2.08			1.25			10
Year ended9-30-2017(5)		10.16		3.53			2		1.33	(4)		1.88	(4)		1.85	(4)		1.36	(4)		7	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		10.13		-3.17			13		0.60	(4)		2.31	(4)		1.19	(4)		1.72	(4)		4
Year ended9-30-2019		10.58		8.95			13		0.60			2.75			1.16			2.19			10
Year ended9-30-2018		9.98		1.10			11		0.58			2.74			1.20			2.12			10
Year ended9-30-2017(5)		10.16		4.31			7		0.43	(4)		2.87	(4)		0.95	(4)		2.35	(4)		7	(6)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		10.13		-3.27			1		0.80	(4)		2.11	(4)		1.42	(4)		1.49	(4)		4
Year ended9-30-2019		10.58		8.73			1		0.80			2.55			1.40			1.95			10
Year ended9-30-2018		9.98		0.93			1		0.78			2.56			1.44			1.90			10
Year ended9-30-2017(5)		10.16		4.09			1		0.60	(4)		2.54	(4)		1.23	(4)		1.91	(4)		7	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 107

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY CASH MANAGEMENT FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)			Net Realized and Unrealized Gain on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains		Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	1.00	$	0.01		$	0.00		$	0.01		$	(0.01	)	$	—	$	(0.01	)
Year ended9-30-2019		1.00		0.02			0.00	*		0.02			(0.02	)		—		(0.02	)
Year ended9-30-2018		1.00		0.01			0.00	*		0.01			(0.01	)		—		(0.01	)
Year ended9-30-2017		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended9-30-2016		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended9-30-2015		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Class B Shares(5)
Six-month period ended3-31-2020 (unaudited)		1.00		0.00	*		0.00			0.00	*		—	*		—		—	*
Year ended9-30-2019		1.00		0.01			0.00	*		0.01			(0.01	)		—		(0.01	)
Year ended9-30-2018		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended9-30-2017		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended9-30-2016		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended9-30-2015		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Class C Shares
Six-month period ended3-31-2020 (unaudited)		1.00		0.00	*		0.00			0.00	*		—	*		—		—	*
Year ended9-30-2019		1.00		0.01			0.00	*		0.01			(0.01	)		—		(0.01	)
Year ended9-30-2018		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended9-30-2017		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended9-30-2016		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended9-30-2015		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund.

108 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	1.00		0.61	%	$	1,603			0.68	%(4)		1.21	%(4)		—	%		—	%
Year ended9-30-2019		1.00		1.87			1,257			0.71			1.86			—			—
Year ended9-30-2018		1.00		1.11			1,281			0.75			1.03			—			—
Year ended9-30-2017		1.00		0.27			1,378			0.74			0.27			0.75			0.26
Year ended9-30-2016		1.00		0.02			1,401			0.49			0.02			0.79			-0.28
Year ended9-30-2015		1.00		0.02			1,350			0.19			0.02			0.80			-0.59
Class B Shares(5)
Six-month period ended3-31-2020 (unaudited)		1.00		0.23			—	*		1.45	(4)		0.46	(4)		—			—
Year ended9-30-2019		1.00		1.05			1			1.51			1.06			—			—
Year ended9-30-2018		1.00		0.27			1			1.60			0.21			1.65			0.16
Year ended9-30-2017		1.00		0.02			1			0.96			0.02			1.61			-0.63
Year ended9-30-2016		1.00		0.02			1			0.49			0.02			1.73			-1.22
Year ended9-30-2015		1.00		0.02			1			0.19			0.02			1.79			-1.58
Class C Shares
Six-month period ended3-31-2020 (unaudited)		1.00		0.16			3			1.58	(4)		0.29	(4)		—			—
Year ended9-30-2019		1.00		0.91			1			1.65			0.93			—			—
Year ended9-30-2018		1.00		0.24			1			1.55			0.08			1.68			-0.05
Year ended9-30-2017		1.00		0.02			2			0.98			0.02			1.61			-0.61
Year ended9-30-2016		1.00		0.02			3			0.46			0.02			1.62			-1.14
Year ended9-30-2015		1.00		0.02			5			0.18			0.02			1.59			-1.39

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 109

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY CORPORATE BOND FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	6.54	$	0.07	$	(0.23	)	$	(0.16	)	$	(0.09	)	$	—		$	(0.09	)
Year ended9-30-2019		6.02		0.16		0.52			0.68			(0.16	)		—			(0.16	)
Year ended9-30-2018		6.27		0.15		(0.26	)		(0.11	)		(0.14	)		—			(0.14	)
Year ended9-30-2017		6.51		0.13		(0.12	)		0.01			(0.14	)		(0.11	)		(0.25	)
Year ended9-30-2016		6.30		0.13		0.28			0.41			(0.13	)		(0.07	)		(0.20	)
Year ended9-30-2015		6.34		0.13		(0.03	)		0.10			(0.14	)		—			(0.14	)
Class B Shares(5)
Six-month period ended3-31-2020 (unaudited)		6.53		0.02		(0.23	)		(0.21	)		(0.04	)		—			(0.04	)
Year ended9-30-2019		6.01		0.06		0.52			0.58			(0.06	)		—			(0.06	)
Year ended9-30-2018		6.26		0.05		(0.25	)		(0.20	)		(0.05	)		—			(0.05	)
Year ended9-30-2017		6.51		0.04		(0.12	)		(0.08	)		(0.06	)		(0.11	)		(0.17	)
Year ended9-30-2016		6.29		0.04		0.29			0.33			(0.04	)		(0.07	)		(0.11	)
Year ended9-30-2015		6.34		0.05		(0.04	)		0.01			(0.06	)		—			(0.06	)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		6.53		0.05		(0.24	)		(0.19	)		(0.06	)		—			(0.06	)
Year ended9-30-2019		6.01		0.10		0.52			0.62			(0.10	)		—			(0.10	)
Year ended9-30-2018		6.26		0.09		(0.25	)		(0.16	)		(0.09	)		—			(0.09	)
Year ended9-30-2017		6.50		0.08		(0.12	)		(0.04	)		(0.09	)		(0.11	)		(0.20	)
Year ended9-30-2016		6.29		0.07		0.28			0.35			(0.07	)		(0.07	)		(0.14	)
Year ended9-30-2015		6.34		0.07		(0.03	)		0.04			(0.09	)		—			(0.09	)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		6.53		0.08		(0.22	)		(0.14	)		(0.10	)		—			(0.10	)
Year ended9-30-2019		6.01		0.17		0.52			0.69			(0.17	)		—			(0.17	)
Year ended9-30-2018(6)		6.28		0.16		(0.29	)		(0.13	)		(0.14	)		—			(0.14	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		6.54		0.08		(0.23	)		(0.15	)		(0.10	)		—			(0.10	)
Year ended9-30-2019		6.02		0.18		0.52			0.70			(0.18	)		—			(0.18	)
Year ended9-30-2018		6.27		0.17		(0.26	)		(0.09	)		(0.16	)		—			(0.16	)
Year ended9-30-2017		6.51		0.15		(0.12	)		0.03			(0.16	)		(0.11	)		(0.27	)
Year ended9-30-2016		6.30		0.15		0.28			0.43			(0.15	)		(0.07	)		(0.22	)
Year ended9-30-2015		6.35		0.15		(0.04	)		0.11			(0.16	)		—			(0.16	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		6.54		0.09		(0.23	)		(0.14	)		(0.11	)		—			(0.11	)
Year ended9-30-2019		6.01		0.19		0.53			0.72			(0.19	)		—			(0.19	)
Year ended9-30-2018(6)		6.28		0.17		(0.28	)		(0.11	)		(0.16	)		—			(0.16	)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		6.53		0.07		(0.24	)		(0.17	)		(0.08	)		—			(0.08	)
Year ended9-30-2019		6.01		0.14		0.52			0.66			(0.14	)		—			(0.14	)
Year ended9-30-2018(6)		6.28		0.13		(0.28	)		(0.15	)		(0.12	)		—			(0.12	)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		6.53		0.08		(0.23	)		(0.15	)		(0.09	)		—			(0.09	)
Year ended9-30-2019		6.01		0.16		0.53			0.69			(0.17	)		—			(0.17	)
Year ended9-30-2018(6)		6.28		0.15		(0.29	)		(0.14	)		(0.13	)		—			(0.13	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund.

(6) For the period from October 16, 2017 (commencement of operations of the class) through September 30, 2018.

(7) Portfolio turnover is calculated at the fund level. Percentage calculated was calculated for the period ended September 30, 2018.

110 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	6.29		-2.44	%	$	321			1.01	%(4)		2.30	%(4)		—	%		—	%		29	%
Year ended9-30-2019		6.54		11.48			348			1.02			2.54			—			—			63
Year ended9-30-2018		6.02		-1.72			364			1.05			2.41			1.05			2.41			29
Year ended9-30-2017		6.27		0.39			437			0.98			2.09			0.99			2.08			42
Year ended9-30-2016		6.51		6.58			520			0.97			2.03			0.98			2.02			88
Year ended9-30-2015		6.30		1.66			1,206			0.95			2.02			0.96			2.01			58
Class B Shares(5)
Six-month period ended3-31-2020 (unaudited)		6.28		-3.22			—	*		2.65	(4)		0.66	(4)		—			—			29
Year ended9-30-2019		6.53		9.66			1			2.61			0.96			—			—			63
Year ended9-30-2018		6.01		-3.18			1			2.56			0.87			—			—			29
Year ended9-30-2017		6.26		-1.50			1			2.39			0.68			—			—			42
Year ended9-30-2016		6.51		5.31			2			2.31			0.68			—			—			88
Year ended9-30-2015		6.29		0.21			3			2.26			0.73			—			—			58
Class C Shares
Six-month period ended3-31-2020 (unaudited)		6.28		-2.88			4			1.89	(4)		1.42	(4)		—			—			29
Year ended9-30-2019		6.53		10.52			4			1.92			1.64			—			—			63
Year ended9-30-2018		6.01		-2.63			4			1.94			1.48			—			—			29
Year ended9-30-2017		6.26		-0.46			8			1.85			1.22			—			—			42
Year ended9-30-2016		6.50		5.65			10			1.85			1.14			—			—			88
Year ended9-30-2015		6.29		0.56			10			1.87			1.11			—			—			58
Class E Shares
Six-month period ended3-31-2020 (unaudited)		6.29		-2.19			—	*		0.82	(4)		2.50	(4)		—			—			29
Year ended9-30-2019		6.53		11.74			—	*		0.80			2.75			—			—			63
Year ended9-30-2018(6)		6.01		-2.01			—	*		0.84	(4)		2.78	(4)		—			—			29	(7)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		6.29		-2.29			429			0.71	(4)		2.59	(4)		—			—			29
Year ended9-30-2019		6.54		11.84			523			0.70			2.86			—			—			63
Year ended9-30-2018		6.02		-1.41			545			0.72			2.74			—			—			29
Year ended9-30-2017		6.27		0.68			672			0.69			2.39			—			—			42
Year ended9-30-2016		6.51		6.88			752			0.67			2.28			—			—			88
Year ended9-30-2015		6.30		1.80			2			0.67			2.41			—			—			58
Class N Shares
Six-month period ended3-31-2020 (unaudited)		6.29		-2.21			33			0.56	(4)		2.75	(4)		—			—			29
Year ended9-30-2019		6.54		12.19			43			0.55			3.00			—			—			63
Year ended9-30-2018(6)		6.01		-1.77			44			0.57	(4)		3.06	(4)		—			—			29	(7)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		6.28		-2.60			—	*		1.30	(4)		2.01	(4)		—			—			29
Year ended9-30-2019		6.53		11.20			—	*		1.29			2.27			—			—			63
Year ended9-30-2018(6)		6.01		-2.43			—	*		1.35	(4)		2.27	(4)		—			—			29	(7)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		6.29		-2.28			—	*		0.95	(4)		2.36	(4)		—			—			29
Year ended9-30-2019		6.53		11.62			—	*		0.93			2.62			—			—			63
Year ended9-30-2018(6)		6.01		-2.16			—	*		1.00	(4)		2.62	(4)		—			—			29	(7)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 111

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY CROSSOVER CREDIT FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	10.51	$	0.13	$	(0.79	)	$	(0.66	)	$	(0.15	)	$	—		$	(0.15	)
Year ended9-30-2019		9.64		0.32		0.90			1.22			(0.35	)		—			(0.35	)
Year ended9-30-2018		10.26		0.30		(0.56	)		(0.26	)		(0.27	)		(0.09	)		(0.36	)
Year ended9-30-2017(5)		10.00		0.13		0.23			0.36			(0.10	)		—			(0.10	)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		10.51		0.13		(0.79	)		(0.66	)		(0.15	)		—			(0.15	)
Year ended9-30-2019		9.64		0.32		0.90			1.22			(0.35	)		—			(0.35	)
Year ended9-30-2018		10.26		0.31		(0.57	)		(0.26	)		(0.27	)		(0.09	)		(0.36	)
Year ended9-30-2017(5)		10.00		0.13		0.23			0.36			(0.10	)		—			(0.10	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		10.51		0.15		(0.80	)		(0.65	)		(0.16	)		—			(0.16	)
Year ended9-30-2019		9.64		0.34		0.90			1.24			(0.37	)		—			(0.37	)
Year ended9-30-2018		10.26		0.33		(0.56	)		(0.23	)		(0.30	)		(0.09	)		(0.39	)
Year ended9-30-2017(5)		10.00		0.15		0.22			0.37			(0.11	)		—			(0.11	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		10.51		0.15		(0.80	)		(0.65	)		(0.16	)		—			(0.16	)
Year ended9-30-2019		9.64		0.34		0.90			1.24			(0.37	)		—			(0.37	)
Year ended9-30-2018		10.26		0.33		(0.56	)		(0.23	)		(0.30	)		(0.09	)		(0.39	)
Year ended9-30-2017(5)		10.00		0.15		0.22			0.37			(0.11	)		—			(0.11	)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		10.50		0.11		(0.79	)		(0.68	)		(0.12	)		—			(0.12	)
Year ended9-30-2019		9.63		0.27		0.90			1.17			(0.30	)		—			(0.30	)
Year ended9-30-2018		10.25		0.25		(0.57	)		(0.32	)		(0.21	)		(0.09	)		(0.30	)
Year ended9-30-2017(5)		10.00		0.10		0.23			0.33			(0.08	)		—			(0.08	)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		10.51		0.13		(0.79	)		(0.66	)		(0.15	)		—			(0.15	)
Year ended9-30-2019		9.64		0.32		0.90			1.22			(0.35	)		—			(0.35	)
Year ended9-30-2018		10.26		0.30		(0.56	)		(0.26	)		(0.27	)		(0.09	)		(0.36	)
Year ended9-30-2017(5)		10.00		0.13		0.23			0.36			(0.10	)		—			(0.10	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from April 3, 2017 (commencement of operations of the class) through September 30, 2017.

(6) Portfolio turnover is calculated at the fund level. Percentage calculated was calculated for the period ended September 30, 2017.

112 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	9.70		-6.39	%	$	12			0.90	%(4)		2.55	%(4)		1.25	%(4)		2.20	%(4)		73	%
Year ended9-30-2019		10.51		13.10			12			0.90			3.23			1.25			2.88			94
Year ended9-30-2018		9.64		-2.56			12			0.90			3.07			1.19			2.78			85
Year ended9-30-2017(5)		10.26		3.51			11			0.90	(4)		2.63	(4)		0.95	(4)		2.58	(4)		112	(6)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		9.70		-6.39			—	*		0.90	(4)		2.55	(4)		1.20	(4)		2.25	(4)		73
Year ended9-30-2019		10.51		13.10			1			0.90			3.23			1.22			2.91			94
Year ended9-30-2018		9.64		-2.54			—	*		0.87			3.09			1.11			2.85			85
Year ended9-30-2017(5)		10.26		3.48			1			0.96	(4)		2.56	(4)		1.00	(4)		2.52	(4)		112	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		9.70		-6.27			28			0.65	(4)		2.80	(4)		1.11	(4)		2.34	(4)		73
Year ended9-30-2019		10.51		13.39			27			0.65			3.47			1.13			2.99			94
Year ended9-30-2018		9.64		-2.41			23			0.65			3.33			1.06			2.92			85
Year ended9-30-2017(5)		10.26		3.72			18			0.65	(4)		2.89	(4)		0.83	(4)		2.71	(4)		112	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		9.70		-6.27			—	*		0.65	(4)		2.80	(4)		0.96	(4)		2.49	(4)		73
Year ended9-30-2019		10.51		13.39			1			0.65			3.48			0.98			3.15			94
Year ended9-30-2018		9.64		-2.41			1			0.65			3.31			0.90			3.06			85
Year ended9-30-2017(5)		10.26		3.72			1			0.65	(4)		2.87	(4)		0.69	(4)		2.83	(4)		112	(6)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		9.70		-6.53			—	*		1.40	(4)		2.05	(4)		1.70	(4)		1.75	(4)		73
Year ended9-30-2019		10.50		12.47			1			1.40			2.74			1.72			2.42			94
Year ended9-30-2018		9.63		-3.13			—	*		1.45			2.51			1.69			2.27			85
Year ended9-30-2017(5)		10.25		3.29			1			1.45	(4)		2.07	(4)		1.48	(4)		2.04	(4)		112	(6)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		9.70		-6.39			1			0.90	(4)		2.55	(4)		1.35	(4)		2.10	(4)		73
Year ended9-30-2019		10.51		13.10			1			0.90			3.23			1.37			2.76			94
Year ended9-30-2018		9.64		-2.56			1			0.90			3.06			1.29			2.67			85
Year ended9-30-2017(5)		10.26		3.51			1			0.90	(4)		2.63	(4)		1.08	(4)		2.45	(4)		112	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 113

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GOVERNMENT SECURITIES FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains		Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	5.59	$	0.04		$	0.21		$	0.25		$	(0.04	)	$	—	$	(0.04	)
Year ended9-30-2019		5.23		0.08			0.37			0.45			(0.09	)		—		(0.09	)
Year ended9-30-2018		5.43		0.06			(0.19	)		(0.13	)		(0.07	)		—		(0.07	)
Year ended9-30-2017		5.60		0.06			(0.16	)		(0.10	)		(0.07	)		—		(0.07	)
Year ended9-30-2016		5.51		0.06			0.10			0.16			(0.07	)		—		(0.07	)
Year ended9-30-2015		5.49		0.07			0.03			0.10			(0.08	)		—		(0.08	)
Class B Shares(5)
Six-month period ended3-31-2020 (unaudited)		5.59		0.01			0.21			0.22			(0.01	)		—		(0.01	)
Year ended9-30-2019		5.23		0.02			0.36			0.38			(0.02	)		—		(0.02	)
Year ended9-30-2018		5.43		0.01			(0.18	)		(0.17	)		(0.03	)		—		(0.03	)
Year ended9-30-2017		5.60		0.00	*		(0.16	)		(0.16	)		(0.01	)		—		(0.01	)
Year ended9-30-2016		5.51		0.00	*		0.10			0.10			(0.01	)		—		(0.01	)
Year ended9-30-2015		5.49		0.00	*		0.04			0.04			(0.02	)		—		(0.02	)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		5.59		0.01			0.21			0.22			(0.01	)		—		(0.01	)
Year ended9-30-2019		5.23		0.03			0.37			0.40			(0.04	)		—		(0.04	)
Year ended9-30-2018		5.43		0.01			(0.18	)		(0.17	)		(0.03	)		—		(0.03	)
Year ended9-30-2017		5.60		0.01			(0.15	)		(0.14	)		(0.03	)		—		(0.03	)
Year ended9-30-2016		5.51		0.01			0.11			0.12			(0.03	)		—		(0.03	)
Year ended9-30-2015		5.49		0.02			0.04			0.06			(0.04	)		—		(0.04	)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		5.59		0.04			0.21			0.25			(0.04	)		—		(0.04	)
Year ended9-30-2019		5.23		0.09			0.36			0.45			(0.09	)		—		(0.09	)
Year ended9-30-2018(6)		5.43		0.07			(0.19	)		(0.12	)		(0.08	)		—		(0.08	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		5.59		0.04			0.22			0.26			(0.05	)		—		(0.05	)
Year ended9-30-2019		5.23		0.09			0.37			0.46			(0.10	)		—		(0.10	)
Year ended9-30-2018		5.43		0.08			(0.19	)		(0.11	)		(0.09	)		—		(0.09	)
Year ended9-30-2017		5.60		0.07			(0.15	)		(0.08	)		(0.09	)		—		(0.09	)
Year ended9-30-2016		5.51		0.07			0.11			0.18			(0.09	)		—		(0.09	)
Year ended9-30-2015		5.49		0.08			0.04			0.12			(0.10	)		—		(0.10	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		5.59		0.05			0.21			0.26			(0.05	)		—		(0.05	)
Year ended9-30-2019		5.23		0.10			0.37			0.47			(0.11	)		—		(0.11	)
Year ended9-30-2018(6)		5.43		0.08			(0.19	)		(0.11	)		(0.09	)		—		(0.09	)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		5.59		0.03			0.21			0.24			(0.03	)		—		(0.03	)
Year ended9-30-2019		5.23		0.06			0.37			0.43			(0.07	)		—		(0.07	)
Year ended9-30-2018(6)		5.43		0.05			(0.20	)		(0.15	)		(0.05	)		—		(0.05	)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		5.59		0.04			0.21			0.25			(0.04	)		—		(0.04	)
Year ended9-30-2019		5.23		0.08			0.36			0.44			(0.08	)		—		(0.08	)
Year ended9-30-2018(6)		5.43		0.06			(0.19	)		(0.13	)		(0.07	)		—		(0.07	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) These class shares are not available for direct investment. However, they are available for dividend reinvestment and exchange of the same class shares of another Ivy Fund.

(6) For the period from October 16, 2017 (commencement of operations of the class) through September 30, 2018.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2018.

(8) Expense ratio based on the period excluding reorganization expenses was 1.00%.

(9) Expense ratio based on the period excluding reorganization expenses was 0.72%.

114 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	5.80		4.48	%	$	83			0.99	%(4)		1.30	%(4)		1.10	%(4)		1.19	%(4)		25	%
Year ended9-30-2019		5.59		8.59			68			1.00			1.47			1.13			1.34			12
Year ended9-30-2018		5.23		-2.35			71			1.04	(8)		1.19			1.16			1.07			42
Year ended9-30-2017		5.43		-1.73			87			1.02			1.20			1.10			1.04			37
Year ended9-30-2016		5.60		3.01			118			1.01			1.11			1.07			1.05			43
Year ended9-30-2015		5.51		1.88			244			1.01			1.18			1.07			1.12			63
Class B Shares(5)
Six-month period ended3-31-2020 (unaudited)		5.80		3.90			—	*		2.09	(4)		0.21	(4)		2.76	(4)		-0.46	(4)		25
Year ended9-30-2019		5.59		7.32			—	*		2.13			0.34			2.72			-0.25			12
Year ended9-30-2018		5.23		-3.22			—	*		2.05			0.11			2.57			-0.41			42
Year ended9-30-2017		5.43		-2.81			1			2.13			0.01			2.27			-0.13			37
Year ended9-30-2016		5.60		1.83			1			2.17			-0.05			2.21			-0.09			43
Year ended9-30-2015		5.51		0.68			1			2.20			-0.01			2.24			-0.05			63
Class C Shares
Six-month period ended3-31-2020 (unaudited)		5.80		4.02			1			1.87	(4)		0.42	(4)		2.01	(4)		0.28	(4)		25
Year ended9-30-2019		5.59		7.61			1			1.88			0.59			1.95			0.52			12
Year ended9-30-2018		5.23		-3.14			1			1.88			0.24			2.16			-0.04			42
Year ended9-30-2017		5.43		-2.58			2			1.88			0.26			1.95			0.19			37
Year ended9-30-2016		5.60		2.10			3			1.91			0.21			1.95			0.17			43
Year ended9-30-2015		5.51		1.04			4			1.84			0.35			1.88			0.31			63
Class E Shares
Six-month period ended3-31-2020 (unaudited)		5.80		4.53			—	*		0.88	(4)		1.41	(4)		—			—			25
Year ended9-30-2019		5.59		8.75			—	*		0.86			1.61			—			—			12
Year ended9-30-2018(6)		5.23		-2.23			—	*		0.90	(4)		1.46	(4)		—			—			42	(7)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		5.80		4.62			142			0.72	(4)		1.54	(4)		0.78	(4)		1.48	(4)		25
Year ended9-30-2019		5.59		8.89			93			0.72			1.75			0.77			1.70			12
Year ended9-30-2018		5.23		-2.10			124			0.78	(9)		1.46			0.82			1.42			42
Year ended9-30-2017		5.43		-1.44			303			0.74			1.38			0.76			1.36			37
Year ended9-30-2016		5.60		3.33			157			0.70			1.33			0.74			1.29			43
Year ended9-30-2015		5.51		2.20			2			0.70			1.50			0.74			1.46			63
Class N Shares
Six-month period ended3-31-2020 (unaudited)		5.80		4.67			144			0.63	(4)		1.66	(4)		—			—			25
Year ended9-30-2019		5.59		9.01			120			0.61			1.86			—			—			12
Year ended9-30-2018(6)		5.23		-1.99			179			0.63	(4)		1.74	(4)		—			—			42	(7)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		5.80		4.28			—	*		1.38	(4)		0.92	(4)		—			—			25
Year ended9-30-2019		5.59		8.22			—	*		1.34			1.12			—			—			12
Year ended9-30-2018(6)		5.23		-2.68			—	*		1.41	(4)		0.95	(4)		—			—			42	(7)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		5.80		4.48			—	*		0.99	(4)		1.30	(4)		1.00	(4)		1.29	(4)		25
Year ended9-30-2019		5.59		8.50			—	*		1.00			1.47			—			—			12
Year ended9-30-2018(6)		5.23		-2.41			—	*		1.06	(4)(8)		1.30	(4)		1.09	(4)		1.27	(4)		42	(7)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 115

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY INTERNATIONAL SMALL CAP FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	11.38	$	0.01		$	(2.04	)	$	(2.03	)	$	(0.21	)	$	—		$	(0.21	)
Year ended9-30-2019		12.28		0.11			(0.85	)		(0.74	)		(0.14	)		(0.02	)		(0.16	)
Year ended9-30-2018		12.06		0.10			0.14			0.24			(0.02	)		—			(0.02	)
Year ended9-30-2017(5)		10.00		0.09			1.97			2.06			—			—			—
Class C Shares
Six-month period ended3-31-2020 (unaudited)		11.27		(0.04	)		(2.02	)		(2.06	)		(0.13	)		—			(0.13	)
Year ended9-30-2019		12.14		0.03			(0.84	)		(0.81	)		(0.04	)		(0.02	)		(0.06	)
Year ended9-30-2018		12.00		0.01			0.13			0.14			—			—			—
Year ended9-30-2017(5)		10.00		0.03			1.97			2.00			—			—			—
Class I Shares
Six-month period ended3-31-2020 (unaudited)		11.42		0.03			(2.03	)		(2.00	)		(0.26	)		—			(0.26	)
Year ended9-30-2019		12.33		0.16			(0.87	)		(0.71	)		(0.18	)		(0.02	)		(0.20	)
Year ended9-30-2018		12.08		0.16			0.13			0.29			(0.04	)		—	*		(0.04	)
Year ended9-30-2017(5)		10.00		0.11			1.97			2.08			—			—			—
Class N Shares
Six-month period ended3-31-2020 (unaudited)		11.42		0.03			(2.03	)		(2.00	)		(0.26	)		—			(0.26	)
Year ended9-30-2019		12.32		0.15			(0.85	)		(0.70	)		(0.18	)		(0.02	)		(0.20	)
Year ended9-30-2018		12.09		0.16			0.11			0.27			(0.04	)		—	*		(0.04	)
Year ended9-30-2017(5)		10.00		0.11			1.98			2.09			—			—			—
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		11.37		0.00	*		(2.02	)		(2.02	)		(0.21	)		—			(0.21	)
Year ended9-30-2019		12.28		0.08			(0.83	)		(0.75	)		(0.14	)		(0.02	)		(0.16	)
Year ended9-30-2018		12.06		0.14			0.10			0.24			(0.02	)		—			(0.02	)
Year ended9-30-2017(5)		10.00		0.09			1.97			2.06			—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from January 10, 2017 (commencement of operations of the class) through September 30, 2017.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2017.

116 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver				Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares														��
Six-month period ended3-31-2020 (unaudited)	$	9.14		-18.29	%	$	12		1.39	%(4)		0.11	%(4)			1.58	%(4)		-0.08	%(4)		31	%
Year ended9-30-2019		11.38		-5.92			16		1.39			1.02				1.58			0.83			73
Year ended9-30-2018		12.28		1.98			18		1.45			0.79				1.54			0.70			60
Year ended9-30-2017(5)		12.06		20.60			13		1.45	(4)		1.11	(4)			1.61	(4)		0.95	(4)		38	(6)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		9.08		-18.57			1		2.14	(4)		-0.68	(4)			2.34	(4)		-0.88	(4)		31
Year ended9-30-2019		11.27		-6.62			2		2.14			0.25				2.33			0.06			73
Year ended9-30-2018		12.14		1.17			2		2.22			0.11				2.27			0.06			60
Year ended9-30-2017(5)		12.00		20.00			1		2.17	(4)		0.39	(4)			2.33	(4)		0.23	(4)		38	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		9.16		-18.07			64		0.99	(4)		0.54	(4)			1.38	(4)		0.15	(4)		31
Year ended9-30-2019		11.42		-5.64			72		0.99			1.47				1.37			1.09			73
Year ended9-30-2018		12.33		2.33			66		1.12			1.28				1.34			1.06			60
Year ended9-30-2017(5)		12.08		20.90			27		1.15	(4)		1.42	(4)			1.45	(4)		1.12	(4)		38	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		9.16		-18.07			65		0.99	(4)		0.56	(4)			1.20	(4)		0.35	(4)		31
Year ended9-30-2019		11.42		-5.57			73		0.99			1.40				1.20			1.19			73
Year ended9-30-2018		12.32		2.28			82		1.13			1.25				1.18			1.20			60
Year ended9-30-2017(5)		12.09		20.90			1		1.15	(4)		1.41	(4)			1.31	(4)		1.25	(4)		38	(6)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		9.14		-18.21			1		1.39	(4)		-0.20	(4)			1.60	(4)		-0.41	(4)		31
Year ended9-30-2019		11.37		-6.00			1		1.39			0.71				1.63			0.47			73
Year ended9-30-2018		12.28		1.98			5		1.45			1.10				1.59			0.96			60
Year ended9-30-2017(5)		12.06		20.60			1		1.45	(4)		1.11	(4)			1.70	(4)		0.86	(4)		38	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 117

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	8.68	$	0.17	$	(1.22	)	$	(1.05	)	$	(0.10	)	$	—		$	(0.10	)
Year ended9-30-2019		8.22		0.42		0.04			0.46			—			—			—
Year ended9-30-2018		9.47		0.39		(1.40	)		(1.01	)		(0.24	)		—			(0.24	)
Year ended9-30-2017		9.21		0.41		(0.15	)		0.26			—			—			—
Year ended9-30-2016		8.11		0.33		0.77			1.10			—			—			—
Year ended9-30-2015		9.76		0.34		(1.83	)		(1.49	)		(0.16	)		—	*		(0.16	)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		8.47		0.15		(1.20	)		(1.05	)		(0.09	)		—			(0.09	)
Year ended9-30-2019		8.06		0.36		0.05			0.41			—			—			—
Year ended9-30-2018		9.28		0.31		(1.37	)		(1.06	)		(0.16	)		—			(0.16	)
Year ended9-30-2017		9.09		0.34		(0.15	)		0.19			—			—			—
Year ended9-30-2016		8.06		0.28		0.75			1.03			—			—			—
Year ended9-30-2015		9.73		0.27		(1.83	)		(1.56	)		(0.11	)		—	*		(0.11	)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		8.71		0.19		(1.23	)		(1.04	)		(0.11	)		—			(0.11	)
Year ended9-30-2019		8.23		0.44		0.04			0.48			—	*		—			—	*
Year ended9-30-2018		9.48		0.39		(1.39	)		(1.00	)		(0.25	)		—			(0.25	)
Year ended9-30-2017		9.21		0.42		(0.15	)		0.27			—			—			—
Year ended9-30-2016		8.11		0.35		0.75			1.10			—			—			—
Year ended9-30-2015		9.76		0.33		(1.82	)		(1.49	)		(0.16	)		—	*		(0.16	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		8.77		0.20		(1.24	)		(1.04	)		(0.11	)		—			(0.11	)
Year ended9-30-2019		8.28		0.47		0.04			0.51			(0.02	)		—			(0.02	)
Year ended9-30-2018		9.54		0.43		(1.41	)		(0.98	)		(0.28	)		—			(0.28	)
Year ended9-30-2017		9.25		0.46		(0.17	)		0.29			—			—			—
Year ended9-30-2016		8.12		0.39		0.74			1.13			—			—			—
Year ended9-30-2015		9.77		0.36		(1.84	)		(1.48	)		(0.17	)		—	*		(0.17	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		8.77		0.20		(1.24	)		(1.04	)		(0.11	)		—			(0.11	)
Year ended9-30-2019		8.28		0.46		0.05			0.51			(0.02	)		—			(0.02	)
Year ended9-30-2018		9.54		0.44		(1.42	)		(0.98	)		(0.28	)		—			(0.28	)
Year ended9-30-2017		9.25		0.46		(0.17	)		0.29			—			—			—
Year ended9-30-2016		8.12		0.38		0.75			1.13			—			—			—
Year ended9-30-2015(5)		9.08		0.23		(1.19	)		(0.96	)		—			—			—
Class R Shares
Six-month period ended3-31-2020 (unaudited)		8.60		0.16		(1.21	)		(1.05	)		(0.10	)		—			(0.10	)
Year ended9-30-2019		8.16		0.40		0.04			0.44			—			—			—
Year ended9-30-2018		9.41		0.35		(1.38	)		(1.03	)		(0.22	)		—			(0.22	)
Year ended9-30-2017		9.17		0.39		(0.15	)		0.24			—			—			—
Year ended9-30-2016		8.09		0.32		0.76			1.08			—			—			—
Year ended9-30-2015		9.74		0.31		(1.82	)		(1.51	)		(0.14	)		—	*		(0.14	)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		8.69		0.18		(1.23	)		(1.05	)		(0.10	)		—			(0.10	)
Year ended9-30-2019		8.22		0.43		0.04			0.47			—			—			—
Year ended9-30-2018		9.48		0.37		(1.39	)		(1.02	)		(0.24	)		—			(0.24	)
Year ended9-30-2017		9.21		0.41		(0.14	)		0.27			—			—			—
Year ended9-30-2016		8.11		0.35		0.75			1.10			—			—			—
Year ended9-30-2015		9.76		0.34		(1.83	)		(1.49	)		(0.16	)		—	*		(0.16	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from January 30, 2015 (commencement of operations of the class) through September 30, 2015.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2015.

(7) Ratio of expenses to average net assets excluding offering costs was 2.00%.

(8) Ratio of expenses to average net assets excluding offering costs was 2.50%.

(9) Ratio of expenses to average net assets excluding offering costs was 1.72%.

(10) Ratio of expenses to average net assets excluding offering costs was 1.62%.

(11) Ratio of expenses to average net assets excluding offering costs was 1.47%.

(12) Ratio of expenses to average net assets excluding offering costs was 2.33%.

(13) Ratio of expenses to average net assets excluding offering costs was 1.86%.

118 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	7.53		-12.23	%	$	7			1.22	%(4)		3.98	%(4)		1.50	%(4)		3.70	%(4)		22	%
Year ended9-30-2019		8.68		5.73			9			1.21			4.94			1.44			4.71			111
Year ended9-30-2018		8.22		-11.01			12			1.21			4.28			1.45			4.04			90
Year ended9-30-2017		9.47		2.82			13			1.25			4.45			1.63			4.07			63
Year ended9-30-2016		9.21		13.56			12			1.25			3.90			2.03			3.12			74
Year ended9-30-2015		8.11		-15.45			26			1.25			3.81			2.21	(7)		2.85			40
Class C Shares
Six-month period ended3-31-2020 (unaudited)		7.33		-12.52			2			1.85	(4)		3.42	(4)		2.13	(4)		3.14	(4)		22
Year ended9-30-2019		8.47		5.09			2			1.85			4.36			2.08			4.13			111
Year ended9-30-2018		8.06		-11.56			2			1.86			3.54			2.10			3.30			90
Year ended9-30-2017		9.28		2.09			2			1.97			3.81			2.27			3.51			63
Year ended9-30-2016		9.09		12.78			2			2.00			3.27			2.50			2.77			74
Year ended9-30-2015		8.06		-16.12			2			2.00			2.98			2.71	(8)		2.27			40
Class E Shares
Six-month period ended3-31-2020 (unaudited)		7.56		-12.16			2			1.05	(4)		4.22	(4)		1.33	(4)		3.94	(4)		22
Year ended9-30-2019		8.71		5.85			2			1.05			5.12			1.28			4.89			111
Year ended9-30-2018		8.23		-10.78			2			1.05			4.32			1.29			4.08			90
Year ended9-30-2017		9.48		2.93			2			1.17			4.60			1.46			4.31			63
Year ended9-30-2016		9.21		13.56			2			1.26			4.01			1.72			3.55			74
Year ended9-30-2015		8.11		-15.45			2			1.26			3.72			1.93	(9)		3.05			40
Class I Shares
Six-month period ended3-31-2020 (unaudited)		7.62		-12.04			63			0.80	(4)		4.45	(4)		1.26	(4)		3.99	(4)		22
Year ended9-30-2019		8.77		6.17			77			0.80			5.43			1.21			5.02			111
Year ended9-30-2018		8.28		-10.56			80			0.80			4.80			1.23			4.37			90
Year ended9-30-2017		9.54		3.14			45			0.91			4.96			1.39			4.48			63
Year ended9-30-2016		9.25		13.92			26			1.00			4.42			1.62			3.80			74
Year ended9-30-2015		8.12		-15.29			8			1.00			4.00			1.83	(10)		3.17			40
Class N Shares
Six-month period ended3-31-2020 (unaudited)		7.62		-12.04			26			0.80	(4)		4.44	(4)		1.09	(4)		4.15	(4)		22
Year ended9-30-2019		8.77		6.17			34			0.80			5.36			1.04			5.12			111
Year ended9-30-2018		8.28		-10.56			41			0.80			4.83			1.05			4.58			90
Year ended9-30-2017		9.54		3.14			52			0.80			4.95			1.11			4.64			63
Year ended9-30-2016		9.25		13.92			1			1.00			4.35			1.47			3.88			74
Year ended9-30-2015(5)		8.12		-10.57			—	*		1.00	(4)		4.03	(4)		1.68	(4)(11)		3.35	(4)		40	(6)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		7.45		-12.39			1			1.50	(4)		3.77	(4)		1.83	(4)		3.44	(4)		22
Year ended9-30-2019		8.60		5.39			2			1.50			4.69			1.78			4.41			111
Year ended9-30-2018		8.16		-11.23			2			1.50			3.87			1.79			3.58			90
Year ended9-30-2017		9.41		2.62			2			1.50			4.27			1.97			3.80			63
Year ended9-30-2016		9.17		13.35			2			1.50			3.77			2.21			3.06			74
Year ended9-30-2015		8.09		-15.63			2			1.50			3.48			2.54	(12)		2.44			40
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		7.54		-12.22			2			1.22	(4)		4.03	(4)		1.50	(4)		3.75	(4)		22
Year ended9-30-2019		8.69		5.72			3			1.21			4.99			1.44			4.76			111
Year ended9-30-2018		8.22		-11.00			3			1.21			4.11			1.45			3.87			90
Year ended9-30-2017		9.48		2.93			3			1.25			4.48			1.63			4.10			63
Year ended9-30-2016		9.21		13.56			5			1.25			4.06			1.86			3.45			74
Year ended9-30-2015		8.11		-15.45			2			1.25			3.73			2.07	(13)		2.91			40

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 119

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY PICTET TARGETED RETURN BOND FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	10.22	$	0.05	$	(0.30	)	$	(0.25	)	$	(0.16	)	$	(0.03	)	$	(0.19	)
Year ended9-30-2019		10.02		0.17		0.52			0.69			(0.49	)		—			(0.49	)
Year ended9-30-2018		10.11		0.16		(0.18	)		(0.02	)		(0.07	)		—			(0.07	)
Year ended9-30-2017		10.21		0.09		0.03			0.12			(0.13	)		(0.09	)		(0.22	)
Year ended9-30-2016(5)		10.00		0.06		0.15			0.21			—			—			—
Class C Shares
Six-month period ended3-31-2020 (unaudited)		10.10		0.01		(0.30	)		(0.29	)		(0.10	)		(0.02	)		(0.12	)
Year ended9-30-2019		9.91		0.10		0.51			0.61			(0.42	)		—			(0.42	)
Year ended9-30-2018		10.05		0.09		(0.17	)		(0.08	)		(0.06	)		—			(0.06	)
Year ended9-30-2017		10.16		0.02		0.02			0.04			(0.06	)		(0.09	)		(0.15	)
Year ended9-30-2016(5)		10.00		0.01		0.15			0.16			—			—			—
Class I Shares
Six-month period ended3-31-2020 (unaudited)		10.26		0.06		(0.31	)		(0.25	)		(0.18	)		(0.03	)		(0.21	)
Year ended9-30-2019		10.06		0.20		0.51			0.71			(0.51	)		—			(0.51	)
Year ended9-30-2018		10.13		0.18		(0.18	)		0.00	*		(0.07	)		—			(0.07	)
Year ended9-30-2017		10.23		0.11		0.03			0.14			(0.15	)		(0.09	)		(0.24	)
Year ended9-30-2016(5)		10.00		0.08		0.15			0.23			—			—			—
Class N Shares
Six-month period ended3-31-2020 (unaudited)		10.28		0.06		(0.30	)		(0.24	)		(0.19	)		(0.03	)		(0.22	)
Year ended9-30-2019		10.08		0.21		0.51			0.72			(0.52	)		—			(0.52	)
Year ended9-30-2018		10.13		0.18		(0.15	)		0.03			(0.08	)		—			(0.08	)
Year ended9-30-2017		10.24		0.14		0.00	*		0.14			(0.16	)		(0.09	)		(0.25	)
Year ended9-30-2016(5)		10.00		0.09		0.15			0.24			—			—			—
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		10.22		0.01		(0.26	)		(0.25	)		(0.16	)		(0.03	)		(0.19	)
Year ended9-30-2019		10.02		0.17		0.52			0.69			(0.49	)		—			(0.49	)
Year ended9-30-2018		10.11		0.16		(0.18	)		(0.02	)		(0.07	)		—			(0.07	)
Year ended9-30-2017		10.22		0.09		0.02			0.11			(0.13	)		(0.09	)		(0.22	)
Year ended9-30-2016(5)		10.00		0.06		0.16			0.22			—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from January 4, 2016 (commencement of operations of the class) through September 30, 2016.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2016.

(7) Ratio of expenses to average net assets excluding offering costs was 1.22%.

(8) Ratio of expenses to average net assets excluding offering costs was 1.14%.

(9) Ratio of expenses to average net assets excluding offering costs was 1.89%.

(10) Ratio of expenses to average net assets excluding offering costs was 1.77%.

(11) Ratio of expenses to average net assets excluding offering costs was 0.98%.

(12) Ratio of expenses to average net assets excluding offering costs was 0.87%.

(13) Ratio of expenses to average net assets excluding offering costs was 0.85%.

(14) Ratio of expenses to average net assets excluding offering costs was 0.74%.

(15) Ratio of expenses to average net assets excluding offering costs was 1.22%.

(16) Ratio of expenses to average net assets excluding offering costs was 1.02%.

120 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	9.78		-2.51	%	$	22		1.24	%(4)		0.91	%(4)		1.44	%(4)		0.71	%(4)		45	%
Year ended9-30-2019		10.22		7.23			23		1.22			1.74			1.40			1.56			121
Year ended9-30-2018		10.02		-0.22			21		1.22			1.56			1.39			1.39			152
Year ended9-30-2017		10.11		1.20			20		1.24	(7)		0.88			1.43			0.69			190
Year ended9-30-2016(5)		10.21		2.10			19		1.27	(4)(8)		0.88	(4)		1.55	(4)		0.60	(4)		90	(6)
Class C Shares
Six-month period ended3-31-2020 (unaudited)		9.69		-2.89			4		1.92	(4)		0.24	(4)		2.12	(4)		0.04	(4)		45
Year ended9-30-2019		10.10		6.45			4		1.92			1.05			2.10			0.87			121
Year ended9-30-2018		9.91		-0.85			4		1.92			0.86			2.09			0.69			152
Year ended9-30-2017		10.05		0.46			4		1.91	(9)		0.21			2.10			0.02			190
Year ended9-30-2016(5)		10.16		1.60			4		1.90	(4)(10)		0.15	(4)		2.18	(4)		-0.13	(4)		90	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		9.80		-2.48			105		1.00	(4)		1.18	(4)		1.25	(4)		0.93	(4)		45
Year ended9-30-2019		10.26		7.45			120		1.00			1.98			1.23			1.75			121
Year ended9-30-2018		10.06		0.03			123		1.00			1.79			1.21			1.58			152
Year ended9-30-2017		10.13		1.43			111		1.00	(11)		1.13			1.22			0.91			190
Year ended9-30-2016(5)		10.23		2.30			74		1.00	(4)(12)		1.02	(4)		1.30	(4)		0.72	(4)		90	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		9.82		-2.36			49		0.87	(4)		1.25	(4)		1.08	(4)		1.04	(4)		45
Year ended9-30-2019		10.28		7.57			70		0.87			2.11			1.06			1.92			121
Year ended9-30-2018		10.08		0.25			89		0.87			1.79			1.05			1.61			152
Year ended9-30-2017		10.13		1.45			155		0.87	(13)		1.37			1.07			1.17			190
Year ended9-30-2016(5)		10.24		2.40			2		0.87	(4)(14)		1.17	(4)		1.16	(4)		0.88	(4)		90	(6)
Class Y Shares
Six-month period ended3-31-2020 (unaudited)		9.78		-2.51			3		1.24	(4)		0.27	(4)		1.47	(4)		0.04	(4)		45
Year ended9-30-2019		10.22		7.23			4		1.22			1.74			1.45			1.51			121
Year ended9-30-2018		10.02		-0.22			4		1.22			1.55			1.44			1.33			152
Year ended9-30-2017		10.11		1.17			4		1.24	(15)		0.88			1.46			0.66			190
Year ended9-30-2016(5)		10.22		2.20			4		1.15	(4)(16)		0.89	(4)		1.55	(4)		0.49	(4)		90	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 121

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY PINEBRIDGE HIGH YIELD FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	9.88	$	0.23	$	(1.15	)	$	(0.92	)	$	(0.25	)	$	—		$	(0.25	)
Year ended9-30-2019		9.81		0.52		0.06			0.58			(0.51	)		—			(0.51	)
Year ended9-30-2018		10.15		0.48		(0.30	)		0.18			(0.49	)		(0.03	)		(0.52	)
Year ended9-30-2017(5)		10.00		0.16		0.10			0.26			(0.11	)		—			(0.11	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		9.88		0.25		(1.16	)		(0.91	)		(0.26	)		—			(0.26	)
Year ended9-30-2019		9.81		0.54		0.07			0.61			(0.54	)		—			(0.54	)
Year ended9-30-2018		10.15		0.51		(0.31	)		0.20			(0.51	)		(0.03	)		(0.54	)
Year ended9-30-2017(5)		10.00		0.17		0.10			0.27			(0.12	)		—			(0.12	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		9.88		0.25		(1.17	)		(0.92	)		(0.26	)		—			(0.26	)
Year ended9-30-2019		9.80		0.54		0.08			0.62			(0.54	)		—			(0.54	)
Year ended9-30-2018		10.15		0.51		(0.32	)		0.19			(0.51	)		(0.03	)		(0.54	)
Year ended9-30-2017(5)		10.00		0.17		0.10			0.27			(0.12	)		—			(0.12	)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		9.88		0.21		(1.15	)		(0.94	)		(0.23	)		—			(0.23	)
Year ended9-30-2019		9.81		0.47		0.07			0.54			(0.47	)		—			(0.47	)
Year ended9-30-2018		10.15		0.43		(0.31	)		0.12			(0.43	)		(0.03	)		(0.46	)
Year ended9-30-2017(5)		10.00		0.14		0.11			0.25			(0.10	)		—			(0.10	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from May 18, 2017 (commencement of operations of the class) through September 30, 2017.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2017.

122 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)			Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	8.71		-9.55	%	$	12			1.00	%(4)		4.76	%(4)		1.19	%(4)		4.57	%(4)		42	%
Year ended9-30-2019		9.88		6.27			10			1.00			5.32			1.15			5.17			69
Year ended9-30-2018		9.81		1.71			8			1.00			4.83			1.11			4.72			81
Year ended9-30-2017(5)		10.15		2.64			6			1.00	(4)		4.22	(4)		—			—			60	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		8.71		-9.42			53			0.72	(4)		5.04	(4)		1.04	(4)		4.72	(4)		42
Year ended9-30-2019		9.88		6.44			54			0.72			5.60			1.02			5.30			69
Year ended9-30-2018		9.81		2.10			46			0.72			5.14			1.00			4.86			81
Year ended9-30-2017(5)		10.15		2.72			22			0.72	(4)		4.55	(4)		0.87	(4)		4.40	(4)		60	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		8.70		-9.53			20			0.72	(4)		5.04	(4)		0.86	(4)		4.90	(4)		42
Year ended9-30-2019		9.88		6.55			38			0.72			5.59			0.84			5.47			69
Year ended9-30-2018		9.80		2.00			32			0.72			5.10			0.83			4.99			81
Year ended9-30-2017(5)		10.15		2.72			35			0.72	(4)		4.44	(4)		0.73	(4)		4.43	(4)		60	(6)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		8.71		-9.78			—	*		1.47	(4)		4.29	(4)		1.61	(4)		4.15	(4)		42
Year ended9-30-2019		9.88		5.81			—	*		1.47			4.86			1.58			4.75			69
Year ended9-30-2018		9.81		1.19			1			1.47			4.35			1.57			4.25			81
Year ended9-30-2017(5)		10.15		2.50			1			1.46	(4)		3.74	(4)		—			—			60	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 123

NOTES TO FINANCIAL STATEMENTS IVY FUNDS

MARCH 31, 2020 (UNAUDITED)

1. ORGANIZATION

Ivy Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. Ivy Apollo Multi-Asset Income Fund, Ivy Apollo Strategic Income Fund, Ivy California Municipal High Income Fund, Ivy Cash Management Fund, Ivy Corporate Bond Fund, Ivy Crossover Credit Fund, Ivy Government Securities Fund, Ivy International Small Cap Fund, Ivy Pictet Emerging Markets Local Currency Debt Fund, Ivy Pictet Targeted Return Bond Fund and Ivy PineBridge High Yield Fund (each, a “Fund”) are eleven series of the Trust and are the only series of the Trust included in these financial statements. The investment objective(s), policies and risk factors of each Fund are described more fully in the Funds’ Prospectus and Statement of Additional Information (“SAI”). Each Fund’s investment manager is Ivy Investment Management Company (“IICO” or the “Manager”).

Each Fund offers Class A shares. Certain Funds offer Class B, Class C, Class E, Class I, Class N, Class R and Class Y shares. The Funds’ Class B shares are not available for purchase by new and existing investors. Class B will continue to be available for dividend reinvestment and exchanges from Class B shares of another fund within Ivy Funds. Class A and Class E shares are sold at their offering price, which is normally net asset value (“NAV”) plus afront-end sales charge. For Class A shares, a 1% contingent deferred sales charge (“CDSC”) is only imposed on shares purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. Class B and Class C shares are sold without afront-end sales charge, but may be subject to a CDSC. Class I, Class N, Class R and Class Y shares are sold without either afront-end sales charge or a CDSC. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Net investment income, net assets and NAV per share may differ due to each class having its own expenses, such as transfer agent and shareholder servicing fees, directly attributable to that class. Class A, B, C, E, R and Y have a distribution and service plan. Class I and Class N shares are not included in the plan. With certain exceptions described in the Prospectus, Class B shares will automatically convert to Class A shares 96 months after the date of purchase. With certain exceptions described in the Prospectus, Class C shares will automatically convert to Class A shares 120 months after the date of purchase.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund.

Security Transactions and Related Investment Income.Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income is recorded on theex-dividend date, except certain dividends from foreign securities where theex-dividend date may have passed, which are recorded as soon as the Fund is informed of theex-dividend date. All or a portion of the distributions received from a real estate investment trust or publicly traded partnership may be designated as a reduction of cost of the related investment or realized gain.

Foreign Currency Translation.Each Fund’s accounting records are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars daily, using foreign exchange rates obtained from an independent pricing service approved by the Board of Trustees of the Trust (the “Board”). Purchases and sales of investment securities and accruals of income and expenses are translated at the rate of exchange prevailing on the date of the transaction. For assets and liabilities other than investments in securities, net realized and unrealized gains and losses from foreign currency translation arise from changes in currency exchange rates. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments. Foreign exchange rates are typically valued as of the close of the New York Stock Exchange (“NYSE”), normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.

Allocation of Income, Expenses, Gains and Losses.Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Income Taxes.It is the policy of each Fund to distribute all of its taxable income and capital gains to its shareholders and to otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. In addition, each Fund intends to pay distributions as required to avoid imposition of excise tax. Accordingly, no provision has been made for Federal income taxes. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The Funds’ tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax returns. Management of the Trust periodically reviews all tax positions to assess whether it is more likely than not that the position would be sustained upon examination by the

124 SEMIANNUAL REPORT 2020

relevant tax authority based on the technical merits of each position. As of the date of these financial statements, management believes that no liability for unrecognized tax positions is required.

Dividends and Distributions to Shareholders.Dividends and distributions to shareholders are recorded by each Fund on the business day following record date. Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“U.S. GAAP”). If the total dividends and distributions made in any tax year exceed net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a return of capital for tax purposes.

Segregation and Collateralization.In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”), the Dodd Frank Wall Street Reform and Consumer Protection Act, or the interpretive rules and regulations of the U.S. Commodities Futures Trading Commission require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., dollar rolls, financial futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps), the Fund will segregate collateral or designate on its books and records, cash or other liquid securities having a value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments. Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the Statement of Assets and Liabilities as “Restricted cash”. Securities collateral pledged for the same purpose, if any, is noted on the Schedule of Investments.

Concentration of Market and Credit Risk. In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded on the Funds’ Statement of Assets and Liabilities, less any collateral held by the Funds.

Certain Funds may hold high-yield ornon-investment-grade bonds, that may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Funds may acquire securities in default and are not obligated to dispose of securities whose issuers subsequently default.

Certain Funds may enter into financial instrument transactions (such as swaps, futures, options and other derivatives) that may haveoff-balance sheet market risk.Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected on the Statement of Assets and Liabilities.

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad.

The London Interbank Offered Rate “LIBOR” is an indicative measure of the average interest rate at which major global banks could borrow from one another. LIBOR is quoted in multiple currencies and multiple time frames using data reported by private-sector banks. LIBOR is used extensively in the United States and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds and loans, floating rate mortgages, asset-backed securities, consumer loans, and interest rate swaps and other derivatives.

It is expected that a number of private-sector banks currently reporting information used to set LIBOR will stop doing so after 2021 when their current reporting commitment ends, which could either cause LIBOR to stop publication immediately or cause LIBOR’s regulator to determine that its quality has degraded to the degree that it is no longer representative of its underlying market.

2020 SEMIANNUAL REPORT 125

Management believes that, with respect to any significant investments by the Funds in instruments linked to LIBOR, the impact on investments and discontinuation of LIBOR may represent a significant risk.

However, management acknowledges that the anticipated transition away from LIBOR will occur after 2021 and certain of the current investments will mature prior to that time. Furthermore, the ways in which LIBOR’s discontinuation potentially could impact the Funds’ investments is not fully known. The extent of that impact may vary depending on various factors, which include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants develop and adopt new successor reference rates and/or fallbacks for both legacy and new instruments.

In addition, the transition to a successor rate could potentially cause (i) increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, (ii) a reduction in the value of certain instruments held by a Fund, or (iii) reduced effectiveness of related Fund transactions, such as hedging.

As the impacts of the transition become clearer during the next year, Management will be evaluating the impacts of these changes.

An outbreak of infectious respiratory illness caused by a novel coronavirus known asCOVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact ofCOVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by theCOVID-19 outbreak may exacerbate otherpre-existing political, social and economic risks in certain countries or globally. The duration of theCOVID-19 outbreak and its effects cannot be determined with certainty.

Collateralized Loan Obligations. Certain Funds may invest in collateralized loan obligations (“CLOs”). CLOs are a type of asset-backed security. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows of a CLO can be split into multiple segments, called “tranches”, which will vary in risk profile and yield. Each tranche is a piece of the CLO, and dictates who will be paid out first when the underlying loan payments are made. It also dictates the risk associated with the investment, since investors who are paid last have a higher risk of default from the underlying loans.

Inflation-Indexed Bonds.Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity.

Interest Only Obligations.These securities entitle the owner to receive only the interest portion from a bond, Treasury note or pool of mortgages. These securities are generally created by a third party separating a bond or pool of mortgages into distinct interest-only and principal-only securities. As the principal (par) amount of a bond or pool of mortgages is paid down, the amount of interest income earned by the owner will decline as well.

Loans.Certain Funds may invest in loans, the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates, the debtor of which may be a domestic or foreign corporation, partnership or other entity (“Borrower”). Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, the LIBOR or certificates of deposit rates. Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Loans are exempt from registration under the Securities Act of 1933, as amended, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender. When a Fund purchases a participation of a loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in loans

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includes the right to receive payments of principal, interest and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no direct right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and interest.

PaymentIn-Kind Securities.Certain Funds may invest in paymentin-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in cash or in additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require apro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statement of Assets and Liabilities.

Securities on a When-Issued or Delayed Delivery Basis.Certain Funds may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by a Fund on a when-issued basis normally take place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of a Fund’s NAV to the extent the Fund executes such transactions while remaining substantially fully invested. When a Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield IICO, or the Fund’s investment subadviser, as applicable, consider advantageous. The Fund maintains internally designated assets with a value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued or delayed delivery basis prior to settlement of the original purchase.

Custodian Fees.“Custodian fees” on the Statement of Operations may include interest expense incurred by a Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. A Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by that Fund. The “Earnings credit” line item, if shown, represents earnings on cash balances maintained by that Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Indemnification.The Trust’s organizational documents provide current and former Trustees and Officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Trust. In the normal course of business, the Trust may also enter into contracts that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown and is dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote.

Liquidity Fee and/or Redemption Gates. The Ivy Cash Management Fund operates as a “retail money market fund,” as such term is defined or interpreted under Rule2a-7 under the 1940 Act. The Ivy Cash Management Fund may impose liquidity fees on redemptions and/or temporarily suspend (gate) redemptions if the Fund’s liquidity falls below required minimums because of market conditions or other factors.

Basis of Preparation.Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The accompanying financial statements were prepared in accordance with U.S. GAAP, including but not limited to ASC 946. U.S. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.

Subsequent Events. Management has performed a review for subsequent events through the date this report was issued.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Each Fund calculates the NAV of its shares as of the close of the NYSE, normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.

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For purposes of calculating the NAV, the portfolio securities and financial instruments are valued on each business day using pricing and valuation methods as adopted by the Board. Where market quotes are readily available, fair value is generally determined on the basis of the last reported sales price, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Prices for fixed-income securities are typically based on quotes that are obtained from an independent pricing service approved by the Board. To determine values of fixed-income securities, the independent pricing service utilizes such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities that cannot be valued by the independent pricing service may be valued using quotes obtained from dealers that make markets in the securities.

Investments in Ivy Cash Management Fund are valued on the basis of amortized cost (which approximates value), whereby a portfolio security is valued at its cost initially, and thereafter valued to reflect a constant amortization to maturity of any discount or premium. Short-term securities with maturities of 60 days or less held in all Funds (with the exception of Ivy Cash Management Fund) are valued based on quotes that are obtained from an independent pricing service approved by the Board as described in the preceding paragraph above.

Because many foreign markets close before the NYSE, events may occur between the close of the foreign market and the close of the NYSE that could have a material impact on the valuation of foreign securities. Waddell & Reed Services Company (“WRSCO”), pursuant to procedures adopted by the Board, evaluates the impact of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the NYSE. In addition, all securities for which values are not readily available or are deemed unreliable are appraised at fair value as determined in good faith under the supervision of the Board.

Where market quotes are not readily available, portfolio securities or financial instruments are valued at fair value, as determined in good faith by the Board or Valuation Committee pursuant to procedures approved by the Board.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE close, that materially affect the values of a Fund’s securities or financial instruments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available.

The Board has delegated to WRSCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or financial instruments and for determining whether the value of the applicable securities or financial instruments should bere-evaluated in light of such significant events. IICO, pursuant to authority delegated by the Board, has established a Valuation Committee to administer and oversee the valuation process, including the use of third party pricing vendors.

The Board has adopted methods for valuing securities and financial instruments in circumstances where market quotes are not readily available. For instances in which daily market quotes are not readily available, investments may be valued, pursuant to procedures established by the Board, with reference to other securities or indices. In the event that the security or financial instrument cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or financial instrument will be determined in good faith by the Valuation Committee in accordance with the procedures adopted by the Board.

When a Fund uses these fair valuation methods applied by WRSCO that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Board or persons acting at its direction believe accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. The prices used by a Fund may differ from the value that will ultimately be realized at the time the securities are sold.

WRSCO is responsible for monitoring the implementation of the pricing and valuation policies through a series of activities to provide reasonable comfort of the accuracy of prices including: 1) periodic vendor due diligence meetings to review methodologies, new developments, and process at vendors, 2) daily and monthly multi-source pricing comparisons reviewed and submitted to the Valuation Committee, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by management and the Valuation Committee.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized as follows:

• Level 1 – Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at its direction that are used in determining the fair value of investments.

A description of the valuation techniques applied to the Funds’ major classes of assets and liabilities measured at fair value on a recurring basis follows:

Asset-Backed Securities and Mortgage-Backed Securities. The fair value of asset-backed securities and mortgage-backed securities are estimated using recently executed transactions and based on models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy, and otherwise they would be categorized as Level 3.

Corporate Bonds.The fair value of corporate bonds, as obtained from an independent pricing service, is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3 of the fair value hierarchy.

Derivative Instruments.Forward foreign currency contracts are valued based upon the closing prices of the forward currency rates determined at the close of the NYSE, which are provided by an independent pricing service. Swaps derive their value from underlying asset prices, indices, reference rates and other inputs or a combination of these factors. Swaps are valued by an independent pricing service unless the price is unavailable, in which case they are valued at the price provided by a dealer in that security. Exchange-traded futures contracts are generally valued at the settlement price. Listed options are ordinarily valued at the mean of the last bid and ask price provided by an independent pricing service unless the price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer.Over-the-counter (“OTC”) options are ordinarily valued at the mean of the last bid and ask price for a comparable listed option provided by an independent pricing service unless such a price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer.

Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap agreements, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case with interest rate swap and option contracts. OTC derivative products valued using pricing models with significant observable inputs are categorized within Level 2 of the fair value hierarchy.

Equity Securities.Equity securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. OTC equity securities and listed securities for which no price is readily available are valued at the average of the last bid and ask prices.

Mutual funds, including investment funds, typically are valued at the NAV reported as of the valuation date.

Securities that are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded and to the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Foreign securities, for which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and categorized in Level 1. Because many foreign securities

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markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to theintra-day trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds, and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

Loans.Loans are valued using a price or composite price from one or more brokers or dealers as obtained from an independent pricing service. The fair value of loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Loans are generally categorized in Level 2 of the fair value hierarchy, unless key inputs are unobservable in which case they would be categorized as Level 3.

Municipal Bonds. Municipal bonds are fair valued based on pricing models used by and obtained from an independent pricing service that take into account, among other factors, information received from market makers and broker-dealers, current trades,bid-wants lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Other Government Securities.Other government securities include emerging market sovereign, quasi-sovereign, corporate and supranational agency and organization debt securities. The fair value of other government securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most other government securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3 of the fair value hierarchy.

Overdraft due to custodian. Due to the short-term nature of overdraft due to custodian, the carrying value approximates fair value and the liability is categorized as Level 2 in the fair value hierarchy.

Restricted Securities. Restricted securities that are deemed to be Rule 144A securities and illiquid, as well as restricted securities held innon-public entities, are included in Level 3 of the fair value hierarchy to the extent that significant inputs to valuation are unobservable, because they trade infrequently, if at all and, therefore, the inputs are unobservable. Restricted securities that are valued at a discount to similar publicly traded securities may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3.

U.S. Government and Agency Securities. U.S. government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. government and agency securities are normally categorized in Level 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

Transfers from Level 2 to Level 3 occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred primarily due to the increased availability of observable market data due to increased market activity or information.

For fair valuations using unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and Level 3 reconciliation, if any, have been included in the Notes to the Schedule of Investments for each respective Fund.

Net realized gain (loss) and net unrealized appreciation (depreciation), shown on the reconciliation of Level 3 investments, if applicable, are included on the Statement of Operations in net realized gain (loss) on investments in unaffiliated and/or affiliated securities and in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities, respectively. Additionally, the net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of March 31, 2020, if applicable, is included on the Statement of Operations in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities.

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4. DERIVATIVE INSTRUMENTS ($ amounts in thousands unless indicated otherwise)

The following disclosures contain information on why and how the Funds use derivative instruments, the associated risks of investing in derivative instruments, and how derivative instruments affect the Funds’ financial positions and results of operations.

Forward Foreign Currency Contracts.Certain Funds are authorized to enter into forward foreign currency contracts (“forward contracts”) for the purchase or sale of a foreign currency at a negotiated rate at a future date. Forward contracts are reported on a schedule following the Schedule of Investments. Forward contracts are valued daily based upon the closing prices of the forward currency rates provided by an independent pricing service determined at the close of the NYSE. The resulting unrealized appreciation and depreciation is reported on the Statement of Assets and Liabilities as a receivable or payable and on the Statement of Operations within the change in unrealized appreciation (depreciation). At contract close, the difference between the original cost of the contract and the value at the close date is recorded as a realized gain (loss) on the Statement of Operations.

Risks to a Fund related to the use of such contracts include both market and credit risk. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. Credit risk arises from the possibility that the counterparty will default. If the counterparty defaults, a Fund’s maximum loss will consist of the aggregate unrealized gain on appreciated contracts that is not collateralized.

Ivy Apollo Multi-Asset Income Fund, Ivy Apollo Strategic Income Fund, Ivy Pictet Emerging Markets Local Currency Debt Fund and Ivy Pictet Targeted Return Bond Fund enter into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from foreign currencies (foreign currency exchange rate risk).

Futures Contracts.Certain Funds are authorized to engage in buying and selling futures contracts. Upon entering into a futures contract, a Fund is required to deposit, in a segregated account, an amount equal to a varying specified percentage of the contract amount. This amount is known as the initial margin. Subsequent amounts, known as variation margin, are paid or received by the Fund each day, dependent on the daily fluctuations in the value of the underlying debt security or index. Options on futures contracts may also be purchased or sold by a Fund.

Futures contracts are reported on a schedule following the Schedule of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are identified on the Schedule of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted on the Statement of Assets and Liabilities. The net change in unrealized appreciation (depreciation) is reported on the Statement of Operations. Realized gains (losses) are reported on the Statement of Operations at the closing or expiration of futures contracts.

Risks of entering into futures contracts include the possibility of loss of securities or cash held as collateral, that there may be an illiquid market where the Fund is unable to close the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Ivy Corporate Bond Fund, Ivy Crossover Credit Fund, Ivy Pictet Emerging Markets Local Currency Debt Fund and Ivy Pictet Targeted Return Bond Fund invest in long and/or short positions in futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Option Contracts. Options purchased by a Fund are accounted for in the same manner as portfolio securities. The cost of the underlying instruments acquired through the exercise of call options is increased by the premium paid to purchase the call. The proceeds from instruments sold through the exercise of put options are decreased by the premium paid to purchase the put.

When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently adjusted to reflect the current value of the option written. When an option expires on its stipulated expiration date or a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the call option was sold), and the liability related to such option is extinguished. When a written call option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining whether a Fund has realized a gain or loss. When a written put is exercised, the cost basis of the instruments purchased by a Fund is reduced by the amount of the premium received.

Investments in options, whether purchased or written, involve certain risks. Writing put options and purchasing call options may increase a Fund’s exposure to the underlying instrument. With written options, there may be times when a Fund will be required to purchase or sell instruments to meet its obligation under the option contract where the required action is not beneficial to the Fund, due to unfavorable movement of the market price of the underlying instrument.

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Option contracts can be traded on a regulated exchange or traded OTC. Unlike the trades on a regulated exchange where the clearinghouse guarantees the performances of both the buyer and the seller, to the extent a Fund enters into OTC option transactions with counterparties, the Fund will be exposed to the risk that counterparties to these OTC transactions will be unable to meet their obligations under the terms of the transaction.

Ivy Pictet Emerging Markets Local Currency Debt Fund and Ivy Pictet Targeted Return Bond Fund purchase and write call and put options to increase or decrease hedging exposure to underlying instruments (which include credit risk, equity risk, foreign currency exchange rate risk, event risk and/or interest rate risk), increase exposure to various equity markets or certain sectors, gain exposure to or facilitate trading in certain securities and/or, in the case of options written, to generate returns from options premiums.

Swap Agreements.Certain Funds are authorized to invest in swap agreements. Swap agreements are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in theover-the-counter market (“OTC swaps”). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (“centrally cleared swaps”).

Swap agreements are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over the counter market (“OTC swaps”). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (“centrally cleared swaps”).

Swaps are marked to market daily and changes in value are recorded as unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or variation margin payable on the Statement of Assets and Liabilities. Payments received or made by the Fund are recorded as realized gain or loss on the Statement of Operations. Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as swap premiums paid and swap premiums received, respectively, if any, on the Statement of Assets and Liabilities and amortized over the term of the swap. An early termination payment received or made at an early termination or a final payment made at the maturity of the swap is recorded as realized gain or loss on the Statement of Operations.

After a centrally cleared swap is accepted for clearing, a Fund may be required to deposit initial margin with the clearing member in the form of cash or securities. Securities deposited as initial margin, if any, are designated on the Schedule of Investments. Cash deposited as initial margin is identified on the Schedule of Investments and is recorded as restricted cash on the Statement of Assets and Liabilities.

Credit default swap agreements (“CDS”) on corporate issuers or credit indices involve one party making a stream of periodic payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of the corporate issuer or all or part of the referenced entities comprising the credit index. A Fund may enter a physically settled or cash settled CDS. As a buyer, if an underlying credit event occurs depending on if the CDS is to be physically settled or cash settled, a Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the corporate issuer security or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the corporate issuer security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, a Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the corporate issuer security or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the corporate issuer security or underlying securities comprising the index.

Ivy Apollo Multi-Asset Income Fund, Ivy Apollo Strategic Income Fund, Ivy Pictet Emerging Markets Local Currency Debt Fund and Ivy Pictet Targeted Return Bond Fund enter into credit default swaps to protect bonds owned by a Fund against default.

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time.

Ivy Pictet Emerging Markets Local Currency Debt Fund and Ivy Pictet Targeted Return Bond Fund enter into interest rate swaps to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds, which may decrease when interest rates rise (interest rate risk).

The creditworthiness of the counterparty with which a Fund enters into a swap agreement is monitored by IICO. If a counterparty creditworthiness declines, the value of the agreement would likely decline, potentially resulting in losses. If a default occurs by the counterparty to such a transaction, the Fund will have contractual remedies pursuant to the

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agreement related to the transaction. The maximum loss a Fund may incur consists of the aggregate unrealized gain on appreciated contracts that is not collateralized due to facts specific to certain situations (i.e., collateral may not have been posted by the counterparty due to the required collateral amount being less than thepre-agreed thresholds. Additionally, regulatory developments called stay resolutions and the ensuing required contractual amendments to the transactional documentation, including derivatives, permit the relevant regulators to preclude parties to a transaction from terminating trades, among other rights it may have in the trade agreements should a counterparty that it regulates experience financial distress. A relevant regulator also has the authority to reduce the value of certain liabilities owed by the counterparty to a Fund and/or convert cash liabilities of a regulated entity into equity holdings. The power given to the relevant regulators includes the ability to amend transactional agreements unilaterally, modify the maturity of eligible liabilities, reduce the amount of interest payable or change the date on which interest becomes payable, among other powers.

To prevent incurring losses due to the counterparty credit risk, IICO actively monitors the creditworthiness of the counterparties with which it has entered financial transactions. IICO consistently and frequently risk manages the credit risk of the counterparties it faces in transactions.

Collateral and rights of offset. A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes (“CSA”) included with an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement which is the standard contract governing all OTC derivative transactions between the Fund and each of its counterparties. Although it is not possible to eliminate credit risk entirely, the CSA allows the Fund and its counterparty to reduce their exposure to the risk of payment default by the other party by holding an amount in collateral equivalent to the realized and unrealized amount of exposure to the counterparty, which is generally held by the Fund’s custodian. An amount of collateral is moved to/from applicable counterparties only if the amount of collateral required to be posted surpasses both the threshold and the minimum transfer amountpre-agreed in the CSA between the Fund and the counterparty. See Note 2 “Segregation and Collateralization” for additional information with respect to collateral practices.

Offsetting of Assets and Liabilities. The following tables present financial instruments that are either (1) offset or (2) subject to an enforceable master netting arrangement or similar agreement as of March 31, 2020:

Assets

							Gross Amounts Not Offset on the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Statement of Assets and Liabilities		Net Amounts of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Non-Cash Collateral Received			Cash Collateral Received			Net Amount Receivable
Ivy Apollo Multi-Asset Income Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	939	$	—	$	939	$	(14	)	$	(919	)	$	—		$	6
Ivy Apollo Strategic Income Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	970	$	—	$	970	$	(14	)	$	(956	)	$	—		$	—
Ivy Pictet Emerging Markets Local Currency Debt Fund
Swap agreements, at value	$	248	$	—	$	248	$	(168	)	$	—		$	(80	)	$	—
Unrealized appreciation on forward foreign currency contracts		5,456		—		5,456		(5,285	)		—			(3	)		168
Total	$	5,704	$	—	$	5,704	$	(5,453	)	$	—		$	(83	)	$	168
Ivy Pictet Targeted Return Bond Fund
Investments in unaffiliated securities at value*	$	745	$	—	$	745	$	(468	)	$	—		$	(220	)	$	57
Unrealized appreciation on forward foreign currency contracts		3,460		—		3,460		(1,226	)		—			(1,582	)		652
Total	$	4,205	$	—	$	4,205	$	(1,694	)	$	—		$	(1,802	)	$	709

* Purchased options are reported as investments in unaffiliated securities on the Statement of Assets and Liabilities.

⁽¹⁾  Amounts include forward contracts that have an offset to an open and close contract, but have not settled. These amounts are included on the Statement of Assets and Liabilities line item for Investment securities sold receivable.

2020 SEMIANNUAL REPORT 133

Liabilities

							Gross Amounts Not Offset on the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount Payable
Ivy Apollo Multi-Asset Income Fund
Unrealized depreciation on forward foreign currency contracts	$	14	$	—	$	14	$	(14	)	$	—	$	—		$	—
Ivy Apollo Strategic Income Fund
Unrealized depreciation on forward foreign currency contracts	$	14	$	—	$	14	$	(14	)	$	—	$	—		$	—
Ivy Pictet Emerging Markets Local Currency Debt Fund
Swap agreements, at value	$	452	$	—	$	452	$	(168	)	$	—	$	(130	)	$	154
Unrealized depreciation on forward foreign currency contracts		6,673		—		6,673		(5,285	)		—		(1,260	)		128
Total	$	7,125	$	—	$	7,125	$	(5,453	)	$	—	$	(1,390	)	$	282
Ivy Pictet Targeted Return Bond Fund
Swap agreements, at value	$	354	$	—	$	354	$	—		$	—	$	—		$	354
Unrealized depreciation on forward foreign currency contracts		2,191		—		2,191		(1,226	)		—		(630	)		335
Written options at value		769		—		769		(468	)		—		—			301
Total	$	3,314	$	—	$	3,314	$	(1,694	)	$	—	$	(630	)	$	990

Additional Disclosure Related to Derivative Instruments

Fair values of derivative instruments as of March 31, 2020:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy Apollo Multi-Asset Income Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts	$	884	Unrealized depreciation on forward foreign currency contracts	$	14
Ivy Apollo Strategic Income Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts		904	Unrealized depreciation on forward foreign currency contracts		14
Ivy Crossover Credit Fund	Interest rate			—	Unrealized depreciation on futures contracts**		147
Ivy Pictet Emerging Markets Local Currency Debt Fund	Credit	Unrealized appreciation on centrally cleared swap agreements**		7	Unrealized depreciation on centrally cleared swap agreements**		113
		Swap agreements, at value		3	Swap agreements, at value		36
	Foreign currency	Unrealized appreciation on forward foreign currency contracts		5,456	Unrealized depreciation on forward foreign currency contracts		6,673
	Interest rate	Unrealized appreciation on centrally cleared swap agreements**		643	Unrealized depreciation on centrally cleared swap agreements**		165
		Swap agreements, at value		245	Swap agreements, at value		416

134 SEMIANNUAL REPORT 2020

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy Pictet Targeted Return Bond Fund	Credit	Unrealized appreciation on centrally cleared swap agreements**	$	451	Unrealized depreciation on centrally cleared swap agreements**	$	14
					Swap agreements, at value		354
					Written options at value		365
	Foreign currency	Investments in unaffiliated securities at value*		745	Unrealized depreciation on forward foreign currency contracts		2,191
		Unrealized appreciation on forward foreign currency contracts		3,460	Written options at value		404
	Interest rate	Unrealized appreciation on centrally cleared swap agreements**		834	Written options at value		24
		Unrealized appreciation on futures contracts**		923	Unrealized depreciation on centrally cleared swap agreements**		1,664
					Unrealized depreciation on futures contracts**		1,903

* Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments.

** The value presented includes cumulative gain (loss) on open futures contracts and centrally cleared swap agreements; however, the value reflected on the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of period ended March 31, 2020.

Amount of realized gain (loss) on derivatives recognized on the Statement of Operations for the period ended March 31, 2020:

		Net realized gain (loss) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*			Swap agreements			Futures contracts			Written options		Forward foreign currency contracts		Total
Ivy Apollo Multi-Asset Income Fund	Credit	$	—		$	(27)		$	—		$	—	$	—	$	(27)
	Foreign currency		—			—			—			—		56		56
Ivy Apollo Strategic Income Fund	Credit		—			(28)			—			—		—		(28)
	Foreign currency		—			—			—			—		66		66
Ivy Corporate Bond Fund	Interest rate		—			—			(32	)		—		—		(32	)
Ivy Crossover Credit Fund	Interest rate		—			—			(5	)		—		—		(5	)
Ivy Pictet Emerging Markets Local Currency Debt Fund	Credit		—			32			—			—		—		32
	Foreign currency		—			—			—			—		(1,513)		(1,513)
	Interest rate		—			(493	)		(137	)		—		—		(630	)
Ivy Pictet Targeted Return Bond Fund	Credit		—			(339)			—			—		—		(339)
	Foreign currency		(1,031)			—			—			745		7,707		7,421
	Interest rate		(233	)		(816	)		491			125		—		(433	)

* Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments.

2020 SEMIANNUAL REPORT 135

Change in unrealized appreciation (depreciation) on derivatives recognized on the Statement of Operations for the period ended March 31, 2020:

		Net change in unrealized appreciation (depreciation) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*			Swap agreements			Futures contracts			Written options			Forward foreign currency contracts		Total
Ivy Apollo Multi-Asset Income Fund	Credit	$	—		$	10		$	—		$	—		$	—	$	10
	Foreign currency		—			—			—			—			10		10
Ivy Apollo Strategic Income Fund	Credit		—			11			—			—			—		11
	Foreign currency		—			—			—			—			8		8
Ivy Corporate Bond Fund	Interest rate		—			—			(557	)		—			—		(557	)
Ivy Crossover Credit Fund	Interest rate		—			—			(147	)		—			—		(147	)
Ivy Pictet Emerging Markets Local Currency Debt Fund	Credit		—			438			—			—			—		438
	Foreign currency		—			—			—			—			(596)		(596)
	Interest rate		—			(118	)		(32	)		—			—		(150	)
Ivy Pictet Targeted Return Bond Fund	Credit		—			779			—			310			—		1,089
	Foreign currency		809			—			—			(451)			494		852
	Interest rate		(79	)		(361	)		(1,514	)		(108	)		—		(2,062	)

* Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments.

During the period ended March 31, 2020, the average derivative volume was as follows:

Fund	Forward foreign currency contracts(1)		Long futures contracts(2)		Short futures contracts(2)		Swap agreements(3)		Purchased options(2)		Written options(2)
Ivy Apollo Multi-Asset Income Fund	$	787	$	—	$	—	$	72	$	—	$	—
Ivy Apollo Strategic Income Fund		812		—		—		73		—		—
Ivy Corporate Bond Fund		—		—		6,374		—		—		—
Ivy Crossover Credit Fund		—		—		1,200		—		—		—
Ivy Pictet Emerging Markets Local Currency Debt Fund		33		478		3,885		177,418		—		—
Ivy Pictet Targeted Return Bond Fund		692		17,033		78,630		241,481		442		345

* Not shown due to rounding.

(1) Average absolute value of unrealized appreciation/depreciation during the period.

(2) Average value outstanding during the period.

(3) Average notional amount outstanding during the period.

5. INVESTMENT MANAGEMENT AND PAYMENTS TO AFFILIATED PERSONS ($ amounts in thousands unless indicated otherwise)

Management Fees. IICO serves as each Fund’s investment manager. The management fee is accrued daily by each Fund at the following annual rates as a percentage of average daily net assets:

Fund (M - Millions)	$0 to $500M			$500 to $1,000M			$1,000 to $1,500M			$1,500 to $2,000M			$2,0000 to $2,500M			$2,500 to $3,000M			$3,000 to $5,000M			$5,000 to $10,000M			$10,000 to $15,000M			$15,000 to $20,000M			Over $20,000M
Ivy Apollo Multi-Asset Income Fund		0.700	%		0.700	%		0.650	%		0.650	%		0.610	%		0.610	%		0.580	%		0.580	%		0.580	%		0.580	%		0.580	%
Ivy Apollo Strategic Income Fund		0.680			0.680			0.620			0.620			0.580			0.580			0.570			0.570			0.570			0.570			0.570
Ivy California Municipal High Income Fund		0.525			0.500			0.450			0.400			0.400			0.400			0.400			0.395			0.390			0.385			0.385
Ivy Cash Management Fund		0.350			0.350			0.300			0.300			0.300			0.300			0.300			0.300			0.300			0.300			0.300
Ivy Corporate Bond Fund		0.475			0.475			0.450			0.400			0.400			0.400			0.400			0.400			0.400			0.400			0.400

136 SEMIANNUAL REPORT 2020

Fund (M - Millions)	$0 to $500M			$500 to $1,000M			$1,000 to $1,500M			$1,500 to $2,000M			$2,0000 to $2,500M			$2,500 to $3,000M			$3,000 to $5,000M			$5,000 to $10,000M			$10,000 to $15,000M			$15,000 to $20,000M			Over $20,000M
Ivy Crossover Credit Fund		0.500	%		0.450	%		0.425	%		0.425	%		0.425	%		0.400	%		0.400	%		0.375	%		0.375	%		0.375	%		0.375	%
Ivy Government Securities Fund		0.500			0.450			0.400			0.350			0.350			0.350			0.350			0.350			0.350			0.350			0.350
Ivy International Small Cap Fund		1.000			1.000			0.950			0.950			0.900			0.900			0.900			0.850			0.850			0.850			0.850
Ivy Pictet Emerging Markets Local Currency Debt Fund		0.750			0.750			0.725			0.725			0.700			0.700			0.700			0.675			0.650			0.650			0.650
Ivy Pictet Targeted Return Bond Fund		0.900			0.900			0.850			0.850			0.800			0.800			0.800			0.750			0.750			0.750			0.750
Ivy PineBridge High Yield Fund		0.625			0.600			0.550			0.500			0.500			0.500			0.500			0.500			0.490			0.490			0.480

For Funds managed solely by IICO, IICO has voluntarily agreed to waive a Fund’s management fee on any day that the Fund’s net assets are less than $25 million, subject to IICO’s right to change or modify this waiver. See Expense Reimbursements and/or Waivers below for amounts waived during the period ended March 31, 2020.

IICO has entered into Subadvisory Agreements with the following entities on behalf of the Funds:

Under an agreement between IICO and Apollo Credit Management, LLC (“Apollo”), Apollo serves as subadviser for the total return strategy of each of the Ivy Apollo Multi-Asset Income Fund and Ivy Apollo Strategic Income Fund. Under an agreement between IICO and LaSalle Investment Management Securities, LLC (“LaSalle”), LaSalle serves as subadviser for the global real estate strategy of the Ivy Apollo Multi-Asset Income Fund. Under an agreement between IICO and Pictet Asset Management Limited (“Pictet UK”) and Pictet Asset Management (Singapore) PTE Ltd. (“Pictet Singapore,” and collectively with Pictet UK, “Pictet”), Pictet serves as subadvisor to Ivy Pictet Emerging Markets Local Currency Debt Fund. Under an agreement between IICO and Mackenzie Investments Europe Limited (“Mackenzie Europe”), Mackenzie Europe serves as subadviser for the Ivy International Small Cap Fund. Under an agreement between IICO and Pictet Asset Management SA (“Pictet AM CH”), Pictet AM CH serves as subadvisor to Ivy Pictet Targeted Return Bond Fund. Under an agreement between IICO and PineBridge Investments LLC (“PineBridge”), PineBridge serves as subadvisor to Ivy PineBridge High Yield Fund. Each subadviser makes investment decisions in accordance with the Fund’s investment objectives, policies and restrictions under the supervision of IICO and the oversight of the Board. IICO pays all applicable costs of the subadvisers.

Independent Trustees and Chief Compliance Officer Fees. Fees paid to the Independent Trustees can be paid in cash or deferred to a later date, at the election of the Trustees according to the Deferred Fee Agreement entered into between the Trust and the Trustee(s). Each Fund records its portion of the deferred fees as a liability on the Statement of Assets and Liabilities. All fees paid in cash plus any appreciation (depreciation) in the underlying deferred plan are shown on the Statement of Operations. Additionally, fees paid to the Chief Compliance Officer of the Funds are shown on the Statement of Operations.

Accounting Services Fees.The Trust has an Accounting and Administrative Services Agreement with WRSCO, doing business as WI Services Company (“WISC”). Under the agreement, WISC acts as the agent in providing bookkeeping and accounting services and assistance to the Trust, including maintenance of Fund records, pricing of Fund shares and preparation of certain shareholder reports. For these services, each Fund pays WISC a monthly fee ofone-twelfth of the annual fee based on the average net asset levels shown in the following table:

(M - Millions)	$0 to $10M		$10 to $25M		$25 to $50M		$50 to $100M		$100 to $200M		$200 to $350M		$350 to $550M		$550 to $750M		$750 to $1,000M		Over $1,000M
Annual Fee Rate	$	0.00	$	11.50	$	23.10	$	35.50	$	48.40	$	63.20	$	82.50	$	96.30	$	121.60	$	148.50

In addition, for each class of shares in excess of one, each Fund pays WISC a monthlyper-class fee equal to 2.5% of the monthly accounting services base fee.

Each Fund also pays WISC a monthly administrative fee at the annual rate of 0.01%, or one basis point, for the first $1 billion of net assets with no fee charged for net assets in excess of $1 billion. This fee is voluntarily waived by WISC until a Fund’s net assets are at least $10 million and is included in “Accounting services fee” on the Statement of Operations.

Shareholder Servicing. General.Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A, Class B, Class C and Class E shares, for each shareholder account that was in existence at any time during the prior month, each Fund pays a monthly fee that ranges from $1.5042 to $1.6958 per account; however, WISC has agreed to reduce

2020 SEMIANNUAL REPORT 137

that fee if the number of total shareholder accounts within the Complex (InvestEd Portfolios and Ivy Funds) reaches certain levels. For Class R shares, each Fund pays a monthly fee equal toone-twelfth of 0.25 of 1% of the average daily net assets of the class for the preceding month. For Class I and Class Y shares, each Fund pays a monthly fee equal toone-twelfth of 0.15 of 1% of the average daily net assets of the class for the preceding month. For Class N shares, each Fund pays WISC a monthly fee equal toone-twelfth of 0.01 of 1% of the average daily net assets of the class for the preceding month. Each Fund also reimburses WISC for certainout-of-pocket costs for all classes.

Networked accounts. For certain networked accounts (that is, those accounts whose Fund shares are purchased through certain financial intermediaries), WISC has agreed to reduce its per account fees charged to the Funds to $0.50 per month per shareholder account. Additional fees may be paid by the Funds to those intermediaries. The Fund will reimburse WISC for such costs if the annual rate of the third-party per account charges for a Fund are less than or equal to $12.00 per account or an annual fee of 0.14 of 1% that is based on average daily net assets.

Broker accounts. Certain broker-dealers that maintain shareholder accounts with each Fund through an omnibus account provide transfer agent and other shareholder-related services that would otherwise be provided by WISC if the individual accounts that comprise the omnibus account were opened by their beneficial owners directly. Each Fund may pay such broker-dealers a per account fee for each open account within the omnibus account (up to $18.00 per account), or a fixed rate fee (up to an annual fee of 0.20 of 1% that is based on average daily net assets), based on the average daily NAV of the omnibus account (or a combination thereof).

Distribution and Service Plan. Class A and Class E Shares.Under a Distribution and Service Plan adopted by the Trust pursuant to Rule 12b–1 under the 1940 Act (the “Distribution and Service Plan”), each Fund may pay a distribution and/or service fee to Ivy Distributors, Inc. (“IDI”) for Class A and Class E shares in an amount not to exceed 0.25% of the Fund’s average annual net assets. The fee is to be paid to compensate IDI for amounts it expends in connection with the distribution of the Class A and Class E shares and/or provision of personal services to Fund shareholders and/or maintenance of shareholder accounts of that class.

Class B and Class C Shares.Under the Distribution and Service Plan, each Fund may pay IDI a service fee not to exceed 0.25% and a distribution fee not to exceed 0.75% of the Fund’s average annual net assets for Class B and Class C shares to compensate IDI for its services in connection with the distribution of shares of that class and/or provision of personal services to Class B or Class C shareholders and/or maintenance of shareholder accounts of that class.

Class R Shares. Under the Distribution and Service Plan, each Fund may pay IDI a fee of up to 0.50%, on an annual basis, of the average daily net assets of the Fund’s Class R shares to compensate IDI for, either directly or through third parties, distributing the Class R shares of that Fund, providing personal services to Class R shareholders and/or maintaining Class R shareholder accounts.

Class Y Shares. Under the Distribution and Service Plan, each Fund may pay IDI a fee of up to 0.25%, on an annual basis, of the average daily net assets of the Fund’s Class Y shares to compensate IDI for, either directly or through third parties, distributing the Class Y shares of that Fund, providing personal services to Class Y shareholders and/or maintaining Class Y shareholder accounts.

Sales Charges. As principal underwriter for the Trust’s shares, IDI receives sales commissions (which are not an expense of the Trust) for sales of Class A and Class E shares. A CDSC may be assessed against a shareholder’s redemption amount of Class B, Class C or certain Class A and Class E shares and is paid to IDI. During the period ended March 31, 2020, IDI received the following amounts in sales commissions and CDSCs:

	Gross Sales Commissions			CDSC											Commissions Paid(1)
				Class A			Class B			Class C			Class E
Ivy Apollo Multi-Asset Income Fund	$	62		$	—	*		N/A		$	1			N/A	$	50
Ivy Apollo Strategic Income Fund		50			—	*		N/A			1			N/A		43
Ivy California Municipal High Income Fund		12			—			N/A			—	*		N/A		12
Ivy Cash Management Fund		—			1		$	—			—	*		N/A		122,174
Ivy Corporate Bond Fund		106			—	*		—	*		1		$	—		80
Ivy Crossover Credit Fund		6			—			N/A			N/A			—		6
Ivy Government Securities Fund		24			—			—	*		—	*		—		20
Ivy International Small Cap Fund		5			—			N/A			—	*		N/A		5
Ivy Pictet Emerging Markets Local Currency Debt Fund		—	*		—			N/A			—			—		—	*
Ivy Pictet Targeted Return Bond Fund		18			—	*		N/A			—	*		N/A		9
Ivy PineBridge High Yield Fund		11			—			N/A			N/A			N/A		8

* Not shown due to rounding.

(1) IDI reallowed/paid this portion of the sales charge to financial advisors and selling broker-dealers.

138 SEMIANNUAL REPORT 2020

Expense Reimbursements and/or Waivers. IICO, the Funds’ investment manager, IDI, the Funds’ distributor, and/or Waddell & Reed Services Company, doing business as WISC, the Funds’ transfer agent, have contractually agreed to reimburse sufficient management fees,12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any). Fund and class expense limitations and related waivers/reimbursements for the period ended March 31, 2020 were as follows:

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy Apollo Multi-Asset Income Fund	All Classes	Contractual	10-1-2015	1-31-2021	N/A		$	174	(1)	Investment Management Fee
	Class A	Contractual	10-1-2015	1-31-2021	1.28%(2)		$	—		N/A
	Class C	Contractual	10-1-2015	1-31-2021	2.16%(3)		$	—		N/A
	Class I	Contractual	10-1-2015	1-31-2021	0.75%		$	260		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2021	0.75%		$	—	*	Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2021	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2021	1.25%		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2021	Not to exceed Class A		$	—		N/A
Ivy Apollo Strategic Income Fund	All Classes	Contractual	10-1-2015	1-31-2021	N/A		$	274	(1)	Investment Management Fee
	Class A	Contractual	10-1-2015	1-31-2021	1.14%(4)		$	—		N/A
	Class C	Contractual	10-1-2015	1-31-2021	1.82%(5)		$	4		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-1-2015	1-31-2021	0.67%		$	254		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2021	0.67%		$	2		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2021	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2021	1.10%		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2021	Not to exceed Class A		$	—	*	12b-1 Fees and/or Shareholder Servicing
Ivy California Municipal High Income Fund	All Classes	Contractual	10-3-2016	1-31-2021	N/A		$	70	(6)	Investment Management Fee
	Class A	Contractual	10-3-2016	1-31-2021	0.80%		$	7		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-3-2016	1-31-2021	0.60%		$	11		Shareholder Servicing
	Class Y	Contractual	10-3-2016	1-31-2021	Not to exceed Class A		$	1		12b-1 Fees and/or Shareholder Servicing
Ivy Corporate Bond Fund	Class N	Contractual	10-1-2015	1-31-2021	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-16-2017	1-31-2021	Not to exceed Class A		$	—		N/A
Ivy Crossover Credit Fund	All Classes	Contractual	4-3-2017	1-31-2021	N/A		$	66	(7)	Investment Management Fee
	Class A	Contractual	4-3-2017	1-31-2021	0.90%		$	4		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-3-2017	1-31-2021	0.65%		$	25		Shareholder Servicing
	Class N	Contractual	4-3-2017	1-31-2021	0.65%		$	—	*	Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2021	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	4-3-2017	1-31-2021	Not to exceed Class A		$	1		12b-1 Fees and/or Shareholder Servicing

2020 SEMIANNUAL REPORT 139

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy Government Securities Fund	Class A	Contractual	10-16-2017	1-31-2021	0.97%(8)		$	37		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	10-16-2017	1-31-2021	2.02%(9)		$	1		12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-16-2017	1-31-2021	1.85%(10)		$	1		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-16-2017	1-31-2021	0.72%		$	30		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2021	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-16-2017	1-31-2021	Not to exceed Class A		$	—	*	12b-1 Fees and/or Shareholder Servicing
Ivy International Small Cap Fund	All Classes	Contractual	1-10-2017	1-31-2021	N/A		$	162	(7)	Investment Management Fee
	Class A	Contractual	1-10-2017	1-31-2021	1.44%(11)		$	—		N/A
	Class I	Contractual	1-10-2017	1-31-2021	0.99%		$	73		Shareholder Servicing
	Class N	Contractual	7-31-2018	1-31-2021	0.99%		$	4		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2021	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	1-10-2017	1-31-2021	Not to exceed Class A		$	—	*	12b-1 Fees and/or Shareholder Servicing
Ivy Pictet Emerging Markets Local Currency Debt Fund	All Classes	Contractual	4-30-2014	1-31-2021	N/A		$	179	(12)	Investment Management Fee
	Class A	Contractual	4-30-2014	1-31-2021	1.23%(13)		$	—		N/A
	Class C	Contractual	4-30-2014	1-31-2021	2.00%		$	—		N/A
	Class E	Contractual	4-30-2014	1-31-2021	1.40%		$	—		N/A
	Class I	Contractual	4-30-2014	1-31-2021	0.80%		$	71		Shareholder Servicing
	Class N	Contractual	1-30-2015	1-31-2021	0.80%		$	2		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2021	Not to exceed Class I		$	—		N/A
	Class R	Contractual	4-30-2014	1-31-2021	1.50%		$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	4-30-2014	1-31-2021	1.25%		$	—		N/A
	Class Y	Contractual	4-30-2014	1-31-2021	Not to exceed Class A		$	—		N/A
Ivy Pictet Targeted Return Bond Fund	All Classes	Contractual	1-4-2016	1-31-2021	N/A		$	216	(14)	Investment Management Fee
	Class A	Contractual	1-4-2016	1-31-2021	1.37%(15)		$	—		N/A
	Class C	Contractual	1-4-2016	1-31-2021	2.08%		$	—		N/A
	Class I	Contractual	1-4-2016	1-31-2021	1.00%		$	30		Shareholder Servicing
	Class N	Contractual	1-4-2016	1-31-2021	0.87%		$	4		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2021	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	1-4-2016	1-31-2021	1.25%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	1-4-2016	1-31-2021	Not to exceed Class A		$	—		N/A
Ivy PineBridge High Yield Fund	All Classes	Contractual	5-18-2017	1-31-2021	N/A		$	69	(16)	Investment Management Fee
	Class A	Contractual	5-18-2017	1-31-2021	0.99%(8)		$	3		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	5-18-2017	1-31-2021	0.72%		$	53		Shareholder Servicing
	Class N	Contractual	5-18-2017	1-31-2021	0.72%		$	2		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2021	Not to exceed Class I		$	—		N/A

140 SEMIANNUAL REPORT 2020

* Not shown due to rounding.

(1) Due to Class A, Class C, Class I, Class N and/or Class Y contractual expense limits, investment management fees were waived for all share classes.

(2) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 1.30%.

(3) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 2.17%.

(4) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 1.15%.

(5) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 1.85%.

(6) Due to Class A, Class I and/or Class Y contractual expense limits, investment management fees were waived for all share classes.

(7) Due to Class A, Class I, Class N and/or Class Y contractual expense limits, investment management fees were waived for all share classes.

(8) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 1.00%.

(9) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 2.13%.

(10) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 1.88%.

(11) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 1.45%.

(12) Due to Class A, Class C, Class E, Class I, Class N, Class R and/or Class Y contractual expense limits, investment management fees were waived for all share classes.

(13) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 1.25%.

(14) Due to Class A, Class C, Class I, Class N and/or Class Y contractual expense limits, investment management fees were waived for all share classes..

(15) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 1.38%.

(16) Due to Class A, Class I and/or Class N contractual expense limits, investment management fees were waived for all share classes.

Any amounts due to the Funds as a reimbursement but not paid as of March 31, 2020 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.

6. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the SEC (“Order”), the Ivy Funds, Ivy Variable Insurance Portfolios and InvestEd Portfolios (collectively, the “Funds” only for purposes of this footnote 6) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. The Funds made no Interfund Loans under the Interfund Lending Program during the period ended March 31, 2020.

7. INVESTMENT SECURITIES TRANSACTIONS ($ amounts in thousands)

The cost of purchases and the proceeds from maturities and sales of investment securities (excluding short-term securities) for the period ended March 31, 2020, were as follows:

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy Apollo Multi-Asset Income Fund	$	—	$	144,733	$	—	$	166,282
Ivy Apollo Strategic Income Fund		22,962		100,914		46,925		123,359
Ivy California Municipal High Income Fund		—		4,966		—		1,180
Ivy Cash Management Fund		—		—		—		—
Ivy Corporate Bond Fund		8,264		243,203		13,611		335,712
Ivy Crossover Credit Fund		—		35,972		—		31,607
Ivy Government Securities Fund		146,364		—		76,186		—
Ivy International Small Cap Fund		—		61,925		—		49,432
Ivy Pictet Emerging Markets Local Currency Debt Fund		—		52,921		—		62,305
Ivy Pictet Targeted Return Bond Fund		24,340		58,220		28,660		92,105
Ivy PineBridge High Yield Fund		—		40,144		—		43,909

8. LOANS OF PORTFOLIO SECURITIES ($ amounts in thousands)

The Funds may lend their portfolio securities only to borrowers that are approved by the Fund’s securities lending agent, The Bank of New York Mellon (“BNYM”). The borrower pledges and maintains with the Fund collateral consisting of cash or securities issued or guaranteed by the U.S. government. The collateral received by the Fund is required to have a value of at least 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% of the market value for all other securities, except in the case of loans of foreign securities which are denominated and payable in U.S. dollars, in which case the collateral is required to have a value of at least 102% of the market value of the loaned securities. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund and any excess collateral is returned by the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

2020 SEMIANNUAL REPORT 141

Cash received as collateral for securities on loan may be reinvested in the Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares or certain other registered money market funds and are disclosed in the Fund’s Schedule of Investments and are reflected in the Statement of Assets and Liabilities as cash collateral on securities loaned at value.Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Fund and the Fund does not have the ability tore-hypothecate these securities. The securities on loan for each Fund are also disclosed in its Schedule of Investments. The total value of any securities on loan as of March 31, 2020 and the total value of the related cash collateral are disclosed in the Statement of Assets and Liabilities. Income earned by the Funds from securities lending activity is disclosed in the Statements of Operations.

The following is a summary of each Fund’s securities lending positions and related cash andnon-cash collateral received as of March 31, 2020:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Ivy Apollo Multi-Asset Income Fund	$	6,880	$	2,797	$	4,142	$	6,939
Ivy Apollo Strategic Income Fund		7,866		5,311		2,732		8,043
Ivy Corporate Bond Fund		6,693		2,508		4,330		6,838
Ivy Crossover Credit Fund		1,721		902		856		1,758
Ivy Government Securities Fund		11,288		—		11,614		11,614
Ivy International Small Cap Fund		2,611		2,659		106		2,765
Ivy Pictet Emerging Markets Local Currency Debt Fund		134		144		—		144
Ivy Pictet Targeted Return Bond Fund		1,225		1,292		—		1,292
Ivy PineBridge High Yield Fund		4,241		2,395		1,937		4,332

The cash collateral received amounts presented in the table above are transactions accounted for as secured borrowings and have an overnight and continuous maturity. The proceeds from the cash collateral received is invested in registered money market funds.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower indemnity provided by BNYM. BNYM’s indemnity allows for full replacement of securities lent wherein BNYM will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral or to the extent such proceeds are insufficient or the collateral is unavailable, BNYM will purchase the unreturned loan securities at BNYM’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

9. BORROWINGS

On May 24, 2019 the Trust, on behalf of the Ivy Apollo Strategic Income Fund, Ivy California Municipal High Income Fund and Ivy PineBridge High Yield Fund, along with certain other funds managed by the investment adviser (“Participating Funds”), entered into a364-day senior unsecured revolving credit facility with Bank of New York Mellon and a group of financial institutions to be utilized to temporarily finance the repurchase or redemption of Fund shares and for other temporary or emergency purposes. The Participating Funds can borrow up to an aggregate commitment amount of $130 million at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit facility has the following terms: a commitment fee of 0.15% per annum of the daily amount of unused commitment amounts and interest at a rate equal to the higher of (a) the federal funds effective rate (but not below 0.0%) plus 1.00% per annum or (b) theone-month LIBOR rate (but not below 0.0%) plus 1.00% per annum on amounts borrowed. The agreement expires in May 2020 unless extended or renewed. As of March 31, 2020, if applicable, any outstanding borrowings would be disclosed as a payable for borrowing on the Statement of Assets and Liabilities. Commitment and interest fees, if any, paid by the Participating Funds are disclosed as part of commitment and interest expense for borrowing on the Statement of Operations. During the period ended March 31, 2020, the Participating Funds did not borrow under the credit facility.

142 SEMIANNUAL REPORT 2020

10. CAPITAL SHARE TRANSACTIONS (All amounts in thousands)

The Trust has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class of each Fund. Transactions in shares of beneficial interest were as follows:

	Ivy Apollo Multi-Asset Income Fund												Ivy Apollo Strategic Income Fund
	Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19						Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		636		$	6,677			1,869		$	19,454			985		$	9,759			2,738		$	27,038
Class C		201			2,076			377			3,856			151			1,494			157			1,548
Class I		2,619			26,312			8,597			89,889			3,374			33,026			9,004			89,007
Class N		24			255			84			876			284			2,828			836			8,338
Class Y		2			14			9			90			14			138			53			529
Shares issued in reinvestment of distributions to shareholders:
Class A		432			4,429			878			8,909			209			2,066			415			4,076
Class C		47			484			95			965			11			106			21			211
Class I		1,210			12,368			2,406			24,454			806			7,959			1,589			15,626
Class N		7			72			12			124			116			1,149			258			2,533
Class Y		3			31			17			167			9			94			20			198
Shares redeemed:
Class A		(1,861	)		(18,711	)		(3,343	)		(34,907	)		(1,691	)		(16,397	)		(2,935	)		(28,994	)
Class C		(283	)		(2,830	)		(550	)		(5,714	)		(115	)		(1,090	)		(275	)		(2,723	)
Class I		(7,620	)		(76,955	)		(12,826	)		(134,229	)		(5,863	)		(57,227	)		(10,473	)		(103,451	)
Class N		(38	)		(387	)		(67	)		(699	)		(2,604	)		(25,899	)		(1,670	)		(16,553	)
Class Y		(48	)		(489	)		(179	)		(1,888	)		(38	)		(376	)		(207	)		(2,037	)
Net decrease		(4,669	)	$	(46,654	)		(2,621	)	$	(28,653	)		(4,352	)	$	(42,370	)		(469	)	$	(4,654	)

	Ivy California Municipal High Income Fund												Ivy Cash Management Fund
	Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19						Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		298		$	3,007			484		$	4,956			1,808,797		$	1,808,797			3,312,331		$	3,312,331
Class B		N/A			N/A			N/A			N/A			78			78			140			140
Class C		9			95			11			113			2,613			2,613			2,286			2,286
Class I		180			1,912			281			2,862			N/A			N/A			N/A			N/A
Class Y		—	*		3			—	*		—	*		N/A			N/A			N/A			N/A
Shares issued in reinvestment of distributions to shareholders:
Class A		8			85			16			164			7,678			7,678			23,665			23,665
Class B		N/A			N/A			N/A			N/A			1			1			4			4
Class C		—	*		5			1			13			2			2			12			12
Class I		10			103			22			221			N/A			N/A			N/A			N/A
Class Y		—	*		2			1			6			N/A			N/A			N/A			N/A
Shares redeemed:
Class A		(117	)		(1,251	)		(312	)		(3,110	)		(1,471,057	)		(1,471,057	)		(3,360,178	)		(3,360,178	)
Class B		N/A			N/A			N/A			N/A			(149	)		(149	)		(222	)		(222	)
Class C		(2	)		(23	)		(6	)		(59	)		(1,267	)		(1,267	)		(1,853	)		(1,853	)
Class I		(129	)		(1,359	)		(212	)		(2,152	)		N/A			N/A			N/A			N/A
Class Y		—	*		(2	)		—	*		(4	)		N/A			N/A			N/A			N/A
Net increase (decrease)		257		$	2,577			286		$	3,010			346,696		$	346,696			(23,815	)	$	(23,815	)

* Not shown due to rounding.

2020 SEMIANNUAL REPORT 143

	Ivy Corporate Bond Fund												Ivy Crossover Credit Fund
	Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19						Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		3,435		$	22,413			5,449		$	33,920			140		$	1,462			70		$	708
Class B		—			—			9			57			N/A			N/A			N/A			N/A
Class C		75			494			144			904			N/A			N/A			N/A			N/A
Class E		—			—			—			—			—			—			—			—
Class I		5,287			34,564			12,023			74,388			724			7,558			791			8,010
Class N		448			2,919			3,310			20,553			—			—			—			—
Class R		—			—			—			—			—			—			—			—
Class Y		2			10			—			—			—	*		2			—	*		3
Shares issued in reinvestment of distributions to shareholders:
Class A		724			4,714			1,414			8,642			4			36			7			62
Class B		—	*		3			1			6			N/A			N/A			N/A			N/A
Class C		6			37			11			65			N/A			N/A			N/A			N/A
Class E		—			—			—			—			—			—			—			—
Class I		1,220			7,940			2,458			15,034			22			243			38			370
Class N		109			710			191			1,172			—			—			—			—
Class R		—			—			—			—			—			—			—			—
Class Y		—	*		—	*		—			—			—	*		—	*		—	*		—	*
Shares redeemed:
Class A		(6,215	)		(40,323	)		(14,063	)		(86,623	)		(52	)		(525	)		(91	)		(883	)
Class B		(27	)		(176	)		(58	)		(357	)		N/A			N/A			N/A			N/A
Class C		(125	)		(810	)		(224	)		(1,379	)		N/A			N/A			N/A			N/A
Class E		—			—			—			—			—			—			—			—
Class I		(18,278	)		(119,868	)		(24,955	)		(153,888	)		(471	)		(4,949	)		(545	)		(5,323	)
Class N		(1,870	)		(12,028	)		(4,320	)		(26,514	)		—			—			—			—
Class R		—			—			—			—			—			—			—			—
Class Y		—			—			—			—			—			—			(4	)		(41	)
Net increase (decrease)		(15,209	)	$	(99,401	)		(18,610	)	$	(114,020	)		367		$	3,827			266		$	2,906

* Not shown due to rounding.

144 SEMIANNUAL REPORT 2020

	Ivy Government Securities Fund												Ivy International Small Cap Fund
	Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19						Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		3,460		$	19,675			1,526		$	8,271			85		$	1,000			133		$	1,452
Class B		4			25			12			65			N/A			N/A			N/A			N/A
Class C		110			628			131			697			7			74			22			237
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		13,591			76,476			5,279			28,366			1,260			13,334			2,743			30,158
Class N		7,971			44,514			3,013			16,081			1,423			14,819			1,367			15,880
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—	*		2			—			—			5			59			42			466
Shares issued in reinvestment of distributions to shareholders:
Class A		80			449			191			1,033			9			111			9			91
Class B		—	*		—	*		—	*		1			N/A			N/A			N/A			N/A
Class C		—	*		2			1			7			1			6			—	*		5
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		145			817			349			1,883			104			1,261			79			823
Class N		200			1,122			565			3,046			129			1,558			131			1,357
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—			—			—			—			1			14			3			32
Shares redeemed:
Class A		(1,435	)		(8,058	)		(3,067	)		(16,504	)		(112	)		(1,251	)		(209	)		(2,318	)
Class B		(19	)		(107	)		(32	)		(170	)		N/A			N/A			N/A			N/A
Class C		(80	)		(452	)		(97	)		(526	)		(24	)		(242	)		(35	)		(380	)
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		(5,704	)		(32,442	)		(12,835	)		(68,716	)		(668	)		(7,541	)		(1,923	)		(21,070	)
Class N		(4,935	)		(28,003	)		(16,284	)		(87,641	)		(905	)		(10,571	)		(1,736	)		(19,144	)
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—	*		(2	)		—			—			(61	)		(744	)		(305	)		(3,294	)
Net increase (decrease)		13,388		$	74,646			(21,248	)	$	(114,107	)		1,254		$	11,887			321		$	4,295

* Not shown due to rounding.

2020 SEMIANNUAL REPORT 145

	Ivy Pictet Emerging Markets Local Currency Debt Fund												Ivy Pictet Targeted Return Bond Fund
	Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19						Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		12		$	105			88		$	749			189		$	1,914			545		$	5,431
Class C		—	*		1			5			39			6			64			35			339
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		750			6,602			2,768			23,920			1,089			11,082			3,264			32,504
Class N		290			2,592			447			3,742			418			4,285			355			3,526
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—	*		—	*		1			12			1			7			—	*		—	*
Shares issued in reinvestment of distributions to shareholders:
Class A		5			43			—			—			27			276			64			609
Class C		—	*		2			—			—			1			8			2			22
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		108			967			22			185			240			2,416			650			6,210
Class N		48			429			12			97			152			1,535			438			4,191
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—			—			—			—			—	*		—	*		—	*		—	*
Shares redeemed:
Class A		(65	)		(571	)		(515	)		(4,399	)		(274	)		(2,751	)		(368	)		(3,658	)
Class C		(10	)		(74	)		(15	)		(122	)		(16	)		(156	)		(30	)		(295	)
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		(1,560	)		(13,547	)		(3,541	)		(30,523	)		(2,352	)		(23,649	)		(4,515	)		(44,916	)
Class N		(776	)		(6,558	)		(1,632	)		(14,182	)		(2,342	)		(23,611	)		(2,833	)		(28,393	)
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—	*		—	*		(30	)		(274	)		—	*		—	*		—	*		—	*
Net decrease		(1,198	)	$	(10,009	)		(2,390	)	$	(20,756	)		(2,861	)	$	(28,580	)		(2,393	)	$	(24,430	)

	Ivy PineBridge High Yield Fund
	Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19
	Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		510		$	4,954			403		$	3,943
Class I		1,273			12,485			2,109			20,552
Class N		223			2,154			1,452			14,304
Class R		—			—			—			—
Shares issued in reinvestment of distributions to shareholders:
Class A		14			133			13			126
Class I		121			1,176			188			1,818
Class N		94			916			190			1,834
Class R		—			—			—			—
Shares redeemed:
Class A		(222	)		(2,151	)		(202	)		(1,968	)
Class I		(811	)		(7,700	)		(1,556	)		(15,102	)
Class N		(1,843	)		(18,102	)		(1,111	)		(10,797	)
Class R		—			—			—			—
Net increase (decrease)		(641	)	$	(6,135	)		1,486		$	14,710

* Not shown due to rounding.

146 SEMIANNUAL REPORT 2020

11. COMMITMENTS ($ amounts in thousands)

Bridge loan commitments may obligate a Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income is included in interest income on the Statement of Operations. At March 31, 2020, there were no outstanding bridge loan commitments.

12. FEDERAL INCOME TAX MATTERS ($ amounts in thousands)

For Federal income tax purposes, cost of investments owned at March 31, 2020 and the related unrealized appreciation (depreciation) were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation		Net Unrealized Appreciation (Depreciation)
Ivy Apollo Multi-Asset Income Fund	$	390,714	$	11,141	$	70,476	$	(59,335	)
Ivy Apollo Strategic Income Fund		462,173		4,821		58,590		(53,769	)
Ivy California Municipal High Income Fund		33,219		594		373		221
Ivy Cash Management Fund		1,608,392		—		—		—
Ivy Corporate Bond Fund		768,210		30,234		22,038		8,196
Ivy Crossover Credit Fund		46,796		437		3,418		(2,981	)
Ivy Government Securities Fund		348,225		20,838		7		20,831
Ivy International Small Cap Fund		171,341		8,226		34,921		(26,695	)
Ivy Pictet Emerging Markets Local Currency Debt Fund		113,480		166,958		181,676		(14,718	)
Ivy Pictet Targeted Return Bond Fund		170,216		209,039		213,797		(4,758	)
Ivy PineBridge High Yield Fund		95,143		544		10,206		(9,662	)

For Federal income tax purposes, the Funds’ undistributed earnings and profit for the year ended September 30, 2019 and the post-October and late-year ordinary activity were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Tax Return of Capital		Post- October Capital Losses Deferred		Late-Year Ordinary Losses Deferred
Ivy Apollo Multi-Asset Income Fund	$	5,574	$	5,221	$	—	$	—	$	—
Ivy Apollo Strategic Income Fund		2,792		—		—		585		—
Ivy California Municipal High Income Fund		2		—		—		—		—
Ivy Cash Management Fund		271		—		—		—		—
Ivy Corporate Bond Fund		3,712		—		—		—		—
Ivy Crossover Credit Fund		123		—		—		—		—
Ivy Government Securities Fund		112		—		—		—		—
Ivy International Small Cap Fund		3,472		—		—		—		—
Ivy Pictet Emerging Markets Local Currency Debt Fund		—		—		—		—		886
Ivy Pictet Targeted Return Bond Fund		3,829		—		—		—		—
Ivy PineBridge High Yield Fund		443		—		—		—		—

Internal Revenue Code regulations permit each Fund to elect to defer into its next fiscal year capital losses and certain specified ordinary items incurred between each November 1 and the end of its fiscal year. Each Fund is also permitted to defer into its next fiscal certain ordinary losses that generated between each January 1 and the end of its fiscal year.

The tax character of dividends and distributions paid during the two fiscal years ended September 30, 2019 and 2018 were as follows:

	September 30, 2019				September 30, 2018
Fund	Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains		Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains
Ivy Apollo Multi-Asset Income Fund	$	22,822	$	13,511	$	21,910	$	56
Ivy Apollo Strategic Income Fund		23,632		1,286		23,150		908
Ivy California Municipal High Income Fund		741		—		653		—

2020 SEMIANNUAL REPORT 147

	September 30, 2019				September 30, 2018
Fund	Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains		Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains
Ivy Cash Management Fund	$	24,089	$	—	$	14,950	$	—
Ivy Corporate Bond Fund		25,323		—		26,464		—
Ivy Crossover Credit Fund		1,364		—		1,415		—
Ivy Government Securities Fund		6,090		—		6,542		—
Ivy International Small Cap Fund		2,502		274		482		—
Ivy Pictet Emerging Markets Local Currency Debt Fund		284		—		3,499		—
Ivy Pictet Targeted Return Bond Fund		11,894		—		2,113		—
Ivy PineBridge High Yield Fund		4,937		—		4,308		—

(1) Includes short-term capital gains distributed, if any.

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Accumulated capital losses represent net capital loss carryovers as of September 30, 2019 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2019, the capital loss carryforwards were as follows:

	Post-Enactment
Fund	Short-Term Capital Loss Carryover		Long-Term Capital Loss Carryover
Ivy Apollo Multi-Asset Income Fund	$	—	$	—
Ivy Apollo Strategic Income Fund		—		—
Ivy California Municipal High Income Fund		85		—
Ivy Cash Management Fund		—		—
Ivy Corporate Bond Fund		—		6,850
Ivy Crossover Credit Fund		—		152
Ivy Government Securities Fund		3,944		4,779
Ivy International Small Cap Fund		6,074		5,830
Ivy Pictet Emerging Markets Local Currency Debt Fund		390		1,897
Ivy Pictet Targeted Return Bond Fund		—		188
Ivy PineBridge High Yield Fund		548		945

148 SEMIANNUAL REPORT 2020

PROXY VOTING INFORMATION IVY FUNDS

(UNAUDITED)

Proxy Voting Guidelines

A description of the policies and procedures Ivy Funds uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1.888.923.3355 and (ii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Proxy Voting Records

Information regarding how the Trust voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available on FormN-PX through the Ivy Investments’ website at www.ivyinvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE INFORMATION IVY FUNDS

Portfolio holdings can be found on the Trust’s website at www.ivyinvestments.com. Alternatively, a complete schedule of portfolio holdings of each Fund for the first and third quarters of each fiscal year is filed with the SEC and can be found on the Trust’s FormN-Q and/or FormNPORT-EX. These holdings may be viewed in the following ways:

• On the SEC’s website at www.sec.gov.

• For review and copy at the SEC’s Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling 1.800.SEC.0330.

TO ALL TRADITIONAL IRA PLANHOLDERS: IVY FUNDS

As required by law, we are hereby providing notice to you that income tax may be withheld automatically from any distribution or withdrawal from a traditional IRA. A Fund is generally required to withhold taxes unless you make a written election not to have taxes withheld. The election may be made on the distribution/withdrawal form provided by Waddell & Reed, Inc. which can be obtained from your Waddell & Reed representative or by submitting Internal Revenue Service Form W–4P. Once made, an election can be revoked by providing written notice to Waddell & Reed, Inc. If you elect not to have tax withheld you may be required to make payments of estimated tax. Penalties may be imposed by the IRS if withholding and estimated tax payments are not adequate.

2020 SEMIANNUAL REPORT 149

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150 SEMIANNUAL REPORT 2020

THE IVY FUNDS FAMILY

Domestic Equity Funds

Ivy Accumulative Fund

Ivy Core Equity Fund

Ivy Large Cap Growth Fund

Ivy Mid Cap Growth Fund

Ivy Mid Cap Income Opportunities Fund

Ivy Small Cap Core Fund

Ivy Small Cap Growth Fund

Ivy Value Fund

Global/International Funds

Ivy Emerging Markets Equity Fund

Ivy Global Equity Income Fund

Ivy Global Growth Fund

Ivy International Small Cap Fund

Ivy International Core Equity Fund

Ivy Managed International Opportunities Fund

Ivy Pictet Emerging Markets Local Currency Debt Fund

Ivy Pzena International Value Fund

Index Funds

Ivy ProShares Interest Rate Hedged High Yield Index Fund

Ivy ProShares MSCI ACWI Index Fund

Ivy ProShares Russell 2000 Dividend Growers Index Fund

Ivy ProShares S&P 500 Bond Index Fund

Ivy ProShares S&P 500 Dividend Aristocrats Index Fund

Specialty Funds

Ivy Apollo Multi-Asset Income Fund

Ivy Asset Strategy Fund

Ivy Balanced Fund

Ivy Energy Fund

Ivy LaSalle Global Real Estate Fund

Ivy Natural Resources Fund

Ivy Science and Technology Fund

Ivy Securian Real Estate Securities Fund

Ivy Wilshire Global Allocation Fund

Fixed Income Funds

Ivy Apollo Strategic Income Fund

Ivy California Municipal High Income Fund

Ivy Corporate Bond Fund

Ivy Crossover Credit Fund

Ivy Global Bond Fund

Ivy Government Securities Fund

Ivy High Income Fund

Ivy Limited-Term Bond Fund

Ivy Municipal Bond Fund

Ivy Municipal High Income Fund

Ivy Pictet Targeted Return Bond Fund

Ivy PineBridge High Yield Fund

Ivy Securian Core Bond Fund

Money Market Funds

Ivy Cash Management Fund

Ivy Government Money Market Fund

1.888.923.3355

Visit us online at www.ivyinvestments.com

The Ivy Funds are managed by Ivy Investment Management Company and distributed by its subsidiary, Ivy Distributors, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which may be obtained at www.ivyinvestments.com or from a financial advisor. Read it carefully before investing.

2020 SEMIANNUAL REPORT 151

SEMIANN-IVYALT (3-20)

  Semiannual Report   MARCH 31, 2020

	Ticker
	Class A		Class E		Class I		Class N		Class R
IVY FUNDS
Ivy ProShares Interest Rate Hedged High Yield Index Fund		IAIRX		IIREX		IIIRX		IIRNX		IIRRX
Ivy ProShares MSCI ACWI Index Fund		IMWAX		IMWEX		IMWIX		IMCNX		IMCRX
Ivy ProShares Russell 2000 Dividend Growers Index Fund		IRUAX		IRUEX		IRUIX		IRUNX		IRURX
Ivy ProShares S&P 500 Bond Index Fund		IAPRX		IPREX		IPRIX		IPRNX		IPRRX
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		IDAAX		IDAEX		IDAIX		IDANX		IDARX

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission (SEC), paper copies of the Funds’ Annual and Semiannual Shareholder Reports no longer will be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Ivy Investments website (www.ivyinvestments.com), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (e.g., a broker-dealer or bank) or, if you are a direct investor, by calling1-888-923-3355 or by enrolling at www.ivyinvestments.com.

You may elect to receive all future reports in paper format free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you may call1-888-923-3355 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper format will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Fund Complex if you invest directly with the Funds.

IVY INVESTMENTS^® refers to the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS^® mutual funds, and those financial services offered by its affiliates.

CONTENTS IVY FUNDS

President’s Letter	3
Illustration of Fund Expenses	4
Portfolio Highlights and Schedule of Investments:
Ivy ProShares Interest Rate Hedged High Yield Index Fund	6
Ivy ProShares MSCI ACWI Index Fund	11
Ivy ProShares Russell 2000 Dividend Growers Index Fund	25
Ivy ProShares S&P 500 Bond Index Fund	28
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund	34
Statements of Assets and Liabilities	37
Statements of Operations	38
Statements of Changes in Net Assets	39
Financial Highlights	42
Notes to Financial Statements	52
Quarterly Portfolio Schedule Information	65

This report is submitted for the general information of the shareholders of Ivy Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current Ivy Funds prospectus, or summary prospectus, and current performance information.

2

PRESIDENT’S LETTER IVY FUNDS

	MARCH 31, 2020 (UNAUDITED)
Philip J. Sanders, CFA

Dear Shareholder,

Financial markets had been positive in late 2019 and early 2020, as political conflicts, trade uncertainty and global economic growth concerns waned. However, that upward trajectory suddenly reversed in late February 2020 and markets declined in response to two exogenous shocks: theCOVID-19 pandemic and the collapse in energy markets. TheCOVID-19 pandemic has caused one of the most rapid and dramatic global economic downturns in history. We may not realize the totality of the tragic human consequences for several months. The U.S. stock markets dropped approximately 35% from peak in February to trough in late March. Global economic activity hit a full stop around the world, as countries and businesses implemented plans to isolate and protect each other. The pause on economic activity, along with a conflict between Russia and Saudi Arabia, caused a historic rout in oil markets. Remarkably, within about 30 days, we moved from a relatively strong domestic economy with financial market indexes hitting record highs, to a global recession.

Governments and central banks have taken unprecedented steps to mitigate the economic blow of social distancing. The U.S. Federal Reserve (Fed) carried out two emergency cuts to its policy rate, launched yet another quantitative easing program and rolled out bond-buying programs in an effort to stabilize markets. In a matter of two weeks, the Fed’s balance sheet expanded by $2 trillion. In addition to monetary easing, Congress passed a $2.2 trillion rescue package, the CARES (Coronavirus Aid, Relief and Economic Security) Act, which we believe should provide meaningful support for a recovery.

The economic landscape is evolving and market volatility reflects that uncertainty. Unlike previous recessionary periods, we had an economy performing at record pace before theCOVID-19 outbreak. Looking ahead, there are key questions to be answered. Mainly, how long withCOVID-19 dampen economic activity and how long will oil stay depressed?

As we examine the investment landscape, we continue to put greater emphasis on the fundamentals and quality of asset classes and sectors. We believe it is important to stay focused on the merits of individual market sectors,

industries and company business models when making investment decisions. Those fundamentals historically have tended to outweigh external factors. In today’s environment, we believe there are many high-quality businesses offering attractive entry points and cyclicals that will likely be key beneficiaries in an eventual recovery. Importantly, through this uncertain time, we remain focused on the innovation and management skill within individual companies, the ultimate drivers of long-term stock prices.

Economic Snapshot

	3/31/2020		9/30/2019
S&P 500 Index		2,584.59		2,976.74
MSCI EAFE Index		1,559.59		1,889.36
10-Year Treasury Yield		0.70%		1.68%
U.S. unemployment rate		4.4%		3.5%
30-year fixed mortgage rate		3.50%		3.64%
Oil price per barrel	$	20.48	$	54.07

Sources: Bloomberg, U.S. Department of Labor, MBA, CME

All government statistics shown are subject to periodic revision. The S&P 500 Index is an unmanaged index that tracks the stocks of 500 primarilylarge-cap U.S. companies. MSCI EAFE Index is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. It is not possible to invest directly in any of these indexes. Mortgage rates are from BankRate and reflect the overnight national average rate on a conventional30-year fixed loan. Oil prices reflect the market price of West Texas intermediate grade crude.

Respectfully,

Philip J. Sanders, CFA

President

The opinions expressed in this letter are those of the President of the Ivy Funds and are current only through the end of the period of the report, as stated on the cover. The President’s views are subject to change at any time, based on market and other conditions, and no forecasts can be guaranteed.

2020 SEMIANNUAL REPORT 3

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, exchange fees and account fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Fund expenses. The following table is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for thesix-month period ended March 31, 2020.

Actual Expenses

The first section in the following table provides information about actual account values and actual expenses for each share class. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. There may be additional fees charged to holders of certain accounts that are not included in the expenses shown in the table. Fees apply to Individual Retirement Accounts (IRAs), IRA Rollovers, Roth IRAs, Conversion Roth IRAs, Simplified Employee Pension (SEP), Savings Incentive Match Plan for Employees (SIMPLE) IRAs,Tax-Sheltered Accounts (TSAs), Keogh Plans, Owner Only 401(k) (Exclusive K) Plans and Final Pay Plans. As of the close of the six months covered by the table, a customer is charged an annual fee of $18 within each plan type. This fee is waived for IRA Rollovers and Conversion Roth IRAs if the customer owns another type of IRA. Coverdell Education Savings Account plans are charged an annual fee of $10 per customer. With limited exceptions, for Class A shares, if your Fund account balance

is below $650 on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20. You should consider the additional fees that were charged to your Fund account over thesix-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value as such additional expenses are not reflected in the information provided in the following table. Additional fees have the effect of reducing investment returns.

Hypothetical Example for Comparison Purposes

The second section in the following table provides information about hypothetical account values and hypothetical expenses for each share class based on the Fund’s actual expense ratio and an assumed rate of return of five percent per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this five percent hypothetical example with the five percent hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), exchange fees or account fees. Therefore, the second section in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expenses paid may be impacted by expense reduction arrangements. If those arrangements had not been in place, expenses paid would have been higher. See Note 5 in Notes to Financial Statements for further information.

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-19		Ending Account Value 3-31-20		Expenses Paid During Period*		Beginning Account Value 9-30-19		Ending Account Value 3-31-20		Expenses Paid During Period*
Ivy ProShares Interest Rate Hedged High Yield Index Fund
Class A	$	1,000	$	888.20	$	4.25	$	1,000	$	1,020.49	$	4.55		0.90%
Class E	$	1,000	$	888.20	$	4.25	$	1,000	$	1,020.51	$	4.55		0.90%
Class I	$	1,000	$	889.40	$	3.12	$	1,000	$	1,021.74	$	3.34		0.65%
Class N	$	1,000	$	890.60	$	3.12	$	1,000	$	1,021.74	$	3.34		0.65%
Class R	$	1,000	$	885.80	$	6.69	$	1,000	$	1,017.86	$	7.16		1.43%

See footnotes on page 5.

4 SEMIANNUAL REPORT 2020

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-19		Ending Account Value 3-31-20		Expenses Paid During Period*		Beginning Account Value 9-30-19		Ending Account Value 3-31-20		Expenses Paid During Period*
Ivy ProShares MSCI ACWI Index Fund
Class A	$	1,000	$	855.20	$	4.17	$	1,000	$	1,020.51	$	4.55		0.90%
Class E	$	1,000	$	856.10	$	3.25	$	1,000	$	1,021.46	$	3.54		0.71%
Class I	$	1,000	$	856.30	$	3.06	$	1,000	$	1,021.74	$	3.34		0.65%
Class N	$	1,000	$	856.30	$	3.06	$	1,000	$	1,021.74	$	3.34		0.65%
Class R	$	1,000	$	853.40	$	6.49	$	1,000	$	1,017.99	$	7.06		1.40%
Ivy ProShares Russell 2000 Dividend Growers Index Fund
Class A	$	1,000	$	789.70	$	4.03	$	1,000	$	1,020.53	$	4.55		0.89%
Class E	$	1,000	$	790.60	$	3.22	$	1,000	$	1,021.41	$	3.64		0.72%
Class I	$	1,000	$	790.20	$	2.95	$	1,000	$	1,021.74	$	3.34		0.65%
Class N	$	1,000	$	790.30	$	2.77	$	1,000	$	1,021.93	$	3.13		0.61%
Class R	$	1,000	$	787.80	$	6.08	$	1,000	$	1,018.23	$	6.86		1.35%
Ivy ProShares S&P 500 Bond Index Fund
Class A	$	1,000	$	993.80	$	3.29	$	1,000	$	1,021.74	$	3.34		0.65%
Class E	$	1,000	$	994.10	$	2.99	$	1,000	$	1,022.02	$	3.03		0.60%
Class I	$	1,000	$	995.10	$	2.00	$	1,000	$	1,022.99	$	2.02		0.40%
Class N	$	1,000	$	995.10	$	2.00	$	1,000	$	1,023.00	$	2.02		0.40%
Class R	$	1,000	$	991.20	$	5.77	$	1,000	$	1,019.24	$	5.86		1.15%
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
Class A	$	1,000	$	813.70	$	3.36	$	1,000	$	1,021.26	$	3.74		0.75%
Class E	$	1,000	$	813.60	$	2.81	$	1,000	$	1,021.94	$	3.13		0.61%
Class I	$	1,000	$	814.20	$	2.27	$	1,000	$	1,022.49	$	2.53		0.50%
Class N	$	1,000	$	814.20	$	2.27	$	1,000	$	1,022.49	$	2.53		0.50%
Class R	$	1,000	$	811.30	$	5.52	$	1,000	$	1,018.90	$	6.16		1.22%

* Fund expenses for each share class are equal to the Fund’s annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in thesix-month period ended March 31, 2020, and divided by 366.

(1) This section uses the Fund’s actual total return and actual Fund expenses. It is a guide to the actual expenses paid by the Fund in the period. The “Ending Account Value” shown is computed using the Fund’s actual return and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column of this section.

(2) This section uses a hypothetical five percent annual return and actual Fund expenses. It helps to compare the Fund’s ongoing costs with other mutual funds. A shareholder can compare the Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The above illustrations are based on ongoing costs only and do not include any transactional costs, such as sales loads or exchange fees.

2020 SEMIANNUAL REPORT 5

PORTFOLIO HIGHLIGHTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Bonds	96.4%
Corporate Debt Securities	96.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.6%

Quality Weightings

Non-Investment Grade	96.4%
BB	41.0%
B	37.2%
CCC	17.3%
Below CCC	0.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.6%

Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

6 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Communication Services
Alternative Carriers – 1.7%
CommScope Finance LLC,
6.000%, 3–1–26 (A)	$	300	$	299
CommScope Technologies LLC (GTD by CommScope, Inc.),
6.000%, 6–15–25 (A)		310		284
Level 3 Financing, Inc. (GTD by Level 3 Parent LLC),
4.625%, 9–15–27 (A)		150		149
				732
Broadcasting – 5.4%
AMC Networks, Inc.,
5.000%, 4–1–24		250		240
Clear Channel Outdoor Holdings, Inc.,
5.125%, 8–15–27 (A)		115		108
Clear Channel Worldwide Holdings, Inc.,
9.250%, 2–15–24 (A)		416		358
Nexstar Escrow, Inc.,
5.625%, 7–15–27 (A)		311		304
Sirius XM Radio, Inc.:
4.625%, 7–15–24 (A)		156		158
5.000%, 8–1–27 (A)		490		497
TEGNA, Inc.,
5.000%, 9–15–29 (A)		592		533
Terrier Media Buyer, Inc.,
8.875%, 12–15–27 (A)		120		101
				2,299
Cable & Satellite – 5.2%
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.125%, 5–1–27 (A)		531		534
4.750%, 3–1–30 (A)		350		349
CSC Holdings LLC:
6.500%, 2–1–29 (A)		425		458
5.750%, 1–15–30 (A)		407		411
DISH DBS Corp.,
7.750%, 7–1–26		475		488
				2,240
Integrated Telecommunication Services – 1.9%
CenturyLink, Inc.,
5.125%, 12–15–26 (A)		270		269
Sprint Corp.,
7.625%, 3–1–26		300		339
West Corp.,
8.500%, 10–15–25 (A)		300		219
				827
Movies & Entertainment – 2.0%
iHeartCommunications, Inc.,
8.375%, 5–1–27		285		243
Netflix, Inc.,
5.875%, 11–15–28		570		610
				853

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Publishing – 0.6%
Meredith Corp.,
6.875%, 2–1–26	$	300	$	258
Wireless Telecommunication Service – 1.6%
SBA Communications Corp.,
4.875%, 9–1–24		255		259
T-Mobile USA, Inc.,
6.500%, 1–15–26		390		409
				668
Total Communication Services – 18.4%				7,877
Consumer Discretionary
Auto Parts & Equipment – 1.2%
Panther BF Aggregator 2 L.P.:
6.250%, 5–15–26 (A)		175		165
8.500%, 5–15–27 (A)		400		349
				514
Automobile Manufacturers – 1.0%
Tesla, Inc. (GTD by SolarCity Corp.),
5.300%, 8–15–25 (A)		456		427
Automotive Retail – 0.2%
Allison Transmission, Inc.,
5.000%, 10–1–24 (A)		100		97
Casinos & Gaming – 3.2%
Boyd Gaming Corp.,
4.750%, 12–1–27 (A)		150		124
CRC Escrow Issuer LLC and CRC Finco, Inc.,
5.250%, 10–15–25 (A)		420		303
Golden Nugget, Inc.,
6.750%, 10–15–24 (A)		305		192
MGM Growth Properties Operating Partnership L.P. and MGP Finance Co-Issuer, Inc.,
5.625%, 5–1–24		210		202
MGM Resorts International,
5.500%, 4–15–27		170		155
Scientific Games International, Inc. (GTD by Scientific Games Corp.):
5.000%, 10–15–25 (A)		365		317
8.250%, 3–15–26 (A)		140		90
				1,383
Consumer Electronics – 0.7%
Spectrum Brands, Inc. (GTD by SB/RH Holdings),
5.750%, 7–15–25		315		295
Internet & Direct Marketing Retail – 1.0%
Argos Merger Sub, Inc.,
7.125%, 3–15–23 (A)		430		405

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Leisure Facilities – 2.1%
Diamond Sports Group LLC and Diamond Sports Finance Co. (GTD by Diamond Sports Intermediate Holdings LLC):
5.375%, 8–15–26 (A)	$	440	$	358
6.625%, 8–15–27 (A)		500		334
Six Flags Entertainment Corp.,
4.875%, 7–31–24 (A)		262		222
				914
Leisure Products – 0.9%
Mattel, Inc.,
6.750%, 12–31–25 (A)		385		393
Restaurants – 3.2%
1011778 B.C. Unlimited Liability Co. and New Red Finance, Inc.:
4.250%, 5–15–24 (A)		250		250
5.000%, 10–15–25 (A)		416		397
Aramark Services, Inc. (GTD by Aramark Corp.),
5.000%, 2–1–28 (A)		310		288
KFC Holding Co., Pizza Hut Holdings LLC and Taco Bell of America LLC:
5.000%, 6–1–24 (A)		350		343
5.250%, 6–1–26 (A)		100		100
				1,378
Specialized Consumer Services – 1.4%
Uber Technologies, Inc.:
8.000%, 11–1–26 (A)		425		419
7.500%, 9–15–27 (A)		160		158
				577
Specialty Stores – 1.5%
PetSmart, Inc.,
5.875%, 6–1–25 (A)		203		200
Staples, Inc.:
7.500%, 4–15–26 (A)		244		213
10.750%, 4–15–27 (A)		275		211
				624
Tires & Rubber – 0.4%
Goodyear Tire & Rubber Co. (The),
5.125%, 11–15–23		200		189
Total Consumer Discretionary – 16.8%				7,196
Consumer Staples
Agricultural Products – 0.4%
NBM U.S. Holdings, Inc.,
7.000%, 5–14–26 (A)		200		182
Drug Retail – 0.6%
Rite Aid Corp.,
6.125%, 4–1–23 (A)		285		245

2020 SEMIANNUAL REPORT 7

SCHEDULE OF INVESTMENTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Food Distributors – 0.4%
Performance Food Group, Inc.,
5.500%, 10–15–27 (A)	$	165	$	153
Food Retail – 0.6%
Albertsons Cos. LLC, Safeway, Inc., New Albertson’s, Inc. and Albertson’s LLC:
6.625%, 6–15–24		50		51
4.625%, 1–15–27 (A)		220		219
				270
Packaged Foods & Meats – 2.5%
JBS USA, JBS USA Food Co. and JBS USA Finance, Inc. (GTD by JBS S.A.):
6.500%, 4–15–29 (A)		250		268
5.500%, 1–15–30 (A)		100		103
Post Holdings, Inc.:
5.000%, 8–15–26 (A)		564		580
5.750%, 3–1–27 (A)		100		103
				1,054
Total Consumer Staples – 4.5%				1,904
Energy
Oil & Gas Equipment & Services – 0.7%
Brand Energy & Infrastructure Services, Inc.,
8.500%, 7–15–25 (A)		100		79
Weatherford International Ltd. (GTD by Weatherford International plc and Weatherford International LLC),
11.000%, 12–1–24		350		211
				290
Oil & Gas Exploration & Production – 2.0%
Chesapeake Energy Corp.,
11.500%, 1–1–25 (A)		350		56
Crownrock L.P.,
5.625%, 10–15–25 (A)		310		161
Endeavor Energy Resources L.P.,
5.750%, 1–30–28 (A)		250		170
Matador Resources Co.,
5.875%, 9–15–26		220		62
Targa Resources Partners L.P.:
5.875%, 4–15–26		163		136
5.500%, 3–1–30 (A)		350		272
				857
Oil & Gas Refining & Marketing – 0.2%
PBF Holding Co. LLC,
6.000%, 2–15–28 (A)		132		89
Oil & Gas Storage & Transportation – 1.0%
Cheniere Energy Partners L.P.,
4.500%, 10–1–29 (A)		486		432
Total Energy – 3.9%				1,668

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials
Consumer Finance – 3.3%
Ally Financial, Inc.,
5.750%, 11–20–25	$	264	$	258
Quicken Loans, Inc.:
5.750%, 5–1–25 (A)		210		209
5.250%, 1–15–28 (A)		320		313
Springleaf Finance Corp.:
6.125%, 3–15–24		185		183
7.125%, 3–15–26		450		440
				1,403
Financial Exchanges & Data – 1.6%
MSCI, Inc.,
4.000%, 11–15–29 (A)		114		113
Refinitiv U.S. Holdings, Inc.:
6.250%, 5–15–26 (A)		150		155
8.250%, 11–15–26 (A)		415		438
				706
Other Diversified Financial Services – 0.8%
Icahn Enterprises L.P. and Icahn Enterprises Finance Corp.:
6.250%, 2–1–22		150		150
6.250%, 5–15–26		200		189
				339
Property & Casualty Insurance – 0.6%
Hub International Ltd.,
7.000%, 5–1–26 (A)		250		248
Specialized Finance – 2.6%
Banff Merger Sub, Inc.,
9.750%, 9–1–26 (A)		260		229
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.:
5.875%, 6–15–21 (A)		303		302
7.125%, 6–15–24 (A)		331		342
Navient Corp.,
6.500%, 6–15–22		250		242
				1,115
Total Financials – 8.9%				3,811
Health Care
Health Care Facilities – 8.6%
Community Health Systems, Inc.:
6.250%, 3–31–23		874		830
8.000%, 3–15–26 (A)		190		180
DaVita HealthCare Partners, Inc.,
5.000%, 5–1–25		403		403
HCA, Inc. (GTD by HCA Holdings, Inc.):
5.625%, 9–1–28		584		611
3.500%, 9–1–30		350		318
MPH Acquisition Holdings LLC,
7.125%, 6–1–24 (A)		361		314
RegionalCare Hospital Partners Holdings, Inc. and Legend Merger Sub, Inc.,
9.750%, 12–1–26 (A)		275		261

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Facilities(Continued)
Select Medical Corp.,
6.250%, 8–15–26 (A)	$	129	$	129
Tenet Healthcare Corp.,
4.875%, 1–1–26 (A)		150		143
THC Escrow Corp. II,
6.750%, 6–15–23		550		507
				3,696
Health Care Services – 1.2%
Envision Healthcare Corp.,
8.750%, 10–15–26 (A)		345		84
IQVIA, Inc.,
5.000%, 5–15–27 (A)		400		409
				493
Health Care Technology – 1.2%
Change Healthcare Holdings, Inc.,
5.750%, 3–1–25 (A)		270		250
Verscend Holding Corp.,
9.750%, 8–15–26 (A)		250		249
				499
Life Sciences Tools & Services – 1.6%
Avantor, Inc.:
6.000%, 10–1–24 (A)		300		314
9.000%, 10–1–25 (A)		340		358
				672
Pharmaceuticals – 4.0%
Bausch Health Cos., Inc.,
6.125%, 4–15–25 (A)		545		537
Endo Ltd., Endo Finance LLC and Endo Finco, Inc.,
6.000%, 7–15–23 (A)		300		217
IMS Health, Inc.,
5.000%, 10–15–26 (A)		200		204
Jaguar Holding Co. II and Pharmaceutical Product Development LLC,
6.375%, 8–1–23 (A)		252		256
Par Pharmaceutical, Inc.,
7.500%, 4–1–27 (A)		300		299
Valeant Pharmaceuticals International, Inc.,
7.000%, 3–15–24 (A)		215		220
				1,733
Total Health Care – 16.6%				7,093
Industrials
Aerospace & Defense – 3.6%
Bombardier, Inc.:
7.500%, 3–15–25 (A)		311		215
7.875%, 4–15–27 (A)		400		276
TransDigm, Inc. (GTD by TransDigm Group, Inc.),
6.250%, 3–15–26 (A)		1,050		1,045
				1,536

8 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Air Freight & Logistics – 1.0%
XPO Logistics, Inc.:
6.500%, 6–15–22 (A)	$	150	$	150
6.750%, 8–15–24 (A)		309		302
				452
Building Products – 0.6%
Beacon Escrow Corp.,
4.875%, 11–1–25 (A)		293		264
Construction Machinery & Heavy Trucks – 0.5%
Navistar International Corp. (GTD by Navistar, Inc.),
6.625%, 11–1–25 (A)		240		200
Diversified Support Services – 1.4%
United Rentals (North America), Inc. (GTD by United Rentals, Inc.):
6.500%, 12–15–26		240		244
4.875%, 1–15–28		350		339
				583
Office Services & Supplies – 0.3%
Xerox Corp.,
4.125%, 3–15–23		130		129
Security & Alarm Services – 1.6%
Allied Universal Holdco LLC:
6.625%, 7–15–26 (A)		100		98
9.750%, 7–15–27 (A)		300		283
Prime Security Services Borrower LLC and Prime Finance, Inc.,
5.750%, 4–15–26 (A)		300		294
				675
Trucking – 0.7%
Herc Holdings, Inc.,
5.500%, 7–15–27 (A)		320		298
Total Industrials – 9.7%				4,137
Information Technology
Application Software – 2.5%
Infor (U.S.), Inc.,
6.500%, 5–15–22		330		322
Solera LLC and Solera Finance, Inc.,
10.500%, 3–1–24 (A)		308		302
SS&C Technologies Holdings, Inc.,
5.500%, 9–30–27 (A)		430		443
				1,067
Communications Equipment – 0.2%
SSL Robotics LLC,
9.750%, 12–31–23 (A)		100		103
Data Processing & Outsourced Services – 0.2%
Exela Intermediate LLC and Exela Finance, Inc.,
10.000%, 7–15–23 (A)		320		84

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Technology Hardware, Storage & Peripherals – 0.6%
Inception Parent, Inc., Inception Merger Sub, Inc. and Rackspace Hosting, Inc.,
8.625%, 11–15–24 (A)	$	295	$	262
Total Information Technology – 3.5%				1,516
Materials
Aluminum – 0.9%
Novelis Corp. (GTD by Novelis, Inc.):
5.875%, 9–30–26 (A)		210		206
4.750%, 1–30–30 (A)		209		186
				392
Commodity Chemicals – 1.0%
NOVA Chemicals Corp.:
4.875%, 6–1–24 (A)		215		189
5.250%, 6–1–27 (A)		296		249
				438
Diversified Metals & Mining – 1.1%
First Quantum Minerals Ltd.:
7.250%, 4–1–23 (A)		260		222
7.500%, 4–1–25 (A)		312		260
				482
Metal & Glass Containers – 1.6%
Ball Corp.,
5.250%, 7–1–25		126		137
BWAY Holding Co.:
5.500%, 4–15–24 (A)		323		297
7.250%, 4–15–25 (A)		310		235
				669
Paper Packaging – 1.0%
Reynolds Group Issuer, Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A.,
5.125%, 7–15–23 (A)		420		417
Total Materials – 5.6%				2,398
Real Estate
Hotel & Resort REITs – 1.6%
ESH Hospitality, Inc.,
5.250%, 5–1–25 (A)		290		243
Hilton Domestic Operating Co., Inc.:
5.125%, 5–1–26		250		240
4.875%, 1–15–30		225		191
				674
Real Estate Development – 0.6%
Brookfield Property REIT, Inc.,
5.750%, 5–15–26 (A)		150		122
Howard Hughs Corp.,
5.375%, 3–15–25 (A)		150		145
				267

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized REITs – 2.8%
Iron Mountain, Inc.:
4.875%, 9–15–27 (A)	$	240	$	233
4.875%, 9–15–29 (A)		300		282
Uniti Group L.P., Uniti Group Finance, Inc. and CSL Capital LLC,
8.250%, 10–15–23		495		381
VICI Properties L.P. and VICI Note Co., Inc.,
4.125%, 8–15–30 (A)		320		303
				1,199
Total Real Estate – 5.0%				2,140
Utilities
Electric Utilities – 2.2%
Calpine Corp.:
4.500%, 2–15–28 (A)		100		97
5.125%, 3–15–28 (A)		300		276
Vistra Operations Co. LLC:
5.625%, 2–15–27 (A)		455		469
5.000%, 7–31–27 (A)		100		102
				944
Independent Power Producers & Energy Traders – 1.0%
NRG Energy, Inc.,
6.625%, 1–15–27		396		412
Multi–Utilities – 0.3%
MEG Energy Corp.,
7.125%, 2–1–27 (A)		244		121
Total Utilities – 3.5%				1,477
TOTAL CORPORATE DEBT SECURITIES – 96.4%			$	41,217
(Cost: $45,264)
SHORT–TERM SECURITIES	Shares
Money Market Funds (B) – 0.3%
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.310%		137		137
TOTAL SHORT–TERM SECURITIES – 0.3%			$	137
(Cost: $137)
TOTAL INVESTMENT SECURITIES – 96.7%			$	41,354
(Cost: $45,401)
CASH AND OTHER ASSETS, NET OF LIABILITIES (C) – 3.3%				1,428
NET ASSETS – 100.0%			$	42,782

2020 SEMIANNUAL REPORT 9

SCHEDULE OF INVESTMENTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

Notes to Schedule of Investments

(A) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $30,544 or 71.1% of net assets.

(B) Rate shown is the annualized7-day yield at March 31, 2020.

(C) Cash of $401 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at March 31, 2020 (contracts unrounded):

Description	Type		Number of Contracts		Expiration Date		Notional Amount		Value			Unrealized Depreciation
U.S.10-Year Treasury Note		Short		124		6–30–20		12,400	$	(17,197	)	$	(233	)
U.S.2-Year Treasury Note		Short		34		7–6–20		6,800		(7,493	)		(18	)
U.S.5-Year Treasury Note		Short		133		7–6–20		13,300		(16,673	)		(429	)
									$	(41,363	)	$	(680	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	41,217	$	—
Short-Term Securities		137		—		—
Total	$	137	$	41,217	$	—
Liabilities
Futures Contracts	$	680	$	—	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

10 SEMIANNUAL REPORT 2020

PORTFOLIO HIGHLIGHTS IVY PROSHARES MSCI ACWI INDEX FUND

ALL DATA IS AS OF MARCH 31, 2020

Asset Allocation

Stocks	99.5%
Information Technology	19.1%
Financials	14.2%
Health Care	13.5%
Consumer Discretionary	10.4%
Industrials	9.5%
Communication Services	9.2%
Consumer Staples	8.8%
Materials	4.4%
Energy	3.7%
Utilities	3.6%
Real Estate	3.1%
Warrants	0.0%
Liabilites (Net of Cash and Other Assets), and Cash Equivalents+	0.5%

Country Weightings

North America	61.0%
United States	57.7%
Other North America	3.3%
Pacific Basin	17.9%
Japan	7.0%
China	3.4%
Other Pacific Basin	7.5%
Europe	19.6%
United Kingdom	4.6%
Other Europe	15.0%
South America	0.6%
Other	0.2%
Bahamas/Caribbean	0.2%
Liabilites (Net of Cash and Other Assets), and Cash Equivalents+	0.5%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Apple, Inc.	United States	Information Technology	Technology Hardware, Storage & Peripherals
Microsoft Corp.	United States	Information Technology	Systems Software
Amazon.com, Inc.	United States	Consumer Discretionary	Internet & Direct Marketing Retail
Facebook, Inc., Class A	United States	Communication Services	Interactive Media & Services
Alphabet, Inc., Class C	United States	Communication Services	Interactive Media & Services
Alphabet, Inc., Class A	United States	Communication Services	Interactive Media & Services
Johnson & Johnson	United States	Health Care	Pharmaceuticals
Alibaba Group Holding Ltd. ADR	China	Consumer Discretionary	Internet & Direct Marketing Retail
Nestle S.A., Registered Shares	Switzerland	Consumer Staples	Packaged Foods & Meats
Tencent Holdings Ltd.	China	Communication Services	Interactive Media & Services

See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2020 SEMIANNUAL REPORT 11

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS	Shares			Value
Australia
Communication Services – 0.0%
Telstra Corp. Ltd. ADR		13		$	24
Consumer Discretionary – 0.0%
Aristocrat Leisure Ltd.		2			23
Consumer Staples – 0.2%
Coca-Cola Amatil Ltd.		4			19
Coles Group Ltd.		3			32
Treasury Wine Estates Ltd.		2			13
Wesfarmers Ltd.		3			60
Woolworths Ltd.		3			68
					192
Energy – 0.0%
Origin Energy Ltd.		6			16
Santos Ltd.		7			14
Woodside Petroleum Ltd.		3			29
					59
Financials – 0.6%
Australia and New Zealand Banking Group Ltd.		7			71
Australian Stock Exchange Ltd.		1			34
Commonwealth Bank of Australia		4			159
Insurance Australia Group Ltd.		7			25
Macquarie Group Ltd.		1			47
National Australia Bank Ltd.		7			71
QBE Insurance Group Ltd.		4			23
Suncorp Group Ltd.		5			25
Westpac Banking Corp.		8			84
					539
Health Care – 0.2%
Cochlear Ltd.		—	*		22
CSL Ltd.		1			214
Ramsay Health Care Ltd.		1			18
Sonic Healthcare Ltd.		2			23
					277
Industrials – 0.1%
Aurizon Holdings Ltd.		8			21
Brambles Ltd.		5			29
Transurban Group		6			48
					98
Information Technology – 0.0%
Computershare Ltd.		3			17
Materials – 0.3%
BHP Group Ltd.		7			133
BHP Group plc		5			76
Fortescue Metals Group Ltd.		5			32
Incitec Pivot Ltd.		11			13
Newcrest Mining Ltd.		2			28
South32 Ltd.		15			16
					298
Real Estate – 0.0%
Dexus		4			23
Goodman Group		5			40

COMMON STOCKS(Continued)	Shares			Value
Real Estate(Continued)
GPT Group		8		$	18
Lendlease Group		2			14
Mirvac Group		13			17
Scentre Group		14			13
Stockland Corp. Ltd.		11			16
					141
Utilities – 0.0%
AGL Energy Ltd.		2			26
APA Group		5			30
					56
Total Australia – 1.4%				$	1,724
Austria
Financials – 0.0%
Erste Bank der Oesterreichischen Sparkassen AG		1			24
Total Austria – 0.0%				$	24
Belgium
Consumer Staples – 0.1%
Anheuser-Busch InBev S.A./N.V.		2			85
Financials – 0.0%
ageas N.V.		1			23
KBC Group N.V.		1			32
					55
Health Care – 0.1%
UCB S.A./N.V.		1			44
Materials – 0.0%
Solvay S.A.		—	*		23
Umicore S.A.		1			30
					53
Total Belgium – 0.2%				$	237
Bermuda
Financials – 0.1%
Arch Capital Group Ltd. (A)		1			34
Everest Re Group Ltd.		—	*		23
					57
Total Bermuda – 0.1%				$	57
Brazil
Communication Services – 0.0%
Telefonica Brasil S.A.		2			23
Consumer Discretionary – 0.1%
Lojas Renner S.A.		4			25
MercadoLibre, Inc. (A)		—	*		50
					75
Consumer Staples – 0.0%
Ambev S.A.		14			32

COMMON STOCKS(Continued)	Shares			Value
Consumer Staples(Continued)
JBS S.A.		4		$	15
					47
Energy – 0.1%
Petroleo Brasileiro S.A.		21			56
Financials – 0.2%
B3 S.A. – Brasil, Bolsa, Balcao		7			48
Banco Bradesco S.A.		14			56
Banco do Brasil S.A.		4			20
BB Seguridade Participacoes S.A.		5			22
Itau Unibanco Holdings S.A.		15			66
Itausa Investimentos Itau S.A.		18			31
					243
Industrials – 0.0%
Localiza Rent a Car S.A.		3			16
Rumo S.A. (A)		6			22
WEG S.A.		6			37
					75
Materials – 0.1%
Vale S.A.		10			82
Real Estate – 0.0%
BR Malls Participacoes S.A.		9			17
Utilities – 0.0%
Equatorial Energia S.A.		2			6
Total Brazil – 0.5%				$	624
Canada
Communication Services – 0.0%
BCE, Inc.		1			23
Rogers Communications, Inc., Class B		1			41
Thomson Reuters Corp.		—	*		32
					96
Consumer Discretionary – 0.2%
Canadian Tire Corp. Ltd., Class A		—	*		16
Dollarama, Inc.		1			34
Gildan Activewear, Inc.		1			11
lululemon athletica, Inc. (A)		—	*		51
Magna International, Inc.		1			33
Restaurant Brands International, Inc.		1			24
					169
Consumer Staples – 0.1%
Alimentation Couche-Tard, Inc., Class B		2			52
George Weston Ltd.		—	*		24
Loblaw Cos. Ltd.		1			28
Metro, Inc.		1			33
					137
Energy – 0.5%
AltaGas Ltd.		2			16
Canadian Natural Resources Ltd.		3			45
Cenovus Energy, Inc.		4			7
Enbridge, Inc.		5			149

12 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares			Value
Energy(Continued)
Inter Pipeline Ltd. (B)		2		$	12
Keyera Corp. (B)		1			10
Pembina Pipeline Corp.		2			29
Suncor Energy, Inc.		4			64
TransCanada Corp.		2			106
					438
Financials – 1.1%
Bank of Montreal		1			72
Bank of Nova Scotia (The)		3			112
Brookfield Asset Management, Inc., Class A		2			94
Canadian Imperial Bank of Commerce		1			58
Fairfax Financial Holdings Ltd.		—	*		24
Intact Financial Corp.		1			48
Manulife Financial Corp.		5			64
National Bank of Canada		1			30
Royal Bank of Canada		3			203
Sun Life Financial, Inc.		2			51
Toronto-Dominion Bank		4			178
					934
Industrials – 0.4%
Canadian National Railway Co.		2			143
Canadian Pacific Railway Ltd.		—	*		84
WSP Global, Inc.		1			32
					259
Information Technology – 0.2%
CGI Group, Inc., Class A (A)		1			29
Constellation Software, Inc.		—	*		51
Open Text Corp.		1			31
Shopify, Inc., Class A (A)		—	*		106
					217
Materials – 0.4%
Agnico-Eagle Mines Ltd.		1			27
Barrick Gold Corp.		5			84
Franco-Nevada Corp.		1			60
Kirkland Lake Gold Ltd.		1			19
Nutrien Ltd.		2			57
Teck Cominco Ltd.		1			11
Wheaton Precious Metals Corp.		1			39
					297
Utilities – 0.2%
Emera, Inc.		1			43
Fortis, Inc.		1			50
Hydro One Ltd.		2			33
					126
Total Canada – 3.1%				$	2,673
Chile
Consumer Discretionary – 0.0%
Saci Falabella		8			18

COMMON STOCKS(Continued)	Shares			Value
Utilities – 0.1%
Enel Americas S.A.		349		$	42
Total Chile – 0.1%				$	60
China
Communication Services – 0.9%
58.com, Inc. ADR (A)		—	*		15
Baidu.com, Inc. ADR (A)		1			95
China Mobile Ltd.		17			126
China Tower Corp. Ltd., H Shares		138			31
JOYY, Inc. ADR (A)		—	*		16
NetEase.com, Inc. ADR		—	*		72
Tencent Holdings Ltd.		14			698
					1,053
Consumer Discretionary – 1.1%
Alibaba Group Holding Ltd. ADR (A)		4			794
ANTA Sports Products Ltd.		4			28
Geely Automobile Holdings Ltd.		15			22
Huazhu Group Ltd. ADR		1			15
JD.com, Inc. ADR (A)		2			86
Meituan Dianping, Class B (A)		3			39
New Oriental Education & Technology Group, Inc. ADR (A)		—	*		48
Pinduoduo, Inc. ADR (A)		1			18
Shenzhou International Group Holdings Ltd.		3			29
Trip.com Group Ltd. ADR (A)		1			31
YUM! Brands, Inc.		1			47
					1,157
Consumer Staples – 0.0%
China Mengniu Dairy Co. Ltd.		10			36
Hengan International Group Co. Ltd.		4			32
					68
Energy – 0.1%
China Petroleum & Chemical Corp., H Shares		75			37
China Shenhua Energy Co. Ltd., H Shares		11			21
CNOOC Ltd.		50			52
PetroChina Co. Ltd., H Shares		54			20
					130
Financials – 0.9%
Bank of Communications Co. Ltd.		44			27
BOC Hong Kong (Holdings) Ltd., H Shares		221			84
China Cinda Asset Management Co. Ltd., H Shares		115			21
China CITIC Bank Corp. Ltd., H Shares		52			25
China Construction Bank Corp.		245			199
China Life Insurance Co. Ltd.		5			17
China Life Insurance Co. Ltd., H Shares		25			48
China Merchants Bank Co. Ltd., H Shares		12			56
China Minsheng Banking Corp. Ltd., H Shares		46			34
China Pacific Insurance (Group) Co. Ltd., H Shares		10			30

COMMON STOCKS(Continued)	Shares			Value
Financials(Continued)
CITIC Securities Co. Ltd., H Shares		11		$	20
Huatai Securities Co. Ltd., H Shares		19			28
Industrial and Commercial Bank of China Ltd., H Shares		173			118
PICC Property and Casualty Co. Ltd., H Shares		30			29
Ping An Insurance (Group) Co. of China Ltd., H Shares		16			152
					888
Health Care – 0.0%
China Medical System Holdings Ltd.		12			13
CSPC Pharmaceutical Group Ltd.		12			24
WuXi Biologics (Cayman), Inc. (A)		2			25
					62
Industrials – 0.1%
ZTO Express (Cayman), Inc. ADR (A)		2			61
Information Technology – 0.1%
GDS Holdings Ltd. ADR (A)(B)		1			35
Sunny Optical Technology (Group) Co. Ltd.		2			28
Xiaomi Corp., Class B (A)		26			34
					97
Materials – 0.0%
Anhui Conch Cement Co. Ltd., H Shares		5			37
Real Estate – 0.1%
China Evergrande Group (A)(B)		10			16
China Overseas Land & Investment Ltd.		15			46
China Vanke Co. Ltd., H Shares		3			10
Country Garden Holdings Co. Ltd.		23			28
Sunac China Holdings Ltd.		8			35
					135
Utilities – 0.1%
CGN Power Co. Ltd., H Shares		110			25
ENN Energy Holdings Ltd.		3			32
					57
Total China – 3.4%				$	3,745
Denmark
Consumer Staples – 0.1%
Carlsberg Group		—	*		36
Financials – 0.0%
Danske Bank A.S. (A)		2			21
Health Care – 0.4%
Coloplast A/S, Class B		—	*		62
Genmab A.S. (A)		—	*		41
Novo Nordisk A/S, Class B		4			260
Novozymes A/S, Class B		1			39
					402

2020 SEMIANNUAL REPORT 13

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares			Value
Industrials – 0.0%
A.P. Moller – Maersk A/S		—	*	$	23
DSV Panalpina A/S		1			57
Vestas Wind Systems A/S	��	—	*		37
					117
Materials – 0.0%
Chr. Hansen Holding A/S		—	*		32
Utilities – 0.1%
Orsted A/S		1			52
Total Denmark – 0.6%				$	660
Finland
Energy – 0.0%
Neste Oyj		1			39
Financials – 0.1%
Nordea Bank AB (A)		11			60
Industrials – 0.1%
Kone Oyj, Class B		1			43
Information Technology – 0.1%
Nokia OYJ		15			46
Materials – 0.1%
UPM-Kymmene Corp. (B)		1			40
Total Finland – 0.4%				$	228
France
Communication Services – 0.2%
Orange S.A.		5			62
Publicis Groupe S.A.		1			19
Ubisoft Entertainment S.A. (A)		—	*		25
Vivendi Universal		2			51
					157
Consumer Discretionary – 0.6%
Accor S.A.		1			19
Compagnie Generale des Etablissements Michelin, Class B		1			44
Hermes International		—	*		60
LVMH Moet Hennessy – Louis Vuitton		1			252
Peugeot S.A.		2			28
Pinault-Printemps-Redoute S.A.		—	*		103
Renault S.A.		1			11
Sodexo S.A.		—	*		16
					533
Consumer Staples – 0.4%
Carrefour S.A.		2			35
Danone S.A.		1			94
L’Oreal		1			167
Pernod Ricard S.A.		1			79
					375
Energy – 0.2%
Total S.A. (B)		6			219

COMMON STOCKS(Continued)	Shares			Value
Financials – 0.2%
Axa S.A.		4		$	75
BNP Paribas S.A.		3			85
Credit Agricole Group		4			29
Societe Generale S.A.		2			35
					224
Health Care – 0.4%
EssilorLuxottica S.A.		1			75
Sanofi-Aventis		3			241
					316
Industrials – 0.5%
Airbus SE		1			88
Bouygues S.A.		1			26
Compagnie de Saint-Gobain		2			36
Edenred S.A.		1			34
Eiffage S.A.		—	*		26
Getlink SE		2			28
Legrand S.A.		1			59
Safran		1			68
Schneider Electric S.A.		1			124
Teleperformance SE		—	*		39
Thales		—	*		27
Vinci		1			97
					652
Information Technology – 0.1%
Atos S.A.		—	*		18
Cap Gemini S.A.		—	*		41
Dassault Systemes S.A.		—	*		58
Ingenico Group		—	*		26
					143
Materials – 0.1%
Arkema S.A.		—	*		23
L Air Liquide S.A.		1			131
					154
Real Estate – 0.1%
Icade		—	*		24
Unibail-Rodamco-Westfield		—	*		25
					49
Utilities – 0.1%
EDF S.A.		2			16
ENGIE		5			50
Suez Environment Co.		2			18
Veolia Environnement S.A.		2			39
					123
Total France – 2.9%				$	2,945
Germany
Communication Services – 0.1%
Deutsche Telekom AG, Registered Shares (A)		7			94
Consumer Discretionary – 0.3%
adidas AG		—	*		100
Bayerische Motoren Werke AG		1			46
Continental AG		—	*		19

COMMON STOCKS(Continued)	Shares			Value
Consumer Discretionary(Continued)
Daimler AG		2		$	65
Porsche Automobil Holding SE		1			23
					253
Consumer Staples – 0.0%
Beiersdorf Aktiengesellschaft		—	*		31
Henkel AG & Co. KGaA		—	*		22
					53
Financials – 0.4%
Allianz AG, Registered Shares		1			166
Deutsche Bank AG		5			32
Deutsche Boerse AG		—	*		64
Munchener Ruckversicherungs-Gesellschaft AG, Registered Shares		—	*		63
					325
Health Care – 0.3%
Bayer AG		2			129
Fresenius Medical Care AG & Co. KGaA		1			46
Fresenius SE & Co. KGaA		1			47
Merck KGaA		—	*		33
Sartorius AG (A)		—	*		32
					287
Industrials – 0.3%
Brenntag AG		1			20
Deutsche Post AG		3			67
MTU Aero Engines Holding AG		—	*		22
Siemens AG		2			151
					260
Information Technology – 0.4%
Infineon Technologies AG		3			46
SAP AG		2			267
Wirecard AG (B)		—	*		36
					349
Materials – 0.2%
BASF Aktiengesellschaft		2			106
Covestro AG		1			18
HeidelbergCement AG		—	*		18
Lanxess AG		—	*		20
Symrise AG		—	*		43
					205
Real Estate – 0.2%
Deutsche Wohnen AG		1			34
Vonovia SE		1			60
					94
Utilities – 0.1%
E.ON AG		6			61
RWE Aktiengesellschaft		2			39
					100
Total Germany – 2.3%				$	2,020

14 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares		Value
Hong Kong
Communication Services – 0.0%
HKT Trust and HKT Ltd.		21	$	28
Consumer Discretionary – 0.2%
Galaxy Entertainment Group		10		53
Techtronic Industries Co. Ltd.		6		36
				89
Consumer Staples – 0.0%
China Resources Beer (Holdings) Co. Ltd.		7		30
WH Group Ltd.		42		39
				69
Energy – 0.0%
CNPC (Hong Kong) Ltd.		16		9
Financials – 0.6%
Agricultural Bank of China Ltd., H Shares		88		35
AIA Group Ltd.		31		281
BOC Hong Kong (Holdings) Ltd.		15		42
Hang Seng Bank Ltd.		2		41
Hong Kong Exchanges and Clearing Ltd.		4		106
				505
Health Care – 0.0%
Alibaba Health Information Technology Ltd. (A)		11		18
Sino Biopharmaceutical Ltd.		24		31
				49
Industrials – 0.0%
Beijing Enterprises Holdings Ltd.		7		26
CITIC Pacific Ltd.		26		27
Jardine Matheson Holdings Ltd.		1		30
Jardine Strategic Holdings Ltd.		1		18
MTR Corp. Ltd.		6		31
Shanghai Industrial Holdings Ltd.		10		16
				148
Real Estate – 0.5%
Cheung Kong (Holdings) Ltd.		17		100
China Resources Land Ltd.		10		41
Hang Lung Properties Ltd.		16		31
Henderson Land Development Co. Ltd.		7		26
Hongkong Land Holdings Ltd.		6		22
Link (The)		9		73
Longfor Group Holdings Ltd.		7		36
New World Development Co. Ltd.		27		29
Sino Land Co. Ltd.		19		24
Sun Hung Kai Properties Ltd.		5		67
Swire Pacific Ltd., Class A		3		17
Wharf (Holdings) Ltd. (The) (B)		4		17
				483
Utilities – 0.3%
China Gas Holdings Ltd.		6		21
CLP Holdings Ltd.		5		49

COMMON STOCKS(Continued)	Shares			Value
Utilities(Continued)
Guangdong Investment Ltd.		14		$	27
Hong Kong & China Gas Co. Ltd.		33			54
Power Assets Holdings Ltd.		7			42
					193
Total Hong Kong – 1.6%				$	1,573
India
Consumer Discretionary – 0.0%
Tata Motors Ltd. ADR		6			29
Energy – 0.2%
Reliance Industries Ltd. GDR (C)		5			164
Financials – 0.1%
ICICI Bank Ltd. ADR		13			112
Health Care – 0.1%
Dr. Reddy’s Laboratories Ltd. ADR		3			120
Industrials – 0.1%
Larsen & Toubro Ltd. GDR		8			86
Information Technology – 0.2%
Infosys Technologies Ltd. ADR		14			112
Wipro Ltd. ADR		22			69
					181
Materials – 0.0%
Vedanta Ltd. ADR		9			33
Total India – 0.7%				$	725
Indonesia
Communication Services – 0.0%
PT Telekomunikasi Indonesia Persero Tbk		181			35
Consumer Discretionary – 0.0%
PT Astra International Tbk		103			25
Consumer Staples – 0.0%
PT Indofood CBP Sukses Makmur Tbk		32			20
PT Unilever Indonesia Tbk		11			5
					25
Financials – 0.1%
Bank Central Asia Tbk PT		40			68
PT Bank Mandiri (Persero) Tbk		71			20
PT Bank Rakyat Indonesia		181			33
					121
Total Indonesia – 0.1%				$	206
Ireland
Consumer Staples – 0.1%
Kerry Group plc, Class A		—	*		58

COMMON STOCKS(Continued)	Shares			Value
Health Care – 0.3%
Medtronic plc		3		$	278
Industrials – 0.1%
DCC plc		—	*		24
Kingspan Group plc		1			30
Trane Technologies plc		1			46
					100
Information Technology – 0.3%
Accenture plc, Class A		1			235
Materials – 0.1%
CRH plc		2			60
Smurfit Kappa Group plc		1			25
					85
Total Ireland – 0.9%				$	756
Israel
Health Care – 0.0%
Teva Pharmaceutical Industries Ltd. ADR (A)		2			22
Information Technology – 0.0%
NICE Systems Ltd. ADR (A)		—	*		34
Wix.com Ltd. (A)		—	*		18
					52
Total Israel – 0.0%				$	74
Italy
Communication Services – 0.0%
Telecom Italia S.p.A. (A)		45			18
Consumer Discretionary – 0.1%
Ferrari N.V.		—	*		41
Moncler S.p.A.		1			27
					68
Energy – 0.1%
Eni S.p.A.		5			54
Financials – 0.2%
Assicurazioni Generali S.p.A.		2			25
Banca Intesa S.p.A.		38			61
FinecoBank S.p.A.		3			23
Mediobanca S.p.A.		3			18
UniCredit S.p.A.		6			43
					170
Industrials – 0.0%
Atlantia S.p.A.		1			18
CNH Industrial N.V.		3			20
Prysmian S.p.A.		1			15
					53
Utilities – 0.2%
ENEL S.p.A.		19			133
Snam S.p.A.		8			36

2020 SEMIANNUAL REPORT 15

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares			Value
Utilities(Continued)
Terna Rete Elettrica Nazionale S.p.A.		6		$	35
					204
Total Italy – 0.6%				$	567
Japan
Communication Services – 0.7%
Dentsu Group, Inc.		1			15
KDDI Corp.		5			137
Nintendo Co. Ltd.		—	*		112
Nippon Telegraph and Telephone Corp.		2			38
NTT DoCoMo, Inc.		3			97
SoftBank Corp. (B)		3			42
SoftBank Group Corp.		4			149
Z Holdings Corp.		10			31
					621
Consumer Discretionary – 1.2%
Bandai Namco Holdings, Inc.		1			28
Bridgestone Corp.		1			41
Denso Corp.		1			40
Fast Retailing Co. Ltd.		—	*		58
Honda Motor Co. Ltd.		4			92
Makita Corp.		1			28
Nissan Motor Co. Ltd.		5			18
Nitori Co. Ltd.		—	*		28
Oriental Land Co. Ltd.		1			69
Pan Pacific International Holdings Corp.		—	*		7
Panasonic Corp.		6			46
Rakuten, Inc.		3			21
Sekisui House Ltd.		2			36
Shimano, Inc.		—	*		35
Sony Corp.		3			184
Subaru Corp. (B)		2			30
Suzuki Motor Corp.		1			22
Toyota Industries Corp.		1			26
Toyota Motor Corp.		5			321
Yamaha Corp.		—	*		17
					1,147
Consumer Staples – 0.7%
Aeon Co. Ltd.		2			40
Ajinomoto Co., Inc.		2			37
Asahi Breweries Ltd.		1			34
Japan Tobacco, Inc.		3			54
Kao Corp.		1			95
Kikkoman Corp. (B)		1			27
Kirin Brewery Co. Ltd.		2			42
Meiji Holdings Co. Ltd.		—	*		34
Seven & i Holdings Co. Ltd.		2			60
Shiseido Co. Ltd.		1			56
Suntory Beverage & Food Ltd.		1			20
Unicharm Corp.		1			50
Yakult Honsha Co. Ltd.		—	*		22
					571
Energy – 0.0%
Inpex Corp.		4			20

COMMON STOCKS(Continued)	Shares			Value
Energy(Continued)
JXTG Holdings, Inc.		9		$	32
					52
Financials – 0.7%
Dai-ichi Mutual Life Insurance Co. (The)		3			41
Daiwa Securities Group, Inc.		8			29
Japan Exchange Group, Inc.		1			26
Japan Post Holdings Co. Ltd.		3			24
Kabushiki Kaisha Mitsubishi Tokyo Financial Group		32			120
Mizuho Financial Group, Inc.		54			62
MS&AD Insurance Group Holdings, Inc.		1			37
Nomura Holdings, Inc.		10			43
ORIX Corp.		5			55
Resona Holdings, Inc.		7			20
Sompo Holdings, Inc. (B)		1			29
Sumitomo Mitsui Financial Group, Inc.		4			86
Sumitomo Mitsui Trust Holdings, Inc.		1			31
T&D Holdings, Inc.		4			34
Tokio Marine Holdings, Inc.		2			74
					711
Health Care – 0.8%
Astellas Pharma, Inc.		5			77
Chugai Pharmaceutical Co. Ltd.		1			74
Daiichi Sankyo Co. Ltd.		1			100
Eisai Co. Ltd.		1			53
M3, Inc.		1			37
Olympus Corp.		4			52
Ono Pharmaceutical Co. Ltd.		1			29
Otsuka Holdings Co. Ltd.		1			44
Santen Pharmaceutical Co. Ltd.		2			27
Shionogi & Co. Ltd.		1			42
Sysmex Corp.		1			37
Takeda Pharmaceutical Co. Ltd.		4			108
Terumo Corp.		2			62
					742
Industrials – 1.6%
All Nippon Airways Co. Ltd. (B)		1			18
Canon, Inc.		2			54
Central Japan Railway Co.		—	*		62
Daikin Industries Ltd.		1			78
East Japan Railway Co.		1			60
FANUC Ltd.		1			69
Hankyu Hanshin Holdings, Inc.		1			38
ITOCHU Corp. (B)		4			76
Keihan Holdings Co. Ltd.		1			34
Keikyu Corp.		2			26
Komatsu Ltd.		3			42
Kubota Corp.		3			38
Marubeni Corp.		5			27
Minebea Mitsumi, Inc.		2			24
MISUMI Group, Inc.		1			26
Mitsubishi Corp.		4			78
Mitsubishi Electric Corp.		5			64
Mitsubishi Heavy Industries Ltd.		1			22
Mitsui & Co. Ltd.		5			63
Nagoya Railroad Co. Ltd.		1			32

COMMON STOCKS(Continued)	Shares			Value
Industrials(Continued)
Nidec Corp.		1		$	61
Odakyu Electric Railway Co. Ltd.		1			32
Recruit Holdings Co. Ltd.		3			73
Ricoh Co. Ltd. (B)		2			18
Secom Co. Ltd.		—	*		40
Seibu Holdings, Inc.		1			16
SMC Corp.		—	*		73
Sumitomo Corp.		4			41
Sumitomo Electric Industries Ltd.		3			33
Tokyu Corp.		2			36
Toshiba Corp.		1			31
Toyota Tsusho Corp.		1			20
West Japan Railway Co.		—	*		34
					1,439
Information Technology – 0.9%
FUJIFILM Holdings Corp.		1			46
Fujitsu Ltd.		1			46
Hamamatsu Photonics K.K.		1			32
Hitachi Ltd.		2			69
Hoya Corp.		1			80
Keyence Corp.		—	*		152
Kyocera Corp.		1			50
Murata Manufacturing Co. Ltd.		1			70
OBIC Co. Ltd.		—	*		32
OMRON Corp.		1			40
ROHM Co. Ltd.		—	*		16
Shimadzu Corp.		1			28
TDK Corp.		—	*		33
Tokyo Electron Ltd.		—	*		79
YASKAWA Electric Corp.		1			27
					800
Materials – 0.1%
Asahi Kasei Corp.		4			26
JFE Holdings, Inc.		4			24
Mitsubishi Chemical Holdings Corp.		5			30
Mitsui Chemicals, Inc.		1			25
Nippon Paint Holdings Co. Ltd.		1			29
Nippon Steel Corp.		4			32
Nitto Denko Corp.		1			26
Shin-Etsu Chemical Co. Ltd.		1			97
Sumitomo Chemical Co. Ltd.		6			16
Sumitomo Metal Mining Co. Ltd. (B)		1			21
Teijin Ltd.		2			32
Toray Industries, Inc.		5			23
					381
Real Estate – 0.3%
Daito Trust Construction Co. Ltd.		—	*		18
Daiwa House Industry Co. Ltd.		2			43
Mitsubishi Estate Co. Ltd.		3			47
Mitsui Fudosan Co. Ltd.		2			42
Nippon Building Fund, Inc.		—	*		41
Sumitomo Realty & Development Co. Ltd.		1			25
Tokyu Fudosan Holdings Corp.		4			19
					235
Utilities – 0.0%
Chubu Electric Power Co., Inc.		2			34

16 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares		Value
Utilities(Continued)
Chugoku Electric Power Co., Inc. (The) (B)		2	$	31
Kansai Electric Power Co., Inc.		3		28
Osaka Gas Co. Ltd.		2		30
Tohoku Electric Power Co., Inc.		3		28
Tokyo Electric Power Co., Inc. (The) (A)		6		22
Tokyo Gas Co. Ltd.		1		31
				204
Total Japan – 7.0%			$	6,903
Luxembourg
Materials – 0.0%
ArcelorMittal		3		24
Real Estate – 0.0%
Aroundtown S.A.		3		16
Total Luxembourg – 0.0%			$	40
Macau
Consumer Discretionary – 0.1%
Sands China Ltd.		13		47
Wynn Macau Ltd.		12		19
				66
Total Macau – 0.1%			$	66
Malaysia
Financials – 0.1%
Public Bank Berhad		19		70
Utilities – 0.0%
Tenaga Nasional Berhad		15		40
Total Malaysia – 0.1%			$	110
Mexico
Communication Services – 0.1%
America Movil S.A.B. de C.V., Series L		107		64
Consumer Staples – 0.1%
Arca Continental S.A.B. de C.V.		5		21
Coca-Cola FEMSA S.A.B. de C.V.		4		17
Fomento Economico Mexicano S.A.B. de C.V.		8		50
Wal-Mart de Mexico S.A.B. de C.V.		17		40
				128
Financials – 0.0%
Grupo Financiero Banorte S.A.B. de C.V.		11		29
Industrials – 0.0%
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		3		18

COMMON STOCKS(Continued)	Shares			Value
Materials – 0.0%
CEMEX S.A.B. de C.V.		97		$	20
Grupo Mexico S.A.B. de C.V.		16			30
					50
Total Mexico – 0.2%				$	289
Netherlands
Communication Services – 0.0%
Koninklijke KPN N.V.		12			28
Consumer Discretionary – 0.1%
Prosus N.V. (A)		2			109
Consumer Staples – 0.2%
Heineken Holding N.V.		—	*		29
Heineken N.V.		1			55
Koninklijke Ahold Delhaize N.V.		3			66
					150
Energy – 0.4%
Royal Dutch Shell plc, Class A		10			171
Royal Dutch Shell plc, Class B		9			147
					318
Financials – 0.1%
Aegon N.V.		6			16
ING Groep N.V., Certicaaten Van Aandelen		11			56
NN Group N.V.		1			29
					101
Health Care – 0.1%
Koninklijke Philips Electronics N.V., Ordinary Shares		2			91
Qiagen N.V. (A)		1			28
					119
Industrials – 0.0%
Wolters Kluwer N.V.		1			43
Information Technology – 0.4%
Adyen N.V. (A)		—	*		32
ASML Holding N.V., Ordinary Shares		1			289
NXP Semiconductors N.V.		1			56
					377
Materials – 0.2%
Akzo Nobel N.V.		1			41
Koninklijke DSM N.V.		1			68
					109
Total Netherlands – 1.5%				$	1,354
Norway
Communication Services – 0.0%
Telenor ASA		2			33
Consumer Staples – 0.0%
Mowi ASA		1			21

COMMON STOCKS(Continued)	Shares			Value
Energy – 0.0%
Equinor ASA		3		$	32
Financials – 0.0%
DNB ASA		3			34
Industrials – 0.0%
Orkla ASA		3			25
Materials – 0.0%
Yara International ASA		1			24
Total Norway – 0.0%				$	169
Peru
Financials – 0.0%
Credicorp Ltd.		—	*		38
Total Peru – 0.0%				$	38
Philippines
Financials – 0.0%
Ayala Corp.		3			26
Real Estate – 0.0%
Ayala Land, Inc.		47			28
SM Prime Holdings, Inc.		53			30
					58
Total Philippines – 0.0%				$	84
Poland
Communication Services – 0.0%
Cyfrowy Polsat S.A.		4			21
Energy – 0.0%
Polski Koncern Naftowy Orlen S.A.		1			17
Financials – 0.0%
Bank Pekao S.A.		2			21
PKO Bank Polski S.A.		4			20
Powszechny Zaklad Ubezpieczen S.A.		4			27
Santander Bank Polska S.A.		—	*		16
					84
Total Poland – 0.0%				$	122
Portugal
Energy – 0.0%
Galp Energia SGPS S.A., Class B		2			27
Utilities – 0.0%
EDP – Energias de Portugal S.A.		10			39
Total Portugal – 0.0%				$	66
Russia
Communication Services – 0.0%
Mobile TeleSystems OJSC ADR		3			26

2020 SEMIANNUAL REPORT 17

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares			Value
Consumer Staples – 0.0%
Magnit PJSC GDR		2		$	17
Energy – 0.3%
OAO Novatek GDR		—	*		30
Open Joint Stock Co. Gazprom ADR		13			58
PJSC LUKOIL ADR		1			58
Surgutneftegas PJSC ADR		6			26
Tatneft PJSC		1			28
					200
Financials – 0.1%
Sberbank of Russia PJSC ADR		7			64
Materials – 0.1%
MMC Norilsk Nickel PJSC ADR		2			49
OJSC PhosAgro GDR		2			23
					72
Utilities – 0.0%
PJSC RusHydro ADR		31			22
Total Russia – 0.5%				$	401
Singapore
Communication Services – 0.1%
Singapore Telecommunications Ltd.		27			48
Consumer Staples – 0.0%
Wilmar International Ltd.		10			24
Financials – 0.4%
DBS Group Holdings Ltd.		5			67
Oversea-Chinese Banking Corp. Ltd.		9			55
Singapore Exchange Ltd.		8			51
United Overseas Bank Ltd.		4			54
					227
Industrials – 0.2%
Keppel Corp. Ltd. (B)		9			34
Singapore Airlines Ltd.		5			22
Singapore Technologies Engineering Ltd.		13			27
					83
Real Estate – 0.0%
CapitaLand Ltd.		15			30
City Developments Ltd.		5			25
UOL Group Ltd.		7			30
					85
Total Singapore – 0.7%				$	467
South Africa
Communication Services – 0.2%
MTN Group Ltd. (B)		5			14
Naspers Ltd., Class N		1			160
Vodacom Group Ltd.		4			25
					199

COMMON STOCKS(Continued)	Shares			Value
Financials – 0.0%
Absa Group Ltd.		3		$	12
FirstRand Ltd. (B)		11			25
Nedbank Ltd.		2			10
Old Mutual plc		25			17
Remgro Ltd.		4			27
Sanlam Ltd.		7			19
Standard Bank Group Ltd.		4			21
					131
Materials – 0.0%
AngloGold Ashanti Ltd. (B)		1			23
Impala Platinum Holdings Ltd.		2			8
Mondi plc		2			33
Sasol Ltd. (B)		2			5
					69
Total South Africa – 0.2%				$	399
South Korea
Communication Services – 0.1%
Naver Corp.		—	*		59
NCsoft Corp.		—	*		30
					89
Consumer Discretionary – 0.1%
Hyundai Mobis		—	*		28
Hyundai Motor Co.		1			44
Kia Motors Corp.		1			26
LG Electronics, Inc.		—	*		16
					114
Consumer Staples – 0.1%
Korea Tobacco & Ginseng Corp.		1			31
LG Household & Health Care Ltd.		—	*		33
					64
Energy – 0.0%
SK Innovation Co. Ltd.		—	*		19
Financials – 0.0%
Hana Financial Group, Inc.		1			20
KB Financial Group, Inc.		1			33
Mirae Asset Daewoo Co. Ltd.		5			23
Samsung Fire & Marine Insurance Co. Ltd.		—	*		23
Samsung Life Insurance Co. Ltd.		—	*		14
Shinhan Financial Group Co. Ltd.		1			29
					142
Health Care – 0.1%
Celltrion, Inc. (A)		—	*		61
Industrials – 0.0%
Samsung C&T Corp.		—	*		23
Information Technology – 0.5%
Samsung Electronics Co. Ltd.		11			439
Samsung SDI Co. Ltd.		—	*		35
SK hynix, Inc.		2			107
					581

COMMON STOCKS(Continued)	Shares			Value
Materials – 0.2%
LG Chem Ltd.		—	*	$	43
POSCO		—	*		34
					77
Utilities – 0.0%
Korea Electric Power Corp.		1			19
Total South Korea – 1.1%				$	1,189
Spain
Communication Services – 0.1%
Telefonica S.A.		12			54
Consumer Discretionary – 0.1%
Industria de Diseno Textil S.A.		3			71
Energy – 0.0%
Repsol YPF S.A.		3			28
Financials – 0.2%
Banco Bilbao Vizcaya Argentaria S.A.		18			55
Banco Santander S.A.		39			94
CaixaBank S.A.		11			20
					169
Health Care – 0.0%
Grifols S.A.		1			32
Industrials – 0.0%
Aena S.A.		—	*		24
Ferrovial S.A.		1			31
					55
Information Technology – 0.1%
Amadeus IT Holding S.A.		1			50
Utilities – 0.2%
Iberdrola S.A.		14			137
Red Electrica Corp. S.A.		2			28
					165
Total Spain – 0.7%				$	624
Sweden
Consumer Discretionary – 0.0%
H & M Hennes & Mauritz AB (B)		2			28
Consumer Staples – 0.1%
Svenska Cellulosa Aktiebolaget SCA (publ), Class B		2			56
Swedish Match AB		1			44
					100
Financials – 0.1%
Investor AB, B Shares		1			53
Kinnevik AB, Class B		1			8
Skandinaviska Enskilda Banken AB, Series A (B)		3			21
Svenska Handelsbanken AB, Class A		4			34

18 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares			Value
Financials(Continued)
Swedbank AB (A)(B)		2		$	25
					141
Industrials – 0.4%
AB Volvo, Class B		4			52
Alfa Laval AB		1			18
Assa Abloy AB, Class B		3			51
Epiroc AB, Class B		6			119
Sandvik AB		3			45
					285
Information Technology – 0.1%
Hexagon AB, Class B		1			30
Telefonaktiebolaget LM Ericsson, B Shares		8			61
					91
Materials – 0.0%
Boliden AB		1			17
Total Sweden – 0.7%				$	662
Switzerland
Communication Services – 0.0%
Swisscom AG, Registered Shares		—	*		36
Consumer Discretionary – 0.1%
Compagnie Financiere Richemont S.A.		1			69
Swatch Group Ltd. (The), Bearer Shares		—	*		22
					91
Consumer Staples – 0.9%
Chocoladefabriken Lindt & Sprungli AG (B)		—	*		50
Nestle S.A., Registered Shares		7			747
					797
Financials – 0.5%
Chubb Ltd.		1			113
Credit Suisse Group AG, Registered Shares		7			57
Julius Baer Group Ltd.		1			23
Partners Group Holding AG		—	*		36
Swiss Life Holding Zurich		—	*		24
Swiss Re Ltd.		1			49
UBS Group AG		9			82
Zurich Financial Services, Registered Shares		—	*		112
					496
Health Care – 1.4%
Alcon, Inc. (A)		1			51
Givaudan S.A., Registered Shares		—	*		71
Lonza Group Ltd., Registered Shares		—	*		83
Novartis AG, Registered Shares		5			424
Roche Holdings AG, Genusscheine		2			532
Sonova Holding AG		—	*		34
Straumann Holding AG		—	*		28

COMMON STOCKS(Continued)	Shares			Value
Health Care(Continued)
Vifor Pharma AG		—	*	$	27
					1,250
Industrials – 0.3%
ABB Ltd.		5			79
Ferguson plc		1			41
Geberit AG, Registered		—	*		52
Schindler Holding AG		—	*		30
SGS S.A.		—	*		32
					234
Information Technology – 0.1%
STMicroelectronics N.V.		3			54
TEMENOS Group AG		—	*		31
					85
Materials – 0.3%
Clariant Ltd., Registered Shares		1			17
Glencore International plc		32			48
LafargeHolcim Ltd.		1			45
Sika AG		—	*		62
					172
Total Switzerland – 3.6%				$	3,161
Taiwan
Communication Services – 0.1%
Chunghwa Telecom Co. Ltd.		13			47
Consumer Staples – 0.0%
President Chain Store Corp.		3			31
Uni-President Enterprises Corp.		19			41
					72
Financials – 0.4%
Cathay Financial Holding Co. Ltd.		30			35
Chailease Holding Co. Ltd.		10			29
Chinatrust Financial Holding Co. Ltd.		68			40
E.Sun Financial Holding Co. Ltd.		52			42
First Commercial Bank Co. Ltd.		48			31
Fubon Financial Holding Co. Ltd.		28			35
Mega Financial Holding Co.		58			55
Yuanta Financial Holdings Co. Ltd.		92			47
					314
Industrials – 0.0%
EVA Airways Corp.		73			21
Information Technology – 0.8%
Advanced Semiconductor Engineering, Inc.		13			25
Asustek Computer, Inc.		3			18
Delta Electronics, Inc.		10			39
Hon Hai Precision Industry Co. Ltd.		38			88
Largan Precision Co. Ltd.		—	*		37
MediaTek, Inc.		5			50
Taiwan Semiconductor Manufacturing Co. Ltd.		58			523
United Microelectronics Corp.		66			30
					810

COMMON STOCKS(Continued)	Shares		Value
Materials – 0.2%
China Steel Corp.		53	$	33
Formosa Chemicals & Fiber Corp.		12		26
Formosa Plastics Corp.		16		39
Nan Ya Plastics Corp.		20		37
Taiwan Cement Corp.		23		29
				164
Total Taiwan – 1.5%			$	1,428
Thailand
Communication Services – 0.0%
Advanced Info Service Public Co. Ltd.		4		26
Consumer Staples – 0.0%
CP ALL plc		23		42
Energy – 0.0%
PTT Public Co. Ltd.		30		28
Financials – 0.0%
Kasikornbank Public Co. Ltd.		9		25
Industrials – 0.1%
Airports of Thailand Public Co. Ltd.		20		30
BTS Group Holdings Public Co. Ltd.		85		23
				53
Materials – 0.0%
PTT Global Chemical Public Co. Ltd.		14		13
Siam Cement Public Co. Ltd. (The)		3		25
				38
Total Thailand – 0.1%			$	212
United Kingdom
Communication Services – 0.2%
BT Group plc		25		36
Informa plc		4		21
Pearson plc		3		17
Vodafone Group plc		68		94
WPP Group plc		4		24
				192
Consumer Discretionary – 0.2%
Aptiv plc		1		31
Barratt Developments plc		4		23
Burberry Group plc		1		21
Compass Group plc		4		58
Fiat S.p.A.		2		17
InterContinental Hotels Group plc		1		29
NEXT plc		1		26
Ocado Group plc (A)		2		24
Persimmon plc		1		34
				263
Consumer Staples – 1.0%
British American Tobacco plc		6		200
Coca-Cola European Partners plc		1		25
Coca-Cola HBC AG		1		23
Diageo plc		6		187

2020 SEMIANNUAL REPORT 19

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares			Value
Consumer Staples(Continued)
Imperial Tobacco Group plc		3		$	48
Reckitt Benckiser Group plc		2			138
Tesco plc		25			71
Unilever N.V., Certicaaten Van Aandelen		4			191
Unilever plc		2			119
					1,002
Energy – 0.2%
BP plc		47			192
TechnipFMC plc (A)		1			8
					200
Financials – 1.1%
3i Group plc		3			31
Aviva plc		12			39
Barclays plc		42			48
HSBC Holdings plc		47			264
Legal & General Group plc		19			44
Lloyds Banking Group plc		175			68
London Stock Exchange Group plc, New Ordinary Shares		1			59
Prudential plc		6			79
Royal Bank of Scotland Group plc (The)		14			20
Standard Chartered plc		8			42
Willis Towers Watson plc		—	*		58
					752
Health Care – 0.5%
AstraZeneca plc		3			287
GlaxoSmithKline plc		12			227
Smith & Nephew plc		2			39
					553
Industrials – 0.4%
Allegion plc		—	*		31
Ashtead Group plc		1			31
BAE Systems plc		8			51
Bunzl plc		1			25
Experian plc		2			61
IHS Markit Ltd.		1			54
Intertek Group plc		1			35
Melrose Industries plc		15			17
RELX plc		5			96
Rentokil Initial plc		6			30
Rolls-Royce Group plc		4			19
Smiths Group plc		2			28
Spirax-Sarco Engineering plc		—	*		32
					510
Information Technology – 0.1%
Halma plc		2			38
Sage Group plc		4			28
					66
Materials – 0.7%
Amcor plc		5			38
Anglo American plc		3			52
Croda International plc		1			33
Johnson Matthey plc		1			16

COMMON STOCKS(Continued)	Shares			Value
Materials(Continued)
Linde plc		1		$	229
Rio Tinto Ltd.		1			51
Rio Tinto plc		3			122
					541
Utilities – 0.2%
National Grid plc		9			100
SSE plc		3			51
United Utilities Group plc		3			33
					184
Total United Kingdom – 4.6%				$	4,263
United States
Communication Services – 6.4%
Activision Blizzard, Inc.		2			124
Alphabet, Inc., Class A (A)		1			842
Alphabet, Inc., Class C (A)		1			881
AT&T, Inc.		17			509
CenturyLink, Inc.		3			25
Charter Communications, Inc., Class A (A)		—	*		171
Comcast Corp., Class A		11			374
Discovery, Inc. (A)		2			27
Electronic Arts, Inc. (A)		1			79
Facebook, Inc., Class A (A)		6			976
Fox Corp., Class A		1			34
IAC/InterActiveCorp (A)		—	*		36
Liberty Broadband Corp. (A)		—	*		41
Liberty Global, Inc., Series C (A)		2			29
Liberty Media Corp., Class C (A)		1			19
Live Nation, Inc. (A)		1			23
Netflix, Inc. (A)		1			408
Omnicom Group, Inc.		1			29
SBA Communications Corp.		—	*		83
Sirius XM Holdings, Inc. (B)		5			23
Take-Two Interactive Software, Inc. (A)		—	*		40
T-Mobile U.S., Inc. (A)		1			66
Twitter, Inc. (A)		2			46
Verizon Communications, Inc.		10			529
ViacomCBS, Inc., Class B		1			14
Walt Disney Co. (The)		4			414
					5,842
Consumer Discretionary – 5.8%
Amazon.com, Inc. (A)		1			1,987
Aramark		1			15
AutoZone, Inc. (A)		—	*		52
Best Buy Co., Inc.		1			42
Booking Holdings, Inc. (A)		—	*		147
Burlington Stores, Inc. (A)		—	*		32
CarMax, Inc. (A)		—	*		26
Carnival Corp.		1			12
Chipotle Mexican Grill, Inc., Class A (A)		—	*		46
D.R. Horton, Inc.		1			32
Darden Restaurants, Inc.		—	*		19
Dollar General Corp.		1			93
Dollar Tree, Inc. (A)		1			44
Domino’s Pizza, Inc.		—	*		39
eBay, Inc.		2			63

COMMON STOCKS(Continued)	Shares			Value
Consumer Discretionary(Continued)
Expedia, Inc.		—	*	$	23
Ford Motor Co.		10			47
Garmin Ltd.		—	*		27
General Motors Co.		3			62
Genuine Parts Co.		—	*		26
Hasbro, Inc.		—	*		27
Home Depot, Inc. (The)		3			498
Kohl’s Corp.		1			8
Las Vegas Sands, Inc.		1			40
Lennar Corp.		1			34
LKQ Corp. (A)		1			23
Lowe’s Co., Inc.		2			169
Marriott International, Inc., Class A		1			54
McDonalds Corp.		2			296
MGM Resorts International		2			18
NIKE, Inc., Class B		3			252
Norwegian Cruise Line Holdings Ltd. (A)		1			7
NVR, Inc. (A)		—	*		23
O’Reilly Automotive, Inc. (A)		—	*		58
Pulte Homes, Inc.		1			18
Roku, Inc. (A)		—	*		19
Ross Stores, Inc.		1			79
Royal Caribbean Cruises Ltd.		—	*		15
Starbucks Corp.		3			196
TAL Education Group ADR (A)		2			85
Target Corp.		1			125
Tesla Motors, Inc. (A)		—	*		179
Tiffany & Co.		—	*		57
TJX Cos., Inc. (The)		3			141
Tractor Supply Co.		—	*		34
Ulta Beauty, Inc. (A)		—	*		31
V.F. Corp.		1			46
Vail Resorts, Inc.		—	*		20
Wayfair, Inc., Class A (A)(B)		—	*		11
Whirlpool Corp.		—	*		22
Wynn Resorts Ltd.		—	*		16
YUM! Brands, Inc.		1			54
					5,489
Consumer Staples – 4.6%
Altria Group, Inc.		5			180
Archer Daniels Midland Co.		2			54
Brown-Forman Corp., Class B		1			43
Bunge Ltd.		—	*		13
Campbell Soup Co.		1			26
Church & Dwight Co., Inc.		1			42
Clorox Co. (The)		—	*		56
Coca-Cola Co. (The)		10			423
Colgate-Palmolive Co.		2			136
ConAgra Foods, Inc.		2			46
Constellation Brands, Inc.		—	*		58
Costco Wholesale Corp.		1			296
Estee Lauder Co., Inc. (The), Class A		1			87
General Mills, Inc.		1			77
Hershey Foods Corp.		—	*		47
Hormel Foods Corp.		1			37
J.M. Smucker Co. (The)		—	*		39
Kellogg Co.		1			42
Kimberly-Clark Corp.		1			108
Kraft Foods Group, Inc.		2			52
Kroger Co. (The)		2			65
Lamb Weston Holdings, Inc.		—	*		26

20 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares			Value
Consumer Staples(Continued)
McCormick & Co., Inc.		—	*	$	47
Molson Coors Beverage Co.		1			23
Mondelez International, Inc., Class A		3			167
Monster Beverage Corp. (A)		1			65
PepsiCo, Inc.		3			392
Philip Morris International, Inc.		4			278
Procter & Gamble Co. (The)		6			659
Sysco Corp.		1			50
Tyson Foods, Inc.		1			43
Walgreen Co.		2			89
Wal-Mart Stores, Inc.		3			377
					4,143
Energy – 1.6%
Apache Corp.		1			5
Cabot Oil & Gas Corp.		1			23
CF Industries Holdings, Inc.		1			19
Cheniere Energy, Inc. (A)		1			21
Chevron Corp.		5			326
Concho Resources, Inc.		1			27
ConocoPhillips		3			83
Devon Energy Corp.		1			10
Diamondback Energy, Inc.		—	*		12
EOG Resources, Inc.		1			54
Exxon Mobil Corp.		10			375
Halliburton Co.		2			17
Hess Corp.		1			28
Kinder Morgan, Inc.		5			65
Marathon Oil Corp.		2			8
Marathon Petroleum Corp.		2			42
National Oilwell Varco, Inc.		2			16
Noble Energy, Inc.		1			9
Occidental Petroleum Corp. (B)		2			27
ONEOK, Inc.		1			22
Phillips 66		1			57
Pioneer Natural Resources Co.		—	*		34
Schlumberger Ltd.		4			49
Targa Resources Corp.		1			4
Valero Energy Corp.		1			47
Williams Co., Inc. (The)		3			48
					1,428
Financials – 5.9%
Aflac, Inc.		2			56
Alleghany Corp.		—	*		26
Allstate Corp. (The)		1			73
Ally Financial, Inc.		1			17
American Express Co.		2			135
American International Group, Inc.		2			53
Ameriprise Financial, Inc.		—	*		38
Annaly Capital Management, Inc.		4			21
Aon plc		1			104
Arthur J. Gallagher & Co.		1			41
Bank of America Corp.		22			461
Bank of New York Mellon Corp. (The)		2			69
Berkshire Hathaway, Inc., Class B (A)		3			554
BlackRock, Inc., Class A		—	*		125
Blackstone Group, Inc. (The), Class A		2			80
Capital One Financial Corp.		1			56
Charles Schwab Corp. (The)		3			97
Chicago Board Options Exchange, Inc.		—	*		25

COMMON STOCKS(Continued)	Shares			Value
Financials(Continued)
Cincinnati Financial Corp.		—	*	$	34
Citigroup, Inc.		6			237
Citizens Financial Group, Inc.		1			23
CME Group, Inc.		1			145
Comerica, Inc.		—	*		14
Discover Financial Services		1			29
E*TRADE Financial Corp.		1			26
Fifth Third Bancorp		2			26
First Republic Bank		—	*		34
FNF Group		1			29
Franklin Resources, Inc.		1			19
Goldman Sachs Group, Inc. (The)		1			128
Hartford Financial Services Group, Inc. (The)		1			29
Huntington Bancshares, Inc.		3			27
Intercontinental Exchange, Inc.		1			99
Invesco Ltd.		1			12
JPMorgan Chase & Co.		8			692
KeyCorp		3			33
KKR & Co.		2			36
Lincoln National Corp.		1			16
Loews Corp.		1			28
M&T Bank Corp.		—	*		40
Markel Corp. (A)		—	*		34
MarketAxess Holdings, Inc.		—	*		34
Marsh & McLennan Cos., Inc.		1			117
MetLife, Inc.		2			55
Moody’s Corp.		—	*		82
Morgan Stanley		3			106
MSCI, Inc., Class A		—	*		72
NASDAQ, Inc.		—	*		26
Northern Trust Corp.		1			40
PNC Financial Services Group, Inc. (The)		1			103
Principal Financial Group, Inc.		1			26
Progressive Corp. (The)		1			103
Prudential Financial, Inc.		1			54
Raymond James Financial, Inc.		—	*		22
Regions Financial Corp.		3			31
S&P Global, Inc.		1			151
State Street Corp.		1			62
SVB Financial Group (A)		—	*		23
Synchrony Financial		2			24
T. Rowe Price Group, Inc.		1			63
TD Ameritrade Holding Corp.		1			25
Travelers Co., Inc. (The)		1			59
Truist Financial Corp.		3			95
U.S. Bancorp		4			121
Voya Financial, Inc.		1			25
Wells Fargo & Co.		10			293
Zions Bancorporation		1			21
					5,654
Health Care – 8.8%
Abbott Laboratories		4			322
AbbVie, Inc.		4			286
Abiomed, Inc. (A)		—	*		17
Agilent Technologies, Inc.		1			58
Alexion Pharmaceuticals, Inc. (A)		1			55
Align Technology, Inc. (A)		—	*		37
Allergan plc		1			149
Alnylam Pharmaceuticals, Inc. (A)		—	*		43
AmerisourceBergen Corp.		—	*		33

COMMON STOCKS(Continued)	Shares			Value
Health Care(Continued)
Amgen, Inc.		1		$	302
Anthem, Inc.		1			137
Bausch Health Cos., Inc. (A)		1			17
Baxter International, Inc.		1			94
Becton Dickinson & Co.		1			144
Biogen, Inc. (A)		1			162
BioMarin Pharmaceutical, Inc. (A)		1			44
Boston Scientific Corp. (A)		3			105
Bristol-Myers Squibb Co.		6			321
Cardinal Health, Inc.		1			38
Centene Corp. (A)		2			96
Cerner Corp.		1			51
Cigna Corp.		1			171
Cooper Cos., Inc. (The)		—	*		40
CVS Caremark Corp.		3			192
Danaher Corp.		1			200
Dentsply Sirona, Inc.		1			28
DexCom, Inc. (A)		—	*		67
Edwards Lifesciences Corp. (A)		1			101
Elanco Animal Health, Inc. (A)		1			27
Eli Lilly and Co.		2			295
Exact Sciences Corp. (A)		—	*		21
Gilead Sciences, Inc.		3			237
HCA Holdings, Inc.		1			65
Henry Schein, Inc. (A)		1			27
Hologic, Inc. (A)		1			27
Humana, Inc.		—	*		105
IDEXX Laboratories, Inc. (A)		—	*		57
Illumina, Inc. (A)		—	*		107
Incyte Corp. (A)		1			38
Intuitive Surgical, Inc. (A)		—	*		143
Ionis Pharmaceuticals, Inc. (A)		—	*		20
Jazz Pharmaceuticals plc (A)		—	*		21
Johnson & Johnson		6			836
Laboratory Corp. of America Holdings (A)		—	*		41
McKesson Corp.		—	*		62
Merck & Co., Inc.		6			472
Mettler-Toledo International, Inc. (A)		—	*		53
Mylan, Inc. (A)		1			20
PerkinElmer, Inc.		—	*		28
Perrigo Co. Ltd.		—	*		18
Pfizer, Inc.		13			435
Quest Diagnostics, Inc.		—	*		34
Quintiles Transnational Holdings, Inc. (A)		—	*		50
Regeneron Pharmaceuticals, Inc. (A)		—	*		106
ResMed, Inc.		—	*		62
STERIS plc		—	*		31
Stryker Corp.		1			132
Teleflex, Inc.		—	*		36
Thermo Fisher Scientific, Inc.		1			269
UnitedHealth Group, Inc.		2			555
Universal Health Services, Inc., Class B		—	*		23
Varian Medical Systems, Inc. (A)		—	*		29
Veeva Systems, Inc., Class A (A)		—	*		54
Vertex Pharmaceuticals, Inc. (A)		1			157
Waters Corp. (A)		—	*		37
Zimmer Holdings, Inc.		—	*		50
Zoetis, Inc.		1			142
					8,232

2020 SEMIANNUAL REPORT 21

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares			Value
Industrials – 4.8%
3M Co.		1		$	194
AMETEK, Inc.		1			41
Arconic, Inc.		1			19
Boeing Co. (The)		1			193
C.H. Robinson Worldwide, Inc.		—	*		26
Caterpillar, Inc.		1			167
Cintas Corp.		—	*		38
Copart, Inc. (A)		1			45
CoStar Group, Inc. (A)		—	*		61
CSX Corp.		2			106
Cummins, Inc.		—	*		51
Deere & Co.		1			100
Dover Corp.		—	*		40
Eaton Corp.		1			79
Emerson Electric Co.		2			75
Equifax, Inc.		—	*		41
Expeditors International of Washington, Inc.		1			37
Fastenal Co.		2			51
FedEx Corp.		1			78
Fortive Corp.		1			43
General Dynamics Corp.		1			73
General Electric Co.		22			173
HEICO Corp., Class A		—	*		24
Honeywell International, Inc.		2			221
IDEX Corp.		—	*		33
Illinois Tool Works, Inc.		1			113
Ingersoll-Rand, Inc. (A)		—	*		12
Jacobs Engineering Group, Inc.		—	*		31
Johnson Controls, Inc.		2			49
Kansas City Southern		—	*		38
L3Harris Technologies, Inc.		1			97
Lennox International, Inc.		—	*		22
Lockheed Martin Corp.		1			202
Masco Corp.		1			39
Norfolk Southern Corp.		1			94
Northrop Grumman Corp.		—	*		122
Old Dominion Freight Line, Inc.		—	*		44
PACCAR, Inc.		1			53
Parker Hannifin Corp.		—	*		46
Raytheon Co.		1			81
Republic Services, Inc., Class A		—	*		31
Rockwell Automation, Inc.		—	*		56
Roper Industries, Inc.		—	*		76
Snap-on, Inc.		—	*		22
Stanley Black & Decker, Inc.		—	*		43
Textron, Inc.		1			16
TransDigm Group, Inc.		—	*		43
TransUnion		1			35
Union Pacific Corp.		2			248
United Parcel Service, Inc., Class B		2			159
United Rentals, Inc. (A)		—	*		26
United Technologies Corp.		2			178
Verisk Analytics, Inc., Class A		—	*		46
W.W. Grainger, Inc.		—	*		33
Waste Connections, Inc.		1			52
Waste Management, Inc.		1			81
Westinghouse Air Brake Technologies Corp.		1			28
XPO Logistics, Inc. (A)(B)		—	*		15
Xylem, Inc.		1			36
					4,276

COMMON STOCKS(Continued)	Shares			Value
Information Technology – 14.6%
Adobe, Inc. (A)		1		$	373
Advanced Micro Devices, Inc. (A)		3			124
Akamai Technologies, Inc. (A)		—	*		43
Amphenol Corp., Class A		1			58
Analog Devices, Inc.		1			82
ANSYS, Inc. (A)		—	*		53
Apple, Inc.		11			2,765
Applied Materials, Inc.		3			115
Arista Networks, Inc. (A)		—	*		28
Autodesk, Inc. (A)		1			90
Automatic Data Processing, Inc.		1			125
Broadcom Corp., Class A		1			229
Broadridge Financial Solutions, Inc.		—	*		29
Cadence Design Systems, Inc. (A)		1			52
CDW Corp.		—	*		34
Check Point Software Technologies Ltd. (A)		—	*		33
Cisco Systems, Inc.		10			402
Citrix Systems, Inc.		—	*		47
Cognex Corp.		1			29
Cognizant Technology Solutions Corp., Class A		1			60
Computer Sciences Corp.		1			13
Corning, Inc.		2			42
Dell Technologies, Inc., Class V (A)		1			20
EPAM Systems, Inc. (A)		—	*		31
F5 Networks, Inc. (A)		—	*		15
FactSet Research Systems, Inc.		—	*		27
Fidelity National Information Services, Inc.		1			174
Fiserv, Inc. (A)		1			138
FleetCor Technologies, Inc. (A)		—	*		41
Fortinet, Inc. (A)		—	*		41
Garter, Inc., Class A (A)		—	*		29
Global Payments, Inc.		1			107
GoDaddy, Inc., Class A (A)		1			29
Hewlett Packard Enterprise Co.		4			35
Hewlett-Packard Co.		4			68
Intel Corp.		11			588
International Business Machines Corp.		2			231
Intuit, Inc.		1			147
Juniper Networks, Inc.		1			20
Keysight Technologies, Inc. (A)		1			46
KLA Corp.		—	*		62
Lam Research Corp.		—	*		96
Leidos Holdings, Inc.		—	*		33
Marvell Technology Group Ltd.		2			44
MasterCard, Inc., Class A		2			525
Maxim Integrated Products, Inc.		1			42
Microchip Technology, Inc. (B)		1			46
Micron Technology, Inc. (A)		3			116
Microsoft Corp.		17			2,755
Motorola Solutions, Inc.		—	*		55
NetApp, Inc.		1			30
NortonLifeLock, Inc.		2			36
NVIDIA Corp.		1			385
Okta, Inc. (A)		—	*		39
ON Semiconductor Corp. (A)		1			18
Oracle Corp.		6			274
Palo Alto Networks, Inc. (A)		—	*		44
Paychex, Inc.		1			42
Paycom Software, Inc. (A)		—	*		30

COMMON STOCKS(Continued)	Shares			Value
Information Technology(Continued)
PayPal, Inc. (A)		3		$	260
PTC, Inc. (A)		—	*		27
Qorvo, Inc. (A)		—	*		30
QUALCOMM, Inc.		3			205
salesforce.com, Inc. (A)		2			292
Seagate Technology		1			35
ServiceNow, Inc. (A)		1			144
Skyworks Solutions, Inc.		—	*		42
Snap, Inc., Class A (A)		2			25
Splunk, Inc. (A)		—	*		53
Square, Inc., Class A (A)		1			45
SS&C Technologies Holdings, Inc.		1			28
Synopsys, Inc. (A)		—	*		47
TE Connectivity Ltd.		1			54
Texas Instruments, Inc.		2			232
Trimble Navigation Ltd. (A)		1			30
Twilio, Inc., Class A (A)		—	*		29
VeriSign, Inc. (A)		—	*		55
Visa, Inc., Class A		4			659
VMware, Inc., Class A (A)(B)		—	*		27
Western Digital Corp.		1			32
Workday, Inc., Class A (A)		—	*		51
Xilinx, Inc.		1			53
Zebra Technologies Corp., Class A (A)(C)		—	*		29
					13,769
Materials – 1.3%
Air Products and Chemicals, Inc.		1			100
Avery Dennison Corp.		—	*		34
Ball Corp.		1			51
Celanese Corp., Series A		—	*		29
Corteva, Inc.		2			44
Crown Holdings, Inc. (A)		—	*		25
Dow, Inc.		2			57
DuPont De Nemours, Inc.		2			64
Eastman Chemical Co.		1			26
Ecolab, Inc.		1			92
FMC Corp.		—	*		38
Freeport-McMoRan Copper & Gold, Inc., Class B		4			25
International Flavors & Fragrances, Inc. (B)		—	*		27
International Paper Co.		1			31
LyondellBasell Industries N.V., Class A		1			38
Martin Marietta Materials, Inc.		—	*		34
Mosaic Co. (The)		1			16
Newmont Corp.		2			91
Nucor Corp.		1			32
Packaging Corp. of America		—	*		23
PPG Industries, Inc.		1			47
Sherwin-Williams Co. (The)		—	*		90
Vulcan Materials Co.		—	*		40
WestRock Co.		1			26
Weyerhaeuser Co.		2			40
					1,120
Real Estate – 1.9%
Alexandria Real Estate Equities, Inc.		—	*		50
American Tower Corp., Class A		1			234
AvalonBay Communities, Inc.		—	*		49

22 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares			Value
Real Estate(Continued)
Boston Properties, Inc.		1		$	46
CB Richard Ellis Group, Inc. (A)		1			29
Crown Castle International Corp.		1			147
Digital Realty Trust, Inc.		1			77
Duke Realty Corp.		1			46
Equinix, Inc.		—	*		145
Equity Residential		1			54
Essex Property Trust, Inc.		—	*		39
Extra Space Storage, Inc.		—	*		38
Healthpeak Properties, Inc.		1			28
Hilton Worldwide Holdings, Inc.		1			52
Host Hotels & Resorts, Inc.		3			30
Invitation Homes, Inc.		2			33
Iron Mountain, Inc.		1			26
Mid-America Apartment Communities, Inc.		—	*		34
ProLogis, Inc.		2			136
Public Storage, Inc.		—	*		65
Realty Income Corp.		1			42
Simon Property Group, Inc.		1			41
Sun Communities, Inc.		—	*		39
UDR, Inc.		1			30
Ventas, Inc.		1			27
W.P. Carey, Inc.		1			30
Welltower, Inc.		1			46
					1,613
Utilities – 2.0%
AES Corp. (The)		2			30
Alliant Energy Corp.		1			31
Ameren Corp.		1			39
American Electric Power Co., Inc.		1			81
American Water Works Co., Inc.		—	*		56
Atmos Energy Corp.		—	*		30
CenterPoint Energy, Inc.		1			21
CMS Energy Corp.		1			41
Consolidated Edison, Inc.		1			50
Dominion Energy, Inc.		2			137
DTE Energy Co.		—	*		35

COMMON STOCKS(Continued)	Shares			Value
Utilities(Continued)
Duke Energy Corp.		2		$	136
Edison International		1			53
Entergy Corp.		—	*		40
Evergy, Inc.		1			34
Eversource Energy		1			52
Exelon Corp.		2			75
FirstEnergy Corp.		1			51
NextEra Energy, Inc.		1			263
NiSource, Inc.		1			29
NRG Energy, Inc.		1			25
Pinnacle West Capital Corp.		—	*		24
PPL Corp.		2			42
Public Service Enterprise Group, Inc.		1			52
Sempra Energy		1			75
Southern Co. (The)		2			126
UGI Corp.		1			18
Vistra Energy Corp.		1			19
WEC Energy Group, Inc.		1			64
Xcel Energy, Inc.		1			63
					1,792
Total United States – 57.7%				$	53,358
TOTAL COMMON STOCKS – 99.2%				$	94,303
(Cost: $100,474)
PREFERRED STOCKS
Germany
Consumer Discretionary – 0.1%
Volkswagen AG, 2.260%		1			62
Consumer Staples – 0.1%
Henkel AG & Co. KGaA		—	*		37
Total Germany – 0.2%				$	99

PREFERRED STOCKS(Continued)	Shares		Value
South Korea
Information Technology – 0.1%
Samsung Electronics Co. Ltd.		2	$	66
Total South Korea – 0.1%			$	66
TOTAL PREFERRED STOCKS – 0.3%			$	165
(Cost: $216)
WARRANTS
Thailand – 0.0%
BTS Group Holdings Public Co. Ltd., Expires 12–30–40 (D)		8		—	*
TOTAL WARRANTS – 0.0%			$	—	*
(Cost: $–)
SHORT-TERM SECURITIES
Money Market Funds – 0.8% (E)
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares 0.390% (F)		745		745
TOTAL SHORT-TERM SECURITIES – 0.8%			$	745
(Cost: $745)
TOTAL INVESTMENT SECURITIES – 100.3%			$	95,213
(Cost: $101,435)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.3)%				(296	)
NET ASSETS – 100.0%			$	94,917

Notes to Schedule of Investments

* Not shown due to rounding.

(A) No dividends were paid during the preceding 12 months.

(B) All or a portion of securities with an aggregate value of $1,004 are on loan.

(C) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020 the total value of these securities amounted to $193 or 0.2% of net assets.

(D) Warrants entitle the Fund to purchase a predetermined number of shares of common stock and arenon-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(E) Rate shown is the annualized7-day yield at March 31, 2020.

(F) Investment made with cash collateral received from securities on loan.

2020 SEMIANNUAL REPORT 23

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1			Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Communication Services	$	6,274		$	2,580	$	—
Consumer Discretionary		6,941			2,876		—
Consumer Staples		4,538			3,738		—
Energy		2,014			1,503		—
Financials		7,312			6,174		—
Health Care		8,680			4,166		—
Industrials		4,863			4,154		—
Information Technology		14,577			3,389		—
Materials		1,898			2,276		—
Real Estate		1,630			1,296		—
Utilities		1,924			1,500		—
Total Common Stocks	$	60,651		$	33,652	$	—
Preferred Stocks		—			165		—
Warrants		—	*		—		—
Short-Term Securities		745			—		—
Total	$	61,396		$	33,817	$	—

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GDR = Global Depositary Receipts

Market Sector Diversification

(as a % of net assets)
Information Technology	19.1%
Financials	14.2%
Health Care	13.5%
Consumer Discretionary	10.4%
Industrials	9.5%
Communication Services	9.2%
Consumer Staples	8.8%
Materials	4.4%
Energy	3.7%
Utilities	3.6%
Real Estate	3.1%
Other+	0.5%

+ Includes liabilities (net of cash and other assets), and cash equivalents

See Accompanying Notes to Financial Statements.

24 SEMIANNUAL REPORT 2020

PORTFOLIO HIGHLIGHTS IVY PROSHARES RUSSELL 2000 DIVIDEND GROWERS INDEX FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Stocks	99.8%
Utilities	24.9%
Industrials	18.0%
Financials	15.0%
Consumer Staples	13.8%
Materials	8.5%
Health Care	8.2%
Real Estate	4.9%
Information Technology	3.2%
Consumer Discretionary	2.3%
Communication Services	1.0%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	0.2%

Top 10 Equity Holdings

Company	Sector	Industry
Utah Medical Products, Inc.	Health Care	Health Care Supplies
Tootsie Roll Industries, Inc.	Consumer Staples	Packaged Foods & Meats
RLI Corp.	Financials	Property & Casualty Insurance
Balchem Corp.	Materials	Specialty Chemicals
Stepan Co.	Materials	Specialty Chemicals
Southwest Gas Corp.	Utilities	Gas Utilities
Andersons, Inc. (The)	Consumer Staples	Food Distributors
National HealthCare Corp.	Health Care	Health Care Facilities
Lancaster Colony Corp.	Consumer Staples	Packaged Foods & Meats
Southside Bancshares, Inc.	Financials	Regional Banks

See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

2020 SEMIANNUAL REPORT 25

SCHEDULE OF INVESTMENTS IVY PROSHARES RUSSELL 2000 DIVIDEND GROWERS
INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Publishing – 1.0%
Meredith Corp. (A)		75	$	912
Total Communication Services – 1.0%				912
Consumer Discretionary
Automotive Retail – 1.0%
Group 1 Automotive, Inc.		21		934
Homefurnishing Retail – 1.3%
Aaron Rents, Inc.		50		1,128
Total Consumer Discretionary – 2.3%				2,062
Consumer Staples
Food Distributors – 1.9%
Andersons, Inc. (The)		90		1,681
Packaged Foods & Meats – 7.1%
Calavo Growers, Inc.		28		1,625
J&J Snack Foods Corp. (A)		11		1,293
Lancaster Colony Corp.		11		1,657
Tootsie Roll Industries, Inc. (A)		51		1,851
				6,426
Personal Products – 1.6%
Inter Parfums, Inc.		31		1,417
Tobacco – 3.2%
Universal Corp.		35		1,537
Vector Group Ltd.		149		1,402
				2,939
Total Consumer Staples – 13.8%				12,463
Financials
Investment Banking & Brokerage – 1.6%
Northwest Bancshares, Inc.		122		1,406
Life & Health Insurance – 1.6%
American Equity Investment Life Holding Co.		76		1,433
Property & Casualty Insurance – 2.1%
RLI Corp.		21		1,849
Regional Banks – 9.7%
BancFirst Corp.		37		1,222
Community Bank System, Inc.		27		1,609
Southside Bancshares, Inc.		54		1,629
Tompkins Financial Corp.		21		1,536
UMB Financial Corp.		30		1,387
United Bankshares, Inc.		61		1,414
				8,797
Total Financials – 15.0%				13,485

COMMON STOCKS(Continued)	Shares		Value
Health Care
Health Care Facilities – 2.8%
National HealthCare Corp.		23	$	1,659
Pennant Group, Inc. (B)		62		884
				2,543
Health Care Services – 1.6%
Ensign Group, Inc. (The)		38		1,421
Health Care Supplies – 3.8%
Atrion Corp.		2		1,565
Utah Medical Products, Inc.		20		1,883
				3,448
Total Health Care – 8.2%				7,412
Industrials
Agricultural & Farm Machinery – 1.8%
Lindsay Corp.		18		1,608
Commercial Printing – 1.7%
Brady Corp., Class A		35		1,591
Diversified Support Services – 4.8%
Healthcare Services Group, Inc.		64		1,535
Matthews International Corp.		59		1,430
McGrath RentCorp		26		1,380
				4,345
Environmental & Facilities Services – 1.4%
ABM Industries, Inc.		51		1,237
Industrial Machinery – 5.1%
Franklin Electric Co., Inc.		33		1,554
Gorman-Rupp Co. (The)		51		1,604
Hillenbrand, Inc.		74		1,415
				4,573
Office Services & Supplies – 1.5%
MSA Safety, Inc.		13		1,347
Trading Companies & Distributors – 1.7%
GATX Corp.		24		1,525
Total Industrials – 18.0%				16,226
Information Technology
Data Processing & Outsourced Services – 1.6%
Cass Information Systems, Inc.		40		1,409
Electronic Equipment & Instruments – 1.6%
Badger Meter, Inc.		27		1,464
Total Information Technology – 3.2%				2,873
Materials
Specialty Chemicals – 8.5%
Balchem Corp.		18		1,777
H.B. Fuller Co.		44		1,225

COMMON STOCKS(Continued)	Shares		Value
Specialty Chemicals(Continued)
Quaker Chemical Corp. (A)		11	$	1,379
Sensient Technologies Corp.		35		1,530
Stepan Co.		20		1,774
				7,685
Total Materials – 8.5%				7,685
Real Estate
Health Care REITs – 2.8%
National Health Investors, Inc.		20		1,001
Universal Health Realty Income Trust		15		1,551
				2,552
Retail REITs – 2.1%
Tanger Factory Outlet Centers, Inc.		145		725
Urstadt Biddle Properties, Inc., Class A		83		1,176
				1,901
Total Real Estate – 4.9%				4,453
Utilities
Electric Utilities – 3.1%
ALLETE, Inc.		23		1,371
Portland General Electric Co.		30		1,415
				2,786
Gas Utilities – 10.5%
Chesapeake Utilities Corp.		18		1,538
New Jersey Resources Corp.		45		1,538
Northwest Natural Gas Co.		25		1,536
South Jersey Industries, Inc.		61		1,532
Southwest Gas Corp.		24		1,704
Spire, Inc.		21		1,576
				9,424
Independent Power Producers & Energy Traders – 1.5%
Black Hills Corp.		21		1,366
Multi-Utilities – 3.0%
Avista Corp.		33		1,391
NorthWestern Corp.		22		1,340
				2,731
Water Utilities – 6.8%
American States Water Co.		20		1,603
California Water Service Group		32		1,593
Middlesex Water Co.		25		1,531
SJW Corp.		25		1,435
				6,162
Total Utilities – 24.9%				22,469
TOTAL COMMON STOCKS – 99.8%			$	90,040
(Cost: $100,683)

26 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES RUSSELL 2000 DIVIDEND GROWERS
INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

SHORT-TERM SECURITIES	Shares		Value
Money Market Funds (D) – 3.9%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.390% (C)		3,507	$	3,507
TOTAL SHORT-TERM SECURITIES – 3.9%			$	3,507
(Cost: $3,507)
TOTAL INVESTMENT SECURITIES – 103.7%			$	93,547
(Cost: $104,190)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (3.7)%				(3,309	)
NET ASSETS – 100.0%			$	90,238

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $4,537 are on loan.

(B) No dividends were paid during the preceding 12 months.

(C) Investment made with cash collateral received from securities on loan.

(D) Rate shown is the annualized7-day yield at March 31, 2020.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	90,040	$	—	$	—
Short-Term Securities		3,507		—		—
Total	$	93,547	$	—	$	—

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 27

PORTFOLIO HIGHLIGHTS IVY PROSHARES S&P 500 BOND INDEX FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Bonds	97.5%
Corporate Debt Securities	97.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.5%

Quality Weightings

Investment Grade	97.0%
AAA	4.2%
AA	8.2%
A	42.4%
BBB	42.2%
Non-Investment Grade	0.5%
BB	0.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.5%

Our preference is to always use ratings obtained from Standard & Poor’s, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

28 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 BOND INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Communication Services
Broadcasting – 0.6%
Discovery Communications LLC (GTD by Discovery, Inc.),
3.950%, 3–20–28	$	552	$	537
Discovery Communications, Inc.,
5.200%, 9–20–47 (A)		200		204
				741
Cable & Satellite – 3.2%
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal):
3.000%, 2–1–24		450		473
3.700%, 4–15–24		400		429
3.950%, 10–15–25		447		492
3.150%, 3–1–26		300		315
4.150%, 10–15–28		100		114
4.250%, 10–15–30		180		211
4.600%, 10–15–38		350		436
4.000%, 3–1–48		100		116
4.700%, 10–15–48 (A)		400		517
3.999%, 11–1–49		150		177
4.950%, 10–15–58		100		138
Viacom, Inc.,
4.375%, 3–15–43		361		320
				3,738
Integrated Telecommunication Services – 7.8%
AT&T, Inc.:
3.200%, 3–1–22		300		304
3.600%, 2–17–23		110		113
4.125%, 2–17–26		250		267
4.250%, 3–1–27		255		273
4.100%, 2–15–28		200		210
4.350%, 3–1–29		478		514
4.500%, 5–15–35		290		316
5.250%, 3–1–37		200		233
4.900%, 8–15–37		200		224
4.850%, 3–1–39		150		170
4.300%, 12–15–42		150		158
4.350%, 6–15–45		300		317
4.750%, 5–15–46		200		222
5.450%, 3–1–47		450		540
4.500%, 3–9–48		382		415
4.550%, 3–9–49		300		323
5.150%, 2–15–50 (A)		100		120
5.700%, 3–1–57		200		251
Verizon Communications, Inc.:
3.125%, 3–16–22		200		206
3.500%, 11–1–24		450		479
3.376%, 2–15–25		350		375
2.625%, 8–15–26		150		155
4.125%, 3–16–27		510		568
4.329%, 9–21–28		120		138
4.500%, 8–10–33		100		120
5.250%, 3–16–37 (A)		626		801
4.862%, 8–21–46		447		583
5.500%, 3–16–47		395		541
4.522%, 9–15–48		150		189
5.012%, 4–15–49		105		142
				9,267

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Interactive Media & Services – 0.1%
Alphabet, Inc.,
1.998%, 8–15–26	$	120	$	127
Movies & Entertainment – 0.9%
Walt Disney Co. (The):
1.750%, 8–30–24		605		609
2.000%, 9–1–29 (A)		450		439
				1,048
Total Communication Services – 12.6%				14,921
Consumer Discretionary
Automobile Manufacturers – 0.7%
General Motors Co.:
4.875%, 10–2–23		531		473
5.000%, 4–1–35		210		158
5.200%, 4–1–45		200		158
				789
Casinos & Gaming – 0.8%
Las Vegas Sands Corp.,
3.900%, 8–8–29		500		432
Sands China Ltd.,
4.600%, 8–8–23		480		491
				923
Department Stores – 0.0%
Nordstrom, Inc.,
5.000%, 1–15–44		100		70
General Merchandise Stores – 0.7%
Dollar Tree, Inc.:
3.700%, 5–15–23		150		152
4.000%, 5–15–25		150		154
Target Corp.:
4.000%, 7–1–42		250		284
3.900%, 11–15–47		200		236
				826
Home Improvement Retail – 1.6%
Home Depot, Inc. (The):
2.125%, 9–15–26		155		156
2.950%, 6–15–29		200		207
5.875%, 12–16–36		420		571
4.500%, 12–6–48		395		485
Lowe’s Co., Inc.:
3.650%, 4–5–29		100		103
3.700%, 4–15–46		183		169
4.050%, 5–3–47		150		149
				1,840
Internet & Direct Marketing Retail – 1.2%
Amazon.com, Inc.:
2.800%, 8–22–24		400		424
3.875%, 8–22–37		400		480
4.950%, 12–5–44		100		138
4.250%, 8–22–57		250		346
				1,388

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Restaurants – 1.0%
McDonalds Corp.:
2.625%, 1–15–22	$	429	$	434
3.350%, 4–1–23		110		114
4.450%, 9–1–48		200		222
Starbucks Corp.:
3.800%, 8–15–25		200		212
4.500%, 11–15–48		200		226
				1,208
Total Consumer Discretionary – 6.0%				7,044
Consumer Staples
Brewers – 0.3%
Molson Coors Brewing Co.:
3.000%, 7–15–26		150		141
4.200%, 7–15–46		260		233
				374
Drug Retail – 2.6%
CVS Health Corp.:
2.125%, 6–1–21		100		100
3.500%, 7–20–22		150		154
3.700%, 3–9–23		200		208
4.000%, 12–5–23		241		252
4.100%, 3–25–25		660		694
2.875%, 6–1–26		200		201
4.300%, 3–25–28		430		457
4.780%, 3–25–38		325		357
5.125%, 7–20–45		152		174
5.050%, 3–25–48		375		426
				3,023
Food Retail – 0.1%
Kroger Co. (The),
4.450%, 2–1–47		100		110
Hypermarkets & Super Centers – 1.7%
Wal-Mart Stores, Inc.,
2.550%, 4–11–23		100		103
Walmart, Inc.:
3.125%, 6–23–21		150		153
3.400%, 6–26–23		400		426
3.550%, 6–26–25		340		371
3.700%, 6–26–28		283		318
3.950%, 6–28–38		470		555
				1,926
Packaged Foods & Meats – 0.7%
Conagra Brands, Inc.,
5.400%, 11–1–48		400		451
Tyson Foods, Inc. (GTD by Tyson Fresh Meats, Inc.),
5.100%, 9–28–48		332		412
				863
Soft Drinks – 0.7%
PepsiCo, Inc.:
4.450%, 4–14–46		100		131
3.450%, 10–6–46		621		698
				829

2020 SEMIANNUAL REPORT 29

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 BOND INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Tobacco – 1.4%
Altria Group, Inc. (GTD by Philip Morris USA, Inc.):
4.000%, 1–31–24	$	105	$	108
3.800%, 2–14–24		100		101
4.400%, 2–14–26		100		104
4.800%, 2–14–29		200		209
5.800%, 2–14–39		250		274
3.875%, 9–16–46		300		271
5.950%, 2–14–49		400		465
Philip Morris International, Inc.,
6.375%, 5–16–38		100		136
				1,668
Total Consumer Staples – 7.5%				8,793
Energy
Integrated Oil & Gas – 0.7%
Chevron Corp.:
2.100%, 5–16–21		150		151
2.355%, 12–5–22		200		202
3.191%, 6–24–23		140		146
Phillips 66 (GTD by Phillips 66 Co.),
4.875%, 11–15–44		350		356
				855
Oil & Gas Equipment & Services – 0.6%
Baker Hughes, a GE Co. LLC and Baker Hughes Co-Obligor, Inc.,
4.080%, 12–15–47		450		370
Halliburton Co.,
5.000%, 11–15–45		350		274
				644
Oil & Gas Exploration & Production – 1.9%
Apache Corp.,
4.375%, 10–15–28		315		168
Concho Resources, Inc.,
4.300%, 8–15–28 (A)		225		206
ConocoPhillips Co. (GTD by ConocoPhillips),
6.500%, 2–1–39		100		126
ConocoPhillips Holding Co.,
6.950%, 4–15–29 (A)		150		185
EOG Resources, Inc.,
2.625%, 3–15–23		100		98
Exxon Mobil Corp.:
3.043%, 3–1–26		280		296
2.440%, 8–16–29		155		159
2.995%, 8–16–39		200		200
4.114%, 3–1–46		208		247
Marathon Oil Corp.,
4.400%, 7–15–27		150		100
Occidental Petroleum Corp.:
2.900%, 8–15–24		354		193
3.500%, 8–15–29 (A)		485		228
4.200%, 3–15–48		195		84
				2,290
Oil & Gas Refining & Marketing – 0.6%
HollyFrontier Corp.,
5.875%, 4–1–26		150		130

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Refining & Marketing(Continued)
Marathon Petroleum Corp.,
4.750%, 9–15–44	$	103	$	78
Valero Energy Corp.,
3.400%, 9–15–26		481		432
				640
Oil & Gas Storage & Transportation – 1.3%
Kinder Morgan, Inc.:
4.300%, 6–1–25		253		258
5.550%, 6–1–45		200		205
5.200%, 3–1–48		150		159
MPLX L.P.:
4.500%, 4–15–38		285		223
4.700%, 4–15–48 (A)		290		225
5.500%, 2–15–49		140		118
Williams Co., Inc. (The),
4.550%, 6–24–24		100		91
Williams Partners L.P.,
3.750%, 6–15–27		310		284
				1,563
Total Energy – 5.1%				5,992
Financials
Consumer Finance – 3.4%
American Express Co.:
2.750%, 5–20–22		293		299
2.500%, 8–1–22		150		153
3.125%, 5–20–26		346		358
American Express Credit Corp.:
2.700%, 3–3–22		200		202
3.300%, 5–3–27		204		215
Capital One Financial Corp.:
4.200%, 10–29–25		350		349
3.750%, 7–28–26		643		607
3.800%, 1–31–28		300		296
Discover Bank,
4.200%, 8–8–23		250		266
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.):
3.200%, 7–6–21		330		315
4.200%, 11–6–21		175		167
5.100%, 1–17–24		325		299
3.950%, 4–13–24		150		136
4.350%, 1–17–27		160		132
Synchrony Financial:
4.250%, 8–15–24		115		111
3.950%, 12–1–27		150		133
				4,038
Diversified Banks – 8.2%
Bank of America Corp.:
2.503%, 10–21–22		200		201
3.300%, 1–11–23		110		114
4.125%, 1–22–24		130		139
4.200%, 8–26–24		124		132
3.950%, 4–21–25		105		110
3.500%, 4–19–26		325		346
3.248%, 10–21–27		705		736
4.183%, 11–25–27		805		832

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Banks(Continued)
Bank of New York Mellon Corp. (The),
2.200%, 8–16–23	$	400	$	403
BB&T Corp.:
3.050%, 6–20–22		250		255
3.750%, 12–6–23		250		265
Citibank N.A.:
3.400%, 7–23–21		400		406
3.650%, 1–23–24		300		314
Truist Bank,
2.150%, 12–6–24		340		337
U.S. Bancorp:
3.150%, 4–27–27		490		509
3.000%, 7–30–29		178		178
Wells Fargo & Co.:
4.600%, 4–1–21		130		133
2.100%, 7–26–21		150		150
3.500%, 3–8–22		211		215
2.625%, 7–22–22		400		405
3.069%, 1–24–23		302		307
3.450%, 2–13–23		105		108
3.300%, 9–9–24		306		318
3.000%, 2–19–25		110		113
3.000%, 4–22–26		150		154
4.100%, 6–3–26		150		160
3.000%, 10–23–26		310		318
4.150%, 1–24–29		580		633
5.606%, 1–15–44		178		218
3.900%, 5–1–45		208		234
4.400%, 6–14–46		255		287
4.750%, 12–7–46		375		433
Wells Fargo Bank N.A.,
3.625%, 10–22–21		250		257
				9,720
Financial Exchanges & Data – 0.2%
Intercontinental Exchange, Inc.,
4.250%, 9–21–48		150		174
Insurance Brokers – 0.1%
Marsh & McLennan Cos., Inc.,
4.375%, 3–15–29		150		167
Investment Banking & Brokerage – 6.6%
Goldman Sachs Group, Inc. (The):
2.625%, 4–25–21		150		150
5.250%, 7–27–21		100		104
2.350%, 11–15–21		200		200
5.750%, 1–24–22		350		371
3.000%, 4–26–22		500		504
3.625%, 1–22–23		300		310
4.000%, 3–3–24		200		210
3.850%, 7–8–24		200		209
3.500%, 1–23–25		300		307
4.250%, 10–21–25		350		368
3.500%, 11–16–26		559		571
3.850%, 1–26–27		365		376
6.750%, 10–1–37		300		403
Morgan Stanley:
2.500%, 4–21–21		150		150
5.500%, 7–28–21		326		338
2.625%, 11–17–21		270		270
2.750%, 5–19–22		245		248

30 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 BOND INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Investment Banking & Brokerage (Continued)
3.125%, 1–23–23	$	200	$	205
4.100%, 5–22–23		264		273
3.875%, 4–29–24		200		210
3.700%, 10–23–24		330		349
4.000%, 7–23–25		500		535
3.875%, 1–27–26		203		219
3.950%, 4–23–27		190		198
4.375%, 1–22–47		550		669
				7,747
Life & Health Insurance – 0.4%
MetLife, Inc.,
4.600%, 5–13–46		150		165
Prudential Financial, Inc.:
3.935%, 12–7–49		150		148
4.350%, 2–25–50		150		154
				467
Multi-Line Insurance – 0.3%
American International Group, Inc.:
3.900%, 4–1–26		280		292
4.750%, 4–1–48		100		105
				397
Other Diversified Financial Services – 5.5%
Citigroup, Inc.:
2.900%, 12–8–21		610		615
2.750%, 4–25–22		298		300
4.400%, 6–10–25		375		406
3.200%, 10–21–26		425		440
4.450%, 9–29–27		275		288
4.125%, 7–25–28		200		205
8.125%, 7–15–39		200		316
4.650%, 7–23–48		300		361
JPMorgan Chase & Co.:
2.295%, 8–15–21		350		349
4.350%, 8–15–21		150		155
4.500%, 1–24–22		150		157
3.250%, 9–23–22		300		309
2.972%, 1–15–23		510		519
3.200%, 1–25–23		290		298
2.700%, 5–18–23		230		236
3.875%, 2–1–24		335		358
3.875%, 9–10–24		300		317
2.950%, 10–1–26		405		419
3.625%, 12–1–27		380		403
				6,451
Property & Casualty Insurance – 0.7%
Berkshire Hathaway Finance Corp. (GTD by Berkshire Hathaway, Inc.):
4.200%, 8–15–48		100		117
4.250%, 1–15–49		150		185
Berkshire Hathaway, Inc.,
2.750%, 3–15–23		322		335
Chubb INA Holdings, Inc. (GTD by Chubb Ltd.),
4.350%, 11–3–45		150		182
				819

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Regional Banks – 1.1%
Fifth Third Bancorp,
3.650%, 1–25–24	$	340	$	354
PNC Bank N.A.,
3.100%, 10–25–27		500		514
PNC Financial Services Group, Inc. (The):
2.600%, 7–23–26		230		232
3.450%, 4–23–29		186		185
				1,285
Total Financials – 26.5%				31,265
Health Care
Biotechnology – 2.4%
Amgen, Inc.:
2.650%, 5–11–22		100		101
4.400%, 5–1–45		340		397
4.563%, 6–15–48		450		541
4.663%, 6–15–51		300		378
Biogen, Inc.,
5.200%, 9–15–45		150		194
Gilead Sciences, Inc.:
4.750%, 3–1–46		543		695
4.150%, 3–1–47		451		551
				2,857
Health Care Equipment – 0.7%
Boston Scientific Corp.,
3.750%, 3–1–26		307		322
DH Europe Finance II S.a.r.l.,
2.600%, 11–15–29		370		360
Zimmer Holdings, Inc.,
3.550%, 4–1–25		150		151
				833
Health Care Services – 1.4%
Cardinal Health, Inc.:
2.616%, 6–15–22		120		121
3.410%, 6–15–27		153		155
Cigna Corp.:
3.750%, 7–15–23		508		523
4.800%, 8–15–38		474		532
CVS Caremark Corp.,
3.875%, 7–20–25		325		336
				1,667
Health Care Supplies – 1.0%
Abbott Laboratories:
3.750%, 11–30–26		88		98
4.900%, 11–30–46		490		670
Medtronic, Inc. (GTD by Medtronic Global Holdings SCA and Medtronic plc):
3.500%, 3–15–25		130		140
4.375%, 3–15–35		250		311
				1,219
Managed Health Care – 1.8%
Aetna, Inc.,
2.800%, 6–15–23		253		255

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Managed Health Care(Continued)
Anthem, Inc.:
3.650%, 12–1–27	$	340	$	351
4.101%, 3–1–28		200		215
3.700%, 9–15–49		150		150
UnitedHealth Group, Inc.:
2.875%, 8–15–29		502		529
3.500%, 8–15–39		228		245
3.700%, 8–15–49		350		390
				2,135
Pharmaceuticals – 5.0%
AbbVie, Inc.:
2.300%, 5–14–21		1,020		1,017
2.900%, 11–6–22		465		470
3.600%, 5–14–25		300		316
4.450%, 5–14–46		282		300
Eli Lilly and Co.,
3.950%, 3–15–49		300		377
Johnson & Johnson:
2.900%, 1–15–28		150		165
3.625%, 3–3–37		589		675
Merck & Co., Inc.:
2.750%, 2–10–25		295		309
3.900%, 3–7–39		224		264
Mylan N.V.:
3.950%, 6–15–26		260		260
5.250%, 6–15–46		150		143
Pfizer, Inc.:
2.750%, 6–3–26		500		526
3.450%, 3–15–29		100		110
7.200%, 3–15–39		200		321
Walgreens Boots Alliance, Inc.,
3.450%, 6–1–26		600		594
				5,847
Total Health Care – 12.3%				14,558
Industrials
Aerospace & Defense – 2.7%
Boeing Co. (The):
2.700%, 2–1–27		500		459
3.200%, 3–1–29		100		92
3.250%, 2–1–35		175		152
General Dynamics Corp.,
3.000%, 5–11–21		300		303
Lockheed Martin Corp.:
3.550%, 1–15–26		230		249
4.090%, 9–15–52		182		221
Northrop Grumman Corp.:
2.930%, 1–15–25		175		178
4.030%, 10–15–47		280		319
United Technologies Corp.:
3.950%, 8–16–25		460		503
4.500%, 6–1–42		301		350
4.625%, 11–16–48		355		420
				3,246
Air Freight & Logistics – 0.7%
FedEx Corp.,
4.950%, 10–17–48		100		98

2020 SEMIANNUAL REPORT 31

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 BOND INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Air Freight & Logistics(Continued)
United Parcel Service, Inc.:
4.250%, 3–15–49	$	150	$	174
5.300%, 4–1–50		400		527
				799
Construction Machinery & Heavy Trucks – 0.3%
Caterpillar Financial Services Corp.,
2.950%, 2–26–22		359		366
Environmental & Facilities Services – 0.2%
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.),
2.950%, 6–15–24		292		297
Industrial Conglomerates – 2.0%
3M Co.,
4.000%, 9–14–48		142		164
GE Capital International Funding Co.:
3.373%, 11–15–25		200		201
4.418%, 11–15–35		600		648
General Electric Capital Corp.:
6.750%, 3–15–32		100		121
5.875%, 1–14–38		560		657
General Electric Co.,
2.700%, 10–9–22		405		399
Honeywell International, Inc.,
1.850%, 11–1–21		150		150
				2,340
Industrial Machinery – 0.1%
Parker Hannifin Corp.,
4.000%, 6–14–49 (A)		135		140
Railroads – 0.5%
Union Pacific Corp.,
3.950%, 9–10–28		500		537
Total Industrials – 6.5%				7,725
Information Technology
Communications Equipment – 0.3%
Cisco Systems, Inc.:
1.850%, 9–20–21		150		151
5.900%, 2–15–39		100		144
				295
Data Processing & Outsourced Services – 2.0%
Fidelity National Information Services, Inc.,
3.000%, 8–15–26		150		153
Fiserv, Inc.:
3.200%, 7–1–26		137		141
4.400%, 7–1–49		450		480
Global Payments, Inc.,
3.200%, 8–15–29		200		195
MasterCard, Inc.,
3.650%, 6–1–49		253		295
PayPal Holdings, Inc.,
2.650%, 10–1–26		442		433

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Data Processing & Outsourced Services(Continued)
Visa, Inc.:
2.800%, 12–14–22	$	100	$	104
3.150%, 12–14–25		150		163
4.300%, 12–14–45		313		395
				2,359
Electronic Components – 0.2%
Corning, Inc.,
4.375%, 11–15–57		200		208
IT Consulting & Other Services – 1.3%
International Business Machines Corp.:
2.850%, 5–13–22		200		205
3.000%, 5–15–24		118		123
3.300%, 5–15–26		150		161
3.500%, 5–15–29		419		458
4.150%, 5–15–39		500		566
				1,513
Semiconductor Equipment – 0.3%
Applied Materials, Inc.,
4.350%, 4–1–47		100		128
Lam Research Corp.:
3.750%, 3–15–26		100		106
4.000%, 3–15–29		150		170
				404
Semiconductors – 2.5%
Broadcom Corp. and Broadcom Cayman Finance Ltd. (GTD by Broadcom Ltd.):
3.000%, 1–15–22		500		495
3.625%, 1–15–24		150		149
3.875%, 1–15–27		384		366
Intel Corp.:
3.300%, 10–1–21		295		308
3.734%, 12–8–47		339		396
QUALCOMM, Inc.:
2.600%, 1–30–23		330		338
3.250%, 5–20–27		210		222
4.300%, 5–20–47		260		314
Texas Instruments, Inc.,
4.150%, 5–15–48		250		309
				2,897
Systems Software – 6.4%
Microsoft Corp.:
1.550%, 8–8–21		500		503
2.000%, 8–8–23		150		155
2.875%, 2–6–24		350		373
3.125%, 11–3–25		585		641
2.400%, 8–8–26		280		296
3.300%, 2–6–27 (A)		250		278
4.100%, 2–6–37		450		549
3.750%, 2–12–45		100		121
3.700%, 8–8–46		420		498
3.950%, 8–8–56		300		375
4.500%, 2–6–57		300		414
Oracle Corp.:
1.900%, 9–15–21		175		176

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Systems Software(Continued)
2.500%, 5–15–22	$	300	$	305
2.500%, 10–15–22		350		358
2.625%, 2–15–23		150		154
2.400%, 9–15–23		642		655
3.400%, 7–8–24		154		165
2.950%, 11–15–24		150		158
2.950%, 5–15–25		307		318
2.650%, 7–15–26		530		544
3.250%, 11–15–27		280		288
3.800%, 11–15–37		250		258
				7,582
Technology Hardware, Storage & Peripherals – 4.3%
Apple, Inc.:
2.850%, 5–6–21		222		225
2.850%, 2–23–23 (A)		150		157
2.400%, 5–3–23		400		416
3.000%, 2–9–24		360		381
3.450%, 5–6–24		150		162
2.850%, 5–11–24		300		317
2.500%, 2–9–25		200		214
3.200%, 5–13–25		230		249
3.250%, 2–23–26		150		163
3.350%, 2–9–27 (A)		348		380
3.200%, 5–11–27		200		217
2.900%, 9–12–27		643		687
3.000%, 11–13–27		150		161
3.850%, 5–4–43		150		177
3.450%, 2–9–45		350		395
3.750%, 11–13–47		300		359
Hewlett Packard Enterprise Co.,
6.350%, 10–15–45 (B)		250		291
HP, Inc.,
6.000%, 9–15–41 (A)		150		159
				5,110
Total Information Technology – 17.3%				20,368
Materials
Diversified Chemicals – 0.7%
DowDuPont, Inc.:
4.205%, 11–15–23		562		590
5.419%, 11–15–48		110		121
Eastman Chemical Co.,
4.650%, 10–15–44		150		161
				872
Specialty Chemicals – 0.5%
LYB International Finance II B.V.,
3.500%, 3–2–27		392		383
Sherwin-Williams Co. (The),
3.450%, 6–1–27		200		205
				588
Total Materials – 1.2%				1,460

32 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 BOND INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Real Estate
Specialized REITs – 0.5%
American Tower Corp.,
3.800%, 8–15–29	$	570	$	582
Total Real Estate – 0.5%				582
Utilities
Electric Utilities – 1.5%
Duke Energy Corp.:
2.650%, 9–1–26		246		244
3.750%, 9–1–46		150		144
FirstEnergy Corp.,
3.900%, 7–15–27		200		202
Florida Power & Light Co.,
3.150%, 10–1–49		200		208
MidAmerican Energy Co.,
4.250%, 7–15–49		229		268
Southern California Edison Co.,
4.125%, 3–1–48		250		267

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Electric Utilities(Continued)
Southern Co. (The):
2.950%, 7–1–23	$	300	$	302
4.400%, 7–1–46		100		104
				1,739
Multi-Utilities – 0.5%
Berkshire Hathaway Energy Co.:
6.125%, 4–1–36		160		211
4.450%, 1–15–49		200		231
Sempra Energy,
3.400%,2-1-28		150		150
				592
Total Utilities – 2.0%				2,331
TOTAL CORPORATE DEBT SECURITIES – 97.5%			$	115,039
(Cost: $111,533)

SHORT-TERM SECURITIES	Shares		Value
Money Market Funds (D) – 0.9%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.390% (C)		306	$	306
State Street Institutional U.S. Government Money Market Fund – Premier Class, 0.310%		764		764
				1,070
TOTAL SHORT-TERM SECURITIES – 0.9%			$	1,070
(Cost: $1,070)
TOTAL INVESTMENT SECURITIES – 98.4%			$	116,109
(Cost: $112,603)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.6%				1,876
NET ASSETS – 100.0%			$	117,985

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $3,101 are on loan.

(B) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at March 31, 2020.

(C) Investment made with cash collateral received from securities on loan.

(D) Rate shown is the annualized7-day yield at March 31, 2020.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	—	$	115,039	$	—
Short-Term Securities		1,070		—		—
Total	$	1,070	$	115,039	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 33

PORTFOLIO HIGHLIGHTS IVY PROSHARES S&P 500 DIVIDEND ARISTOCRATS INDEX FUND

ALL DATA IS AS OF MARCH 31, 2020 (UNAUDITED)

Asset Allocation

Stocks	99.7%
Consumer Staples	22.8%
Industrials	20.9%
Materials	12.3%
Health Care	10.5%
Financials	10.3%
Consumer Discretionary	10.0%
Real Estate	3.9%
Utilities	3.4%
Energy	2.5%
Information Technology	1.6%
Communication Services	1.5%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	0.3%

Top 10 Equity Holdings

Company	Sector	Industry
Clorox Co. (The)	Consumer Staples	Household Products
Wal-Mart Stores, Inc.	Consumer Staples	Hypermarkets & Super Centers
Hormel Foods Corp.	Consumer Staples	Packaged Foods & Meats
Colgate-Palmolive Co.	Consumer Staples	Household Products
AbbVie, Inc.	Health Care	Pharmaceuticals
Expeditors International of Washington, Inc.	Industrials	Air Freight & Logistics
Kimberly-Clark Corp.	Consumer Staples	Personal Products
Cardinal Health, Inc.	Health Care	Health Care Services
Johnson & Johnson	Health Care	Pharmaceuticals
Walgreen Co.	Consumer Staples	Drug Retail

See your advisor or www.ivyinvestments.com for more information on the Fund’s most recently published Top 10 Equity Holdings.

+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.

34 SEMIANNUAL REPORT 2020

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 DIVIDEND ARISTOCRATS INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Integrated Telecommunication Services – 1.5%
AT&T, Inc.		171	$	4,997
Total Communication Services – 1.5%				4,997
Consumer Discretionary
Apparel Retail – 1.5%
Ross Stores, Inc.		57		4,959
Apparel, Accessories & Luxury Goods – 1.3%
V.F. Corp.		78		4,223
Distributors – 1.4%
Genuine Parts Co.		67		4,531
General Merchandise Stores – 1.6%
Target Corp.		58		5,367
Home Furnishings – 1.1%
Leggett & Platt, Inc.		130		3,461
Home Improvement Retail – 1.5%
Lowe’s Co., Inc.		55		4,724
Restaurants – 1.6%
McDonalds Corp.		31		5,166
Total Consumer Discretionary – 10.0%				32,431
Consumer Staples
Agricultural Products – 1.6%
Archer Daniels Midland Co.		149		5,241
Distillers & Vintners – 1.6%
Brown-Forman Corp., Class B		92		5,104
Drug Retail – 1.8%
Walgreen Co.		127		5,803
Food Distributors – 2.8%
McCormick & Co., Inc.		38		5,398
Sysco Corp.		80		3,645
				9,043
Household Products – 5.9%
Clorox Co. (The)		42		7,225
Colgate-Palmolive Co.		94		6,230
Procter & Gamble Co. (The)		53		5,802
				19,257
Hypermarkets & Super Centers – 2.0%
Wal-Mart Stores, Inc.		58		6,557
Packaged Foods & Meats – 2.0%
Hormel Foods Corp.		140		6,518
Personal Products – 1.8%
Kimberly-Clark Corp.		46		5,885

COMMON STOCKS(Continued)	Shares		Value
Soft Drinks – 3.3%
Coca-Cola Co. (The)		114	$	5,064
PepsiCo, Inc.		46		5,546
				10,610
Total Consumer Staples – 22.8%				74,018
Energy
Integrated Oil & Gas – 1.3%
Chevron Corp.		59		4,276
Oil & Gas Exploration & Production – 1.2%
Exxon Mobil Corp.		100		3,779
Total Energy – 2.5%				8,055
Financials
Asset Management & Custody Banks – 2.9%
Franklin Resources, Inc.		261		4,361
T. Rowe Price Group, Inc.		50		4,913
				9,274
Financial Exchanges & Data – 1.7%
S&P Global, Inc.		22		5,486
Life & Health Insurance – 1.3%
Aflac, Inc.		126		4,314
Property & Casualty Insurance – 3.0%
Chubb Ltd.		43		4,850
Cincinnati Financial Corp.		62		4,697
				9,547
Regional Banks – 1.4%
People’s United Financial, Inc.		416		4,602
Total Financials – 10.3%				33,223
Health Care
Health Care Equipment – 3.2%
Becton Dickinson & Co.		24		5,451
Medtronic plc		55		4,991
				10,442
Health Care Services – 1.8%
Cardinal Health, Inc.		123		5,879
Health Care Supplies – 1.8%
Abbott Laboratories		73		5,762
Pharmaceuticals – 3.7%
AbbVie, Inc.		79		6,020
Johnson & Johnson		45		5,835
				11,855
Total Health Care – 10.5%				33,938

COMMON STOCKS(Continued)	Shares		Value
Industrials
Aerospace & Defense – 2.7%
General Dynamics Corp.		36	$	4,719
United Technologies Corp.		43		4,064
				8,783
Air Freight & Logistics – 1.8%
Expeditors International of Washington, Inc.		89		5,924
Building Products – 1.7%
A. O. Smith Corp.		145		5,493
Construction Machinery & Heavy Trucks – 1.7%
Caterpillar, Inc.		47		5,456
Diversified Support Services – 1.3%
Cintas Corp.		23		4,034
Electrical Components & Equipment – 3.0%
Emerson Electric Co.		86		4,100
Roper Industries, Inc.		18		5,462
				9,562
Industrial Conglomerates – 1.6%
3M Co.		37		5,058
Industrial Machinery – 5.6%
Dover Corp.		56		4,731
Illinois Tool Works, Inc.		37		5,320
Pentair, Inc.		143		4,252
Stanley Black & Decker, Inc.		40		3,965
				18,268
Trading Companies & Distributors – 1.5%
W.W. Grainger, Inc.		20		4,986
Total Industrials – 20.9%				67,564
Information Technology
Data Processing & Outsourced Services – 1.6%
Automatic Data Processing, Inc.		37		5,091
Total Information Technology – 1.6%				5,091
Materials
Industrial Gases – 3.3%
Air Products and Chemicals, Inc.		27		5,401
Linde plc		31		5,438
				10,839
Paper Packaging – 1.6%
Amcor plc		629		5,109
Specialty Chemicals – 5.9%
Albemarle Corp.(A)		81		4,583
Ecolab, Inc.		33		5,195
PPG Industries, Inc.		52		4,386

2020 SEMIANNUAL REPORT 35

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 DIVIDEND ARISTOCRATS INDEX FUND (in thousands)

MARCH 31, 2020 (UNAUDITED)

COMMON STOCKS(Continued)	Shares		Value
Specialty Chemicals(Continued)
Sherwin-Williams Co. (The)		11	$	5,099
				19,263
Steel – 1.5%
Nucor Corp.		131		4,724
Total Materials – 12.3%				39,935
Real Estate
Residential REITs – 1.4%
Essex Property Trust, Inc.		21		4,698
Retail REITs – 2.5%
Federal Realty Investment Trust		51		3,793
Realty Income Corp.		86		4,267
				8,060
Total Real Estate – 3.9%				12,758

COMMON STOCKS(Continued)	Shares		Value
Utilities
Gas Utilities – 1.7%
Atmos Energy Corp.		56	$	5,580
Multi-Utilities – 1.7%
Consolidated Edison, Inc.		71		5,500
Total Utilities – 3.4%				11,080
TOTAL COMMON STOCKS – 99.7%			$	323,090
(Cost: $348,217)
SHORT-TERM SECURITIES
Money Market Funds (C) – 0.4%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.390% (B)		1,004		1,004

SHORT-TERM SECURITIES (Continued)	Shares		Value
Money Market Funds (C)(Continued)
State Street Institutional U.S. Government Money Market Fund – Premier Class, 0.310%		156	$	155
				1,159
TOTAL SHORT-TERM SECURITIES – 0.4%			$	1,159
(Cost: $1,159)
TOTAL INVESTMENT SECURITIES – 100.1%			$	324,249
(Cost: $349,376)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1)%				(213	)
NET ASSETS – 100.0%			$	324,036

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $983 are on loan.

(B) Investment made with cash collateral received from securities on loan.

(C) Rate shown is the annualized7-day yield at March 31, 2020.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2020. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	323,090	$	—	$	—
Short-Term Securities		1,159		—		—
Total	$	324,249	$	—	$	—

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trusts

See Accompanying Notes to Financial Statements.

36 SEMIANNUAL REPORT 2020

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF MARCH 31, 2020 (UNAUDITED)

(In thousands, except per share amounts)	Ivy ProShares Interest Rate Hedged High Yield Index Fund			Ivy ProShares MSCI ACWI Index Fund			Ivy ProShares Russell 2000 Dividend Growers Index Fund			Ivy ProShares S&P 500 Bond Index Fund			Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
ASSETS
Investments in unaffiliated securities at value+^	$	41,354		$	95,213		$	93,547		$	116,109		$	324,249
Investments at Value		41,354			95,213			93,547			116,109			324,249
Cash denominated in foreign currencies at value+		—			134			—			—			—
Restricted cash		403			—			—			—			—
Investment securities sold receivable		—			1,894			—			3,704			—
Dividends and interest receivable		858			282			218			1,014			787
Capital shares sold receivable		32			92			79			344			261
Receivable from affiliates		130			192			82			111			249
Receivable from securities lending income – net		—			1			1			1			3
Variation margin receivable		26			—			—			—			—
Prepaid and other assets		59			61			61			63			72
Total Assets		42,862			97,869			93,988			121,346			325,621
LIABILITIES
Cash collateral on securities loaned at value		—			745			3,507			306			1,004
Investment securities purchased payable		—			1,702			—			2,760			—
Capital shares redeemed payable		52			88			64			222			380
Independent Trustees and Chief Compliance Officer fees payable		1			2			2			2			7
Overdraft due to custodian		—			373			130			—			—
Distribution and service fees payable		—	*		—	*		—	*		—	*		—	*
Shareholder servicing payable		8			11			15			19			46
Investment management fee payable		1			1			1			1			3
Accounting services fee payable		4			5			5			5			10
Variation margin payable		—	*		—			—			—			—
Other liabilities		14			25			26			46			135
Total Liabilities		80			2,952			3,750			3,361			1,585
Total Net Assets	$	42,782		$	94,917		$	90,238		$	117,985		$	324,036
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	52,943		$	103,729		$	106,874		$	113,210		$	348,460
Accumulated earnings gain (loss)		(10,161	)		(8,812	)		(16,636	)		4,775			(24,424	)
Total Net Assets	$	42,782		$	94,917		$	90,238		$	117,985		$	324,036
CAPITAL SHARES OUTSTANDING:
Class A		326			1,464			163			369			253
Class E		125			137			106			147			195
Class I		4,608			4,440			7,593			10,744			24,694
Class N		100			3,289			2,597			100			6,925
Class R		103			199			80			104			87
NET ASSET VALUE PER SHARE:
Class A		$8.13			$9.96			$8.56			$10.29			$10.08
Class E		$8.13			$9.96			$8.56			$10.29			$10.08
Class I		$8.13			$9.96			$8.56			$10.29			$10.08
Class N		$8.15			$9.96			$8.56			$10.29			$10.08
Class R		$8.13			$9.96			$8.56			$10.29			$10.07
+COST
Investments in unaffiliated securities at cost	$	45,401		$	101,435		$	104,190		$	112,603		$	349,376
Cash denominated in foreign currencies at cost		—			136			—			—			—
^Securities loaned at value		—			1,004			4,537			3,101			983

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 37

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED MARCH 31, 2020 (UNAUDITED)

(In thousands)	Ivy ProShares Interest Rate Hedged High Yield Index Fund			Ivy ProShares MSCI ACWI Index Fund			Ivy ProShares Russell 2000 Dividend Growers Index Fund			Ivy ProShares S&P 500 Bond Index Fund			Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	—		$	1,232		$	1,683		$	—		$	5,141
Foreign dividend withholding tax		—			(54	)		—			—			—
Interest and amortization from unaffiliated securities		1,700			1			1			2,247			3
Securities lending income – net		—			2			4			1			8
Total Investment Income		1,700			1,181			1,688			2,248			5,152
EXPENSES
Investment management fee		136			262			250			137			692
Distribution and service fees:
Class A		4			22			3			5			3
Class E		2			2			1			2			3
Class R		2			6			2			3			3
Shareholder servicing:
Class A		1			10			2			1			2
Class E		—	*		1			1			—	*		2
Class I		41			45			83			107			253
Class N		—	*		2			1			—	*		4
Class R		1			3			1			1			1
Registration fees		31			31			33			34			45
Custodian fees		2			23			7			2			6
Independent Trustees and Chief Compliance Officer fees		3			18			4			10			11
Accounting services fee		22			32			33			33			65
Professional fees		43			48			32			36			34
Third-party valuation service fees		—			57			—			—			—
Listing, data and related fees		17			15			25			11			95
Other		10			24			12			13			29
Total Expenses		315			601			490			395			1,248
Less:
Expenses in excess of limit		(129	)		(192	)		(82	)		(111	)		(249	)
Total Net Expenses		186			409			408			284			999
Net Investment Income		1,514			772			1,280			1,964			4,153
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		(981	)		(435	)		(3,330	)		1,934			5,293
Futures contracts		(834	)		—			—			—			—
Foreign currency exchange transactions		—			(6	)		—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(4,275	)		(16,340	)		(21,607	)		(3,922	)		(84,040	)
Futures contracts		(970	)		—			—			—			—
Foreign currency exchange transactions		—			(2	)		—			—			—
Net Realized and Unrealized Loss		(7,060	)		(16,783	)		(24,937	)		(1,988	)		(78,747	)
Net Decrease in Net Assets Resulting from Operations	$	(5,546	)	$	(16,011	)	$	(23,657	)	$	(24	)	$	(74,594	)

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

38 SEMIANNUAL REPORT 2020

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy ProShares Interest Rate Hedged High Yield Index Fund						Ivy ProShares MSCI ACWI Index Fund						Ivy ProShares Russell 2000 Dividend Growers Index Fund
(In thousands)	Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19			Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19			Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,514		$	3,398		$	772		$	1,934		$	1,280		$	2,612
Net realized loss on investments		(1,815	)		(3,474	)		(441	)		(2,160	)		(3,330	)		(2,214	)
Net change in unrealized appreciation (depreciation)		(5,245	)		661			(16,342	)		1,987			(21,607	)		3,029
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,546	)		585			(16,011	)		1,761			(23,657	)		3,427
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(92	)		(196	)		(182	)		(211	)		(22	)		(43	)
Class E		(38	)		(69	)		(18	)		(22	)		(14	)		(24	)
Class I		(1,558	)		(3,397	)		(633	)		(864	)		(1,179	)		(2,434	)
Class N		(30	)		(63	)		(465	)		(604	)		(325	)		(783	)
Class R		(27	)		(59	)		(19	)		(22	)		(8	)		(15	)
Total Distributions to Shareholders		(1,745	)		(3,784	)		(1,317	)		(1,723	)		(1,548	)		(3,299	)
Capital Share Transactions		(10,201	)		17,734			(126	)		9,382			(14,710	)		(6,271	)
Net Increase (Decrease) in Net Assets		(17,492	)		14,535			(17,454	)		9,420			(39,915	)		(6,143	)
Net Assets, Beginning of Period		60,274			45,739			112,371			102,951			130,153			136,296
Net Assets, End of Period	$	42,782		$	60,274		$	94,917		$	112,371		$	90,238		$	130,153

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 39

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy ProShares S&P 500 Bond Index Fund						Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
(In thousands)	Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19			Six months ended 3-31-20 (Unaudited)			Year ended 9-30-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,964		$	3,317		$	4,153		$	7,762
Net realized gain on investments		1,934			482			5,293			3,214
Net change in unrealized appreciation (depreciation)		(3,922	)		9,762			(84,040	)		24,013
Net Increase (Decrease) in Net Assets Resulting from Operations		(24	)		13,561			(74,594	)		34,989
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(53	)		(91	)		(59	)		(61	)
Class E		(22	)		(37	)		(52	)		(51	)
Class I		(1,988	)		(3,111	)		(7,030	)		(9,112	)
Class N		(16	)		(32	)		(1,858	)		(2,706	)
Class R		(12	)		(25	)		(21	)		(23	)
Total Distributions to Shareholders		(2,091	)		(3,296	)		(9,020	)		(11,953	)
Capital Share Transactions		(16,988	)		50,761			14,687			(9,356	)
Net Increase (Decrease) in Net Assets		(19,103	)		61,026			(68,927	)		13,680
Net Assets, Beginning of Period		137,088			76,062			392,963			379,283
Net Assets, End of Period	$	117,985		$	137,088		$	324,036		$	392,963

See Accompanying Notes to Financial Statements.

40 SEMIANNUAL REPORT 2020

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2020 SEMIANNUAL REPORT 41

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	9.44	$	0.25	$	(1.27	)	$	(1.02	)	$	(0.29	)	$	—		$	(0.29	)
Year ended9-30-2019		10.05		0.54		(0.54	)		0.00	*		(0.51	)		(0.10	)		(0.61	)
Year ended9-30-2018		10.07		0.50		0.01			0.51			(0.48	)		(0.05	)		(0.53	)
Year ended9-30-2017(5)		10.00		0.20		0.01			0.21			(0.14	)		—			(0.14	)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		9.44		0.25		(1.27	)		(1.02	)		(0.29	)		—			(0.29	)
Year ended9-30-2019		10.05		0.54		(0.54	)		0.00	*		(0.51	)		(0.10	)		(0.61	)
Year ended9-30-2018		10.07		0.50		0.01			0.51			(0.48	)		(0.05	)		(0.53	)
Year ended9-30-2017(5)		10.00		0.20		0.01			0.21			(0.14	)		—			(0.14	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		9.44		0.26		(1.27	)		(1.01	)		(0.30	)		—			(0.30	)
Year ended9-30-2019		10.05		0.56		(0.54	)		0.02			(0.53	)		(0.10	)		(0.63	)
Year ended9-30-2018		10.07		0.53		0.00	*		0.53			(0.50	)		(0.05	)		(0.55	)
Year ended9-30-2017(5)		10.00		0.22		0.00	*		0.22			(0.15	)		—			(0.15	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		9.45		0.26		(1.26	)		(1.00	)		(0.30	)		—			(0.30	)
Year ended9-30-2019		10.05		0.56		(0.53	)		0.03			(0.53	)		(0.10	)		(0.63	)
Year ended9-30-2018		10.07		0.53		0.00	*		0.53			(0.50	)		(0.05	)		(0.55	)
Year ended9-30-2017(5)		10.00		0.21		0.01			0.22			(0.15	)		—			(0.15	)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		9.44		0.23		(1.28	)		(1.05	)		(0.26	)		—			(0.26	)
Year ended9-30-2019		10.05		0.49		(0.54	)		(0.05	)		(0.46	)		(0.10	)		(0.56	)
Year ended9-30-2018		10.07		0.46		0.00	*		0.46			(0.43	)		(0.05	)		(0.48	)
Year ended9-30-2017(5)		10.00		0.18		0.01			0.19			(0.12	)		—			(0.12	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from April 20, 2017 (commencement of operations of the class) through September 30, 2017.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2017.

    .

42 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	8.13		-11.18	%	$	3		0.90	%(4)		5.38	%(4)		1.25	%(4)		5.03	%(4)		16	%
Year ended9-30-2019		9.44		0.15			3		0.90			5.60			1.16			5.34			50
Year ended9-30-2018		10.05		5.21			3		0.90			5.04			1.30			4.64			33
Year ended9-30-2017(5)		10.07		2.15			3		0.90	(4)		4.51	(4)		1.00	(4)		4.41	(4)		27	(6)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		8.13		-11.18			1		0.90	(4)		5.39	(4)		1.30	(4)		4.99	(4)		16
Year ended9-30-2019		9.44		0.15			1		0.90			5.60			1.19			5.31			50
Year ended9-30-2018		10.05		5.21			1		0.90			5.04			1.26			4.68			33
Year ended9-30-2017(5)		10.07		2.15			1		0.90	(4)		4.51	(4)		0.98	(4)		4.43	(4)		27	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		8.13		-11.06			37		0.65	(4)		5.61	(4)		1.14	(4)		5.12	(4)		16
Year ended9-30-2019		9.44		0.39			54		0.65			5.85			1.05			5.45			50
Year ended9-30-2018		10.05		5.48			40		0.65			5.31			1.17			4.79			33
Year ended9-30-2017(5)		10.07		2.24			15		0.65	(4)		4.86	(4)		0.89	(4)		4.62	(4)		27	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		8.15		-10.94			1		0.65	(4)		5.63	(4)		0.98	(4)		5.30	(4)		16
Year ended9-30-2019		9.45		0.50			1		0.65			5.85			0.89			5.61			50
Year ended9-30-2018		10.05		5.48			1		0.65			5.29			1.00			4.94			33
Year ended9-30-2017(5)		10.07		2.24			1		0.65	(4)		4.76	(4)		0.74	(4)		4.67	(4)		27	(6)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		8.13		-11.42			1		1.43	(4)		4.86	(4)		1.75	(4)		4.54	(4)		16
Year ended9-30-2019		9.44		-0.33			1		1.39			5.11			1.62			4.88			50
Year ended9-30-2018		10.05		4.70			1		1.37			4.57			1.71			4.23			33
Year ended9-30-2017(5)		10.07		1.95			1		1.37	(4)		4.04	(4)		1.46	(4)		3.95	(4)		27	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 43

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY PROSHARES MSCI ACWI INDEX FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	11.77	$	0.07	$	(1.75	)	$	(1.68	)	$	(0.13	)	$	—		$	(0.13	)
Year ended9-30-2019		11.81		0.19		(0.06	)		0.13			(0.17	)		—			(0.17	)
Year ended9-30-2018		10.92		0.17		0.84			1.01			(0.12	)		—	*		(0.12	)
Year ended9-30-2017(5)		10.00		0.09		0.86			0.95			(0.03	)		—			(0.03	)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		11.77		0.08		(1.75	)		(1.67	)		(0.14	)		—			(0.14	)
Year ended9-30-2019		11.81		0.21		(0.07	)		0.14			(0.18	)		—			(0.18	)
Year ended9-30-2018		10.92		0.19		0.84			1.03			(0.14	)		—	*		(0.14	)
Year ended9-30-2017(5)		10.00		0.09		0.87			0.96			(0.04	)		—			(0.04	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		11.77		0.08		(1.75	)		(1.67	)		(0.14	)		—			(0.14	)
Year ended9-30-2019		11.81		0.22		(0.07	)		0.15			(0.19	)		—			(0.19	)
Year ended9-30-2018		10.92		0.20		0.84			1.04			(0.15	)		—	*		(0.15	)
Year ended9-30-2017(5)		10.00		0.09		0.87			0.96			(0.04	)		—			(0.04	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		11.77		0.08		(1.75	)		(1.67	)		(0.14	)		—			(0.14	)
Year ended9-30-2019		11.82		0.22		(0.08	)		0.14			(0.19	)		—			(0.19	)
Year ended9-30-2018		10.92		0.20		0.85			1.05			(0.15	)		—	*		(0.15	)
Year ended9-30-2017(5)		10.00		0.10		0.86			0.96			(0.04	)		—			(0.04	)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		11.76		0.04		(1.75	)		(1.71	)		(0.09	)		—			(0.09	)
Year ended9-30-2019		11.81		0.13		(0.07	)		0.06			(0.11	)		—			(0.11	)
Year ended9-30-2018		10.91		0.11		0.85			0.96			(0.06	)		—	*		(0.06	)
Year ended9-30-2017(5)		10.00		0.06		0.86			0.92			(0.01	)		—			(0.01	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from April 20, 2017 (commencement of operations of the class) through September 30, 2017.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2017.

    .

44 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	9.96		-14.48	%	$	15		0.90	%(4)		1.12	%(4)		1.24	%(4)		0.78	%(4)		9	%
Year ended9-30-2019		11.77		1.14			16		0.90			1.66			1.28			1.28			28
Year ended9-30-2018		11.81		9.27			14		0.90			1.48			1.24			1.14			39
Year ended9-30-2017(5)		10.92		9.50			10		0.90	(4)		1.79	(4)		1.31	(4)		1.38	(4)		51	(6)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		9.96		-14.39			1		0.71	(4)		1.33	(4)		1.23	(4)		0.81	(4)		9
Year ended9-30-2019		11.77		1.21			2		0.74			1.82			1.26			1.30			28
Year ended9-30-2018		11.81		9.53			1		0.75			1.61			1.18			1.18			39
Year ended9-30-2017(5)		10.92		9.56			1		0.75	(4)		1.95	(4)		1.28	(4)		1.42	(4)		51	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		9.96		-14.37			44		0.65	(4)		1.38	(4)		1.05	(4)		0.98	(4)		9
Year ended9-30-2019		11.77		1.31			52		0.65			1.90			1.11			1.44			28
Year ended9-30-2018		11.81		9.64			51		0.65			1.76			1.09			1.32			39
Year ended9-30-2017(5)		10.92		9.60			26		0.65	(4)		1.95	(4)		1.18	(4)		1.42	(4)		51	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		9.96		-14.37			33		0.65	(4)		1.38	(4)		0.89	(4)		1.14	(4)		9
Year ended9-30-2019		11.77		1.31			40		0.65			1.93			0.93			1.65			28
Year ended9-30-2018		11.82		9.64			35		0.65			1.73			0.93			1.45			39
Year ended9-30-2017(5)		10.92		9.60			16		0.65	(4)		2.16	(4)		1.04	(4)		1.77	(4)		51	(6)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		9.96		-14.66			2		1.40	(4)		0.61	(4)		1.63	(4)		0.38	(4)		9
Year ended9-30-2019		11.76		0.56			2		1.40			1.15			1.67			0.88			28
Year ended9-30-2018		11.81		8.84			2		1.40			0.94			1.67			0.67			39
Year ended9-30-2017(5)		10.91		9.20			2		1.39	(4)		1.31	(4)		1.77	(4)		0.93	(4)		51	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 45

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY PROSHARES RUSSELL 2000 DIVIDEND GROWERS INDEX FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	10.97	$	0.10	$	(2.39	)	$	(2.29	)	$	(0.12	)	$	—		$	(0.12	)
Year ended9-30-2019		10.97		0.19		0.06			0.25			(0.18	)		(0.07	)		(0.25	)
Year ended9-30-2018		10.44		0.16		0.51			0.67			(0.14	)		—	*		(0.14	)
Year ended9-30-2017(5)		10.00		0.07		0.39			0.46			(0.02	)		—			(0.02	)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		10.97		0.11		(2.39	)		(2.28	)		(0.13	)		—			(0.13	)
Year ended9-30-2019		10.97		0.21		0.05			0.26			(0.19	)		(0.07	)		(0.26	)
Year ended9-30-2018		10.44		0.17		0.51			0.68			(0.15	)		—	*		(0.15	)
Year ended9-30-2017(5)		10.00		0.07		0.39			0.46			(0.02	)		—			(0.02	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		10.98		0.11		(2.39	)		(2.28	)		(0.14	)		—			(0.14	)
Year ended9-30-2019		10.97		0.22		0.06			0.28			(0.20	)		(0.07	)		(0.27	)
Year ended9-30-2018		10.44		0.19		0.51			0.70			(0.17	)		—	*		(0.17	)
Year ended9-30-2017(5)		10.00		0.09		0.37			0.46			(0.02	)		—			(0.02	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		10.98		0.11		(2.39	)		(2.28	)		(0.14	)		—			(0.14	)
Year ended9-30-2019		10.97		0.22		0.06			0.28			(0.20	)		(0.07	)		(0.27	)
Year ended9-30-2018		10.44		0.20		0.50			0.70			(0.17	)		—	*		(0.17	)
Year ended9-30-2017(5)		10.00		0.09		0.37			0.46			(0.02	)		—			(0.02	)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		10.97		0.07		(2.38	)		(2.31	)		(0.10	)		—			(0.10	)
Year ended9-30-2019		10.96		0.14		0.06			0.20			(0.12	)		(0.07	)		(0.19	)
Year ended9-30-2018		10.43		0.11		0.51			0.62			(0.09	)		—	*		(0.09	)
Year ended9-30-2017(5)		10.00		0.05		0.38			0.43			—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from April 20, 2017 (commencement of operations of the class) through September 30, 2017.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2017.

    .

46 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	8.56		-21.03	%	$	1		0.89	%(4)		1.81	%(4)		1.08	%(4)		1.62	%(4)		18	%
Year ended9-30-2019		10.97		2.31			2		0.90			1.72			1.12			1.50			30
Year ended9-30-2018		10.97		6.52			1		0.90			1.55			0.91			1.54			36
Year ended9-30-2017(5)		10.44		4.55			1		0.90	(4)		1.48	(4)		1.05	(4)		1.33	(4)		12	(6)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		8.56		-20.94			1		0.72	(4)		1.99	(4)		1.01	(4)		1.70	(4)		18
Year ended9-30-2019		10.97		2.48			1		0.73			1.93			0.96			1.70			30
Year ended9-30-2018		10.97		6.63			1		0.79			1.67			0.91			1.54			36
Year ended9-30-2017(5)		10.44		4.60			1		0.80	(4)		1.59	(4)		1.03	(4)		1.36	(4)		12	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		8.56		-20.98			65		0.65	(4)		2.04	(4)		0.81	(4)		1.88	(4)		18
Year ended9-30-2019		10.98		2.66			99		0.65			2.00			0.81			1.84			30
Year ended9-30-2018		10.97		6.79			97		0.65			1.82			0.83			1.64			36
Year ended9-30-2017(5)		10.44		4.65			33		0.65	(4)		1.98	(4)		0.94	(4)		1.69	(4)		12	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		8.56		-20.97			22		0.61	(4)		2.11	(4)		0.64	(4)		2.08	(4)		18
Year ended9-30-2019		10.98		2.66			27		0.64			2.00			—			—			30
Year ended9-30-2018		10.97		6.79			36		0.65			1.93			0.66			1.92			36
Year ended9-30-2017(5)		10.44		4.65			3		0.65	(4)		2.08	(4)		0.79	(4)		1.94	(4)		12	(6)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		8.56		-21.22			1		1.35	(4)		1.36	(4)		1.38	(4)		1.33	(4)		18
Year ended9-30-2019		10.97		1.81			1		1.37			1.30			—			—			30
Year ended9-30-2018		10.96		6.05			1		1.40			1.05			1.40			1.05			36
Year ended9-30-2017(5)		10.43		4.30			1		1.39	(4)		0.98	(4)		1.52	(4)		0.85	(4)		12	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 47

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY PROSHARES S&P 500 BOND INDEX FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	10.50	$	0.14	$	(0.20	)	$	(0.06	)	$	(0.15	)	$	—		$	(0.15	)
Year ended9-30-2019		9.62		0.29		0.88			1.17			(0.29	)		—			(0.29	)
Year ended9-30-2018		10.09		0.27		(0.50	)		(0.23	)		(0.24	)		—	*		(0.24	)
Year ended9-30-2017(5)		10.00		0.11		0.06			0.17			(0.08	)		—			(0.08	)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		10.50		0.14		(0.20	)		(0.06	)		(0.15	)		—			(0.15	)
Year ended9-30-2019		9.62		0.29		0.89			1.18			(0.30	)		—			(0.30	)
Year ended9-30-2018		10.09		0.27		(0.49	)		(0.22	)		(0.25	)		—	*		(0.25	)
Year ended9-30-2017(5)		10.00		0.11		0.06			0.17			(0.08	)		—			(0.08	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		10.50		0.15		(0.20	)		(0.05	)		(0.16	)		—			(0.16	)
Year ended9-30-2019		9.62		0.31		0.89			1.20			(0.32	)		—			(0.32	)
Year ended9-30-2018		10.10		0.30		(0.51	)		(0.21	)		(0.27	)		—	*		(0.27	)
Year ended9-30-2017(5)		10.00		0.12		0.07			0.19			(0.09	)		—			(0.09	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		10.50		0.15		(0.20	)		(0.05	)		(0.16	)		—			(0.16	)
Year ended9-30-2019		9.62		0.31		0.89			1.20			(0.32	)		—			(0.32	)
Year ended9-30-2018		10.10		0.29		(0.50	)		(0.21	)		(0.27	)		—	*		(0.27	)
Year ended9-30-2017(5)		10.00		0.11		0.08			0.19			(0.09	)		—			(0.09	)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		10.50		0.11		(0.20	)		(0.09	)		(0.12	)		—			(0.12	)
Year ended9-30-2019		9.62		0.24		0.89			1.13			(0.25	)		—			(0.25	)
Year ended9-30-2018		10.09		0.22		(0.50	)		(0.28	)		(0.19	)		—	*		(0.19	)
Year ended9-30-2017(5)		10.00		0.08		0.07			0.15			(0.06	)		—			(0.06	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from April 20, 2017 (commencement of operations of the class) through September 30, 2017.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2017.

    .

48 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	10.29		-0.62	%	$	3		0.65	%(4)		2.64	%(4)		0.70	%(4)		2.59	%(4)		22	%
Year ended9-30-2019		10.50		12.46			4		0.65			2.92			0.69			2.88			33
Year ended9-30-2018		9.62		-2.26			3		0.65			2.73			0.70			2.68			79
Year ended9-30-2017(5)		10.09		1.69			3		0.65	(4)		2.34	(4)		—			—			45	(6)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		10.29		-0.59			2		0.60	(4)		2.70	(4)		0.72	(4)		2.58	(4)		22
Year ended9-30-2019		10.50		12.52			1		0.60			2.98			0.72			2.86			33
Year ended9-30-2018		9.62		-2.22			1		0.60			2.79			0.69			2.70			79
Year ended9-30-2017(5)		10.09		1.71			1		0.60	(4)		2.39	(4)		0.64	(4)		2.35	(4)		45	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		10.29		-0.49			111		0.40	(4)		2.89	(4)		0.57	(4)		2.72	(4)		22
Year ended9-30-2019		10.50		12.74			130		0.40			3.17			0.61			2.96			33
Year ended9-30-2018		9.62		-2.02			70		0.40			3.02			0.60			2.82			79
Year ended9-30-2017(5)		10.10		1.78			34		0.40	(4)		2.65	(4)		0.54	(4)		2.51	(4)		45	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		10.29		-0.49			1		0.40	(4)		2.89	(4)		0.41	(4)		2.88	(4)		22
Year ended9-30-2019		10.50		12.74			1		0.40			3.18			0.44			3.14			33
Year ended9-30-2018		9.62		-2.11			1		0.40			2.95			0.45			2.90			79
Year ended9-30-2017(5)		10.10		1.88			17		0.34	(4)		2.62	(4)		—			—			45	(6)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		10.29		-0.88			1		1.15	(4)		2.14	(4)		—			—			22
Year ended9-30-2019		10.50		11.91			1		1.15			2.43			1.18			2.40			33
Year ended9-30-2018		9.62		-2.76			1		1.15			2.23			1.19			2.19			79
Year ended9-30-2017(5)		10.09		1.50			1		1.13	(4)		1.85	(4)		—			—			45	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 49

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY PROSHARES S&P 500 DIVIDEND ARISTOCRATS INDEX FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	12.66	$	0.12	$	(2.43	)	$	(2.31	)	$	(0.12	)	$	(0.15	)	$	(0.27	)
Year ended9-30-2019		11.96		0.21		0.83			1.04			(0.22	)		(0.12	)		(0.34	)
Year ended9-30-2018		10.62		0.21		1.30			1.51			(0.17	)		—	*		(0.17	)
Year ended9-30-2017(5)		10.00		0.08		0.56			0.64			(0.02	)		—			(0.02	)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		12.67		0.13		(2.44	)		(2.31	)		(0.13	)		(0.15	)		(0.28	)
Year ended9-30-2019		11.96		0.22		0.84			1.06			(0.23	)		(0.12	)		(0.35	)
Year ended9-30-2018		10.62		0.21		1.30			1.51			(0.17	)		—	*		(0.17	)
Year ended9-30-2017(5)		10.00		0.08		0.56			0.64			(0.02	)		—			(0.02	)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		12.67		0.13		(2.43	)		(2.30	)		(0.14	)		(0.15	)		(0.29	)
Year ended9-30-2019		11.96		0.24		0.84			1.08			(0.25	)		(0.12	)		(0.37	)
Year ended9-30-2018		10.62		0.24		1.30			1.54			(0.20	)		—	*		(0.20	)
Year ended9-30-2017(5)		10.00		0.09		0.56			0.65			(0.03	)		—			(0.03	)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		12.67		0.13		(2.43	)		(2.30	)		(0.14	)		(0.15	)		(0.29	)
Year ended9-30-2019		11.96		0.24		0.84			1.08			(0.25	)		(0.12	)		(0.37	)
Year ended9-30-2018		10.62		0.25		1.29			1.54			(0.20	)		—	*		(0.20	)
Year ended9-30-2017(5)		10.00		0.09		0.56			0.65			(0.03	)		—			(0.03	)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		12.65		0.09		(2.43	)		(2.34	)		(0.09	)		(0.15	)		(0.24	)
Year ended9-30-2019		11.95		0.15		0.83			0.98			(0.16	)		(0.12	)		(0.28	)
Year ended9-30-2018		10.62		0.15		1.29			1.44			(0.11	)		—	*		(0.11	)
Year ended9-30-2017(5)		10.00		0.05		0.57			0.62			—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

(2) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

(3) Ratios excluding expense waivers are included only for periods in which the class had waived or reimbursed expenses.

(4) Annualized.

(5) For the period from April 20, 2017 (commencement of operations of the class) through September 30, 2017.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2017.

    .

50 SEMIANNUAL REPORT 2020

	Net Asset Value, End of Period		Total Return(2)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended3-31-2020 (unaudited)	$	10.08		-18.63	%	$	2		0.75	%(4)		1.88	%(4)		0.87	%(4)		1.76	%(4)		19	%
Year ended9-30-2019		12.66		9.04			3		0.75			1.79			0.89			1.65			28
Year ended9-30-2018		11.96		14.29			2		0.75			1.87			0.81			1.81			27
Year ended9-30-2017(5)		10.62		6.39			1		0.75	(4)		1.63	(4)		0.86	(4)		1.52	(4)		4	(6)
Class E Shares
Six-month period ended3-31-2020 (unaudited)		10.08		-18.64			2		0.61	(4)		2.00	(4)		0.95	(4)		1.66	(4)		19
Year ended9-30-2019		12.67		9.14			2		0.73			1.82			0.94			1.61			28
Year ended9-30-2018		11.96		14.29			1		0.75			1.87			0.76			1.86			27
Year ended9-30-2017(5)		10.62		6.39			1		0.75	(4)		1.64	(4)		0.81	(4)		1.58	(4)		4	(6)
Class I Shares
Six-month period ended3-31-2020 (unaudited)		10.08		-18.58			249		0.50	(4)		2.11	(4)		0.66	(4)		1.95	(4)		19
Year ended9-30-2019		12.67		9.39			301		0.50			2.04			0.69			1.85			28
Year ended9-30-2018		11.96		14.56			282		0.50			2.14			0.65			1.99			27
Year ended9-30-2017(5)		10.62		6.49			87		0.50	(4)		1.97	(4)		0.72	(4)		1.75	(4)		4	(6)
Class N Shares
Six-month period ended3-31-2020 (unaudited)		10.08		-18.58			70		0.50	(4)		2.11	(4)		0.50	(4)		2.11	(4)		19
Year ended9-30-2019		12.67		9.40			86		0.50			2.03			0.53			2.00			28
Year ended9-30-2018		11.96		14.56			93		0.49			2.17			—			—			27
Year ended9-30-2017(5)		10.62		6.49			3		0.50	(4)		1.89	(4)		0.57	(4)		1.82	(4)		4	(6)
Class R Shares
Six-month period ended3-31-2020 (unaudited)		10.07		-18.87			1		1.22	(4)		1.39	(4)		—			—			19
Year ended9-30-2019		12.65		8.50			1		1.26			1.28			1.28			1.26			28
Year ended9-30-2018		11.95		13.61			1		1.26			1.35			—			—			27
Year ended9-30-2017(5)		10.62		6.20			1		1.29	(4)		1.09	(4)		1.35	(4)		1.03	(4)		4	(6)

See Accompanying Notes to Financial Statements.

2020 SEMIANNUAL REPORT 51

NOTES TO FINANCIAL STATEMENTS IVY FUNDS

MARCH 31, 2020 (UNAUDITED)

1. ORGANIZATION

Ivy Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. Ivy ProShares Interest Rate Hedged High Yield Index Fund, Ivy ProShares MSCI ACWI Index Fund, Ivy ProShares Russell 2000 Dividend Growers Index Fund, Ivy ProShares S&P 500 Bond Index Fund and Ivy ProShares S&P 500 Dividend Aristocrats Index Fund (each, a “Fund”) are five series of the Trust and are the only series of the Trust included in these financial statements. The investment objective(s), policies and risk factors of each Fund are described more fully in the Funds’ Prospectus and Statement of Additional Information (“SAI”). Each Fund’s investment manager is Ivy Investment Management Company (“IICO” or the “Manager”).

Each Fund offers Class A, Class E, Class I, Class N and Class R shares. Class A and Class E shares are sold at their offering price, which is normally net asset value (“NAV”) plus afront-end sales charge. For Class A shares, a 1% contingent deferred sales charge (“CDSC”) is only imposed on shares purchased at NAV for $1 million or more that are subsequently redeemed within 12 months of purchase. Class I, Class N and Class R shares are sold without either afront-end sales charge or a CDSC. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Net investment income, net assets and NAV per share may differ due to each class having its own expenses, such as transfer agent and shareholder servicing fees, directly attributable to that class. Class A, E and R have a distribution and service plan. Class I shares and Class N shares are not included in the plan.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund.

Security Transactions and Related Investment Income.Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income is recorded on theex-dividend date, except certain dividends from foreign securities where theex-dividend date may have passed, which are recorded as soon as the Fund is informed of theex-dividend date. All or a portion of the distributions received from a real estate investment trust or publicly traded partnership may be designated as a reduction of cost of the related investment or realized gain.

Foreign Currency Translation.Each Fund’s accounting records are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars daily, using foreign exchange rates obtained from an independent pricing service approved by the Board of Trustees of the Trust (the “Board”). Purchases and sales of investment securities and accruals of income and expenses are translated at the rate of exchange prevailing on the date of the transaction. For assets and liabilities other than investments in securities, net realized and unrealized gains and losses from foreign currency translation arise from changes in currency exchange rates. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments. Foreign exchange rates are typically valued as of the close of the New York Stock Exchange (“NYSE”), normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.

Allocation of Income, Expenses, Gains and Losses.Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Income Taxes.It is the policy of each Fund to distribute all of its taxable income and capital gains to its shareholders and to otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. In addition, each Fund intends to pay distributions as required to avoid imposition of excise tax. Accordingly, no provision has been made for Federal income taxes. The Funds file income tax returns in U.S. federal and applicable state jurisdictions. The Funds’ tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax returns. Management of the Trust periodically reviews all tax positions to assess whether it is more likely than not that the position would be sustained upon examination by the relevant tax authority based on the technical merits of each position. As of the date of these financial statements, management believes that no liability for unrecognized tax positions is required.

Dividends and Distributions to Shareholders.Dividends and distributions to shareholders are recorded by each Fund on the business day following record date. Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“U.S. GAAP”). If the total dividends and distributions made in any tax year exceed net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a return of capital for tax purposes.

52 SEMIANNUAL REPORT 2020

Segregation and Collateralization.In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”), the Dodd Frank Wall Street Reform and Consumer Protection Act, or the interpretive rules and regulations of the U.S. Commodities Futures Trading Commission require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., dollar rolls, financial futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps), the Fund will segregate collateral or designate on its books and records, cash or other liquid securities having a value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments. Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the Statement of Assets and Liabilities as “Restricted cash”. Securities collateral pledged for the same purpose, if any, is noted on the Schedule of Investments.

Concentration of Market and Credit Risk. In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded on the Funds’ Statement of Assets and Liabilities, less any collateral held by the Funds.

Certain Funds may hold high-yield ornon-investment-grade bonds, that may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Funds may acquire securities in default and are not obligated to dispose of securities whose issuers subsequently default.

Certain Funds may enter into financial instrument transactions (such as swaps, futures, options and other derivatives) that may haveoff-balance sheet market risk.Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected on the Statement of Assets and Liabilities.

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad.

The London Interbank Offered Rate “LIBOR” is an indicative measure of the average interest rate at which major global banks could borrow from one another. LIBOR is quoted in multiple currencies and multiple time frames using data reported by private-sector banks. LIBOR is used extensively in the United States and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds and loans, floating rate mortgages, asset-backed securities, consumer loans, and interest rate swaps and other derivatives.

It is expected that a number of private-sector banks currently reporting information used to set LIBOR will stop doing so after 2021 when their current reporting commitment ends, which could either cause LIBOR to stop publication immediately or cause LIBOR’s regulator to determine that its quality has degraded to the degree that it is no longer representative of its underlying market.

Management believes that, with respect to any significant investments by the Funds in instruments linked to LIBOR, the impact on investments and discontinuation of LIBOR may represent a significant risk.

However, management acknowledges that the anticipated transition away from LIBOR will occur after 2021 and certain of the current investments will mature prior to that time. Furthermore, the ways in which LIBOR’s discontinuation potentially could impact the Funds’ investments is not fully known. The extent of that impact may vary depending on various factors, which include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants develop and adopt new successor reference rates and/or fallbacks for both legacy and new instruments.

2020 SEMIANNUAL REPORT 53

In addition, the transition to a successor rate could potentially cause (i) increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, (ii) a reduction in the value of certain instruments held by a Fund, or (iii) reduced effectiveness of related Fund transactions, such as hedging.

As the impacts of the transition become clearer during the next year, Management will be evaluating the impacts of these changes.

An outbreak of infectious respiratory illness caused by a novel coronavirus known asCOVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact ofCOVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by theCOVID-19 outbreak may exacerbate otherpre-existing political, social and economic risks in certain countries or globally. The duration of theCOVID-19 outbreak and its effects cannot be determined with certainty.

Custodian Fees.“Custodian fees” on the Statement of Operations may include interest expense incurred by a Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. A Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by that Fund. The “Earnings credit” line item, if shown, represents earnings on cash balances maintained by that Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Indemnification.The Trust’s organizational documents provide current and former Trustees and Officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Trust. In the normal course of business, the Trust may also enter into contracts that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown and is dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote.

Basis of Preparation.Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The accompanying financial statements were prepared in accordance with U.S. GAAP, including but not limited to ASC 946. U.S. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.

Subsequent Events. Management has performed a review for subsequent events through the date this report was issued.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date. Each Fund calculates the NAV of its shares as of the close of the NYSE, normally 4:00 P.M. Eastern time, on each day the NYSE is open for trading.

For purposes of calculating the NAV, the portfolio securities and financial instruments are valued on each business day using pricing and valuation methods as adopted by the Board. Where market quotes are readily available, fair value is generally determined on the basis of the last reported sales price, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Prices for fixed-income securities are typically based on quotes that are obtained from an independent pricing service approved by the Board. To determine values of fixed-income securities, the independent pricing service utilizes such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities that cannot be valued by the independent pricing service may be valued using quotes obtained from dealers that make markets in the securities.

Short-term securities with maturities of 60 days or less are valued based on quotes that are obtained from an independent pricing service approved by the Board as described in the preceding paragraph above.

Because many foreign markets close before the NYSE, events may occur between the close of the foreign market and the close of the NYSE that could have a material impact on the valuation of foreign securities. Waddell & Reed Services Company (“WRSCO”), pursuant to procedures adopted by the Board, evaluates the impact of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the NYSE. In addition, all securities for which values are not readily available or are deemed unreliable are appraised at fair value as determined in good faith under the supervision of the Board.

54 SEMIANNUAL REPORT 2020

Where market quotes are not readily available, portfolio securities or financial instruments are valued at fair value, as determined in good faith by the Board or Valuation Committee pursuant to procedures approved by the Board.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE close, that materially affect the values of a Fund’s securities or financial instruments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available.

The Board has delegated to WRSCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or financial instruments and for determining whether the value of the applicable securities or financial instruments should bere-evaluated in light of such significant events. IICO, pursuant to authority delegated by the Board, has established a Valuation Committee to administer and oversee the valuation process, including the use of third party pricing vendors.

The Board has adopted methods for valuing securities and financial instruments in circumstances where market quotes are not readily available. For instances in which daily market quotes are not readily available, investments may be valued, pursuant to procedures established by the Board, with reference to other securities or indices. In the event that the security or financial instrument cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or financial instrument will be determined in good faith by the Valuation Committee in accordance with the procedures adopted by the Board.

When a Fund uses these fair valuation methods applied by WRSCO that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Board or persons acting at its direction believe accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. The prices used by a Fund may differ from the value that will ultimately be realized at the time the securities are sold.

WRSCO is responsible for monitoring the implementation of the pricing and valuation policies through a series of activities to provide reasonable comfort of the accuracy of prices including: 1) periodic vendor due diligence meetings to review methodologies, new developments, and process at vendors, 2) daily and monthly multi-source pricing comparisons reviewed and submitted to the Valuation Committee, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by management and the Valuation Committee.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized as follows:

• Level 1 – Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 – Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at its direction that are used in determining the fair value of investments.

A description of the valuation techniques applied to the Funds’ major classes of assets and liabilities measured at fair value on a recurring basis follows:

Corporate Bonds. The fair value of corporate bonds, as obtained from an independent pricing service, is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3 of the fair value hierarchy.

2020 SEMIANNUAL REPORT 55

Derivative Instruments. Forward foreign currency contracts are valued based upon the closing prices of the forward currency rates determined at the close of the NYSE, which values are provided by an independent pricing service. Swaps derive their value from underlying asset prices, indices, reference rates and other inputs or a combination of these factors. Swaps are valued by an independent pricing service unless the price is unavailable, in which case they are valued at the price provided by a dealer in that security. Exchange-traded futures contracts are generally valued at the settlement price. Listed options are ordinarily valued at the mean of the last bid and ask price for a comparable listed option provided by an independent pricing service unless the price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer.Over-the-counter (“OTC”) options are ordinarily valued at the mean of the last bid and ask price for a comparable listed option provided by an independent pricing service unless such a price is unavailable, in which case they are valued at a quotation obtained from a broker-dealer.

Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap agreements, and option contracts related to interest rates, foreign currencies, credit standing of reference entities or equity prices.

Equity Securities. Equity securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. OTC equity securities and listed securities for which no price is readily available are valued at the average of the last bid and ask prices.

Mutual funds, including investment funds, typically are valued at the NAV reported as of the valuation date.

Securities that are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded and to the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Foreign securities, for which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to theintra-day trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds, and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

Overdraft due to custodian. Due to the short-term nature of overdraft due to custodian, the carrying value approximates fair value and the liability is categorized as Level 2 in the fair value hierarchy.

Restricted Securities. Restricted securities that are deemed to be Rule 144A securities and illiquid, as well as restricted securities held innon-public entities, are included in Level 3 of the fair value hierarchy to the extent that significant inputs to valuation are unobservable, because they trade infrequently, if at all and, therefore, the inputs are unobservable. Restricted securities that are valued at a discount to similar publicly traded securities may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3.

U.S. Government and Agency Securities. U.S. government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, U.S. government and agency securities are normally categorized in Level 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

Transfers from Level 2 to Level 3 occurred primarily due to the lack of observable market data due to decreased market activity or information for these securities. Transfers from Level 3 to Level 2 occurred primarily due to the increased availability of observable market data due to increased market activity or information.

For fair valuations using unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and Level 3 reconciliation, if any, have been included in the Notes to the Schedule of Investments for each respective Fund.

Net realized gain (loss) and net unrealized appreciation (depreciation), shown on the reconciliation of Level 3 investments, if applicable, are included on the Statement of Operations in net realized gain (loss) on investments in unaffiliated and/or affiliated securities and in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities, respectively. Additionally, the net change in unrealized appreciation (depreciation) for all Level 3

56 SEMIANNUAL REPORT 2020

investments still held as of March 31, 2020, if applicable, is included on the Statement of Operations in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities.

4. DERIVATIVE INSTRUMENTS ($ amounts in thousands unless indicated otherwise)

The following disclosures contain information on why and how the Funds use derivative instruments, the associated risks of investing in derivative instruments, and how derivative instruments affect the Funds’ financial positions and results of operations.

Futures Contracts.Certain Funds are authorized to engage in buying and selling futures contracts. Upon entering into a futures contract, a Fund is required to deposit, in a segregated account, an amount equal to a varying specified percentage of the contract amount. This amount is known as the initial margin. Subsequent amounts, known as variation margin, are paid or received by the Fund each day, dependent on the daily fluctuations in the value of the underlying debt security or index. Options on futures contracts may also be purchased or sold by a Fund.

Futures contracts are reported on a schedule following the Schedule of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are identified on the Schedule of Investments. Cash held by the broker to cover initial margin requirements on open futures contracts and the receivable and/or payable for the daily mark to market for the variation margin are noted on the Statement of Assets and Liabilities. The net change in unrealized appreciation (depreciation) is reported on the Statement of Operations. Realized gains (losses) are reported on the Statement of Operations at the closing or expiration of futures contracts.

Risks of entering into futures contracts include the possibility of loss of securities or cash held as collateral, that there may be an illiquid market where the Fund is unable to close the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

Ivy ProShares Interest Rate Hedged High Yield Index Fund invests in long and/or short positions in futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk).

Collateral and rights of offset. A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes (“CSA”) included with an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement which is the standard contract governing all OTC derivative transactions between the Fund and each of its counterparties. Although it is not possible to eliminate credit risk entirely, the CSA allows the Fund and its counterparty to reduce their exposure to the risk of payment default by the other party by holding an amount in collateral equivalent to the realized and unrealized amount of exposure to the counterparty, which is generally held by the Fund’s custodian. An amount of collateral is moved to/from applicable counterparties only if the amount of collateral required to be posted surpasses both the threshold and the minimum transfer amountpre-agreed in the CSA between the Fund and the counterparty. See Note 2 “Segregation and Collateralization” for additional information with respect to collateral practices.

Additional Disclosure Related to Derivative Instruments

Fair values of derivative instruments as of March 31, 2020:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy ProShares Interest Rate Hedged High Yield Index Fund	Interest rate		$	—	Unrealized depreciation on futures contracts*	$	680

* The value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of period ended March 31, 2020.

Amount of realized gain (loss) on derivatives recognized on the Statement of Operations for the period ended March 31, 2020:

		Net realized gain (loss) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*		Swap agreements		Futures contracts			Written options		Forward foreign currency contracts		Total
Ivy ProShares Interest Rate Hedged High Yield Index Fund	Interest rate	$	—	$	—	$	(834	)	$	—	$	—	$	(834	)

* Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments.

2020 SEMIANNUAL REPORT 57

Change in unrealized appreciation (depreciation) on derivatives recognized on the Statement of Operations for the period ended March 31, 2020:

		Net change in unrealized appreciation (depreciation) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*		Swap agreements		Futures contracts			Written options		Forward foreign currency contracts		Total
Ivy ProShares Interest Rate Hedged High Yield Index Fund	Interest rate	$	—	$	—	$	(970	)	$	—	$	—	$	(970	)

* Purchased options are reported as investments in unaffiliated securities and are reflected on the accompanying Schedule of Investments.

During the period ended March 31, 2020, the average derivative volume was as follows:

Fund	Forward foreign currency contracts(1)		Long futures contracts(2)		Short futures contracts(2)		Swap agreements(3)		Purchased options(2)		Written options(2)
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	—	$	—	$	51,084	$	—	$	—	$	—

(1) Average absolute value of unrealized appreciation/depreciation during the period.

(2) Average value outstanding during the period.

(3) Average notional amount outstanding during the period.

5. INVESTMENT MANAGEMENT AND PAYMENTS TO AFFILIATED PERSONS ($ amounts in thousands unless indicated otherwise)

Management Fees.IICO serves as each Fund’s investment manager. The management fee is accrued daily by each Fund at the following annual rates as a percentage of average daily net assets:

Fund (M - Millions)	$0 to $1,000M			$1,000 to $2,000M			$2,000 to $5,000M			Over $5,000M
Ivy ProShares Interest Rate Hedged High Yield Index Fund		0.50	%		0.48	%		0.46	%		0.45	%
Ivy ProShares MSCI ACWI Index Fund		0.45			0.43			0.41			0.40
Ivy ProShares Russell 2000 Dividend Growers Index Fund		0.40			0.38			0.36			0.35
Ivy ProShares S&P 500 Bond Index Fund		0.20			0.18			0.16			0.15
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		0.35			0.33			0.31			0.30

IICO has entered into a Subadvisory Agreement with the following entity on behalf of the Funds:

Under an agreement between IICO and ProShare Advisors LLC (“ProShare Advisors”), ProShare Advisors serves as subadviser to the Funds. The subadviser makes investment decisions in accordance with the Fund’s investment objectives, policies and restrictions under the supervision of IICO and the oversight of the Board. IICO pays all applicable costs of the subadvisers.

Independent Trustees and Chief Compliance Officer Fees. Fees paid to the Independent Trustees can be paid in cash or deferred to a later date, at the election of the Trustees according to the Deferred Fee Agreement entered into between the Trust and the Trustee(s). Each Fund records its portion of the deferred fees as a liability on the Statement of Assets and Liabilities. All fees paid in cash plus any appreciation (depreciation) in the underlying deferred plan are shown on the Statement of Operations. Additionally, fees paid to the Chief Compliance Officer of the Funds are shown on the Statement of Operations.

Accounting Services Fees.The Trust has an Accounting and Administrative Services Agreement with WRSCO, doing business as WI Services Company (“WISC”). Under the agreement, WISC acts as the agent in providing bookkeeping and accounting services and assistance to the Trust, including maintenance of Fund records, pricing of Fund shares and preparation of certain shareholder reports. For these services, each Fund pays WISC a monthly fee ofone-twelfth of the annual fee based on the average net asset levels shown in the following table:

(M - Millions)	$0 to $10M		$10 to $25M		$25 to $50M		$50 to $100M		$100 to $200M		$200 to $350M		$350 to $550M		$550 to $750M		$750 to $1,000M		Over $1,000M
Annual Fee Rate	$	0.00	$	11.50	$	23.10	$	35.50	$	48.40	$	63.20	$	82.50	$	96.30	$	121.60	$	148.50

In addition, for each class of shares in excess of one, each Fund pays WISC a monthlyper-class fee equal to 2.5% of the monthly accounting services base fee.

58 SEMIANNUAL REPORT 2020

Each Fund also pays WISC a monthly administrative fee at the annual rate of 0.01%, or one basis point, for the first $1 billion of net assets with no fee charged for net assets in excess of $1 billion. This fee is voluntarily waived by WISC until a Fund’s net assets are at least $10 million and is included in “Accounting services fee” on the Statement of Operations.

Shareholder Servicing. General.Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A and Class E shares, for each shareholder account that was in existence at any time during the prior month, each Fund pays a monthly fee that ranges from $1.5042 to $1.6958 per account; however, WISC has agreed to reduce that fee if the number of total shareholder accounts within the Complex (InvestEd Portfolios and Ivy Funds) reaches certain levels. For Class R shares, each Fund pays a monthly fee equal toone-twelfth of 0.25 of 1% of the average daily net assets of the class for the preceding month. For Class I shares, each Fund pays a monthly fee equal toone-twelfth of 0.15 of 1% of the average daily net assets of the class for the preceding month. For Class N shares, each Fund pays WISC a monthly fee equal toone-twelfth of 0.01 of 1% of the average daily net assets of the class for the preceding month. Each Fund also reimburses WISC for certainout-of-pocket costs for all classes.

Listing, Data and Related Fees. The Funds may incur costs relating to their initial and ongoing listing on an exchange. Additionally, a Fund may enter into a license agreement for the right to use an Index and its Trade Mark(s) and to receive data related to the index from the index provider. The portion of such costs attributed to each Fund is reflected on the Statements of Operations as “Listing, data and related fees”.

Networked accounts. For certain networked accounts (that is, those accounts whose Fund shares are purchased through certain financial intermediaries), WISC has agreed to reduce its per account fees charged to the Funds to $0.50 per month per shareholder account. Additional fees may be paid by the Funds to those intermediaries. The Fund will reimburse WISC for such costs if the annual rate of the third-party per account charges for a Fund are less than or equal to $12.00 per account or an annual fee of 0.14 of 1% that is based on average daily net assets.

Broker accounts.Certain broker-dealers that maintain shareholder accounts with each Fund through an omnibus account provide transfer agent and other shareholder-related services that would otherwise be provided by WISC if the individual accounts that comprise the omnibus account were opened by their beneficial owners directly. Each Fund may pay such broker-dealers a per account fee for each open account within the omnibus account (up to $18.00 per account), or a fixed rate fee (up to an annual fee of 0.20 of 1% that is based on average daily net assets), based on the average daily NAV of the omnibus account (or a combination thereof).

Distribution and Service Plan. Class A and Class E Shares.Under a Distribution and Service Plan adopted by the Trust pursuant to Rule 12b–1 under the 1940 Act (the “Distribution and Service Plan”), each Fund may pay a distribution and/or service fee to Ivy Distributors, Inc. (“IDI”) for Class A and Class E shares in an amount not to exceed 0.25% of the Fund’s average annual net assets. The fee is to be paid to compensate IDI for amounts it expends in connection with the distribution of the Class A and Class E shares and/or provision of personal services to Fund shareholders and/or maintenance of shareholder accounts of that class.

Class R Shares. Under the Distribution and Service Plan, each Fund may pay IDI a fee of up to 0.50%, on an annual basis, of the average daily net assets of the Fund’s Class R shares to compensate IDI for, either directly or through third parties, distributing the Class R shares of that Fund, providing personal services to Class R shareholders and/or maintaining Class R shareholder accounts.

Sales Charges.As principal underwriter for the Trust’s shares, IDI receives sales commissions (which are not an expense of the Trust) for sales of Class A and Class E shares. A CDSC may be assessed against a shareholder’s redemption amount of certain Class A and Class E shares and is paid to IDI. During the period ended March 31, 2020, IDI received the following amounts in sales commissions and CDSCs:

	Gross Sales			CDSC					Commissions
	Commissions			Class A			Class E		Paid(1)
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	—	*	$	—		$	—	$	—
Ivy ProShares MSCI ACWI Index Fund		12		$	—		$	—		13
Ivy ProShares Russell 2000 Dividend Growers Index Fund		—	*	$	—	*	$	—		—	*
Ivy ProShares S&P 500 Bond Index Fund		—	*	$	—		$	—		—	*
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		2		$	—	*	$	—		1

* Not shown due to rounding.

(1) IDI reallowed/paid this portion of the sales charge to financial advisors and selling broker-dealers.

Expense Reimbursements and/or Waivers. IICO, the Funds’ investment manager, IDI, the Funds’ distributor, and/or Waddell & Reed Services Company, doing business as WISC, the Funds’ transfer agent, have contractually agreed to reimburse sufficient management fees,12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and

2020 SEMIANNUAL REPORT 59

extraordinary expenses, if any). Fund and class expense limitations and related waivers/reimbursements for the period ended March 31, 2020 were as follows:

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy ProShares Interest Rate Hedged High Yield Index Fund	All Classes	Contractual	4-20-2017	1-31-2021	N/A		$	86	(1)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2021	0.90%		$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2021	0.89%(2)		$	1		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2021	0.65%		$	42		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2021	0.65%		$	—	*	Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2021	Not to exceed Class I		$	—		N/A
Ivy ProShares MSCI ACWI Index Fund	All Classes	Contractual	4-20-2017	1-31-2021	N/A		$	131	(1)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2021	0.89%(2)		$	10		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2021	0.70%(3)		$	2		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2021	0.65%		$	47		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2021	0.65%		$	2		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2021	Not to exceed Class I		$	—		N/A
Ivy ProShares Russell 2000 Dividend Growers Index Fund	All Classes	Contractual	4-20-2017	1-31-2021	N/A		$	17	(1)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2021	0.88%(2)		$	2		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2021	0.71%(4)		$	1		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2021	0.65%		$	62		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2021	0.65%		$	—		N/A
	Class N	Contractual	4-20-2017	1-31-2021	Not to exceed Class I		$	—		N/A
Ivy ProShares S&P 500 Bond Index Fund	Class A	Contractual	4-20-2017	1-31-2021	0.65%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2021	0.59%(5)		$	1		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2021	0.40%		$	109		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2021	0.40%		$	—	*	Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2021	Not to exceed Class I		$	—		N/A
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund	Class A	Contractual	4-20-2017	1-31-2021	0.74%(6)		$	2		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2021	0.60%(7)		$	4		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2021	0.50%		$	243		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2021	0.50%		$	—	*	Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2021	Not to exceed Class I		$	—		N/A

* Not shown due to rounding.

(1) Due to Class A, Class E, Class I and/or Class N contractual expense limits, investment management fees were waived for all share classes.

(2) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 0.90%.

(3) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 0.71%.

(4) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 0.72%.

(5) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 0.60%.

(6) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 0.75%.

(7) Reflects the lower expense limit which went into effect January 1, 2020. Prior to January 1, 2020, the expense limit in effect was 0.62%.

60 SEMIANNUAL REPORT 2020

Any amounts due to the Funds as a reimbursement but not paid as of March 31, 2020 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.

6. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the SEC (“Order”), the Ivy Funds, Ivy Variable Insurance Portfolios and InvestEd Portfolios (collectively, the “Funds” only for purposes of this footnote 6) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. The Funds made no Interfund Loans under the Interfund Lending Program during the period ended March 31, 2020.

7. INVESTMENT SECURITIES TRANSACTIONS ($ amounts in thousands)

The cost of purchases and the proceeds from maturities and sales of investment securities (excluding short-term securities) for the period ended March 31, 2020, were as follows:

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	—	$	8,170	$	—	$	20,004
Ivy ProShares MSCI ACWI Index Fund		—		10,220		—		10,173
Ivy ProShares Russell 2000 Dividend Growers Index Fund		—		21,938		—		32,888
Ivy ProShares S&P 500 Bond Index Fund		—		29,232		—		46,435
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		—		82,449		—		73,088

8. LOANS OF PORTFOLIO SECURITIES ($ amounts in thousands)

The Funds may lend their portfolio securities only to borrowers that are approved by the Fund’s securities lending agent, The Bank of New York Mellon (“BNYM”). The borrower pledges and maintains with the Fund collateral consisting of cash or securities issued or guaranteed by the U.S. government. The collateral received by the Fund is required to have a value of at least 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% of the market value for all other securities, except in the case of loans of foreign securities which are denominated and payable in U.S. dollars, in which case the collateral is required to have a value of at least 102% of the market value of the loaned securities. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund and any excess collateral is returned by the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in the Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares or certain other registered money market funds and are disclosed in the Fund’s Schedule of Investments and are reflected in the Statement of Assets and Liabilities as cash collateral on securities loaned at value.Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Fund and the Fund does not have the ability tore-hypothecate these securities. The securities on loan for each Fund are also disclosed in its Schedule of Investments. The total value of any securities on loan as of March 31, 2020 and the total value of the related cash collateral are disclosed in the Statement of Assets and Liabilities. Income earned by the Funds from securities lending activity is disclosed in the Statements of Operations.

The following is a summary of each Fund’s securities lending positions and related cash andnon-cash collateral received as of March 31, 2020:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Ivy ProShares MSCI ACWI Index Fund	$	1,004	$	745	$	336	$	1,081
Ivy ProShares Russell 2000 Dividend Growers Index Fund		4,537		3,507		1,135		4,642
Ivy ProShares S&P 500 Bond Index Fund		3,101		306		2.860		3,166
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		983		1,004		—		1,004

2020 SEMIANNUAL REPORT 61

The cash collateral received amounts presented in the table above are transactions accounted for as secured borrowings and have an overnight and continuous maturity. The proceeds from the cash collateral received is invested in registered money market funds.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower indemnity provided by BNYM. BNYM’s indemnity allows for full replacement of securities lent wherein BNYM will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral or to the extent such proceeds are insufficient or the collateral is unavailable, BNYM will purchase the unreturned loan securities at BNYM’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

9. CAPITAL SHARE TRANSACTIONS (All amounts in thousands)

The Trust has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class of each Fund. Transactions in shares of beneficial interest were as follows:

	Ivy ProShares Interest Rate Hedged High Yield Index Fund												Ivy ProShares MSCI ACWI Index Fund
	Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19						Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		9		$	88			23		$	218			178		$	2,148			270		$	3,059
Class E		15			138			20			190			5			68			19			212
Class I		388			3,606			3,013			29,012			632			7,548			1,475			16,462
Class N		—	*		2			—			—			280			3,460			961			10,970
Class R		—	*		1			3			28			—			—			—			—
Shares issued in reinvestment of distributions to shareholders:
Class A		1			4			1			8			7			85			8			86
Class E		1			9			1			8			—	*		4			—	*		4
Class I		149			1,388			311			2,964			38			450			49			547
Class N		—			—			—			—			40			465			54			604
Class R		—	*		1			—	*		2			—			—			—			—
Shares redeemed:
Class A		(8	)		(79	)		(6	)		(52	)		(84	)		(986	)		(131	)		(1,470	)
Class E		(15	)		(120	)		(1	)		(11	)		—	*		(4	)		(1	)		(10	)
Class I		(1,660	)		(15,239	)		(1,534	)		(14,633	)		(688	)		(8,072	)		(1,360	)		(15,325	)
Class N		—			—			—			—			(428	)		(5,292	)		(509	)		(5,757	)
Class R		—	*		—	*		—	*		—	*		—			—			—			—
Net increase (decrease)		(1,120	)	$	(10,201	)		1,831		$	17,734			(20	)	$	(126	)		835		$	9,382

* Not shown due to rounding.

62 SEMIANNUAL REPORT 2020

	Ivy ProShares Russell 2000 Dividend Growers Index Fund												Ivy ProShares S&P 500 Bond Index Fund
	Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19						Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		26		$	258			113		$	1,196			33		$	350			57		$	582
Class E		7			74			14			148			11			114			20			202
Class I		1,058			11,354			2,960			31,511			2,294			24,100			8,033			79,242
Class N		408			3,978			110			1,186			—			—			—			—
Class R		—			—			—			—			—	*		5			4			35
Shares issued in reinvestment of distributions to shareholders:
Class A		1			7			1			14			1			9			—	*		3
Class E		—	*		3			—	*		3			1			6			1			7
Class I		100			1,013			180			1,919			176			1,847			276			2,727
Class N		32			325			73			783			—			—			—			—
Class R		—			—			—			—			—	*		—	*		—	*		1
Shares redeemed:
Class A		(53	)		(548	)		(57	)		(607	)		(16	)		(158	)		(9	)		(86	)
Class E		(1	)		(5	)		(1	)		(14	)		(4	)		(43	)		(1	)		(13	)
Class I		(2,592	)		(27,886	)		(2,934	)		(31,400	)		(4,083	)		(43,218	)		(3,233	)		(31,938	)
Class N		(305	)		(3,283	)		(1,022	)		(11,010	)		—			—			—			—
Class R		—			—			—			—			—	*		—	*		—	*		(1	)
Net increase (decrease)		(1,319	)	$	(14,710	)		(563	)	$	(6,271	)		(1,587	)	$	(16,988	)		5,148		$	50,761

	Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
	Six months ended 3-31-20 (Unaudited)						Year ended 9-30-19
	Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		67		$	847			70		$	830
Class E		16			203			68			777
Class I		4,198			51,992			9,504			111,338
Class N		950			11,818			698			8,218
Class R		5			63			2			23
Shares issued in reinvestment of distributions to shareholders:
Class A		2			24			2			18
Class E		2			29			2			24
Class I		501			6,227			644			7,505
Class N		149			1,858			233			2,706
Class R		—	*		1			—	*		—	*
Shares redeemed:
Class A		(25	)		(327	)		(34	)		(397	)
Class E		(4	)		(52	)		(10	)		(111	)
Class I		(3,751	)		(45,552	)		(9,933	)		(117,510	)
Class N		(979	)		(12,444	)		(1,934	)		(22,777	)
Class R		—	*		—	*		—	*		—	*
Net increase (decrease)		1,131		$	14,687			(688	)	$	(9,356	)

* Not shown due to rounding.

2020 SEMIANNUAL REPORT 63

10. FEDERAL INCOME TAX MATTERS ($ amounts in thousands)

For Federal income tax purposes, cost of investments owned at March 31, 2020 and the related unrealized appreciation (depreciation) were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation		Net Unrealized Appreciation (Depreciation)
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	45,423	$	464	$	4,533	$	(4,069	)
Ivy ProShares MSCI ACWI Index Fund		102,128		11,033		17,948		(6,915	)
Ivy ProShares Russell 2000 Dividend Growers Index Fund		107,625		5,357		19,435		(14,078	)
Ivy ProShares S&P 500 Bond Index Fund		112,605		5,881		2,377		3,504
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		357,513		24,109		57,373		(33,264	)

For Federal income tax purposes, the Funds’ undistributed earnings and profit for the year ended September 30, 2019 and the post-October and late-year ordinary activity were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Tax Return of Capital		Post- October Capital Losses Deferred		Late-Year Ordinary Losses Deferred
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	384	$	—	$	—	$	—	$	—
Ivy ProShares MSCI ACWI Index Fund		734		—		—		—		—
Ivy ProShares Russell 2000 Dividend Growers Index Fund		382		—		—		—		—
Ivy ProShares S&P 500 Bond Index Fund		308		—		—		—		—
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		1,953		3,465		—		—		—

Internal Revenue Code regulations permit each Fund to elect to defer into its next fiscal year capital losses and certain specified ordinary items incurred between each November 1 and the end of its fiscal year. Each Fund is also permitted to defer into its next fiscal certain ordinary losses that generated between each January 1 and the end of its fiscal year.

The tax character of dividends and distributions paid during the two fiscal years ended September 30, 2019 and 2018 were as follows:

	September 30, 2019				September 30, 2018
Fund	Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains		Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	3,392	$	392	$	1,481	$	55
Ivy ProShares MSCI ACWI Index Fund		1,723		—		1,082		—
Ivy ProShares Russell 2000 Dividend Growers Index Fund		3,299		—		1,629		4
Ivy ProShares S&P 500 Bond Index Fund		3,296		—		2,056		—
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		11,817		136		5,654		—

⁽¹⁾  Includes short-term capital gains distributed, if any.

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Accumulated capital losses represent net capital loss carryovers as of September 30, 2019 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2019, the capital loss carryovers were as follows:

	Post-Enactment
Fund	Short-Term Capital Loss Carryover		Long-Term Capital Loss Carryover
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	1,242	$	2,223
Ivy ProShares MSCI ACWI Index Fund		205		1,411
Ivy ProShares Russell 2000 Dividend Growers Index Fund		453		1,324
Ivy ProShares S&P 500 Bond Index Fund		824		18
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		—		—

64 SEMIANNUAL REPORT 2020

PROXY VOTING INFORMATION IVY FUNDS

(UNAUDITED)

Proxy Voting Guidelines

A description of the policies and procedures Ivy Funds uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1.888.923.3355 and (ii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Proxy Voting Records

Information regarding how the Trust voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available on FormN-PX through the Ivy Investments’ website at www.ivyinvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE INFORMATION IVY FUNDS

Portfolio holdings can be found on the Trust’s website at www.ivyinvestments.com. Alternatively, a complete schedule of portfolio holdings of each Fund for the first and third quarters of each fiscal year is filed with the SEC and can be found on the Trust’s FormN-Q and/or FormNPORT-EX. These holdings may be viewed in the following ways:

• On the SEC’s website at www.sec.gov.

• For review and copy at the SEC’s Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling 1.800.SEC.0330.

TO ALL TRADITIONAL IRA PLANHOLDERS: IVY FUNDS

As required by law, we are hereby providing notice to you that income tax may be withheld automatically from any distribution or withdrawal from a traditional IRA. A Fund is generally required to withhold taxes unless you make a written election not to have taxes withheld. The election may be made on the distribution/withdrawal form provided by Waddell & Reed, Inc. which can be obtained from your Waddell & Reed representative or by submitting Internal Revenue Service Form W–4P. Once made, an election can be revoked by providing written notice to Waddell & Reed, Inc. If you elect not to have tax withheld you may be required to make payments of estimated tax. Penalties may be imposed by the IRS if withholding and estimated tax payments are not adequate.

2020 SEMIANNUAL REPORT 65

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66 SEMIANNUAL REPORT 2020

THE IVY FUNDS FAMILY

Domestic Equity Funds

Ivy Accumulative Fund

Ivy Core Equity Fund

Ivy Large Cap Growth Fund

Ivy Mid Cap Growth Fund

Ivy Mid Cap Income Opportunities Fund

Ivy Small Cap Core Fund

Ivy Small Cap Growth Fund

Ivy Value Fund

Global/International Funds

Ivy Emerging Markets Equity Fund

Ivy Global Equity Income Fund

Ivy Global Growth Fund

Ivy International Small Cap Fund

Ivy International Core Equity Fund

Ivy Managed International Opportunities Fund

Ivy Pictet Emerging Markets Local Currency Debt Fund

Ivy Pzena International Value Fund

Index Funds

Ivy ProShares Interest Rate Hedged High Yield Index

Fund

Ivy ProShares MSCI ACWI Index Fund

Ivy ProShares Russell 2000 Dividend Growers Index

Fund

Ivy ProShares S&P 500 Bond Index Fund

Ivy ProShares S&P 500 Dividend Aristocrats Index Fund

Specialty Funds

Ivy Apollo Multi-Asset Income Fund

Ivy Asset Strategy Fund

Ivy Balanced Fund

Ivy Energy Fund

Ivy LaSalle Global Real Estate Fund

Ivy Natural Resources Fund

Ivy Science and Technology Fund

Ivy Securian Real Estate Securities Fund

Ivy Wilshire Global Allocation Fund

Fixed Income Funds

Ivy Apollo Strategic Income Fund

Ivy California Municipal High Income Fund

Ivy Corporate Bond Fund

Ivy Crossover Credit Fund

Ivy Global Bond Fund

Ivy Government Securities Fund

Ivy High Income Fund

Ivy Limited-Term Bond Fund

Ivy Municipal Bond Fund

Ivy Municipal High Income Fund

Ivy Pictet Targeted Return Bond Fund

Ivy PineBridge High Yield Fund

Ivy Securian Core Bond Fund

Money Market Funds

Ivy Cash Management Fund

Ivy Government Money Market Fund

1.888.923.3355

Visit us online at www.ivyinvestments.com

The Ivy Funds are managed by Ivy Investment Management Company and distributed by its subsidiary, Ivy Distributors, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which may be obtained at www.ivyinvestments.com or from a financial advisor. Read it carefully before investing.

2020 SEMIANNUAL REPORT 67

SEMIANN-IPS (3-20)

ITEM 2.     CODE OF ETHICS

Required in annual report only.

ITEM 3.     AUDIT COMMITTEE FINANCIAL EXPERT

Required in annual report only.

ITEM 4.     PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Required in annual report only.

ITEM 5.     AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6.     SCHEDULE OF INVESTMENTS.

See Item 1 Shareholder Report.

ITEM 7.     DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8.     PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.     PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors.

ITEM 11.     CONTROLS AND PROCEDURES.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, have concluded that such controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended) are effective and adequately designed to ensure that information required to be disclosed by the Registrant in its reports that it files or submits is accumulated and communicated to the Registrant’s management, including the Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

2

(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s second fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.     DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.     EXHIBITS.

(a)(1) Required in annual report only.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR270.30a-2(a)).

Attached hereto as Exhibit 99.CERT.

(b) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule30a-2(b) under the Investment Company Act of 1940 (17 CFR270.30a-2(b)).

Attached hereto as Exhibit 99.906CERT.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

IVY FUNDS

(Registrant)

By	/s/ Jennifer K. Dulski
	Jennifer K. Dulski, Secretary
Date:	June 5, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Philip J. Sanders
	Philip J. Sanders, President and Principal Executive Officer
Date:	June 5, 2020
By	/s/ Joseph W. Kauten
	Joseph W. Kauten, Vice President and Principal Financial Officer
Date:	June 5, 2020