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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6569

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, 2021

ITEM 1.     REPORTS TO STOCKHOLDERS.

  Semiannual Report   MARCH 31, 2021

Ticker

Class A

Class B

Class C

Class I

Class N

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

IBJIX

IBJNX

IBJYX

Ivy Crossover Credit Fund

ICKAX

ICKIX

ICKNX

ICKYX

Ivy Government Securities Fund

IGJAX

IGJBX

IGJCX

IGJIX

IGJNX

Ivy International Small Cap Fund

IVJAX

IVJCX

IVJIX

IVJRX

IVJYX

Ivy Pictet Emerging Markets Local Currency Debt Fund

IECAX

IECCX

IECIX

IMMCX

IECYX

Ivy Pictet Targeted Return Bond Fund

IRBAX

IRBCX

IRBIX

IRBRX

IRBYX

Ivy PineBridge High Yield Fund

IPNAX

IPNIX

IPNNX

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting www.ivyinvestments.com or calling 1-888-923-3355. Investors should read the prospectus and the summary prospectus carefully before investing. You can obtain shareholder reports and prospectuses online instead of in the mail. Visit www.ivyinvestments.com/go-paperless-with-eDelivery for more information.

IVY INVESTMENTS^® refers to the investment management and investment advisory services offered by Macquarie Investment Management Business Trust (MIMBT) through its various series.

On December 2, 2020, Waddell & Reed Financial, Inc. (“WDR”), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the “Ivy Funds”), and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”).

The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company, a series of Macquarie Investment Management Business Trust, and distributed by Delaware Distributors, L.P.

CONTENTS IVY FUNDS

Illustration of Fund Expenses	3
Portfolio Highlights and Schedule of Investments:
Ivy Apollo Multi-Asset Income Fund	6
Ivy Apollo Strategic Income Fund	21
Ivy California Municipal High Income Fund	37
Ivy Cash Management Fund	41
Ivy Corporate Bond Fund	45
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	75
Ivy PineBridge High Yield Fund	85
Statements of Assets and Liabilities	91
Statements of Operations	93
Statements of Changes in Net Assets	95
Financial Highlights	100
Notes to Financial Statements	122
Other Information	147
Proxy Voting Information	149
Quarterly Portfolio Schedule Information	149

Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Funds or obtain a prospectus at www.ivyinvestments.com/reports/ivy.

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Funds are governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of March 31, 2021, and subject to change for events occurring after such date. The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor. All third-party marks cited are the property of their respective owners.

© 2021 Macquarie Management Holdings, Inc.

2

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 the six-month period ended March 31, 2021.

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. You should consider the additional fees that were charged to your Fund account over the six-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 9-30-20		Ending Account Value 3-31-21		Expenses Paid During Period*		Beginning Account Value 9-30-20		Ending Account Value 3-31-21		Expenses Paid During Period*
Ivy Apollo Multi-Asset Income Fund
Class A	$	1,000	$	1,162.50	$	6.38	$	1,000	$	1,019.01	$	5.96		1.19%
Class C	$	1,000	$	1,158.20	$	10.58	$	1,000	$	1,015.12	$	9.87		1.97%
Class I	$	1,000	$	1,165.10	$	4.01	$	1,000	$	1,021.20	$	3.74		0.75%
Class N	$	1,000	$	1,164.90	$	4.01	$	1,000	$	1,021.20	$	3.74		0.75%
Class Y	$	1,000	$	1,162.80	$	6.27	$	1,000	$	1,019.15	$	5.86		1.16%

See footnotes on page 5.

2021 SEMIANNUAL REPORT 3

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-20		Ending Account Value 3-31-21		Expenses Paid During Period*		Beginning Account Value 9-30-20		Ending Account Value 3-31-21		Expenses Paid During Period*
Ivy Apollo Strategic Income Fund
Class A	$	1,000	$	1,058.90	$	5.35	$	1,000	$	1,019.70	$	5.25		1.05%
Class C	$	1,000	$	1,055.00	$	9.35	$	1,000	$	1,015.87	$	9.17		1.82%
Class I	$	1,000	$	1,060.80	$	3.40	$	1,000	$	1,021.59	$	3.34		0.67%
Class N	$	1,000	$	1,060.80	$	3.40	$	1,000	$	1,021.60	$	3.34		0.67%
Class Y	$	1,000	$	1,057.80	$	5.45	$	1,000	$	1,019.63	$	5.35		1.05%
Ivy California Municipal High Income Fund
Class A	$	1,000	$	1,023.60	$	4.05	$	1,000	$	1,020.95	$	4.04		0.80%
Class C	$	1,000	$	1,019.10	$	8.38	$	1,000	$	1,016.62	$	8.37		1.67%
Class I	$	1,000	$	1,024.60	$	3.04	$	1,000	$	1,021.94	$	3.03		0.60%
Class Y	$	1,000	$	1,023.60	$	4.05	$	1,000	$	1,020.95	$	4.04		0.80%
Ivy Cash Management Fund
Class A	$	1,000	$	1,000.00	$	1.00	$	1,000	$	1,023.91	$	1.01		0.21%
Class B**	$	1,000	$	1,000.00	$	1.00	$	1,000	$	1,023.91	$	1.01		0.20%
Class C	$	1,000	$	1,000.00	$	1.00	$	1,000	$	1,023.89	$	1.01		0.21%
Ivy Corporate Bond Fund
Class A	$	1,000	$	982.40	$	4.86	$	1,000	$	1,020.04	$	4.95		0.98%
Class B**	$	1,000	$	971.60	$	15.77	$	1,000	$	1,008.97	$	16.07		3.20%
Class C	$	1,000	$	978.10	$	9.20	$	1,000	$	1,015.62	$	9.37		1.87%
Class I	$	1,000	$	983.60	$	3.57	$	1,000	$	1,021.38	$	3.64		0.71%
Class N	$	1,000	$	984.30	$	2.78	$	1,000	$	1,022.17	$	2.83		0.55%
Class Y	$	1,000	$	982.30	$	4.76	$	1,000	$	1,020.15	$	4.85		0.96%
Ivy Crossover Credit Fund
Class A	$	1,000	$	1,007.60	$	4.52	$	1,000	$	1,020.45	$	4.55		0.90%
Class I	$	1,000	$	1,008.90	$	3.21	$	1,000	$	1,021.69	$	3.23		0.65%
Class N	$	1,000	$	1,009.00	$	3.21	$	1,000	$	1,021.69	$	3.23		0.65%
Class Y	$	1,000	$	1,007.60	$	4.52	$	1,000	$	1,020.45	$	4.55		0.90%
Ivy Government Securities Fund
Class A	$	1,000	$	970.40	$	4.83	$	1,000	$	1,020.07	$	4.95		0.97%
Class B**	$	1,000	$	965.40	$	9.93	$	1,000	$	1,014.85	$	10.17		2.02%
Class C	$	1,000	$	966.20	$	9.04	$	1,000	$	1,015.69	$	9.27		1.85%
Class I	$	1,000	$	971.60	$	3.55	$	1,000	$	1,021.31	$	3.64		0.72%
Class N	$	1,000	$	972.00	$	2.96	$	1,000	$	1,021.91	$	3.03		0.61%

See footnotes on page 5.

4 SEMIANNUAL REPORT 2021

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-20		Ending Account Value 3-31-21		Expenses Paid During Period*		Beginning Account Value 9-30-20		Ending Account Value 3-31-21		Expenses Paid During Period*
Ivy International Small Cap Fund
Class A	$	1,000	$	1,214.90	$	7.53	$	1,000	$	1,018.18	$	6.86		1.35%
Class C	$	1,000	$	1,210.70	$	11.61	$	1,000	$	1,014.48	$	10.58		2.10%
Class I	$	1,000	$	1,217.30	$	5.43	$	1,000	$	1,020.00	$	4.95		0.99%
Class N	$	1,000	$	1,217.50	$	5.43	$	1,000	$	1,020.00	$	4.95		0.99%
Class Y	$	1,000	$	1,214.90	$	7.53	$	1,000	$	1,018.15	$	6.86		1.35%
Ivy Pictet Emerging Markets Local Currency Debt Fund
Class A	$	1,000	$	1,053.00	$	6.16	$	1,000	$	1,018.95	$	6.06		1.20%
Class C	$	1,000	$	1,050.00	$	9.33	$	1,000	$	1,015.82	$	9.17		1.83%
Class I	$	1,000	$	1,054.00	$	4.11	$	1,000	$	1,020.94	$	4.04		0.80%
Class N	$	1,000	$	1,054.00	$	4.11	$	1,000	$	1,020.94	$	4.04		0.80%
Class Y	$	1,000	$	1,053.00	$	6.16	$	1,000	$	1,018.97	$	6.06		1.20%
Ivy Pictet Targeted Return Bond Fund
Class A	$	1,000	$	997.60	$	6.09	$	1,000	$	1,018.80	$	6.16		1.23%
Class C	$	1,000	$	995.30	$	9.58	$	1,000	$	1,015.30	$	9.67		1.93%
Class I	$	1,000	$	999.70	$	5.00	$	1,000	$	1,019.94	$	5.05		1.00%
Class N	$	1,000	$	1,000.00	$	4.30	$	1,000	$	1,020.59	$	4.34		0.87%
Class Y	$	1,000	$	997.60	$	6.19	$	1,000	$	1,018.74	$	6.26		1.23%
Ivy PineBridge High Yield Fund
Class A	$	1,000	$	1,072.30	$	5.08	$	1,000	$	1,020.00	$	4.95		0.99%
Class I	$	1,000	$	1,074.70	$	3.73	$	1,000	$	1,021.35	$	3.64		0.72%
Class N	$	1,000	$	1,074.80	$	3.73	$	1,000	$	1,021.34	$	3.64		0.72%

* 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 182 days in the six-month period ended March 31, 2021, and divided by 365.

** 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.

2021 SEMIANNUAL REPORT 5

PORTFOLIO HIGHLIGHTS IVY APOLLO MULTI-ASSET INCOME FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Stocks	51.1%
Financials	9.9%
Real Estate	9.7%
Industrials	5.1%
Health Care	4.6%
Information Technology	4.6%
Utilities	4.2%
Consumer Staples	3.9%
Energy	3.4%
Consumer Discretionary	2.9%
Materials	1.8%
Communication Services	1.0%
Warrants	0.0%
Bonds	46.4%
Corporate Debt Securities	26.4%
Loans	16.3%
Asset-Backed Securities	2.0%
Mortgage-Backed Securities	1.5%
Other Government Securities	0.2%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.5%

Country Weightings

North America	58.1	%
United States	55.7	%
Other North America	2.4	%
Europe	23.8	%
Germany	6.4	%
United Kingdom	5.6	%
France	4.5	%
Other Europe	7.3	%
Pacific Basin	11.8	%
Bahamas/Caribbean	2.9	%
Other	0.5	%
South America	0.4	%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.5	%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	Information Technology	Semiconductors
Samsung Electronics Co. Ltd.	South Korea	Information Technology	Technology Hardware, Storage & Peripherals
Bank of America Corp.	United States	Financials	Diversified Banks
AstraZeneca plc	United Kingdom	Health Care	Pharmaceuticals
Procter & Gamble Co. (The)	United States	Consumer Staples	Household Products
Schneider Electric S.A.	France	Industrials	Electrical Components & Equipment
ENEL S.p.A.	Italy	Utilities	Electric Utilities
Volkswagen AG, 2.260%	Germany	Consumer Discretionary	Automobile Manufacturers
Morgan Stanley	United States	Financials	Investment Banking & Brokerage
Siemens AG	Germany	Industrials	Heavy Electrical Equipment

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.

6 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS	Shares			Value
Communication Services
Integrated Telecommunication Services – 1.0%
Deutsche Telekom AG, Registered Shares (A)		163		$	3,275
Vantage Towers AG (A)(B)		6			167
					3,442
Total Communication Services – 1.0%					3,442
Consumer Discretionary
Apparel Retail – 0.0%
True Religion Apparel, Inc. (A)(B)(C)		—	*		26
Apparel, Accessories & Luxury Goods – 0.5%
V.F. Corp.		21			1,687
Casinos & Gaming – 1.2%
New Cotai Participation Corp., Class B (B)(C)(D)		318			1,171
Sands China Ltd. (A)		417			2,084
Studio City International Holdings Ltd. ADR (B)(E)		35			468
Studio City International Holdings Ltd. ADR (B)(D)		15			193
					3,916
Education Services – 0.1%
Laureate Education, Inc., Class A (B)		11			145
Total Consumer Discretionary – 1.8%					5,774
Consumer Staples
Agricultural Products – 0.0%
Pinnacle Agriculture Enterprises LLC (A)(B)(C)(D)		1			—
Food Distributors – 0.6%
Sysco Corp.		25			1,966
Household Products – 1.3%
Procter & Gamble Co. (The)		31			4,169
Personal Products – 1.0%
Unilever plc (A)		58			3,260
Tobacco – 1.0%
Philip Morris International, Inc.		39			3,472
Total Consumer Staples – 3.9%					12,867
Energy
Coal & Consumable Fuels – 0.1%
Foresight Energy L.P. (B)(C)(D)		31			475
Westmoreland Coal Co. (A)(B)		7			25
					500
Integrated Oil & Gas – 1.0%
Total S.A. (A)(E)		68			3,194

COMMON STOCKS (Continued)	Shares		Value
Oil & Gas Drilling – 0.2%
KCA Deutag UK Finance plc (A)(B)(C)		8	$	498
Oil & Gas Equipment & Services – 0.0%
McDermott International, Inc. (B)		102		82
Oil & Gas Exploration & Production – 1.7%
Bellatrix Exploration Ltd. (A)(B)(C)(F)		76		—	*
California Resources Corp. (B)		6		148
ConocoPhillips		61		3,224
EP Energy Corp. (A)(B)(D)		4		263
Lundin Energy AB (A)(B)		57		1,781
				5,416
Total Energy – 3.0%				9,690
Financials
Asset Management & Custody Banks – 0.6%
3i Group plc (A)		111		1,772
Diversified Banks – 3.6%
Bank of America Corp.		119		4,587
Bank of Montreal (A)		25		2,269
DBS Group Holdings Ltd. (A)		120		2,576
PT Bank Mandiri (Persero) Tbk (A)		5,941		2,515
				11,947
Investment Banking & Brokerage – 1.1%
Morgan Stanley		46		3,541
Multi-Line Insurance – 1.7%
Axa S.A. (A)		120		3,222
Zurich Financial Services, Registered Shares (A)		5		2,131
				5,353
Other Diversified Financial Services – 1.7%
Citigroup, Inc.		37		2,674
ORIX Corp. (A)		183		3,092
				5,766
Property & Casualty Insurance – 0.6%
Tokio Marine Holdings, Inc. (A)		40		1,883
Reinsurance – 0.6%
Munchener Ruckversicherungs-Gesellschaft AG, Registered Shares (A)		7		2,070
Total Financials – 9.9%				32,332
Health Care
Biotechnology – 0.8%
Amgen, Inc.		10		2,608
Health Care Services – 1.0%
CVS Caremark Corp.		44		3,311
Pharmaceuticals – 2.8%
AstraZeneca plc (A)		44		4,422

COMMON STOCKS (Continued)	Shares		Value
Pharmaceuticals (Continued)
Roche Holdings AG, Genusscheine (A)		9	$	2,771
Sanofi-Aventis (A)		23		2,250
				9,443
Total Health Care – 4.6%				15,362
Industrials
Aerospace & Defense – 1.0%
Raytheon Technologies Corp.		44		3,419
Electrical Components & Equipment – 2.2%
Eaton Corp.		23		3,160
Schneider Electric S.A. (A)		27		4,077
				7,237
Heavy Electrical Equipment – 1.1%
Siemens AG (A)		22		3,530
Industrial Conglomerates – 0.1%
Cheung Kong (Holdings) Ltd. (A)		56		343
Trading Companies & Distributors – 0.7%
ITOCHU Corp. (A)(E)		70		2,281
Total Industrials – 5.1%				16,810
Information Technology
Communications Equipment – 1.0%
Cisco Systems, Inc.		66		3,419
Semiconductors – 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd. (A)		304		6,254
Technology Hardware, Storage & Peripherals – 1.7%
Samsung Electronics Co. Ltd. (A)		79		5,651
Total Information Technology – 4.6%				15,324
Materials
Construction Materials – 0.6%
CRH plc (A)		40		1,889
Diversified Chemicals – 0.5%
Eastman Chemical Co.		17		1,821
Diversified Metals & Mining – 0.7%
Anglo American plc (A)		54		2,117
Total Materials – 1.8%				5,827
Real Estate
Diversified Real Estate Activities – 0.7%
Heiwa Real Estate Co. Ltd. (A)		6		178
Mitsubishi Estate Co. Ltd. (A)		39		686
Mitsui Fudosan Co. Ltd. (A)		29		667
New World Development Co. Ltd. (A)		72		372

2021 SEMIANNUAL REPORT 7

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

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Diversified Real Estate Activities (Continued)
Nomura Real Estate Holdings, Inc. (A)		8		$	180
Tokyu Fudosan Holdings Corp. (A)		15			89
					2,172
Diversified REITs – 0.7%
Cominar Real Estate Investment Trust (A)		6			45
Gecina (A)		5			649
H&R Real Estate Investment Trust (A)		7			82
Mapletree North Asia Commercial Trust (A)		63			49
Merlin Properties Socimi S.A. (A)		41			416
Mirvac Group (A)		52			98
Star Asia Investment Corp. (A)		—	*		132
United Urban Investment Corp. (A)		—	*		114
VEREIT, Inc.		17			671
XYMAX REIT Investment Corp. (A)		—	*		68
					2,324
Health Care REITs – 0.6%
Aedifica S.A. (A)		2			175
Assura plc (A)		139			138
Healthcare Trust of America, Inc., Class A		19			528
Ventas, Inc.		8			451
Welltower, Inc.		10			681
					1,973
Hotel & Resort REITs – 0.3%
Invincible Investment Corp. (A)		—	*		154
Japan Hotel REIT Investment Corp. (A)		—	*		167
MGM Growth Properties LLC, Class A		6			181
Sunstone Hotel Investors, Inc.		36			443
					945
Industrial REITs – 1.1%
ARA LOGOS Logistics Trust (A)		254			138
Cambridge Industrial Trust (A)		175			51
Duke Realty Corp.		10			431
First Industrial Realty Trust, Inc.		16			723
GLP J-REIT (A)		—	*		176
ITOCHU Advance Logistics Investment Corp. (A)		—	*		190
Mapletree Investments Pte Ltd. (A)		66			135
Mitsui Fudosan Logistics Park, Inc. (A)		—	*		39
ProLogis, Inc.		10			1,062
Rexford Industrial Realty, Inc.		5			245
SEGRO plc (A)		38			493
					3,683
Office REITs – 0.9%
alstria office AG (A)		10			154
Columbia Property Trust, Inc.		8			139
Corporate Office Properties Trust		14			379
Cousins Properties, Inc. (A)		11			387
Derwent London plc (A)		5			216

COMMON STOCKS (Continued)	Shares			Value
Office REITs (Continued)
Fonciere des Regions S.A. (A)		3		$	231
Hibernia REIT plc (A)		48			62
Ichigo Office REIT Investment Corp. (A)		—	*		253
Invesco Office J-REIT, Inc. (A)		1			86
Japan Real Estate Investment Corp. (A)		—	*		171
NSI N.V. (A)		10			379
ORIX JREIT, Inc. (A)		—	*		394
					2,851
Real Estate Development – 0.2%
China Resources Land Ltd. (A)		65			316
Kerry Properties Ltd. (A)		70			225
					541
Real Estate Operating Companies – 1.0%
Adler Group S.A. (A)		7			183
Ascendas India Trust (A)		62			68
Deutsche Wohnen AG (A)		14			639
Keihanshin Building Co. Ltd. (A)		3			46
Swire Properties Ltd. (A)		69			213
TOC Ltd. (A)		9			65
Tricon Capital Group, Inc. (A)		40			411
Vonovia SE (A)		21			1,384
Wharf (Holdings) Ltd. (The) (A)		85			474
					3,483
Residential REITs – 1.6%
American Campus Communities, Inc.		6			270
Apartment Investment and Management Co., Class A		12			508
AvalonBay Communities, Inc.		5			981
Boardwalk (A)		4			119
Camden Property Trust		6			646
Canadian Apartment Properties REIT (A)		7			320
Equity Lifestyle Properties, Inc.		11			725
Invitation Homes, Inc.		38			1,220
Irish Residential Properties REIT plc (A)		67			129
Starts Proceed Investment Corp. (A)		—	*		81
Unite Group plc (The) (A)(B)		15			225
					5,224
Retail REITs – 1.3%
Agree Realty Corp.		8			521
CapitaLand China Trust (A)		99			101
CapitaLand Integrated Commercial Trust (A)		229			369
First Capital REIT (A)		36			467
Frasers Centrepoint Trust (A)		33			59
Japan Metropolitan Fund Investment Corp. (A)		—	*		135
Link (The) (A)		37			334
Realty Income Corp.		7			467
Regency Centers Corp.		9			514
Retail Properties of America, Inc.		37			391
Simon Property Group, Inc.		2			277
Urban Edge Properties		19			316

COMMON STOCKS (Continued)	Shares			Value
Retail REITs (Continued)
Vicinity Centres (A)		501		$	630
					4,581
Specialized REITs – 1.3%
CBS Outdoor Americas, Inc.		8			166
CubeSmart		8			308
Digital Realty Trust, Inc.		8			1,158
Public Storage, Inc.		4			967
Safestore Holdings plc (A)		28			303
SBA Communications Corp.		2			671
VICI Properties, Inc.		21			580
					4,153
Total Real Estate – 9.7%					31,930
Utilities
Electric Utilities – 1.7%
ENEL S.p.A. (A)		382			3,800
Exelon Corp.		45			1,956
					5,756
Multi-Utilities – 2.0%
E.ON AG (A)		167			1,943
Public Service Enterprise Group, Inc.		31			1,856
RWE Aktiengesellschaft (A)		73			2,848
					6,647
Water Utilities – 0.5%
Guangdong Investment Ltd. (A)		984			1,602
Total Utilities – 4.2%					14,005
TOTAL COMMON STOCKS – 49.6%				$	163,363
(Cost: $128,750)
PREFERRED STOCKS
Consumer Discretionary
Apparel Retail – 0.0%
True Religion Apparel, Inc. (A)(B)		—	*		10
Automobile Manufacturers – 1.1%
Volkswagen AG, 2.260% (A)		13			3,664
Total Consumer Discretionary – 1.1%					3,674
Energy
Oil & Gas Exploration & Production – 0.4%
Targa Resources Corp.,
9.500% (D)		1			1,340
Total Energy – 0.4%					1,340
TOTAL PREFERRED STOCKS – 1.5%				$	5,014
(Cost: $3,665)

8 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

WARRANTS	Shares		Value
Oil & Gas Exploration & Production – 0.0%
California Resources Corp., expires 10–27–24 (G)		1	$	5
TOTAL WARRANTS – 0.0%			$	5
(Cost: $102)
ASSET-BACKED SECURITIES	Principal
Anchorage Capital CLO Ltd., Series 2014-4RA, Class D (3-Month U.S. LIBOR plus 260 bps),
2.819%, 1–28–31 (H)(I)	$	500		490
Anchorage Capital CLO Ltd., Series 2020-15A, Class D (3-Month U.S. LIBOR plus 460 bps),
4.824%, 7–20–31 (H)(I)		500		501
Audax Senior Debt CLO II LLC, Series 2019-2A, Class C (3-Month U.S LIBOR plus 490 bps),
5.122%, 10–22–29 (H)(I)		250		249
Fortress Credit BSL Ltd., Series 2018-1A, Class ER (3-Month U.S. LIBOR plus 645 bps),
6.668%, 7–23–31 (H)(I)		750		679
GoldenTree Loan Management CLO Ltd., Series 2X, Class D (3-Month EURIBOR plus 285 bps),
2.850%, 1–20–32 (I)(J)	EUR	385		435
Golub Capital Partners CLO Ltd., Series 2013-17A, Class CR (3-Month U.S. LIBOR plus 350 bps),
3.745%, 10–25–30 (H)(I)	$	1,000		985
Northwoods Capital XI-B Ltd. and Northwoods Capital XI-B LLC, Series 2018-14BA, Class D (3-Month U.S. LIBOR plus 340 bps),
3.621%, 11–13–31 (H)(I)		1,200		1,139
Rockford Tower CLO Ltd., Series 2019-1A, Class DR (3-Month U.S. LIBOR plus 310 bps),
3.282%, 4–20–34 (H)(I)		500		499
TIAA Churchill Middle Market CLO I Ltd., Series 2016-1A, Class DR (3-Month U.S. LIBOR plus 390 bps),
4.124%, 10–20–30 (H)(I)		750		710
Trinitas CLO Ltd., Series 2018-8A, Class E (3-Month U.S. LIBOR plus 590 bps),
6.124%, 7–20–31 (H)(I)		750		700
Venture CDO Ltd., Series 17-26A, Class D (3-Month U.S. LIBOR plus 425 bps),
4.474%, 1–20–29 (H)(I)		400		397
TOTAL ASSET-BACKED SECURITIES – 2.0%			$	6,784
(Cost: $6,933)

CORPORATE DEBT SECURITIES	Principal		Value
Communication Services
Advertising – 0.3%
Advantage Sales & Marketing, Inc.,
6.500%, 11–15–28 (H)	$	819	$	852
Alternative Carriers – 0.1%
Front Range BidCo, Inc.,
4.000%, 3–1–27 (H)		215		211
Broadcasting – 0.5%
Clear Channel Outdoor Holdings, Inc.:
5.125%, 8–15–27 (H)		822		827
7.750%, 4–15–28 (H)		225		222
Clear Channel Worldwide Holdings, Inc.,
9.250%, 2–15–24		309		321
Globo Comunicacoes e Participacoes S.A.,
4.875%, 1–22–30 (H)		200		202
				1,572
Cable & Satellite – 1.7%
Altice France Holding S.A.,
6.000%, 2–15–28 (E)(H)		1,081		1,065
CCO Holdings LLC and CCO Holdings Capital Corp.:
4.500%, 8–15–30 (H)		451		460
4.250%, 2–1–31 (H)		100		100
4.500%, 5–1–32 (H)		226		229
CSC Holdings LLC:
5.500%, 5–15–26 (H)		300		309
5.375%, 2–1–28 (H)		186		196
5.750%, 1–15–30 (H)		202		213
4.125%, 12–1–30 (H)		100		99
3.375%, 2–15–31 (H)		85		80
DISH DBS Corp.:
7.750%, 7–1–26		498		549
7.375%, 7–1–28		96		101
Hughes Satellite Systems Corp.,
5.250%, 8–1–26		80		88
Intelsat Jackson Holdings S.A.,
9.500%, 9–30–22 (F)(H)		471		558
LCPR Senior Secured Financing Designated Activity Co.,
5.125%, 7–15–29 (H)		200		203
Ligado Networks LLC (15.500% Cash or 15.500% PIK),
15.500%, 11–1–23 (H)(K)		752		752
Ligado Networks LLC (17.500% Cash or 17.500% PIK),
17.500%, 5–1–24 (E)(H)(K)		53		43
VTR Comunicaciones S.p.A.,
4.375%, 4–15–29 (H)		346		347
Ziggo B.V.,
2.875%, 1–15–30 (H)(J)	EUR	170		200
Ziggo Secured Finance B.V.,
4.875%, 1–15–30 (H)	$	69		71
				5,663
Integrated Telecommunication Services – 2.6%
Cablevision Lightpath LLC,
5.625%, 9–15–28 (H)		200		203

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Telecommunication Services (Continued)
Colombia Telecomunicaciones S.A. E.S.P.,
4.950%, 7–17–30 (H)	$	200	$	210
Consolidated Communications, Inc.:
5.000%, 10–1–28 (H)		122		123
6.500%, 10–1–28 (H)		290		313
Frontier Communications Corp.:
10.500%, 9–15–22 (F)		342		234
7.125%, 1–15–23 (F)		292		189
7.625%, 4–15–24 (F)		84		55
6.875%, 1–15–25 (F)		1,085		702
11.000%, 9–15–25 (F)		1,537		1,051
7.875%, 1–15–27 (F)		14		9
5.875%, 10–15–27 (H)		849		900
5.000%, 5–1–28 (H)		312		318
6.750%, 5–1–29 (H)		174		183
9.000%, 8–15–31 (F)		41		27
7.450%, 7–1–35 (F)		20		13
Level 3 Financing, Inc.,
3.625%, 1–15–29 (H)		100		97
Northwest Fiber LLC,
10.750%, 6–1–28 (H)		168		190
Northwest Fiber LLC and Nortwest Fiber Finance Sub, Inc.,
6.000%, 2–15–28 (H)		187		187
PT Tower Bersama Infrastructure Tbk,
4.250%, 1–21–25		200		210
West Corp.,
8.500%, 10–15–25 (H)		2,163		2,193
Windstream Escrow LLC,
7.750%, 8–15–28 (H)		1,009		1,028
				8,435
Interactive Home Entertainment – 0.0%
Playtika Holding Corp.,
4.250%, 3–15–29 (H)		97		96
Interactive Media & Services – 0.1%
Cars.com, Inc.,
6.375%, 11–1–28 (H)		270		282
Publishing – 0.1%
Lamar Media Corp.,
3.750%, 2–15–28		1		1
MDC Partners, Inc.,
7.500%, 5–1–24 (H)(L)		478		485
				486
Wireless Telecommunication Service – 1.3%
Digicel Group Ltd.,
8.750%, 5–25–24 (H)		195		201
Digicel Group Ltd. (5.000% Cash and 3.000% PIK),
8.000%, 4–1–25 (H)(K)		190		157
Digicel Group Ltd. (7.000% Cash or 7.000% PIK),
7.000%, 10–1–68 (E)(H)(K)		89		65
Digicel International Finance Ltd.:
8.750%, 5–25–24 (H)		1,251		1,290
8.000%, 12–31–26 (H)		182		176

2021 SEMIANNUAL REPORT 9

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Wireless Telecommunication Service (Continued)
Digicel International Finance Ltd. (6.000% Cash and 7.000% PIK),
13.000%, 12–31–25 (H)(K)	$	103	$	104
Digicel International Finance Ltd. (8.000% Cash and 2.000% PIK or 10.000% PIK),
10.000%, 4–1–24 (K)		959		933
Digicel Ltd.,
6.750%, 3–1–23 (H)		800		732
Matterhorn Telecom S.A., 3.125%, 9–15–26 (E)(J)	EUR	200		233
Millicom International Cellular S.A.,
4.500%, 4–27–31 (H)	$	200		208
				4,099
Total Communication Services – 6.7%				21,696
Consumer Discretionary
Apparel Retail – 0.2%
Abercrombie & Fitch Management Co. (GTD by Abercrombie & Fitch Co.),
8.750%, 7–15–25 (H)		339		374
L Brands, Inc.:
9.375%, 7–1–25 (H)		88		109
6.625%, 10–1–30 (H)		188		215
				698
Auto Parts & Equipment – 0.0%
Tenneco, Inc.,
7.875%, 1–15–29 (E)(H)		18		20
Automotive Retail – 0.7%
Asbury Automotive Group, Inc.:
4.500%, 3–1–28		345		353
4.750%, 3–1–30		346		357
Carvana Co.,
5.500%, 4–15–27 (H)		161		162
Group 1 Automotive, Inc.,
4.000%, 8–15–28 (H)		31		31
Ken Garff Automotive LLC,
4.875%, 9–15–28 (H)		94		94
Lithia Motors, Inc.:
5.250%, 8–1–25 (H)		85		87
4.625%, 12–15–27 (H)		196		204
4.375%, 1–15–31 (H)		420		436
Sonic Automotive, Inc.,
6.125%, 3–15–27		185		192
Turkiye Sise ve Cam Fabrikalari A.S.,
6.950%, 3–14–26 (H)		200		214
				2,130
Casinos & Gaming – 0.8%
Boyd Gaming Corp.,
4.750%, 12–1–27		324		330
Churchill Downs, Inc.:
5.500%, 4–1–27 (H)		159		166
4.750%, 1–15–28 (H)		57		59
Colt Merger Sub, Inc.:
6.250%, 7–1–25 (H)		387		413
8.125%, 7–1–27 (H)		644		710

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Casinos & Gaming (Continued)
Everi Payments, Inc.,
7.500%, 12–15–25 (H)	$	400	$	416
Gateway Casinos & Entertainment Ltd.,
8.250%, 3–1–24 (H)		114		109
Wynn Macau Ltd.,
5.500%, 10–1–27 (H)		409		427
				2,630
Department Stores – 0.2%
NMG Holding Co. and Nieman Marcus Group LLC,
7.125%, 4–1–26 (H)		90		92
Nordstrom, Inc.:
4.375%, 4–1–30 (E)		260		266
5.000%, 1–15–44		244		237
				595
Education Services – 0.3%
Adtalem Global Education, Inc.,
5.500%, 3–1–28 (H)		1,051		1,038
Home Furnishings – 0.1%
Tempur Sealy International, Inc.,
4.000%, 4–15–29 (H)		304		303
Homebuilding – 0.2%
K. Hovnanian Enterprises, Inc.,
10.500%, 2–15–26 (E)(H)		500		540
Hotels, Resorts & Cruise Lines – 0.7%
Boyne USA, Inc.,
7.250%, 5–1–25 (H)		251		261
Carnival Corp.:
11.500%, 4–1–23 (H)		211		242
10.500%, 2–1–26 (H)		44		52
7.625%, 3–1–26 (H)		91		98
9.875%, 8–1–27 (H)		190		223
Marriott Ownership Resorts, Inc. (GTD by Marriott Vacations Worldwide Corp.),
6.125%, 9–15–25 (H)		326		346
NCL Corp. Ltd.:
12.250%, 5–15–24 (H)		349		423
10.250%, 2–1–26 (H)		232		272
5.875%, 3–15–26 (H)		90		91
POWDR Corp.,
6.000%, 8–1–25 (H)		96		101
Royal Caribbean Cruises Ltd.,
5.500%, 4–1–28 (H)		339		341
				2,450
Internet & Direct Marketing Retail – 0.5%
Arches Buyer, Inc.:
4.250%, 6–1–28 (H)		543		542
6.125%, 12–1–28 (H)		481		496
B2W Digital Lux S.a.r.l.,
4.375%, 12–20–30 (H)		400		391
Prosus N.V.,
2.031%, 8–3–32 (H)(J)	EUR	200		240
				1,669

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Leisure Facilities – 0.3%
Cedar Fair L.P., Magnum Management Corp., Canada’s Wonderland Co. and Millennium Operations LLC:
5.375%, 4–15–27	$	392	$	402
6.500%, 10–1–28 (H)		149		160
Legends Hospitality Holding Co. LLC,
5.000%, 2–1–26 (H)		53		54
Live Nation Entertainment, Inc.,
4.750%, 10–15–27 (E)(H)		342		344
Six Flags Theme Parks, Inc.,
7.000%, 7–1–25 (H)		41		44
				1,004
Restaurants – 0.1%
1011778 B.C. Unlimited Liability Co. and New Red Finance, Inc.,
3.500%, 2–15–29 (H)		192		187
Specialized Consumer Services – 0.4%
Klesia Prevoyance,
5.375%, 12–8–26 (J)	EUR	200		256
Nielsen Finance LLC and Nielsen Finance Co.:
5.625%, 10–1–28 (H)	$	283		298
5.875%, 10–1–30 (H)		236		256
Service Corp. International,
5.125%, 6–1–29		341		366
				1,176
Specialty Stores – 1.7%
Academy Ltd.,
6.000%, 11–15–27 (H)		457		481
Bed Bath & Beyond, Inc.,
5.165%, 8–1–44		176		160
Michaels Stores, Inc.:
8.000%, 7–15–27 (H)		217		240
4.750%, 10–1–27 (H)		94		102
Party City Holdings, Inc.,
8.750%, 2–15–26 (H)		411		423
Party City Holdings, Inc. (5.000% Cash and 5.000% PIK),
10.000%, 8–15–26 (H)(K)		36		36
Party City Holdings, Inc. (6-Month U.S. LIBOR plus 500 bps),
5.750%, 7–15–25 (H)(I)		65		60
PetSmart, Inc. and PetSmart Finance Corp.:
4.750%, 2–15–28 (H)		441		451
7.750%, 2–15–29 (H)		375		406
Staples, Inc.:
7.500%, 4–15–26 (H)		2,184		2,304
10.750%, 4–15–27 (H)		1,117		1,103
				5,766
Total Consumer Discretionary – 6.2%				20,206

10 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Staples
Food Distributors – 0.0%
MARB BondCo plc (GTD by Marfrig Global Foods S.A., Marfrig Overseas Ltd. and Marfrig Holdings (Europe) B.V.),
3.950%, 1–29–31 (H)	$	200	$	190
Packaged Foods & Meats – 0.4%
JBS USA Lux S.A. and JBS USA Finance, Inc.,
6.750%, 2–15–28 (H)		57		62
JBS USA, JBS USA Food Co. and JBS USA Finance, Inc. (GTD by JBS S.A.):
6.500%, 4–15–29 (H)		57		64
5.500%, 1–15–30 (H)		203		225
Pilgrim’s Pride Corp.,
4.250%, 4–15–31 (H)		602		600
Post Holdings, Inc.,
4.500%, 9–15–31 (H)		177		175
Simmons Foods, Inc.,
4.625%, 3–1–29 (H)		176		178
				1,304
Personal Products – 0.1%
Douglas GmbH,
6.000%, 4–8–26 (H)(J)	EUR	243		279
Total Consumer Staples – 0.5%				1,773
Energy
Coal & Consumable Fuels – 0.1%
Minejesa Capital B.V.,
5.625%, 8–10–37	$	200		209
Integrated Oil & Gas – 0.1%
Ecopetrol S.A.,
6.875%, 4–29–30		41		50
Gazprom PJSC,
3.897%, 1–26–69 (H)(J)	EUR	220		260
				310
Oil & Gas Drilling – 0.1%
KCA Deutag UK Finance plc,
9.875%, 12–1–25	$	381		419
Offshore Drilling Holding S.A.,
8.375%, 9–20–20 (F)(H)(L)		1,400		126
				545
Oil & Gas Equipment & Services – 0.0%
Nine Energy Service, Inc.,
8.750%, 11–1–23 (H)		311		93
Oil & Gas Exploration & Production – 1.3%
Ascent Resources Utica Holdings LLC and ARU Finance Corp.:
7.000%, 11–1–26 (H)		214		214
8.250%, 12–31–28 (H)		18		19
Bellatrix Exploration Ltd.,
8.500%, 9–11–23 (F)		177		—

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Exploration & Production (Continued)
Bellatrix Exploration Ltd. (3.000% Cash or 9.500% PIK),
9.500%, 12–15–23 (F)(K)	$	193	$	—
Chesapeake Escrow Issuer LLC:
5.500%, 2–1–26 (H)		176		183
5.875%, 2–1–29 (H)		132		140
Continental Resources, Inc.,
5.750%, 1–15–31 (H)		182		206
Crownrock L.P.,
5.625%, 10–15–25 (H)		986		1,006
Endeavor Energy Resources L.P.,
5.500%, 1–30–26 (H)		438		454
Endeavor Energy Resources L.P. and EER Finance, Inc.,
6.625%, 7–15–25 (H)		237		253
Laredo Petroleum, Inc.:
9.500%, 1–15–25		660		635
10.125%, 1–15–28 (E)		440		422
Moss Creek Resources Holdings, Inc.,
7.500%, 1–15–26 (H)		511		411
Murphy Oil Corp.,
6.375%, 7–15–28		70		70
Range Resources Corp.,
8.250%, 1–15–29 (H)		18		19
Vine Energy Holdings LLC,
6.750%, 4–15–29		341		341
				4,373
Oil & Gas Refining & Marketing – 1.0%
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.):
6.125%, 10–1–24 (E)		163		139
9.000%, 4–1–25 (H)		35		35
6.375%, 7–1–26		154		122
Comstock Escrow Corp.,
9.750%, 8–15–26		1,293		1,406
Comstock Resources, Inc.,
6.750%, 3–1–29 (H)		263		270
CVR Energy, Inc.,
5.250%, 2–15–25 (H)		175		171
EG Global Finance plc:
4.375%, 2–7–25 (H)(J)	EUR	169		193
6.250%, 10–30–25 (H)(J)		107		128
Ferrellgas Escrow LLC and FG Operating Finance Escrow Corp.:
5.375%, 4–1–26 (H)	$	121		120
5.875%, 4–1–29 (H)		71		70
PBF Holding Co. LLC,
9.250%, 5–15–25 (H)		614		627
				3,281
Oil & Gas Storage & Transportation – 0.0%
Crestwood Midstream Partners L.P.:
5.750%, 4–1–25 (E)		88		89
6.000%, 2–1–29 (H)		36		35
				124
Total Energy – 2.6%				8,935

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials
Diversified Banks – 0.3%
Banco Santander (Mexico) S.A.,
5.950%, 10–1–28 (E)(H)	$	200	$	216
BBVA Bancomer S.A.:
5.875%, 9–13–34		400		435
First Abu Dhabi Bank PJSC,
4.500%, 4–5–69		200		211
TerraForm Power Operating LLC (GTD by TerraForm Power LLC):
5.000%, 1–31–28 (H)		162		175
4.750%, 1–15–30 (H)		76		79
				1,116
Financial Exchanges & Data – 0.0%
MSCI, Inc.,
3.875%, 2–15–31 (H)		71		73
Insurance Brokers – 0.9%
Ardonagh Midco 2 plc,
11.500%, 1–15–27 (H)		870		931
NFP Corp.,
6.875%, 8–15–28 (H)		1,896		1,967
				2,898
Investment Banking & Brokerage – 0.2%
INTL FCStone, Inc.,
8.625%, 6–15–25 (H)		499		527
LPL Holdings, Inc.,
4.000%, 3–15–29 (H)		147		148
				675
Life & Health Insurance – 0.1%
Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer, Inc.,
4.250%, 10–15–27 (H)		288		288
Multi-Line Insurance – 0.2%
ASR Nederland N.V.,
5.125%, 9–29–45 (J)	EUR	100		139
Humanis Prevoyance,
5.750%, 10–22–25 (J)		300		393
				532
Property & Casualty Insurance – 0.2%
Amwins Group, Inc.,
7.750%, 7–1–26 (H)	$	196		210
Highlands Holdings Bond Issuer Ltd. and Highlands Holdings Bond Co-Issuer, Inc. (7.625% Cash or 8.375% PIK),
7.625%, 10–15–25 (H)(K)		456		489
				699
Specialized Finance – 1.0%
BCPE Cycle Merger Sub II, Inc.,
10.625%, 7–15–27 (H)		809		890
Bellis Acquisition Co. plc,
3.250%, 2–16–26 (H)(J)	GBP	100		138

2021 SEMIANNUAL REPORT 11

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized Finance (Continued)
Compass Group Diversified Holdings LLC,
5.250%, 4–15–29 (H)	$	700	$	734
Galaxy Bidco Ltd.,
6.500%, 7–31–26 (J)	GBP	100		146
JSM Global S.a.r.l.,
4.750%, 10–20–30 (H)	$	200		200
NBK Tier 1 Financing (2) Ltd.,
4.500%, 5–27–68 (H)		300		312
NBK Tier 1 Financing Ltd.,
3.625%, 8–24–69 (H)		200		198
Real Hero Merger Sub 2, Inc.,
6.250%, 2–1–29 (H)		73		75
Rede D’Or Finance S.a.r.l.,
4.500%, 1–22–30 (H)		400		393
Techem Verwaltungsgesellschaft 674 mbH,
2.000%, 7–15–25 (J)	EUR	150		174
VMED O2 UK Financing I plc:
3.250%, 1–31–31 (H)(J)		200		236
4.250%, 1–31–31 (H)	$	95		92
				3,588
Thrifts & Mortgage Finance – 0.2%
Provident Funding Associates L.P. and PFG Finance Corp.,
6.375%, 6–15–25 (H)		786		784
Total Financials – 3.1%				10,653
Health Care
Health Care Equipment – 0.1%
Hologic, Inc.,
3.250%, 2–15–29 (H)		203		201
Teleflex, Inc.,
4.250%, 6–1–28 (H)		95		98
				299
Health Care Facilities – 0.7%
Community Health Systems, Inc.,
6.875%, 4–15–29 (H)		75		79
Encompass Health Corp.:
4.750%, 2–1–30		57		58
4.625%, 4–1–31		133		138
Providence Service Corp. (The),
5.875%, 11–15–25 (H)		275		289
RegionalCare Hospital Partners Holdings, Inc. and Legend Merger Sub, Inc.,
9.750%, 12–1–26 (H)		689		746
Surgery Center Holdings, Inc.,
10.000%, 4–15–27 (H)		1,005		1,108
				2,418
Health Care Services – 0.2%
Heartland Dental LLC,
8.500%, 5–1–26 (H)		789		819
IQVIA, Inc.,
5.000%, 5–15–27 (H)		95		100
				919

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Life Sciences Tools & Services – 0.1%
Charles River Laboratories International, Inc.:
4.250%, 5–1–28 (H)	$	95	$	98
3.750%, 3–15–29 (H)		60		60
4.000%, 3–15–31 (E)(H)		55		56
				214
Managed Health Care – 0.0%
Molina Healthcare, Inc.,
3.875%, 11–15–30 (H)		59		60
Pharmaceuticals – 0.4%
Advanz Pharma Corp.,
8.000%, 9–6–24		72		74
Nidda Healthcare Holding AG:
3.500%, 9–30–24 (J)	EUR	300		352
P&L Development LLC and PLD Finance Corp.,
7.750%, 11–15–25 (H)	$	457		489
Par Pharmaceutical, Inc.,
7.500%, 4–1–27 (H)		454		481
Syneos Health, Inc.,
3.625%, 1–15–29 (H)		36		35
				1,431
Total Health Care – 1.5%				5,341
Industrials
Aerospace & Defense – 1.3%
TransDigm, Inc. (GTD by TransDigm Group, Inc.):
6.375%, 6–15–26		202		209
7.500%, 3–15–27		408		434
5.500%, 11–15–27		1,051		1,088
4.625%, 1–15–29 (H)		177		175
Triumph Group, Inc.,
8.875%, 6–1–24 (H)		38		43
Wolverine Escrow LLC:
8.500%, 11–15–24 (H)		956		953
9.000%, 11–15–26 (H)		1,438		1,437
13.125%, 11–15–27 (H)		128		110
				4,449
Airlines – 0.1%
Mileage Plus Holdings LLC,
6.500%, 6–20–27 (H)		227		249
Building Products – 0.3%
ABC Supply Co., Inc.,
4.000%, 1–15–28 (H)		95		95
CP Atlas Buyer, Inc.,
7.000%, 12–1–28 (H)		130		137
LBM Acquisition LLC,
6.250%, 1–15–29 (H)		129		133
Park River Holdings, Inc.,
5.625%, 2–1–29 (H)		189		183
Standard Industries, Inc.:
2.250%, 11–21–26 (H)(J)	EUR	100		119
4.750%, 1–15–28 (H)	$	38		40
4.375%, 7–15–30 (H)		40		40

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Building Products (Continued)
3.375%, 1–15–31 (H)	$	166	$	157
				904
Diversified Support Services – 0.3%
Ahern Rentals, Inc.,
7.375%, 5–15–23 (H)		665		599
Nesco Holdings II, Inc.,
5.500%, 4–15–29 (H)		519		532
				1,131
Electrical Components & Equipment – 0.0%
Sensata Technologies, Inc.,
4.375%, 2–15–30 (H)		48		50
Environmental & Facilities Services – 0.1%
Clean Harbors, Inc.,
5.125%, 7–15–29 (H)		62		66
GFL Environmental, Inc.:
3.750%, 8–1–25 (H)		196		199
5.125%, 12–15–26 (H)		78		82
3.500%, 9–1–28 (H)		137		133
				480
Heavy Electrical Equipment – 0.0%
BWX Technologies, Inc.,
4.125%, 4–15–29 (H)		134		136
Highways & Railtracks – 0.1%
ENA Master Trust,
4.000%, 5–19–48 (H)		200		203
Marine Ports & Services – 0.3%
Adani International Container Terminal Ltd.,
3.000%, 2–16–31 (H)		200		191
DP World plc,
4.700%, 9–30–49		200		209
International Container Terminal Services, Inc.,
4.750%, 6–17–30		200		222
Mersin Uluslararasi Liman Isletmeciligi A.S.,
5.375%, 11–15–24 (H)		200		208
				830
Railroads – 0.1%
Lima Metro Line 2 Finance Ltd.,
5.875%, 7–5–34 (H)		104		122
Rumo Luxembourg S.a.r.l.,
5.250%, 1–10–28 (H)		200		210
				332
Security & Alarm Services – 0.3%
APX Group, Inc. (GTD by APX Group Holdings, Inc.),
7.625%, 9–1–23		272		281
Garda World Security Corp. (GTD by GW Intermediate Corp.),
4.625%, 2–15–27 (H)		345		345

12 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Security & Alarm Services (Continued)
Prime Security Services Borrower LLC and Prime Finance, Inc.,
6.250%, 1–15–28 (H)	$	330	$	343
				969
Trading Companies & Distributors – 0.0%
Beacon Roofing Supply, Inc.,
4.500%, 11–15–26 (H)		163		167
Total Industrials – 2.9%				9,900
Information Technology
Application Software – 0.4%
Gartner, Inc.:
4.500%, 7–1–28 (H)		57		59
3.750%, 10–1–30 (H)		76		75
J2 Global, Inc.,
4.625%, 10–15–30 (H)		111		112
Kronos Acquisition Holdings, Inc. and KIK Custom Products, Inc.:
5.000%, 12–31–26 (H)		270		270
7.000%, 12–31–27 (H)		669		641
Open Text Corp. and Open Text Holdings, Inc.,
4.125%, 2–15–30 (H)		46		47
SS&C Technologies Holdings, Inc.,
5.500%, 9–30–27 (H)		120		128
				1,332
Data Processing & Outsourced Services – 0.0%
Shift4 Payments LLC and Shift4 Payments Finance Sub, Inc.,
4.625%, 11–1–26 (H)		38		40
Electronic Equipment & Instruments – 0.7%
Itron, Inc.,
5.000%, 1–15–26 (H)		374		383
NCR Corp.:
5.750%, 9–1–27 (H)		113		120
5.000%, 10–1–28 (H)		318		321
5.125%, 4–15–29 (H)		928		935
6.125%, 9–1–29 (H)		144		153
5.250%, 10–1–30 (H)		106		107
Paymentsense Ltd.,
8.000%, 10–15–25 (H)(J)	GBP	100		150
Verisure Holding AB (3-Month EURIBOR plus 500 bps):
5.000%, 4–15–25 (I)(J)	EUR	300		358
				2,527
IT Consulting & Other Services – 0.2%
Booz Allen Hamilton, Inc.,
3.875%, 9–1–28 (H)	$	136		137
Sabre GLBL, Inc. (GTD by Sabre Holdings Corp.):
9.250%, 4–15–25 (H)		103		123
7.375%, 9–1–25 (H)		42		46
Science Applications International Corp.,
4.875%, 4–1–28 (H)		464		480
				786

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Semiconductors – 0.0%
Entegris, Inc.,
4.375%, 4–15–28 (H)	$	65	$	67
Qorvo, Inc.,
3.375%, 4–1–31 (H)		82		80
				147
Technology Hardware, Storage & Peripherals – 0.1%
Brightstar Escrow Corp.,
9.750%, 10–15–25 (H)		252		273
Total Information Technology – 1.4%				5,105
Materials
Aluminum – 0.0%
Novelis Corp. (GTD by Novelis, Inc.),
4.750%, 1–30–30 (H)		58		60
Commodity Chemicals – 0.4%
LSF9 Atlantis Holdings LLC and Victra Finance Corp.,
7.750%, 2–15–26 (H)		440		450
NOVA Chemicals Corp.:
4.875%, 6–1–24 (H)		508		531
5.250%, 6–1–27 (H)		266		279
Trinseo Materials Operating SCA,
5.125%, 4–1–29 (H)		83		86
				1,346
Diversified Metals & Mining – 0.0%
Arconic Corp.,
6.000%, 5–15–25 (H)		95		102
Gold – 0.1%
AngloGold Ashanti Holdings plc,
6.500%, 4–15–40		120		144
Metal & Glass Containers – 0.2%
ARD Finance S.A. (6.500% Cash or 7.250% PIK),
6.500%, 6–30–27 (H)(K)		320		336
Ardagh Packaging Finance plc and Ardagh Holdings USA, Inc.:
5.250%, 4–30–25 (H)		57		60
2.125%, 8–15–26 (H)(J)	EUR	150		175
4.125%, 8–15–26 (H)	$	84		86
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		119		127
				809
Paper Packaging – 0.0%
Graphic Packaging International LLC (GTD by Graphic Packaging International Partners LLC and Field Container Queretaro (USA) LLC),
3.500%, 3–15–28 (H)		95		94

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialty Chemicals – 0.1%
INEOS Quattro Finance 2 plc,
2.500%, 1–15–26 (H)(J)	EUR	100	$	117
Ingevity Corp.,
3.875%, 11–1–28 (H)	$	35		34
Valvoline, Inc.,
4.250%, 2–15–30 (H)		57		58
				209
Total Materials – 0.8%				2,764
Real Estate
Hotel & Resort REITs – 0.1%
Hilton Domestic Operating Co., Inc.:
5.750%, 5–1–28 (H)		183		197
3.750%, 5–1–29 (H)	��	139		138
3.625%, 2–15–32 (H)		126		122
				457
Real Estate Development – 0.1%
Country Garden Holdings Co. Ltd.,
4.800%, 8–6–30		200		211
Logan Group Co. Ltd.,
5.750%, 1–14–25		200		210
Times China Holdings Ltd.,
6.200%, 3–22–26		200		203
				624
Specialized REITs – 0.0%
SBA Communications Corp.,
3.875%, 2–15–27		38		39
VICI Properties L.P. and VICI Note Co., Inc.,
4.125%, 8–15–30 (H)		84		85
				124
Total Real Estate – 0.2%				1,205
Utilities
Electric Utilities – 0.2%
Adani Transmission Ltd.,
4.250%, 5–21–36		193		199
Comision Federal de Electricidad,
3.348%, 2–9–31 (H)		200		192
NextEra Energy Operating Partners L.P. (GTD by NextEra Energy Partners L.P. and NextEra Energy U.S. Partners Holdings LLC),
4.500%, 9–15–27 (H)		57		61
				452
Renewable Electricity – 0.3%
Clearway Energy Operating LLC:
4.750%, 3–15–28 (H)		48		50
3.750%, 2–15–31 (H)		52		50
EnfraGen Energia Sur S.A.U.,
5.375%, 12–30–30 (H)		300		295

2021 SEMIANNUAL REPORT 13

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Renewable Electricity (Continued)
HAT Holdings I LLC and HAT Holdings II LLC (GTD by Hannon Armstrong Sustainable Infrastructure Capital, Inc.):
6.000%, 4–15–25 (H)	$	372	$	392
3.750%, 9–15–30 (H)		193		186
				973
Total Utilities – 0.5%				1,425
TOTAL CORPORATE DEBT SECURITIES – 26.4%			$	89,003
(Cost: $88,224)
MORTGAGE–BACKED SECURITIES
Other Mortgage-Backed Securities – 1.5%
ALM Loan Funding VII R-2 Ltd., Series 2013-7R2A, Class DR2 (3-Month U.S. LIBOR plus 600 bps),
6.241%, 10–15–27 (H)(I)		700		660
Ashford Hospitality Trust, Series 2018-ASHF, Class F (1-Month U.S. LIBOR plus 410 bps),
4.206%, 4–15–35 (H)(I)		600		492
Diameter Credit Funding II Ltd., Series 2019-2A, Class A,
3.940%, 1–25–38 (H)		1,000		1,010
Diameter Credit Funding II Ltd., Series 2019-2A, Class B,
4.540%, 1–25–38 (H)		500		505
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class D (3-Month U.S. LIBOR plus 350 bps),
3.741%, 4–15–33 (H)(I)		250		249
PNMAC GMSR Issuer Trust, Series 2018-GT1 (1-Month U.S. LIBOR plus 285 bps),
2.959%, 2–25–23 (H)(I)		2,100		2,097
				5,013
TOTAL MORTGAGE–BACKED SECURITIES – 1.5%			$	5,013
(Cost: $5,149)
OTHER GOVERNMENT SECURITIES (M)
Brazil – 0.1%
Federative Republic of Brazil,
3.875%, 6–12–30		200		194
Dominican Republic – 0.1%
Dominican Republic Government Bond,
4.875%, 9–23–32 (H)		200		204
TOTAL OTHER GOVERNMENT SECURITIES – 0.2%			$	398
(Cost: $411)

LOANS (I)	Principal		Value
Communication Services
Advertising – 0.2%
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 525 bps),
5.469%, 10–28–27	$	811	$	809
Broadcasting – 0.3%
Clear Channel Outdoor Holdings, Inc. (ICE LIBOR plus 350 bps),
3.712%, 8–21–26		970		931
Cable & Satellite – 0.7%
Intelsat Jackson Holdings S.A. (ICE LIBOR plus 375 bps),
8.000%, 11–27–23 (F)		1,013		1,028
Intelsat Jackson Holdings S.A. (ICE LIBOR plus 550 bps),
6.500%, 7–13–21		444		449
Radiate Holdco LLC (1-Month ICE LIBOR plus 350 bps),
4.250%, 9–25–26		249		249
UPC Broadband Holding B.V. (3-Month EURIBOR plus 250 bps),
2.500%, 4–30–29 (J)	EUR	500		584
				2,310
Integrated Telecommunication Services – 0.9%
Consolidated Communications, Inc. (ICE LIBOR plus 475 bps),
5.750%, 10–2–27	$	446		445
eircom Finco S.a.r.l. (3-Month EURIBOR plus 325 bps),
3.250%, 5–15–26 (J)	EUR	153		179
Frontier Communications Corp. (ICE LIBOR plus 475 bps),
5.750%, 10–8–21	$	250		249
Telenet International Finance S.a.r.l. (6-Month EURIBOR plus 225 bps),
2.250%, 4–30–29 (J)	EUR	250		292
West Corp. (3-Month ICE LIBOR plus 400 bps),
5.000%, 10–10–24	$	1,684		1,629
Windstream Services LLC (ICE LIBOR plus 625 bps),
7.250%, 9–21–27		180		179
				2,973
Interactive Home Entertainment – 0.1%
Playtika Holding Corp. (ICE LIBOR plus 275 bps),
2.859%, 3–11–28		250		248
Wireless Telecommunication Service – 0.1%
Digicel International Finance Ltd. (ICE LIBOR plus 325 bps),
3.510%, 5–27–24		427		406
Total Communication Services – 2.3%				7,677

LOANS (I) (Continued)	Principal		Value
Consumer Discretionary
Apparel Retail – 0.1%
Speedster Bidco GmbH (3-Month EURIBOR plus 325 bps),
3.250%, 3–31–27 (J)	EUR	250	$	290
Auto Parts & Equipment – 0.1%
Truck Hero, Inc. (1-Month ICE LIBOR plus 375 bps),
4.500%, 2–24–28	$	250		249
Automotive Retail – 0.0%
Midas Intermediate Holdco II LLC (ICE LIBOR plus 675 bps),
7.500%, 12–22–25		72		73
Casinos & Gaming – 0.4%
Caesars Resort Collection LLC (ICE LIBOR plus 450 bps),
4.609%, 7–20–25		249		249
Cosmopolitan of Las Vegas (The) (1-Month U.S. LIBOR plus 525 bps),
5.363%, 11–9–21		800		794
New Cotai LLC (14.000% Cash or 14.000% PIK),
14.000%, 9–10–25 (K)		89		91
Penn National Gaming, Inc. (ICE LIBOR plus 225 bps),
3.750%, 10–19–23		83		83
				1,217
Homefurnishing Retail – 0.1%
Empire Today LLC,
0.000%, 3–24–28 (C)(N)		250		249
Ensemble RCM LLC (ICE LIBOR plus 375 bps),
3.962%, 8–1–26		249		248
				497
Hotels, Resorts & Cruise Lines – 0.1%
CIF Times Square Mezz 1 LLC and CPTS Hotel Lessee Mezz 1 LLC (1-Month U.S. LIBOR plus 600 bps),
6.119%, 12–9–21 (F)		878		44
Hotel del Coronado (1-Month U.S. LIBOR plus 500 bps),
5.113%, 8–9–21		150		150
International Cruise & Excursion Gallery, Inc. (ICE LIBOR plus 525 bps),
6.250%, 6–8–25		195		194
				388
Internet & Direct Marketing Retail – 0.1%
CNT Holdings I Corp. (ICE LIBOR plus 375 bps),
4.500%, 11–8–27		229		228
CNT Holdings I Corp. (ICE LIBOR plus 675 bps),
7.500%, 11–6–28 (C)		243		245
				473

14 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

LOANS (I) (Continued)	Principal		Value
Leisure Facilities – 0.2%
United PF Holdings LLC (ICE LIBOR plus 400 bps),
4.203%, 12–30–26	$	633	$	610
United PF Holdings LLC (ICE LIBOR plus 850 bps),
9.500%, 11–12–26 (C)		135		136
				746
Leisure Products – 0.1%
GT Polaris, Inc. (ICE LIBOR plus 400 bps),
5.000%, 9–24–27		249		249
Hayward Industries, Inc. (ICE LIBOR plus 375 bps),
4.500%, 8–4–26		214		214
				463
Restaurants – 0.0%
Zaxby’s Operating Co. L.P. (1-Month ICE LIBOR plus 650 bps),
7.250%, 12–28–28		153		154
Specialized Consumer Services – 0.2%
Asurion LLC (ICE LIBOR plus 325 bps),
3.359%, 8–3–27		250		248
Asurion LLC (ICE LIBOR plus 525 bps),
5.359%, 2–3–28		412		419
				667
Specialty Stores – 0.9%
Bass Pro Group LLC (ICE LIBOR plus 425 bps),
5.000%, 3–5–28		82		82
Jo-Ann Stores, Inc. (ICE LIBOR plus 500 bps),
6.000%, 10–16–23		981		977
PetSmart, Inc. (ICE LIBOR plus 375 bps),
4.250%, 2–12–28		905		903
Staples, Inc. (ICE LIBOR plus 500 bps),
5.205%, 4–12–26		915		891
Woof Holdings LLC (1-Month ICE LIBOR plus 725 bps),
8.000%, 12–21–28		68		69
Woof Holdings LLC (ICE LIBOR plus 375 bps),
4.500%, 12–21–27		111		110
				3,032
Textiles – 0.2%
SIWF Holdings, Inc. (ICE LIBOR plus 425 bps),
4.359%, 6–15–25		686		682
Total Consumer Discretionary – 2.5%				8,931

LOANS (I) (Continued)	Principal		Value
Consumer Staples
Personal Products – 0.0%
Douglas GmbH,
0.000%, 4–8–26 (J)(N)	EUR	111	$	129
Soft Drinks – 0.2%
Refresco Holding B.V. (ICE LIBOR plus 400 bps),
4.059%, 3–28–25 (J)	GBP	500		686
Total Consumer Staples – 0.2%				815
Energy
Coal & Consumable Fuels – 0.2%
Foresight Energy LLC (ICE LIBOR plus 800 bps),
9.500%, 6–29–27	$	261		321
Westmoreland Coal Co. (ICE LIBOR plus 650 bps),
9.250%, 3–15–22		67		66
Westmoreland Mining Holdings LLC (15.000% Cash or 15.000% PIK),
15.000%, 3–15–29 (K)		573		294
				681
Oil & Gas Equipment & Services – 0.1%
McDermott Technology Americas, Inc. (1.115% Cash or 1.115% PIK),
1.115%, 6–30–25 (K)		234		127
Oil & Gas Exploration & Production – 0.0%
Ascent Resources Utica Holdings LLC (1-Month ICE LIBOR plus 900 bps),
10.000%, 11–1–25		82		91
Oil & Gas Refining & Marketing – 0.1%
EG America LLC,
0.000%, 3–12–26 (N)		250		247
Oil & Gas Storage & Transportation – 0.2%
EPIC Crude Services L.P. (ICE LIBOR plus 500 bps),
5.260%, 3–1–26		896		650
Total Energy – 0.6%				1,796
Financials
Asset Management & Custody Banks – 0.2%
Edelman Financial Holdings II, Inc.,
0.000%, 7–20–26 (N)		90		90
Edelman Financial Holdings II, Inc. (ICE LIBOR plus 675 bps),
6.860%, 7–20–26		689		687
				777
Insurance Brokers – 0.2%
Navacord Corp.:
0.000%, 3–16–28 (C)(J)(N)	CAD	684		546
0.000%, 3–16–29 (C)(J)(N)		310		247
				793

LOANS (I) (Continued)	Principal		Value
Investment Banking & Brokerage – 0.1%
ION Trading Finance Ltd. (ICE LIBOR plus 400 bps),
5.000%, 11–21–24	$	273	$	273
Multi-Sector Holdings – 0.1%
THG Operations Holdings Ltd. (3-Month EURIBOR plus 450 bps),
4.500%, 12–11–26 (J)	EUR	250		294
Other Diversified Financial Services – 0.2%
AqGen Ascensus, Inc. (ICE LIBOR plus 400 bps),
5.000%, 12–3–26	$	646		645
Property & Casualty Insurance – 0.3%
Amynta Agency Borrower, Inc. (ICE LIBOR plus 400 bps),
4.609%, 2–28–25		1,008		994
Specialized Finance – 0.7%
Bellis Acquisition Co. plc,
0.000%, 12–31–26 (J)(N)	EUR	500		585
Endo Luxembourg Finance Co. I S.a.r.l.,
0.000%, 3–25–28 (N)	$	250		247
Gulf Finance LLC (ICE LIBOR plus 525 bps),
6.250%, 8–25–23		886		732
Lealand Finance Co. B.V.,
0.000%, 6–30–24 (C)(N)		4		3
Lealand Finance Co. B.V. (ICE LIBOR plus 300 bps),
3.115%, 6–30–24 (C)		12		10
Sunshine Luxembourg VII S.a.r.l.,
0.000%, 10–2–26 (N)		250		249
Winterfell Financing S.a.r.l.,
0.000%, 2–19–28 (J)(N)	EUR	250		291
				2,117
Total Financials – 1.8%				5,893
Health Care
Health Care Facilities – 0.1%
Surgery Center Holdings, Inc. (ICE LIBOR plus 325 bps),
4.250%, 8–31–24	$	152		151
Surgery Center Holdings, Inc. (ICE LIBOR plus 800 bps),
9.000%, 8–31–24		49		49
				200
Health Care Services – 1.3%
Bio Lam LCD SELAS (3-Month EURIBOR plus 350 bps),
3.500%, 2–9–28 (J)	EUR	250		291
CCRR Parent, Inc. (ICE LIBOR plus 425 bps),
5.000%, 3–5–28 (C)	$	250		250
Elysium Healthcare Holdings 3 Ltd. (ICE LIBOR plus 525 bps),
5.299%, 4–4–25 (J)	GBP	500		680

2021 SEMIANNUAL REPORT 15

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

MARCH 31, 2021 (UNAUDITED)

LOANS (I) (Continued)	Principal		Value
Health Care Services (Continued)
Heartland Dental LLC (ICE LIBOR plus 375 bps),
3.609%, 4–30–25	$	1,087	$	1,068
LSCS Holdings, Inc. (ICE LIBOR plus 425 bps):
4.507%, 3–9–25 (C)		164		161
4.507%, 3–17–25 (C)		42		42
U.S. Renal Care, Inc. (3-Month ICE LIBOR plus 500 bps),
5.125%, 6–26–26		1,241		1,233
Vivalto Sante Investissement S.A. (3-Month EURIBOR plus 325 bps),
3.000%, 7–9–26 (J)	EUR	250		293
Women’s Care Holdings, Inc. (ICE LIBOR plus 450 bps),
5.250%, 1–15–28	$	250		250
				4,268
Health Care Technology – 0.2%
BioClinica Holding I L.P. (ICE LIBOR plus 425 bps),
5.250%, 10–20–23		335		334
Verscend Holding Corp.,
0.000%, 8–27–25 (N)		250		250
				584
Pharmaceuticals – 0.2%
Concordia International Corp. (ICE LIBOR plus 550 bps),
6.500%, 9–6–24		228		228
Nidda Healthcare Holding GmbH (3-Month EURIBOR plus 350 bps),
3.500%, 8–21–26 (J)		EUR 250		291
				519
Total Health Care – 1.8%				5,571
Industrials
Aerospace & Defense – 0.2%
Bleriot U.S. Bidco, Inc. (ICE LIBOR plus 400 bps),
4.203%, 10–31–26	$	196		195
Tronair, Inc. (1-Month U.S. LIBOR plus 475 bps),
5.750%, 9–8–23 (C)		334		281
				476
Airlines – 0.0%
Mileage Plus Holdings LLC (ICE LIBOR plus 525 bps),
6.250%, 6–20–27		177		187
Building Products – 0.3%
CP Atlas Buyer, Inc. (ICE LIBOR plus 375 bps),
4.250%, 11–23–27		565		561
Park River Holdings, Inc. (1-Month ICE LIBOR plus 325 bps),
4.000%, 12–28–27		380		377
				938

LOANS (I) (Continued)	Principal		Value
Construction & Engineering – 0.2%
Pike Corp. (1-Month ICE LIBOR plus 300 bps),
3.130%, 1–21–28	$	250	$	249
WaterBridge Midstream Operating LLC,
0.000%, 6–21–26 (N)		52		49
WaterBridge Midstream Operating LLC (3-Month ICE LIBOR plus 575 bps),
6.750%, 6–21–26		193		183
				481
Diversified Support Services – 0.1%
TruGreen L.P. (1-Month ICE LIBOR plus 400 bps),
4.750%, 11–2–27		249		249
Industrial Conglomerates – 0.6%
PAE Holding Corp. (ICE LIBOR plus 450 bps),
5.250%, 10–19–27		2,073		2,071
Industrial Machinery – 0.3%
Form Technologies LLC,
0.000%, 7–22–25 (N)		552		549
Form Technologies LLC (ICE LIBOR plus 475 bps),
5.750%, 7–22–25		566		562
				1,111
Research & Consulting Services – 0.3%
Ankura Consulting Group LLC (ICE LIBOR plus 450 bps),
5.250%, 3–17–28 (C)		344		341
Ankura Consulting Group LLC (ICE LIBOR plus 800 bps),
8.750%, 3–17–29 (C)		46		46
APCO Holdings, Inc. (ICE LIBOR plus 550 bps),
5.620%, 6–8–25		155		151
Guidehouse LLP (1-Month ICE LIBOR plus 450 bps),
4.109%, 5–1–25		357		357
				895
Security & Alarm Services – 0.0%
Garda World Security Corp. (ICE LIBOR plus 425 bps),
4.370%, 10–30–26		164		164
Total Industrials – 2.0%				6,572
Information Technology
Application Software – 1.2%
Applied Systems, Inc. (ICE LIBOR plus 550 bps),
6.250%, 9–19–25		466		468
Greeneden U.S. Holdings II LLC (3-Month EURIBOR plus 425 bps),
4.250%, 12–1–27 (J)		EUR500		587
Riverbed Technology, Inc. (1-Month ICE LIBOR plus 600 bps),
7.000%, 12–31–25	$	1,028		986

LOANS (I) (Continued)	Principal		Value
Application Software (Continued)
Riverbed Technology, Inc. (7.500% Cash or 4.500% PIK),
7.500%, 12–31–26 (K)	$	2,201	$	1,753
Ultimate Software Group, Inc. (The) (ICE LIBOR plus 675 bps),
7.500%, 5–3–27		102		104
				3,898
Communications Equipment – 0.4%
MLN U.S. Holdco LLC (ICE LIBOR plus 450 bps),
4.603%, 11–30–25		968		848
MLN U.S. Holdco LLC (ICE LIBOR plus 875 bps),
8.853%, 11–30–26		470		230
				1,078
Data Processing & Outsourced Services – 0.8%
Cardtronics USA, Inc. (ICE LIBOR plus 400 bps),
5.000%, 6–29–27		344		344
CommerceHub, Inc. (1-Month ICE LIBOR plus 475 bps),
7.750%, 12–2–28		390		398
CommerceHub, Inc. (ICE LIBOR plus 400 bps),
4.750%, 12–2–27		367		367
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 300 bps),
8.250%, 5–1–25		570		564
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 325 bps),
4.000%, 5–1–24		789		755
Output Services Group, Inc. (ICE LIBOR plus 425 bps),
5.500%, 3–27–24 (C)		243		201
				2,629
Electronic Equipment & Instruments – 0.2%
Verisure Holding AB (3-Month EURIBOR plus 400 bps),
3.500%, 7–14–26 (J)		EUR 500		584
Internet Services & Infrastructure – 0.3%
E2open LLC (1-Month ICE LIBOR plus 350 bps),
4.000%, 2–4–28	$	250		250
Endure Digital, Inc. (1-Month ICE LIBOR plus 350 bps),
4.250%, 2–10–28		250		247
Informatica LLC,
7.125%, 2–25–25		642		655
				1,152
IT Consulting & Other Services – 0.6%
Gainwell Acquisition Corp.,
0.000%, 10–1–27 (N)		548		545
Gainwell Acquisition Corp. (ICE LIBOR plus 400 bps),
4.750%, 10–1–27		917		912

16 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

LOANS (I) (Continued)	Principal		Value
IT Consulting & Other Services (Continued)
Ivanti Software, Inc. (1-Month ICE LIBOR plus 400 bps),
4.750%, 12–1–27	$	93	$	92
Ivanti Software, Inc. (1-Month ICE LIBOR plus 475 bps),
5.750%, 12–1–27		208		209
				1,758
Systems Software – 0.3%
DCert Buyer, Inc. (ICE LIBOR plus 400 bps),
4.109%, 10–16–26		648		647
Peraton Corp.,
0.000%, 2–1–28 (N)		159		159
Peraton Corp. (1-Month ICE LIBOR plus 375 bps),
4.500%, 2–1–28		91		91
Peraton Corp. (1-Month ICE LIBOR plus 775 bps),
0.000%, 2–1–29 (C)(N)		133		135
				1,032
Technology Hardware, Storage & Peripherals – 0.1%
Delta Topco, Inc. (ICE LIBOR plus 375 bps),
4.500%, 12–1–27		250		250
Total Information Technology – 3.9%				12,381
Materials
Construction Materials – 0.4%
Associated Asphalt Partners LLC (ICE LIBOR plus 525 bps),
6.250%, 4–5–24		168		155
Hillman Group, Inc. (The),
0.000%, 2–24–28 (N)		250		248
Hillman Group, Inc. (The) (ICE LIBOR plus 350 bps),
4.109%, 5–31–25		938		937
				1,340

LOANS (I) (Continued)	Principal		Value
Diversified Chemicals – 0.1%
Aruba Investments Holdings LLC (ICE LIBOR plus 400 bps),
4.750%, 11–24–27	$	250	$	249
Metal & Glass Containers – 0.1%
Pretium PKG Holdings, Inc. (1-Month ICE LIBOR plus 400 bps),
4.750%, 11–5–27		319		318
Specialty Chemicals – 0.3%
Archroma Finance S.a.r.l. (3-Month ICE LIBOR plus 425 bps),
4.453%, 7–28–24		340		333
Archroma Finance S.a.r.l. (ICE LIBOR plus 425 bps),
4.453%, 7–28–24		2		2
INEOS 226 Ltd. (3-Month EURIBOR plus 275 bps),
2.750%, 1–29–26 (J)		EUR 500		581
NIC Acquisition Corp. (1-Month ICE LIBOR plus 375 bps),
4.500%, 12–29–27	$	89		89
NIC Acquisition Corp. (1-Month ICE LIBOR plus 775 bps),
8.001%, 12–29–28		57		58
				1,063
Total Materials – 0.9%				2,970
Real Estate
Retail REITs – 0.3%
Inland Retail Real Estate Trust, Inc. (1-Month U.S. LIBOR plus 650 bps),
7.000%, 1–1–22		812		820
Total Real Estate – 0.3%				820

LOANS (I) (Continued)	Principal		Value
Utilities
Water Utilities – 0.0%
Dispatch Acquisition Holdings LLC (1-Month ICE LIBOR plus 425 bps),
5.000%, 3–17–28	$	250	$	249
Total Utilities – 0.0%				249
TOTAL LOANS – 16.3%			$	53,675
(Cost: $55,064)
SHORT-TERM SECURITIES	Shares
Money Market Funds (P) – 3.0%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
0.010% (O)		1,398		1,398
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.040%		8,637		8,637
				10,035
TOTAL SHORT-TERM SECURITIES – 3.0%			$	10,035
(Cost: $10,035)
TOTAL INVESTMENT SECURITIES – 100.5%			$	333,290
(Cost: $298,392)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.5)%				(1,725	)
NET ASSETS – 100.0%			$	331,565

Notes to Schedule of Investments

* Not shown due to rounding.

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

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

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

(D) Restricted securities. At March 31, 2021, the Fund owned the following restricted securities:

Security	Acquisition Date(s)		Shares		Cost		Value
EP Energy Corp.		10–6–20		4	$	68	$	263
Foresight Energy L.P.		6–30–20–9–8–20		31		611		475
New Cotai Participation Corp., Class B		9–29–20		318		2,791		1,171
Pinnacle Agriculture Enterprises LLC		7–17–20		1		106		—
Studio City International Holdings Ltd. ADR		8–5–20		15		227		193
Targa Resources Corp., 9.500%		10–24–17		1		1,415		1,340
					$	5,218	$	3,442

2021 SEMIANNUAL REPORT 17

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

MARCH 31, 2021 (UNAUDITED)

The total value of these securities represented 1.0% of net assets at March 31, 2021.

(E) All or a portion of securities with an aggregate value of $6,071 are on loan.

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

(G) Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-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, 2021 the total value of these securities amounted to $83,465 or 25.2% of net assets.

(I) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2021. 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 (CAD - Canadian Dollar, 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, 2021.

(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 annualized 7-day yield at March 31, 2021.

The following forward foreign currency contracts were outstanding at March 31, 2021:

	Currency to be Delivered			Currency to be Received		Settlement Date		Counterparty	Unrealized Appreciation		Unrealized Depreciation
British Pound		1,430	U.S. Dollar		1,964		6–30–21	JPMorgan Securities LLC	$	—	$	8
Euro		3,100	U.S. Dollar		3,656		6–30–21	JPMorgan Securities LLC		13		—
Euro		5,072	U.S. Dollar		6,571		9–30–21	JPMorgan Securities LLC		600		—
Canadian Dollar		978	U.S. Dollar		784		6–21–21	Morgan Stanley International		6		—
									$	619	$	8

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	3,442	$	—	$	—
Consumer Discretionary		4,577		—		1,197
Consumer Staples		12,867		—		—
Energy		8,429		288		973
Financials		32,332		—		—
Health Care		15,362		—		—
Industrials		16,810		—		—
Information Technology		15,324		—		—
Materials		5,827		—		—
Real Estate		31,930		—		—
Utilities		14,005		—		—
Total Common Stocks	$	160,905	$	288	$	2,170

18 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

	Level 1		Level 2		Level 3
Preferred Stocks	$	3,664	$	1,350	$	—
Warrants		5		—		—
Asset-Backed Securities		—		6,784		—
Corporate Debt Securities		—		89,003		—
Mortgage-Backed Securities		—		5,013		—
Other Government Securities		—		398		—
Loans		—		50,782		2,893
Short-Term Securities		10,035		—		—
Total	$	174,609	$	153,618	$	5,063
Forward Foreign Currency Contracts	$	—	$	619	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	8	$	—

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

	Common Stocks			Loans
Beginning Balance 10-1-20	$	2,029		$	3,247
Net realized gain (loss)		—			29
Net change in unrealized appreciation (depreciation)		(261	)		211
Purchases		—			2,973
Sales		—			(2,916	)
Amortization/Accretion of premium/discount		—			3
Transfers into Level 3 during the period		402			175
Transfers out of Level 3 during the period		—			(829	)
Ending Balance 3-31-21	$	2,170		$	2,893
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-21	$	(262	)	$	80

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 3-31-21		Valuation Technique(s)	Unobservable Input(s)	Input Value(s)
Assets
Common Stocks	$	26	Market approach	Adjusted EBITDA multiple		8.23x
		475	Market approach	Illiquidity discount		30.00%
		498	Market approach	Broker quote		N/A
		1,171	Market approach	Market premium		20.00%
Loans		2,893	Third-party vendor pricing service	Broker quotes		N/A

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

2021 SEMIANNUAL REPORT 19

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

MARCH 31, 2021 (UNAUDITED)

Country Diversification
(as a % of net assets)
United States	55.7%
Germany	6.4%
United Kingdom	5.6%
France	4.5%
Japan	3.4%
Canada	2.3%
Luxembourg	2.0%
Taiwan	1.9%
South Korea	1.7%
Cayman Islands	1.6%
Switzerland	1.5%
Hong Kong	1.4%
Italy	1.1%
Singapore	1.1%
Ireland	1.0%
Other Countries	6.3%
Other+	2.5%

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

See Accompanying Notes to Financial Statements.

20 SEMIANNUAL REPORT 2021

PORTFOLIO HIGHLIGHTS IVY APOLLO STRATEGIC INCOME FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Stocks	1.7%
Consumer Discretionary	0.8%
Energy	0.9%
Consumer Staples	0.0%
Real Estate	0.0%
Warrants	0.0%
Bonds	96.0%
Corporate Debt Securities	59.6%
Loans	20.1%
United States Government and Government Agency Obligations	7.3%
Other Government Securities	5.5%
Asset-Backed Securities	2.0%
Mortgage-Backed Securities	1.5%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.3%

Quality Weightings

Investment Grade	37.9%
AAA	1.7%
AA	6.9%
A	7.0%
BBB	22.3%
Non-Investment Grade	58.1%
BB	11.8%
B	27.9%
CCC	14.6%
Below CCC	0.8%
Non-rated	3.0%
Liabilities (Net of Cash and Other Assets), Cash Equivalents+ and Equities	4.0%

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	62.9%
United States	57.3%
Mexico	3.5%
Other North America	2.1%
Europe	12.6%
United Kingdom	3.6%
Other Europe	9.0%
Pacific Basin	7.7%
South America	6.5%
Bahamas/Caribbean	5.6%
Middle East	1.6%
Africa	0.7%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.3%

+ 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.

2021 SEMIANNUAL REPORT 21

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

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS	Shares			Value
Canada
Energy – 0.0%
Bellatrix Exploration Ltd. (A)(B)(C)		98		$	—	*
Total Canada – 0.0%				$	—	*
Germany
Real Estate – 0.0%
Adler Group S.A. (D)		—			—
Total Germany – 0.0%				$	—
Hong Kong
Consumer Discretionary – 0.2%
Studio City International Holdings Ltd. ADR (B)		65			863
Total Hong Kong – 0.2%				$	863
United States
Consumer Discretionary – 0.6%
Laureate Education, Inc., Class A (B)		20			268
New Cotai Participation Corp., Class B (B)(C)(E)		414			1,525
True Religion Apparel, Inc. (B)(C)		—	*		29
					1,822
Consumer Staples – 0.0%
Pinnacle Agriculture Enterprises LLC (B)(C)(E)		1			—
Energy – 0.5%
California Resources Corp. (B)		7			173
EP Energy Corp. (B)(E)		4			299
Foresight Energy L.P. (B)(C)(E)		42			644
KCA Deutag UK Finance plc (B)(C)		5			336
McDermott International, Inc. (B)		113			90
Westmoreland Coal Co. (B)		7			25
					1,567
Total United States – 1.1%				$	3,389
TOTAL COMMON STOCKS – 1.3%				$	4,252
(Cost: $7,568)
PREFERRED STOCKS
United States
Consumer Discretionary – 0.0%
True Religion Apparel, Inc. (B)		—	*		11
Energy – 0.4%
Targa Resources Corp., 9.500% (E)		1			1,539
Total United States – 0.4%				$	1,550
TOTAL PREFERRED STOCKS – 0.4%				$	1,550
(Cost: $1,661)

WARRANTS	Shares		Value
United States – 0.0%
California Resources Corp., expires 10–27–24, Expires 10–27–24 (F)		1	$	6
TOTAL WARRANTS – 0.0%			$	6
(Cost: $119)
ASSET-BACKED SECURITIES	Principal
Cayman Islands – 0.7%
Allegro CLO Ltd., Series 2014–1RA, Class B (3–Month U.S. LIBOR plus 215 bps)
2.374%, 10–21–28 (G)(H)	$	250		251
Anchorage Capital CLO Ltd., Series 2014–4RA, Class D (3-Month U.S. LIBOR plus 260 bps)
2.819%, 1–28–31 (G)(H)		500		490
Audax Senior Debt CLO II LLC, Series 2019–2A, Class C (3-Month U.S LIBOR plus 490 bps)
5.122%, 10–22–29 (G)(H)		250		249
Northwoods Capital XI–B Ltd. and Northwoods Capital XI–B LLC, Series 2018–14BA, Class D (3-Month U.S. LIBOR plus 340 bps)
3.621%, 11–13–31 (G)(H)		800		759
TIAA Churchill Middle Market CLO I Ltd., Series 2016–1A, Class DR (3-Month U.S. LIBOR plus 390 bps)
4.124%, 10–20–30 (G)(H)		250		237
Venture CDO Ltd., Series 17–26A, Class D (3-Month U.S. LIBOR plus 425 bps)
4.474%, 1–20–29 (G)(H)		500		497
				2,483
Ireland – 0.1%
GoldenTree Loan Management CLO Ltd., Series 2X, Class D (3-Month EURIBOR plus 285 bps)
2.850%, 1–20–32 (H)(I)	EUR	385		434
United States – 1.2%
Anchorage Capital CLO Ltd., Series 2020–15A, Class D (3-Month U.S. LIBOR plus 460 bps)
4.824%, 7–20–31 (G)(H)	$	500		501
Fortress Credit BSL Ltd., Series 2018–1A, Class ER (3-Month U.S. LIBOR plus 645 bps)
6.668%, 7–23–31 (G)(H)		750		679
Golub Capital Partners CLO Ltd., Series 2013–17A, Class CR (3-Month U.S. LIBOR plus 350 bps)
3.745%, 10–25–30 (G)(H)		1,000		985
Rockford Tower CLO Ltd., Series 2019–1A, Class DR (3-Month U.S. LIBOR plus 310 bps)
3.282%, 4–20–34 (G)(H)		500		499

ASSET-BACKED SECURITIES (Continued)	Principal		Value
United States (Continued)
Trinitas CLO Ltd., Ser 2019–11A, Class D (3-Month U.S. LIBOR plus 422 bps)
4.461%, 7–15–32 (G)(H)	$	1,000	$	1,001
Trinitas CLO Ltd., Series 2018–8A, Class E (3-Month U.S. LIBOR plus 590 bps)
6.124%, 7–20–31 (G)(H)		750		700
				4,365
TOTAL ASSET-BACKED SECURITIES – 2.0%			$	7,282
(Cost: $7,372)
CORPORATE DEBT SECURITIES
Argentina
Energy – 0.2%
Pampa Energia S.A.
7.500%, 1–24–27 (G)		800		651
Industrials – 0.1%
Aeropuertos Argentina 2000 S.A. (9.375% Cash or 9.375% PIK)
9.375%, 2–1–27 (G)(J)		283		227
Total Argentina—0.3%			$	878
Australia
Financials – 0.3%
Australia and New Zealand Banking Group Ltd.
4.500%, 3–19–24 (G)		1,100		1,208
Industrials – 0.4%
Transburban Finance Co. Pty Ltd.
2.450%, 3–16–31		700		684
Transurban Finance Co. Pty Ltd.
2.450%, 3–16–31 (G)		630		612
				1,296
Utilities – 0.3%
Ausgrid Finance Pty Ltd.
3.850%, 5–1–23 (G)		1,100		1,155
Total Australia – 1.0%			$	3,659
Austria
Consumer Staples – 0.5%
JBS Investments II GmbH (GTD by JBS S.A.):
7.000%, 1–15–26 (G)		1,500		1,597
5.750%, 1–15–28		200		211
				1,808
Total Austria – 0.5%			$	1,808
Bermuda
Communication Services – 0.4%
Digicel International Finance Ltd.
8.000%, 12–31–26 (G)		233		225

22 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Communication Services (Continued)
Digicel International Finance Ltd. (6.000% Cash and 7.000% PIK)
13.000%, 12–31–25 (G)(J)	$	115	$	115
Digicel International Finance Ltd. (8.000% Cash and 2.000% PIK or 10.000% PIK)
10.000%, 4–1–24 (J)		1,259		1,225
				1,565
Consumer Staples – 0.3%
Bacardi Ltd.
4.450%, 5–15–25 (G)		1,100		1,223
Energy – 0.1%
GeoPark Ltd.
5.500%, 1–17–27 (G)		400		406
Financials – 0.2%
Highlands Holdings Bond Issuer Ltd. and Highlands Holdings Bond Co-Issuer, Inc. (7.625% Cash or 8.375% PIK)
7.625%, 10–15–25 (G)(J)		708		759
Total Bermuda – 1.0%			$	3,953
Brazil
Communication Services – 0.0%
Globo Comunicacoes e Participacoes S.A.
4.875%, 1–22–30 (G)		200		202
Industrials – 0.2%
Cosan Ltd.
5.500%, 9–20–29 (D)(G)		700		741
Materials – 0.5%
Nexa Resources S.A.
6.500%, 1–18–28 (G)		400		459
Unigel Luxembourg S.A.
8.750%, 10–1–26 (G)		400		432
Vale Overseas Ltd.
6.250%, 8–10–26		1,025		1,219
				2,110
Utilities – 0.3%
Aegea Finance S.a.r.l.
5.750%, 10–10–24 (G)		1,000		1,036
Total Brazil – 1.0%			$	4,089
British Virgin Islands
Information Technology – 0.5%
Taiwan Semiconductor Manufacturing Co. Ltd.
1.000%, 9–28–27 (G)		2,000		1,922
Total British Virgin Islands – 0.5%			$	1,922

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Canada
Consumer Discretionary – 0.0%
1011778 B.C. Unlimited Liability Co. and New Red Finance, Inc.
3.500%, 2–15–29 (G)	$	182	$	177
Gateway Casinos & Entertainment Ltd.
8.250%, 3–1–24 (G)		168		160
				337
Consumer Staples – 0.2%
Alimentation Couche-Tard, Inc.
2.700%, 7–26–22 (G)		640		657
Energy – 0.3%
TransCanada PipeLines Ltd.
4.250%, 5–15–28		900		1,012
Financials – 0.4%
Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.)
4.350%, 4–15–30		600		677
Royal Bank of Canada:
3.700%, 10–5–23		150		162
4.650%, 1–27–26		550		627
				1,466
Health Care – 0.0%
Advanz Pharma Corp.
8.000%, 9–6–24		81		83
Industrials – 0.2%
Garda World Security Corp. (GTD by GW Intermediate Corp.)
4.625%, 2–15–27 (G)		294		294
GFL Environmental, Inc.:
3.750%, 8–1–25 (G)		227		230
5.125%, 12–15–26 (G)		76		80
3.500%, 9–1–28 (G)		169		164
				768
Information Technology – 0.4%
Kronos Acquisition Holdings, Inc. and KIK Custom Products, Inc.:
5.000%, 12–31–26 (G)		423		423
7.000%, 12–31–27 (G)		1,049		1,005
				1,428
Materials – 0.3%
NOVA Chemicals Corp.:
4.875%, 6–1–24 (G)		661		691
5.250%, 6–1–27 (G)		345		362
				1,053
Total Canada – 1.8%			$	6,804

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Cayman Islands
Consumer Discretionary – 0.1%
Meituan
3.050%, 10–28–30 (G)	$	400	$	389
Financials – 0.2%
Grupo Aval Ltd.
4.375%, 2–4–30 (G)		400		403
Itau Unibanco Holdings S.A.
3.250%, 1–24–25 (G)		470		478
				881
Industrials – 0.2%
DP World Crescent Ltd.
3.875%, 7–18–29 (D)		600		629
Lima Metro Line 2 Finance Ltd.
5.875%, 7–5–34 (G)		104		122
				751
Total Cayman Islands – 0.5%			$	2,021
Chile
Communication Services – 0.1%
VTR Comunicaciones S.p.A.
4.375%, 4–15–29 (G)		495		497
Consumer Discretionary – 0.2%
Saci Falabella
3.750%, 10–30–27 (D)(G)		500		539
Financials – 0.4%
Banco del Estado de Chile
2.704%, 1–9–25 (G)		1,300		1,355
Industrials – 0.2%
Empresa de Transporte de Pasajeros Metro S.A.
3.650%, 5–7–30 (G)		600		651
Utilities – 0.3%
Enel Chile S.A.
4.875%, 6–12–28		840		973
Total Chile – 1.2%			$	4,015
China
Communication Services – 0.6%
Tencent Holdings Ltd.
2.985%, 1–19–23 (G)		1,000		1,038
Weibo Corp.
3.500%, 7–5–24		900		948
				1,986
Consumer Discretionary – 0.3%
Alibaba Group Holding Ltd.
3.400%, 12–6–27		1,000		1,073
Energy – 0.3%
Sinopec Group Overseas Development (2018) Ltd.
4.125%, 9–12–25 (G)		800		883

2021 SEMIANNUAL REPORT 23

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Information Technology – 0.1%
Baidu, Inc.
3.425%, 4–7–30	$	250	$	262
Real Estate – 0.2%
Country Garden Holdings Co. Ltd.:
7.250%, 4–8–26		200		223
4.800%, 8–6–30		200		210
Logan Group Co. Ltd.
5.750%, 1–14–25		200		210
Times China Holdings Ltd.
6.200%, 3–22–26		200		204
				847
Total China – 1.5%			$	5,051
Columbia
Communication Services – 0.0%
Colombia Telecomunicaciones S.A. E.S.P.
4.950%, 7–17–30 (G)		200		210
Energy – 0.1%
Ecopetrol S.A.
6.875%, 4–29–30		49		60
Oleoducto Central S.A.
4.000%, 7–14–27 (G)		200		211
				271
Financials – 0.1%
Bancolombia S.A.
3.000%, 1–29–25		340		347
Utilities – 0.3%
Empresas Publicas de Medellin E.S.P.
4.250%, 7–18–29 (G)		1,000		1,012
Grupo Energia Bogota S.A. E.S.P.
4.875%, 5–15–30 (G)		200		222
				1,234
Total Columbia – 0.5%			$	2,062
Denmark
Financials – 0.2%
Danske Bank A.S.
5.000%, 1–12–23 (G)		700		722
Total Denmark – 0.2%			$	722
France
Consumer Discretionary – 0.1%
Klesia Prevoyance
5.375%, 12–8–26 (I)	EUR	300		384
Financials – 0.1%
Humanis Prevoyance
5.750%, 10–22–25 (I)		300		393
Total France – 0.2%			$	777

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Germany
Consumer Staples – 0.1%
Douglas GmbH
6.000%, 4–8–26 (G)(I)	EUR	291	$	334
Financials – 0.1%
Techem Verwaltungsgesellschaft 674 mbH
2.000%, 7–15–25 (I)		300		347
Health Care – 0.1%
Nidda Healthcare Holding AG:
3.500%, 9–30–24 (G)(I)		100		118
3.500%, 9–30–24 (I)		224		262
				380
Total Germany – 0.3%			$	1,061
Hong Kong
Financials – 0.3%
AIA Group Ltd.
3.375%, 4–7–30 (G)	$	200		213
Bangkok Bank Public Co. Ltd.
4.050%, 3–19–24 (G)		600		655
				868
Total Hong Kong – 0.3%			$	868
India
Communication Services – 0.1%
Network i2i Ltd.
5.650%, 4–15–68 (G)		250		264
Industrials – 0.0%
Adani International Container Terminal Ltd.
3.000%, 2–16–31 (G)		200		191
Information Technology – 0.2%
HCL America, Inc.
1.375%, 3–10–26		750		736
Utilities – 0.5%
Adani Electricity Mumbai Ltd.
3.949%, 2–12–30 (G)		620		624
Adani Green Energy (UP) Ltd., Parampujya Solar Energy Private Ltd. and Prayatna Developers Private Ltd.
6.250%, 12–10–24 (G)		400		441
Adani Transmission Ltd. 4.250%, 5–21–36		193		199
Greenko Mauritius Ltd. 6.250%, 2–21–23 (G)		450		463
				1,727
Total India – 0.8%			$	2,918

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Indonesia
Communication Services – 0.0%
PT Tower Bersama Infrastructure Tbk
4.250%, 1–21–25	$	200	$	210
Utilities – 0.2%
Perusahaan Listrik Negara
5.450%, 5–21–28 (G)		700		809
Total Indonesia – 0.2%			$	1,019
Ireland
Communication Services – 0.1%
LCPR Senior Secured Financing Designated Activity Co.
5.125%, 7–15–29 (G)		200		204
Consumer Staples – 0.1%
Eurotorg LLC (Via Bonitron Designated Activity Co.)
9.000%, 10–22–25 (G)		350		377
Materials – 0.1%
Ardagh Packaging Finance plc and Ardagh Holdings USA, Inc.:
5.250%, 4–30–25 (G)		55		58
4.125%, 8–15–26 (G)		83		85
2.125%, 8–15–26 (G)(I)	EUR	150		175
				318
Total Ireland – 0.3%			$	899
Isle of Man
Consumer Discretionary – 0.4%
GOHL Capital Ltd.
4.250%, 1–24–27	$	1,200		1,272
Total Isle of Man – 0.4%			$	1,272
Israel
Communication Services – 0.0%
Playtika Holding Corp.
4.250%, 3–15–29 (G)		114		112
Energy – 0.0%
Delek & Avner Tamar Bond Ltd.
5.082%, 12–30–23 (G)		100		103
Total Israel – 0.0%			$	215
Jamaica
Communication Services – 0.5%
Digicel Group Ltd.
8.750%, 5–25–24 (G)		316		326
Digicel Group Ltd. (5.000% Cash and 3.000% PIK)
8.000%, 4–1–25 (G)(J)		232		191
Digicel Group Ltd. (7.000% Cash or 7.000% PIK)
7.000%, 10–1–68 (D)(G)(J)		103		75

24 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Communication Services (Continued)
Digicel Ltd.
6.750%, 3–1–23 (G)	$	1,200	$	1,098
				1,690
Total Jamaica – 0.5%			$	1,690
Japan
Financials – 0.7%
Mitsubishi UFJ Financial Group, Inc.
3.287%, 7–25–27		600		654
Mizuho Financial Group, Inc.
3.170%, 9–11–27		600		647
Sumitomo Mitsui Financial Group, Inc.
3.748%, 7–19–23		940		1,006
				2,307
Total Japan – 0.7%			$	2,307
Luxembourg
Communication Services – 0.7%
Altice France Holding S.A.
6.000%, 2–15–28 (G)		1,618		1,594
Intelsat Jackson Holdings S.A.
9.500%, 9–30–22 (A)(G)		414		491
Matterhorn Telecom S.A.
3.125%, 9–15–26 (D)(I)	EUR	200		233
Millicom International Cellular S.A.
4.500%, 4–27–31 (G)	$	200		208
				2,526
Consumer Discretionary – 0.1%
B2W Digital Lux S.a.r.l.
4.375%, 12–20–30 (G)		400		391
Consumer Staples – 0.2%
Minerva Luxembourg S.A.
5.875%, 1–19–28 (G)		600		636
Energy – 0.0%
Offshore Drilling Holding S.A.
8.375%, 9–20–20 (A)(G)(K)		1,600		144
Financials – 0.6%
JSM Global S.a.r.l.
4.750%, 10–20–30 (G)		1,000		1,003
Mexico Remittances Funding Fiduciary Estate
4.875%, 1–15–28 (G)		800		784
Rede D’Or Finance S.a.r.l.
4.500%, 1–22–30 (G)		500		491
				2,278
Industrials – 0.1%
Rumo Luxembourg S.a.r.l.
5.250%, 1–10–28 (G)		200		210

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Materials – 0.1%
ARD Finance S.A. (6.500% Cash or 7.250% PIK)
6.500%, 6–30–27 (G)(J)	$	353	$	371
Trinseo Materials Operating SCA
5.125%, 4–1–29 (G)		97		100
				471
Total Luxembourg – 1.8%			$	6,656
Macau
Consumer Discretionary – 0.3%
Sands China Ltd.
5.125%, 8–8–25		600		671
Wynn Macau Ltd.
5.500%, 10–1–27 (G)		446		465
				1,136
Total Macau – 0.3%			$	1,136
Malaysia
Energy – 0.1%
Petronas Capital Ltd.
3.500%, 4–21–30 (G)		350		374
Total Malaysia – 0.1%			$	374
Mauritius
Industrials – 0.1%
HTA Group Ltd.
7.000%, 12–18–25 (G)		200		212
Total Mauritius – 0.1%			$	212
Mexico
Communication Services – 0.0%
Axtel S.A.B. de C.V.
6.375%, 11–14–24 (G)		160		166
Consumer Staples – 0.6%
Grupo Bimbo S.A.B. de C.V.
4.500%, 1–25–22 (G)		1,250		1,287
Kimberly-Clark de Mexico
3.800%, 4–8–24 (G)		1,000		1,066
				2,353
Energy – 0.1%
Petroleos Mexicanos
6.490%, 1–23–27		350		366
Financials – 0.9%
Banco Santander (Mexico) S.A.
5.950%, 10–1–28 (D)(G)		550		593
Banco Santander S.A.:
4.125%, 11–9–22 (G)		1,150		1,201
5.375%, 4–17–25 (G)		600		674
Trust F/1401 4.869%, 1–15–30 (G)		600		650
				3,118

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials – 0.5%
Alfa S.A.B. de C.V.
5.250%, 3–25–24 (G)	$	1,400	$	1,531
Grupo Kuo S.A.B. de C.V.
5.750%, 7–7–27 (G)		450		473
				2,004
Materials – 1.1%
CEMEX S.A.B. de C.V.
5.200%, 9–17–30 (G)		500		541
Grupo Cementos de Chihuahua S.A.B. de C.V.
5.250%, 6–23–24 (G)		1,146		1,185
Industrias Penoles S.A.B. de C.V.
4.150%, 9–12–29 (G)		700		761
Orbia Advance Corp. S.A.B. de C.V.
4.000%, 10–4–27 (G)		1,200		1,308
				3,795
Utilities – 0.0%
Comision Federal de Electricidad
3.348%, 2–9–31 (G)		200		192
Total Mexico – 3.2%			$	11,994
Netherlands
Communication Services – 0.2%
Clear Channel International B.V.
6.625%, 8–1–25 (G)		200		209
Ziggo B.V.
2.875%, 1–15–30 (G)(I)	EUR	173		203
Ziggo Secured Finance B.V.
4.875%, 1–15–30 (G)	$	34		35
				447
Consumer Discretionary – 0.4%
Prosus N.V.:
3.680%, 1–21–30 (G)		1,110		1,145
2.031%, 8–3–32 (G)(I)	EUR	200		240
				1,385
Energy – 0.2%
Minejesa Capital B.V.:
4.625%, 8–10–30	$	200		209
5.625%, 8–10–37		200		209
Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.)
5.600%, 1–3–31		500		527
				945
Financials – 0.0%
ASR Nederland N.V.
5.125%, 9–29–45 (I)	EUR	100		139
Health Care – 0.2%
Teva Pharmaceutical Finance Netherlands III B.V. (GTD by Teva Pharmaceutical Industries Ltd.):
2.800%, 7–21–23	$	400		398

2021 SEMIANNUAL REPORT 25

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care (Continued)
6.750%, 3–1–28 (D)	$	400	$	450
				848
Total Netherlands – 1.0%			$	3,764
Nigeria
Financials – 0.3%
Africa Finance Corp.
4.375%, 4–17–26 (G)		900		974
Total Nigeria – 0.3%			$	974
Norway
Energy – 0.5%
Aker BP ASA:
4.750%, 6–15–24 (G)		900		923
3.750%, 1–15–30 (G)		700		722
				1,645
Total Norway – 0.5%			$	1,645
Panama
Consumer Discretionary – 0.2%
Carnival Corp.
10.500%, 2–1–26 (G)		736		866
Financials – 0.2%
Banco Latinoamericanco de Comercio Exterior S.A.
2.375%, 9-14-25 (G)		800		816
Industrials – 0.0%
ENA Master Trust
4.000%, 5-19-48 (G)		200		203
Total Panama – 0.4%			$	1,885
Peru
Consumer Discretionary – 0.2%
InRetail Shopping Malls
5.750%, 4–3–28 (G)		600		636
Financials – 0.7%
Banco de Credito del Peru
4.250%, 4–1–23 (G)		550		584
Banco Internacional del Peru S.A.
3.250%, 10–4–26 (G)		1,500		1,551
Corporacion Financiera de Desarrolla S.A.
2.400%, 9–28–27 (G)		500		493
				2,628
Utilities – 0.5%
Fenix Power Peru S.A.
4.317%, 9–20–27		677		709

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Utilities (Continued)
Kallpa Generacion S.A.
4.875%, 5–24–26 (G)	$	1,000	$	1,095
				1,804
Total Peru – 1.4%			$	5,068
Philippines
Industrials – 0.1%
International Container Terminal Services, Inc.
4.750%, 6–17–30		200		222
Total Philippines – 0.1%			$	222
Russia
Materials – 0.1%
Petropavlovsk 2016 Ltd. (GTD by Petropavlovsk plc, JSC Pokrovskiy Rudnik, LLC Albynskiy Rudnik and LLC Malomirskiy Rudnik)
8.125%, 11–14–22 (G)		250		259
Total Russia – 0.1%			$	259
Saint Lucia
Communication Services – 0.5%
Digicel International Finance Ltd.
8.750%, 5–25–24 (G)		1,872		1,931
Total Saint Lucia – 0.5%			$	1,931
South Korea
Communication Services – 0.1%
SK Telecom Co. Ltd.
3.750%, 4–16–23 (G)		500		531
Financials – 0.5%
Hyundai Capital Services, Inc.
3.750%, 3–5–23 (G)		900		949
Woori Bank
2.625%, 7–20–21 (G)		750		755
				1,704
Total South Korea – 0.6%			$	2,235
Spain
Financials – 0.4%
Banco Santander S.A.
2.706%, 6–27–24		1,400		1,477
Utilities – 0.2%
EnfraGen Energia Sur S.A.U.
5.375%, 12–30–30 (G)		700		689
Total Spain – 0.6%			$	2,166

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Sweden
Information Technology – 0.1%
Verisure Holding AB (3-Month EURIBOR plus 500 bps):
5.000%, 4–15–25 (H)(I)	EUR	200	$	239
5.000%, 4–15–25 (G)(H)(I)		100		119
				358
Total Sweden – 0.1%			$	358
Switzerland
Financials – 0.2%
Credit Suisse Group AG
4.282%, 1–9–28 (G)	$	700		769
Total Switzerland – 0.2%			$	769
Thailand
Financials – 0.1%
GC Treasury Center Co. Ltd.
2.980%, 3–18–31 (G)		250		247
Total Thailand – 0.1%			$	247
Turkey
Consumer Discretionary – 0.1%
Turkiye Sise ve Cam Fabrikalari A.S.
6.950%, 3–14–26 (G)		200		214
Industrials – 0.4%
Koc Holding A.S.
6.500%, 3–11–25 (G)		1,200		1,253
Mersin Uluslararasi Liman Isletmeciligi A.S.
5.375%, 11–15–24 (G)		200		208
				1,461
Total Turkey – 0.5%			$	1,675
United Arab Emirates
Consumer Discretionary – 0.2%
GEMS MENASA Cayman Ltd. and GEMS Education Delaware LLC
7.125%, 7–31–26 (G)		800		833
Financials – 0.4%
First Abu Dhabi Bank PJSC
4.500%, 4–5–69		200		211
ICICI Bank Ltd.
4.000%, 3–18–26 (G)		1,200		1,294
NBK Tier 1 Financing (2) Ltd.
4.500%, 5–27–68 (G)		300		312
NBK Tier 1 Financing Ltd.
3.625%, 8–24–69 (G)		206		204
				2,021

26 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials – 0.1%
DP World plc
4.700%, 9–30–49	$	200	$	209
Total United Arab Emirates – 0.7%			$	3,063
United Kingdom
Communication Services – 0.1%
Liquid Telecommunications Financing plc (GTD by Liquid Telecommunications Holdings Ltd.)
8.500%, 7–13–22 (G)		400		407
Consumer Staples – 0.4%
Imperial Tobacco Finance plc
3.750%, 7–21–22 (G)		1,100		1,136
MARB BondCo plc (GTD by Marfrig Global Foods S.A., Marfrig Overseas Ltd. and Marfrig Holdings (Europe) B.V.)
3.950%, 1–29–31 (G)		200		190
				1,326
Energy – 0.3%
EG Global Finance plc:
4.375%, 2–7–25 (G)(I)	EUR	186		213
6.250%, 10–30–25 (G)(I)		109		130
Gazprom PJSC:
4.599%, 1–26–69 (G)	$	200		202
3.897%, 1–26–69 (G)(I)	EUR	220		260
KCA Deutag UK Finance plc
9.875%, 12–1–25	$	257		283
				1,088
Financials – 1.8%
ANZ New Zealand International Ltd.
3.450%, 1–21–28 (G)		500		544
Ardonagh Midco 2 plc
11.500%, 1–15–27 (G)		1,195		1,279
Barclays plc 4.337%, 1–10–28		700		777
Bellis Acquisition Co. plc
3.250%, 2–16–26 (G)(I)	GBP	100		138
Galaxy Bidco Ltd.
6.500%, 7–31–26 (I)		200		292
HSBC Holdings plc 4.583%, 6–19–29	$	600		674
Royal Bank of Scotland Group plc (The)
6.000%, 12–19–23		900		1,016
State Bank of India
4.375%, 1–24–24 (G)		1,500		1,622
VMED O2 UK Financing I plc:
4.250%, 1–31–31 (G)		92		89
3.250%, 1–31–31 (G)(I)	EUR	200		236
				6,667
Information Technology – 0.0%
Paymentsense Ltd.
8.000%, 10–15–25 (G)(I)	GBP	100		150

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Materials – 0.1%
AngloGold Ashanti Holdings plc
6.500%, 4–15–40	$	120	$	143
AngloGold Ashanti Holdings plc (GTD by AngloGold Ashanti Ltd.)
3.750%, 10–1–30		350		354
INEOS Quattro Finance 2 plc
2.500%, 1–15–26 (G)(I)	EUR	100		117
				614
Total United Kingdom – 2.7%			$	10,252
United States
Communication Services – 5.4%
Advantage Sales & Marketing, Inc.
6.500%, 11–15–28 (G)	$	1,192		1,239
Cablevision Lightpath LLC
5.625%, 9–15–28 (G)		227		230
Cars.com, Inc.
6.375%, 11–1–28 (G)		409		426
CCO Holdings LLC and CCO Holdings Capital Corp.:
4.500%, 8–15–30 (G)		530		540
4.250%, 2–1–31 (G)		97		97
4.500%, 5–1–32 (G)		191		194
Clear Channel Outdoor Holdings, Inc.:
5.125%, 8–15–27 (G)		996		1,002
7.750%, 4–15–28 (G)		341		337
Clear Channel Worldwide Holdings, Inc.
9.250%, 2–15–24		358		372
Consolidated Communications, Inc.:
6.500%, 10–1–28 (G)		446		482
5.000%, 10–1–28 (G)		175		176
CSC Holdings LLC:
5.500%, 5–15–26 (G)		300		309
5.375%, 2–1–28 (G)		254		267
5.750%, 1–15–30 (G)		248		261
4.125%, 12–1–30 (G)		97		97
3.375%, 2–15–31 (G)		82		77
DISH DBS Corp.:
5.875%, 11–15–24		354		370
7.750%, 7–1–26		620		684
7.375%, 7–1–28		133		140
Front Range BidCo, Inc.
4.000%, 3–1–27 (G)		215		211
Frontier Communications Corp.:
10.500%, 9–15–22 (A)		423		289
7.125%, 1–15–23 (A)		350		227
7.625%, 4–15–24 (A)		102		67
6.875%, 1–15–25 (A)		1,296		839
11.000%, 9–15–25 (A)		1,909		1,305
7.875%, 1–15–27 (A)		17		11
5.875%, 10–15–27 (G)		1,123		1,190
5.000%, 5–1–28 (G)		341		347
6.750%, 5–1–29 (G)		264		279
9.000%, 8–15–31 (A)		43		28
7.450%, 7–1–35 (A)		25		16
Hughes Satellite Systems Corp.
5.250%, 8–1–26		78		86

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Communication Services (Continued)
Level 3 Financing, Inc.
3.625%, 1–15–29 (G)	$	125	$	121
Ligado Networks LLC (15.500% Cash or 15.500% PIK)
15.500%, 11–1–23 (G)(J)		1,147		1,147
Ligado Networks LLC (17.500% Cash or 17.500% PIK)
17.500%, 5–1–24 (D)(G)(J)		79		64
MDC Partners, Inc.
7.500%, 5–1–24 (G)(K)		646		656
Northwest Fiber LLC
10.750%, 6–1–28 (G)		221		250
Northwest Fiber LLC and Nortwest Fiber Finance Sub, Inc.
6.000%, 2–15–28 (G)		283		282
Verizon Communications, Inc.
2.100%, 3–22–28		600		603
West Corp.
8.500%, 10–15–25 (G)		3,294		3,339
Windstream Escrow LLC
7.750%, 8–15–28 (G)		1,491		1,518
				20,175
Consumer Discretionary – 7.3%
Abercrombie & Fitch Management Co. (GTD by Abercrombie & Fitch Co.)
8.750%, 7–15–25 (G)		465		514
Academy Ltd.
6.000%, 11–15–27 (G)		708		745
Adtalem Global Education, Inc.
5.500%, 3–1–28 (G)		1,598		1,578
Arches Buyer, Inc.:
4.250%, 6–1–28 (G)		828		826
6.125%, 12–1–28 (G)		733		755
Asbury Automotive Group, Inc.:
4.500%, 3–1–28		438		448
4.750%, 3–1–30		771		796
Bed Bath & Beyond, Inc.
5.165%, 8–1–44		266		242
Boyd Gaming Corp.
4.750%, 12–1–27		357		364
Carnival Corp.:
11.500%, 4–1–23 (G)		325		373
7.625%, 3–1–26 (G)		138		148
9.875%, 8–1–27 (G)		283		333
Carvana Co.
5.500%, 4–15–27 (G)		189		190
Cedar Fair L.P., Magnum Management Corp., Canada’s Wonderland Co. and Millennium Operations LLC:
5.375%, 4–15–27		459		470
6.500%, 10–1–28 (G)		227		244
Churchill Downs, Inc.:
5.500%, 4–1–27 (G)		162		169
4.750%, 1–15–28 (G)		55		57
Colt Merger Sub, Inc.:
6.250%, 7–1–25 (G)		531		566
8.125%, 7–1–27 (G)		816		900
D.R. Horton, Inc.
2.600%, 10–15–25		800		841

2021 SEMIANNUAL REPORT 27

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Discretionary (Continued)
Everi Payments, Inc.
7.500%, 12–15–25 (G)	$	659	$	686
Group 1 Automotive, Inc.
4.000%, 8–15–28 (G)		30		30
K. Hovnanian Enterprises, Inc.
10.500%, 2–15–26 (D)(G)		700		756
Ken Garff Automotive LLC
4.875%, 9–15–28 (G)		143		143
L Brands, Inc.:
9.375%, 7–1–25 (G)		121		151
6.625%, 10–1–30 (G)		285		325
Legends Hospitality Holding Co. LLC
5.000%, 2–1–26 (G)		80		81
Lithia Motors, Inc.:
5.250%, 8–1–25 (G)		105		108
4.625%, 12–15–27 (G)		213		221
4.375%, 1–15–31 (G)		490		509
Live Nation Entertainment, Inc.
4.750%, 10–15–27 (G)		470		474
Marriott Ownership Resorts, Inc. (GTD by Marriott Vacations Worldwide Corp.)
6.125%, 9–15–25 (G)		380		403
Michaels Stores, Inc.:
8.000%, 7–15–27 (G)		413		456
4.750%, 10–1–27 (G)		142		155
NCL Corp. Ltd.:
12.250%, 5–15–24 (G)		509		617
10.250%, 2–1–26 (G)		347		407
5.875%, 3–15–26 (G)		137		138
Nielsen Finance LLC and Nielsen Finance Co.:
5.625%, 10–1–28 (G)		429		451
5.875%, 10–1–30 (G)		357		387
NMG Holding Co. and Nieman Marcus Group LLC
7.125%, 4–1–26 (G)		127		129
Nordstrom, Inc.:
4.375%, 4–1–30 (D)		400		410
5.000%, 1–15–44		373		362
Party City Holdings, Inc.
8.750%, 2–15–26 (G)		623		642
Party City Holdings, Inc. (5.000% Cash and 5.000% PIK)
10.000%, 8–15–26 (G)(J)		41		41
Party City Holdings, Inc. (6-Month U.S. LIBOR plus 500 bps)
5.750%, 7–15–25 (G)(H)		75		69
PetSmart, Inc. and PetSmart Finance Corp.:
4.750%, 2–15–28 (G)		668		683
7.750%, 2–15–29 (G)		568		615
POWDR Corp.
6.000%, 8–1–25 (G)		144		152
Royal Caribbean Cruises Ltd.
5.500%, 4–1–28 (G)		480		482
Service Corp. International
5.125%, 6–1–29		341		366
Six Flags Theme Parks, Inc.
7.000%, 7–1–25 (G)		52		56
Sonic Automotive, Inc. 6.125%, 3–15–27		213		221

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Discretionary (Continued)
Staples, Inc.:
7.500%, 4–15–26 (G)	$	3,400	$	3,586
10.750%, 4–15–27 (G)		1,335		1,318
Tempur Sealy International, Inc.
4.000%, 4–15–29 (G)		355		353
Tenneco, Inc.
7.875%, 1–15–29 (D)(G)		28		32
Volkswagen Group of America, Inc.
4.250%, 11–13–23 (G)		400		435
				27,009
Consumer Staples – 1.3%
Anheuser–Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB)
4.000%, 4–13–28		850		947
JBS USA Lux S.A. and JBS USA Finance, Inc.
6.750%, 2–15–28 (G)		55		60
JBS USA, JBS USA Food Co. and JBS USA Finance, Inc. (GTD by JBS S.A.):
6.500%, 4–15–29 (G)		363		410
5.500%, 1–15–30 (G)		144		160
Keurig Dr Pepper, Inc.
4.597%, 5–25–28		775		895
Pilgrim’s Pride Corp.
4.250%, 4–15–31 (G)		830		827
Post Holdings, Inc.
4.500%, 9-15-31 (G)		251		248
Reynolds American, Inc.
4.450%, 6-12-25		800		888
Simmons Foods, Inc.
4.625%, 3-1-29 (G)		251		253
				4,688
Energy – 2.7%
Ascent Resources Utica Holdings LLC and ARU Finance Corp.:
7.000%, 11-1-26 (G)		319		319
8.250%, 12-31-28 (G)		27		28
Bellatrix Exploration Ltd.
8.500%, 9-11-23 (A)		228		—
Bellatrix Exploration Ltd. (3.000% Cash or 9.500% PIK)
9.500%, 12-15-23 (A)(J)		249		—
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.):
6.125%, 10-1-24		200		170
9.000%, 4-1-25 (G)		49		50
6.375%, 7-1-26		173		137
Chesapeake Escrow Issuer LLC:
5.500%, 2-1-26 (G)		267		278
5.875%, 2-1-29 (G)		200		212
Comstock Escrow Corp.
9.750%, 8-15-26		2,004		2,179
Comstock Resources, Inc.
6.750%, 3-1-29 (G)		376		386
Continental Resources, Inc.
5.750%, 1-15-31 (G)		265		299
Crestwood Midstream Partners L.P.:
5.750%, 4-1-25 (D)		133		134
6.000%, 2-1-29 (G)		53		52

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Energy (Continued)
Crownrock L.P.
5.625%, 10-15-25 (G)	$	1,508	$	1,539
CVR Energy, Inc.
5.250%, 2-15-25 (G)		259		253
Endeavor Energy Resources L.P.
5.500%, 1-30-26 (G)		513		532
Endeavor Energy Resources L.P. and EER Finance, Inc.
6.625%, 7-15-25 (G)		324		346
Ferrellgas Escrow LLC and FG Operating Finance Escrow Corp.:
5.375%, 4-1-26 (G)		144		143
5.875%, 4-1-29 (G)		84		83
Laredo Petroleum, Inc.:
9.500%, 1-15-25		705		679
10.125%, 1-15-28 (D)		470		450
Moss Creek Resources Holdings, Inc.
7.500%, 1-15-26 (G)		538		433
Murphy Oil Corp.
6.375%, 7-15-28		100		100
Nine Energy Service, Inc.
8.750%, 11-1-23 (G)		375		112
PBF Holding Co. LLC
9.250%, 5-15-25 (G)		873		891
Range Resources Corp.
8.250%, 1-15-29 (G)		27		29
Rattler Midstream L.P.
5.625%, 7-15-25 (G)		290		303
Vine Energy Holdings LLC
6.750%, 4-15-29		478		478
				10,615
Financials – 5.1%
Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer, Inc.
4.250%, 10-15-27 (G)		307		307
Amwins Group, Inc.
7.750%, 7-1-26 (G)		290		310
Bank of America Corp.
3.593%, 7-21-28		900		977
BBVA Bancomer S.A.:
1.875%, 9-18-25 (G)		600		601
5.875%, 9-13-34 (G)		600		653
5.875%, 9-13-34		200		218
BCPE Cycle Merger Sub II, Inc.
10.625%, 7-15-27 (G)		990		1,089
Citadel Finance LLC
3.375%, 3-9-26 (G)		800		792
Citigroup, Inc.
3.520%, 10-27-28		950		1,028
Compass Group Diversified Holdings LLC
5.250%, 4-15-29 (G)		999		1,047
Cooperatieve Rabobank U.A.
3.125%, 4-26-21		750		751
Goldman Sachs Group, Inc. (The)
3.814%, 4-23-29		1,000		1,096
Industrial and Commercial Bank of China Ltd.
2.957%, 11-8-22		750		775
INTL FCStone, Inc.
8.625%, 6-15-25 (G)		634		670

28 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials (Continued)
JPMorgan Chase & Co.:
3.540%, 5-1-28	$	800	$	871
4.000%, 10-1-68		400		396
LPL Holdings, Inc.
4.000%, 3-15-29 (G)		172		173
MetLife, Inc.
10.750%, 8-1-39		530		887
NFP Corp.
6.875%, 8-15-28 (G)		2,864		2,971
Provident Funding Associates L.P. and PFG Finance Corp.
6.375%, 6-15-25 (G)		1,189		1,186
Real Hero Merger Sub 2, Inc.
6.250%, 2-1-29 (G)		86		89
TerraForm Global Operating LLC (GTD by TerraForm Global LLC)
6.125%, 3-1-26 (G)		400		410
TerraForm Power Operating LLC (GTD by TerraForm Power LLC):
5.000%, 1-31-28 (G)		175		189
4.750%, 1-15-30 (G)		387		402
Wells Fargo & Co.
4.300%, 7-22-27		875		989
				18,877
Health Care – 2.2%
Bayer U.S. Finance II LLC
2.850%, 4-15-25 (G)		1,000		1,028
Charles River Laboratories International, Inc.:
4.250%, 5-1-28 (G)		92		95
3.750%, 3-15-29 (G)		71		71
4.000%, 3-15-31 (D)(G)		64		65
Community Health Systems, Inc.
6.875%, 4-15-29 (G)		113		118
Encompass Health Corp.:
4.750%, 2-1-30		55		57
4.625%, 4-1-31		130		134
Fresenius U.S. Finance II, Inc.
4.500%, 1-15-23 (G)		1,100		1,158
Heartland Dental LLC
8.500%, 5-1-26 (G)		894		928
Hologic, Inc.
3.250%, 2-15-29 (G)		187		185
IQVIA, Inc.
5.000%, 5-15-27 (G)		92		97
Molina Healthcare, Inc.
3.875%, 11-15-30 (G)		57		59
P&L Development LLC and PLD Finance Corp.
7.750%, 11-15-25 (G)		708		758
Par Pharmaceutical, Inc.
7.500%, 4-1-27 (G)		510		541
Providence Service Corp. (The)
5.875%, 11-15-25 (G)		424		446
RegionalCare Hospital Partners Holdings, Inc. and Legend Merger Sub, Inc.
9.750%, 12–1–26 (G)		871		943
Surgery Center Holdings, Inc.
10.000%, 4–15–27 (G)		1,272		1,402
Teleflex, Inc.
4.250%, 6–1–28 (G)		92		95
				8,180

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials – 2.9%
ABC Supply Co., Inc.
4.000%, 1–15–28 (G)	$	92	$	92
Ahern Rentals, Inc.
7.375%, 5–15–23 (G)		770		693
APX Group, Inc. (GTD by APX Group Holdings, Inc.)
7.625%, 9–1–23		406		419
BAE Systems Holdings, Inc.
3.800%, 10–7–24 (G)		500		549
Beacon Roofing Supply, Inc.
4.500%, 11–15–26 (G)		176		181
Boeing Co. (The)
4.508%, 5–1–23		650		696
BWX Technologies, Inc.
4.125%, 4–15–29 (G)		157		159
Clean Harbors, Inc.
5.125%, 7–15–29 (G)		60		64
CP Atlas Buyer, Inc.
7.000%, 12–1–28 (G)		198		208
LBM Acquisition LLC
6.250%, 1–15–29 (G)		155		160
Mileage Plus Holdings LLC
6.500%, 6–20–27 (G)		144		158
Nesco Holdings II, Inc.
5.500%, 4–15–29 (G)		737		756
Park River Holdings, Inc.
5.625%, 2–1–29 (G)		284		275
Prime Security Services Borrower LLC and Prime Finance, Inc.
6.250%, 1–15–28 (G)		352		367
Sensata Technologies, Inc.
4.375%, 2–15–30 (G)		12		13
Standard Industries, Inc.:
2.250%, 11–21–26 (G)(I)	EUR	100		119
4.750%, 1–15–28 (G)	$	38		39
4.375%, 7–15–30 (G)		38		38
3.375%, 1–15–31 (G)		179		170
TransDigm, Inc. (GTD by TransDigm Group, Inc.):
6.375%, 6–15–26		287		297
7.500%, 3–15–27		474		505
5.500%, 11–15–27		1,248		1,292
4.625%, 1–15–29 (G)		266		262
Triumph Group, Inc.
8.875%, 6–1–24 (G)		44		50
Wolverine Escrow LLC:
8.500%, 11–15–24 (G)		1,477		1,473
9.000%, 11–15–26 (G)		2,114		2,112
13.125%, 11–15–27 (G)		142		122
				11,269
Information Technology – 1.2%
Booz Allen Hamilton, Inc.
3.875%, 9–1–28 (G)		150		151
Brightstar Escrow Corp.
9.750%, 10–15–25 (G)		390		423
Entegris, Inc.
4.375%, 4–15–28 (G)		49		51
Gartner, Inc.:
4.500%, 7–1–28 (G)		55		57
3.750%, 10–1–30 (G)		74		73

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Information Technology (Continued)
Itron, Inc.
5.000%, 1–15–26 (G)	$	817	$	837
J2 Global, Inc.
4.625%, 10–15–30 (G)		170		172
NCR Corp.:
5.750%, 9–1–27 (G)		136		144
5.000%, 10–1–28 (G)		424		428
5.125%, 4–15–29 (G)		1,320		1,330
6.125%, 9–1–29 (G)		174		184
5.250%, 10–1–30 (G)		141		143
Open Text Corp. and Open Text Holdings, Inc.
4.125%, 2–15–30 (G)		21		21
Qorvo, Inc.
3.375%, 4–1–31 (G)		28		27
Sabre GLBL, Inc. (GTD by Sabre Holdings Corp.):
9.250%, 4–15–25 (G)		130		155
7.375%, 9–1–25 (G)		57		62
Science Applications International Corp.
4.875%, 4–1–28 (G)		564		583
Shift4 Payments LLC and Shift4 Payments Finance Sub, Inc.
4.625%, 11–1–26 (G)		37		38
SS&C Technologies Holdings, Inc.
5.500%, 9–30–27 (G)		130		139
				5,018
Materials – 0.7%
Arconic Corp.
6.000%, 5–15–25 (G)		92		99
Crown Americas LLC and Crown Americas Capital Corp. IV
4.500%, 1–15–23		26		27
Crown Americas LLC and Crown Americas Capital Corp. V
4.250%, 9–30–26		147		156
Graphic Packaging International LLC (GTD by Graphic Packaging International Partners LLC and Field Container Queretaro (USA) LLC)
3.500%, 3–15–28 (G)		415		413
GUSAP III L.P.
4.250%, 1–21–30 (G)		1,100		1,158
Ingevity Corp.
3.875%, 11–1–28 (G)		33		32
LSF9 Atlantis Holdings LLC and Victra Finance Corp.
7.750%, 2–15–26 (G)		658		673
Novelis Corp. (GTD by Novelis, Inc.)
4.750%, 1–30–30 (G)		57		59
Valvoline, Inc.
4.250%, 2–15–30 (G)		55		56
				2,673
Real Estate – 0.7%
Aircastle Ltd.
4.400%, 9–25–23		800		852
Crown Castle International Corp.
3.700%, 6–15–26		1,100		1,203

2021 SEMIANNUAL REPORT 29

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Real Estate (Continued)
Hilton Domestic Operating Co., Inc.:
5.750%, 5–1–28 (G)	$	209	$	225
3.750%, 5–1–29 (G)		159		157
3.625%, 2–15–32 (G)		146		142
VICI Properties L.P. and VICI Note Co., Inc.
4.125%, 8–15–30 (G)		81		82
				2,661
Utilities – 0.4%
Clearway Energy Operating LLC:
4.750%, 3–15–28 (G)		46		48
3.750%, 2–15–31 (G)		62		59
HAT Holdings I LLC and HAT Holdings II LLC (GTD by Hannon Armstrong Sustainable Infrastructure Capital, Inc.):
6.000%, 4–15–25 (G)		1,028		1,085
3.750%, 9–15–30 (G)		214		206
NextEra Energy Operating Partners L.P. (GTD by NextEra Energy Partners L.P. and NextEra Energy U.S. Partners Holdings LLC)
4.500%, 9–15–27 (G)		55		59
				1,457
Total United States – 29..9%			$	112,712
Uruguay
Industrials – 0.1%
Navios South American Logistics, Inc. and Navios Logistics Finance (U.S.), Inc.
10.750%, 7–1–25 (G)		400		441
Total Uruguay – 0.1%			$	441
Venezuela
Financials – 0.5%
Corporacion Andina de Fomento:
4.375%, 6–15–22		1,500		1,565
2.375%, 5–12–23		320		330
				1,895
Total Venezuela – 0.5%			$	1,895
Vietnam
Energy – 0.1%
Mong Duong Finance Holdings B.V.
5.125%, 5–7–29 (G)		400		402
Total Vietnam – 0.1%			$	402
TOTAL CORPORATE DEBT SECURITIES – 59.6%			$	222,255
(Cost: $213,831)

MORTGAGE-BACKED SECURITIES	Principal		Value
Cayman Islands – 0.8%
ALM Loan Funding VII R-2 Ltd., Series 2013-7R2A, Class DR2 (3-Month U.S. LIBOR plus 600 bps)
6.241%, 10–15–27 (G)(H)	$	1,000	$	942
Diameter Credit Funding II Ltd., Series 2019–2A, Class A
3.940%, 1–25–38 (G)		1,000		1,010
Diameter Credit Funding II Ltd., Series 2019-2A, Class B
4.540%, 1–25–38 (G)		500		505
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class D (3-Month U.S. LIBOR plus 350 bps)
3.741%, 4–15–33 (G)(H)		250		249
				2,706
United States – 0.7%
Ashford Hospitality Trust, Series 2018-ASHF, Class F (1-Month U.S. LIBOR plus 410 bps)
4.206%, 4–15–35 (G)(H)		600		492
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class F (1-Month U.S. LIBOR plus 420 bps)
3.981%, 12–15–36 (G)(H)		400		316
PNMAC GMSR Issuer Trust, Series 2018-GT1 (1-Month U.S. LIBOR plus 285 bps)
2.959%, 2–25–23 (G)(H)		2,000		1,997
				2,805
TOTAL MORTGAGE-BACKED SECURITIES – 1.5%			$	5,511
(Cost: $5,742)
OTHER GOVERNMENT SECURITIES (L)
Argentina – 0.2%
Republic of Argentina:
1.000%, 7–9–29		57		20
0.125%, 7–9–30		1,649		552
				572
Bahamas – 0.2%
Commonwealth of Bahamas
8.950%, 10–15–32 (G)		800		852
Brazil – 0.0%
Federative Republic of Brazil
3.875%, 6–12–30		200		194
Colombia – 0.0%
Republic of Colombia
3.125%, 4–15–31		200		196
Columbia – 0.5%
Republic of Colombia:
2.625%, 3–15–23		1,100		1,130
4.500%, 3–15–29		800		873
				2,003

OTHER GOVERNMENT SECURITIES (L) (Continued)	Principal		Value
Costa Rica – 0.1%
Costa Rica Government Bond
4.250%, 1–26–23 (G)	$	400	$	399
Dominican Republic – 0.1%
Dominican Republic Government Bond
4.875%, 9–23–32 (G)		200		204
Egypt – 0.1%
Arab Republic of Egypt
5.750%, 5–29–24 (G)		250		262
Indonesia – 1.4%
Republic of Indonesia:
3.750%, 4–25–22 (G)		1,750		1,804
2.950%, 1–11–23		2,400		2,485
3.850%, 10–15–30		900		988
				5,277
Israel – 0.2%
Israel Government Bond
2.750%, 7–3–30		700		732
Mexico – 0.4%
United Mexican States:
4.150%, 3–28–27		600		665
3.250%, 4–16–30 (D)		654		660
				1,325
Morocco – 0.1%
Kingdom of Morocco
2.375%, 12–15–27 (G)		500		484
Panama – 0.3%
Republic of Panama
3.750%, 4–17–26		900		953
Peru – 0.5%
Republic of Peru:
2.392%, 1–23–26		1,000		1,029
2.783%, 1–23–31		850		850
				1,879
Poland – 0.1%
Republic of Poland
5.125%, 4–21–21		500		501
Qatar – 0.2%
Qatar Government Bond
2.375%, 6–2–21 (G)		800		803
Saudi Arabia – 0.4%
Saudi Arabia Government Bond:
2.375%, 10–26–21 (G)		500		505
2.875%, 3–4–23 (G)		1,000		1,039
				1,544

30 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (L) (Continued)	Principal		Value
Serbia – 0.2%
Republic of Serbia:
7.250%, 9–28–21 (G)	$	250	$	258
2.125%, 12–1–30 (G)		400		369
				627
South Africa – 0.1%
Republic of South Africa
4.875%, 4–14–26		200		210
Uruguay – 0.2%
Republica Orient Uruguay
4.500%, 8–14–24 (D)		600		649
Uzbekistan – 0.1%
Republic of Uzbekistan
4.750%, 2–20–24 (G)		250		263
Vietnam – 0.1%
Vietnam Government Bond
4.800%, 11–19–24 (G)		250		280
TOTAL OTHER GOVERNMENT SECURITIES – 5.5%			$	20,209
(Cost: $19,898)
LOANS (H)
Canada
Financials – 0.3%
Navacord Corp.:
0.000%, 3–16–28 (C)(I)(M)	CAD	971		775
0.000%, 3–16–29 (C)(I)(M)		440		351
				1,126
Industrials – 0.0%
Garda World Security Corp. (ICE LIBOR plus 425 bps)
4.370%, 10–30–26	$	164		164
Total Canada – 0.3%			$	1,290
France
Health Care – 0.2%
Bio Lam LCD SELAS (3-Month EURIBOR plus 350 bps)
3.500%, 2–9–28 (I)	EUR	250		291
Vivalto Sante Investissement S.A. (3-Month EURIBOR plus 325 bps)
3.000%, 7–9–26 (I)		250		293
				584
Total France – 0.2%			$	584
Germany
Consumer Discretionary – 0.1%
Speedster Bidco GmbH (3-Month EURIBOR plus 325 bps)
3.250%, 3–31–27 (I)		250		290

LOANS (H) (Continued)	Principal		Value
Health Care – 0.1%
Nidda Healthcare Holding GmbH (3-Month EURIBOR plus 350 bps)
3.500%, 8–21–26 (I)	$	250	$	291
Total Germany – 0.2%			$	581
Ireland
Financials – 0.1%
ION Trading Finance Ltd. (ICE LIBOR plus 400 bps)
5.000%, 11–21–24	$	273		273
Total Ireland – 0.1%			$	273
Israel
Communication Services – 0.1%
Playtika Holding Corp. (ICE LIBOR plus 275 bps)
2.859%, 3–11–28		250		249
Total Israel – 0.1%			$	249
Luxembourg
Communication Services – 0.5%
eircom Finco S.a.r.l. (3-Month EURIBOR plus 325 bps)
3.250%, 5–15–26 (I)	EUR	153		179
Intelsat Jackson Holdings S.A. (ICE LIBOR plus 375 bps)
8.000%, 11–27–23 (A)	$	906		920
Intelsat Jackson Holdings S.A. (ICE LIBOR plus 550 bps)
6.500%, 7–13–21		395		399
Telenet International Finance S.a.r.l. (6-Month EURIBOR plus 225 bps)
2.250%, 4–30–29 (I)	EUR	250		292
				1,790
Financials – 0.3%
Endo Luxembourg Finance Co. I S.a.r.l.
0.000%, 3–25–28 (M)	$	250		247
Sunshine Luxembourg VII S.a.r.l.
0.000%, 10–2–26 (M)		250		249
Winterfell Financing S.a.r.l.
0.000%, 2–19–28 (I)(M)	EUR	250		291
				787
Materials – 0.2%
Archroma Finance S.a.r.l. (3-Month ICE LIBOR plus 425 bps)
4.453%, 7–28–24	$	340		333
Archroma Finance S.a.r.l. (ICE LIBOR plus 425 bps)
4.453%, 7–28–24		2		2
LSF11 Skyscraper Holdco S.a.r.l.
0.000%, 9–30–27 (I)(M)	EUR	250		292
				627
Total Luxembourg – 1.0%			$	3,204

LOANS (H) (Continued)	Principal		Value
Netherlands
Communication Services – 0.4%
UPC Broadband Holding B.V. (3-Month EURIBOR plus 250 bps)
2.500%, 4–30–29 (I)	$	500	$	584
Ziggo B.V. (3-Month EURIBOR plus 300 bps)
3.000%, 1–31–29 (I)		500		582
				1,166
Total Netherlands – 0.4%			$	1,166
Saint Lucia
Communication Services – 0.1%
Digicel International Finance Ltd. (ICE LIBOR plus 325 bps)
3.510%, 5–27–24	$	481		457
Total Saint Lucia – 0.1%			$	457
Spain
Health Care – 0.1%
Grifols S.A. (3-Month EURIBOR plus 225 bps)
2.250%, 11–15–27 (I)	EUR	247		288
Total Spain – 0.1%			$	288
Sweden
Information Technology – 0.2%
Verisure Holding AB (3-Month EURIBOR plus 400 bps)
3.500%, 7–14–26 (I)		500		584
Total Sweden – 0.2%			$	584
United Kingdom
Consumer Staples – 0.2%
Refresco Holding B.V. (ICE LIBOR plus 400 bps)
4.059%, 3–28–25 (I)	GBP	500		686
Financials – 0.4%
Bellis Acquisition Co. plc
0.000%, 12–31–26 (I)(M)	EUR	500		585
THG Operations Holdings Ltd. (3-Month EURIBOR plus 450 bps)
4.500%, 12–11–26 (I)		250		294
VMED O2 UK Holdco 4 Ltd.
0.000%, 1–31–29 (I)(M)		500		585
				1,464
Health Care – 0.2%
Elysium Healthcare Holdings 3 Ltd. (ICE LIBOR plus 525 bps)
5.299%, 4–4–25 (I)	GBP	500		680

2021 SEMIANNUAL REPORT 31

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

MARCH 31, 2021 (UNAUDITED)

LOANS (H) (Continued)	Principal		Value
Materials – 0.2%
INEOS 226 Ltd. (3-Month EURIBOR plus 275 bps)
2.750%, 1–29–26 (I)	EUR	500	$	581
Total United Kingdom – 1.0%			$	3,411
United States
Communication Services – 2.0%
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 525 bps)
5.469%, 10–28–27	$	1,108		1,105
CenturyLink, Inc. (ICE LIBOR plus 200 bps)
2.109%, 1–31–25		875		867
Clear Channel Outdoor Holdings, Inc. (ICE LIBOR plus 350 bps)
3.712%, 8–21–26		1,177		1,129
Consolidated Communications, Inc. (ICE LIBOR plus 475 bps)
5.750%, 10–2–27		585		585
Frontier Communications Corp. (ICE LIBOR plus 475 bps)
5.750%, 10–8–21		250		249
Radiate Holdco LLC (1-Month ICE LIBOR plus 350 bps)
4.250%, 9–25–26		249		249
West Corp. (3-Month ICE LIBOR plus 400 bps)
5.000%, 10–10–24		2,576		2,491
Windstream Services LLC (ICE LIBOR plus 625 bps)
7.250%, 9–21–27		245		245
				6,920
Consumer Discretionary – 3.1%
Asurion LLC (ICE LIBOR plus 325 bps)
3.359%, 8–3–27		250		248
Asurion LLC (ICE LIBOR plus 525 bps)
5.359%, 2–3–28		445		453
Bass Pro Group LLC (ICE LIBOR plus 425 bps)
5.000%, 3–5–28		123		123
Caesars Resort Collection LLC (ICE LIBOR plus 450 bps)
4.609%, 7–20–25		249		249
CIF Times Square Mezz 1 LLC and CPTS Hotel Lessee Mezz 1 LLC (1-Month U.S. LIBOR plus 600 bps)
6.119%, 12–9–21 (A)		753		38
CNT Holdings I Corp. (ICE LIBOR plus 375 bps)
4.500%, 11–8–27		353		352
CNT Holdings I Corp. (ICE LIBOR plus 675 bps)
7.500%, 11–6–28 (C)		375		379
Cosmopolitan of Las Vegas (The) (1-Month U.S. LIBOR plus 525 bps)
5.363%, 11–9–21		800		794
Empire Today LLC
0.000%, 3–24–28 (C)(M)		250		249

LOANS (H) (Continued)	Principal		Value
Consumer Discretionary (Continued)
Ensemble RCM LLC (ICE LIBOR plus 375 bps)
3.962%, 8–1–26	$	249	$	248
GT Polaris, Inc. (ICE LIBOR plus 400 bps)
5.000%, 9–24–27		249		249
Hayward Industries, Inc. (ICE LIBOR plus 375 bps)
4.500%, 8–4–26		214		214
Hotel del Coronado (1-Month U.S. LIBOR plus 500 bps)
5.113%, 8–9–21		120		120
International Cruise & Excursion Gallery, Inc. (ICE LIBOR plus 525 bps)
6.250%, 6–8–25		195		194
Jo-Ann Stores, Inc. (ICE LIBOR plus 500 bps)
6.000%, 10–16–23		1,504		1,497
Midas Intermediate Holdco II LLC (ICE LIBOR plus 675 bps)
7.500%, 12–22–25		110		112
New Cotai LLC (14.000% Cash or 14.000% PIK)
14.000%, 9–10–25 (J)		116		119
Penn National Gaming, Inc. (ICE LIBOR plus 225 bps)
3.750%, 10–19–23		83		83
PetSmart, Inc. (ICE LIBOR plus 375 bps)
4.250%, 2–12–28		1,328		1,325
SIWF Holdings, Inc. (ICE LIBOR plus 425 bps)
4.359%, 6–15–25		784		780
Staples, Inc. (ICE LIBOR plus 500 bps)
5.205%, 4–12–26		2,044		1,991
Truck Hero, Inc. (1-Month ICE LIBOR plus 375 bps)
4.500%, 2–24–28		250		249
United PF Holdings LLC (ICE LIBOR plus 400 bps)
4.203%, 12–30–26		762		735
United PF Holdings LLC (ICE LIBOR plus 850 bps)
9.500%, 11–12–26 (C)		173		174
Woof Holdings LLC (1-Month ICE LIBOR plus 725 bps)
8.000%, 12–21–28		101		102
Woof Holdings LLC (ICE LIBOR plus 375 bps)
4.500%, 12–21–27		162		161
Zaxby’s Operating Co. L.P. (1-Month ICE LIBOR plus 650 bps)
7.250%, 12–28–28		234		236
				11,474
Consumer Staples – 0.0%
Douglas GmbH
0.000%, 4–8–26 (I)(M)	EUR	111		129
Energy – 0.7%
Ascent Resources Utica Holdings LLC (1-Month ICE LIBOR plus 900 bps)
10.000%, 11–1–25	$	116		128

LOANS (H) (Continued)	Principal		Value
Energy (Continued)
EG America LLC
0.000%, 3–12–26 (M)	$	250	$	247
EG America LLC (ICE LIBOR plus 400 bps)
4.203%, 2–5–25		273		269
EPIC Crude Services L.P. (ICE LIBOR plus 500 bps)
5.260%, 3–1–26		1,095		794
Foresight Energy LLC (ICE LIBOR plus 800 bps)
9.500%, 6–29–27		354		435
McDermott Technology Americas, Inc. (1.115% Cash or 1.115% PIK)
1.115%, 6–30–25 (J)		259		141
Westmoreland Coal Co. (ICE LIBOR plus 650 bps)
9.250%, 3–15–22		67		66
Westmoreland Mining Holdings LLC (15.000% Cash or 15.000% PIK)
15.000%, 3–15–29 (J)		573		294
				2,374
Financials – 1.2%
Alliant Holdings Intermediate LLC (1-Month ICE LIBOR plus 375 bps)
4.250%, 11–6–27		248		248
Amynta Agency Borrower, Inc. (ICE LIBOR plus 400 bps)
4.609%, 2–28–25		1,609		1,586
AqGen Ascensus, Inc. (ICE LIBOR plus 400 bps)
5.000%, 12–3–26		649		648
Edelman Financial Holdings II, Inc.
0.000%, 7–20–26 (M)		127		127
Edelman Financial Holdings II, Inc. (ICE LIBOR plus 675 bps)
6.860%, 7–20–26		890		888
Gulf Finance LLC (ICE LIBOR plus 525 bps):
6.250%, 8–25–23		1,070		884
Lealand Finance Co. B.V.
0.000%, 6–30–24 (C)(M)		4		3
Lealand Finance Co. B.V. (ICE LIBOR plus 300 bps)
3.115%, 6–30–24 (C)		14		11
				4,395
Health Care – 1.8%
Albany Molecular Research, Inc. (ICE LIBOR plus 325 bps)
4.250%, 8–30–24		241		241
Amneal Pharmaceuticals LLC (ICE LIBOR plus 350 bps)
3.625%, 5–4–25		195		191
BioClinica Holding I L.P. (ICE LIBOR plus 425 bps)
5.250%, 10–20–23		144		143
CCRR Parent, Inc. (ICE LIBOR plus 425 bps)
5.000%, 3–5–28 (C)		250		250
Concordia International Corp. (ICE LIBOR plus 550 bps)
6.500%, 9–6–24		268		267

32 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

LOANS (H) (Continued)	Principal		Value
Health Care (Continued)
Heartland Dental LLC (ICE LIBOR plus 375 bps)
3.609%, 4–30–25	$	1,267	$	1,244
LSCS Holdings, Inc. (ICE LIBOR plus 425 bps):
4.507%, 3–9–25 (C)		164		161
4.507%, 3–17–25 (C)		42		42
Surgery Center Holdings, Inc. (ICE LIBOR plus 325 bps)
4.250%, 8–31–24		1,569		1,552
Surgery Center Holdings, Inc. (ICE LIBOR plus 800 bps)
9.000%, 8–31–24		60		62
U.S. Renal Care, Inc. (3-Month ICE LIBOR plus 500 bps)
5.125%, 6–26–26		1,899		1,887
Verscend Holding Corp.
0.000%, 8–27–25 (M)		250		250
Women’s Care Holdings, Inc. (ICE LIBOR plus 450 bps)
5.250%, 1–15–28		250		250
				6,540
Industrials – 2.3%
Ankura Consulting Group LLC (ICE LIBOR plus 450 bps)
5.250%, 3–17–28 (C)		490		486
Ankura Consulting Group LLC (ICE LIBOR plus 800 bps)
8.750%, 3–17–29 (C)		65		65
APCO Holdings, Inc. (ICE LIBOR plus 550 bps)
5.620%, 6–8–25		155		151
Bleriot U.S. Bidco, Inc. (ICE LIBOR plus 400 bps)
4.203%, 10–31–26		196		195
CP Atlas Buyer, Inc. (ICE LIBOR plus 375 bps)
4.250%, 11–23–27		804		798
Form Technologies LLC
0.000%, 7–22–25 (M)		730		725
Form Technologies LLC (ICE LIBOR plus 475 bps)
5.750%, 7–22–25		859		854
Guidehouse LLP (1-Month ICE LIBOR plus 450 bps)
4.109%, 5–1–25		357		357
Mileage Plus Holdings LLC (ICE LIBOR plus 525 bps)
6.250%, 6–20–27		177		187
PAE Holding Corp. (ICE LIBOR plus 450 bps)
5.250%, 10–19–27		3,069		3,067
Park River Holdings, Inc. (1-Month ICE LIBOR plus 325 bps)
4.000%, 12–28–27		440		437
Pike Corp. (1-Month ICE LIBOR plus 300 bps)
3.130%, 1–21–28		250		249
Tronair, Inc. (1-Month U.S. LIBOR plus 475 bps)
5.750%, 9–8–23 (C)		143		120

LOANS (H) (Continued)	Principal		Value
Industrials (Continued)
TruGreen L.P. (1-Month ICE LIBOR plus 400 bps)
4.750%, 11–2–27	$	249	$	249
WaterBridge Midstream Operating LLC
0.000%, 6–21–26 (M)		74		70
WaterBridge Midstream Operating LLC (3-Month ICE LIBOR plus 575 bps)
6.750%, 6–21–26		272		258
				8,268
Information Technology – 4.2%
Applied Systems, Inc. (ICE LIBOR plus 550 bps)
6.250%, 9–19–25		664		667
Cardtronics USA, Inc. (ICE LIBOR plus 400 bps)
5.000%, 6–29–27		421		420
CommerceHub, Inc. (1-Month ICE LIBOR plus 475 bps)
7.750%, 12–2–28		573		585
CommerceHub, Inc. (ICE LIBOR plus 400 bps)
4.750%, 12–2–27		540		540
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 300 bps)
8.250%, 5–1–25		625		619
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 325 bps)
4.000%, 5–1–24		905		865
DCert Buyer, Inc. (ICE LIBOR plus 400 bps)
4.109%, 10–16–26		648		647
Delta Topco, Inc. (ICE LIBOR plus 375 bps)
4.500%, 12–1–27		250		250
E2open LLC (1-Month ICE LIBOR plus 350 bps)
4.000%, 2–4–28		250		250
Endure Digital, Inc. (1-Month ICE LIBOR plus 350 bps)
4.250%, 2–10–28		250		247
Gainwell Acquisition Corp.:
0.000%, 10–1–27 (M)		703		700
Gainwell Acquisition Corp. (ICE LIBOR plus 400 bps)
4.750%, 10–1–27		1,200		1,194
Greeneden U.S. Holdings II LLC (3-Month EURIBOR plus 425 bps)
4.250%, 12–1–27 (I)	EUR	500		587
Informatica LLC
7.125%, 2–25–25	$	1,685		1,720
Ivanti Software, Inc. (1-Month ICE LIBOR plus 400 bps)
4.750%, 12–1–27		137		136
Ivanti Software, Inc. (1-Month ICE LIBOR plus 475 bps)
5.750%, 12–1–27		314		315
MLN U.S. Holdco LLC (ICE LIBOR plus 450 bps)
4.603%, 11–30–25		1,640		1,437

LOANS (H) (Continued)	Principal		Value
Information Technology (Continued)
MLN U.S. Holdco LLC (ICE LIBOR plus 875 bps)
8.853%, 11–30–26	$	534	$	260
Output Services Group, Inc. (ICE LIBOR plus 425 bps)
5.500%, 3–27–24 (C)		243		201
Peraton Corp.
0.000%, 2–1–28 (M)		159		159
Peraton Corp. (1-Month ICE LIBOR plus 375 bps)
4.500%, 2–1–28		91		90
Peraton Corp. (1-Month ICE LIBOR plus 775 bps)
0.000%, 2–1–29 (C)(M)		138		140
Riverbed Technology, Inc. (1-Month ICE LIBOR plus 600 bps)
7.000%, 12–31–25		981		941
Riverbed Technology, Inc. (7.500% Cash or 4.500% PIK)
7.500%, 12–31–26 (J)		2,271		1,809
Ultimate Software Group, Inc. (The) (ICE LIBOR plus 675 bps)
7.500%, 5–3–27		139		142
				14,921
Materials – 0.7%
Aruba Investments Holdings LLC (ICE LIBOR plus 400 bps)
4.750%, 11–24–27		250		249
Associated Asphalt Partners LLC (ICE LIBOR plus 525 bps)
6.250%, 4–5–24		126		117
Hillman Group, Inc. (The):
0.000%, 2–24–28 (M)		250		249
Hillman Group, Inc. (The) (ICE LIBOR plus 350 bps)
4.109%, 5–31–25		1,120		1,118
NIC Acquisition Corp. (1-Month ICE LIBOR plus 375 bps)
4.500%, 12–29–27		133		133
NIC Acquisition Corp. (1-Month ICE LIBOR plus 775 bps)
8.001%, 12–29–28		85		86
Pretium PKG Holdings, Inc. (1-Month ICE LIBOR plus 400 bps)
4.750%, 11–5–27		319		318
				2,270
Real Estate – 0.3%
Inland Retail Real Estate Trust, Inc. (1-Month U.S. LIBOR plus 650 bps)
7.000%, 1–1–22		928		937
Utilities – 0.1%
Dispatch Acquisition Holdings LLC (1-Month ICE LIBOR plus 425 bps)
5.000%, 3–17–28		250		249
Total United States – 16.4%			$	58,477
TOTAL LOANS – 20.1%			$	70,564
(Cost: $71,250)

2021 SEMIANNUAL REPORT 33

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

MARCH 31, 2021 (UNAUDITED)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS	Principal		Value
United States – 0.1%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO
2.500%, 6–15–39	$	256	$	259
Federal National Mortgage Association Agency REMIC/CMO:
2.000%, 4–25–40		46		47
3.000%, 2–25–44		106		112
Government National Mortgage Association Fixed Rate Pass–Through Certificates
3.500%, 4–20–34		48		51
				469
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.1%			$	469
(Cost: $465)

UNITED STATES GOVERNMENT OBLIGATIONS	Principal		Value
United States – 7.2%
U.S. Treasury Notes:
2.875%, 7–31–25	$	1,735	$	1,892
0.250%, 10–31–25		3,500		3,408
2.250%, 11–15–25		2,250		2,396
0.375%, 11–30–25		3,500		3,424
0.375%, 12–31–25		2,300		2,246
0.375%, 1–31–26		3,200		3,121
0.500%, 2–28–26		1,600		1,569
1.625%, 10–31–26		400		412
0.375%, 7–31–27		1,700		1,606
0.500%, 8–31–27		1,000		950
0.375%, 9–30–27		1,800		1,694
0.500%, 10–31–27		2,000		1,894
0.625%, 11–30–27		400		381
0.750%, 1–31–28		1,600		1,534
				26,527
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 7.2%			$	26,527
(Cost: $26,822)

SHORT–TERM SECURITIES	Shares		Value
Money Market Funds (N) – 3.8%
State Street Institutional U.S. Government Money Market Fund – Premier Class
0.040%		10,059	$	10,059
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares
0.010% (O)		3,703		3,703
				13,762
TOTAL SHORT-TERM SECURITIES – 3.8%			$	13,762
(Cost: $13,762)
TOTAL INVESTMENT SECURITIES – 101.5%			$	372,387
(Cost: $368,164)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.5)%				(4,097	)
NET ASSETS – 100.0%			$	368,290

Notes to Schedule of Investments

* Not shown due to rounding.

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

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

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

(D) All or a portion of securities with an aggregate value of $3,789 are on loan.

(E) Restricted securities. At March 31, 2021, the Fund owned the following restricted securities:

Security	Acquisition Date(s)		Shares		Cost		Value
EP Energy Corp.		10-6-20		4	$	78	$	298
Foresight Energy L.P.		6-30-20  -9-8-20		42		829		645
New Cotai Participation Corp., Class B		9-29-20		414		3,631		1,525
Pinnacle Agriculture Enterprises LLC		7-17-20		1		177		—
Studio City International Holdings Ltd. ADR		8-5-20		19		297		252
Targa Resources Corp., 9.500%		10-24-17		1		1,624		1,539
					$	6,636	$	4,259

    The total value of these securities represented 1.2% of net assets at March 31, 2021.

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

(G) 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, 2021 the total value of these securities amounted to $183,134 or 49.9% of net assets.

(H) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2021. Description of the reference rate and spread, if applicable, are included in the security description.

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

(J) 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.

34 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

(K) 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, 2021.

(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 annualized 7-day yield at March 31, 2021.

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

The following forward foreign currency contracts were outstanding at March 31, 2021:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
British Pound		1,540	U.S. Dollar		2,115	6-30-21	JPMorgan Securities LLC	$	—	$	8
Euro		3,800	U.S. Dollar		4,481	6-30-21	JPMorgan Securities LLC		17		—
Euro		5,186	U.S. Dollar		6,719	9-30-21	JPMorgan Securities LLC		613		—
Canadian Dollar		1,388	U.S. Dollar		1,113	6-21-21	Morgan Stanley International		8		—
								$	638	$	8

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	1,131	$	—	$	1,554
Energy		263		324		980
Total Common Stocks	$	1,394	$	324		2,534
Preferred Stocks		—		1,550		—
Warrants		6		—		—
Asset-Backed Securities		—		7,282		—
Corporate Debt Securities		—		222,255		—
Mortgage-Backed Securities		—		5,511		—
Other Government Securities		—		20,209		—
Loans		—		67,157		3,407
United States Government Agency Obligations		—		469		—
United States Government Obligations		—		26,527		—
Short-Term Securities		13,762		—		—
Total	$	15,162	$	351,284	$	5,941
Forward Foreign Currency Contracts	$	—	$	638	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	8	$	—

2021 SEMIANNUAL REPORT 35

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

MARCH 31, 2021 (UNAUDITED)

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

	Common Stocks			Loans
Beginning Balance 10-1-20	$	2,665		$	3,370
Net realized gain (loss)		—			34
Net change in unrealized appreciation (depreciation)		(442	)		228
Purchases		—			3,948
Sales		—			(3,445	)
Amortization/Accretion of premium/discount		—			3
Transfers into Level 3 during the period		311			174
Transfers out of Level 3 during the period		—			(905	)
Ending Balance 3-31-21	$	2,534		$	3,407
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-21	$	(442	)	$	228

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 3-31-21		Valuation Technique(s)	Unobservable Input(s)	Input Value(s)
Assets
Common Stocks	$	29	Market approach	Adjusted EBITDA multiple		8.23x
		644	Market approach	Illiquidity discount		30.00%
		336	Market approach	Broker quote		N/A
		1,525	Market approach	Market premium		20.00%
Loans		3,407	Third-party vendor pricing service	Broker quotes		N/A

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

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	20.2%
Consumer Discretionary	13.9%
Communication Services	12.6%
Industrials	8.2%
United States Government and Government Agency Obligations	7.3%
Information Technology	6.9%
Energy	6.3%

Market Sector Diversification (Continued)
Other Government Securities	5.5%
Health Care	4.9%
Materials	4.0%
Consumer Staples	3.7%
Utilities	3.1%
Real Estate	1.1%
Other+	2.3%

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

See Accompanying Notes to Financial Statements.

36 SEMIANNUAL REPORT 2021

PORTFOLIO HIGHLIGHTS IVY CALIFORNIA MUNICIPAL HIGH INCOME FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation
Bonds	99.3	%
Municipal Bonds	99.3	%
Cash and Other Assets (Net of Liabilities)	0.7	%

Quality Weightings

Investment Grade	71.2%
AA	25.5%
A	20.7%
BBB	25.0%
Non-Investment Grade	28.1%
BB	4.7%
B	1.3%
CCC	0.2%
Non-rated	21.9%
Cash and Other Assets (Net of Liabilities)	0.7%

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.

2021 SEMIANNUAL REPORT 37

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

MARCH 31, 2021 (UNAUDITED)

MUNICIPAL BONDS	Principal		Value
California – 97.5%
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	$	88
CA Cnty Tob Securitization Agy, Tob Stlmt Bonds (Gold Country Stlmt Funding Corp.), Ser 2020B-1,
4.000%, 6–1–49		250		278
CA Cnty Tob Securitization Agy, Tob Stlmt Bonds (Merced Cnty Tob Funding Corp.), Ser 2020B,
5.000%, 6–1–50		250		292
CA Cnty Tob Securitization Agy, Tob Stlmt Bonds (Sonoma Cnty Securitization Corp.), Ser 2020B-2,
0.000%, 6–1–55 (A)		250		60
CA Edu Fac Auth, Rev Bonds (Art Ctr College of Design), Ser 2018A,
5.000%, 12–1–48		250		295
CA Edu Fac Auth, Rev Bonds (Loma Linda Univ), Ser 2017A,
5.000%, 4–1–47		300		349
CA Hlth Fac Fin Auth, Rev Bonds (City of Hope), Ser 2019,
5.000%, 11–15–24		100		116
CA Hlth Fac Fin Auth, Rev Bonds (Providence St. Joseph Hlth), Ser 2019C,
5.000%, 10–1–39		500		597
CA Infra and Econ Dev Bank, Natl Charter Sch Revolving Loan Fund Rev Bonds, Ser 2019B:
5.000%, 11–1–25		100		119
5.000%, 11–1–49		100		121
CA Infra and Econ Dev Bank, Sr Natl Charter Sch Revolving Loan Fund Rev Bonds, Ser 2020B,
4.000%, 11–1–55		100		115
CA Muni Fin Auth, Charter Sch Rev Bonds (Learning Choice Academy), Ser 2021A,
4.000%, 7–1–31		100		115
CA Muni Fin Auth, Charter Sch Rev Bonds (Palmdale Aerospace Academy Proj), Ser 2018A,
5.000%, 7–1–49		300		335
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		114
CA Muni Fin Auth, Insd Rev Bonds (Town and Country Manor), Ser 2019,
4.000%, 7–1–21		200		202
CA Muni Fin Auth, Rev Bonds (CA Baptist Univ), Ser 2016A,
5.000%, 11–1–46		500		555
CA Muni Fin Auth, Rev Bonds (CA Lutheran Univ), Ser 2018,
5.000%, 10–1–27		250		307

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
CA Muni Fin Auth, Rev Bonds (Ret Hsng Fndtn Oblig Group), Ser 2017A,
5.000%, 11–15–32	$	425	$	527
CA Muni Fin Auth, Rev Rfdg Bonds (Eisenhower Med Ctr), Ser 2017B:
5.000%, 7–1–37		250		294
5.000%, 7–1–42		250		291
CA Muni Fin Auth, Rev Rfdg Bonds (HumanGood Oblig Group), Ser 2019A,
4.000%, 10–1–28		290		331
CA Muni Fin Auth, Solid Waste Rfdg Rev Bonds (Republic Svc, Inc. Proj), Ser 2010,
0.230%, 9–1–21		300		300
CA Muni Fin Auth, Spl Fac Rev Bonds (Utd Airlines, Inc. Los Angeles Intl Arpt Proj), Ser 2019,
4.000%, 7–15–29		250		284
CA Muni Fin Auth, Sr Lien Rev Bonds (LINXS APM Proj), Ser 2018A:
4.000%, 12–31–47		250		278
5.000%, 12–31–47		250		294
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		332
CA Pollutn Ctl Fin Auth, Solid Waste Disp Rfdg Rev Bonds (Waste Mgmt, Inc. Proj), Ser 2015A-1,
3.375%, 7–1–25		300		334
CA Pollutn Ctl Fin Auth, Solid Waste Rfdg Rev Bonds (Republic Svc, Inc. Proj), Ser 2010A,
0.080%, 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		265
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		297
CA Sch Fin Auth, Charter Sch Rev Bonds (Aspire Pub Sch), Ser 2020A,
5.000%, 8–1–40 (B)		100		119
CA Sch Fin Auth, Charter Sch Rev Bonds (Classical Academies Proj), Ser 2020A,
5.000%, 10–1–50 (B)		250		286
CA Sch Fin Auth, Charter Sch Rev Bonds (Larchmont Charter Sch Proj), Ser 2018A,
5.000%, 6–1–43		250		273
CA Sch Fin Auth, Charter Sch Rev Bonds (Rocketship Pub Sch—Oblig Group), Ser 2017G:
5.000%, 6–1–30		310		356
5.000%, 6–1–37		330		371

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
CA Sch Fin Auth, Charter Sch Rev Rfdg Bonds (Aspire Pub Sch—Oblig Group), Ser 2016,
5.000%, 8–1–41	$	250	$	281
CA Sch Fin Auth, Sch Fac Rev Bonds (Granada Hills Charter High Sch Oblig Group), Ser 2017A,
5.000%, 7–1–48		350		369
CA Sch Fin Auth, Sch Fac Rev Bonds (Green Dot Pub Sch CA Proj), Ser 2018A,
5.000%, 8–1–48		250		288
CA Sch Fin Auth, Sch Fac Rev Bonds (Kipp LA Proj), Ser 2017A,
5.000%, 7–1–47		300		348
CA Sch Fin Auth, Sch Fac Rev Rfdg Bonds (HTH Learning Proj), Ser 2017A,
5.000%, 7–1–49		300		333
CA Statewide Cmnty Dev Auth, Rev Bonds (American Baptist Homes of the West), Ser 2015,
5.000%, 10–1–22		270		287
CA Statewide Cmnty Dev Auth, Rev Bonds (Loma Linda Univ Med Ctr), Ser 2016A,
5.250%, 12–1–56		250		280
CA Statewide Cmnty Dev Auth, Student Hsng Rev Bonds (Univ of CA, Irvine East Campus Apt, Phase IV-ACHF-Irvine LLC), Ser 2017,
5.000%, 5–15–47		185		213
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		348
CA Statewide Comnty Dev Auth, Rev Bonds (Loma Linda Univ Med Ctr), Ser 2014A,
5.250%, 12–1–44		250		277
CA Various Purp GO Bonds,
5.000%, 9–1–46		500		601
Chino Pub Fin Auth, Local Agy Rfdg Bonds, Ser 2016A,
3.500%, 9–1–43		250		260
Chino, CA, Cmnty Fac Dist, Spl Tax Rev Bonds, Ser 2016-2,
5.000%, 9–1–47		150		166
City of San Ramon, Cert of Part (Cap Impvt Fin Prog), Ser 2019,
4.000%, 6–1–39		300		339
Cmnty Fac Dist No. 36 of Jurupa Cmnty Svc Dist., Spl Tax Bonds, Ser 2017A:
4.125%, 9–1–42		200		217
4.250%, 9–1–47		300		326
Corona-Norco Unif Sch Dist (Riverside Cnty, CA), Election of 2014 GO Bonds, Ser C,
4.000%, 8–1–49		500		566

38 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
Corona-Norco Unif Sch Dist (Riverside, CA), Election of 2006 GO Bonds, Ser 2011E,
0.000%, 8–1–24 (A)	$	80	$	91
CSCDA Cmnty Impvt Auth, Essential Hsng Rev Bonds, Ser 2021A,
4.000%, 8–1–56 (B)		300		318
Eureka Successor Agy, Tax Alloc Rfdg Bonds, Ser 2017B,
5.000%, 11–1–21		155		159
Foothill/Eastn Trans Corridor Agy, Toll Road Rfdg Rev Bonds, Ser 2013B-1 (Insured by AGM),
3.950%, 1–15–53		300		334
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2017A-1,
5.000%, 6–1–29		600		728
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2018A,
5.000%, 6–1–22		175		185
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2007A-2 Sr Convertible Bonds,
5.300%, 6–1–37		150		156
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2018A-1,
5.000%, 6–1–47		500		517
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2018A-2,
5.000%, 6–1–47		250		259
Irvine Unif Sch Dist, Cmnty Fac Dist No. 09-1 Spl Tax Bonds, Ser 2017B (Insured by BAMAC),
5.000%, 9–1–47		150		176
Irvine Unif Sch Dist, Cmnty Fac Dist No. 09-1 Spl Tax Bonds, Ser 2019A,
4.000%, 9–1–54		250		288
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		589
Lincoln Unif Sch Dist Fin Corp., Cert of Part, Ser 2019,
4.000%, 9–1–25		315		360
Long Beach Bond Fin Auth, Natural Gas Purchase Rev Bonds, Ser 2007A,
5.500%, 11–15–37		165		239
Long Beach, CA, Harbor Rev Rfdg Bonds, Ser 2020B,
5.000%, 5–15–24		500		568
Los Angeles Dept of Water and Power, Water Sys Rev Bonds, Ser 2020C,
5.000%, 7–1–41		300		387
Los Angeles Unif Sch Dist, GO Bonds (Dedicated Unlimited Ad Valorem Ppty Tax), Ser 2020C,
5.000%, 7–1–29		250		328

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
Los Angeles, CA, Dept of Arpts, Los Angeles Intl Arpt Sub Rev Bonds, Ser 2016B,
5.000%, 5–15–46	$	300	$	347
Los Angeles, CA, Hsng Auth, Mtg Rev Bonds (Union Port Proj), Ser 2021A,
4.000%, 6–1–30		135		161
Los Angeles, CA, Hsng Auth, Mtg Rev Rfdg Bonds (Union Port Proj), Ser 2020A,
3.250%, 6–1–35		250		263
M-S-R Energy Auth, Gas Rev Bonds, Ser 2009C,
7.000%, 11–1–34		300		467
Murrieta, CA, Cmnty Fac Dist No. 2005-5, Spl Tax Bonds (Golden City), Ser 2017A,
5.000%, 9–1–46		300		344
Oakland-Alameda Cnty Coliseum Auth, Lease Rev Bonds (Oakland Coliseum Proj), Ser 2012A,
5.000%, 2–1–24		250		259
Ontario, CA, Cmnty Fac Dist No. 28, Spl Tax Bonds (New Haven Fac—Area A), Ser 2017:
5.000%, 9–1–42		130		145
5.000%, 9–1–47		230		255
Ontario, CA, Cmnty Fac Dist No. 31, Spl Tax Bonds (Carriage House/Amberly Lane), Ser 2017,
5.000%, 9–1–47		135		155
Oro Grande Elem Sch Dist, Cert of Part, Ser 2013,
5.000%, 9–15–27		25		26
Oro Grande Elem Sch Dist, Rfdg Cert of Part, Ser 2020,
4.000%, 9–15–32		300		324
Paramount Unif Sch Dist (Los Angeles Cnty, CA), Election of 2016 GO Bonds, Ser 2020C (Insured by BAMAC),
4.000%, 8–1–40		275		325
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		283
Regents of the Univ of CA, Ltd. Proj Rev Bonds, Ser M,
5.000%, 5–15–32		300		372
Richmond Joint Powers Fin Auth, Lease Rev Rfdg Bonds (Civic Ctr Proj), Ser 2019A (Insured by AGM),
5.000%, 11–1–25		400		473
Roseville City Sch Dist (Placer Cnty, CA), Election of 2002 GO Bonds, Ser A,
0.000%, 8–1–22 (A)		100		100
Roseville, CA, Spl Tax Rev Bonds (Fiddyment Ranch Cmnty Fac Dist No. 1), Ser 2017A,
5.000%, 9–1–35		250		294

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
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),
0.701%, 6–1–34 (C)	$	400	$	385
Sacramento Cnty, Arpt Sys Sr Rev Rfdg Bonds, Ser 2020,
4.000%, 7–1–40		150		174
Sacramento Cnty, Arpt Sys Sub Rev Rfdg Bonds, Ser 2018E,
5.000%, 7–1–35		250		307
Sacramento, CA, Spl Tax Bonds (Natomas Cent Comnty Fac), Ser 2016,
5.000%, 9–1–41		250		285
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		262
San Buenaventura Rev Bonds (Cmnty Mem Hlth Sys), Ser 2011,
7.500%, 12–1–41		100		104
San Diego Assoc of Govts, South Bay Expressway Toll Rev First Sr Lien Bonds, Ser 2017A,
5.000%, 7–1–27		100		124
San Diego Cnty Rgnl Arpt Auth, Sub Arpt Rev Bonds, Ser 2017A,
5.000%, 7–1–42		200		240
San Diego Unif Sch Dist, GO Bonds, Election of 2012, Ser M-2,
3.000%, 7–1–50		250		265
San Francisco City and Cnty Arpt Comsn, San Francisco Intl Arpt Second Ser Rev Bonds, Ser 2019A,
4.000%, 5–1–49		250		281
San Francisco City and Cnty Arpt Comsn, San Francisco Intl Arpt Second Ser Rev Rfdg Bonds, Ser 2020A,
4.000%, 5–1–40		150		174
San Francisco City and Cnty Pub Util Comsn, Water Rev Bonds, Ser 2016AB,
4.000%, 11–1–39		250		287
San Jose, CA, Arpt Rev Rfdg Bonds, Ser 2017A,
5.000%, 3–1–47		200		234
San Juan Unif Sch Dist (Sacramento Cnty, CA), Elec of 1998 GO Bonds, Ser 2003B,
0.000%, 8–1–21 (A)		200		200
San Mateo Cmnty Fac Dist No. 2008-1 (Bay Meadows), Spl Tax Bonds, Ser 2012,
6.000%, 9–1–42		250		263
Santa Clara Cnty Fin Auth, Var Rate Demand Rfdg Lease Rev Bonds (Multiple Fac Proj), Ser 2008M,
0.060%, 5–15–35		500		500

2021 SEMIANNUAL REPORT 39

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

MARCH 31, 2021 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
Santa Clara Cnty, CA, Union Elem Sch Dist, Election of 1999 GO Bonds, Ser A,
0.000%, 9–1–22 (A)	$	100	$	100
Southn CA Pub Power Auth, Gas Proj Rev Bonds (Proj No. 1), Ser 2007A,
5.000%, 11–1–33		295		395
Southn CA Pub Power Auth, Milford Wind Corridor Phase I Proj, Rfdg Rev Bonds, Ser 2019-1:
3.000%, 7–1–21		100		101
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		365
Stockton Pub Fin Auth, Wastewater Bond Anticipation Notes, Ser 2019,
1.400%, 6–1–22		400		401
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		375
Successor Agy to the Redev Agy of the City of Cathedral City, Tax Alloc Rev Rfdg Bonds, Ser 2021A (Insured by BAMAC),
4.000%, 8–1–34		300		356

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
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 Rfdg Bonds (Sacramento Cnty Tob Securitization Corp.), Ser 2021A,
4.000%, 6–1–40		115		135
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		52
WA Township Hlth Care Dist Rev Bonds, Ser 2017A:
3.500%, 7–1–30		45		49
3.750%, 7–1–31		255		275
Westn Riverside Water and Wastewater Fin Auth, Local Agy Rev Rfdg Bonds, Ser 2016A,
5.000%, 9–1–29		250		301
William S. Hart Union High Sch Dist, Cmnty Fac Dist No. 2015-1 Spl Tax Bonds, Ser 2017,
5.000%, 9–1–47		300		336
				33,016

MUNICIPAL BONDS (Continued)	Principal		Value
Guam – 0.8%
Guam Port Rev Bonds, Ser 2018B,
5.000%, 7–1–22	$	250	$	262
Puerto Rico – 1.0%
Cmnwlth of PR, Pub Impvt Rfdg GO Bonds, Ser 2007A-4,
5.250%, 7–1–30		135		140
PR Hwy and Trans Auth, Hwy Rev Rfdg Bonds, Ser CC:
5.250%, 7–1–32		120		146
5.250%, 7–1–33		50		61
				347
TOTAL MUNICIPAL BONDS – 99.3%			$	33,625
(Cost: $31,845)
TOTAL INVESTMENT SECURITIES – 99.3%			$	33,625
(Cost: $31,845)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.7%				227
NET ASSETS – 100.0%			$	33,852

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, 2021 the total value of these securities amounted to $973 or 2.9% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2021. Description of the reference rate and spread, if applicable, are included in the security description.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	—	$	33,625	$	—
Total	$	—	$	33,625	$	—

The following acronyms are used throughout this schedule:

AGM = Assured Guaranty Municipal

BAMAC = Build America Mutual Assurance Co.

LIBOR = London Interbank Offered Rate

See Accompanying Notes to Financial Statements.

40 SEMIANNUAL REPORT 2021

PORTFOLIO HIGHLIGHTS IVY CASH MANAGEMENT FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation
Corporate Obligations	59.2%
Commercial Paper	29.6%
Notes	21.9%
Certificate Of Deposit	4.2%
Master Note	3.3%
Money Market Funds	0.2%
United States Government and Government Agency Obligations	34.8%
Municipal Obligations	6.0%
Liabilities (Net of Cash and Other Assets)	0.0%

2021 SEMIANNUAL REPORT 41

SCHEDULE OF INVESTMENTS IVY CASH MANAGEMENT FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Certificate Of Deposit
Citibank N.A.,
0.200%, 4–5–21	$	20,000	$	20,000
Cooperatieve Rabobank U.A. (3-Month U.S. LIBOR plus 2 bps),
0.260%, 4–6–21 (A)		25,000		25,000
Toronto-Dominion Bank,
0.210%, 3–7–22		20,000		20,000
Total Certificate Of Deposit – 4.2%				65,000
Commercial Paper (B)
Bank of Nova Scotia (The) (3-Month U.S. LIBOR plus 4 bps),
0.240%, 5–11–21 (A)		15,000		15,000
Corporacion Andina de Fomento:
0.220%, 4–8–21		10,000		9,999
0.200%, 4–13–21		2,815		2,815
0.210%, 5–10–21		26,500		26,494
0.240%, 5–26–21		12,000		11,995
0.230%, 8–17–21		23,000		22,980
0.230%, 8–24–21		5,000		4,995
Duke Energy Corp.,
0.120%, 4–1–21		15,630		15,630
Exxon Mobil Corp.:
0.210%, 4–27–21		10,000		9,998
0.270%, 7–22–21		10,000		9,992
Honeywell International, Inc.,
0.220%, 10–6–21		10,000		9,988
J.M. Smucker Co. (The),
0.100%, 4–1–21		15,000		15,000
Malayan Banking Berhad (GTD by Wells Fargo Bank N.A.):
0.290%, 4–20–21		32,500		32,495
0.170%, 4–26–21		30,000		29,996
0.120%, 4–27–21		8,400		8,399
0.180%, 4–28–21		3,000		2,999
Northern Illinois Gas Co.,
0.080%, 4–12–21		5,000		5,000
Pricoa Short Term Funding LLC:
0.180%, 11–16–21		5,050		5,044
0.200%, 2–14–22		3,000		2,995
Royal Bank of Canada (3-Month U.S. LIBOR plus 5 bps),
0.230%, 6–15–21 (A)		25,000		25,000
Royal Bank of Canada,
0.230%, 9–10–21		5,000		4,995
Royal Bank of Canada (Secured Overnight Financing Rate plus 20 bps),
0.210%, 4–1–21 (A)		15,000		15,000
Shell International Finance B.V. (GTD by Royal Dutch Shell plc):
0.490%, 5–25–21		6,000		5,995
0.250%, 8–23–21		3,000		2,997
0.250%, 9–2–21		13,000		12,986
0.250%, 9–3–21		3,100		3,097
0.250%, 9–7–21		1,400		1,398
Toronto-Dominion Bank,
0.200%, 5–6–21		5,000		4,999
Total Capital Canada Ltd. (GTD by Total S.A.):
0.180%, 4–6–21		7,500		7,500
0.160%, 4–7–21		6,000		6,000
0.130%, 5–17–21		2,000		2,000

CORPORATE OBLIGATIONS (Continued)	Principal		Value
Commercial Paper (B) (Continued)
UnitedHealth Group, Inc.:
0.130%, 4–8–21	$	3,500	$	3,500
0.150%, 4–12–21		5,800		5,800
0.110%, 4–20–21		5,000		5,000
0.140%, 4–21–21		25,100		25,098
Walgreens Boots Alliance, Inc.:
0.180%, 4–6–21		15,000		15,000
0.200%, 4–9–21		348		348
Wisconsin Electric Power Co.:
0.120%, 4–6–21		21,000		21,000
0.120%, 4–7–21		5,000		5,000
0.130%, 4–9–21		50,000		49,998
Total Commercial Paper – 29.6%				464,525
Master Note
Toyota Motor Credit Corp. (1–Week U.S. LIBOR plus 25 bps),
0.340%, 4–7–21 (A)		50,896		50,896
Total Master Note – 3.3%				50,896
	Shares
Money Market Funds (C)
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.040%, 4–1–21		3,279		3,279
Total Money Market Funds – 0.2%				3,279
	Principal
Notes
Banco del Estado de Chile (Secured Overnight Financing Rate plus 22 bps),
0.230%, 4–1–21 (A)	$	20,000		20,000
Bank of Montreal (1-Month U.S. LIBOR plus 11 bps),
0.210%, 4–9–21 (A)		25,000		25,000
Bank of Montreal (1-Month U.S. LIBOR plus 9 bps),
0.190%, 4–5–21 (A)		25,000		25,000
Bank of Montreal (Secured Overnight Financing Rate plus 19 bps),
0.210%, 4–1–21		25,000		25,000
Bank of Nova Scotia (The) (3-Month U.S. LIBOR plus 5 bps):
0.250%, 5–5–21 (A)		38,000		38,000
Bank of Nova Scotia (The) (3-Month U.S. LIBOR plus 3 bps),
0.250%, 4–9–21 (A)		25,000		25,000
Canadian Imperial Bank of Commerce (3-Month U.S. LIBOR plus 2 bps),
0.210%, 6–1–21 (A)		15,000		15,000

CORPORATE OBLIGATIONS (Continued)	Principal		Value
Notes (Continued)
Canadian Imperial Bank of Commerce (3-Month U.S. LIBOR plus 3 bps),
0.220%, 6–4–21 (A)	$	30,000	$	30,000
Canadian Imperial Bank of Commerce (3-Month U.S. LIBOR plus 14 bps),
0.360%, 6–19–21 (A)		20,000		20,000
Canadian Imperial Bank of Commerce (3-Month U.S. LIBOR plus 5 bps),
0.240%, 5–4–21 (A)		10,000		10,000
Net Magan Two LLC (GTD by Federal Home Loan Bank) (1-Month U.S. LIBOR plus 10 bps),
0.350%, 4–7–21 (A)		15,200		15,200
Osprey Properties Ltd. (1-Month U.S. LIBOR),
0.100%, 4–7–21 (A)		19,670		19,670
Royal Bank of Canada (3-Month U.S. LIBOR plus 12 bps),
0.310%, 6–16–21 (A)		7,000		7,000
Royal Bank of Canada (3-Month U.S. LIBOR plus 7 bps),
0.280%, 4–29–21 (A)		25,000		25,000
Toronto-Dominion Bank (Federal Funds Rate plus 16 bps),
0.230%, 4–1–21 (A)		15,000		15,000
Toronto-Dominion Bank (3-Month U.S. LIBOR plus 11 bps),
0.290%, 6–10–21 (A)		15,000		15,000
Toronto-Dominion Bank (Federal Funds Rate plus 35 bps),
0.420%, 4–1–21 (A)		10,000		10,000
Total Notes – 21.9%				339,870
TOTAL CORPORATE OBLIGATIONS – 59.2%			$	923,570
(Cost: $923,570)
MUNICIPAL OBLIGATIONS
California – 3.3%
CA Sch Fin Auth, Rev Notes (Granada Hills Charter High Sch), Ser 2021A-1 (GTD by Citigroup, Inc.),
0.260%, 12–30–21		6,835		6,835
CA Sch Fin Auth, Rev Notes (Granada Hills Charter High Sch), Ser 2021B-2 (GTD by Royal Bank of Scotland),
0.260%, 12–30–21		4,000		4,000
Contra Costa Cnty, Multifamily Hsng Rev Rfdg Bonds, Ser 2003F (Bond Market Association Index),
0.070%, 4–7–21 (A)		2,000		2,000
San Francisco, CA, Arpt Comsn, Intl Arpt Rev Commercial Paper Notes, Ser 2021,
0.150%, 4–26–21		2,000		2,000

42 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY CASH MANAGEMENT FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

MUNICIPAL OBLIGATIONS (Continued)	Principal		Value
California (Continued)
State of California (GTD by Royal Bank of Canada):
0.140%, 5–12–21	$	5,000	$	5,000
0.130%, 5–26–21		8,000		8,000
University of California (1-Month U.S. LIBOR plus 8 bps),
0.090%, 4–7–21 (A)		24,250		24,250
				52,085
Colorado – 0.1%
Sheridan Redev Agy CO Tax, Var Rfdg S Santa Fe Dr Corridor Redev PJ, Ser A-1 (GTD by JPMorgan Chase & Co.) (BVAL plus 30 bps),
0.250%, 4–7–21 (A)		1,100		1,100
Florida – 0.2%
Miami-Dade Cnty, FL, Seaport Rev Commercial Paper Notes, Ser A-2 (GTD by Bank of America N.A.),
0.200%, 5–6–21		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),
0.060%, 4–1–21 (A)		1,895		1,895
Massachusetts – 1.3%
MA Edu Fin Auth, Commercial Paper Notes, Ser A (GTD by Royal Bank of Canada):
0.150%, 5–11–21		15,000		15,000
0.130%, 5–18–21		5,000		5,000
				20,000
Missouri – 0.3%
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),
0.100%, 4–7–21 (A)		5,200		5,200

MUNICIPAL OBLIGATIONS (Continued)	Principal		Value
New Jersey – 0.3%
Trap Rock Industries, Inc., Var Demand Bonds, Ser 2005 (GTD by Wachovia Bank N.A.) (1-Week U.S. LIBOR plus 10 bps),
0.150%, 4–7–21 (A)	$	4,725	$	4,725
New York – 0.3%
Long Island Power Auth, Elec Sys Rev Commercial Paper Notes, Ser 2015GR-1A (GTD by Toronto Dominion Bank),
0.120%, 4–1–21		5,000		5,000
Virgina – 0.1%
Staunton, VA, Indl Dev Auth, Commercial Paper, Ser 2005B (GTD by Bank of America N.A.),
0.160%, 4–5–21		1,575		1,575
TOTAL MUNICIPAL OBLIGATIONS – 6.0%			$	94,199
(Cost: $94,199)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Treasury Bills (B) – 9.5%
U.S. Treasury Bills:
0.090%, 4–8–21		10,000		10,000
0.080%, 4–15–21		4,000		4,000
0.080%, 4–29–21		9,100		9,099
0.060%, 5–6–21		9,000		8,999
0.030%, 5–13–21		33,000		32,999
0.070%, 5–27–21		9,100		9,099
U.S. Treasury Cash Management Bills:
0.090%, 4–6–21		8,000		8,000
0.100%, 4–13–21		10,000		10,000
0.090%, 4–20–21		7,000		7,000
0.070%, 4–27–21		12,000		11,999
0.090%, 5–4–21		19,000		18,999
0.040%, 6–1–21		9,000		8,999
0.090%, 6–29–21		5,000		4,999
0.050%, 7–13–21		4,000		3,999
				148,191

UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
United States Government Agency Obligations – 25.3%
U.S. International Development Finance Corp. (GTD by U.S. Government):
0.150%, 8–11–21	$	1,000	$	1,000
0.300%, 11–15–21		3,750		3,750
U.S. International Development Finance Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
0.090%, 4–7–21 (A)		217,718		217,718
0.100%, 4–7–21 (A)		149,023		149,023
0.110%, 4–7–21 (A)		12,885		12,885
1.000%, 4–9–21		1,370		1,370
0.260%, 9–30–21		9,000		9,000
				394,746
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 34.8%			$	542,937
(Cost: $542,937)
TOTAL INVESTMENT SECURITIES – 100.0%			$	1,560,706
(Cost: $1,560,706)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%				(711	)
NET ASSETS – 100.0%			$	1,559,995

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2021. 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.

(B) Rate shown is the yield to maturity at March 31, 2021.

(C) Rate shown is the annualized 7-day yield at March 31, 2021.

2021 SEMIANNUAL REPORT 43

SCHEDULE OF INVESTMENTS IVY CASH MANAGEMENT FUND (in thousands)

MARCH 31, 2021 (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, 2021. 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 Obligations	$	3,279	$	920,291	$	—
Municipal Obligations		—		94,199		—
United States Government and Government Agency Obligations		—		542,937		—
Total	$	3,279	$	1,557,427	$	—

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.

44 SEMIANNUAL REPORT 2021

PORTFOLIO HIGHLIGHTS IVY CORPORATE BOND FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation
Bonds	97.4%
Corporate Debt Securities	90.9%
Asset-Backed Securities	2.4%
Municipal Bonds — Taxable	1.6%
Other Government Securities	1.6%
United States Government and Government Agency Obligations	0.7%
Mortgage-Backed Securities	0.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.6%

Quality Weightings

Investment Grade	92.3%
AAA	2.1%
AA	10.5%
A	27.0%
BBB	52.7%
Non-Investment Grade	5.1%
BB	4.4%
Non-rated	0.7%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.6%

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.

2021 SEMIANNUAL REPORT 45

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust:
3.500%, 5–26–22	$	383	$	394
1.750%, 1–30–26		1,700		1,651
Air Canada Enhanced Equipment Trust, Series 2015-2, Class AA,
3.750%, 12–15–27 (A)		3,132		3,194
American Airlines Class A Pass-Through Certificates, Series 2016-2,
3.650%, 6–15–28		1,619		1,549
American Airlines Class AA Pass-Through Certificates, Series 2016-2,
3.200%, 6–15–28		2,429		2,418
American Airlines Class AA Pass-Through Certificates, Series 2017-2,
3.350%, 10–15–29		865		873
American Airlines, Inc. Pass-Through Certificates, Series 2016-1, Class AA,
3.575%, 1–15–28		3,142		3,182
American Airlines, Inc. Pass-Through Certificates, Series 2017-1, Class AA,
3.650%, 2–15–29		403		406
Delta Air Lines, Inc. Pass-Through Certificates, Series 2020AA, Class B,
2.000%, 6–10–28		1,916		1,919
United Airlines Pass-Through Certificates, Series 2016-AA,
3.100%, 7–7–28		4,148		4,241
TOTAL ASSET-BACKED SECURITIES – 2.4%			$	19,827
(Cost: $19,689)
CORPORATE DEBT SECURITIES
Communication Services
Alternative Carriers – 0.3%
Bell Canada (GTD by BCE, Inc.),
4.300%, 7–29–49		2,245		2,517
Cable & Satellite – 2.2%
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.:
4.464%, 7–23–22		3,208		3,346
4.500%, 2–1–24		317		346
3.900%, 6–1–52		1,385		1,330
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal):
3.900%, 3–1–38		1,000		1,123
4.600%, 10–15–38		1,875		2,263
Comcast Corp. (GTD by Comcast Cable Communications LLC and NBCUniversal Media LLC),
3.250%, 11–1–39		3,125		3,219
Cox Communications, Inc.:
1.800%, 10–1–30 (A)		1,150		1,064
2.950%, 10–1–50 (A)		1,150		1,018

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Cable & Satellite (Continued)
Omnicom Group, Inc. and Omnicom Capital, Inc.,
3.650%, 11–1–24	$	1,545	$	1,680
Viacom, Inc.,
4.750%, 5–15–25		3,000		3,394
				18,783
Integrated Telecommunication Services – 2.9%
AT&T, Inc.:
3.650%, 6–1–51		5,400		5,223
3.300%, 2–1–52		2,350		2,116
3.500%, 9–15–53 (A)		1,200		1,109
3.550%, 9–15–55 (A)		1,000		915
Sprint Corp.,
7.875%, 9–15–23		2,535		2,898
Verizon Communications, Inc.:
2.100%, 3–22–28		1,200		1,205
4.329%, 9–21–28		2,500		2,862
4.812%, 3–15–39		4,672		5,591
2.987%, 10–30–56 (A)		2,687		2,372
				24,291
Interactive Media & Services – 0.1%
Alphabet, Inc.,
2.050%, 8–15–50		1,356		1,121
Movies & Entertainment – 1.1%
Netflix, Inc.,
5.875%, 2–15–25		4,149		4,756
TWDC Enterprises 18 Corp.,
3.700%, 12–1–42		1,000		1,083
Walt Disney Co. (The):
4.125%, 12–1–41		2,000		2,287
3.600%, 1–13–51		967		1,029
				9,155
Publishing – 0.7%
Thomson Reuters Corp.:
3.350%, 5–15–26		2,450		2,648
5.850%, 4–15–40		2,148		2,742
5.650%, 11–23–43		155		195
				5,585
Wireless Telecommunication Service – 1.9%
Crown Castle Towers LLC:
3.222%, 5–15–22 (A)		2,000		2,012
3.663%, 5–15–25 (A)		5,120		5,458
4.241%, 7–15–28 (A)		2,500		2,786
Sprint Spectrum L.P.,
3.360%, 9–20–21 (A)		1,125		1,133
T-Mobile USA, Inc.:
3.500%, 4–15–25 (A)		2,350		2,535
4.375%, 4–15–40 (A)		1,475		1,639
3.300%, 2–15–51 (A)		575		538
				16,101
Total Communication Services – 9.2%				77,553

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Discretionary
Apparel Retail – 0.1%
Kohl’s Corp.,
3.250%, 2–1–23	$	540	$	559
Apparel, Accessories & Luxury Goods – 0.3%
PVH Corp.,
4.625%, 7–10–25		1,950		2,143
Automobile Manufacturers – 0.1%
Nissan Motor Co. Ltd.,
3.522%, 9–17–25 (A)		1,150		1,218
Automotive Retail – 0.7%
7-Eleven, Inc.,
0.950%, 2–10–26 (A)		3,350		3,263
AutoNation, Inc.:
3.500%, 11–15–24		425		458
4.750%, 6–1–30		1,573		1,814
				5,535
Casinos & Gaming – 0.3%
Genting New York LLC and Genny Capital, Inc.,
3.300%, 2–15–26 (A)		1,375		1,373
GLP Capital L.P. and GLP Financing II, Inc.:
5.375%, 11–1–23		205		224
5.375%, 4–15–26		575		645
				2,242
Department Stores – 0.1%
Nordstrom, Inc.,
2.300%, 4–8–24(A)		550		551
Education Services – 0.2%
University of Southern California,
3.028%, 10–1–39		2,000		2,123
Footwear – 0.4%
NIKE, Inc.,
3.250%, 3–27–40		3,600		3,780
General Merchandise Stores – 0.3%
Dollar General Corp.,
4.125%, 4–3–50		2,500		2,769
Home Improvement Retail – 0.8%
Home Depot, Inc. (The):
4.200%, 4–1–43		4,700		5,459
3.350%, 4–15–50		1,145		1,187
				6,646
Homebuilding – 1.9%
D.R. Horton, Inc.,
2.600%, 10–15–25		3,620		3,807
Lennar Corp.:
4.125%, 1–15–22		1,750		1,777
4.750%, 11–15–22(B)		3,630		3,807
4.750%, 11–29–27(C)		1,275		1,464
NVR, Inc., 3.000%, 5–15–30		5,313		5,453
				16,308

46 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Internet & Direct Marketing Retail – 0.9%
Amazon.com, Inc.,
3.875%, 8–22–37	$	6,650	$	7,620
Expedia Group, Inc.,
6.250%, 5–1–25 (A)		257		297
				7,917
Restaurants – 0.5%
Darden Restaurants, Inc.:
3.850%, 5–1–27		900		980
4.550%, 2–15–48		2,900		3,067
				4,047
Total Consumer Discretionary—6.6%				55,838
Consumer Staples
Agricultural Products – 0.4%
Archer Daniels Midland Co.,
3.250%, 3–27–30		2,393		2,571
Cargill, Inc.,
3.875%, 5–23–49 (A)		500		539
				3,110
Brewers – 0.8%
Anheuser–Busch Inbev Finance, Inc. (GTD by AB INBEV/BBR/COB),
4.700%, 2–1–36		5,700		6,677
Drug Retail – 0.7%
CVS Health Corp.:
4.100%, 3–25–25		2,250		2,492
3.750%, 4–1–30		1,750		1,909
4.780%, 3–25–38		1,575		1,859
				6,260
Food Distributors – 1.0%
McCormick & Co., Inc.:
3.500%, 9–1–23		1,025		1,089
0.900%, 2–15–26		4,345		4,235
Sysco Corp., 6.600%, 4–1–40		2,320		3,237
				8,561
Food Retail – 0.4%
Alimentation Couche-Tard, Inc.:
2.700%, 7–26–22 (A)		755		775
2.950%, 1–25–30 (A)		2,450		2,501
				3,276
Hypermarkets & Super Centers – 0.8%
Walmart, Inc.,
4.050%, 6–29–48		5,868		6,949
Packaged Foods & Meats – 1.0%
Hormel Foods Corp.,
1.800%, 6–11–30		3,265		3,136
Nestle Holdings, Inc.:
3.900%, 9–24–38 (A)		1,700		1,951
4.000%, 9–24–48 (A)		2,735		3,205
				8,292

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Personal Products – 0.4%
Estee Lauder Co., Inc. (The),
4.150%, 3–15–47	$	3,125	$	3,624
Soft Drinks – 1.4%
Coca–Cola Co. (The),
2.000%, 3–5–31		1,665		1,627
Keurig Dr Pepper, Inc.,
0.750%, 3–15–24		1,385		1,386
PepsiCo, Inc.:
3.450%, 10–6–46		1,500		1,586
3.375%, 7–29–49		3,266		3,374
3.625%, 3–19–50		3,175		3,502
				11,475
Tobacco – 0.6%
Imperial Brands Finance plc,
3.125%, 7–26–24 (A)		3,800		4,016
Philip Morris International, Inc.,
2.875%, 5–1–24		1,158		1,229
				5,245
Total Consumer Staples—7.5%				63,469
Energy
Integrated Oil & Gas – 0.4%
National Fuel Gas Co.,
5.500%, 1–15–26		2,625		3,000
Oil & Gas Exploration & Production – 1.4%
Cameron LNG LLC,
3.701%, 1–15–39 (A)		1,000		1,061
Canadian Natural Resources Ltd.,
3.850%, 6–1–27		6,500		7,033
ConocoPhillips Co. (GTD by ConocoPhillips),
4.150%, 11–15–34		1,193		1,326
EQT Corp.:
3.000%, 10–1–22(C)		1,500		1,525
7.875%, 2–1–25(B)		1,000		1,151
				12,096
Oil & Gas Storage & Transportation – 5.2%
Boardwalk Pipelines L.P. (GTD by Boardwalk Pipeline Partners L.P.),
4.450%, 7–15–27		3,090		3,419
Cheniere Corpus Christi Holdings LLC,
7.000%, 6–30–24		1,725		1,985
Colonial Pipeline Co.,
4.250%, 4–15–48 (A)		2,000		2,172
Colorado Interstate Gas Co.,
4.150%, 8–15–26 (A)		6,000		6,695
Energy Transfer Operating L.P.,
5.300%, 4–15–47		1,450		1,530
Energy Transfer Partners L.P.,
4.900%, 3–15–35		750		791
EQT Midstream Partners L.P.,
4.750%, 7–15–23		842		874
Midwest Connector Capital Co. LLC,
4.625%, 4–1–29 (A)		4,115		4,173

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation (Continued)
Plains All American Pipeline L.P. and PAA Finance Corp.,
3.600%, 11–1–24	$	4,469	$	4,755
Sabal Trail Transmission LLC,
4.246%, 5–1–28 (A)		5,000		5,552
Tennessee Gas Pipeline Co.,
7.000%, 3–15–27		3,000		3,780
Transcontinental Gas Pipe Line Co. LLC:
3.250%, 5–15–30		1,775		1,864
4.600%, 3–15–48		2,000		2,271
Williams Partners L.P.,
4.850%, 3–1–48		3,500		3,886
				43,747
Total Energy—7.0%				58,843
Financials
Asset Management & Custody Banks – 3.3%
Apollo Management Holdings L.P.,
2.650%, 6–5–30 (A)		4,750		4,668
Blackstone Holdings Finance Co. LLC,
3.500%, 9–10–49 (A)		1,110		1,119
Brookfield Finance LLC (GTD by Brookfield Asset Management, Inc.),
3.450%, 4–15–50		1,600		1,514
Citadel Finance LLC,
3.375%, 3–9–26 (A)		3,100		3,067
JAB Holdings B.V.,
2.200%, 11–23–30 (A)		3,755		3,527
KKR Group Finance Co. VIII LLC (GTD by KKR & Co., Inc. and KKR Group Partnership L.P.),
3.500%, 8–25–50 (A)		2,750		2,723
National Securities Clearing Corp.,
1.500%, 4–23–25 (A)		8,000		8,079
Owl Rock Capital Corp.:
5.250%, 4–15–24		1,125		1,227
4.000%, 3–30–25		1,675		1,755
				27,679
Consumer Finance – 1.2%
Ford Motor Credit Co. LLC:
5.875%, 8–2–21		2,500		2,533
2.979%, 8–3–22		2,000		2,030
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.):
3.200%, 7–6–21		4,500		4,520
1.250%, 1–8–26		1,375		1,349
				10,432
Diversified Banks – 7.1%
Banco Santander S.A.,
3.500%, 4–11–22		2,500		2,576
Bank of America Corp.:
4.200%, 8–26–24		6,000		6,618
2.496%, 2–13–31		3,000		2,972
2.592%, 4–29–31		5,325		5,314
1.898%, 7–23–31		2,650		2,489
6.300%, 12–29–49		2,000		2,300

2021 SEMIANNUAL REPORT 47

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Banks (Continued)
Bank of America Corp. (3–Month U.S. LIBOR plus 77 bps),
0.965%, 2–5–26 (D)	$	1,000	$	1,005
Citizens Bank N.A.,
3.250%, 2–14–22		1,750		1,790
Commonwealth Bank of Australia,
2.000%, 9–6–21 (A)(C)		3,500		3,524
Danske Bank A.S.,
2.700%, 3–2–22 (A)		2,000		2,041
Fifth Third Bank N.A.,
2.250%, 6–14–21		2,500		2,506
ING Groep N.V.,
3.550%, 4–9–24		2,425		2,611
Korea Development Bank,
3.000%, 3–19–22		1,875		1,921
Mitsubishi UFJ Financial Group, Inc.,
2.190%, 9–13–21		3,588		3,618
Toronto-Dominion Bank,
3.250%, 3–11–24		3,125		3,361
U.S. Bancorp,
2.375%, 7–22–26		1,625		1,695
U.S. Bank N.A.,
3.450%, 11–16–21		1,500		1,525
Wells Fargo & Co.:
2.100%, 7–26–21		1,000		1,006
2.393%, 6–2–28		1,500		1,537
4.150%, 1–24–29		1,500		1,690
2.879%, 10–30–30		4,808		4,953
2.572%, 2–11–31		600		603
5.013%, 4–4–51		850		1,090
3.900%, 3–15–69		575		581
				59,326
Financial Exchanges & Data – 0.4%
Intercontinental Exchange, Inc.,
2.100%, 6–15–30		3,655		3,517
Investment Banking & Brokerage – 4.0%
Charles Schwab Corp. (The),
1.650%, 3–11–31		2,850		2,662
Daiwa Securities Group, Inc.,
3.129%, 4–19–22 (A)		4,000		4,101
Goldman Sachs Group, Inc. (The):
2.905%, 7–24–23		1,000		1,030
4.250%, 10–21–25		2,500		2,790
3.500%, 11–16–26		1,000		1,084
4.017%, 10–31–38		5,800		6,432
Morgan Stanley:
4.875%, 11–1–22		6,167		6,575
3.875%, 1–27–26		4,150		4,614
1.794%, 2–13–32		4,475		4,177
3.971%, 7–22–38		445		494
				33,959
Life & Health Insurance – 2.5%
Aflac, Inc.,
4.750%, 1–15–49		2,750		3,408
Metropolitan Life Insurance Co.,
3.450%, 10–9–21 (A)		2,000		2,033
New York Life Global Funding:
2.300%, 6–10–22 (A)		3,000		3,070
2.900%, 1–17–24 (A)		1,500		1,594
2.350%, 7–14–26 (A)		3,000		3,127

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Life & Health Insurance (Continued)
Northwestern Mutual Life Insurance Co. (The),
3.850%, 9–30–47 (A)	$	3,000	$	3,197
Principal Life Global Funding II,
3.000%, 4–18–26 (A)		4,000		4,275
				20,704
Multi-Line Insurance – 0.4%
Aon Corp. (GTD by Aon plc),
2.800%, 5–15–30		3,450		3,526
Other Diversified Financial Services – 3.7%
Citigroup, Inc.:
3.500%, 5–15–23		1,390		1,471
3.875%, 3–26–25		2,948		3,213
3.520%, 10–27–28		3,250		3,515
2.666%, 1–29–31		2,575		2,587
4.412%, 3–31–31		3,690		4,211
4.700%, 7–30–68		1,150		1,158
5.000%, 3–12–69		2,000		2,061
JPMorgan Chase & Co.:
3.875%, 9–10–24		1,964		2,153
3.220%, 3–1–25		5,000		5,334
4.000%, 10–1–68		2,100		2,080
5.000%, 2–1–69		3,500		3,618
				31,401
Regional Banks – 0.7%
First Republic Bank,
2.500%, 6–6–22		5,000		5,112
Huntington Bancshares, Inc.,
2.300%, 1–14–22		685		694
				5,806
Specialized Finance – 0.8%
Fidelity National Financial, Inc.,
3.400%, 6–15–30		2,650		2,766
LSEGA Financing plc,
2.500%, 4–6–31 (A)		4,220		4,165
				6,931
Total Financials – 24.1%				203,281
Health Care
Biotechnology – 0.4%
Amgen, Inc.,
4.950%, 10–1–41		3,000		3,721
Health Care Equipment – 0.6%
Becton Dickinson & Co.,
2.894%, 6–6–22		2,601		2,669
Boston Scientific Corp.,
3.850%, 5–15–25		1,925		2,127
				4,796
Health Care Facilities – 0.8%
HCA, Inc. (GTD by HCA Holdings, Inc.):
4.750%, 5–1–23		188		203
5.875%, 5–1–23		1,729		1,882

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Facilities (Continued)
5.875%, 2–1–29	$	400	$	466
5.250%, 6–15–49		1,350		1,652
Universal Health Services, Inc., 2.650%, 10–15–30 (A)		2,315		2,235
				6,438
Health Care Services – 0.2%
CVS Caremark Corp.,
3.875%, 7–20–25		1,724		1,906
Health Care Supplies – 0.3%
Dentsply Sirona, Inc.,
3.250%, 6–1–30		2,775		2,901
Managed Health Care – 0.8%
Anthem, Inc.,
2.250%, 5–15–30		1,650		1,624
Humana, Inc.,
2.900%, 12–15–22		2,000		2,072
UnitedHealth Group, Inc.:
3.500%, 2–15–24		600		650
2.750%, 5–15–40		2,020		1,986
				6,332
Pharmaceuticals – 2.7%
Bayer U.S. Finance II LLC,
2.850%, 4–15–25 (A)		1,950		2,005
Bayer U.S. Finance LLC,
3.000%, 10–8–21 (A)		500		506
Elanco Animal Health, Inc.:
4.912%, 8–27–21 (B)		2,250		2,270
5.022%, 8–28–23 (B)		2,250		2,421
Merck & Co., Inc.:
2.350%, 6–24–40		2,675		2,476
2.450%, 6–24–50		2,000		1,764
Novartis Capital Corp. (GTD by Novartis AG):
4.400%, 5–6–44		1,000		1,218
2.750%, 8–14–50		2,642		2,508
Royalty Pharma plc (GTD by Royalty Pharma Holdings Ltd.):
1.200%, 9–2–25 (A)		4,300		4,211
3.300%, 9–2–40 (A)		425		410
Zoetis, Inc.:
3.900%, 8–20–28		678		754
2.000%, 5–15–30		2,200		2,120
				22,663
Total Health Care – 5.8%				48,757
Industrials
Aerospace & Defense – 2.2%
BAE Systems Holdings, Inc.,
3.850%, 12–15–25 (A)		2,300		2,532
Boeing Co. (The):
2.950%, 2–1–30		2,500		2,493
3.750%, 2–1–50		5,125		4,909
Harris Corp.,
5.054%, 4–27–45		1,591		1,975
Raytheon Technologies Corp.,
3.125%, 7–1–50		1,545		1,497

48 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Aerospace & Defense (Continued)
Rockwell Collins, Inc., 2.800%, 3–15–22	$	3,500	$	3,574
United Technologies Corp.,
4.625%, 11–16–48		1,150		1,376
				18,356
Agricultural & Farm Machinery – 0.3%
CNH Industrial Capital LLC (GTD by CNH Industrial Capital America LLC and New Holland Credit Co. LLC),
1.950%, 7–2–23		2,550		2,619
Airlines – 0.7%
Aviation Capital Group Corp.,
2.875%, 1–20–22 (A)		2,906		2,948
Aviation Capital Group LLC,
3.500%, 11–1–27 (A)		645		664
Sydney Airport Finance,
3.625%, 4–28–26 (A)		2,000		2,157
				5,769
Building Products – 0.6%
Lennox International, Inc.,
1.350%, 8–1–25		2,500		2,488
Masco Corp.,
1.500%, 2–15–28		2,775		2,665
				5,153
Diversified Support Services – 0.4%
Genpact Luxembourg S.a.r.l. (GTD by Genpact Ltd.),
3.375%, 12–1–24		2,000		2,151
Genpact Luxembourg S.a.r.l. and Genpact USA, Inc.,
1.750%, 4–10–26		1,100		1,093
				3,244
Electrical Components & Equipment – 0.2%
Vontier Corp.,
2.400%, 4–1–28 (A)		1,800		1,768
Environmental & Facilities Services – 0.5%
Republic Services, Inc.,
2.300%, 3–1–30		674		669
Waste Connections, Inc.,
3.500%, 5–1–29		3,300		3,558
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.),
2.500%, 11–15–50		500		432
				4,659
Industrial Machinery – 0.2%
Roper Technologies, Inc.,
2.000%, 6–30–30		2,075		1,983
Railroads – 1.0%
Burlington Northern Santa Fe LLC,
4.550%, 9–1–44		2,000		2,365

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Railroads (Continued)
Kansas City Southern,
4.300%, 5–15–43	$	2,525	$	2,768
Union Pacific Corp.,
3.550%, 8–15–39		3,125		3,320
				8,453
Research & Consulting Services – 1.4%
CoStar Group, Inc.,
2.800%, 7–15–30 (A)		4,817		4,709
IHS Markit Ltd.,
5.000%, 11–1–22 (A)		4,070		4,287
Verisk Analytics, Inc.:
4.125%, 3–15–29		500		556
3.625%, 5–15–50		2,004		1,970
				11,522
Total Industrials – 7.5%				63,526
Information Technology
Application Software – 1.6%
Adobe, Inc.,
2.300%, 2–1–30		815		824
Autodesk, Inc.,
2.850%, 1–15–30		4,616		4,737
Infor, Inc.:
1.450%, 7–15–23 (A)		575		582
1.750%, 7–15–25 (A)		4,875		4,927
NXP B.V. and NXP Funding LLC,
3.875%, 6–18–26 (A)		2,200		2,422
				13,492
Communications Equipment – 0.4%
Motorola Solutions, Inc.,
2.300%, 11–15–30		3,775		3,570
Data Processing & Outsourced Services – 3.0%
Fidelity National Information Services, Inc.,
1.650%, 3–1–28		2,775		2,714
Fiserv, Inc.,
3.850%, 6–1–25		5,500		6,040
Global Payments, Inc.,
2.650%, 2–15–25		4,195		4,408
PayPal Holdings, Inc.:
2.650%, 10–1–26		3,662		3,875
2.300%, 6–1–30		1,400		1,387
3.250%, 6–1–50		1,463		1,455
Visa, Inc.:
2.700%, 4–15–40		5,065		4,960
4.300%, 12–14–45		585		706
				25,545
Electronic Components – 0.5%
Amphenol Corp.,
2.050%, 3–1–25		410		423
Maxim Integrated Products, Inc.:
3.375%, 3–15–23		525		550
3.450%, 6–15–27		2,620		2,862
				3,835

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Internet Services & Infrastructure – 0.1%
Baidu, Inc.,
1.720%, 4–9–26	$	820	$	816
IT Consulting & Other Services – 0.4%
Leidos, Inc. (GTD by Leidos Holdings, Inc.),
2.950%, 5–15–23 (A)		2,845		2,974
Semiconductor Equipment – 0.3%
Lam Research Corp.,
3.750%, 3–15–26		2,325		2,577
Semiconductors – 3.6%
Broadcom, Inc.:
3.625%, 10–15–24		3,235		3,520
4.700%, 4–15–25		1,000		1,127
Intel Corp.,
4.100%, 5–19–46		4,800		5,441
Microchip Technology, Inc.,
3.922%, 6–1–21		4,165		4,189
QUALCOMM, Inc.,
4.300%, 5–20–47		3,000		3,532
Taiwan Semiconductor Manufacturing Co. Ltd.,
1.375%, 9–28–30 (A)		3,535		3,277
Texas Instruments, Inc.:
2.250%, 9–4–29		3,000		3,016
3.875%, 3–15–39		2,478		2,844
4.150%, 5–15–48		600		714
Xilinx, Inc.,
2.375%, 6–1–30		2,875		2,810
				30,470
Systems Software – 1.4%
Fortinet, Inc.:
1.000%, 3–15–26		1,665		1,628
2.200%, 3–15–31		1,655		1,602
Microsoft Corp.,
2.921%, 3–17–52		3,500		3,448
ServiceNow, Inc.,
1.400%, 9–1–30		5,459		4,934
				11,612
Technology Hardware, Storage & Peripherals – 0.9%
Apple, Inc.:
3.850%, 5–4–43		1,150		1,301
4.650%, 2–23–46		1,295		1,610
3.850%, 8–4–46		2,950		3,307
Seagate HDD Cayman (GTD by Seagate Technology plc),
4.750%, 6–1–23		1,135		1,208
				7,426
Total Information Technology – 12.2%				102,317
Materials
Construction Materials – 0.3%
Martin Marietta Materials, Inc.,
3.500%, 12–15–27		1,950		2,135
Vulcan Materials Co.,
3.900%, 4–1–27		575		645
				2,780

2021 SEMIANNUAL REPORT 49

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Fertilizers & Agricultural Chemicals – 0.6%
Mosaic Co. (The):
3.250%, 11–15–22	$	1,775	$	1,844
4.250%, 11–15–23		600		648
Nutrien Ltd.,
4.125%, 3–15–35		1,974		2,177
				4,669
Metal & Glass Containers – 0.1%
Colonial Enterprises, Inc.,
3.250%, 5–15–30 (A)		1,020		1,079
Specialty Chemicals – 0.2%
Ecolab, Inc.,
4.800%, 3–24–30		1,150		1,376
Total Materials – 1.2%				9,904
Real Estate
Diversified REITs – 0.2%
Spirit Realty L.P. (GTD by Spirit Realty Capital, Inc.):
2.100%, 3–15–28		1,640		1,595
2.700%, 2–15–32		265		252
				1,847
Industrial REITs – 0.8%
Aircastle Ltd.,
5.500%, 2–15–22		4,909		5,104
Avolon Holdings Funding Ltd.:
3.625%, 5–1–22 (A)		215		219
3.250%, 2–15–27 (A)		1,500		1,488
				6,811
Residential REITs – 0.4%
American Homes 4 Rent:
4.250%, 2–15–28		1,580		1,732
4.900%, 2–15–29		1,497		1,710
				3,442
Retail REITs – 0.3%
Brixmor Operating Partnership L.P.,
2.250%, 4–1–28		2,335		2,291
Specialized REITs – 2.5%
American Tower Corp.,
3.070%, 3–15–23 (A)		3,000		3,035
American Tower Trust I,
3.652%, 3–23–28 (A)		2,000		2,166
Crown Castle International Corp.:
3.150%, 7–15–23		225		238
1.050%, 7–15–26		3,000		2,905
CubeSmart L.P. (GTD by CubeSmart),
4.375%, 2–15–29		2,485		2,767
CyrusOne L.P. and CyrusOne Finance Corp. (GTD by CyrusOne, Inc.):
2.900%, 11–15–24		2,160		2,282
3.450%, 11–15–29		1,995		2,051
EPR Properties,
4.950%, 4–15–28		1,067		1,098

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized REITs (Continued)
Equinix, Inc.,
2.625%, 11–18–24	$	4,075	$	4,294
VICI Properties L.P. and VICI Note Co., Inc., 4.625%, 12–1–29 (A)		400		415
				21,251
Total Real Estate – 4.2%				35,642
Utilities
Electric Utilities – 3.4%
American Transmission Systems, Inc.,
5.250%, 1–15–22 (A)		600		619
Appalachian Power Co., Series W,
4.450%, 6–1–45		1,000		1,130
CenterPoint Energy, Inc.,
2.950%, 3–1–30		3,250		3,335
Commonwealth Edison Co.,
3.650%, 6–15–46		2,500		2,665
Duke Energy Indiana LLC,
3.750%, 5–15–46		1,570		1,641
Duke Energy Ohio, Inc.,
4.300%, 2–1–49		540		615
Entergy Corp.:
0.900%, 9–15–25		1,700		1,660
3.750%, 6–15–50		1,800		1,807
FirstEnergy Corp.:
2.850%, 7–15–22		1,730		1,756
3.400%, 3–1–50		710		621
MidAmerican Energy Co.,
3.950%, 8–1–47		1,000		1,111
National Rural Utilities Cooperative Finance Corp.,
4.400%, 11–1–48		3,000		3,516
Southern California Edison Co.,
4.125%, 3–1–48		2,475		2,593
Virginia Electric and Power Co., Series B,
4.600%, 12–1–48		1,850		2,273
Wisconsin Electric Power Co.:
4.250%, 6–1–44		750		831
4.300%, 10–15–48		1,750		2,049
				28,222
Gas Utilities – 0.5%
Southern California Gas Co.,
4.300%, 1–15–49		3,830		4,524
Multi-Utilities – 1.2%
Baltimore Gas and Electric Co.,
4.250%, 9–15–48		2,500		2,900
Berkshire Hathaway Energy Co.,
2.800%, 1–15–23		150		156
Black Hills Corp.,
4.350%, 5–1–33		3,750		4,181
Dominion Energy, Inc.,
4.600%, 3–15–49		1,800		2,135
Dominion Resources, Inc.,
2.750%, 1–15–22		1,000		1,016
				10,388

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Water Utilities – 0.5%
American Water Capital Corp.,
4.150%, 6–1–49	$	3,500	$	4,027
Total Utilities – 5.6%				47,161
TOTAL CORPORATE DEBT SECURITIES – 90.9%			$	766,291
(Cost: $752,241)
MORTGAGE-BACKED SECURITIES
Non-Agency REMIC/CMO – 0.2%
MASTR Adjustable Rate Mortgages Trust, Series 2005-1, Class B1 (Mortgage spread to 10-year U.S. Treasury index),
2.559%, 3–25–35 (D)		1,913		1,560
TOTAL MORTGAGE-BACKED SECURITIES – 0.2%			$	1,560
(Cost: $1,904)
MUNICIPAL BONDS – TAXABLE
New York – 0.9%
NYC GO Bonds, Fiscal 2017 Ser A-2,
2.460%, 8–1–26		3,000		3,178
NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009,
11.000%, 3–1–29 (A)		3,037		4,129
				7,307
Ohio – 0.7%
OH State Univ, Gen Receipts Bonds (Multiyear Debt Issuance Prog), Ser 2016A,
3.798%, 12–1–46		5,500		6,264
TOTAL MUNICIPAL BONDS - TAXABLE – 1.6%			$	13,571
(Cost: $11,552)
OTHER GOVERNMENT SECURITIES (E)
Canada – 1.4%
Province de Quebec,
7.140%, 2–27–26		9,365		11,880
Mexico – 0.2%
United Mexican States,
3.750%, 4–19–71		1,750		1,518
TOTAL OTHER GOVERNMENT SECURITIES – 1.6%			$	13,398
(Cost: $11,237)

50 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

UNITED STATES GOVERNMENT OBLIGATIONS	Principal		Value
Treasury Obligations – 0.7%
U.S. Treasury Bonds:
3.000%, 11–15–44	$	210	$	234
1.875%, 2–15–51		6,100		5,414
U.S. Treasury Notes,
2.000%, 8–15–25		19		19
				5,667
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 0.7%			$	5,667
(Cost: $5,813)

SHORT-TERM SECURITIES	Shares		Value
Money Market Funds (G) – 2.3%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
0.010% (F)		131	$	131
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.040%		19,199		19,198
				19,329
TOTAL SHORT-TERM SECURITIES – 2.3%			$	19,329
(Cost: $19,329)
TOTAL INVESTMENT SECURITIES – 99.7%			$	839,643
(Cost: $821,765)
CASH AND OTHER ASSETS, NET OF LIABILITIES (H) – 0.3%				2,390
NET ASSETS – 100.0%			$	842,033

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, 2021 the total value of these securities amounted to $175,189 or 20.8% of net assets.

(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, 2021.

(C) All or a portion of securities with an aggregate value of $1,349 are on loan.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2021. Description of the reference rate and spread, if applicable, are included in the security description.

(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 annualized 7-day yield at March 31, 2021.

(H) Cash of $335 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at March 31, 2021 (contracts unrounded):

Description	Type		Number of Contracts	Expiration Date		Notional Amount		Value		Unrealized Depreciation
U.S. 10-Year Treasury Note		Long	239		6–30–21		23,900	$	31,294	$	(288	)

2021 SEMIANNUAL REPORT 51

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2021 (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, 2021. 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	$	–	$	19,827	$	–
Corporate Debt Securities		–		766,291		–
Mortgage-Backed Securities		–		1,560		–
Municipal Bonds		–		13,571		–
Other Government Securities		–		13,398		–
United States Government Obligations		–		5,667		–
Short-Term Securities		19,329		–		–
Total	$	19,329	$	820,314	$	–
Liabilities
Futures Contracts	$	288	$	–	$	–

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 2021

PORTFOLIO HIGHLIGHTS IVY CROSSOVER CREDIT FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED

Asset Allocation
Bonds	97.4%
Corporate Debt Securities	97.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.6%

Quality Weightings

Investment Grade	84.9%
A	9.2%
BBB	75.7%
Non-Investment Grade	12.5%
BB	12.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.6%

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.

2021 SEMIANNUAL REPORT 53

SCHEDULE OF INVESTMENTS IVY CROSSOVER CREDIT FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Communication Services
Cable & Satellite – 4.2%
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.:
4.500%, 2–1–24	$	1,000	$	1,094
3.900%, 6–1–52		500		480
Viacom, Inc.,
4.750%, 5–15–25		1,000		1,131
				2,705
Integrated Telecommunication Services – 4.9%
AT&T, Inc.:
3.650%, 6–1–51		500		484
3.300%, 2–1–52		500		450
3.550%, 9–15–55 (A)		250		229
Sprint Corp.,
7.875%, 9–15–23		750		857
Verizon Communications, Inc.:
2.550%, 3–21–31		250		250
2.650%, 11–20–40		500		457
2.875%, 11–20–50		500		444
				3,171
Movies & Entertainment – 2.2%
Netflix, Inc.,
5.875%, 2–15–25		1,250		1,433
Publishing – 2.0%
Thomson Reuters Corp.:
3.350%, 5–15–26		500		541
5.850%, 4–15–40		500		638
5.650%, 11–23–43		125		157
				1,336
Wireless Telecommunication Service – 1.7%
T-Mobile USA, Inc.:
3.500%, 4–15–25 (A)		500		539
4.375%, 4–15–40 (A)		500		556
				1,095
Total Communication Services – 15.0%				9,740
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 2.1%
PVH Corp.,
4.625%, 7–10–25		1,250		1,374
Automotive Retail – 2.1%
AutoNation, Inc.:
3.500%, 11–15–24		1,000		1,078
4.750%, 6–1–30		250		288
				1,366
Casinos & Gaming – 2.2%
Genting New York LLC and Genny Capital, Inc.,
3.300%, 2–15–26 (A)		600		599
GLP Capital L.P. and GLP Financing II, Inc.,
5.375%, 11–1–23		725		791
				1,390

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Homebuilding – 6.1%
D.R. Horton, Inc.,
2.600%, 10–15–25	$	1,250	$	1,315
Lennar Corp.:
4.750%, 11–15–22 (B)		750		786
4.750%, 11–29–27 (C)		500		574
NVR, Inc.,
3.000%, 5–15–30		1,250		1,283
				3,958
Restaurants – 1.2%
Darden Restaurants, Inc.,
4.550%, 2–15–48		750		793
Total Consumer Discretionary – 13.7%				8,881
Consumer Staples
Brewers – 1.8%
Anheuser-Busch Inbev Finance, Inc. (GTD by AB INBEV/BBR/COB),
4.700%, 2–1–36		1,000		1,172
Food Distributors – 1.6%
Sysco Corp.,
6.600%, 4–1–40		750		1,046
Food Retail – 1.6%
Alimentation Couche-Tard, Inc.,
2.950%, 1–25–30 (A)		1,000		1,021
Tobacco – 2.0%
Imperial Brands Finance plc,
3.125%, 7–26–24 (A)		1,250		1,321
Total Consumer Staples – 7.0%				4,560
Energy
Integrated Oil & Gas – 0.9%
National Fuel Gas Co.,
5.500%, 1–15–26		500		572
Oil & Gas Exploration & Production – 1.6%
Canadian Natural Resources Ltd.,
3.850%, 6–1–27		500		541
EQT Corp.:
3.000%, 10–1–22 (C)		250		254
7.875%, 2–1–25 (B)		250		288
				1,083
Oil & Gas Storage & Transportation – 6.6%
Boardwalk Pipelines L.P. (GTD by Boardwalk Pipeline Partners L.P.),
4.450%, 7–15–27		500		553
Cheniere Corpus Christi Holdings LLC,
7.000%, 6–30–24		1,000		1,151
Energy Transfer Operating L.P.,
5.300%, 4–15–47		250		264
EQT Midstream Partners L.P.,
4.750%, 7–15–23		169		175
Midwest Connector Capital Co. LLC,
4.625%, 4–1–29 (A)		750		760

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation (Continued)
Sunoco Logistics Partners Operations L.P. (GTD by Energy Transfer Partners L.P.),
4.000%, 10–1–27	$	500	$	538
Williams Partners L.P.,
4.850%, 3–1–48		750		833
				4,274
Total Energy – 9.1%				5,929
Financials
Asset Management & Custody Banks – 8.8%
Apollo Management Holdings L.P.,
2.650%, 6–5–30 (A)		1,250		1,228
Brookfield Finance LLC (GTD by Brookfield Asset Management, Inc.),
3.450%, 4–15–50		500		473
Citadel Finance LLC,
3.375%, 3–9–26 (A)		1,000		989
JAB Holdings B.V.,
2.200%, 11–23–30 (A)		1,000		940
KKR Group Finance Co. VIII LLC (GTD by KKR & Co., Inc. and KKR Group Partnership L.P.),
3.500%, 8–25–50 (A)		1,000		990
Owl Rock Capital Corp.:
5.250%, 4–15–24		700		764
4.000%, 3–30–25		300		314
				5,698
Consumer Finance – 0.8%
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
1.250%, 1–8–26		500		491
Diversified Banks – 3.1%
Bank of America Corp.,
2.592%, 4–29–31		1,000		998
Wells Fargo & Co.:
2.879%, 10–30–30		500		515
3.900%, 3–15–69		500		505
				2,018
Financial Exchanges & Data – 1.5%
Intercontinental Exchange, Inc.,
2.100%, 6–15–30		1,000		962
Multi-Line Insurance – 0.8%
Aon Corp. (GTD by Aon plc),
2.800%, 5–15–30		500		511
Other Diversified Financial Services – 2.7%
Citigroup, Inc.:
2.666%, 1–29–31		500		503
5.000%, 3–12–69		500		515
JPMorgan Chase & Co.:
4.000%, 10–1–68		250		247
5.000%, 2–1–69		500		517
				1,782

54 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY CROSSOVER CREDIT FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized Finance – 1.2%
Fidelity National Financial, Inc.,
3.400%, 6–15–30	$	750	$	783
Total Financials – 18.9%				12,245
Health Care
Health Care Facilities – 3.0%
HCA, Inc. (GTD by HCA Holdings, Inc.):
4.750%, 5–1–23		37		40
5.875%, 5–1–23		400		435
5.875%, 2–1–29		250		291
5.250%, 6–15–49		625		765
Universal Health Services, Inc.,
2.650%, 10–15–30 (A)		450		435
				1,966
Health Care Supplies – 1.6%
Dentsply Sirona, Inc.,
3.250%, 6–1–30		1,000		1,046
Pharmaceuticals – 3.1%
Elanco Animal Health, Inc.:
4.912%, 8–27–21 (B)		500		504
5.022%, 8–28–23 (B)		500		538
Royalty Pharma plc (GTD by Royalty Pharma Holdings Ltd.):
1.200%, 9–2–25 (A)		500		490
3.300%, 9–2–40 (A)		500		482
				2,014
Total Health Care – 7.7%				5,026
Industrials
Aerospace & Defense – 1.5%
Boeing Co. (The):
2.950%, 2–1–30		500		498
3.750%, 2–1–50		500		479
				977
Electrical Components & Equipment – 1.2%
Vontier Corp.,
2.400%, 4–1–28 (A)		750		737
Railroads – 1.6%
Kansas City Southern:
4.300%, 5–15–43		500		548
3.500%, 5–1–50		500		501
				1,049

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Research & Consulting Services – 3.0%
CoStar Group, Inc.,
2.800%, 7–15–30 (A)	$	1,250	$	1,222
Verisk Analytics, Inc.,
3.625%, 5–15–50		750		737
				1,959
Total Industrials – 7.3%				4,722
Information Technology
Communications Equipment – 2.2%
Motorola Solutions, Inc.,
2.300%, 11–15–30		1,500		1,418
Semiconductors – 4.4%
Broadcom, Inc.,
4.700%, 4–15–25		1,000		1,127
Qorvo, Inc.,
3.375%, 4–1–31 (A)		500		490
Xilinx, Inc.,
2.375%, 6–1–30		1,250		1,222
				2,839
Systems Software – 0.7%
ServiceNow, Inc.,
1.400%, 9–1–30		500		452
Technology Hardware, Storage & Peripherals – 0.8%
Seagate HDD Cayman (GTD by Seagate Technology plc),
4.750%, 6–1–23		500		532
Total Information Technology – 8.1%				5,241
Real Estate
Diversified REITs – 0.8%
Spirit Realty L.P. (GTD by Spirit Realty Capital, Inc.):
2.100%, 3–15–28		520		506
2.700%, 2–15–32		20		19
				525
Industrial REITs – 1.0%
Avolon Holdings Funding Ltd.:
3.625%, 5–1–22 (A)		125		127
3.250%, 2–15–27 (A)		500		496
				623
Residential REITs – 2.4%
American Homes 4 Rent:
4.250%, 2–15–28		940		1,031
4.900%, 2–15–29		435		497
				1,528

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized REITs – 5.4%
Crown Castle International Corp.,
1.050%, 7–15–26	$	500	$	484
CyrusOne L.P. and CyrusOne Finance Corp. (GTD by CyrusOne, Inc.):
2.900%, 11–15–24		250		264
3.450%, 11–15–29		750		771
EPR Properties,
4.950%, 4–15–28		440		453
Equinix, Inc.,
2.625%, 11–18–24		750		790
VICI Properties L.P. and VICI Note Co., Inc.,
4.625%, 12–1–29 (A)		750		778
				3,540
Total Real Estate – 9.6%				6,216
Utilities
Electric Utilities – 1.0%
FirstEnergy Corp.,
3.400%, 3–1–50		750		656
Total Utilities – 1.0%				656
TOTAL CORPORATE DEBT SECURITIES – 97.4%			$	63,216
(Cost: $63,396)
SHORT-TERM SECURITIES
Money Market Funds (D) – 2.4%
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.040%		1,574		1,574
TOTAL SHORT-TERM SECURITIES – 2.4%			$	1,574
(Cost: $1,574)
TOTAL INVESTMENT SECURITIES – 99.8%			$	64,790
(Cost: $64,970)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				157
NET ASSETS – 100.0%			$	64,947

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, 2021 the total value of these securities amounted to $14,429 or 22.2% of net assets.

(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, 2021.

2021 SEMIANNUAL REPORT 55

SCHEDULE OF INVESTMENTS IVY CROSSOVER CREDIT FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

(C) All or a portion of securities with an aggregate value of $671 are on loan.

(D) Rate shown is the annualized 7-day yield at March 31, 2021.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	—	$	63,216	$	—
Short-Term Securities		1,574		—		—
Total	$	1,574	$	63,216	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

56 SEMIANNUAL REPORT 2021

PORTFOLIO HIGHLIGHTS IVY GOVERNMENT SECURITIES FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Bonds	98.5%
United States Government and Government Agency Obligations	98.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.5%

Quality Weightings

Investment Grade	95.1%
AAA	31.2%
AA	63.9%
Non-Investment Grade	3.4%
Non-rated	3.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.5%

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.

2021 SEMIANNUAL REPORT 57

SCHEDULE OF INVESTMENTS IVY GOVERNMENT SECURITIES FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS	Principal		Value
Agency Obligations – 7.9%
Federal Farm Credit Bank:
3.560%, 10–6–32	$	5,000	$	5,863
3.460%, 2–22–33		3,500		4,069
1.800%, 9–10–40		5,000		4,483
Federal Home Loan Bank,
1.550%, 8–24–35		3,750		3,399
Tennessee Valley Authority,
2.875%, 2–1–27		2,500		2,737
U.S. Department of Transportation,
6.001%, 12–7–21 (A)		8,000		8,298
U.S. International Development Finance Corp. (GTD by U.S. Government),
5.142%, 12–15–23		647		694
				29,543
Mortgage-Backed Obligations – 43.1%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
2.790%, 6–25–22		7,250		7,426
2.615%, 1–25–23		5,555		5,779
5.000%, 5–15–23		240		249
3.136%, 10–25–24		1,000		1,077
0.968%, 1–25–26 (B)		59,629		2,318
2.896%, 4–25–26		821		868
0.176%, 11–25–26 (B)		123,884		1,234
0.432%, 8–25–27 (B)		66,662		1,717
3.281%, 8–25–27		5,460		6,028
0.093%, 10–25–27 (B)		44,530		352
0.368%, 12–25–27 (B)		69,047		1,577
3.600%, 1–25–28		2,872		3,238
3.900%, 4–25–28		4,000		4,583
3.000%, 10–15–36		614		622
4.000%, 5–15–44		2,489		2,557
3.000%, 6–15–45		2,899		3,106
3.000%, 10–15–45		1,048		1,083
3.000%, 11–15–45		2,962		3,075
3.000%, 4–15–46		1,623		1,730
2.500%, 7–25–49		1,503		1,575
2.000%, 8–25–49		3,815		3,923
3.000%, 4–15–53		1,391		1,404
Federal Home Loan Mortgage Corp. Agency REMIC/CMO(Mortgage spread to 5-year U.S. Treasury index):
3.329%, 5–25–25 (C)		2,404		2,629
3.284%, 6–25–25 (C)		3,860		4,214
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
4.000%, 10–1–44		1,054		1,159
3.500%, 7–1–49		2,512		2,695
3.500%, 10–1–49		2,328		2,460
3.000%, 11–1–49		7,707		8,148
3.000%, 12–1–49		7,333		7,703
3.000%, 1–1–50		3,208		3,385
3.000%, 2–1–50		2,764		2,916
Federal National Mortgage Association Agency REMIC/CMO:
2.715%, 2–25–22		1,859		1,875
2.390%, 6–1–25		3,449		3,586
3.360%, 7–1–25		2,425		2,642

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
2.488%, 5–25–26	$	2,000	$	2,108
3.500%, 4–25–37		526		535
2.500%, 5–25–45		3,347		3,496
Federal National Mortgage Association Agency REMIC/CMO (Mortgage spread to 5-year U.S. Treasury index):
2.369%, 7–25–26 (C)		5,675		5,936
2.946%, 3–25–28 (C)		1,768		1,895
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
4.244%, 6–1–21		355		355
2.759%, 4–1–22		5,181		5,243
2.000%, 10–1–27		966		994
3.400%, 6–1–31		3,000		3,243
4.000%, 12–1–31		819		898
4.000%, 12–1–32		1,578		1,689
5.500%, 12–1–34		284		332
6.000%, 4–1–39		113		127
3.500%, 4–25–43		2,068		2,104
4.500%, 2–1–44		1,811		2,043
3.000%, 2–25–46		3,702		3,837
4.500%, 2–1–48		1,625		1,811
3.500%, 5–1–49		1,833		1,945
3.000%, 8–1–49		3,138		3,275
3.500%, 8–1–49		2,508		2,655
3.000%, 9–1–49		2,630		2,742
3.000%, 10–1–49		1,348		1,406
3.000%, 1–1–50		3,001		3,133
3.500%, 2–1–50		3,501		3,735
Government National Mortgage Association Agency REMIC/CMO,
2.000%, 3–16–42		4,927		5,087
Government National Mortgage Association Fixed Rate Pass-Through Certificates,
5.000%, 4–20–34		1,511		1,681
				161,238
Non-Agency REMIC/CMO – 0.1%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO,
0.290%, 11–25–27 (B)		19,253		348
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 51.1%			$	191,129
(Cost: $188,551)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 47.4%
U.S. Treasury Bonds:
1.125%, 5–15–40		6,000		4,896
1.125%, 8–15–40		3,000		2,439
1.375%, 11–15–40		12,000		10,208
2.750%, 8–15–42		2,500		2,682
2.500%, 2–15–45		500		510
2.250%, 8–15–49		4,550		4,400
2.000%, 2–15–50		4,000		3,658

UNITED STATES GOVERNMENT OBLIGATIONS (Continued)	Principal		Value
Treasury Obligations (Continued)
1.375%, 8–15–50	$	7,760	$	6,055
1.875%, 2–15–51		4,000		3,550
U.S. Treasury Notes:
0.125%, 8–31–22		8,000		8,000
2.000%, 10–31–22		2,000		2,059
1.625%, 11–15–22		9,375		9,599
2.000%, 11–30–22		1,000		1,031
2.750%, 7–31–23		7,500		7,942
0.125%, 8–15–23		8,000		7,981
2.625%, 12–31–23		8,150		8,669
2.125%, 2–29–24		2,000		2,104
2.000%, 4–30–24		10,000		10,496
2.125%, 7–31–24		17,500		18,471
1.875%, 8–31–24		4,000		4,190
1.500%, 9–30–24		2,575		2,664
2.125%, 5–15–25		10,000		10,585
2.000%, 8–15–25		4,000		4,215
0.250%, 8–31–25		5,000		4,883
1.625%, 2–15–26		5,000		5,171
2.250%, 2–15–27		2,000		2,124
2.375%, 5–15–27		1,000		1,069
2.250%, 8–15–27		500		530
0.500%, 8–31–27		5,000		4,753
1.125%, 2–29–28		4,000		3,930
1.250%, 3–31–28		5,200		5,146
2.875%, 5–15–28		2,000		2,198
1.750%, 11–15–29		1,050		1,062
1.500%, 2–15–30		1,000		988
0.625%, 8–15–30		3,000		2,719
1.125%, 2–15–31		7,000		6,614
				177,591
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 47.4%			$	177,591
(Cost: $177,725)
SHORT-TERM SECURITIES	Shares
Money Market Funds (D) – 1.2%
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.040%		4,435		4,435
TOTAL SHORT-TERM SECURITIES – 1.2%			$	4,435
(Cost: $4,435)
TOTAL INVESTMENT SECURITIES – 99.7%			$	373,155
(Cost: $370,711)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%				1,109
NET ASSETS – 100.0%			$	374,264

58 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY GOVERNMENT SECURITIES FUND (in thousands)

MARCH 31, 2021 (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, 2021 the total value of these securities amounted to $8,298 or 2.2% of net assets.

(B) Interest-only security. Amount shown as principal represents notional amount for computation of interest.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2021. Description of the reference rate and spread, if applicable, are included in the security description.

(D) Rate shown is the annualized 7-day yield at March 31, 2021.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	—	$	191,129	$	—
United States Government Obligations		—		177,591		—
Short-Term Securities		4,435		—		—
Total	$	4,435	$	368,720	$	—

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.

2021 SEMIANNUAL REPORT 59

PORTFOLIO HIGHLIGHTS IVY INTERNATIONAL SMALL CAP FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Stocks	98.2%
Industrials	18.4%
Consumer Discretionary	15.9%
Information Technology	12.5%
Financials	10.2%
Materials	8.6%
Health Care	8.4%
Communication Services	7.6%
Consumer Staples	6.9%
Energy	4.7%
Real Estate	4.0%
Utilities	1.0%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.8%

Country Weightings

Europe	49.4%
Germany	12.7%
United Kingdom	11.9%
Ireland	8.8%
France	5.3%
Other Europe	10.7%
Pacific Basin	47.9%
Japan	34.4%
Australia	9.6%
Other Pacific Basin	3.9%
North America	0.9%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.8%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Uniphar plc	Ireland	Health Care	Health Care Distributors
Vivoryon Therapeutics AG	Germany	Health Care	Biotechnology
Bank of Kyoto Ltd. (The)	Japan	Financials	Regional Banks
SCSK Corp.	Japan	Information Technology	IT Consulting & Other Services
Steadfast Group Ltd.	Australia	Financials	Insurance Brokers
Games Workshop Group plc	United Kingdom	Consumer Discretionary	Leisure Products
ASM International N.V.	Netherlands	Information Technology	Semiconductor Equipment
Strix Group plc	Isle of Man	Information Technology	Electronic Components
TechnoPro Holdings, Inc.	Japan	Industrials	Human Resource & Employment Services
Future plc	United Kingdom	Communication Services	Publishing

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 2021

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

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Consumer Discretionary – 2.2%
Ardent Leisure Group (A)(B)		1,849	$	1,299
City Chic Collective Ltd. (A)		599		1,812
				3,111
Energy – 2.3%
Beach Energy Ltd.		1,153		1,502
WorleyParsons Ltd.		212		1,686
				3,188
Financials – 2.0%
Steadfast Group Ltd.		981		2,840
Materials – 3.1%
Evolution Mining Ltd.		465		1,442
Nufarm Ltd.		410		1,655
OZ Minerals Ltd.		74		1,291
				4,388
Total Australia – 9.6%			$	13,527
Belgium
Financials – 0.8%
ageas N.V.		18		1,115
Total Belgium – 0.8%			$	1,115
Canada
Materials – 0.9%
Lundin Mining Corp.		121		1,242
Total Canada – 0.9%			$	1,242
Finland
Industrials – 2.0%
Konecranes Oyj (A)		21		915
Outotec Oyj		161		1,796
				2,711
Total Finland – 2.0%			$	2,711
France
Communication Services – 0.7%
Metropole Television S.A.		47		1,012
Energy – 0.7%
Gaztransport et Technigaz S.A.		12		938
Financials – 1.3%
COFACE S.A.		158		1,754
Health Care – 0.4%
Orpea S.A.		5		570
Industrials – 0.7%
Rexel S.A.		47		941
Information Technology – 0.5%
Sopra Steria Group S.A.		5		799

COMMON STOCKS (Continued)	Shares		Value
Utilities – 1.0%
Rubis Group		31	$	1,467
Total France – 5.3%			$	7,481
Germany
Consumer Discretionary – 2.7%
fashionette AG (A)		28		962
Home24 NPV (A)		19		415
Knaus Tabbert AG (A)		17		1,311
Westwing Group AG (A)		26		1,190
				3,878
Energy – 1.6%
Friedrich Vorwerk Group SE (A)		16		928
VERBIO Vereinigte BioEnergie AG		33		1,421
				2,349
Financials – 0.1%
Aurelius Equity Opportunities SE & Co. KGaA		4		130
Health Care – 2.8%
Vivoryon Therapeutics AG (A)		221		3,940
Industrials – 1.9%
KION Holding 1 GmbH (A)		11		1,086
Mynaric AG (A)		20		1,527
				2,613
Information Technology – 1.2%
Dialog Semiconductor plc (A)		11		794
Northern Data AG (A)		7		865
				1,659
Materials – 0.5%
IBU-tec Advanced Materials AG (A)(B)		12		640
Real Estate – 0.3%
PATRIZIA Immobilien AG		16		396
Total Germany – 11.1%			$	15,605
Hong Kong
Communication Services – 0.9%
HKBN Ltd.		858		1,249
Industrials – 1.2%
Pacific Basin Shipping Ltd.		6,120		1,653
Information Technology – 0.8%
ASM Pacific Technology Ltd.		92		1,172
Total Hong Kong – 2.9%			$	4,074
Ireland
Consumer Discretionary – 0.6%
Dalata Hotel Group plc		155		769
Consumer Staples – 1.5%
Total Produce plc (B)		906		2,188

COMMON STOCKS (Continued)	Shares		Value
Financials – 0.3%
AIB Group plc		180	$	474
Health Care – 4.1%
UDG Healthcare plc		68		738
Uniphar plc		1,669		5,011
				5,749
Industrials – 0.6%
Kingspan Group plc		10		848
Materials – 1.7%
Smurfit Kappa Group plc		50		2,367
Total Ireland – 8.8%			$	12,395
Isle of Man
Information Technology – 1.9%
Strix Group plc		705		2,619
Total Isle of Man – 1.9%			$	2,619
Japan
Communication Services – 3.0%
ARTERIA Networks Corp.		76		1,132
Capcom Co. Ltd.		42		1,377
Daiichikosho Co. Ltd.		42		1,635
				4,144
Consumer Discretionary – 5.4%
Komeda Holdings Co. Ltd.		103		1,869
Roland Corp.		58		2,103
Ryohin Keikaku Co. Ltd.		74		1,738
Stanley Electric Co. Ltd.		64		1,910
				7,620
Consumer Staples – 3.0%
Kobe Bussan Co. Ltd. (B)		45		1,216
Matsumotokiyoshi Holdings Co. Ltd.		48		2,119
Shinnihonseiyaju Co. Ltd.		41		868
				4,203
Financials – 3.5%
Bank of Kyoto Ltd. (The) (B)		50		3,044
Gunma Bank Ltd. (The)		502		1,800
				4,844
Health Care – 1.1%
Nippon Shinyaku Co. Ltd.		20		1,464
Industrials – 9.1%
Mabuchi Motor Co. Ltd.		24		1,041
MISUMI Group, Inc.		45		1,292
Okamura Corp.		156		1,825
Sanwa Holdings Corp.		166		2,172
Takeuchi Mfg Co. Ltd.		57		1,602
TechnoPro Holdings, Inc.		31		2,598
Tsubaki Nakashima Co. Ltd.		157		2,412
				12,942

2021 SEMIANNUAL REPORT 61

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

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Information Technology – 4.9%
DISCO Corp.		6		$	1,883
Sansan, Inc. (A)		23			1,950
SCSK Corp.		50			2,932
					6,765
Materials – 1.7%
Zeon Corp.		153			2,449
Real Estate – 2.7%
GLP J-REIT		1			1,167
Ichigo, Inc.		454			1,339
Kenedix Office Investment Corp.		—	*		1,301
					3,807
Total Japan – 34.4%				$	48,238
Jersey
Materials – 0.2%
Breedon Group plc (A)		239			308
Total Jersey – 0.2%				$	308
Malta
Consumer Discretionary – 0.2%
Kindred Group plc		15			264
Total Malta – 0.2%				$	264
Netherlands
Financials – 1.1%
ASR Nederland N.V.		17			745
Euronext N.V.		9			876
					1,621
Information Technology – 1.9%
ASM International N.V.		9			2,639
Total Netherlands – 3.0%				$	4,260
Norway
Consumer Staples – 0.9%
SalMar ASA		18			1,261
Total Norway – 0.9%				$	1,261

COMMON STOCKS (Continued)	Shares		Value
Singapore
Real Estate – 1.0%
Manulife U.S. REIT		1,841	$	1,344
Total Singapore – 1.0%			$	1,344
Spain
Communication Services – 0.4%
Mediaset Espana Comunicacion S.A.		88		525
Total Spain – 0.4%			$	525
Sweden
Communication Services – 0.8%
Stillfront Group AB (A)		124		1,146
Total Sweden – 0.8%			$	1,146
Switzerland
Information Technology – 0.5%
Logitech International S.A., Registered Shares		7		775
Total Switzerland – 0.5%			$	775
United Kingdom
Communication Services – 1.8%
Future plc		98		2,589
Consumer Discretionary – 4.8%
Coats Group plc		521		409
Games Workshop Group plc		20		2,739
Gamesys Group plc		94		2,506
Persimmon plc		25		1,000
				6,654
Consumer Staples – 1.5%
Cranswick plc		19		933
Stock Spirits Group plc		284		1,098
				2,031
Energy – 0.1%
Premier Oil plc (A)(B)		303		93
Financials – 1.1%
Draper Esprit plc (A)		140		1,560

COMMON STOCKS (Continued)	Shares		Value
Industrials – 1.3%
Diploma plc		51	$	1,801
Information Technology – 0.8%
Avast plc		177		1,110
Materials – 0.5%
Polymetal International plc		32		628
Total United Kingdom – 11.9%			$	16,466
TOTAL COMMON STOCKS – 96.6%			$	135,356
(Cost: $93,513)
PREFERRED STOCKS
Germany
Industrials – 1.6%
Sixt SE		29		2,266
Total Germany – 1.6%			$	2,266
TOTAL PREFERRED STOCKS – 1.6%			$	2,266
(Cost: $1,571)
SHORT-TERM SECURITIES
Money Market Funds (C) – 3.3%
State Street Institutional U.S. Government Money Market Fund – Premier Class
0.040%		1,083		1,083
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares
0.010% (D)		3,539		3,539
				4,622
TOTAL SHORT-TERM SECURITIES – 3.3%			$	4,622
(Cost: $4,622)
TOTAL INVESTMENT SECURITIES – 101.5%			$	142,244
(Cost: $99,706)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.5)%				(2,138	)
NET ASSETS – 100.0%			$	140,106

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 $4,592 are on loan.

(C) Rate shown is the annualized 7-day yield at March 31, 2021.

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

62 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (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, 2021. 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	$	135,356	$	—	$	—
Preferred Stocks		2,266		—		—
Short-Term Securities		4,622		—		—
Total	$	142,244	$	—	$	—

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

Market Sector Diversification
(as a % of net assets)
Industrials	18.4%
Consumer Discretionary	15.8%
Information Technology	12.6%
Financials	10.3%
Materials	8.5%
Health Care	8.2%
Communication Services	7.6%
Consumer Staples	7.0%
Energy	4.8%
Real Estate	4.0%
Utilities	1.0%
Other+	1.8%

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

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 63

PORTFOLIO HIGHLIGHTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Purchased Options	0.3%
Bonds	81.8%
Other Government Securities	81.8%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	17.9%

Quality Weightings

Investment Grade	58.2%
AA	3.5%
A	23.2%
BBB	31.5%
Non-Investment Grade	23.6%
BB	15.1%
B	4.6%
CCC	0.3%
Non-rated	3.6%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	18.2%

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.

Country Weightings

Pacific Basin	35.9%
China	18.4%
Indonesia	6.7%
Thailand	5.5%
Malaysia	4.7%
Other Pacific Basin	0.6%
Europe	17.9%
Russia	6.0%
Czech Republic	3.5%
Other Europe	8.4%
North America	2.6%
Other	13.5%
South Africa	9.5%
Egypt	3.1%
Other Africa	0.9%
South America	12.4%
Brazil	4.5%
Columbia	3.9%
Other South America	4.0%
Bahamas/Caribbean	0.5%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Purchased Options	18.2%

+ 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 2021

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

MARCH 31, 2021 (UNAUDITED)

PURCHASED OPTIONS	Number of Contracts (Unrounded)		Notional Amount		Value
U.S. 10-Year Treasury Note June Futures:
Put $133.50, Expires 4–23–21		33		3,300	$	87
Put $134.00, Expires 4–23–21		33		3,300		103
U.S. 5-Year Treasury Note June Futures:
Put $123.75, Expires 4–23–21		42		4,200		23
Put $122.75, Expires 5–21–21		88		8,800		28
TOTAL PURCHASED OPTIONS – 0.3%					$	241
(Cost: $70)

OTHER GOVERNMENT SECURITIES (A)	Principal
Angola – 0.3%
Republic of Angola
9.500%, 11–12–25	$	200	209
Brazil – 4.5%
Brazil Letras do Tesouro Nacional:
0.000%, 1–1–24 (B)(C)	BRL	9,800	1,416
0.000%, 7–1–24 (B)(C)		1,258	174
Brazil Notas do Tesouro Nacional:
10.000%, 1–1–27 (C)		3,245	606
10.000%, 1–1–29 (C)		1,799	334
10.000%, 1–1–31 (C)		672	124
6.000%, 5–15–35 (C)		500	380
			3,034
Chile – 1.7%
Chile Bonos Tesoreria:
4.500%, 3–1–26 (C)	CLP	90,000	139
2.300%, 10–1–28 (C)		100,000	134
4.700%, 9–1–30 (C)		85,000	130
2.800%, 10–1–33 (C)		220,000	270
5.000%, 3–1–35 (C)		170,000	258
6.000%, 1–1–43 (C)		125,000	209
			1,140
China – 18.4%
China Government Bond:
1.860%, 4–9–23 (C)	CNH	6,500	967
2.360%, 7–2–23 (C)		30,500	4,598
2.880%, 11–5–23 (C)		4,430	676
1.990%, 4–9–25 (C)		27,220	3,978
3.220%, 12–6–25 (C)		4,300	661
2.850%, 6–4–27 (C)		5,720	854
3.280%, 12–3–27 (C)		2,040	313
3.250%, 11–22–28 (C)		1,950	298
3.810%, 9–14–50 (C)		1,200	186
			12,531

OTHER GOVERNMENT SECURITIES (A) (Continued)	Principal		Value
Columbia – 3.9%
Colombian TES:
5.750%, 11–3–27 (C)	COP	1,420,600	$	378
6.000%, 4–28–28 (C)		2,217,900		592
7.750%, 9–18–30 (C)		1,596,000		458
7.000%, 6–30–32 (C)		1,636,400		435
7.250%, 10–18–34 (C)		1,277,600		341
7.250%, 10–26–50 (C)		1,803,600		450
				2,654
Czech Republic – 3.5%
Czech Republic Government Bond:
2.400%, 9–17–25 (C)	CZK	5,900		275
1.000%, 6–26–26 (C)		12,840		560
0.250%, 2–10–27 (C)		5,900		245
2.500%, 8–25–28 (C)		6,360		300
2.750%, 7–23–29 (C)		4,470		215
0.950%, 5–15–30 (C)		8,230		340
2.000%, 10–13–33 (C)		10,050		446
				2,381
Dominican Republic – 0.5%
Dominican Republic:
9.750%, 6–5–26 (C)	DOP	8,000		152
4.500%, 1–30–30	$	150		151
				303
Egypt – 3.1%
Arab Republic of Egypt
8.700%, 3–1–49		200		200
Egypt Government Bond:
14.605%, 9–8–25 (C)(D)	EGP	6,975		445
14.406%, 7–7–27 (C)(D)		9,076		574
14.292%, 1–5–28 (C)(D)		5,702		358
14.425%, 7–14–30 (C)(D)		8,800		551
				2,128
Ghana – 0.6%
Republic of Ghana:
7.750%, 4–7–29	$	245		245
8.625%, 4–7–34		200		198
				443
Hungary – 2.6%
Hungary Government Bond:
6.000%, 11–24–23 (C)	HUF	42,520		155
3.000%, 6–26–24 (C)		50,000		170
2.500%, 10–24–24 (C)		55,710		187
5.500%, 6–24–25 (C)		59,370		222
1.000%, 11–26–25 (C)		50,000		157
1.500%, 4–22–26 (C)		78,900		250
6.750%, 10–22–28 (C)		65,640		279
3.000%, 8–21–30 (C)		42,360		143
3.000%, 10–27–38 (C)		75,530		240
				1,803

OTHER GOVERNMENT SECURITIES (A) (Continued)	Principal		Value
Indonesia – 6.7%
Indonesia Government Bond:
7.250%, 2–15–26 (C)	IDR	2,160,000	$	156
8.375%, 9–15–26 (C)		570,000		43
7.000%, 5–15–27 (C)		8,900,000		637
6.125%, 5–15–28 (C)		9,475,000		632
9.000%, 3–15–29 (C)		2,800,000		219
8.250%, 5–15–29 (C)		2,683,000		201
7.750%, 4–15–31 (C)		6,479,000		471
8.750%, 5–15–31 (C)		12,961,000		1,008
9.500%, 7–15–31 (C)		290,000		24
6.625%, 5–15–33 (C)		4,980,000		333
8.375%, 3–15–34 (C)		8,290,000		624
9.500%, 5–15–41 (C)		1,307,000		108
8.750%, 2–15–44 (C)		1,353,000		103
				4,559
Malaysia – 4.7%
Malaysia Government Bond:
4.392%, 4–15–26 (C)	MYR	236		61
3.900%, 11–30–26 (C)		450		114
3.899%, 11–16–27 (C)		2,400		610
3.733%, 6–15–28 (C)		1,820		456
3.885%, 8–15–29 (C)		994		250
4.127%, 4–15–32 (C)		1,460		362
3.844%, 4–15–33 (C)		4,147		995
3.828%, 7–5–34 (C)		1,600		383
				3,231
Mexico – 2.2%
Mexican Bonos:
7.500%, 6–3–27 (C)	MXN	11,850		618
8.500%, 5–31–29 (C)		9,600		527
8.500%, 11–18–38 (C)		5,128		276
7.750%, 11–13–42 (C)		1,850		91
				1,512
Peru – 2.1%
Republic of Peru:
6.350%, 8–12–28 (C)	PEN	2,000		624
5.940%, 2–12–29 (C)		773		234
6.950%, 8–12–31 (C)		850		263
5.400%, 8–12–34 (C)		956		249
6.900%, 8–12–37 (C)		300		86
				1,456
Poland – 1.0%
Poland Government Bond:
2.500%, 7–25–26 (C)	PLN	826		226
2.500%, 7–25–27 (C)		1,422		391
2.750%, 4–25–28 (C)		147		41
				658
Romania – 3.3%
Romania Government Bond:
5.950%, 6–11–21 (C)	RON	20		5
5.850%, 4–26–23 (C)		2,700		689
4.400%, 9–25–23 (C)		1,400		350
4.000%, 10–25–23 (C)		700		174

2021 SEMIANNUAL REPORT 65

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

MARCH 31, 2021 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (A) (Continued)	Principal		Value
Romania (Continued)
3.250%, 4–29–24 (C)	RON	580	$	142
3.700%, 11–25–24 (C)		185		46
4.850%, 4–22–26 (C)		900		236
5.800%, 7–26–27 (C)		560		156
4.150%, 1–26–28 (C)		500		128
5.000%, 2–12–29 (C)		505		137
3.650%, 9–24–31 (C)		675		165
				2,228
Russia – 6.0%
Russia Government Bond:
7.000%, 8–16–23 (C)	RUB	22,696		308
6.500%, 2–28–24 (C)		20,000		268
7.400%, 7–17–24 (C)		30,000		411
7.100%, 10–16–24 (C)		20,000		272
4.500%, 7–16–25 (C)		16,661		205
7.150%, 11–12–25 (C)		5,347		73
7.750%, 9–16–26 (C)		37,545		521
8.150%, 2–3–27 (C)		14,428		204
6.000%, 10–6–27 (C)		25,057		318
7.050%, 1–19–28 (C)		5,237		70
6.900%, 5–23–29 (C)		20,755		274
7.650%, 4–10–30 (C)		15,000		208
8.523%, 9–17–31 (C)		10,000		147
7.700%, 3–23–33 (C)		24,173		337
7.250%, 5–10–34 (C)		15,102		204
7.700%, 3–16–39 (C)		14,810		208
Russian Federation
6.100%, 7–18–35 (C)		4,903		59
				4,087
South Africa – 9.5%
Republic of South Africa:
10.500%, 12–21–26 (C)	ZAR	13,666		1,051
8.000%, 1–31–30 (C)		16,610		1,026

OTHER GOVERNMENT SECURITIES (A) (Continued)	Principal		Value
South Africa (Continued)
7.000%, 2–28–31 (C)	ZAR	7,500	$	415
8.875%, 2–28–35 (C)		9,630		554
8.500%, 1–31–37 (C)		20,173		1,089
9.000%, 1–31–40 (C)		12,661		700
6.500%, 2–28–41 (C)		9,340		394
8.750%, 1–31–44 (C)		13,559		720
8.750%, 2–28–48 (C)		9,705		515
				6,464
Thailand – 5.5%
Thailand Government Bond:
2.400%, 12–17–23 (C)	THB	26,000		872
3.850%, 12–12–25 (C)		20,500		740
2.875%, 12–17–28 (C)		8,800		306
1.600%, 12–17–29 (C)		5,655		179
3.775%, 6–25–32 (C)		15,274		572
1.600%, 6–17–35 (C)		6,933		201
1.585%, 12–17–35 (C)		13,308		382
3.300%, 6–17–38 (C)		10,220		358
2.875%, 6–17–46 (C)		5,000		161
				3,771
Turkey – 0.6%
Turkey Government Bond:
10.400%, 3–20–24 (C)	TRY	450		45
9.000%, 7–24–24 (C)		900		84
12.600%, 10–1–25 (C)		1,700		169
10.600%, 2–11–26 (C)		857		78
11.000%, 2–24–27 (C)		66		6
10.500%, 8–11–27 (C)		143		12
12.400%, 3–8–28 (C)		131		12
				406

OTHER GOVERNMENT SECURITIES (A) (Continued)	Principal		Value
Ukraine – 0.9%
Ukraine Government Bond:
11.670%, 11–22–23 (C)	UAH	5,394	$	191
0.000%, 5–31–40 (B)	$	396		408
				599
Uruguay – 0.2%
Republica Orient Uruguay:
9.875%, 6–20–22 (C)	UYU	2,981		70
8.500%, 3–15–28 (C)		1,637		39
				109
TOTAL OTHER GOVERNMENT SECURITIES – 81.8%			$	55,706
(Cost: $56,735)
SHORT-TERM SECURITIES	Shares
Money Market Funds (E) – 14.0%
State Street Institutional U.S. Government Money Market Fund – Premier Class
0.040%		9,559		9,559
TOTAL SHORT-TERM SECURITIES – 14.0%			$	9,559
(Cost: $9,559)
TOTAL INVESTMENT SECURITIES – 96.1%			$	65,506
(Cost: $66,364)
CASH AND OTHER ASSETS, NET OF LIABILITIES (F)(G)(H) – 3.9%				2,692
NET ASSETS – 100.0%			$	68,198

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, COP - Columbian Peso, CZK - Czech Koruna, DOP - Dominican Republic Peso, EGP - Egypt Pound, HUF - Hungarian Forint, IDR - Indonesian Rupiah, MXN - Mexican Peso, MYR - Malaysian Ringgit, PEN - Peruvian Neuvo Sol, 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) Rate shown is the yield to maturity at March 31, 2021.

(E) Rate shown is the annualized 7-day yield at March 31, 2021.

(F) Cash of $25 has been pledged as collateral on open futures contracts.

(G) Cash of $360 has been pledged as collateral on OTC forward foreign currency contracts.

(H) Cash of $365 has been pledged as collateral on centrally cleared swaps.

66 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

The following centrally cleared credit default swaps — buy protection⁽¹⁾ were outstanding at March 31, 2021:

Referenced Entity/Index	(Pay) Fixed Rate			Maturity Date		Notional Amount(2)		Value		Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Federative Republic of Brazil		(1.000	%)		6–20–26		1,400	$	81	$	72	$	9
Republic of Colombia		(1.000	%)		6–20–26		400		7		7		(1	)
Republic of Colombia		(1.000	%)		6–20–26		400		7		7		—	*
Republic of South Africa		(1.000	%)		6–20–26		1,000		64		65		(1	)
Republic of Turkey		(1.000	%)		6–20–26		250		41		43		(2	)
Republic of Turkey		(1.000	%)		6–20–26		250		41		41		—	*
Republic of Turkey		(1.000	%)		6–20–26		250		41		42		(1	)
Republic of Turkey		(1.000	%)		6–20–26		250		41		40		1
Republic of Turkey		(1.000	%)		6–20–26		250		41		41		—	*
United Mexican States		(1.000	%)		6–20–26		900		6		5		1
United Mexican States		(1.000	%)		6–20–26		400		2		5		(2	)
								$	372	$	368	$	4

(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.

The following forward foreign currency contracts were outstanding at March 31, 2021:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
Canadian Dollar		1,100	U.S. Dollar		869	4–1–21	Barclays Capital, Inc.	$	—		$	6
U.S. Dollar		440	South African Rand		6,500	4–1–21	Barclays Capital, Inc.		—	*		—
Polish Zloty		810	U.S. Dollar		215	4–2–21	Barclays Capital, Inc.		10			—
Russian Ruble		32,800	U.S. Dollar		437	4–2–21	Barclays Capital, Inc.		3			—
U.S. Dollar		424	Brazilian Real		2,380	4–5–21	Barclays Capital, Inc.		—			1
U.S. Dollar		146	Romanian Leu		610	4–5–21	Barclays Capital, Inc.		—			—	*
U.S. Dollar		439	Russian Ruble		32,600	4–5–21	Barclays Capital, Inc.		—			8
Euro		720	Japanese Yen		92,920	4–6–21	Barclays Capital, Inc.		—			5
Hungarian Forint		195,000	U.S. Dollar		651	4–6–21	Barclays Capital, Inc.		19			—
Japanese Yen		93,143	Euro		720	4–6–21	Barclays Capital, Inc.		3			—
New Zealand Dollar		1,190	U.S. Dollar		864	4–6–21	Barclays Capital, Inc.		33			—
Polish Zloty		2,680	U.S. Dollar		719	4–6–21	Barclays Capital, Inc.		41			—
South African Rand		1,600	U.S. Dollar		109	4–6–21	Barclays Capital, Inc.		—	*		—
Turkish New Lira		1,585	U.S. Dollar		200	4–6–21	Barclays Capital, Inc.		8			—
Chinese Yuan Renminbi Offshore		5,828	U.S. Dollar		898	4–8–21	Barclays Capital, Inc.		10			—
Indonesian Rupiah		1,170,000	U.S. Dollar		83	4–8–21	Barclays Capital, Inc.		3			—
U.S. Dollar		962	Mexican Peso		19,800	4–8–21	Barclays Capital, Inc.		6			—
South African Rand		6,600	U.S. Dollar		429	4–9–21	Barclays Capital, Inc.		—			18
U.S. Dollar		214	Indonesian Rupiah		3,100,000	4–9–21	Barclays Capital, Inc.		—			1
U.S. Dollar		435	South African Rand		6,500	4–9–21	Barclays Capital, Inc.		5			—
U.S. Dollar		1,289	South Korean Won		1,460,000	4–9–21	Barclays Capital, Inc.		1			—
Australian Dollar		2,230	U.S. Dollar		1,712	4–12–21	Barclays Capital, Inc.		17			—
Chinese Yuan Renminbi Offshore		12,270	U.S. Dollar		1,876	4–12–21	Barclays Capital, Inc.		8			—
Indonesian Rupiah		6,400,000	U.S. Dollar		451	4–12–21	Barclays Capital, Inc.		12			—

2021 SEMIANNUAL REPORT 67

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

MARCH 31, 2021 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
New Zealand Dollar		2,390	U.S. Dollar		1,706	4–12–21	Barclays Capital, Inc.	$	37		$	—
U.S. Dollar		440	Indonesian Rupiah		6,200,000	4–12–21	Barclays Capital, Inc.		—			14
U.S. Dollar		843	New Taiwan Dollar		24,000	4–12–21	Barclays Capital, Inc.		—			—	*
U.S. Dollar		852	New Zealand Dollar		1,190	4–12–21	Barclays Capital, Inc.		—			21
U.S. Dollar		658	Russian Ruble		48,655	4–12–21	Barclays Capital, Inc.		—			14
U.S. Dollar		779	Mexican Peso		15,929	4–13–21	Barclays Capital, Inc.		1			—
Euro		720	U.S. Dollar		859	4–16–21	Barclays Capital, Inc.		14			—
Turkish New Lira		19,500	U.S. Dollar		2,305	4–16–21	Barclays Capital, Inc.		—			37
U.S. Dollar		1,059	Chinese Yuan Renminbi		6,900	4–16–21	Barclays Capital, Inc.		—			8
U.S. Dollar		3,089	Turkish New Lira		23,613	4–16–21	Barclays Capital, Inc.		—			254
Australian Dollar		560	U.S. Dollar		433	4–19–21	Barclays Capital, Inc.		8			—
Indonesian Rupiah		2,200,000	U.S. Dollar		156	4–19–21	Barclays Capital, Inc.		5			—
Philippine Peso		42,600	U.S. Dollar		869	4–19–21	Barclays Capital, Inc.		—			8
South African Rand		6,300	U.S. Dollar		425	4–19–21	Barclays Capital, Inc.		—			1
U.S. Dollar		869	Australian Dollar		1,120	4–19–21	Barclays Capital, Inc.		—			19
U.S. Dollar		1,554	Malaysian Ringgit		6,426	4–19–21	Barclays Capital, Inc.		—			3
U.S. Dollar		1,291	Russian Ruble		95,900	4–19–21	Barclays Capital, Inc.		—			25
Russian Ruble		31,900	U.S. Dollar		421	4–21–21	Barclays Capital, Inc.		—			1
South African Rand		11,100	U.S. Dollar		727	4–21–21	Barclays Capital, Inc.		—			23
U.S. Dollar		427	Russian Ruble		31,200	4–21–21	Barclays Capital, Inc.		—			15
U.S. Dollar		706	Turkish New Lira		5,735	4–26–21	Barclays Capital, Inc.		—			22
U.S. Dollar		104	Peruvian New Sol		380	4–27–21	Barclays Capital, Inc.		—			3
South African Rand		18,560	U.S. Dollar		1,258	4–29–21	Barclays Capital, Inc.		5			—
U.S. Dollar		820	South African Rand		12,140	4–29–21	Barclays Capital, Inc.		—			1
Czech Koruna		4,023	U.S. Dollar		181	5–3–21	Barclays Capital, Inc.		—	*		—
U.S. Dollar		120	Czech Koruna		2,600	5–3–21	Barclays Capital, Inc.		—			3
Chilean Peso		61,000	U.S. Dollar		83	5–4–21	Barclays Capital, Inc.		—			1
Romanian Leu		610	U.S. Dollar		145	5–4–21	Barclays Capital, Inc.		—	*		—
U.S. Dollar		187	Turkish New Lira		1,370	5–11–21	Barclays Capital, Inc.		—			25
Turkish New Lira		23,962	U.S. Dollar		3,089	5–17–21	Barclays Capital, Inc.		274			—
U.S. Dollar		2,305	Turkish New Lira		20,162	5–17–21	Barclays Capital, Inc.		64			—
Turkish New Lira		5,843	U.S. Dollar		706	5–26–21	Barclays Capital, Inc.		23			—
Thai Baht		26,400	U.S. Dollar		848	5–27–21	Barclays Capital, Inc.		4			—
U.S. Dollar		310	Czech Koruna		6,779	6–22–21	Barclays Capital, Inc.		—			5
U.S. Dollar		776	Hungarian Forint		240,100	6–30–21	Barclays Capital, Inc.		1			—
Nigeria Naira		90,930	U.S. Dollar		204	8–12–21	Barclays Capital, Inc.		—			8
U.S. Dollar		408	Turkish New Lira		3,080	8–19–21	Barclays Capital, Inc.		—			68
Egypt Pound		7,370	U.S. Dollar		447	9–20–21	Barclays Capital, Inc.		2			—
U.S. Dollar		200	Nigeria Naira		94,700	2–14–22	Barclays Capital, Inc.		6			—
U.S. Dollar		873	Canadian Dollar		1,100	4–1–21	Citibank N.A.		2			—
U.S. Dollar		637	Polish Zloty		2,450	4–2–21	Citibank N.A.		—			17
Brazilian Real		994	U.S. Dollar		178	4–5–21	Citibank N.A.		2			—
U.S. Dollar		429	Brazilian Real		2,410	4–5–21	Citibank N.A.		—			1
U.S. Dollar		219	Russian Ruble		16,200	4–5–21	Citibank N.A.		—			5
Euro		720	U.S. Dollar		868	4–6–21	Citibank N.A.		24			—
Hungarian Forint		130,000	U.S. Dollar		435	4–6–21	Citibank N.A.		14			—
U.S. Dollar		87	Chilean Peso		64,000	4–6–21	Citibank N.A.		2			—
U.S. Dollar		519	Hungarian Forint		160,500	4–6–21	Citibank N.A.		—	*		—
U.S. Dollar		437	Polish Zloty		1,620	4–6–21	Citibank N.A.		—			27
U.S. Dollar		238	South African Rand		3,516	4–6–21	Citibank N.A.		—	*		—
Indonesian Rupiah		16,266,843	U.S. Dollar		1,160	4–8–21	Citibank N.A.		41			—
U.S. Dollar		437	Colombian Peso		1,590,000	4–8–21	Citibank N.A.		—			3

68 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
U.S. Dollar		915	Mexican Peso		19,168	4–8–21	Citibank N.A.	$	23		$	—
Indonesian Rupiah		6,200,000	U.S. Dollar		428	4–9–21	Citibank N.A.		1			—
U.S. Dollar		243	Turkish New Lira		1,833	4–9–21	Citibank N.A.		—			22
Colombian Peso		518,616	U.S. Dollar		145	4–12–21	Citibank N.A.		3			—
New Taiwan Dollar		23,900	U.S. Dollar		849	4–12–21	Citibank N.A.		10			—
Russian Ruble		4,854	U.S. Dollar		65	4–12–21	Citibank N.A.		1			—
U.S. Dollar		851	Australian Dollar		1,100	4–12–21	Citibank N.A.		—			15
U.S. Dollar		388	Indian Rupee		28,800	4–12–21	Citibank N.A.		5			—
Canadian Dollar		1,080	U.S. Dollar		859	4–15–21	Citibank N.A.		—			—	*
Euro		720	U.S. Dollar		860	4–16–21	Citibank N.A.		16			—
Chilean Peso		306,000	U.S. Dollar		428	4–19–21	Citibank N.A.		2			—
Indian Rupee		28,600	U.S. Dollar		392	4–19–21	Citibank N.A.		2			—
South African Rand		6,500	U.S. Dollar		434	4–19–21	Citibank N.A.		—			5
U.S. Dollar		878	Australian Dollar		1,130	4–19–21	Citibank N.A.		—			20
U.S. Dollar		424	Chilean Peso		310,000	4–19–21	Citibank N.A.		7			—
U.S. Dollar		844	South African Rand		12,500	4–19–21	Citibank N.A.		1			—
South African Rand		5,500	U.S. Dollar		355	4–21–21	Citibank N.A.		—			17
U.S. Dollar		1,151	South African Rand		17,400	4–21–21	Citibank N.A.		25			—
Turkish New Lira		745	U.S. Dollar		97	4–22–21	Citibank N.A.		8			—
U.S. Dollar		394	Turkish New Lira		2,952	4–22–21	Citibank N.A.		—			42
U.S. Dollar		512	Peruvian New Sol		1,903	4–27–21	Citibank N.A.		—			4
Hungarian Forint		128,000	U.S. Dollar		416	4–30–21	Citibank N.A.		—	*		—
Chilean Peso		64,000	U.S. Dollar		87	5–4–21	Citibank N.A.		—			2
Chinese Yuan Renminbi Offshore		8,100	U.S. Dollar		1,247	5–6–21	Citibank N.A.		16			—
Chilean Peso		413,542	U.S. Dollar		580	5–10–21	Citibank N.A.		6			—
U.S. Dollar		785	Polish Zloty		2,950	5–10–21	Citibank N.A.		—			39
U.S. Dollar		506	Chinese Yuan Renminbi		3,300	5–14–21	Citibank N.A.		—			5
Philippine Peso		7,197	U.S. Dollar		149	5–17–21	Citibank N.A.		2			—
U.S. Dollar		266	Philippine Peso		12,981	5–17–21	Citibank N.A.		1			—
U.S. Dollar		151	Turkish New Lira		1,104	5–17–21	Citibank N.A.		—			21
Turkish New Lira		3,245	U.S. Dollar		388	5–24–21	Citibank N.A.		9			—
South African Rand		3,516	U.S. Dollar		236	6–2–21	Citibank N.A.		—			—	*
U.S. Dollar		536	Colombian Peso		1,970,000	6–9–21	Citibank N.A.		1			—
Turkish New Lira		1,620	U.S. Dollar		196	8–19–21	Citibank N.A.		17			—
Chinese Yuan Renminbi Offshore		9,258	U.S. Dollar		1,422	4–1–21	Goldman Sachs International		12			—
Brazilian Real		4,730	U.S. Dollar		850	4–5–21	Goldman Sachs International		10			—
Chilean Peso		308,000	U.S. Dollar		428	4–5–21	Goldman Sachs International		1			—
Romanian Leu		610	U.S. Dollar		149	4–5–21	Goldman Sachs International		3			—
Russian Ruble		47,300	U.S. Dollar		642	4–5–21	Goldman Sachs International		16			—
U.S. Dollar		3,716	Brazilian Real		20,211	4–5–21	Goldman Sachs International		—			125
U.S. Dollar		436	Chilean Peso		316,000	4–5–21	Goldman Sachs International		3			—
Australian Dollar		1,110	U.S. Dollar		865	4–6–21	Goldman Sachs International		22			—
Chilean Peso		64,000	U.S. Dollar		88	4–6–21	Goldman Sachs International		—			1
South African Rand		2,312	U.S. Dollar		156	4–6–21	Goldman Sachs International		—			—	*
U.S. Dollar		854	Australian Dollar		1,110	4–6–21	Goldman Sachs International		—			11
U.S. Dollar		437	Polish Zloty		1,620	4–6–21	Goldman Sachs International		—			27
Chinese Yuan Renminbi Offshore		7,474	U.S. Dollar		1,153	4–7–21	Goldman Sachs International		15			—
Colombian Peso		3,170,000	U.S. Dollar		884	4–8–21	Goldman Sachs International		19			—
Mexican Peso		16,879	U.S. Dollar		825	4–8–21	Goldman Sachs International		—			—	*

2021 SEMIANNUAL REPORT 69

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

MARCH 31, 2021 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
U.S. Dollar		799	Indonesian Rupiah		11,330,060	4–8–21	Goldman Sachs International	$	—		$	21
U.S. Dollar		1,892	Mexican Peso		39,303	4–8–21	Goldman Sachs International		30			—
U.S. Dollar		816	Thai Baht		24,982	4–8–21	Goldman Sachs International		—			17
Chinese Yuan Renminbi		1,200	U.S. Dollar		183	4–9–21	Goldman Sachs International		—			—	*
Indonesian Rupiah		12,400,000	U.S. Dollar		859	4–9–21	Goldman Sachs International		6			—
South Korean Won		970,000	U.S. Dollar		856	4–9–21	Goldman Sachs International		—			1
Turkish New Lira		1,829	U.S. Dollar		241	4–9–21	Goldman Sachs International		20			—
Indian Rupee		26,900	U.S. Dollar		363	4–12–21	Goldman Sachs International		—			4
Mexican Peso		8,800	U.S. Dollar		424	4–12–21	Goldman Sachs International		—			7
Russian Ruble		20,800	U.S. Dollar		280	4–12–21	Goldman Sachs International		5			—
U.S. Dollar		108	Colombian Peso		400,000	4–12–21	Goldman Sachs International		1			—
U.S. Dollar		850	Mexican Peso		17,600	4–12–21	Goldman Sachs International		11			—
Colombian Peso		1,280,000	U.S. Dollar		369	4–13–21	Goldman Sachs International		19			—
Mexican Peso		7,246	U.S. Dollar		349	4–13–21	Goldman Sachs International		—			5
U.S. Dollar		368	Colombian Peso		1,280,000	4–13–21	Goldman Sachs International		—			18
U.S. Dollar		218	Mexican Peso		4,500	4–13–21	Goldman Sachs International		2			—
Turkish New Lira		6,389	U.S. Dollar		785	4–16–21	Goldman Sachs International		18			—
U.S. Dollar		860	Euro		720	4–16–21	Goldman Sachs International		—			15
Chinese Yuan Renminbi Offshore		8,656	U.S. Dollar		1,329	4–19–21	Goldman Sachs International		12			—
U.S. Dollar		269	Indonesian Rupiah		3,900,000	4–19–21	Goldman Sachs International		—			1
U.S. Dollar		87	Malaysian Ringgit		360	4–19–21	Goldman Sachs International		—			—	*
Egypt Pound		2,920	U.S. Dollar		182	4–20–21	Goldman Sachs International		—			3
Turkish New Lira		1,675	U.S. Dollar		220	4–22–21	Goldman Sachs International		20			—
U.S. Dollar		1,803	Mexican Peso		36,900	4–22–21	Goldman Sachs International		—			1
Chinese Yuan Renminbi Offshore		16,257	U.S. Dollar		2,494	4–23–21	Goldman Sachs International		21			—
Peruvian New Sol		808	U.S. Dollar		216	4–23–21	Goldman Sachs International		—			—	*
Chinese Yuan Renminbi Offshore		7,654	U.S. Dollar		1,173	4–27–21	Goldman Sachs International		9			—
Peruvian New Sol		540	U.S. Dollar		145	4–27–21	Goldman Sachs International		1			—
Mexican Peso		895	U.S. Dollar		44	4–28–21	Goldman Sachs International		—	*		—
U.S. Dollar		538	Chilean Peso		396,388	5–4–21	Goldman Sachs International		12			—
U.S. Dollar		726	Chilean Peso		535,000	5–10–21	Goldman Sachs International		17			—
Turkish New Lira		2,370	U.S. Dollar		327	5–11–21	Goldman Sachs International		47			—
Turkish New Lira		1,637	U.S. Dollar		197	5–17–21	Goldman Sachs International		4			—
U.S. Dollar		785	Turkish New Lira		6,609	5–17–21	Goldman Sachs International		—			8
U.S. Dollar		1,203	Russian Ruble		92,078	6–2–21	Goldman Sachs International		7			—
Russian Ruble		57,734	U.S. Dollar		770	6–3–21	Goldman Sachs International		12			—
New Taiwan Dollar		12,500	U.S. Dollar		449	6–16–21	Goldman Sachs International		7			—
U.S. Dollar		439	New Taiwan Dollar		12,400	6–16–21	Goldman Sachs International		—	*		—
Turkish New Lira		3,130	U.S. Dollar		386	8–19–21	Goldman Sachs International		40			—
U.S. Dollar		433	Turkish New Lira		3,270	8–19–21	Goldman Sachs International		—			72
South African Rand		6,600	U.S. Dollar		441	4–1–21	JPMorgan Securities LLC		—			6
Turkish New Lira		1,710	U.S. Dollar		203	4–1–21	JPMorgan Securities LLC		—			4
U.S. Dollar		1,408	Chinese Yuan Renminbi Offshore		9,258	4–1–21	JPMorgan Securities LLC		2			—
U.S. Dollar		208	Turkish New Lira		1,710	4–1–21	JPMorgan Securities LLC		—			1
Polish Zloty		1,630	U.S. Dollar		437	4–2–21	JPMorgan Securities LLC		25			—
Turkish New Lira		1,710	U.S. Dollar		205	4–2–21	JPMorgan Securities LLC		—			2
U.S. Dollar		437	Russian Ruble		32,500	4–2–21	JPMorgan Securities LLC		—			7

70 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
U.S. Dollar		203	Turkish New Lira		1,710	4–2–21	JPMorgan Securities LLC	$	4		$	—
Brazilian Real		18,827	U.S. Dollar		3,254	4–5–21	JPMorgan Securities LLC		—			90
U.S. Dollar		859	Euro		720	4–6–21	JPMorgan Securities LLC		—			15
U.S. Dollar		533	Hungarian Forint		164,500	4–6–21	JPMorgan Securities LLC		—			—	*
U.S. Dollar		852	New Zealand Dollar		1,190	4–6–21	JPMorgan Securities LLC		—			21
U.S. Dollar		196	Turkish New Lira		1,585	4–6–21	JPMorgan Securities LLC		—			4
U.S. Dollar		204	Turkish New Lira		1,710	4–7–21	JPMorgan Securities LLC		2			—
U.S. Dollar		436	Colombian Peso		1,580,000	4–8–21	JPMorgan Securities LLC		—			4
U.S. Dollar		1,352	Thai Baht		42,188	4–8–21	JPMorgan Securities LLC		—			2
Euro		348	Czech Koruna		9,164	4–9–21	JPMorgan Securities LLC		4			—
South African Rand		13,300	U.S. Dollar		863	4–9–21	JPMorgan Securities LLC		—			38
U.S. Dollar		1,124	Chinese Yuan Renminbi		7,350	4–9–21	JPMorgan Securities LLC		—			4
U.S. Dollar		478	Indonesian Rupiah		6,900,000	4–9–21	JPMorgan Securities LLC		—			3
Mexican Peso		9,100	U.S. Dollar		422	4–12–21	JPMorgan Securities LLC		—			23
U.S. Dollar		856	New Zealand Dollar		1,190	4–12–21	JPMorgan Securities LLC		—			25
U.S. Dollar		80	Mexican Peso		1,606	4–13–21	JPMorgan Securities LLC		—			2
U.S. Dollar		859	Euro		720	4–16–21	JPMorgan Securities LLC		—			15
U.S. Dollar		279	Turkish New Lira		2,277	4–16–21	JPMorgan Securities LLC		—			6
Australian Dollar		1,690	U.S. Dollar		1,315	4–19–21	JPMorgan Securities LLC		31			—
Indonesian Rupiah		4,556,000	U.S. Dollar		320	4–19–21	JPMorgan Securities LLC		7			—
U.S. Dollar		367	Indian Rupee		27,200	4–19–21	JPMorgan Securities LLC		4			—
Australian Dollar		1,100	U.S. Dollar		858	4–22–21	JPMorgan Securities LLC		22			—
Turkish New Lira		4,965	U.S. Dollar		594	4–22–21	JPMorgan Securities LLC		1			—
U.S. Dollar		856	Australian Dollar		1,100	4–22–21	JPMorgan Securities LLC		—			20
U.S. Dollar		1,016	Turkish New Lira		7,857	4–22–21	JPMorgan Securities LLC		—			76
U.S. Dollar		811	Chinese Yuan Renminbi		5,300	4–23–21	JPMorgan Securities LLC		—			4
U.S. Dollar		438	South Korean Won		494,000	4–26–21	JPMorgan Securities LLC		—	*		—
U.S. Dollar		706	Turkish New Lira		5,783	4–26–21	JPMorgan Securities LLC		—			17
South African Rand		18,659	U.S. Dollar		1,249	4–29–21	JPMorgan Securities LLC		—			11
U.S. Dollar		506	South African Rand		7,687	4–29–21	JPMorgan Securities LLC		14			—
Chinese Yuan Renminbi Offshore		9,900	U.S. Dollar		1,503	4–30–21	JPMorgan Securities LLC		—			3
Czech Koruna		1,000	U.S. Dollar		47	5–3–21	JPMorgan Securities LLC		2			—
U.S. Dollar		3,250	Brazilian Real		18,827	5–4–21	JPMorgan Securities LLC		89			—
U.S. Dollar		862	Chinese Yuan Renminbi		5,600	5–7–21	JPMorgan Securities LLC		—			10
U.S. Dollar		1,335	Chinese Yuan Renminbi		8,700	5–10–21	JPMorgan Securities LLC		—			13
U.S. Dollar		269	Polish Zloty		1,019	5–10–21	JPMorgan Securities LLC		—			11
Nigeria Naira		89,870	U.S. Dollar		209	5–17–21	JPMorgan Securities LLC		—			7
Turkish New Lira		2,277	U.S. Dollar		274	5–17–21	JPMorgan Securities LLC		6			—
Egypt Pound		4,820	U.S. Dollar		296	5–20–21	JPMorgan Securities LLC		—			7
Turkish New Lira		5,889	U.S. Dollar		706	5–26–21	JPMorgan Securities LLC		18			—
Turkish New Lira		1,710	U.S. Dollar		194	6–30–21	JPMorgan Securities LLC		—			1
Turkish New Lira		3,190	U.S. Dollar		401	8–19–21	JPMorgan Securities LLC		48			—
U.S. Dollar		200	Turkish New Lira		1,590	8–19–21	JPMorgan Securities LLC		—			25
Brazilian Real		450	U.S. Dollar		81	4–5–21	Morgan Stanley International		1			—
South African Rand		2,204	U.S. Dollar		149	4–6–21	Morgan Stanley International		—			—	*
U.S. Dollar		175	South African Rand		2,600	4–6–21	Morgan Stanley International		1			—
Russian Ruble		7,700	U.S. Dollar		104	4–12–21	Morgan Stanley International		3			—
U.S. Dollar		847	Australian Dollar		1,100	4–12–21	Morgan Stanley International		—			12
U.S. Dollar		3,685	Polish Zloty		14,126	4–16–21	Morgan Stanley International		—			110
U.S. Dollar		1,181	Chinese Yuan Renminbi		7,700	4–19–21	Morgan Stanley International		—			8
U.S. Dollar		384	Mexican Peso		7,899	4–19–21	Morgan Stanley International		2			—

2021 SEMIANNUAL REPORT 71

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

MARCH 31, 2021 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
Chinese Yuan Renminbi Offshore		7,945	U.S. Dollar		1,213	4–29–21	Morgan Stanley International	$	5	$	—
U.S. Dollar		173	Polish Zloty		680	6–29–21	Morgan Stanley International		—		1
Nigeria Naira		87,910	U.S. Dollar		199	8–12–21	Morgan Stanley International		—		6
U.S. Dollar		187	Nigeria Naira		87,910	2–14–22	Morgan Stanley International		4		—
								$	1,581	$	1,814

The following futures contracts were outstanding at March 31, 2021 (contracts unrounded):    

Description	Type		Number of Contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation (Depreciation)
Euro-Buxl 30-Year Bond		Short		2		6–30–21		200	$	(483	)	$	4
U.S. 10-Year Treasury Note		Long		25		6–30–21		2,500		3,274			(11	)
U.S. 5-Year Treasury Note		Short		4		6–30–21		400		(494	)		2
									$	2,297		$	(5	)

The following centrally cleared interest rate swap agreements were outstanding at March 31, 2021:    

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(C)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Receive	28-Day Mexico Equilibrium Interbank Interest Rate		4.758	%	9/14/2022	MXN	1,382	$	(3	)	$	—	$	(3	)
Receive	28-Day Mexico Equilibrium Interbank Interest Rate		5.043	%	9/13/2023		493		(4	)		—		(4	)
Receive	28-Day Mexico Equilibrium Interbank Interest Rate		5.908	%	9/9/2026		2,184		(34	)		—		(34	)
Pay	28-Day Mexico Equilibrium Interbank Interest Rate		6.695	%	9/3/2031		1,429		(24	)		—		(24	)
Receive	3-Month Colombia Overnight Interbank Reference Rate		4.050	%	6/16/2026	COP	1,044		26			—		26
Receive	3-Month Johannesburg Interbank Agreed Rate		4.675	%	6/16/2024	ZAR	889		10			—		10
Receive	3-Month Johannesburg Interbank Agreed Rate		4.755	%	6/16/2024		889		8			—		8
Pay	3-Month Johannesburg Interbank Agreed Rate		9.280	%	6/17/2031		1,489		(36	)		—		(36	)
Receive	6-Month Budapest Interbank Offered Rate		1.535	%	6/16/2026	HUF	968		29			—		29
Pay	6-Month Warsaw Interbank Offered Rate		0.691	%	9/15/2023	PLN	847		(1	)		—		(1	)
Pay	6-Month Warsaw Interbank Offered Rate		1.217	%	9/15/2025		1,246		(5	)		—		(5	)
Receive	6-Month Warsaw Interbank Offered Rate		1.412	%	9/15/2026		514		(2	)		—		(2	)
Pay	6-Month Warsaw Interbank Offered Rate		1.788	%	9/15/2029		344		(2	)		—		(2	)
Pay	1-Day Brazil Interbank Deposit Rate		4.205	%	1/3/2023	BRL	1,406		1			—		1
Pay	1-Day Brazil Interbank Deposit Rate		4.805	%	1/3/2023		351		—	*		—		—	*
Pay	1-Day Brazil Interbank Deposit Rate		5.080	%	1/3/2024		421		—	*		—		—	*
Pay	1-Year Camara vs. Interest Rate Swap Peso		1.975	%	6/16/2026	CLP	422		(13	)		—		(13	)

72 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(C)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Receive	28-Day Mexico Equilibrium Interbank Interest Rate		6.100	%	12/11/2024	MXN	929	$	—	*	$	—	$	—	*
Pay	28-Day Mexico Equilibrium Interbank Interest Rate		6.320	%	9/6/2028		1,594		(26	)		—		(26	)
Receive	3-Month Colombia Overnight Interbank Reference Rate		3.800	%	6/16/2026	COP	497		17			—		17
Receive	3-Month Johannesburg Interbank Agreed Rate		5.255	%	12/15/2023	ZAR	1,335		(1	)		—		(1	)
Receive	3-Month Johannesburg Interbank Agreed Rate		5.210	%	12/15/2023		2,558		(2	)		—		(2	)
Receive	3-Month Johannesburg Interbank Agreed Rate		5.395	%	12/15/2023		2,536		(9	)		—		(9	)
Receive	3-Month Johannesburg Interbank Agreed Rate		10.040	%	6/17/2031		589		(4	)		—		(4	)
Receive	6-Month Budapest Interbank Offered Rate		1.700	%	6/16/2024	HUF	767		3			—		3
Receive	6-Month Budapest Interbank Offered Rate		1.620	%	6/16/2024		736		4			—		4
Receive	6-Month Budapest Interbank Offered Rate		1.800	%	6/16/2024		773	��	1			—		1
Pay	6-Month Thai Baht Interest Rate Fixing Rate		0.685	%	12/28/2025	THB	648		(11	)		—		(11	)
Pay	6-Month Thai Baht Interest Rate Fixing Rate		1.130	%	12/28/2030		464		(24	)		—		(24	)
Receive	6-Month Warsaw Interbank Offered Rate		1.415	%	12/15/2026	PLN	464		5			—		5
Receive	3-Month LIBOR		1.416	%	6/21/2025	$	2,159		—	*		—		—	*
Receive	6-Month Warsaw Interbank Offered Rate		0.700	%	12/15/2023	PLN	2,112		8			—		8
Pay	6-Month Warsaw Interbank Offered Rate		1.710	%	12/15/2031		263		(8	)		—		(8	)
								$	(97	)	$	—	$	(97	)

The following over the counter interest rate swap agreements were outstanding at March 31, 2021:    

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	1,148	$	47		$	—	$	47
Goldman Sachs International	Pay	1-Day Borsa Instanbul Turkish Lira Overnight Reference Rate		15.840	%	9/15/2024	TRY	102		(8	)		—		(8	)
Goldman Sachs International	Receive	1-Day Borsa Instanbul Turkish Lira Overnight Reference Rate		18.250	%	6/16/2026		128		3			—		3
Goldman Sachs International	Receive	1-Day Borsa Instanbul Turkish Lira Overnight Reference Rate		17.850	%	6/16/2026		128		4			—		4
Goldman Sachs International	Pay	3-Month RUB NFEA MosPrime Rate		6.750	%	6/16/2023	RUB	844		(1	)		—		(1	)
JPMorgan Chase Bank N.A.	Receive	3-Month LIBOR		17.230	%	7/15/2021	$	1,400		141			—		141
JPMorgan Chase Bank N.A.	Receive	3-Month LIBOR		17.240	%	7/15/2021		2,800		307			—		307
JPMorgan Chase Bank N.A.	Receive	3-Month RUB NFEA MosPrime Rate		5.600	%	6/16/2022	RUB	2,225		(16	)		—		(16	)
JPMorgan Chase Bank N.A.	Pay	3-Month RUB NFEA MosPrime Rate		6.750	%	6/16/2023		844		(1	)		—		(1	)

2021 SEMIANNUAL REPORT 73

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

MARCH 31, 2021 (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 LIBOR		9.800	%	10/9/2022	IDR	212	$	20		$	—	$	20
Morgan Stanley & Co. International plc		Pay	3-Month LIBOR		14.250	%	7/15/2021	TRY	464		(136	)		—		(136	)
Morgan Stanley & Co. International plc		Receive	3-Month LIBOR		16.350	%	9/15/2022	$	2,200		348			—		348
Morgan Stanley & Co. International plc		Receive	6-Month LIBOR		7.400	%	4/24/2024	IDR	955		74			—		74
										$	782		$	—	$	782

The following written options were outstanding at March 31, 2021 (contracts and exercise prices unrounded):    

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Notional Amount		Expiration Month		Exercise Price		Premium Received		Value
U.S. 5-Year Treasury Note June Futures	N/A		Put		42		4,200		April 2021	$	123.00	$	5	$	(10	)
	N/A		Put		88		8,800		May 2021		122.00		10		(13	)
												$	15	$	(23	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	241	$	—	$	—
Other Government Securities		—		55,706		—
Short-Term Securities		9,559		—		—
Total	$	9,800	$	55,706	$	—
Centrally Cleared Credit Default Swaps	$	1	$	10	$	—
Forward Foreign Currency Contracts	$	—	$	1,581	$	—
Futures Contracts	$	6	$	—	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	112	$	—
Over the Counter Interest Rate Swaps	$	—	$	944	$	—
Liabilities
Centrally Cleared Credit Default Swaps	$	4	$	3	$	—
Forward Foreign Currency Contracts	$	—	$	1,814	$	—
Futures Contracts	$	11	$	—	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	209	$	—
Over the Counter Interest Rate Swaps	$	—	$	162	$	—
Written Options	$	23	$	—	$	—

The following acronyms are used throughout this schedule:

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

Market Sector Diversification
(as a % of net assets)
Other Government Securities	81.8%
Other+	18.2%

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

See Accompanying Notes to Financial Statements.

74 SEMIANNUAL REPORT 2021

PORTFOLIO HIGHLIGHTS IVY PICTET TARGETED RETURN BOND FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Purchased Options	0.2%
Bonds	89.4%
Corporate Debt Securities	39.6%
Other Government Securities	29.7%
United States Government and Government Agency Obligations	20.1%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	10.4%

Quality Weightings

Investment Grade	69.9%
AAA	14.4%
AA	17.4%
A	10.0%
BBB	28.1%
Non-Investment Grade	19.5%
BB	15.5%
B	3.4%
CCC	0.2%
Below CCC	0.1%
Non-rated	0.3%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ and Purchased Options	10.6%

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.

Country Weightings

Europe	41.2%
Germany	10.7%
Italy	7.6%
United Kingdom	4.7%
Norway	4.4%
Other Europe	13.8%
North America	30.5%
United States	29.6%
Other North America	0.9%
Pacific Basin	9.8%
China	7.1%
Other Pacific Basin	2.7%
Other	3.1%
South America	1.9%
Bahamas/Caribbean	1.2%
Africa	0.7%
Asia	0.7%
Middle East	0.3%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Purchased Options	10.6%

+ 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.

2021 SEMIANNUAL REPORT 75

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

MARCH 31, 2021 (UNAUDITED)

PURCHASED OPTIONS	Number of Contracts (Unrounded)		Notional Amount		Value
EUR versus USD,
Call $1.19, Expires 6–17–21, OTC (Ctrpty: Barclays Capital, Inc.)		3,247,500		3,248	$	19
Euro-Bund 10-Year Bond June Futures,
Call EUR172.50, Expires 5–21–21 (A)		82		8,200		59
U.S. 10-Year Treasury Note June Futures,
Call $145.00, Expires 5–21–21		73		7,300		—	*
U.S. Treasury Long Bond June Futures:
Call $164.00, Expires 5–21–21		111		11,100		16
Call $220.00, Expires 5–21–21		64		6,400		—	*
USD versus JPY,
Call $107.10, Expires 5–19–21, OTC (Ctrpty: Goldman Sachs International)		7,112,000		7,112		240
USD versus NOK,
Put $8.59, Expires 10–27–21, OTC (Ctrpty: Citibank N.A.)		7,588,000		7,588		287
TOTAL PURCHASED OPTIONS – 0.2%					$	621
(Cost: $527)

CORPORATE DEBT SECURITIES	Principal
Communication Services
Broadcasting – 0.4%
Discovery Communications LLC (GTD by Discovery, Inc.),
5.300%, 5–15–49	$	184	220
Fox Corp.,
5.576%, 1–25–49		372	474
			694
Cable & Satellite – 0.6%
Altice France S.A.,
5.875%, 2–1–27 (A)	EUR	363	454
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.,
5.750%, 4–1–48	$	450	547
Summer BidCo B.V. (9.000% Cash or 9.750% PIK),
9.000%, 11–15–25 (A)(B)	EUR	210	252
			1,253

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Telecommunication Services – 1.6%
AT&T, Inc.:
4.250%, 6–1–43 (A)	GBP	176	$	291
3.650%, 9–15–59 (C)	$	861		787
British Telecommunications plc,
3.250%, 11–8–29		870		910
CK Hutchison Group Telecom Finance S.A.,
1.500%, 10–17–31 (A)	EUR	200		245
Oi S.A. (10.000% Cash or 8.000% Cash and 4.000% PIK),
10.000%, 7–27–25 (B)	$	245		259
Telefonica Emisiones S.A.:
7.045%, 6–20–36		145		201
5.213%, 3–8–47		400		468
				3,161
Wireless Telecommunication Service – 0.2%
Vodafone Group plc,
2.625%, 8–27–80 (A)(D)	EUR	390		472
Total Communication Services – 2.8%				5,580
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 0.2%
PVH Corp.,
3.125%, 12–15–27 (A)		340		443
Auto Parts & Equipment – 0.5%
Grupo-Antolin Irausa S.A.,
3.250%, 4–30–24 (A)		134		156
IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK),
3.875%, 5–15–27 (A)(B)		300		362
ZF Europe Finance B.V.,
3.000%, 10–23–29 (A)(D)		400		489
				1,007
Automobile Manufacturers – 1.8%
Daimler AG,
1.125%, 11–6–31 (A)		1,070		1,304
General Motors Co.,
6.800%, 10–1–27	$	600		744
Jaguar Land Rover Automotive plc,
7.750%, 10–15–25 (C)		200		217
Volkswagen International Finance N.V.,
3.375%, 6–27–69 (A)	EUR	1,000		1,240
				3,505
Restaurants – 0.1%
Starbucks Corp.,
4.450%, 8–15–49	$	123		143
Total Consumer Discretionary – 2.6%				5,098
Consumer Staples
Brewers – 0.2%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
5.800%, 1–23–59		365		495

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Drug Retail – 0.2%
CVS Health Corp.,
5.050%, 3–25–48	$	244	$	299
Hypermarkets & Super Centers – 0.3%
Carrefour S.A.,
2.625%, 12–15–27 (A)(D)	EUR	400		538
Packaged Foods & Meats – 0.2%
Mars, Inc.,
4.200%, 4–1–59 (C)	$	395		447
Total Consumer Staples – 0.9%				1,779
Energy
Integrated Oil & Gas – 1.3%
OMV AG,
2.500%, 9–1–69 (A)	EUR	600		732
Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.),
6.900%, 3–19–49	$	330		362
Petroleos Mexicanos,
4.875%, 2–21–28 (A)	EUR	521		606
Raizen Fuels Finance Ltd.,
5.300%, 1–20–27 (C)	$	589		654
Repsol International Finance B.V.,
4.247%, 12–11–69 (A)	EUR	200		258
				2,612
Oil & Gas Exploration & Production – 0.8%
BP Capital Markets plc (GTD by BP plc),
1.231%, 5–8–31 (A)		1,250		1,533
Oil & Gas Storage & Transportation – 1.0%
Energy Transfer Partners L.P.,
6.000%, 6–15–48	$	315		363
Kunlun Energy Co. Ltd.,
3.750%, 5–13–25		464		491
TransCanada PipeLines Ltd.,
5.300%, 3–15–77		944		986
				1,840
Total Energy—3.1%				5,985
Financials
Asset Management & Custody Banks – 0.3%
Charming Light Investments Ltd.,
4.375%, 12–21–27 (D)		458		513
Consumer Finance – 0.4%
Ford Motor Credit Co. LLC,
3.815%, 11–2–27		850		860
Diversified Banks – 5.7%
ABANCA Corp. Bancaria S.A.,
6.125%, 1–18–29 (A)	EUR	300		384
ABN AMRO Bank N.V.,
2.875%, 1–18–28 (A)		300		368
AIB Group plc,
6.250%, 12–23–69 (A)		220		289

76 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Banks (Continued)
Banco Santander S.A.,
6.750%, 7–25–68 (A)	EUR	200	$	247
Banque Centrale de Tunisia,
6.375%, 7–15–26 (A)		166		171
Barclays plc,
2.000%, 2–7–28 (A)		400		481
BAWAG Group AG,
5.000%, 11–14–68 (A)		200		245
BNP Paribas S.A.:
4.500%, 8–25–68 (C)	$	320		316
4.500%, 8–25–69 (D)		390		385
Commerzbank AG,
6.125%, 4–9–69 (A)	EUR	200		251
De Volksbank N.V.,
2.750%, 10–6–27 (A)		300		358
Erste Group Bank AG,
6.500%, 10–15–68 (A)		600		790
HSBC Holdings plc,
5.875%, 3–28–69 (A)	GBP	500		761
Intesa Sanpaolo S.p.A.,
3.750%, 8–27–68 (A)	EUR	500		562
La Banque Postale,
3.875%, 5–20–68 (A)		600		734
Landesbank Baden-Wuerttemberg,
2.875%, 9–28–26 (A)		400		512
Lloyds Banking Group plc,
7.500%, 4–30–49	$	410		457
NatWest Group plc,
5.125%, 12–31–69 (A)	GBP	200		289
Royal Bank of Scotland Group plc (The),
8.000%, 9–30–69	$	400		469
Societe Generale S.A.,
5.375%, 5–18–69 (C)(D)		319		328
Svenska Handelsbanken AB,
6.250%, 3–1–69		600		658
TerraForm Power Operating LLC (GTD by TerraForm Power LLC),
5.000%, 1–31–28 (C)		440		475
UniCredit S.p.A.:
5.861%, 6–19–32		400		443
5.459%, 6–30–35 (C)		200		212
Unione di Banche Italiane S.p.A.,
5.875%, 6–20–69 (A)	EUR	380		481
Virgin Money UK plc,
4.000%, 9–25–26 (A)	GBP	300		449
				11,115
Diversified Capital Markets – 0.9%
Credit Suisse Group AG:
3.250%, 4–2–26 (A)	EUR	400		519
7.250%, 3–12–68	$	400		434
4.500%, 3–3–69 (C)		370		347
UBS Group AG,
7.000%, 7–31–68		420		462
				1,762
Life & Health Insurance – 2.4%
Allianz SE,
3.500%, 4–30–69 (C)		2,400		2,436
CNP Assurances S.A.,
2.500%, 6–30–51 (A)	EUR	900		1,123

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Life & Health Insurance (Continued)
Legal & General Group plc,
3.750%, 11–26–49 (A)	GBP	525	$	766
Rothesay Life plc,
6.875%, 3–12–68 (A)		300		470
				4,795
Multi-Line Insurance – 0.1%
ageas S.A./N.V.,
3.875%, 6–10–69 (A)	EUR	200		247
Other Diversified Financial Services – 0.4%
RCI Banque S.A.,
2.625%, 2–18–30 (A)		600		701
Property & Casualty Insurance – 1.2%
Chubb INA Holdings, Inc. (GTD by Chubb Ltd.),
2.500%, 3–15–38 (A)		243		340
Direct Line Insurance Group plc,
4.750%, 6–7–68 (A)	GBP	200		270
Munich Reinsurance Co.,
1.250%, 5–26–41 (A)	EUR	1,000		1,181
Zurich Finance (Ireland) DAC,
1.875%, 9–17–50 (A)		500		614
				2,405
Specialized Finance – 1.6%
China Great Wall International Holdings III Ltd.,
3.875%, 8–31–27 (D)	$	679		737
Dresdner Funding Trust I,
8.151%, 6–30–31		430		607
Intrum AB,
3.000%, 9–15–27 (A)(C)	EUR	669		760
Vonovia Finance B.V.,
1.125%, 9–14–34 (A)		800		946
				3,050
Thrifts & Mortgage Finance – 0.4%
Deutsche Pfandbriefbank AG,
2.875%, 6–28–27 (A)		700		829
Total Financials – 13.4%				26,277
Health Care
Health Care Facilities – 0.2%
HCA, Inc. (GTD by HCA Holdings, Inc.),
5.250%, 6–15–49	$	360		441
Health Care Supplies – 0.2%
Medtronic Global Holdings SCA,
1.750%, 7–2–49 (A)	EUR	363		449
Life Sciences Tools & Services – 0.1%
Thermo Fisher Scientific, Inc.,
2.875%, 7–24–37 (A)		158		231
Managed Health Care – 0.2%
UnitedHealth Group, Inc.:
3.700%, 8–15–49	$	119		129
3.875%, 8–15–59		233		260
				389

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Pharmaceuticals – 0.4%
Merck KGaA,
1.625%, 9–9–80 (A)	EUR	600	$	718
Total Health Care – 1.1%				2,228
Industrials
Aerospace & Defense – 0.5%
Rolls-Royce plc,
5.750%, 10–15–27 (C)	$	1,000		1,064
Airlines – 0.1%
Avianca Holdings S.A. (LIBOR plus 10.500% Cash or LIBOR plus 12.000% PIK),
12.203%, 11–10–21 (B)(C)(E)		128		130
Diversified Support Services – 0.6%
Logicor Financing S.a.r.l.,
3.250%, 11–13–28 (A)	EUR	800		1,090
Heavy Electrical Equipment – 0.2%
Nordex SE,
6.500%, 2–1–23 (A)		320		383
Industrial Conglomerates – 0.2%
General Electric Co.,
4.125%, 10–9–42	$	324		347
Railroads – 0.2%
CSX Corp.,
4.750%, 11–15–48		390		469
Total Industrials – 1.8%				3,483
Information Technology
IT Consulting & Other Services – 0.3%
International Business Machines Corp.,
4.250%, 5–15–49		567		653
Technology Hardware, Storage & Peripherals – 1.1%
Apple, Inc.,
1.125%, 5–11–25		824		829
Hewlett Packard Enterprise Co.:
4.900%, 10–15–25 (F)		359		409
6.350%, 10–15–45 (F)		600		782
Hewlett Packard Enterprise Co. (3-Month U.S. LIBOR plus 72 bps),
0.958%, 10–5–21 (E)		97		97
				2,117
Total Information Technology – 1.4%				2,770
Materials
Aluminum – 0.3%
PT Indonesia Asahan Aluminum Persero Tbk,
6.757%, 11–15–48		515		642

2021 SEMIANNUAL REPORT 77

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Chemicals – 0.3%
Chemours Co. (The),
4.000%, 5–15–26 (A)	EUR	200	$	237
Dow Chemical Co. (The),
4.375%, 11–15–42	$	285		324
				561
Diversified Metals & Mining – 0.4%
Glencore Capital Finance DAC,
1.125%, 3–10–28 (A)	EUR	590		703
Fertilizers & Agricultural Chemicals – 0.3%
Israel Chemicals Ltd.,
6.375%, 5–31–38	$	413		519
Specialty Chemicals – 0.3%
International Flavors & Fragrances, Inc.,
5.000%, 9–26–48		171		211
Westlake Chemical Corp.,
1.625%, 7–17–29 (A)	EUR	344		419
				630
Total Materials – 1.6%				3,055
Real Estate
Diversified Real Estate Activities – 1.4%
Blackstone Property Partners Europe Holdings S.a.r.l.,
1.750%, 3–12–29 (A)		284		344
Blackstone Property Partners Europe L.P.,
2.200%, 7–24–25 (A)		800		1,004
Shimao Property Holdings Ltd.,
6.125%, 2–21–24	$	1,042		1,095
Vanke Real Estate (Hong Kong) Co. Ltd.,
3.975%, 11–9–27		335		361
				2,804
Diversified REITs – 0.1%
Aroundtown S.A.,
1.625%, 1–31–28 (A)	EUR	200		247
Hotel & Resort REITs – 0.3%
China Aoyuan Property Group Ltd.:
7.500%, 5–10–21	$	234		234
5.375%, 9–13–22		400		402
				636
Industrial REITs – 0.6%
Prologis Euro Finance LLC (GTD by Prologis L.P.):
0.625%, 9–10–31 (A)	EUR	340		395
1.500%, 9–10–49 (A)		727		828
				1,223

CORPORATE DEBT SECURITIES (Continued)		Principal		Value
Office REITs – 0.3%
Demire Deutsche Mittelstand Real Estate AG,
1.875%, 10–15–24 (A)		EUR	300	$	340
Inmobiliaria Colonial Socimi S.A.,
2.500%, 11–28–29 (A)			200		261
					601
Real Estate Development – 4.3%
Agile Group Holdings Ltd.:
6.700%, 3–7–22		$	495		510
7.750%, 5–25–69			260		267
China Evergrande Group,
8.750%, 6–28–25			486		390
CIFI Holdings Group Co. Ltd.,
6.550%, 3–28–24			910		967
Country Garden Holdings Co. Ltd.:
8.000%, 1–27–24			369		394
7.250%, 4–8–26			700		780
CPI Property Group S.A.,
4.875%, 10–16–68 (A)		EUR	400		493
Greenland Global Investment Ltd.:
5.750%, 9–26–22		$	420		379
6.750%, 9–26–23			310		263
Logan Property Holdings Co. Ltd.,
6.500%, 7–16–23			302		309
Longfor Properties Co. Ltd.,
4.500%, 1–16–28 (D)			706		765
RKPF Overseas 2019 A Ltd.,
7.875%, 2–1–23			500		520
Samhallsbyggnadsbolaget I Norden AB,
2.624%, 4–30–69 (A)		EUR	410		481
Sunac China Holdings Ltd.,
7.950%, 10–11–23		$	1,000		1,056
Zhenro Properties Group Ltd.,
7.350%, 2–5–25			750		741
					8,315
Retail REITs – 0.6%
MAF Global Securities Ltd.,
5.500%, 9–7–68			400		406
Unibail-Rodamco SE,
2.125%, 10–25–66 (A)(D)		EUR	700		792
	��
					1,198
Specialized REITs – 0.3%
Digital Stout Holding LLC,
3.750%, 10–17–30 (A)		GBP	300		469
Total Real Estate – 7.9%					15,493
Utilities
Electric Utilities – 2.1%
ContourGlobal Power Holdings S.A.,
4.125%, 8–1–25 (A)		EUR	320		384
DPL, Inc.,
4.350%, 4–15–29		$	495		532
E.ON SE,
1.000%, 10–7–25 (A)(D)		EUR	400		489
Electricite de France S.A.,
3.375%, 9–15–69 (A)			600		749

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Electric Utilities (Continued)
Energo-Pro A.S.,
4.500%, 5–4–24 (A)	EUR	171	$	196
NextEra Energy Operating Partners L.P. (GTD by NextEra Energy Partners L.P. and NextEra Energy U.S. Partners Holdings LLC),
4.500%, 9–15–27 (C)	$	360		389
Orano S.A.,
2.750%, 3–8–28 (A)	EUR	400		485
Talen Energy Supply LLC,
7.250%, 5–15–27 (C)	$	109		111
Viridian Group FinanceCo plc and Viridian Power and Energy Holdings DAC,
4.750%, 9–15–24 (A)	GBP	104		145
Vistra Operations Co. LLC:
5.625%, 2–15–27 (C)	$	68		71
5.000%, 7–31–27 (C)		580		597
				4,148
Independent Power Producers & Energy Traders – 0.5%
Drax Finco plc,
2.625%, 11–1–25 (A)	EUR	500		601
Pattern Energy Operations L.P. and Pattern Energy Operations, Inc. (GTD by Pattern U.S. Finance Co. LLC),
4.500%, 8–15–28 (C)	$	370		376
				977
Multi-Utilities – 0.3%
ENGIE S.A.,
1.500%, 11–30–69 (A)	EUR	500		588
Renewable Electricity – 0.1%
Clearway Energy Operating LLC,
4.750%, 3–15–28 (C)	$	187		195
Total Utilities – 3.0%				5,908
TOTAL CORPORATE DEBT SECURITIES – 39.6%			$	77,656
(Cost: $73,679)
OTHER GOVERNMENT SECURITIES (G)
Bermuda – 0.2%
Bermuda Government Bond,
3.375%, 8–20–50		472		456
Brazil – 0.9%
Federative Republic of Brazil,
4.625%, 1–13–28		1,608		1,699
Bulgaria – 0.3%
Bulgaria Government Bond,
1.375%, 9–23–50 (A)	EUR	505		576

78 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (G) (Continued)	Principal		Value
Chile – 0.3%
Chile Bonos Tesoreria,
3.500%, 1–25–50 (D)	$	480	$	488
China – 3.1%
China Government Bond,
3.390%, 3–16–50 (A)	CNH	42,210		6,039
Columbia – 0.4%
Republic of Colombia,
6.125%, 1–18–41	$	653		775
Croatia – 0.1%
Costa Rica Government Bond,
6.125%, 2–19–31		200		201
Dominican Republic – 0.1%
Dominican Republic,
6.500%, 2–15–48		210		222
Egypt – 0.5%
Arab Republic of Egypt:
6.375%, 4–11–31 (A)	EUR	474		569
8.500%, 1–31–47 (C)	$	277		275
8.700%, 3–1–49		222		223
				1,067
Europe – 0.1%
Republic of Ecuador:
0.000%, 7–31–30 (C)(H)		17		7
0.500%, 7–31–30 (C)		129		76
0.500%, 7–31–35 (C)		149		67
0.500%, 7–31–40 (C)		56		24
				174
Germany – 6.2%
Bundesrepublik Deutschland:
0.000%, 2–15–30 (A)(H)	EUR	8,280		10,042
0.000%, 8–15–50 (A)(H)		1,910		2,080
				12,122
Ghana – 0.1%
Republic of Ghana,
7.875%, 2–11–35	$	260		242
Hungary – 0.2%
Hungary Government Bond,
1.500%, 11–17–50 (A)	EUR	316		350
Indonesia – 1.1%
Indonesia Government Bond,
8.375%, 4–15–39 (A)	IDR	7,041,000		517
Republic of Indonesia:
1.450%, 9–18–26 (A)	EUR	687		830
3.850%, 10–15–30	$	416		457
1.400%, 10–30–31 (A)	EUR	219		258
				2,062
Israel – 0.4%
Israel Government Bond,
4.500%, 4–3–20	$	643	$	766

OTHER GOVERNMENT SECURITIES (G) (Continued)	Principal		Value
Italy – 6.7%
Buoni del Tesoro Poliennali:
0.350%, 2–1–25 (A)	EUR	10,120		12,089
2.450%, 9–1–50 (A)		740		1,031
				13,120
Ivory Coast – 0.5%
Ivory Coast Government Bond:
5.875%, 10–17–31 (A)		350		433
4.875%, 1–30–32 (A)		390		446
				879
Mexico – 0.2%
United Mexican States,
2.875%, 4–8–39 (A)		400		478
Nigeria – 0.2%
Republic of Nigeria,
7.625%, 11–28–47	$	479		464
Norway – 4.4%
Norway Government Bond,
1.375%, 8–19–30 (A)	NOK	74,357		8,624
Oman – 0.1%
Oman Government Bond,
6.750%, 10–28–27	$	240		265
Peru – 0.3%
Republic of Peru,
2.392%, 1–23–26		539		555
Qatar – 0.3%
Qatar Government Bond,
5.103%, 4–23–48		440		556
Romania – 0.3%
Romania Government Bond:
1.375%, 12–2–29 (A)	EUR	146		170
3.375%, 1–28–50 (A)		410		502
				672
Saudi Arabia – 0.2%
Saudi Arabia Government Bond,
2.250%, 2–2–33	$	465		437
Serbia – 0.2%
Republic of Serbia,
1.500%, 6–26–29 (A)	EUR	390		458
South Africa – 1.2%
Republic of South Africa:
5.875%, 6–22–30 (D)	$	988		1,057
9.000%, 1–31–40 (A)	ZAR	16,991		940
5.750%, 9–30–49	$	310		285
				2,282
Sri Lanka – 0.1%
Republic of Sri Lanka,
6.200%, 5–11–27 (C)		380		231

OTHER GOVERNMENT SECURITIES (G) (Continued)	Principal		Value
United Arab Emirates – 0.3%
Abu Dhabi Government Bond,
4.125%, 10–11–47	$	515	$	581
Uzbekistan – 0.7%
Republic of Uzbekistan:
5.375%, 2–20–29		959		1,051
3.700%, 11–25–30		237		230
				1,281
TOTAL OTHER GOVERNMENT SECURITIES – 29.7%			$	58,122
(Cost: $57,838)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 20.1%
U.S. Treasury Bonds,
3.375%, 11–15–48 (I)		12,113		14,547
U.S. Treasury Notes:
1.125%, 2–28–25		17,090		17,412
0.250%, 8–31–25		7,600		7,423
				39,382
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 20.1%			$	39,382
(Cost: $39,425)
SHORT–TERM SECURITIES
Japan (J) – 4.7%
Japan Government Treasury Bills:
-0.090%, 4–12–21 (A)	JPY	518,500		4,683
-0.100%, 5–17–21 (A)		512,000		4,625
				9,308
	Shares
Money Market Funds (L) – 3.8%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
0.010% (K)		4,820		4,819
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.040%		2,713		2,713
				7,532
TOTAL SHORT–TERM SECURITIES – 8.5%			$	16,840
(Cost: $17,413)
TOTAL INVESTMENT SECURITIES – 98.1%			$	192,621
(Cost: $188,882)
CASH AND OTHER ASSETS, NET OF LIABILITIES (M) – 1.9%				3,746
NET ASSETS – 100.0%			$	196,367

2021 SEMIANNUAL REPORT 79

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

MARCH 31, 2021 (UNAUDITED)

Notes to Schedule of Investments

* Not shown due to rounding.

(A) Principal amounts are denominated in the indicated foreign currency, where applicable (AUD - Australian Dollar, CNH - Chinese Yuan in Hong Kong, CNY - Chinese Yuan Renminbi, CZK - Czech Koruna, EUR - Euro, GBP - British Pound, IDR - Indonesian Rupiah, JPY - Japanese Yen, KRW - South Korean Won, MXN - Mexican Peso, NOK - Norwegian Krone, NZD - New Zealand Dollar, PLN - Polish Zloty 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, 2021 the total value of these securities amounted to $10,592 or 5.4% of net assets.

(D) All or a portion of securities with an aggregate value of $4,620 are on loan.

(E) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2021. Description of the reference rate and spread, if applicable, are included in the security description.

(F) 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, 2021.

(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 $2,738 have been pledged as collateral on open futures contracts.

(J) Rate shown is the yield to maturity at March 31, 2021.

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

(L ) Rate shown is the annualized 7-day yield at March 31, 2021.

(M) Cash of $2,708 is held in collateralized accounts for centrally cleared swap agreement collateral.

The following centrally cleared credit default swaps — buy protection⁽¹⁾ were outstanding at March 31, 2021:     

Referenced Entity/Index	(Pay) Fixed Rate			Maturity Date		Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation (Depreciation)
Barclays plc		(1.000	%)		6–20–26		500	$	(13	)	$	(12	)	$	—	*
BNP Paribas S.A.		(1.000	%)		6–20–26		900		(36	)		(24	)		(12	)
Banco Santander S.A.		(1.000	%)		6–20–26		900		(35	)		(14	)		(21	)
iTraxx Europe Senior Financials, Series 35 Index		(1.000	%)		6–20–26		2,400		(58	)		(54	)		(5	)
iTraxx Europe, Series 35 Index		(1.000	%)		6–20–26		4,150		(121	)		(117	)		(4	)
iTraxx Europe Crossover, Series 35 Index		(1.000	%)		6–20–26		1,700		(233	)		(220	)		(14	)
Marriott International, Inc.		(1.000	%)		6–20–26		625		(5	)		(7	)		2
Markit North American Investment Grade CDX Index		(1.000	%)		6–20–26		14,950		(350	)		(321	)		(29	)
NatWest Group plc		(1.000	%)		6–20–26		900		(23	)		(22	)		(1	)
People’s Republic of China		(1.000	%)		6–20–26		7,200		(242	)		(244	)		2
Societe General S.A.		(1.000	%)		6–20–26		500		(20	)		(11	)		(9	)
								$	(1,136	)	$	(1,046	)	$	(91	)

80 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

The following centrally cleared credit default swaps — sold protection⁽³⁾ were outstanding at March 31, 2021:     

Referenced Entity/Index	Receive Fixed Rate			Maturity Date		Implied Credit Spread at March 31, 2021(4)			Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation (Depreciation)
Accor S.A.		1.000	%		6–20–26		2.558	%		500	$	(16	)	$	(15	)	$	(1	)
Deutsche Lufthansa AG		1.000	%		6–20–26		5.038			900		(103	)		(98	)		(5	)
Deutsche Lufthansa AG		1.000	%		12–20–25		4.924			900		(89	)		(102	)		14
iTraxx Europe, Series 34 Index		1.000	%		12–20–30		1.418			1,700		53			11			42
Leonardo S.p.A.		5.000	%		12–20–25		3.080			400		67			61			6
											$	(88	)	$	(143	)	$	56

The following over the counter credit default swaps — sold protection⁽³⁾ were outstanding at March 31, 2021:     

Referenced Obligation	Counterparty		Receive Fixed Rate			Maturity Date		Implied Credit Spread at March 31, 2021(4)			Notional Amount(2)		Value		Upfront Payments/ (Receipts)		Unrealized Depreciation
HOCHTIEF AG		Citibank N.A.		5.000	%		6–20–26		1.856	%		750	$	176	$	183	$	(7	)

(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.

The following forward foreign currency contracts were outstanding at March 31, 2021:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
Chinese Yuan Renminbi Offshore		26,277	U.S. Dollar		4,021	4–28–21	Barclays Capital, Inc.	$	25		$	—
Philippine Peso		120,200	U.S. Dollar		2,488	4–28–21	Barclays Capital, Inc.		18			—
U.S. Dollar		2,451	Russian Ruble		187,954	4–28–21	Barclays Capital, Inc.		29			—
Euro		250	U.S. Dollar		299	6–16–21	Barclays Capital, Inc.		5			—
Hungarian Forint		636,696	Euro		1,729	6–16–21	Barclays Capital, Inc.		—			29
Mexican Peso		53,909	U.S. Dollar		2,574	6–16–21	Barclays Capital, Inc.		—			43
U.S. Dollar		143	Canadian Dollar		180	6–16–21	Barclays Capital, Inc.		—	*		—
Japanese Yen		518,500	U.S. Dollar		4,993	4–12–21	Citibank N.A.		310			—
Brazilian Real		13,700	U.S. Dollar		2,527	4–28–21	Citibank N.A.		96			—
Chilean Peso		3,621,000	U.S. Dollar		4,951	4–28–21	Citibank N.A.		—			76
Colombian Peso		8,990,000	U.S. Dollar		2,494	4–28–21	Citibank N.A.		40			—
Indonesian Rupiah		43,580,900	U.S. Dollar		3,052	4–28–21	Citibank N.A.		68			—
New Taiwan Dollar		69,920	U.S. Dollar		2,524	4–28–21	Citibank N.A.		63			—

2021 SEMIANNUAL REPORT 81

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

MARCH 31, 2021 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
U.S. Dollar		362	Chinese Yuan Renminbi		2,367	4–28–21	Citibank N.A.	$	—	$	2
U.S. Dollar		2,451	Colombian Peso		8,990,000	4–28–21	Citibank N.A.		3		—
U.S. Dollar		2,623	South Korean Won		2,967,000	4–28–21	Citibank N.A.		6		—
Australian Dollar		2,211	U.S. Dollar		1,716	6–16–21	Citibank N.A.		36		—
Euro		2,702	U.S. Dollar		3,231	6–16–21	Citibank N.A.		57		—
U.S. Dollar		6,095	Australian Dollar		7,868	6–16–21	Citibank N.A.		—		117
U.S. Dollar		2,242	British Pound		1,620	6–16–21	Citibank N.A.		—		9
U.S. Dollar		1,195	Euro		1,010	6–16–21	Citibank N.A.		—		8
U.S. Dollar		596	Japanese Yen		64,747	6–16–21	Citibank N.A.		—		11
U.S. Dollar		1,719	New Zealand Dollar		2,397	6–16–21	Citibank N.A.		—		45
South African Rand		90,778	U.S. Dollar		6,011	6–17–21	Citibank N.A.		—		79
South Korean Won		5,513,460	U.S. Dollar		4,987	4–28–21	Goldman Sachs International		102		—
U.S. Dollar		2,483	Brazilian Real		13,700	4–28–21	Goldman Sachs International		—		52
Australian Dollar		7,214	U.S. Dollar		5,595	6–16–21	Goldman Sachs International		114		—
Euro		50,768	U.S. Dollar		60,668	6–16–21	Goldman Sachs International		1,040		—
Israeli Shekel		8,262	U.S. Dollar		2,505	6–16–21	Goldman Sachs International		31		—
Norwegian Krone		52,322	Euro		5,179	6–16–21	Goldman Sachs International		—		34
Swedish Krona		17,724	Euro		1,747	6–16–21	Goldman Sachs International		21		—
U.S. Dollar		3,648	Japanese Yen		397,282	6–16–21	Goldman Sachs International		—		57
Japanese Yen		72,460	U.S. Dollar		662	6–16–21	JPMorgan Securities LLC		8		—
Chinese Yuan Renminbi		16,300	U.S. Dollar		2,498	4–28–21	Morgan Stanley International		18		—
Indonesian Rupiah		35,400,000	U.S. Dollar		2,495	4–28–21	Morgan Stanley International		72		—
South Korean Won		223,000	U.S. Dollar		200	4–28–21	Morgan Stanley International		3		—
U.S. Dollar		2,537	New Taiwan Dollar		69,900	4–28–21	Morgan Stanley International		—		77
Japanese Yen		512,000	U.S. Dollar		4,896	5–17–21	Morgan Stanley International		270		—
British Pound		8,035	U.S. Dollar		11,169	6–16–21	Morgan Stanley International		89		—
Euro		3,543	U.S. Dollar		4,234	6–16–21	Morgan Stanley International		73		—
Japanese Yen		657,000	U.S. Dollar		6,004	6–16–21	Morgan Stanley International		67		—
New Zealand Dollar		3,150	U.S. Dollar		2,259	6–16–21	Morgan Stanley International		59		—
Thai Baht		76,391	U.S. Dollar		2,496	6–16–21	Morgan Stanley International		52		—
U.S. Dollar		2,380	Canadian Dollar		2,993	6–16–21	Morgan Stanley International		1		—
								$	2,776	$	639

The following futures contracts were outstanding at March 31, 2021 (contracts unrounded):    

Description	Type		Number of Contracts	Expiration Date		Notional Amount		Value			Unrealized Appreciation (Depreciation)
Euro BTP Long Term Bond		Short	51		6–30–21		5,100	$	(8,930	)	$	(78	)
Euro-Bobl 5-Year Bond		Short	110		6–30–21		11,000		(17,425	)		(19	)
Euro-Bund 10-Year Bond		Long	109		6–30–21		10,900		21,894			18
Euro-Buxl 30-Year Bond		Long	16		6–30–21		1,600		3,866			(52	)
Euro-OAT France Government 10-Year Bond		Short	132		6–30–21		13,200		(25,069	)		(31	)
Euro-Schatz		Short	4		6–30–21		400		(526	)		—	*
U.S. 10-Year Treasury Note		Short	150		6–30–21		15,000		(19,641	)		169
U.S. 10-Year Ultra Treasury Note		Short	55		6–30–21		5,500		(7,903	)		288
U.S. 2-Year Treasury Note		Long	26		6–30–21		5,200		5,739			(5	)
U.S. Treasury Long Bond		Short	115		6–30–21		11,500		(17,778	)		560
U.S. Treasury Ultra Long Bond		Long	21		6–30–21		2,100		3,805			(15	)
United Kingdom Long Gilt		Short	16		6–30–21		1,600		(2,814	)		27
								$	(64,782	)	$	862

82 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

The following centrally cleared interest rate swap agreements were outstanding at March 31, 2021:    

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount(A)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Pay	28-Day Mexico Equilibrium Interbank Interest Rate		6.960	%		10/2/2029	MXN	8,460	$	(149	)	$	—	$	(149	)
Pay	1-Day South Korean Won Certificate of Deposit		1.510	%		9/15/2026	KRW	5,240		(20	)		—		(20	)
Receive	3-Month LIBOR		0.023	%		9/20/2051	$	4,218		128			—		128
Pay	7-Day China Fixing Repo Rates		2.948	%		9/15/2026	CNY	16,217		(8	)		—		(8	)
Pay	3-Month Johannesburg Interbank Agreed Rate		10.040	%		10/27/2030	ZAR	4,590		6			—		6
Receive	6-Month Australian Dollar Bank Bills		0.767	%		3/19/2031	AUD	14,352		(49	)		—		(49	)
Receive	6-Month EURIBOR		0.078	%		9/17/2031	EUR	11,877		57			—		57
Pay	6-Month Prague Interbank Offered Rate		1.670	%		9/15/2026	CZK	4,907		(30	)		—		(30	)
Receive	6-Month Warsaw Interbank Offered Rate		0.499	%		9/15/2026	PLN	4,809		6			—		6
Pay	1-Day South Korean Won Certificate of Deposit		1.625	%		9/15/2026	KRW	5,579		8			—		8
Pay	3-Month New Zealand Dollar LIBOR		1.280	%		6/16/2026	NZD	5,271		19			—		19
Receive	6-Month Australian Dollar Bank Bills		0.980	%		6/16/2026	AUD	5,084		59			—		59
									$	27		$	—	$	27

The following written options were outstanding at March 31, 2021 (contracts and exercise prices unrounded):    

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Notional Amount		Expiration Month		Exercise Price		Premium Received		Value
EUR versus USD	Morgan Stanley & Co., Inc.		Call		3,247,500		3,248		June 2021	$	1.19	$	117	$	(19	)
U.S. Treasury Long Bond June Futures	N/A		Put		132		13,200		May 2021		150.00		121		(113	)
USD versus BRL	Citibank N.A.		Call		2,500,000		2,500		April 2021		6.01		31		(7	)
USD versus JPY	Morgan Stanley & Co., Inc.		Put		7,530,000		7,530		May 2021		96.45		61		—	*
USD versus MXN	Morgan Stanley & Co., Inc.		Call		2,500,000		2,500		April 2021		21.79		24		(6	)
USD versus ZAR	Morgan Stanley & Co., Inc.		Call		2,440,000		2,440		May 2021		15.64		32		(19	)
												$	386	$	(164	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	75	$	546	$	—
Corporate Debt Securities		—		77,656		—
Other Government Securities		—		58,122		—
United States Government Obligations		—		39,382		—
Short-Term Securities		7,532		9,308		—
Total	$	7,607	$	185,014	$	—
Centrally Cleared Credit Default Swaps	$	4	$	62	$	—
Over the Counter Credit Default Swaps	$	—	$	176	$	—
Forward Foreign Currency Contracts	$	—	$	2,776	$	—
Futures Contracts	$	1,062	$	—	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	283	$	—
Liabilities
Centrally Cleared Credit Default Swaps	$	101	$	—	$	—
Forward Foreign Currency Contracts	$	—	$	639	$	—
Futures Contracts	$	200	$	—	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	256	$	—
Written Options	$	113	$	51	$	—

2021 SEMIANNUAL REPORT 83

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

MARCH 31, 2021 (UNAUDITED)

The following acronyms are used throughout this schedule:

EURIBOR = Euro Interbank Offered Rate

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

PIK = Payment in Kind

REIT = Real Estate Investment Trust

Country Diversification
(as a % of net assets)
United States	29.3%
Germany	10.7%
Italy	7.6%
China	7.1%
Japan	2.7%
United Kingdom	4.7%
Norway	4.4%
France	3.1%
Luxembourg	2.5%
Netherlands	2.1%
Indonesia	1.6%
Switzerland	1.3%
South Africa	0.7%
Austria	1.1%
Hong Kong	1.2%
Brazil	0.7%
Other Countries	8.6%
Other+	10.6%

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

See Accompanying Notes to Financial Statements.

84 SEMIANNUAL REPORT 2021

PORTFOLIO HIGHLIGHTS IVY PINEBRIDGE HIGH YIELD FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Stocks	0.0%
Bonds	95.9%
Corporate Debt Securities	95.8%
Asset-Backed Securities	0.1%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	4.1%

Quality Weightings

Investment Grade	0.8%
BBB	0.8%
Non-Investment Grade	95.1%
BB	41.8%
B	43.0%
CCC	9.8%
Non-rated	0.5%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	4.1%

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.

2021 SEMIANNUAL REPORT 85

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

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS	Shares		Value
Energy
Oil & Gas Equipment & Services – 0.0%
Hi-Crush, Inc. (A)(B)(C)		20	$	11
Total Energy – 0.0%				11
TOTAL COMMON STOCKS – 0.0%			$	11
(Cost: $801)
ASSET-BACKED SECURITIES	Principal
United Airlines Pass-Through Certificates, Series 2014-2B,
4.625%, 9–3–22 (D)	$	138		141
TOTAL ASSET-BACKED SECURITIES – 0.1%			$	141
(Cost: $139)
CORPORATE DEBT SECURITIES
Communication Services
Alternative Carriers – 0.5%
Zayo Group Holdings, Inc.,
6.125%, 3–1–28 (E)		653		670
Broadcasting – 2.4%
Banijay Entertainment S.A.S.,
5.375%, 3–1–25 (E)		800		826
Gray Television, Inc.,
4.750%, 10–15–30 (E)		455		451
Terrier Media Buyer, Inc.,
8.875%, 12–15–27 (E)		803		864
Univision Communications, Inc.,
6.625%, 6–1–27 (E)		929		992
				3,133
Cable & Satellite – 5.4%
Altice Financing S.A.,
5.000%, 1–15–28 (E)		1,000		988
Altice France Holding S.A.,
6.000%, 2–15–28 (E)		630		621
Altice France S.A.,
7.375%, 5–1–26 (E)		649		675
Block Communications, Inc.,
4.875%, 3–1–28 (E)		640		652
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.000%, 2–1–28 (E)		340		360
5.375%, 6–1–29 (E)		335		359
4.500%, 8–15–30 (E)		580		591
CSC Holdings LLC:
5.500%, 4–15–27 (E)		860		903
5.375%, 2–1–28 (E)		210		221
Hughes Satellite Systems Corp.,
6.625%, 8–1–26		770		853
Telesat Canada and Telesat LLC:
4.875%, 6–1–27 (E)		291		291
6.500%, 10–15–27 (E)		721		722
				7,236

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Telecommunication Services – 1.7%
Cablevision Lightpath LLC,
3.875%, 9–15–27 (E)	$	450	$	446
CenturyLink, Inc.:
7.500%, 4–1–24		544		610
5.125%, 12–15–26 (E)		534		562
Frontier Communications Corp.,
5.000%, 5–1–28 (E)		666		678
				2,296
Movies & Entertainment – 0.2%
Netflix, Inc.,
4.875%, 6–15–30 (E)		235		271
Publishing – 0.9%
A. H. Belo Corp.:
7.750%, 6–1–27		502		585
7.250%, 9–15–27		470		547
				1,132
Total Communication Services – 11.1%				14,738
Consumer Discretionary
Automobile Manufacturers – 2.0%
Ford Motor Co.:
6.625%, 10–1–28		327		375
7.450%, 7–16–31		907		1,143
4.750%, 1–15–43		1,076		1,084
				2,602
Automotive Retail – 1.4%
Allison Transmission, Inc.,
3.750%, 1–30–31 (E)		735		712
Avis Budget Car Rental LLC and Avis Budget Finance, Inc. (GTD by Avis Budget Group, Inc.):
5.750%, 7–15–27 (D)(E)		552		575
5.375%, 3–1–29 (E)		176		182
Carvana Co.,
5.500%, 4–15–27 (E)		333		335
				1,804
Casinos & Gaming – 2.5%
Colt Merger Sub, Inc.,
6.250%, 7–1–25 (E)		800		853
Genting New York LLC and Genny Capital, Inc.,
3.300%, 2–15–26 (E)		568		567
Melco Resorts Finance Ltd.,
5.375%, 12–4–29 (E)		642		682
MGM Growth Properties Operating Partnership L.P. and MGP Finance Co-Issuer, Inc.,
5.750%, 2–1–27		470		518
Wynn Macau Ltd.,
5.125%, 12–15–29 (E)		685		702
				3,322
Consumer Electronics – 0.4%
Conn’s, Inc.,
7.250%, 7–15–22		550		551

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Homebuilding – 0.4%
Mattamy Group Corp.,
5.250%, 12–15–27 (E)	$	571	$	597
Hotels, Resorts & Cruise Lines – 4.9%
Carnival Corp.:
7.625%, 3–1–26 (E)		138		148
5.750%, 3–1–27 (E)		850		873
Hilton Grand Vacations Borrower LLC and Hilton Grand Vacations Borrower, Inc.,
6.125%, 12–1–24		639		665
NCL Corp. Ltd.:
3.625%, 12–15–24 (E)		1,010		953
5.875%, 3–15–26 (E)		216		218
Park Intermediate Holdings LLC,
5.875%, 10–1–28 (E)		650		689
Royal Caribbean Cruises Ltd.,
5.500%, 4–1–28 (E)		144		145
Silversea Cruise Finance Ltd.,
7.250%, 2–1–25 (E)		940		973
VOC Escrow Ltd.,
5.000%, 2–15–28 (E)		947		935
Wyndham Destinations, Inc.,
6.625%, 7–31–26 (E)		205		233
Wyndham Worldwide Corp.,
4.500%, 4–1–27 (F)		675		747
				6,579
Internet & Direct Marketing Retail – 0.5%
Grubhub Holdings, Inc.,
5.500%, 7–1–27 (E)		636		661
Leisure Facilities – 0.9%
Live Nation Entertainment, Inc.,
4.750%, 10–15–27 (D)(E)		545		549
SeaWorld Parks & Entertainment, Inc. (GTD by SeaWorld Entertainment, Inc.),
8.750%, 5–1–25 (E)		525		568
Viking Ocean Cruises Ship VII Ltd.,
5.625%, 2–15–29 (E)		132		134
				1,251
Restaurants – 0.9%
Brinker International, Inc. (GTD by Brinker Restaurant Corp., Brinker Texas, Inc. and Brinker Florida, Inc.),
5.000%, 10–1–24 (E)		367		383
Dave & Buster’s, Inc.,
7.625%, 11–1–25 (E)		725		775
				1,158
Specialized Consumer Services – 0.5%
Nielsen Finance LLC and Nielsen Finance Co.:
5.625%, 10–1–28 (E)		145		153
5.875%, 10–1–30 (E)		503		545
				698
Total Consumer Discretionary – 14.4%				19,223

86 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Staples
Agricultural Products – 0.4%
Dole Food Co., Inc.,
7.250%, 6–15–25 (E)	$	515	$	529
Food Distributors – 0.8%
Performance Food Group, Inc.,
5.500%, 10–15–27 (E)		585		612
U.S. Foods, Inc.,
6.250%, 4–15–25 (E)		472		506
				1,118
Food Retail – 0.9%
Albertsons Cos. LLC, Safeway, Inc., New Albertson’s, Inc. and Albertson’s LLC:
4.625%, 1–15–27 (E)		695		720
5.875%, 2–15–28 (E)		451		481
				1,201
Household Products – 0.6%
Clearwater Paper Corp.,
4.750%, 8–15–28 (E)		815		821
Hypermarkets & Super Centers – 0.5%
C&S Group Enterprises LLC,
5.000%, 12–15–28 (E)		690		671
Packaged Foods & Meats – 1.9%
Kraft Heinz Foods Co.,
4.875%, 10–1–49		266		298
Land O’Lakes Capital Trust I,
7.450%, 3–15–28 (E)		383		444
Land O’Lakes, Inc.,
7.000%, 12–15–68 (E)		140		141
Pilgrim’s Pride Corp.,
5.875%, 9–30–27 (E)		480		515
Post Holdings, Inc.,
4.500%, 9–15–31 (E)		665		658
Simmons Foods, Inc.,
4.625%, 3–1–29 (E)		471		475
				2,531
Personal Products – 1.2%
Coty, Inc.,
6.500%, 4–15–26 (E)		985		992
Edgewell Personal Care Co.,
4.125%, 4–1–29 (E)		575		572
				1,564
Total Consumer Staples – 6.3%				8,435
Energy
Coal & Consumable Fuels – 0.5%
CONSOL Energy, Inc.,
6.875%, 6–15–25 (E)		586		597
Integrated Oil & Gas – 0.4%
Apergy Corp.,
6.375%, 5–1–26		518		543

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Equipment & Services – 0.5%
Archrock Partners L.P. and Archrock Partners Finance Corp. (GTD by Archrock, Inc.),
6.875%, 4–1–27 (D)(E)	$	594	$	619
Oil & Gas Exploration & Production – 6.3%
Antero Resources Corp.,
7.625%, 2–1–29 (E)		431		459
Apache Corp.:
4.375%, 10–15–28		509		508
4.750%, 4–15–43		411		381
California Resources Corp.,
7.125%, 2–1–26 (E)		700		712
Continental Resources, Inc.,
5.750%, 1–15–31 (E)		387		437
Continental Resources, Inc. (GTD by Banner Pipeline Co. LLC and CLR Asset Holdings LLC),
4.375%, 1–15–28 (D)		170		179
Endeavor Energy Resources L.P.,
5.750%, 1–30–28 (E)		337		356
Hilcorp Energy I L.P. and Hilcorp Finance Co.:
5.750%, 2–1–29 (D)(E)		310		313
6.000%, 2–1–31 (E)		634		643
Indigo Natural Resources LLC,
5.375%, 2–1–29 (E)		653		643
Murphy Oil Corp.,
6.375%, 7–15–28		565		565
Murphy Oil USA, Inc. (GTD by Murphy USA, Inc.):
4.750%, 9–15–29		570		599
3.750%, 2–15–31 (E)		105		103
Occidental Petroleum Corp.:
5.875%, 9–1–25		416		445
6.125%, 1–1–31		336		371
Occidental Petroleum Corp. (3-Month U.S. LIBOR plus 125 bps),
6.375%, 9–1–28		642		705
Range Resources Corp.,
8.250%, 1–15–29 (E)		397		425
Targa Resources Partners L.P.,
4.875%, 2–1–31 (E)		540		547
				8,391
Oil & Gas Refining & Marketing – 1.4%
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.),
6.375%, 7–1–26 (D)		581		459
EG Global Finance plc,
6.750%, 2–7–25 (E)		708		724
PBF Holding Co. LLC,
6.000%, 2–15–28		909		671
				1,854
Oil & Gas Storage & Transportation – 6.2%
Antero Midstream Partners L.P. and Antero Midstream Finance Corp.,
5.750%, 1–15–28 (E)		725		725

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation (Continued)
Buckeye Partners L.P.:
4.125%, 3–1–25 (E)	$	443	$	452
4.500%, 3–1–28 (E)		433		434
Cheniere Energy, Inc.,
4.625%, 10–15–28 (E)		451		468
DCP Midstream Operating L.P. (GTD by DCP Midstream L.P.):
5.625%, 7–15–27		376		408
6.750%, 9–15–37 (E)		163		182
Genesis Energy L.P. and Genesis Energy Finance Corp.:
5.625%, 6–15–24		703		687
6.500%, 10–1–25		325		319
8.000%, 1–15–27		614		622
Harvest Midstream I L.P.,
7.500%, 9–1–28 (E)		874		939
Holly Energy Partners L.P. and Holly Energy Finance Corp.,
5.000%, 2–1–28 (E)		940		952
NGL Energy Partners L.P. and NGL Energy Finance Corp.,
7.500%, 2–1–26 (E)		850		873
NuStar Logistics L.P. (GTD by NuStar Energy L.P. and NuStar Pipeline Operating Partnership L.P.):
5.750%, 10–1–25		265		284
6.375%, 10–1–30		399		431
USA Compression Partners L.P. and USA Compression Finance Corp.,
6.875%, 4–1–26		491		504
				8,280
Total Energy – 15.3%				20,284
Financials
Consumer Finance – 4.0%
Alliance Data Systems Corp.,
4.750%, 12–15–24 (E)		635		652
Credit Acceptance Corp.,
6.625%, 3–15–26		898		945
Enova International, Inc.:
8.500%, 9–1–24 (E)		976		1,000
8.500%, 9–15–25 (E)		202		210
Fairstone Financial, Inc.,
7.875%, 7–15–24 (E)		631		662
FirstCash, Inc.,
4.625%, 9–1–28 (E)		665		678
Quicken Loans LLC,
3.625%, 3–1–29 (E)		542		522
Springleaf Finance Corp.,
6.875%, 3–15–25		595		677
				5,346
Financial Exchanges & Data – 0.5%
Donnelley Financial Solutions, Inc.,
8.250%, 10–15–24		599		624
Investment Banking & Brokerage – 0.4%
LPL Holdings, Inc.,
4.000%, 3–15–29 (E)		492		496

2021 SEMIANNUAL REPORT 87

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Life & Health Insurance – 0.7%
Genworth Mortgage Holdings, Inc.,
6.500%, 8–15–25 (E)	$	899	$	972
Mortgage REITs – 0.6%
Starwood Property Trust, Inc.:
5.500%, 11–1–23 (E)		142		148
4.750%, 3–15–25		612		636
				784
Property & Casualty Insurance – 0.3%
NMI Holdings, Inc.,
7.375%, 6–1–25 (E)		389		449
Specialized Finance – 3.6%
AG Issuer LLC,
6.250%, 3–1–28 (E)		670		701
Banff Merger Sub, Inc.,
9.750%, 9–1–26 (E)		515		548
Burford Capital Global Finance LLC,
6.250%, 4–15–28 (E)		240		246
Camelot Finance S.A.,
4.500%, 11–1–26 (E)		430		444
Connect Finco S.a.r.l. and Connect U.S. Finco LLC,
6.750%, 10–1–26 (E)		1,000		1,065
CTR Partnership L.P. and CareTrust Capital Corp. (GTD by CareTrust REIT),
5.250%, 6–1–25		682		699
Goeasy Ltd.,
5.375%, 12–1–24 (E)		572		593
LD Holdings Group LLC,
6.500%, 11–1–25 (E)		480		503
				4,799
Total Financials – 10.1%				13,470
Health Care
Health Care Facilities – 4.4%
Acadia Healthcare Co., Inc.:
5.500%, 7–1–28 (E)		450		474
5.000%, 4–15–29 (E)		188		195
Community Health Systems, Inc.:
5.625%, 3–15–27 (E)		675		707
6.875%, 4–15–29 (E)		354		371
DaVita, Inc.,
4.625%, 6–1–30 (E)		1,000		1,019
HCA, Inc. (GTD by HCA Holdings, Inc.),
3.500%, 9–1–30		1,360		1,371
Tenet Healthcare Corp.:
4.625%, 7–15–24		775		791
6.125%, 10–1–28 (E)		868		906
				5,834
Health Care Services – 0.4%
Team Health Holdings, Inc.,
6.375%, 2–1–25 (E)		575		507

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Supplies – 0.4%
Catalent Pharma Solutions, Inc.:
5.000%, 7–15–27 (E)	$	380	$	398
3.125%, 2–15–29 (E)		96		92
				490
Health Care Technology – 0.7%
MPH Acquisition Holdings LLC,
5.750%, 11–1–28 (D)(E)		980		955
Pharmaceuticals – 1.8%
Endo Designed Activity Co., Endo Finance LLC and Endo Finco, Inc.,
6.000%, 6–30–28 (E)		265		215
Herbalife Nutrition Ltd. and HLF Financing, Inc.,
7.875%, 9–1–25 (E)		271		295
HLF Financing S.a.r.l. LLC and Herbalife International, Inc.,
7.250%, 8–15–26 (E)		638		668
Jaguar Holding Co. II and PPD Development L.P. (GTD by PPD, Inc.),
5.000%, 6–15–28 (E)		467		486
Par Pharmaceutical, Inc.,
7.500%, 4–1–27 (E)		735		780
				2,444
Total Health Care – 7.7%				10,230
Industrials
Aerospace & Defense – 1.0%
Moog, Inc.,
4.250%, 12–15–27 (E)		641		654
Spirit AeroSystems, Inc. (GTD by Spirit AeroSystems Holdings, Inc.),
7.500%, 4–15–25 (E)		633		681
				1,335
Air Freight & Logistics – 0.5%
Cargo Aircraft Management, Inc.,
4.750%, 2–1–28 (E)		660		681
Airlines – 3.1%
AerCap Global Aviation Trust,
6.500%, 6–15–45 (E)		815		850
American Airlines, Inc. (GTD by American Airlines Group, Inc.),
11.750%, 7–15–25 (E)		1,210		1,497
American Airlines, Inc. and AAdvantage Loyalty IPLtd. (GTD by American Airlines Group, Inc.):
5.500%, 4–20–26 (E)		185		193
5.750%, 4–20–29 (E)		148		157
Delta Air Lines, Inc.,
7.000%, 5–1–25 (E)		463		533
Hawaiian Brand Intellectual Property Ltd. and HawaiianMiles Loyalty Ltd.,
5.750%, 1–20–26 (E)		482		512

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Airlines (Continued)
United Continental Holdings, Inc. (GTD by United Airlines, Inc.),
4.875%, 1–15–25	$	332	$	338
				4,080
Building Products – 1.0%
Griffon Corp.,
5.750%, 3–1–28		613		652
Standard Industries, Inc.,
5.000%, 2–15–27 (E)		600		626
				1,278
Construction Machinery & Heavy Trucks – 0.4%
J.B. Poindexter & Co., Inc.,
7.125%, 4–15–26 (E)		550		581
Diversified Support Services – 1.7%
Ahern Rentals, Inc.,
7.375%, 5–15–23 (E)		720		648
KAR Auction Services, Inc.,
5.125%, 6–1–25 (E)		607		618
Nesco Holdings II, Inc.,
5.500%, 4–15–29 (E)		215		221
Sotheby’s Holdings, Inc.,
7.375%, 10–15–27 (E)		665		719
				2,206
Environmental & Facilities Services – 0.5%
Covanta Holding Corp.,
5.000%, 9–1–30		640		646
Human Resource & Employment Services – 0.5%
TriNet Group, Inc.,
3.500%, 3–1–29 (E)		665		650
Industrial Machinery – 0.6%
Energizer Holdings, Inc.,
4.375%, 3–31–29 (E)		515		517
Terex Corp.,
5.000%, 5–15–29 (E)		286		296
				813
Research & Consulting Services – 0.3%
Korn Ferry,
4.625%, 12–15–27 (E)		459		468
Security & Alarm Services – 2.0%
Brink’s Co. (The):
5.500%, 7–15–25 (E)		348		367
4.625%, 10–15–27 (E)		440		451
Garda World Security Corp. (GTD by GW Intermediate Corp.),
4.625%, 2–15–27 (E)		675		675
Prime Security Services Borrower LLC and Prime Finance, Inc.:
5.250%, 4–15–24 (E)		150		160
5.750%, 4–15–26 (E)		558		604
3.375%, 8–31–27 (E)		390		378
				2,635

88 SEMIANNUAL REPORT 2021

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

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Trading Companies & Distributors – 0.5%
H&E Equipment Services, Inc.,
3.875%, 12–15–28 (E)	$	690	$	671
Total Industrials – 12.1%				16,044
Information Technology
Application Software – 0.7%
SS&C Technologies Holdings, Inc.,
5.500%, 9–30–27 (E)		445		474
VM Consolidated, Inc.,
5.500%, 4–15–29 (E)		448		459
				933
Electronic Components – 0.2%
TTM Technologies, Inc.,
4.000%, 3–1–29 (E)		273		270
Electronic Equipment & Instruments – 1.2%
Diebold Nixdorf, Inc.,
9.375%, 7–15–25 (E)		523		582
Diebold, Inc.,
8.500%, 4–15–24 (D)		453		463
NCR Corp.,
5.125%, 4–15–29 (E)		557		561
				1,606
Internet Services & Infrastructure – 0.4%
Rackspace Technology Global, Inc.,
3.500%, 2–15–28 (E)		505		485
Total Information Technology – 2.5%				3,294
Materials
Commodity Chemicals – 0.6%
Methanex Corp.,
5.125%, 10–15–27		416		425
Trinseo Materials Operating SCA,
5.125%, 4–1–29 (E)		404		417
				842
Diversified Metals & Mining – 3.2%
Cliffs Natural Resources, Inc.,
5.750%, 3–1–25 (D)		409		422
First Quantum Minerals Ltd.,
6.875%, 3–1–26 (E)		401		415
FMG Resources (August 2006) Pty Ltd.,
4.375%, 4–1–31 (E)		324		330
FMG Resources August 2006 Partners Ltd.,
4.500%, 9–15–27 (E)		580		620
Freeport-McMoRan, Inc.:
4.125%, 3–1–28		235		247
5.250%, 9–1–29		380		416
4.250%, 3–1–30		235		250
Harsco Corp.,
5.750%, 7–31–27 (E)		781		799
Mineral Resources Ltd.,
8.125%, 5–1–27 (E)		700		774
				4,273

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Fertilizers & Agricultural Chemicals – 0.4%
OCI N.V.,
5.250%, 11–1–24 (E)	$	492	$	512
Metal & Glass Containers – 0.5%
Trivium Packaging Finance B.V.,
8.500%, 8–15–27 (E)		595		646
Paper Packaging – 0.9%
Cascades, Inc.,
5.375%, 1–15–28 (E)		607		637
Intertape Polymer Group, Inc.,
7.000%, 10–15–26 (E)		525		552
				1,189
Specialty Chemicals – 0.4%
Minerals Technologies, Inc.,
5.000%, 7–1–28 (E)		488		503
Steel – 1.8%
Cleveland-Cliffs, Inc.:
6.750%, 3–15–26 (E)		500		544
4.625%, 3–1–29 (E)		344		343
4.875%, 3–1–31 (E)		106		106
Commercial Metals Co.,
3.875%, 2–15–31		709		696
SunCoke Energy Partners L.P. and SunCoke Energy Partners Finance Corp.,
7.500%, 6–15–25 (E)		750		779
				2,468
Total Materials – 7.8%				10,433
Real Estate
Hotel & Resort REITs – 0.5%
ESH Hospitality, Inc.:
5.250%, 5–1–25 (E)		205		209
4.625%, 10–1–27 (E)		430		455
				664
Real Estate Operating Companies – 0.6%
Service Properties Trust:
5.250%, 2–15–26		150		152
4.750%, 10–1–26		126		123
5.500%, 12–15–27		61		64
4.950%, 10–1–29		80		76
4.375%, 2–15–30 (D)		496		456
				871
Real Estate Services – 1.8%
Cushman & Wakefield U.S. Borrower LLC (GTD by DTZUK Guarantor Ltd.),
6.750%, 5–15–28 (E)		525		568
Kennedy-Wilson, Inc. (GTD by Kennedy-Wilson Holdings, Inc.),
4.750%, 3–1–29		513		519
Ladder Capital Finance Holdings LLP and Ladder Capital Finance Corp.,
4.250%, 2–1–27 (E)		903		890

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Real Estate Services (Continued)
Newmark Group, Inc.,
6.125%, 11–15–23	$	362	$	397
				2,374
Total Real Estate – 2.9%				3,909
Utilities
Electric Utilities – 2.0%
Calpine Corp.,
3.750%, 3–1–31 (E)		825		786
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 (E)		560		589
Talen Energy Supply LLC,
6.625%, 1–15–28 (E)		515		515
Vistra Operations Co. LLC,
5.000%, 7–31–27 (E)		725		747
				2,637
Independent Power Producers & Energy Traders – 1.1%
NRG Energy, Inc.:
3.375%, 2–15–29 (E)		236		230
3.625%, 2–15–31 (E)		680		663
Pattern Energy Operations L.P. and Pattern Energy Operations, Inc. (GTD by Pattern U.S. Finance Co. LLC),
4.500%, 8–15–28 (E)		600		610
				1,503
Multi-Utilities – 1.0%
MEG Energy Corp.:
6.500%, 1–15–25 (E)		844		872
7.125%, 2–1–27 (E)		374		392
				1,264
Renewable Electricity – 1.5%
HAT Holdings I LLC and HAT Holdings II LLC (GTD by Hannon Armstrong Sustainable Infrastructure Capital, Inc.):
5.250%, 7–15–24 (E)		277		286
6.000%, 4–15–25 (E)		498		525
NRG Yield Operating LLC,
5.000%, 9–15–26		1,183		1,222
				2,033
Total Utilities – 5.6%				7,437
TOTAL CORPORATE DEBT SECURITIES – 95.8%			$	127,497
(Cost: $121,795)

2021 SEMIANNUAL REPORT 89

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

MARCH 31, 2021 (UNAUDITED)

SHORT-TERM SECURITIES	Shares		Value
Money Market Funds (H) – 5.6%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
0.010% (G)		2,121	$	2,121
State Street Institutional U.S. Government Money Market Fund – Premier Class,
0.040%		5,394		5,394
				7,515
TOTAL SHORT-TERM SECURITIES – 5.6%			$	7,515
(Cost: $7,515)
TOTAL INVESTMENT SECURITIES – 101.5%			$	135,164
(Cost: $130,250)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.5)%				(2,020	)
NET ASSETS – 100.0%			$	133,144

Notes to Schedule of Investments

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

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

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

(D) All or a portion of securities with an aggregate value of $3,789 are on loan.

(E) 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, 2021 the total value of these securities amounted to $97,533 or 73.3% of net assets.

(F) 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, 2021.

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

(H) Rate shown is the annualized 7-day yield at March 31, 2021.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	—	$	—	$	11
Asset-Backed Securities		—		141		—
Corporate Debt Securities		—		127,497		—
Short-Term Securities		7,515		—		—
Total	$	7,515	$	127,638	$	11

During the period ended March 31, 2021, there were no transfers in or out of Level 3.

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.

90 SEMIANNUAL REPORT 2021

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF MARCH 31, 2021 (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+^	$	333,291	$	372,387	$	33,625		$	1,560,706		$	839,643		$	64,790		$	373,155		$	142,244
Investments at Value		333,291		372,387		33,625			1,560,706			839,643			64,790			373,155			142,244
Cash		121		52		—			—	*		—			—			—			—
Cash denominated in foreign currencies at value+		1,619		1,656		—			—			—			—			—			942
Investment securities sold receivable		4,462		3,290		—			—			12,518			2,103			—			674
Dividends and interest receivable		3,024		3,903		347			262			6,626			641			1,295			499
Capital shares sold receivable		283		2,441		34			10,092			537			15			119			114
Receivable from affiliates		354		458		89			3,052			—			103			56			240
Unrealized appreciation on forward foreign currency contracts		619		638		—			—			—			—			—			—
Receivable from securities lending income – net		2		3		—			—			—	*		—	*		—	*		19
Prepaid and other assets		42		45		32			105			406			56			55			53
Total Assets		343,817		384,873		34,127			1,574,217			859,730			67,708			374,680			144,785
LIABILITIES
Cash collateral on securities loaned at value		1,398		3,703		—			—			131			—			—			3,539
Investment securities purchased payable		10,124		12,439		—			—	*		15,794			2,678			—			976
Capital shares redeemed payable		576		314		137			13,766			1,193			28			227			86
Distributions payable		—		—		7			1			—			—			36			—
Independent Trustees and Chief Compliance Officer fees payable		13		13		1			72			211			1			69			3
Overdraft due to custodian		—		—		114			—			—			—			—			—
Distribution and service fees payable		1		1		—	*		—			2			—	*		1			—	*
Shareholder servicing payable		62		61		3			304			142			8			44			17
Investment management fee payable		6		7		—	*		14			11			1			5			4
Accounting services fee payable		9		11		2			22			18			4			11			6
Unrealized depreciation on forward foreign currency contracts		8		8		—			—			—			—			—			—
Variation margin payable		—		—		—			—			101			—			—			—
Other liabilities		55		26		11			43			94			41			23			48
Total Liabilities		12,252		16,583		275			14,222			17,697			2,761			416			4,679
Commitments and Contingencies (See Note 2 and Note 12)
Total Net Assets	$	331,565	$	368,290	$	33,852		$	1,559,995		$	842,033		$	64,947		$	374,264		$	140,106
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	304,727	$	367,769	$	32,006		$	1,559,995		$	814,226		$	63,862		$	374,851		$	106,380
Accumulated earnings gain (loss)		26,838		521		1,846			—	*		27,807			1,085			(587	)		33,726
Total Net Assets	$	331,565	$	368,290	$	33,852		$	1,559,995		$	842,033		$	64,947		$	374,264		$	140,106
CAPITAL SHARES OUTSTANDING:
Class A		8,184		10,767		1,696			1,557,731			53,444			1,672			15,871			1,160
Class B		N/A		N/A		N/A			462			19			N/A			14			N/A
Class C		795		508		152			1,802			441			N/A			305			125
Class I		20,327		24,705		1,211			N/A			70,527			3,792			24,918			4,041
Class N		314		110		N/A			N/A			7,473			592			25,938			3,937
Class Y		315		31		126			N/A			40			104			N/A			29
NET ASSET VALUE PER SHARE:
Class A		$11.08		$10.19		$10.63			$1.00			$6.38			$10.54			$5.58			$15.04
Class B		N/A		N/A		N/A			$1.00			$6.35			N/A			$5.58			N/A
Class C		$11.07		$10.19		$10.63			$1.00			$6.37			N/A			$5.58			$14.88
Class I		$11.08		$10.20		$10.63			N/A			$6.38			$10.54			$5.58			$15.09
Class N		$11.08		$10.20		N/A			N/A			$6.38			$10.54			$5.58			$15.08
Class Y		$11.08		$10.19		$10.63			N/A			$6.38			$10.54			N/A			$15.04
+COST
Investments in unaffiliated securities at cost	$	298,392	$	368,164	$	31,845		$	1,560,706		$	821,765		$	64,970		$	370,711		$	99,706
Cash denominated in foreign currencies at cost		1,617		1,654		—			—			—			—			—			943
^Securities loaned at value		6,071		3,789		—			—			1,349			671			—			4,592

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 91

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF MARCH 31, 2021 (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+^	$	65,506		$	192,621		$	135,164
Investments at Value		65,506			192,621			135,164
Cash		—	*		—			31
Cash denominated in foreign currencies at value+		344			2,641			—
Restricted cash		996			2,705			—
Investment securities sold receivable		76			—			43
Dividends and interest receivable		1,057			1,295			1,747
Capital shares sold receivable		27			115			127
Receivable from affiliates		172			226			137
Unrealized appreciation on forward foreign currency contracts		1,581			2,776			—
Swap agreements, at value		944			176			—
Receivable from securities lending income – net		—			1			4
Variation margin receivable		563			159			—
Prepaid and other assets		56			22			27
Total Assets		71,322			202,737			137,280
LIABILITIES
Cash collateral on securities loaned at value		—			4,819			2,121
Investment securities purchased payable		888			—			1,909
Capital shares redeemed payable		85			139			58
Independent Trustees and Chief Compliance Officer fees payable		3			10			2
Overdraft due to custodian		—			—	*		—
Distribution and service fees payable		—	*		—	*		—	*
Shareholder servicing payable		10			25			16
Investment management fee payable		1			5			2
Accounting services fee payable		4			6			6
Unrealized depreciation on forward foreign currency contracts		1,814			639			—
Swap agreements, at value		162			—			—
Variation margin payable		42			523			—
Written options at value+		23			164			—
Other liabilities		92			40			22
Total Liabilities		3,124			6,370			4,136
Commitments and Contingencies (See Note 2 and Note 12)
Total Net Assets	$	68,198		$	196,367		$	133,144
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	75,219		$	194,240		$	127,162
Accumulated earnings gain (loss)		(7,021	)		2,127			5,982
Total Net Assets	$	68,198		$	196,367		$	133,144
CAPITAL SHARES OUTSTANDING:
Class A		610			1,890			1,922
Class C		211			443			N/A
Class I		3,276			11,265			7,616
Class N		3,467			5,779			3,560
Class Y		29			25			N/A
NET ASSET VALUE PER SHARE:
Class A		$8.90			$10.09			$10.16
Class C		$8.61			$10.01			N/A
Class I		$9.00			$10.12			$10.17
Class N		$9.00			$10.14			$10.16
Class Y		$8.90			$10.09			N/A
+COST
Investments in unaffiliated securities at cost	$	66,364		$	188,882		$	130,250
Cash denominated in foreign currencies at cost		348			2,412			—
Written options premiums received at cost		15			386			—
^Securities loaned at value		—			4,620			3,789

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

92 SEMIANNUAL REPORT 2021

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED MARCH 31, 2021 (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	$	2,673		$	87		$	—		$	—		$	—		$	—		$	—		$	1,074
Foreign dividend withholding tax		(175	)		—			—			—			—			—			—			(79	)
Interest and amortization from unaffiliated securities		5,236			9,949			477			1,841			12,790			879			3,158			—	*
Securities lending income – net		16			14			—			—			21			—	*		—	*		71
Total Investment Income		7,750			10,050			477			1,841			12,811			879			3,158			1,066
EXPENSES
Investment management fee		1,151			1,287			93			2,696			2,073			155			999			718
Distribution and service fees:
Class A		111			137			24			—			447			23			119			20
Class B		N/A			N/A			N/A			—			1			N/A			1			N/A
Class C		48			27			9			—			18			N/A			10			9
Class Y		4			4			2			N/A			—	*		1			N/A			1
Shareholder servicing:
Class A		81			70			3			1,623			325			10			84			9
Class B		N/A			N/A			N/A			—	*		1			N/A			1			N/A
Class C		10			7			1			2			6			N/A			2			1
Class I		191			212			11			N/A			372			32			122			61
Class N		1			—	*		N/A			N/A			2			—	*		8			3
Class Y		3			3			1			N/A			—	*		1			N/A			—	*
Registration fees		41			43			31			73			52			42			55			37
Custodian fees		40			9			1			13			6			2			3			35
Independent Trustees and Chief Compliance Officer fees		22			24			3			52			72			3			27			5
Accounting services fee		50			64			14			128			112			22			65			34
Professional fees		36			32			17			35			29			21			18			22
Third-party valuation service fees		20			8			—			—			—			—			—			11
Commitment and interest expense for borrowing		—			6			—	*		—			—			—			—			—
Other		37			38			15			108			55			17			25			24
Total Expenses		1,846			1,971			225			4,730			3,571			329			1,539			990
Less:
Expenses in excess of limit		(353	)		(458	)		(89	)		(3,052	)		—			(103	)		(55	)		(240	)
Total Net Expenses		1,493			1,513			136			1,678			3,571			226			1,484			750
Net Investment Income		6,257			8,537			341			163			9,240			653			1,674			316
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		5,476			4,056			56			—	*		12,131			1,197			1,357			12,216
Futures contracts		—			—			—			—			599			179			—			—
Forward foreign currency contracts		(156	)		(156	)		—			—			—			—			—			—
Foreign currency exchange transactions		102			120			—			—			—			—			—			98
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		37,008			7,740			446			—			(36,088	)		(1,710	)		(14,166	)		14,890
Futures contracts		—			—			—			—			(288	)		15			—			—
Forward foreign currency contracts		68			78			—			—			—			—			—			—
Foreign currency exchange transactions		5			27			—			—			—			—			—			(9	)
Net Realized and Unrealized Gain (Loss)		42,503			11,865			502			—			(23,646	)		(319	)		(12,809	)		27,195
Net Increase (Decrease) in Net Assets Resulting from Operations	$	48,760		$	20,402		$	843		$	163		$	(14,406	)	$	334		$	(11,135	)	$	27,511

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 93

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED MARCH 31, 2021 (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	$	1,419		$	2,099		$	4,061
Foreign interest withholding tax		(33	)		(4	)		—
Securities lending income – net		—	*		2			13
Total Investment Income		1,386			2,097			4,074
EXPENSES
Investment management fee		234			881			437
Distribution and service fees:
Class A		8			26			22
Class C		9			23			N/A
Class Y		1			1			N/A
Shareholder servicing:
Class A		5			11			8
Class C		—	*		1			N/A
Class I		32			96			71
Class N		1			3			2
Class Y		1			1			N/A
Registration fees		39			43			31
Custodian fees		33			21			3
Independent Trustees and Chief Compliance Officer fees		9			15			8
Accounting services fee		23			36			32
Professional fees		26			28			31
Commitment and interest expense for borrowing		—			—			2
Other		24			26			17
Total Expenses		445			1,212			664
Less:
Expenses in excess of limit		(172	)		(226	)		(137	)
Total Net Expenses		273			986			527
Net Investment Income		1,113			1,111			3,547
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		936			5,774			3,440
Futures contracts		276			1,248			—
Written options		29			742			—
Swap agreements		43			(170	)		—
Forward foreign currency contracts		329			(3,593	)		—
Foreign currency exchange transactions		694			(4,164	)		—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(1,010	)		(3,218	)		3,290
Futures contracts		(4	)		779			—
Written options		(8	)		98			—
Swap agreements		603			(264	)		—
Forward foreign currency contracts		(186	)		1,447			—
Foreign currency exchange transactions		(85	)		340			—
Net Realized and Unrealized Gain (Loss)		1,617			(981	)		6,730
Net Increase in Net Assets Resulting from Operations	$	2,730		$	130		$	10,277

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

94 SEMIANNUAL REPORT 2021

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 3-31-21 (Unaudited)			Year ended 9-30-20			Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20			Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	6,257		$	16,330		$	8,537		$	20,456		$	341		$	699
Net realized gain (loss) on investments		5,422			(10,588	)		4,020			(5,804	)		56			40
Net change in unrealized appreciation (depreciation)		37,081			(17,764	)		7,845			421			446			(243	)
Net Increase (Decrease) in Net Assets Resulting from Operations		48,760			(12,022	)		20,402			15,073			843			496
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(2,312	)		(5,853	)		(2,790	)		(5,079	)		(168	)		(339	)
Class C		(224	)		(610	)		(118	)		(204	)		(9	)		(21	)
Class I		(6,368	)		(16,428	)		(6,985	)		(13,898	)		(139	)		(288	)
Class N		(99	)		(213	)		(106	)		(1,689	)		N/A			N/A
Class Y		(90	)		(203	)		(86	)		(296	)		(12	)		(26	)
Total Distributions to Shareholders		(9,093	)		(23,307	)		(10,085	)		(21,166	)		(328	)		(674	)
Capital Share Transactions		(32,089	)		(101,774	)		(43,900	)		(87,028	)		(1,181	)		1,966
Net Increase (Decrease) in Net Assets		7,578			(137,103	)		(33,583	)		(93,121	)		(666	)		1,788
Net Assets, Beginning of Period		323,987			461,090			401,873			494,995			34,518			32,730
Net Assets, End of Period	$	331,565		$	323,987		$	368,290		$	401,874		$	33,852		$	34,518

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 95

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 3-31-21 (Unaudited)			Year ended 9-30-20			Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20			Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	163		$	9,123		$	9,240		$	21,425		$	653		$	1,370
Net realized gain on investments		—	*		—	*		12,730			46,259			1,376			3,708
Net change in unrealized appreciation (depreciation)		—			—			(36,376	)		1,995			(1,695	)		(42	)
Net Increase (Decrease) in Net Assets Resulting from Operations		163			9,123			(14,406	)		69,679			334			5,036
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(163	)		(9,131	)		(21,511	)		(8,244	)		(1,377	)		(366	)
Class B		—	*		(1	)		(10	)		(3	)		N/A			N/A
Class C		—	*		(2	)		(229	)		(59	)		N/A			N/A
Class E		N/A			N/A			—			(5	)		—			(11	)
Class I		N/A			N/A			(27,931	)		(13,129	)		(2,815	)		(918	)
Class N		N/A			N/A			(3,485	)		(1,387	)		(185	)		(19	)
Class R		N/A			N/A			—			(5	)		—			(9	)
Class Y		N/A			N/A			(16	)		(7	)		(84	)		(28	)
Total Distributions to Shareholders		(163	)		(9,134	)		(53,182	)		(22,839	)		(4,461	)		(1,351	)
Capital Share Transactions		(15,203	)		316,046			31,966			(88,017	)		8,917			13,402
Net Increase (Decrease) in Net Assets		(15,203	)		316,035			(35,622	)		(41,177	)		4,790			17,087
Net Assets, Beginning of Period		1,575,198			1,259,163			877,655			918,832			60,157			43,070
Net Assets, End of Period	$	1,559,995		$	1,575,198		$	842,033		$	877,655		$	64,947		$	60,157

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

96 SEMIANNUAL REPORT 2021

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 3-31-21 (Unaudited)			Year ended 9-30-20			Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20			Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,674		$	4,379		$	316		$	1,359		$	1,113		$	4,464
Net realized gain (loss) on investments		1,357			5,965			12,314			(5,657	)		2,307			(7,308	)
Net change in unrealized appreciation (depreciation)		(14,166	)		7,226			14,881			21,806			(690	)		698
Net Increase (Decrease) in Net Assets Resulting from Operations		(11,135	)		17,570			27,511			17,508			2,730			(2,146	)
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(496	)		(1,019	)		(50	)		(289	)		(5	)		(104	)
Class B		—	*		—	*		N/A			N/A			N/A			N/A
Class C		(2	)		(6	)		—			(19	)		—			(21	)
Class E		—			(3	)		N/A			N/A			—			(21	)
Class I		(911	)		(1,834	)		(339	)		(1,651	)		(108	)		(971	)
Class N		(1,129	)		(2,216	)		(350	)		(1,558	)		(82	)		(429	)
Class R		—			(2	)		N/A			N/A			—			(20	)
Class Y		—			(2	)		(1	)		(24	)		—	*		(31	)
Total Distributions to Shareholders		(2,538	)		(5,082	)		(740	)		(3,541	)		(195	)		(1,597	)
Capital Share Transactions		(22,163	)		115,304			(51,628	)		(12,950	)		5,259			(65,208	)
Net Increase (Decrease) in Net Assets		(35,836	)		127,792			(24,857	)		1,017			7,794			(68,951	)
Net Assets, Beginning of Period		410,100			282,308			164,963			163,946			60,404			129,268
Net Assets, End of Period	$	374,264		$	410,100		$	140,106		$	164,963		$	68,198		$	60,317

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 97

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Pictet Targeted Return Bond Fund						Ivy PineBridge High Yield Fund
(In thousands)	Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20			Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,111		$	2,257		$	3,547		$	5,850
Net realized gain (loss) on investments		(163	)		(1,960	)		3,440			(1,242	)
Net change in unrealized appreciation (depreciation)		(818	)		3,447			3,290			1,364
Net Increase in Net Assets Resulting from Operations		130			3,744			10,277			5,972
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(250	)		(429	)		(457	)		(632	)
Class C		(24	)		(51	)		N/A			N/A
Class I		(1,556	)		(2,445	)		(2,203	)		(3,249	)
Class N		(1,022	)		(1,535	)		(1,063	)		(1,829	)
Class R		N/A			N/A			—			(17	)
Class Y		(4	)		(66	)		N/A			N/A
Total Distributions to Shareholders		(2,856	)		(4,526	)		(3,723	)		(5,727	)
Capital Share Transactions		8,896			(29,720	)		(15,027	)		39,029
Net Increase (Decrease) in Net Assets		6,170			(30,502	)		(8,473	)		39,274
Net Assets, Beginning of Period		190,197			220,699			141,617			102,343
Net Assets, End of Period	$	196,367		$	190,197		$	133,144		$	141,617

See Accompanying Notes to Financial Statements.

98 SEMIANNUAL REPORT 2021

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2021 SEMIANNUAL REPORT 99

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 ended 3-31-2021 (unaudited)	$	9.81	$	0.19	$	1.36		$	1.55		$	(0.28	)	$	—		$	(0.28	)
Year ended 9-30-2020		10.58		0.39		(0.61	)		(0.22	)		(0.42	)		(0.13	)		(0.55	)
Year ended 9-30-2019		11.07		0.43		(0.13	)		0.30			(0.45	)		(0.34	)		(0.79	)
Year ended 9-30-2018		11.02		0.42		0.05			0.47			(0.41	)		(0.01	)		(0.42	)
Year ended 9-30-2017		10.45		0.39		0.50			0.89			(0.30	)		(0.02	)		(0.32	)
Year ended 9-30-2016(4)		10.00		0.37		0.31			0.68			(0.23	)		—	*		(0.23	)
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		9.81		0.15		1.35			1.50			(0.24	)		—			(0.24	)
Year ended 9-30-2020		10.58		0.32		(0.61	)		(0.29	)		(0.35	)		(0.13	)		(0.48	)
Year ended 9-30-2019		11.07		0.35		(0.12	)		0.23			(0.38	)		(0.34	)		(0.72	)
Year ended 9-30-2018		11.02		0.33		0.06			0.39			(0.33	)		(0.01	)		(0.34	)
Year ended 9-30-2017		10.46		0.31		0.50			0.81			(0.23	)		(0.02	)		(0.25	)
Year ended 9-30-2016(4)		10.00		0.28		0.33			0.61			(0.15	)		—	*		(0.15	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		9.81		0.21		1.36			1.57			(0.30	)		—			(0.30	)
Year ended 9-30-2020		10.59		0.43		(0.61	)		(0.18	)		(0.47	)		(0.13	)		(0.60	)
Year ended 9-30-2019		11.07		0.47		(0.11	)		0.36			(0.50	)		(0.34	)		(0.84	)
Year ended 9-30-2018		11.02		0.45		0.06			0.51			(0.45	)		(0.01	)		(0.46	)
Year ended 9-30-2017		10.46		0.41		0.51			0.92			(0.34	)		(0.02	)		(0.36	)
Year ended 9-30-2016(4)		10.00		0.39		0.32			0.71			(0.25	)		—	*		(0.25	)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		9.82		0.21		1.35			1.56			(0.30	)		—			(0.30	)
Year ended 9-30-2020		10.59		0.44		(0.61	)		(0.17	)		(0.47	)		(0.13	)		(0.60	)
Year ended 9-30-2019		11.08		0.47		(0.12	)		0.35			(0.50	)		(0.34	)		(0.84	)
Year ended 9-30-2018		11.03		0.47		0.05			0.52			(0.46	)		(0.01	)		(0.47	)
Year ended 9-30-2017		10.46		0.43		0.52			0.95			(0.36	)		(0.02	)		(0.38	)
Year ended 9-30-2016(4)		10.00		0.38		0.33			0.71			(0.25	)		—	*		(0.25	)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		9.82		0.19		1.35			1.54			(0.28	)		—			(0.28	)
Year ended 9-30-2020		10.59		0.40		(0.61	)		(0.21	)		(0.43	)		(0.13	)		(0.56	)
Year ended 9-30-2019		11.07		0.42		(0.10	)		0.32			(0.46	)		(0.34	)		(0.80	)
Year ended 9-30-2018		11.02		0.42		0.06			0.48			(0.42	)		(0.01	)		(0.43	)
Year ended 9-30-2017		10.45		0.39		0.51			0.90			(0.31	)		(0.02	)		(0.33	)
Year ended 9-30-2016(4)		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) For the period from October 1, 2015 (commencement of operations of the class) through September 30, 2016.

(5) Annualized.

(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 cost was 1.25%.

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

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

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

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

100 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	11.08		16.25	%	$	91		1.19	%(5)		3.56	%(5)		1.28	%(5)		3.47	%(5)		35	%
Year ended 9-30-2020		9.81		-2.10			88		1.20			3.89			1.27			3.82			71
Year ended 9-30-2019		10.58		3.22			119		1.20			4.06			1.24			4.02			54
Year ended 9-30-2018		11.07		4.41			131		1.24			3.77			1.24			3.77			59
Year ended 9-30-2017		11.02		8.67			143		1.24			3.64			—			—			84
Year ended 9-30-2016(4)		10.45		6.85			95		1.30	(5)(7)		3.69	(5)		1.41	(5)		3.58	(5)		63	(6)
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		11.07		15.82			9		1.97	(5)		2.78	(5)		2.06	(5)		2.69	(5)		35
Year ended 9-30-2020		9.81		-2.85			10		1.96			3.13			2.03			3.06			71
Year ended 9-30-2019		10.58		2.46			14		1.94			3.31			1.98			3.27			54
Year ended 9-30-2018		11.07		3.64			16		1.98			3.01			1.98			3.01			59
Year ended 9-30-2017		11.02		7.86			20		1.97			2.87			—			—			84
Year ended 9-30-2016(4)		10.46		6.14			14		2.06	(5)(8)		2.78	(5)		—			—			63	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		11.08		16.51			225		0.75	(5)		4.00	(5)		1.02	(5)		3.73	(5)		35
Year ended 9-30-2020		9.81		-1.76			220		0.75			4.32			0.99			4.08			71
Year ended 9-30-2019		10.59		3.77			320		0.75			4.51			0.97			4.29			54
Year ended 9-30-2018		11.07		4.71			354		0.93			4.07			0.96			4.04			59
Year ended 9-30-2017		11.02		8.92			401		0.95			3.88			—			—			84
Year ended 9-30-2016(4)		10.46		7.25			255		0.98	(5)(9)		3.80	(5)		—			—			63	(6)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		11.08		16.49			3		0.75	(5)		3.99	(5)		0.87	(5)		3.87	(5)		35
Year ended 9-30-2020		9.82		-1.66			3		0.75			4.34			0.84			4.25			71
Year ended 9-30-2019		10.59		3.69			4		0.75			4.50			0.92			4.33			54
Year ended 9-30-2018		11.08		4.96			4		0.79			4.23			0.80			4.22			59
Year ended 9-30-2017		11.03		9.12			4		0.78			4.09			—			—			84
Year ended 9-30-2016(4)		10.46		7.26			3		0.94	(5)(10)		3.73	(5)		—			—			63	(6)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		11.08		16.28			4		1.16	(5)		3.57	(5)		1.25	(5)		3.48	(5)		35
Year ended 9-30-2020		9.82		-2.06			3		1.15			3.95			1.22			3.88			71
Year ended 9-30-2019		10.59		3.33			4		1.17			4.06			1.21			4.02			54
Year ended 9-30-2018		11.07		4.45			6		1.19			3.82			1.19			3.82			59
Year ended 9-30-2017		11.02		8.75			5		1.17			3.69			—			—			84
Year ended 9-30-2016(4)		10.45		6.90			4		1.25	(5)(11)		3.31	(5)		1.33	(5)		3.23	(5)		63	(6)

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 101

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 ended 3-31-2021 (unaudited)	$	9.92	$	0.22	$	0.31		$	0.53	$	(0.26	)	$	—		$	(0.26	)
Year ended 9-30-2020		9.99		0.42		(0.05	)		0.37		(0.44	)		—			(0.44	)
Year ended 9-30-2019		9.97		0.44		0.06			0.50		(0.45	)		(0.03	)		(0.48	)
Year ended 9-30-2018		10.27		0.42		(0.27	)		0.15		(0.40	)		(0.05	)		(0.45	)
Year ended 9-30-2017		10.26		0.39		0.04			0.43		(0.38	)		(0.04	)		(0.42	)
Year ended 9-30-2016(4)		10.00		0.34		0.18			0.52		(0.26	)		—			(0.26	)
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		9.91		0.18		0.32			0.50		(0.22	)		—			(0.22	)
Year ended 9-30-2020		9.98		0.35		(0.06	)		0.29		(0.36	)		—			(0.36	)
Year ended 9-30-2019		9.97		0.36		0.05			0.41		(0.37	)		(0.03	)		(0.40	)
Year ended 9-30-2018		10.27		0.35		(0.27	)		0.08		(0.33	)		(0.05	)		(0.38	)
Year ended 9-30-2017		10.26		0.32		0.04			0.36		(0.31	)		(0.04	)		(0.35	)
Year ended 9-30-2016(4)		10.00		0.27		0.19			0.46		(0.20	)		—			(0.20	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		9.92		0.24		0.32			0.56		(0.28	)		—			(0.28	)
Year ended 9-30-2020		9.99		0.46		(0.06	)		0.40		(0.47	)		—			(0.47	)
Year ended 9-30-2019		9.98		0.48		0.05			0.53		(0.49	)		(0.03	)		(0.52	)
Year ended 9-30-2018		10.28		0.45		(0.27	)		0.18		(0.43	)		(0.05	)		(0.48	)
Year ended 9-30-2017		10.27		0.42		0.05			0.47		(0.42	)		(0.04	)		(0.46	)
Year ended 9-30-2016(4)		10.00		0.39		0.17			0.56		(0.29	)		—			(0.29	)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		9.92		0.26		0.30			0.56		(0.28	)		—			(0.28	)
Year ended 9-30-2020		9.99		0.46		(0.06	)		0.40		(0.47	)		—			(0.47	)
Year ended 9-30-2019		9.98		0.48		0.05			0.53		(0.49	)		(0.03	)		(0.52	)
Year ended 9-30-2018		10.28		0.46		(0.27	)		0.19		(0.44	)		(0.05	)		(0.49	)
Year ended 9-30-2017		10.27		0.43		0.04			0.47		(0.42	)		(0.04	)		(0.46	)
Year ended 9-30-2016(4)		10.00		0.34		0.22			0.56		(0.29	)		—			(0.29	)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		9.92		0.22		0.31			0.53		(0.26	)		—			(0.26	)
Year ended 9-30-2020		9.99		0.42		(0.05	)		0.37		(0.44	)		—			(0.44	)
Year ended 9-30-2019		9.97		0.44		0.06			0.50		(0.45	)		(0.03	)		(0.48	)
Year ended 9-30-2018		10.27		0.42		(0.27	)		0.15		(0.40	)		(0.05	)		(0.45	)
Year ended 9-30-2017		10.26		0.40		0.04			0.44		(0.39	)		(0.04	)		(0.43	)
Year ended 9-30-2016(4)		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) For the period from October 1, 2015 (commencement of operations of the class) through September 30, 2016.

(5) Annualized.

(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 cost was 1.10%.

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

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

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

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

102 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	10.19		5.89	%	$	110			1.05	%(5)		4.25	%(5)		1.33	%(5)		3.97	%(5)		33	%
Year ended 9-30-2020		9.92		3.84			111			1.05			4.35			1.17			4.23			59
Year ended 9-30-2019		9.99		5.13			120			1.05			4.45			1.15			4.35			45
Year ended 9-30-2018		9.97		1.53			117			1.15			4.14			1.16			4.13			48
Year ended 9-30-2017		10.27		4.38			123			1.15			3.83			1.17			3.81			48
Year ended 9-30-2016(4)		10.26		5.35			95			1.15	(5)(7)		3.36	(5)		1.26	(5)		3.25	(5)		42	(6)
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		10.19		5.50			5			1.82	(5)		3.49	(5)		2.38	(5)		2.93	(5)		33
Year ended 9-30-2020		9.91		3.03			5			1.83			3.57			2.08			3.32			59
Year ended 9-30-2019		9.98		4.21			5			1.85			3.65			2.04			3.46			45
Year ended 9-30-2018		9.97		0.82			6			1.85			3.43			2.02			3.26			48
Year ended 9-30-2017		10.27		3.66			8			1.85			3.13			1.98			3.00			48
Year ended 9-30-2016(4)		10.26		4.66			8			1.84	(5)(8)		2.71	(5)		1.96	(5)		2.59	(5)		42	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		10.20		6.08			252			0.67	(5)		4.64	(5)		1.13	(5)		4.18	(5)		33
Year ended 9-30-2020		9.92		4.23			257			0.67			4.73			0.96			4.44			59
Year ended 9-30-2019		9.99		5.43			315			0.67			4.83			0.93			4.57			45
Year ended 9-30-2018		9.98		1.95			315			0.82			4.46			0.93			4.35			48
Year ended 9-30-2017		10.28		4.59			320			0.85			4.13			0.94			4.04			48
Year ended 9-30-2016(4)		10.27		5.75			184			0.85	(5)(9)		3.91	(5)		0.98	(5)		3.78	(5)		42	(6)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		10.20		6.08			1			0.67	(5)		4.84	(5)		0.97	(5)		4.54	(5)		33
Year ended 9-30-2020		9.92		4.23			22			0.67			4.71			0.80			4.58			59
Year ended 9-30-2019		9.99		5.43			48			0.67			4.83			0.78			4.72			45
Year ended 9-30-2018		9.98		1.92			53			0.77			4.52			0.78			4.51			48
Year ended 9-30-2017		10.28		4.75			61			0.77			4.24			—			—			48
Year ended 9-30-2016(4)		10.27		5.75			6			0.84	(5)(10)		3.44	(5)		—			—			42	(6)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		10.19		5.78			—	*		1.05	(5)		4.33	(5)		1.35	(5)		4.03	(5)		33
Year ended 9-30-2020		9.92		3.85			7			1.05			4.35			1.20			4.20			59
Year ended 9-30-2019		9.99		5.13			7			1.05			4.46			1.18			4.33			45
Year ended 9-30-2018		9.97		1.58			8			1.10			4.18			1.17			4.11			48
Year ended 9-30-2017		10.27		4.44			9			1.10			3.89			1.19			3.80			48
Year ended 9-30-2016(4)		10.26		5.39			6			1.10	(5)(11)		3.31	(5)		1.23	(5)		3.18	(5)		42	(6)

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 103

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 ended 3-31-2021 (unaudited)	$	10.48	$	0.10	$	0.15		$	0.25		$	(0.10	)	$	—		$	(0.10	)
Year ended 9-30-2020		10.58		0.21		(0.11	)		0.10			(0.20	)		—			(0.20	)
Year ended 9-30-2019		9.98		0.26		0.60			0.86			(0.26	)		—			(0.26	)
Year ended 9-30-2018		10.16		0.26		(0.16	)		0.10			(0.26	)		(0.02	)		(0.28	)
Year ended 9-30-2017(4)		10.00		0.26		0.14			0.40			(0.24	)		—			(0.24	)
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		10.48		0.05		0.15			0.20			(0.05	)		—			(0.05	)
Year ended 9-30-2020		10.58		0.12		(0.11	)		0.01			(0.11	)		—			(0.11	)
Year ended 9-30-2019		9.98		0.17		0.60			0.77			(0.17	)		—			(0.17	)
Year ended 9-30-2018		10.16		0.17		(0.17	)		0.00	*		(0.16	)		(0.02	)		(0.18	)
Year ended 9-30-2017(4)		10.00		0.19		0.16			0.35			(0.19	)		—			(0.19	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		10.48		0.11		0.15			0.26			(0.11	)		—			(0.11	)
Year ended 9-30-2020		10.58		0.23		(0.10	)		0.13			(0.23	)		—			(0.23	)
Year ended 9-30-2019		9.98		0.28		0.60			0.88			(0.28	)		—			(0.28	)
Year ended 9-30-2018		10.16		0.28		(0.16	)		0.12			(0.28	)		(0.02	)		(0.30	)
Year ended 9-30-2017(4)		10.00		0.28		0.13			0.41			(0.25	)		—			(0.25	)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		10.48		0.10		0.15			0.25			(0.10	)		—			(0.10	)
Year ended 9-30-2020		10.58		0.21		(0.11	)		0.10			(0.20	)		—			(0.20	)
Year ended 9-30-2019		9.98		0.26		0.60			0.86			(0.26	)		—			(0.26	)
Year ended 9-30-2018		10.16		0.25		(0.15	)		0.10			(0.26	)		(0.02	)		(0.28	)
Year ended 9-30-2017(4)		10.00		0.25		0.15			0.40			(0.24	)		—			(0.24	)

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

(5) Annualized.

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

104 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	10.63		2.36	%	$	18		0.80	%(5)		1.90	%(5)		1.27	%(5)		1.43	%(5)		5	%
Year ended 9-30-2020		10.48		1.01			19		0.80			2.03			1.23			1.60			9
Year ended 9-30-2019		10.58		8.73			17		0.80			2.54			1.29			2.05			10
Year ended 9-30-2018		9.98		0.89			14		0.78			2.56			1.32			2.02			10
Year ended 9-30-2017(4)		10.16		4.17			8		0.60	(5)		2.62	(5)		1.12	(5)		2.10	(5)		7	(6)
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		10.63		1.91			2		1.67	(5)		1.03	(5)		2.05	(5)		0.65	(5)		5
Year ended 9-30-2020		10.48		0.13			2		1.67			1.16			2.02			0.81			9
Year ended 9-30-2019		10.58		7.81			2		1.66			1.69			2.06			1.29			10
Year ended 9-30-2018		9.98		-0.07			2		1.63			1.70			2.08			1.25			10
Year ended 9-30-2017(4)		10.16		3.53			2		1.33	(5)		1.88	(5)		1.85	(5)		1.36	(5)		7	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		10.63		2.46			13		0.60	(5)		2.10	(5)		1.16	(5)		1.54	(5)		5
Year ended 9-30-2020		10.48		1.21			13		0.60			2.23			1.12			1.71			9
Year ended 9-30-2019		10.58		8.95			13		0.60			2.75			1.16			2.19			10
Year ended 9-30-2018		9.98		1.10			11		0.58			2.74			1.20			2.12			10
Year ended 9-30-2017(4)		10.16		4.31			7		0.43	(5)		2.87	(5)		0.95	(5)		2.35	(5)		7	(6)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		10.63		2.36			1		0.80	(5)		1.90	(5)		1.39	(5)		1.31	(5)		5
Year ended 9-30-2020		10.48		1.01			1		0.80			2.03			1.35			1.48			9
Year ended 9-30-2019		10.58		8.73			1		0.80			2.55			1.40			1.95			10
Year ended 9-30-2018		9.98		0.93			1		0.78			2.56			1.44			1.90			10
Year ended 9-30-2017(4)		10.16		4.09			1		0.60	(5)		2.54	(5)		1.23	(5)		1.91	(5)		7	(6)

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 105

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 ended 3-31-2021 (unaudited)	$	1.00	$	0.00	*	$	0.00	*	$	0.00	*	$	—	*	$	—	$	—	*
Year ended 9-30-2020		1.00		0.01			0.00	*		0.01			(0.01	)		—		(0.01	)
Year ended 9-30-2019		1.00		0.02			0.00	*		0.02			(0.02	)		—		(0.02	)
Year ended 9-30-2018		1.00		0.01			0.00	*		0.01			(0.01	)		—		(0.01	)
Year ended 9-30-2017		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2016		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Class B Shares(4)
Six-month period ended 3-31-2021 (unaudited)		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2020		1.00		0.00			0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2019		1.00		0.01			0.00	*		0.01			(0.01	)		—		(0.01	)
Year ended 9-30-2018		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2017		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2016		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2020		1.00		0.00			0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2019		1.00		0.01			0.00	*		0.01			(0.01	)		—		(0.01	)
Year ended 9-30-2018		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2017		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2016		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) 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.

(5) Annualized.

106 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	1.00		0.01	%	$	1,558			0.21	%(5)		0.02	%(5)		0.58	%(5)		-0.35	%(5)
Year ended 9-30-2020		1.00		0.69			1,573			0.58			0.64			0.63			0.59
Year ended 9-30-2019		1.00		1.87			1,257			0.71			1.86			—			—
Year ended 9-30-2018		1.00		1.11			1,281			0.75			1.03			—			—
Year ended 9-30-2017		1.00		0.27			1,378			0.74			0.27			0.75			0.26
Year ended 9-30-2016		1.00		0.02			1,401			0.49			0.02			0.79			-0.28
Class B Shares(4)
Six-month period ended 3-31-2021 (unaudited)		1.00		0.01			—	*		0.20	(5)		0.02	(5)		1.48	(5)		- 1.26	(5)
Year ended 9-30-2020		1.00		0.24			—	*		1.08			0.26			1.48			-0.14
Year ended 9-30-2019		1.00		1.05			1			1.51			1.06			—			—
Year ended 9-30-2018		1.00		0.27			1			1.60			0.21			1.65			0.16
Year ended 9-30-2017		1.00		0.02			1			0.96			0.02			1.61			-0.63
Year ended 9-30-2016		1.00		0.02			1			0.49			0.02			1.73			-1.22
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		1.00		0.01			2			0.21	(5)		0.02	(5)		1.54	(5)		-1.31	(5)
Year ended 9-30-2020		1.00		0.17			2			0.98			0.12			1.53			-0.43
Year ended 9-30-2019		1.00		0.91			1			1.65			0.93			—			—
Year ended 9-30-2018		1.00		0.24			1			1.55			0.08			1.68			-0.05
Year ended 9-30-2017		1.00		0.02			2			0.98			0.02			1.61			-0.61
Year ended 9-30-2016		1.00		0.02			3			0.46			0.02			1.62			-1.14

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 107

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 (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 ended 3-31-2021 (unaudited)	$	6.90	$	0.07		$	(0.17	)	$	(0.10	)	$	(0.08	)	$	(0.34	)	$	(0.42	)
Year ended 9-30-2020		6.54		0.15			0.37			0.52			(0.16	)		—			(0.16	)
Year ended 9-30-2019		6.02		0.16			0.52			0.68			(0.16	)		—			(0.16	)
Year ended 9-30-2018		6.27		0.15			(0.26	)		(0.11	)		(0.14	)		—			(0.14	)
Year ended 9-30-2017		6.51		0.13			(0.12	)		0.01			(0.14	)		(0.11	)		(0.25	)
Year ended 9-30-2016		6.30		0.13			0.28			0.41			(0.13	)		(0.07	)		(0.20	)
Class B Shares(4)
Six-month period ended 3-31-2021 (unaudited)		6.89		(0.01	)		(0.16	)		(0.17	)		(0.03	)		(0.34	)		(0.37	)
Year ended 9-30-2020		6.53		0.04			0.37			0.41			(0.05	)		—			(0.05	)
Year ended 9-30-2019		6.01		0.06			0.52			0.58			(0.06	)		—			(0.06	)
Year ended 9-30-2018		6.26		0.05			(0.25	)		(0.20	)		(0.05	)		—			(0.05	)
Year ended 9-30-2017		6.51		0.04			(0.12	)		(0.08	)		(0.06	)		(0.11	)		(0.17	)
Year ended 9-30-2016		6.29		0.04			0.29			0.33			(0.04	)		(0.07	)		(0.11	)
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		6.89		0.04			(0.17	)		(0.13	)		(0.05	)		(0.34	)		(0.39	)
Year ended 9-30-2020		6.53		0.09			0.37			0.46			(0.10	)		—			(0.10	)
Year ended 9-30-2019		6.01		0.10			0.52			0.62			(0.10	)		—			(0.10	)
Year ended 9-30-2018		6.26		0.09			(0.25	)		(0.16	)		(0.09	)		—			(0.09	)
Year ended 9-30-2017		6.50		0.08			(0.12	)		(0.04	)		(0.09	)		(0.11	)		(0.20	)
Year ended 9-30-2016		6.29		0.07			0.28			0.35			(0.07	)		(0.07	)		(0.14	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		6.90		0.07			(0.16	)		(0.09	)		(0.09	)		(0.34	)		(0.43	)
Year ended 9-30-2020		6.54		0.17			0.37			0.54			(0.18	)		—			(0.18	)
Year ended 9-30-2019		6.02		0.18			0.52			0.70			(0.18	)		—			(0.18	)
Year ended 9-30-2018		6.27		0.17			(0.26	)		(0.09	)		(0.16	)		—			(0.16	)
Year ended 9-30-2017		6.51		0.15			(0.12	)		0.03			(0.16	)		(0.11	)		(0.27	)
Year ended 9-30-2016		6.30		0.15			0.28			0.43			(0.15	)		(0.07	)		(0.22	)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		6.90		0.08			(0.17	)		(0.09	)		(0.09	)		(0.34	)		(0.43	)
Year ended 9-30-2020		6.54		0.18			0.37			0.55			(0.19	)		—			(0.19	)
Year ended 9-30-2019		6.01		0.19			0.53			0.72			(0.19	)		—			(0.19	)
Year ended 9-30-2018 (5)		6.28		0.17			(0.28	)		(0.11	)		(0.16	)		—			(0.16	)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		6.90		0.07			(0.17	)		(0.10	)		(0.08	)		(0.34	)		(0.42	)
Year ended 9-30-2020		6.53		0.15			0.38			0.53			(0.16	)		—			(0.16	)
Year ended 9-30-2019		6.01		0.16			0.53			0.69			(0.17	)		—			(0.17	)
Year ended 9-30-2018 (5)		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) 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.

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

(6) Annualized.

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

108 SEMIANNUAL REPORT 2021

	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 to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 3-31-2021 (unaudited)	$	6.38		-1.76	%	$	341			0.98	%(6)		1.95	%(6)		—	%		—	%		35	%
Year ended 9-30-2020		6.90		8.07			355			1.00			2.26			—			—			84
Year ended 9-30-2019		6.54		11.48			348			1.02			2.54			—			—			63
Year ended 9-30-2018		6.02		-1.72			364			1.05			2.41			1.05			2.41			29
Year ended 9-30-2017		6.27		0.39			437			0.98			2.09			0.99			2.08			42
Year ended 9-30-2016		6.51		6.58			520			0.97			2.03			0.98			2.02			88
Class B Shares(4)
Six-month period ended 3-31-2021 (unaudited)		6.35		-2.84			—	*		3.20	(6)		-0.25	(6)		—			—			35
Year ended 9-30-2020		6.89		6.35			—	*		2.65			0.62			—			—			84
Year ended 9-30-2019		6.53		9.66			1			2.61			0.96			—			—			63
Year ended 9-30-2018		6.01		-3.18			1			2.56			0.87			—			—			29
Year ended 9-30-2017		6.26		-1.50			1			2.39			0.68			—			—			42
Year ended 9-30-2016		6.51		5.31			2			2.31			0.68			—			—			88
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		6.37		-2.19			3			1.87	(6)		1.07	(6)		—			—			35
Year ended 9-30-2020		6.89		7.13			4			1.89			1.37			—			—			84
Year ended 9-30-2019		6.53		10.52			4			1.92			1.64			—			—			63
Year ended 9-30-2018		6.01		-2.63			4			1.94			1.48			—			—			29
Year ended 9-30-2017		6.26		-0.46			8			1.85			1.22			—			—			42
Year ended 9-30-2016		6.50		5.65			10			1.85			1.14			—			—			88
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		6.38		-1.64			450			0.71	(6)		2.22	(6)		—			—			35
Year ended 9-30-2020		6.90		8.39			460			0.71			2.55			—			—			84
Year ended 9-30-2019		6.54		11.84			523			0.70			2.86			—			—			63
Year ended 9-30-2018		6.02		-1.41			545			0.72			2.74			—			—			29
Year ended 9-30-2017		6.27		0.68			672			0.69			2.39			—			—			42
Year ended 9-30-2016		6.51		6.88			752			0.67			2.28			—			—			88
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		6.38		-1.57			48			0.55	(6)		2.38	(6)		—			—			35
Year ended 9-30-2020		6.90		8.56			59			0.55			2.69			—			—			84
Year ended 9-30-2019		6.54		12.19			43			0.55			3.00			—			—			63
Year ended 9-30-2018 (5)		6.01		-1.77			44			0.57	(6)		3.06	(6)		—			—			29	(7)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		6.38		-1.77			—	*		0.96	(6)		1.98	(6)		—			—			35
Year ended 9-30-2020		6.90		8.29			—	*		0.94			2.32			—			—			84
Year ended 9-30-2019		6.53		11.62			—	*		0.93			2.62			—			—			63
Year ended 9-30-2018 (5)		6.01		-2.16			—	*		1.00	(6)		2.62	(6)		—			—			29	(7)

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 109

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 ended 3-31-2021 (unaudited)	$	11.28	$	0.11	$	0.00	*	$	0.11		$	(0.13	)	$	(0.72	)	$	(0.85	)
Year ended 9-30-2020		10.51		0.28		0.77			1.05			(0.28	)		—			(0.28	)
Year ended 9-30-2019		9.64		0.32		0.90			1.22			(0.35	)		—			(0.35	)
Year ended 9-30-2018		10.26		0.30		(0.56	)		(0.26	)		(0.27	)		(0.09	)		(0.36	)
Year ended 9-30-2017 (4)		10.00		0.13		0.23			0.36			(0.10	)		—			(0.10	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		11.28		0.12		0.00	*		0.12			(0.14	)		(0.72	)		(0.86	)
Year ended 9-30-2020		10.51		0.31		0.77			1.08			(0.31	)		—			(0.31	)
Year ended 9-30-2019		9.64		0.34		0.90			1.24			(0.37	)		—			(0.37	)
Year ended 9-30-2018		10.26		0.33		(0.56	)		(0.23	)		(0.30	)		(0.09	)		(0.39	)
Year ended 9-30-2017 (4)		10.00		0.15		0.22			0.37			(0.11	)		—			(0.11	)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		11.28		0.12		0.00	*		0.12			(0.14	)		(0.72	)		(0.86	)
Year ended 9-30-2020		10.51		0.30		0.78			1.08			(0.31	)		—			(0.31	)
Year ended 9-30-2019		9.64		0.34		0.90			1.24			(0.37	)		—			(0.37	)
Year ended 9-30-2018		10.26		0.33		(0.56	)		(0.23	)		(0.30	)		(0.09	)		(0.39	)
Year ended 9-30-2017 (4)		10.00		0.15		0.22			0.37			(0.11	)		—			(0.11	)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		11.28		0.11		0.00	*		0.11			(0.13	)		(0.72	)		(0.85	)
Year ended 9-30-2020		10.51		0.28		0.77			1.05			(0.28	)		—			(0.28	)
Year ended 9-30-2019		9.64		0.32		0.90			1.22			(0.35	)		—			(0.35	)
Year ended 9-30-2018		10.26		0.30		(0.56	)		(0.26	)		(0.27	)		(0.09	)		(0.36	)
Year ended 9-30-2017 (4)		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) For the period from April 3, 2017 (commencement of operations of the class) through September 30, 2017.

(5) Annualized.

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

110 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	10.54		0.76	%	$	18		0.90	%(5)		1.94	%(5)		1.20	%(5)		1.64	%(5)		59	%
Year ended 9-30-2020		11.28		10.18			18		0.90			2.64			1.21			2.33			165
Year ended 9-30-2019		10.51		13.10			12		0.90			3.23			1.25			2.88			94
Year ended 9-30-2018		9.64		-2.56			12		0.90			3.07			1.19			2.78			85
Year ended 9-30-2017(4)		10.26		3.51			11		0.90	(5)		2.63	(5)		0.95	(5)		2.58	(5)		112	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		10.54		0.89			40		0.65	(5)		2.19	(5)		1.01	(5)		1.83	(5)		59
Year ended 9-30-2020		11.28		10.46			39		0.65			2.89			1.06			2.48			165
Year ended 9-30-2019		10.51		13.39			27		0.65			3.47			1.13			2.99			94
Year ended 9-30-2018		9.64		-2.41			23		0.65			3.33			1.06			2.92			85
Year ended 9-30-2017(4)		10.26		3.72			18		0.65	(5)		2.89	(5)		0.83	(5)		2.71	(5)		112	(6)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		10.54		0.90			6		0.65	(5)		2.17	(5)		0.85	(5)		1.97	(5)		59
Year ended 9-30-2020		11.28		10.46			2		0.65			2.78			0.90			2.53			165
Year ended 9-30-2019		10.51		13.39			1		0.65			3.48			0.98			3.15			94
Year ended 9-30-2018		9.64		-2.41			1		0.65			3.31			0.90			3.06			85
Year ended 9-30-2017(4)		10.26		3.72			1		0.65	(5)		2.87	(5)		0.69	(5)		2.83	(5)		112	(6)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		10.54		0.76			1		0.90	(5)		1.94	(5)		1.24	(5)		1.60	(5)		59
Year ended 9-30-2020		11.28		10.18			1		0.90			2.65			1.30			2.25			165
Year ended 9-30-2019		10.51		13.10			1		0.90			3.23			1.37			2.76			94
Year ended 9-30-2018		9.64		-2.56			1		0.90			3.06			1.29			2.67			85
Year ended 9-30-2017(4)		10.26		3.51			1		0.90	(5)		2.63	(5)		1.08	(5)		2.45	(5)		112	(6)

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 111

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 (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 ended 3-31-2021 (unaudited)	$	5.78	$	0.02		$	(0.19	)	$	(0.17	)	$	(0.03	)	$	—	$	(0.03	)
Year ended 9-30-2020		5.59		0.06			0.20			0.26			(0.07	)		—		(0.07	)
Year ended 9-30-2019		5.23		0.08			0.37			0.45			(0.09	)		—		(0.09	)
Year ended 9-30-2018		5.43		0.06			(0.19	)		(0.13	)		(0.07	)		—		(0.07	)
Year ended 9-30-2017		5.60		0.06			(0.16	)		(0.10	)		(0.07	)		—		(0.07	)
Year ended 9-30-2016		5.51		0.06			0.10			0.16			(0.07	)		—		(0.07	)
Class B Shares(4)
Six-month period ended 3-31-2021 (unaudited)		5.78		(0.01	)		(0.19	)		(0.20	)		—	*		—		—	*
Year ended 9-30-2020		5.59		0.00	*		0.20			0.20			(0.01	)		—		(0.01	)
Year ended 9-30-2019		5.23		0.02			0.36			0.38			(0.02	)		—		(0.02	)
Year ended 9-30-2018		5.43		0.01			(0.18	)		(0.17	)		(0.03	)		—		(0.03	)
Year ended 9-30-2017		5.60		0.00	*		(0.16	)		(0.16	)		(0.01	)		—		(0.01	)
Year ended 9-30-2016		5.51		0.00	*		0.10			0.10			(0.01	)		—		(0.01	)
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		5.78		(0.01	)		(0.19	)		(0.20	)		—	*		—		—	*
Year ended 9-30-2020		5.59		0.01			0.20			0.21			(0.02	)		—		(0.02	)
Year ended 9-30-2019		5.23		0.03			0.37			0.40			(0.04	)		—		(0.04	)
Year ended 9-30-2018		5.43		0.01			(0.18	)		(0.17	)		(0.03	)		—		(0.03	)
Year ended 9-30-2017		5.60		0.01			(0.15	)		(0.14	)		(0.03	)		—		(0.03	)
Year ended 9-30-2016		5.51		0.01			0.11			0.12			(0.03	)		—		(0.03	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		5.78		0.02			(0.18	)		(0.16	)		(0.04	)		—		(0.04	)
Year ended 9-30-2020		5.59		0.08			0.20			0.28			(0.09	)		—		(0.09	)
Year ended 9-30-2019		5.23		0.09			0.37			0.46			(0.10	)		—		(0.10	)
Year ended 9-30-2018		5.43		0.08			(0.19	)		(0.11	)		(0.09	)		—		(0.09	)
Year ended 9-30-2017		5.60		0.07			(0.15	)		(0.08	)		(0.09	)		—		(0.09	)
Year ended 9-30-2016		5.51		0.07			0.11			0.18			(0.09	)		—		(0.09	)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		5.78		0.03			(0.19	)		(0.16	)		(0.04	)		—		(0.04	)
Year ended 9-30-2020		5.59		0.08			0.20			0.28			(0.09	)		—		(0.09	)
Year ended 9-30-2019		5.23		0.10			0.37			0.47			(0.11	)		—		(0.11	)
Year ended 9-30-2018(5)		5.43		0.08			(0.19	)		(0.11	)		(0.09	)		—		(0.09	)

* 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) 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.

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

(6) Annualized.

(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%.

112 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	5.58		-2.96	%	$	89			0.97	%(6)		0.61	%(6)		1.02	%(6)		0.56	%(6)		14	%
Year ended 9-30-2020		5.78		4.75			96			0.98			1.07			1.05			1.00			43
Year ended 9-30-2019		5.59		8.59			68			1.00			1.47			1.13			1.34			12
Year ended 9-30-2018		5.23		-2.35			71			1.04	(8)		1.19			1.16			1.07			42
Year ended 9-30-2017		5.43		-1.73			87			1.02			1.20			1.10			1.04			37
Year ended 9-30-2016		5.60		3.01			118			1.01			1.11			1.07			1.05			43
Class B Shares(4)
Six-month period ended 3-31-2021 (unaudited)		5.58		-3.46			—	*		2.02	(6)		-0.47	(6)		3.02	(6)		-1.47	(6)		14
Year ended 9-30-2020		5.78		3.62			—	*		2.06			0.02			2.63			-0.55			43
Year ended 9-30-2019		5.59		7.32			—	*		2.13			0.34			2.72			-0.25			12
Year ended 9-30-2018		5.23		-3.22			—	*		2.05			0.11			2.57			-0.41			42
Year ended 9-30-2017		5.43		-2.81			1			2.13			0.01			2.27			-0.13			37
Year ended 9-30-2016		5.60		1.83			1			2.17			-0.05			2.21			-0.09			43
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		5.58		-3.38			2			1.85	(6)		-0.28	(6)		—			—			14
Year ended 9-30-2020		5.78		3.83			2			1.86			0.18			1.90			0.14			43
Year ended 9-30-2019		5.59		7.61			1			1.88			0.59			1.95			0.52			12
Year ended 9-30-2018		5.23		-3.14			1			1.88			0.24			2.16			-0.04			42
Year ended 9-30-2017		5.43		-2.58			2			1.88			0.26			1.95			0.19			37
Year ended 9-30-2016		5.60		2.10			3			1.91			0.21			1.95			0.17			43
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		5.58		-2.84			139			0.72	(6)		0.86	(6)		0.77	(6)		0.81	(6)		14
Year ended 9-30-2020		5.78		5.01			140			0.72			1.32			0.77			1.27			43
Year ended 9-30-2019		5.59		8.89			93			0.72			1.75			0.77			1.70			12
Year ended 9-30-2018		5.23		-2.10			124			0.78	(9)		1.46			0.82			1.42			42
Year ended 9-30-2017		5.43		-1.44			303			0.74			1.38			0.76			1.36			37
Year ended 9-30-2016		5.60		3.33			157			0.70			1.33		��	0.74			1.29			43
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		5.58		-2.78			144			0.61	(6)		0.97	(6)		—			—			14
Year ended 9-30-2020		5.78		5.13			172			0.61			1.44			—			—			43
Year ended 9-30-2019		5.59		9.01			120			0.61			1.86			—			—			12
Year ended 9-30-2018 (5)		5.23		-1.99			179			0.63	(6)(8)		1.74	(6)		—			—			42	(7)

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 113

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 ended 3-31-2021 (unaudited)	$	12.42	$	0.01		$	2.65		$	2.66		$	(0.04	)	$	—		$	(0.04	)
Year ended 9-30-2020		11.38		0.06			1.19			1.25			(0.21	)		—			(0.21	)
Year ended 9-30-2019		12.28		0.11			(0.85	)		(0.74	)		(0.14	)		(0.02	)		(0.16	)
Year ended 9-30-2018		12.06		0.10			0.14			0.24			(0.02	)		—			(0.02	)
Year ended 9-30-2017(4)		10.00		0.09			1.97			2.06			—			—			—
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		12.29		(0.04	)		2.63			2.59			—			—			—
Year ended 9-30-2020		11.27		(0.03	)		1.18			1.15			(0.13	)		—			(0.13	)
Year ended 9-30-2019		12.14		0.03			(0.84	)		(0.81	)		(0.04	)		(0.02	)		(0.06	)
Year ended 9-30-2018		12.00		0.01			0.13			0.14			—			—			—
Year ended 9-30-2017(4)		10.00		0.03			1.97			2.00			—			—			—
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		12.47		0.03			2.67			2.70			(0.08	)		—			(0.08	)
Year ended 9-30-2020		11.42		0.10			1.21			1.31			(0.26	)		—			(0.26	)
Year ended 9-30-2019		12.33		0.16			(0.87	)		(0.71	)		(0.18	)		(0.02	)		(0.20	)
Year ended 9-30-2018		12.08		0.16			0.13			0.29			(0.04	)		—	*		(0.04	)
Year ended 9-30-2017(4)		10.00		0.11			1.97			2.08			—			—			—
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		12.46		0.03			2.67			2.70			(0.08	)		—			(0.08	)
Year ended 9-30-2020		11.42		0.10			1.20			1.30			(0.26	)		—			(0.26	)
Year ended 9-30-2019		12.32		0.15			(0.85	)		(0.70	)		(0.18	)		(0.02	)		(0.20	)
Year ended 9-30-2018		12.09		0.16			0.11			0.27			(0.04	)		—	*		(0.04	)
Year ended 9-30-2017(4)		10.00		0.11			1.98			2.09			—			—			—
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		12.42		0.01			2.65			2.66			(0.04	)		—			(0.04	)
Year ended 9-30-2020		11.37		0.03			1.23			1.26			(0.21	)		—			(0.21	)
Year ended 9-30-2019		12.28		0.08			(0.83	)		(0.75	)		(0.14	)		(0.02	)		(0.16	)
Year ended 9-30-2018		12.06		0.14			0.10			0.24			(0.02	)		—			(0.02	)
Year ended 9-30-2017(4)		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) For the period from January 10, 2017 (commencement of operations of the class) through September 30, 2017.

(5) Annualized.

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

114 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	15.04		21.49	%	$	18			1.35	%(5)		0.18	%(5)		1.59	%(5)		-0.06	%(5)		24	%
Year ended 9-30-2020		12.42		11.04			16			1.37			0.50			1.57			0.30			75
Year ended 9-30-2019		11.38		-5.92			16			1.39			1.02			1.58			0.83			73
Year ended 9-30-2018		12.28		1.98			18			1.45			0.79			1.54			0.70			60
Year ended 9-30-2017 (4)		12.06		20.60			13			1.45	(5)		1.11	(5)		1.61	(5)		0.95	(5)		38	(6)
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		14.88		21.07			2			2.10	(5)		-0.56	(5)		2.34	(5)		-0.80	(5)		24
Year ended 9-30-2020		12.29		10.22			2			2.13			-0.31			2.33			-0.51			75
Year ended 9-30-2019		11.27		-6.62			2			2.14			0.25			2.33			0.06			73
Year ended 9-30-2018		12.14		1.17			2			2.22			0.11			2.27			0.06			60
Year ended 9-30-2017 (4)		12.00		20.00			1			2.17	(5)		0.39	(5)		2.33	(5)		0.23	(5)		38	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		15.09		21.73			61			0.99	(5)		0.50	(5)		1.44	(5)		0.05	(5)		24
Year ended 9-30-2020		12.47		11.54			77			0.99			0.91			1.38			0.52			75
Year ended 9-30-2019		11.42		-5.64			72			0.99			1.47			1.37			1.09			73
Year ended 9-30-2018		12.33		2.33			66			1.12			1.28			1.34			1.06			60
Year ended 9-30-2017 (4)		12.08		20.90			27			1.15	(5)		1.42	(5)		1.45	(5)		1.12	(5)		38	(6)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		15.08		21.75			59			0.99	(5)		0.48	(5)		1.24	(5)		0.23	(5)		24
Year ended 9-30-2020		12.46		11.45			69			0.99			0.89			1.20			0.68			75
Year ended 9-30-2019		11.42		-5.57			73			0.99			1.40			1.20			1.19			73
Year ended 9-30-2018		12.32		2.28			82			1.13			1.25			1.18			1.20			60
Year ended 9-30-2017 (4)		12.09		20.90			1			1.15	(5)		1.41	(5)		1.31	(5)		1.25	(5)		38	(6)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		15.04		21.49			—	*		1.35	(5)		0.13	(5)		1.65	(5)		-0.17	(5)		24
Year ended 9-30-2020		12.42		11.14			1			1.37			0.27			1.59			0.05			75
Year ended 9-30-2019		11.37		-6.00			1			1.39			0.71			1.63			0.47			73
Year ended 9-30-2018		12.28		1.98			5			1.45			1.10			1.59			0.96			60
Year ended 9-30-2017 (4)		12.06		20.60			1			1.45	(5)		1.11	(5)		1.70	(5)		0.86	(5)		38	(6)

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 115

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 ended 3-31-2021 (unaudited)	$	8.46	$	0.15	$	0.30		$	0.45		$	(0.01	)	$	—	$	(0.01	)
Year ended 9-30-2020		8.68		0.31		(0.43	)		(0.12	)		(0.10	)		—		(0.10	)
Year ended 9-30-2019		8.22		0.42		0.04			0.46			—			—		—
Year ended 9-30-2018		9.47		0.39		(1.40	)		(1.01	)		(0.24	)		—		(0.24	)
Year ended 9-30-2017		9.21		0.41		(0.15	)		0.26			—			—		—
Year ended 9-30-2016		8.11		0.33		0.77			1.10			—			—		—
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		8.20		0.12		0.29			0.41			—			—		—
Year ended 9-30-2020		8.47		0.25		(0.43	)		(0.18	)		(0.09	)		—		(0.09	)
Year ended 9-30-2019		8.06		0.36		0.05			0.41			—			—		—
Year ended 9-30-2018		9.28		0.31		(1.37	)		(1.06	)		(0.16	)		—		(0.16	)
Year ended 9-30-2017		9.09		0.34		(0.15	)		0.19			—			—		—
Year ended 9-30-2016		8.06		0.28		0.75			1.03			—			—		—
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		8.57		0.17		0.29			0.46			(0.03	)		—		(0.03	)
Year ended 9-30-2020		8.77		0.35		(0.44	)		(0.09	)		(0.11	)		—		(0.11	)
Year ended 9-30-2019		8.28		0.47		0.04			0.51			(0.02	)		—		(0.02	)
Year ended 9-30-2018		9.54		0.43		(1.41	)		(0.98	)		(0.28	)		—		(0.28	)
Year ended 9-30-2017		9.25		0.46		(0.17	)		0.29			—			—		—
Year ended 9-30-2016		8.12		0.39		0.74			1.13			—			—		—
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		8.57		0.16		0.30			0.46			(0.03	)		—		(0.03	)
Year ended 9-30-2020		8.77		0.36		(0.45	)		(0.09	)		(0.11	)		—		(0.11	)
Year ended 9-30-2019		8.28		0.46		0.05			0.51			(0.02	)		—		(0.02	)
Year ended 9-30-2018		9.54		0.44		(1.42	)		(0.98	)		(0.28	)		—		(0.28	)
Year ended 9-30-2017		9.25		0.46		(0.17	)		0.29			—			—		—
Year ended 9-30-2016		8.12		0.38		0.75			1.13			—			—		—
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		8.46		0.14		0.31			0.45			(0.01	)		—		(0.01	)
Year ended 9-30-2020		8.69		0.31		(0.44	)		(0.13	)		(0.10	)		—		(0.10	)
Year ended 9-30-2019		8.22		0.43		0.04			0.47			—			—		—
Year ended 9-30-2018		9.48		0.37		(1.39	)		(1.02	)		(0.24	)		—		(0.24	)
Year ended 9-30-2017		9.21		0.41		(0.14	)		0.27			—			—		—
Year ended 9-30-2016		8.11		0.35		0.75			1.10			—			—		—

* 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.

116 SEMIANNUAL REPORT 2021

	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 to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 3-31-2021 (unaudited)	$	8.90		5.30	%	$	5			1.20	%(4)		3.26	%(4)		1.63	%(4)		2.83	%(4)		207	%
Year ended 9-30-2020		8.46		-1.39			8			1.19			3.63			1.50			3.32			121
Year ended 9-30-2019		8.68		5.73			9			1.21			4.94			1.44			4.71			111
Year ended 9-30-2018		8.22		-11.01			12			1.21			4.28			1.45			4.04			90
Year ended 9-30-2017		9.47		2.82			13			1.25			4.45			1.63			4.07			63
Year ended 9-30-2016		9.21		13.56			12			1.25			3.90			2.03			3.12			74
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		8.61		5.00			2			1.83	(4)		2.67	(4)		2.26	(4)		2.24	(4)		207
Year ended 9-30-2020		8.20		-2.14			2			1.83			3.02			2.14			2.71			121
Year ended 9-30-2019		8.47		5.09			2			1.85			4.36			2.08			4.13			111
Year ended 9-30-2018		8.06		-11.56			2			1.86			3.54			2.10			3.30			90
Year ended 9-30-2017		9.28		2.09			2			1.97			3.81			2.27			3.51			63
Year ended 9-30-2016		9.09		12.78			2			2.00			3.27			2.50			2.77			74
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		9.00		5.40			30			0.80	(4)		3.70	(4)		1.48	(4)		3.02	(4)		207
Year ended 9-30-2020		8.57		-1.07			28			0.80			4.07			1.29			3.58			121
Year ended 9-30-2019		8.77		6.17			77			0.80			5.43			1.21			5.02			111
Year ended 9-30-2018		8.28		-10.56			80			0.80			4.80			1.23			4.37			90
Year ended 9-30-2017		9.54		3.14			45			0.91			4.96			1.39			4.48			63
Year ended 9-30-2016		9.25		13.92			26			1.00			4.42			1.62			3.80			74
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		9.00		5.40			31			0.80	(4)		3.57	(4)		1.24	(4)		3.13	(4)		207
Year ended 9-30-2020		8.57		-1.07			20			0.80			4.12			1.12			3.80			121
Year ended 9-30-2019		8.77		6.17			34			0.80			5.36			1.04			5.12			111
Year ended 9-30-2018		8.28		-10.56			41			0.80			4.83			1.05			4.58			90
Year ended 9-30-2017		9.54		3.14			52			0.80			4.95			1.11			4.64			63
Year ended 9-30-2016		9.25		13.92			1			1.00			4.35			1.47			3.88			74
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		8.90		5.30			—	*		1.20	(4)		3.05	(4)		1.63	(4)		2.62	(4)		207
Year ended 9-30-2020		8.46		-1.51			2			1.19			3.65			1.51			3.33			121
Year ended 9-30-2019		8.69		5.72			3			1.21			4.99			1.44			4.76			111
Year ended 9-30-2018		8.22		-11.00			3			1.21			4.11			1.45			3.87			90
Year ended 9-30-2017		9.48		2.93			3			1.25			4.48			1.63			4.10			63
Year ended 9-30-2016		9.21		13.56			5			1.25			4.06			1.86			3.45			74

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 117

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 ended 3-31-2021 (unaudited)	$	10.24	$	0.05	$	(0.08	)	$	(0.03	)	$	(0.02	)	$	(0.10	)	$	(0.12	)
Year ended 9-30-2020		10.22		0.09		0.10			0.19			(0.16	)		(0.03	)		(0.19	)
Year ended 9-30-2019		10.02		0.17		0.52			0.69			(0.49	)		—			(0.49	)
Year ended 9-30-2018		10.11		0.16		(0.18	)		(0.02	)		(0.07	)		—			(0.07	)
Year ended 9-30-2017		10.21		0.09		0.03			0.12			(0.13	)		(0.09	)		(0.22	)
Year ended 9-30-2016(4)		10.00		0.06		0.15			0.21			—			—			—
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		10.11		0.01		(0.05	)		(0.04	)		(0.01	)		(0.05	)		(0.06	)
Year ended 9-30-2020		10.10		0.02		0.10			0.12			(0.10	)		(0.02	)		(0.12	)
Year ended 9-30-2019		9.91		0.10		0.51			0.61			(0.42	)		—			(0.42	)
Year ended 9-30-2018		10.05		0.09		(0.17	)		(0.08	)		(0.06	)		—			(0.06	)
Year ended 9-30-2017		10.16		0.02		0.02			0.04			(0.06	)		(0.09	)		(0.15	)
Year ended 9-30-2016(4)		10.00		0.01		0.15			0.16			—			—			—
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		10.27		0.06		(0.06	)		0.00	*		(0.03	)		(0.12	)		(0.15	)
Year ended 9-30-2020		10.26		0.11		0.09			0.20			(0.18	)		(0.03	)		(0.21	)
Year ended 9-30-2019		10.06		0.20		0.51			0.71			(0.51	)		—			(0.51	)
Year ended 9-30-2018		10.13		0.18		(0.18	)		0.00	*		(0.07	)		—			(0.07	)
Year ended 9-30-2017		10.23		0.11		0.03			0.14			(0.15	)		(0.09	)		(0.24	)
Year ended 9-30-2016(4)		10.00		0.08		0.15			0.23			—			—			—
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		10.30		0.07		(0.07	)		0.00	*		(0.03	)		(0.13	)		(0.16	)
Year ended 9-30-2020		10.28		0.13		0.09			0.22			(0.19	)		(0.03	)		(0.22	)
Year ended 9-30-2019		10.08		0.21		0.51			0.72			(0.52	)		—			(0.52	)
Year ended 9-30-2018		10.13		0.18		(0.15	)		0.03			(0.08	)		—			(0.08	)
Year ended 9-30-2017		10.24		0.14		0.00	*		0.14			(0.16	)		(0.09	)		(0.25	)
Year ended 9-30-2016(4)		10.00		0.09		0.15			0.24			—			—			—
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		10.24		0.04		(0.07	)		(0.03	)		(0.02	)		(0.10	)		(0.12	)
Year ended 9-30-2020		10.22		0.09		0.10			0.19			(0.16	)		(0.03	)		(0.19	)
Year ended 9-30-2019		10.02		0.17		0.52			0.69			(0.49	)		—			(0.49	)
Year ended 9-30-2018		10.11		0.16		(0.18	)		(0.02	)		(0.07	)		—			(0.07	)
Year ended 9-30-2017		10.22		0.09		0.02			0.11			(0.13	)		(0.09	)		(0.22	)
Year ended 9-30-2016(4)		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) For the period from January 4, 2016 (commencement of operations of the class) through September 30, 2016.

(5) Annualized.

(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 cost was 1.22%.

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

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

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

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

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

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

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

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

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

118 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	10.09		-0.24	%	$	19			1.23	%(5)		0.91	%(5)		1.43	%(5)		0.71	%(5)		78	%
Year ended 9-30-2020		10.22		2.07			23			1.22			0.90			1.41			0.71			112
Year ended 9-30-2019		10.22		7.23			23			1.22			1.74			1.40			1.56			121
Year ended 9-30-2018		10.02		-0.22			21			1.22			1.56			1.39			1.39			152
Year ended 9-30-2017		10.11		1.20			20			1.24	(7)		0.88			1.43			0.69			190
Year ended 9-30-2016(4)		10.21		2.10			19			1.27	(5)(8)		0.88	(5)		1.55	(5)		0.60	(5)		90	(6)
Class C Shares
Six-month period ended 3-31-2021 (unaudited)		10.01		-0.47			4			1.93	(5)		0.21	(5)		2.13	(5)		0.01	(5)		78
Year ended 9-30-2020		10.10		1.32			5			1.92			0.20			2.11			0.01			112
Year ended 9-30-2019		10.10		6.45			4			1.92			1.05			2.10			0.87			121
Year ended 9-30-2018		9.91		-0.85			4			1.92			0.86			2.09			0.69			152
Year ended 9-30-2017		10.05		0.46			4			1.91	(9)		0.21			2.10			0.02			190
Year ended 9-30-2016(4)		10.16		1.60			4			1.90	(5)(10)		0.15	(5)		2.18	(5)		-0.13	(5)		90	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		10.12		-0.03			114			1.00	(5)		1.14	(5)		1.25	(5)		0.89	(5)		78
Year ended 9-30-2020		10.25		2.19			102			1.00			1.12			1.24			0.88			112
Year ended 9-30-2019		10.26		7.45			120			1.00			1.98			1.23			1.75			121
Year ended 9-30-2018		10.06		0.03			123			1.00			1.79			1.21			1.58			152
Year ended 9-30-2017		10.13		1.43			111			1.00	(11)		1.13			1.22			0.91			190
Year ended 9-30-2016(4)		10.23		2.30			74			1.00	(5)(12)		1.02	(5)		1.30	(5)		0.72	(5)		90	(6)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		10.14		—	*		59			0.87	(5)		1.27	(5)		1.08	(5)		1.06	(5)		78
Year ended 9-30-2020		10.28		2.41			56			0.87			1.24			1.07			1.04			112
Year ended 9-30-2019		10.28		7.57			70			0.87			2.11			1.06			1.92			121
Year ended 9-30-2018		10.08		0.25			89			0.87			1.79			1.05			1.61			152
Year ended 9-30-2017		10.13		1.45			155			0.87	(13)		1.37			1.07			1.17			190
Year ended 9-30-2016(4)		10.24		2.40			2			0.87	(5)(14)		1.17	(5)		1.16	(5)		0.88	(5)		90	(6)
Class Y Shares
Six-month period ended 3-31-2021 (unaudited)		10.09		-0.24			—	*		1.23	(5)		0.78	(5)		1.46	(5)		0.55	(5)		78
Year ended 9-30-2020		10.22		2.07			4			1.22			0.90			1.46			0.66			112
Year ended 9-30-2019		10.22		7.23			4			1.22			1.74			1.45			1.51			121
Year ended 9-30-2018		10.02		-0.22			4			1.22			1.55			1.44			1.33			152
Year ended 9-30-2017		10.11		1.17			4			1.24	(15)		0.88			1.46			0.66			190
Year ended 9-30-2016(4)		10.22		2.20			4			1.15	(5)(16)		0.89	(5)		1.55	(5)		0.49	(5)		90	(6)

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 119

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 ended 3-31-2021 (unaudited)	$	9.72	$	0.24	$	0.46		$	0.70	$	(0.26	)	$	—		$	(0.26	)
Year ended 9-30-2020		9.88		0.48		(0.16	)		0.32		(0.48	)		—			(0.48	)
Year ended 9-30-2019		9.81		0.52		0.06			0.58		(0.51	)		—			(0.51	)
Year ended 9-30-2018		10.15		0.48		(0.30	)		0.18		(0.49	)		(0.03	)		(0.52	)
Year ended 9-30-2017(4)		10.00		0.16		0.10			0.26		(0.11	)		—			(0.11	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		9.72		0.26		0.46			0.72		(0.27	)		—			(0.27	)
Year ended 9-30-2020		9.88		0.51		(0.17	)		0.34		(0.50	)		—			(0.50	)
Year ended 9-30-2019		9.81		0.54		0.07			0.61		(0.54	)		—			(0.54	)
Year ended 9-30-2018		10.15		0.51		(0.31	)		0.20		(0.51	)		(0.03	)		(0.54	)
Year ended 9-30-2017(4)		10.00		0.17		0.10			0.27		(0.12	)		—			(0.12	)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		9.71		0.26		0.46			0.72		(0.27	)		—			(0.27	)
Year ended 9-30-2020		9.88		0.51		(0.18	)		0.33		(0.50	)		—			(0.50	)
Year ended 9-30-2019		9.80		0.54		0.08			0.62		(0.54	)		—			(0.54	)
Year ended 9-30-2018		10.15		0.51		(0.32	)		0.19		(0.51	)		(0.03	)		(0.54	)
Year ended 9-30-2017(4)		10.00		0.17		0.10			0.27		(0.12	)		—			(0.12	)

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

(5) Annualized.

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

120 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	10.16		7.23	%	$	20		0.99	%(5)		4.83	%(5)		1.14	%(5)		4.68	%(5)		48	%
Year ended 9-30-2020		9.72		3.40			15		0.99			5.02			1.16			4.85			80
Year ended 9-30-2019		9.88		6.27			10		1.00			5.32			1.15			5.17			69
Year ended 9-30-2018		9.81		1.71			8		1.00			4.83			1.11			4.72			81
Year ended 9-30-2017(4)		10.15		2.64			6		1.00	(5)		4.22	(5)		—			—			60	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		10.17		7.47			77		0.72	(5)		5.10	(5)		0.98	(5)		4.84	(5)		48
Year ended 9-30-2020		9.72		3.68			87		0.72			5.30			1.01			5.01			80
Year ended 9-30-2019		9.88		6.44			54		0.72			5.60			1.02			5.30			69
Year ended 9-30-2018		9.81		2.10			46		0.72			5.14			1.00			4.86			81
Year ended 9-30-2017(4)		10.15		2.72			22		0.72	(5)		4.55	(5)		0.87	(5)		4.40	(5)		60	(6)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		10.16		7.48			36		0.72	(5)		5.10	(5)		0.81	(5)		5.01	(5)		48
Year ended 9-30-2020		9.71		3.58			40		0.72			5.29			0.83			5.18			80
Year ended 9-30-2019		9.88		6.55			38		0.72			5.59			0.84			5.47			69
Year ended 9-30-2018		9.80		2.00			32		0.72			5.10			0.83			4.99			81
Year ended 9-30-2017(4)		10.15		2.72			35		0.72	(5)		4.44	(5)		0.73	(5)		4.43	(5)		60	(6)

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 121

NOTES TO FINANCIAL STATEMENTS IVY FUNDS

MARCH 31, 2021 (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 an open-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 during the period ended March 31, 2021 was 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 a front-end sales charge. For Class A shares, a 1% contingent deferred sales charge (“CDSC”) is only imposed on shares purchased at NAV for $500,000 or more that are subsequently redeemed within 12 months of purchase. For Class E shares, a 1% CDSC is only imposed on shares purchased at NAV for $250,000 or more that are subsequently redeemed within 12 months of purchase. Class B and Class C shares are sold without a front-end sales charge, but may be subject to a CDSC. Class I, Class N, Class R and Class Y shares are sold without either a front-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 96 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 the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-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. The financial statements reflect an estimate of the reclassification of the distribution character.

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

122 SEMIANNUAL REPORT 2021

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.

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 Statements 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’ Statements of Assets and Liabilities, less any collateral held by the Funds.

Certain Funds may hold high-yield or non-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 have off-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 Statements 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.

2021 SEMIANNUAL REPORT 123

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 as COVID-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 of COVID-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 the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-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 Statements 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

124 SEMIANNUAL REPORT 2021

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.

Payment In-Kind Securities. Certain Funds may invest in payment in-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 a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements 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 Statements 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 Rule 2a-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. On December 2, 2020, Waddell & Reed Financial, Inc. (“WDR”), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the “Ivy Funds”), and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”).

The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust, and distributed by Delaware Distributors, L.P.

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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.

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 be re-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.

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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:

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.

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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 the intra-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.

Restricted Securities. Restricted securities that are deemed to be Rule 144A securities and illiquid, as well as restricted securities held in non-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 Statements 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.

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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 Statements of Assets and Liabilities as a receivable or payable and on the Statements 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 Statements 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 Statements of Assets and Liabilities. The net change in unrealized appreciation (depreciation) is reported on the Statements of Operations. Realized gains (losses) are reported on the Statements 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) 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.

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

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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 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”).

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 Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or variation margin payable on the Statements of Assets and Liabilities. Payments received or made by the Fund are recorded as realized gain or loss on the Statements 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 Statements 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 Statements 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 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 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 the pre-agreed thresholds. Additionally,

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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 amount pre-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, 2021:

Assets

							Gross Amounts Not Offset on the Statements of Assets and Liabilities
Fund	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Statements of Assets and Liabilities		Net Amounts of Assets Presented on the Statements 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)	$	674	$	—	$	674	$	(8	)	$	(514	)	$	—		$	152
Ivy Apollo Strategic Income Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	703	$	—	$	703	$	(8	)	$	(211	)	$	—		$	484
Ivy Pictet Emerging Markets Local Currency Debt Fund
Swap agreements, at value	$	944	$	—	$	944	$	(160	)	$	—		$	(3	)	$	781
Unrealized appreciation on forward foreign currency contracts		1,581		—		1,581		(1,493	)		—			(70	)		18
Total	$	2,525	$	—	$	2,525	$	(1,653	)	$	—		$	(73	)	$	799
Ivy Pictet Targeted Return Bond Fund
Investments in unaffiliated securities at value*	$	546	$	—	$	546	$	(7	)	$	—		$	(273	)	$	266
Swap agreements, at value		176		—		176		—			—			—			176
Unrealized appreciation on forward foreign currency contracts		2,776		—		2,776		(639	)		—			(1,497	)		640
Total	$	3,498	$	—	$	3,498	$	(646	)	$	—		$	(1,770	)	$	1,082

* Purchased options are reported as investments in unaffiliated securities on the Statements 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 Statements of Assets and Liabilities line item for Investment securities sold receivable.

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Liabilities

							Gross Amounts Not Offset on the Statements of Assets and Liabilities
Fund	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented on the Statements 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	$	8	$	—	$	8	$	(8	)	$	—	$	—	$	—
Ivy Apollo Strategic Income Fund
Unrealized depreciation on forward foreign currency contracts	$	8	$	—	$	8	$	(8	)	$	—	$	—	$	—
Ivy Pictet Emerging Markets Local Currency Debt Fund
Swap agreements, at value	$	162	$	—		162	$	(160	)	$	—	$	—	$	2
Unrealized depreciation on forward foreign currency contracts		1,814		—		1,814		(1,493	)		—		—		321
Total	$	1,976	$	—	$	1,976	$	(1,653	)	$	—	$	—	$	323
Ivy Pictet Targeted Return Bond Fund
Unrealized depreciation on forward foreign currency contracts	$	639	$	—	$	639		(639	)	$	—	$	—	$	—
Written options at value		51		—		51		(7	)		—		—		44
Total	$	690	$	—	$	690	$	(646	)	$	—	$	—	$	44

Additional Disclosure Related to Derivative Instruments

Fair values of derivative instruments as of March 31, 2021:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statements of Assets & Liabilities Location	Value		Statements of Assets & Liabilities Location	Value
Ivy Apollo Multi-Asset Income Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts	$	619	Unrealized depreciation on forward foreign currency contracts	$	8
Ivy Apollo Strategic Income Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts		638	Unrealized depreciation on forward foreign currency contracts		8
Ivy Corporate Bond Fund	Interest rate			—	Unrealized depreciation on futures contracts**		288
Ivy Pictet Emerging Markets Local Currency Debt Fund	Credit	Unrealized appreciation on centrally cleared swap agreements**		11	Unrealized depreciation on centrally cleared swap agreements**		7
	Foreign currency	Unrealized appreciation on forward foreign currency contracts		1,581	Unrealized depreciation on forward foreign currency contracts		1,814
	Interest rate	Investments in unaffiliated securities at value*		241	Written options at value		23
		Unrealized appreciation on centrally cleared swap agreements**		112	Unrealized depreciation on centrally cleared swap agreements**		209
		Unrealized appreciation on futures contracts**		6	Unrealized depreciation on futures contracts**		11
		Swap agreements, at value		944	Swap agreements, at value		162

132 SEMIANNUAL REPORT 2021

		Assets			Liabilities
Fund	Type of Risk Exposure	Statements of Assets & Liabilities Location	Value		Statements of Assets & Liabilities Location	Value
Ivy Pictet Targeted Return Bond Fund	Credit	Unrealized appreciation on centrally cleared swap agreements**	$	66	Unrealized depreciation on centrally cleared swap agreements**	$	101
		Swap agreements, at value		176			—
	Foreign currency	Investments in unaffiliated securities at value*		546	Unrealized depreciation on forward foreign currency contracts		639
		Unrealized appreciation on forward foreign currency contracts		2,776	Written options at value		51
	Interest rate	Investments in unaffiliated securities at value*		75	Written options at value		113
		Unrealized appreciation on centrally cleared swap agreements**		283	Unrealized depreciation on centrally cleared swap agreements**		256
		Unrealized appreciation on futures contracts**		1,062	Unrealized depreciation on futures contracts**		200

* 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 Statements of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of period ended March 31, 2021.

Amount of realized gain (loss) on derivatives recognized on the Statements of Operations for the period ended March 31, 2021:

		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	Foreign currency	$	—		$	—	$	—	$	—	$	(156	)	$	(156	)
Ivy Apollo Strategic Income Fund	Foreign currency		—			—		—		—		(156	)		(156	)
Ivy Corporate Bond Fund	Interest rate		—			—		599		—		—			599
Ivy Crossover Credit Fund	Interest rate		—			—		179		—		—			179
Ivy Pictet Emerging Markets Local Currency Debt Fund	Credit		—			(87)		—		—		—			(87)
	Foreign currency		—			—		—		—		329			329
	Interest rate		(85	)		130		276		29		—			350
Ivy Pictet Targeted Return Bond Fund	Credit		(310)			(368)		—		78		—			(600)
	Foreign currency		(362)			—		—		574		(3,593)			(3,381)
	Interest rate		(256	)		198		1,248		90		—			1,280

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

2021 SEMIANNUAL REPORT 133

Change in unrealized appreciation (depreciation) on derivatives recognized on the Statements of Operations for the period ended March 31, 2021:

		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	Foreign currency	$	—		$	—		$	—		$	—		$	68	$	68
Ivy Apollo Strategic Income Fund	Foreign currency		—			—			—			—			78		78
Ivy Corporate Bond Fund	Interest rate		—			—			(288	)		—			—		(288	)
Ivy Crossover Credit Fund	Interest rate		—			—			15			—			—		15
Ivy Pictet Emerging Markets Local Currency Debt Fund	Credit		—			7			—			—			—		7
	Foreign currency		—			—			—			—			(186)		(186)
	Interest rate		183			596			(4	)		(8	)		—		767
Ivy Pictet Targeted Return Bond Fund	Credit		80			101			—			—			—		181
	Foreign currency		556			—			—			148			1,447		2,151
	Interest rate		(140	)		(365	)		779			(50	)		—		224

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

During the period ended March 31, 2021, 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	$	424	$	—	$	—	$	—	$	—	$	—
Ivy Apollo Strategic Income Fund		428		—		—		—		—		—
Ivy Corporate Bond Fund		—		4,471		5,031		—		—		—
Ivy Crossover Credit Fund		—		—		4,643		—		—		—
Ivy Pictet Emerging Markets Local Currency Debt Fund		62		1,479		2,381		68,505		75		8
Ivy Pictet Targeted Return Bond Fund		14		55,051		89,047		102,305		516		204

* 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. During the period ended March 31, 2021, IICO served as each Fund’s investment manager. Effective April 30, 2021, DMC 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

134 SEMIANNUAL REPORT 2021

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 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	%
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, 2021.

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 Statements of Assets and Liabilities. All fees paid in cash plus any appreciation (depreciation) in the underlying deferred plan are shown on the Statements of Operations. Additionally, fees paid to the Chief Compliance Officer of the Funds are shown on the Statements 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 of one-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 monthly per-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 Statements of Operations.

2021 SEMIANNUAL REPORT 135

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 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 to one-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 to one-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 to one-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 certain out-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, 2021, 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	$	24	$	—	*		N/A		$	—	*		N/A	$	18
Ivy Apollo Strategic Income Fund		15		—	*		N/A			—	*		N/A		18
Ivy California Municipal High Income Fund		7		—			N/A			—	*		N/A		8
Ivy Cash Management Fund		—		—	*	$	—			4			N/A		142,322
Ivy Corporate Bond Fund		92		—	*		—	*		1		$	—		78
Ivy Crossover Credit Fund		9		—			N/A			N/A			—		6
Ivy Government Securities Fund		30		—	*		—			—	*		—		27
Ivy International Small Cap Fund		2		—	*		N/A			—			N/A		2
Ivy Pictet Emerging Markets Local Currency Debt Fund		1		—			N/A			—	*		—		1
Ivy Pictet Targeted Return Bond Fund		2		—	*		N/A			—	*		N/A		—
Ivy PineBridge High Yield Fund		6		—			N/A			N/A			N/A		9

* Not shown due to rounding.

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

136 SEMIANNUAL REPORT 2021

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, 2021 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	1-31-2022	N/A		$	155	(1)	Investment Management Fee
	Class A	Contractual	10-1-2015	1-31-2022	1.28%		$	—		N/A
	Class C	Contractual	10-1-2015	1-31-2022	2.16%		$	—		N/A
	Class I	Contractual	10-1-2015	1-31-2022	0.75%		$	198		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2022	0.75%		$	—	*	Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2022	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2022	Not to exceed Class A		$	—		N/A
Ivy Apollo Strategic Income Fund	All Classes	Contractual	10-1-2015	1-31-2022	N/A		$	236	(1)	Investment Management Fee
	Class A	Contractual	10-1-2015	1-31-2022	1.14%		$	—		N/A
	Class C	Contractual	10-1-2015	1-31-2022	1.82%		$	4		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-1-2015	1-31-2022	0.67%		$	218		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2022	0.67%		$	—	*	Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2022	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2022	1.10%		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2022	Not to exceed Class A		$	—	*	12b-1 Fees and/or Shareholder Servicing
Ivy California Municipal High Income Fund	All Classes	Contractual	10-3-2016	1-31-2022	N/A		$	68	(2)	Investment Management Fee
	Class A	Contractual	10-3-2016	1-31-2022	0.80%		$	8		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-3-2016	1-31-2022	0.60%		$	12		Shareholder Servicing
	Class Y	Contractual	10-3-2016	1-31-2022	Not to exceed Class A		$	1		12b-1 Fees and/or Shareholder Servicing
Ivy Cash Management Fund	Class A	Voluntary	N/A	N/A	To maintain minimum yield		$	3,033		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	N/A	N/A	To maintain minimum yield		$	3		12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	N/A	N/A	To maintain minimum yield		$	16		12b-1 Fees and/or Shareholder Servicing
Ivy Corporate Bond Fund	Class N	Contractual	10-1-2015	1-31-2022	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-16-2017	1-31-2022	Not to exceed Class A		$	—		N/A

2021 SEMIANNUAL REPORT 137

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy Crossover Credit Fund	All Classes	Contractual	4-3-2017	1-31-2022	N/A		$	58	(3)	Investment Management Fee
	Class A	Contractual	4-3-2017	1-31-2022	0.90%		$	10		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-3-2017	1-31-2022	0.65%		$	34		Shareholder Servicing
	Class N	Contractual	4-3-2017	1-31-2022	0.65%		$	—	*	Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2022	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	4-3-2017	1-31-2022	Not to exceed Class A		$	1		12b-1 Fees and/or Shareholder Servicing
Ivy Government Securities Fund	Class A	Contractual	10-16-2017	1-31-2022	0.97%		$	23		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	10-16-2017	1-31-2022	2.02%		$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-16-2017	1-31-2022	1.85%		$	—		N/A
	Class I	Contractual	10-16-2017	1-31-2022	0.72%		$	32		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2022	Not to exceed Class I		$	—		N/A
Ivy International Small Cap Fund	All Classes	Contractual	1-10-2017	1-31-2022	N/A		$	172	(3)	Investment Management Fee
	Class A	Contractual	1-10-2017	1-31-2022	1.44%		$	—		N/A
	Class I	Contractual	1-10-2017	1-31-2022	0.99%		$	65		Shareholder Servicing
	Class N	Contractual	7-31-2018	1-31-2022	0.99%		$	3		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2022	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	1-10-2017	1-31-2022	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	1-31-2022	N/A		$	136	(1)	Investment Management Fee
	Class A	Contractual	4-30-2014	1-31-2022	1.23%		$	—		N/A
	Class C	Contractual	4-30-2014	1-31-2022	2.00%		$	—		N/A
	Class I	Contractual	4-30-2014	1-31-2022	0.80%		$	35		Shareholder Servicing
	Class N	Contractual	1-30-2015	1-31-2022	0.80%		$	1		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2022	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	4-30-2014	1-31-2022	1.25%		$	—		N/A
	Class Y	Contractual	4-30-2014	1-31-2022	Not to exceed Class A		$	—		N/A
Ivy Pictet Targeted Return Bond Fund	All Classes	Contractual	1-4-2016	1-31-2022	N/A		$	193	(1)	Investment Management Fee
	Class A	Contractual	1-4-2016	1-31-2022	1.37%		$	—		N/A
	Class C	Contractual	1-4-2016	1-31-2022	2.08%		$	—		N/A
	Class I	Contractual	1-4-2016	1-31-2022	1.00%		$	30		Shareholder Servicing
	Class N	Contractual	1-4-2016	1-31-2022	0.87%		$	3		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2022	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	1-4-2016	1-31-2022	1.25%		$	—		N/A
	Class Y	Contractual	1-4-2016	1-31-2022	Not to exceed Class A		$	—	*	12b-1 Fees and/or Shareholder Servicing

138 SEMIANNUAL REPORT 2021

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy PineBridge High Yield Fund	All Classes	Contractual	5-18-2017	1-31-2022	N/A		$	56	(4)	Investment Management Fee
	Class A	Contractual	5-18-2017	1-31-2022	0.99%		$	6		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	5-18-2017	1-31-2022	0.72%		$	73		Shareholder Servicing
	Class N	Contractual	5-18-2017	1-31-2022	0.72%		$	2		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2022	Not to exceed Class I		$	—		N/A

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

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

(4) 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, 2021 are shown as a receivable from affiliates on the Statements of Assets and Liabilities.

6. RELATED PARTY TRANSACTIONS

Certain Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees or common officers, complies with Rule 17a-7 under the Act. Further, as defined under such procedures, each transaction is effected at the current market price. During the period ended March 31, 2021, the Funds below engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act (amounts in thousands):

Fund	Purchases		Sales		Realized Gain (Loss)
Ivy Apollo Multi-Asset Income Fund	$	—	$	5,902	$	(6	)
Ivy Apollo Strategic Income Fund		1,482		10,897		477

7. 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 7) 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, 2021.

8. 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, 2021, were as follows:

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy Apollo Multi-Asset Income Fund	$	—	$	110,489	$	—	$	149,528
Ivy Apollo Strategic Income Fund		20,763		98,172		1,859		158,241
Ivy California Municipal High Income Fund		—		2,538		—		1,763
Ivy Cash Management Fund		—		—		—		—
Ivy Corporate Bond Fund		7,070		290,263		1,506		295,632
Ivy Crossover Credit Fund		—		41,857		—		34,973
Ivy Government Securities Fund		54,948		—		76,733		—
Ivy International Small Cap Fund		—		34,171		—		87,828
Ivy Pictet Emerging Markets Local Currency Debt Fund		—		45,094		—		39,356
Ivy Pictet Targeted Return Bond Fund		65,176		78,412		79,252		57,861
Ivy PineBridge High Yield Fund		—		63,044		—		63,229

2021 SEMIANNUAL REPORT 139

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

Each Fund 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 Statements 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 Statements 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 to re-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, 2021 and the total value of the related cash collateral are disclosed in the Statements 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 and non-cash collateral received as of March 31, 2021:

Fund	Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Ivy Apollo Multi-Asset Income Fund	$	6,071	$	1,398	$	5,165	$	6,563
Ivy Apollo Strategic Income Fund		3,789		3,703		194		3,897
Ivy Corporate Bond Fund		1,349		131		1,246		1,377
Ivy Crossover Credit Fund		671		—		686		686
Ivy International Small Cap Fund		4,592		3,539		1,314		4,853
Ivy Pictet Targeted Return Bond Fund		4,620		4,819		—		4,819
Ivy PineBridge High Yield Fund		3,789		2,121		1,759		3,880

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.

10. BORROWINGS

On July 1, 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 a 364-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 agreement was amended on June 29, 2020. 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 1.25% per annum or (b) the one-month LIBOR rate (but not below 0.0%) plus 1.25% per annum on amounts borrowed. The agreement expires in June 2021 unless extended or renewed. As of March 31, 2021, if applicable, any outstanding borrowings would be disclosed as a payable for borrowing on the Statements 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 Statements of Operations. During the period ended March 31, 2021, the Participating Funds did not borrow under the credit facility.

140 SEMIANNUAL REPORT 2021

11. 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 3-31-21 (Unaudited)						Year ended 9-30-20						Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		407		$	4,349			921		$	9,350			715		$	7,274			1,689		$	16,487
Class C		40			424			223			2,282			71			726			202			1,989
Class I		1,532			16,346			8,297			82,422			2,489			25,366			5,460			53,071
Class N		36			376			39			393			11			115			646			6,222
Class Y		—			—			2			14			—			—			18			176
Shares issued in reinvestment of distributions to shareholders:
Class A		214			2,268			564			5,705			200			2,030			370			3,607
Class C		20			217			58			593			11			112			19			187
Class I		589			6,251			1,595			16,100			674			6,837			1,389			13,554
Class N		3			38			9			92			11			106			172			1,689
Class Y		—	*		4			3			34			7			76			17			164
Shares redeemed:
Class A		(1,369	)		(14,332	)		(3,793	)		(36,761	)		(1,369	)		(13,875	)		(2,830	)		(27,321	)
Class C		(269	)		(2,870	)		(615	)		(5,908	)		(121	)		(1,237	)		(205	)		(1,960	)
Class I		(4,229	)		(44,603	)		(17,667	)		(174,316	)		(4,315	)		(43,853	)		(12,562	)		(120,897	)
Class N		(46	)		(490	)		(97	)		(937	)		(2,129	)		(21,100	)		(3,368	)		(33,373	)
Class Y		(6	)		(67	)		(86	)		(837	)		(638	)		(6,477	)		(64	)		(624	)
Net decrease		(3,078	)	$	(32,089	)		(10,547	)	$	(101,774	)		(4,383	)	$	(43,900	)		(9,047	)	$	(87,029	)

	Ivy California Municipal High Income Fund												Ivy Cash Management Fund
	Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20						Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		84		$	888			425		$	4,312			1,490,500		$	1,490,500			3,063,355		$	3,063,355
Class B		N/A			N/A			N/A			N/A			208			208			88			88
Class C		1			6			11			112			2,206			2,206			3,711			3,711
Class I		214			2,254			322			3,368			N/A			N/A			N/A			N/A
Class Y		—			—			—	*		4			N/A			N/A			N/A			N/A
Shares issued in reinvestment of distributions to shareholders:
Class A		8			86			16			172			160			160			8,999			8,999
Class B		N/A			N/A			N/A			N/A			—	*		—	*		1			1
Class C		—	*		3			1			9			—	*		—	*		2			2
Class I		9			97			19			198			N/A			N/A			N/A			N/A
Class Y		—	*		2			—	*		5			N/A			N/A			N/A			N/A
Shares redeemed:
Class A		(143	)		(1,523	)		(238	)		(2,487	)		(1,505,475	)		(1,505,475	)		(2,757,204	)		(2,757,204	)
Class B		N/A			N/A			N/A			N/A			(134	)		(134	)		(237	)		(237	)
Class C		(19	)		(198	)		(24	)		(258	)		(2,668	)		(2,668	)		(2,670	)		(2,670	)
Class I		(263	)		(2,791	)		(333	)		(3,464	)		N/A			N/A			N/A			N/A
Class Y		—	*		(5	)		—	*		(5	)		N/A			N/A			N/A			N/A
Net increase (decrease)		(109	)	$	(1,181	)		199		$	1,966			(15,203	)	$	(15,203	)		316,045		$	316,045

* Not shown due to rounding.

2021 SEMIANNUAL REPORT 141

	Ivy Corporate Bond Fund												Ivy Crossover Credit Fund
	Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20						Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		4,653		$	31,312			7,031		$	46,987			201		$	2,242			432		$	4,708
Class B		—			—			3			21			N/A			N/A			N/A			N/A
Class C		126			847			206			1,390			N/A			N/A			N/A			N/A
Class E		—			—			—			—			—			—			—			—
Class I		7,347			48,834			10,551			70,281			1,006			11,078			1,513			16,178
Class N		1,056			7,134			5,914			39,176			402			4,371			192			2,177
Class R		—			—			—			—			—			—			—			—
Class Y		—			—			1			10			4			47			—	*		2
Shares issued in reinvestment of distributions to shareholders:
Class A		3,152			20,976			1,207			7,986			48			526			8			84
Class B		1			9			—	*		3			N/A			N/A			N/A			N/A
Class C		34			225			9			58			N/A			N/A			N/A			N/A
Class E		—			—			—			—			—			—			—			—
Class I		4,141			27,566			1,964			12,987			190			2,066			49			523
Class N		523			3,484			209			1,387			13			142			—	*		4
Class R		—			—			—			—			—			—			—			—
Class Y		—			—			—	*		—	*		—	*		—	*		—	*		—	*
Shares redeemed:
Class A		(5,803	)		(38,536	)		(9,951	)		(65,685	)		(125	)		(1,362	)		(89	)		(930	)
Class B		(16	)		(105	)		(50	)		(327	)		N/A			N/A			N/A			N/A
Class C		(327	)		(2,176	)		(219	)		(1,449	)		N/A			N/A			N/A			N/A
Class E		—			—			(40	)		(271	)		—			—			(50	)		(555	)
Class I		(7,442	)		(49,841	)		(26,085	)		(172,750	)		(889	)		(9,959	)		(729	)		(7,740	)
Class N		(2,661	)		(17,763	)		(4,112	)		(27,538	)		(21	)		(227	)		(43	)		(493	)
Class R		—			—			(40	)		(272	)		—			—			(50	)		(554	)
Class Y		—			—			(2	)		(10	)		(1	)		(7	)		—	*		(2	)
Net increase (decrease)		4,784		$	31,966			(13,404	)	$	(88,016	)		828		$	8,917			1,233		$	13,402

* Not shown due to rounding.

142 SEMIANNUAL REPORT 2021

	Ivy Government Securities Fund												Ivy International Small Cap Fund
	Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20						Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		1,633		$	9,363			7,512		$	43,208			85		$	1,187			110		$	1,275
Class B		—			—			15			84			N/A			N/A			N/A			N/A
Class C		123			707			278			1,606			2			28			9			101
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		3,896			22,266			18,240			103,460			344			4,845			1,724			18,389
Class N		3,592			20,510			25,191			144,353			79			1,027			2,102			22,986
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—			—			—	*		2			4			64			5			61
Shares issued in reinvestment of distributions to shareholders:
Class A		84			477			170			969			1			20			9			111
Class B		—	*		—	*		—	*		—	*		N/A			N/A			N/A			N/A
Class C		—	*		2			1			5			—			—			1			6
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		158			899			314			1,794			25			338			104			1,261
Class N		199			1,133			386			2,204			26			350			129			1,558
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—			—			—			—			—	*		—	*		1			14
Shares redeemed:
Class A		(2,529	)		(14,390	)		(3,154	)		(18,027	)		(215	)		(2,826	)		(195	)		(2,119	)
Class B		(15	)		(83	)		(29	)		(163	)		N/A			N/A			N/A			N/A
Class C		(176	)		(1,003	)		(121	)		(690	)		(3	)		(43	)		(36	)		(372	)
Class E		—			—			(46	)		(266	)		N/A			N/A			N/A			N/A
Class I		(3,294	)		(18,777	)		(10,838	)		(62,234	)		(2,589	)		(34,091	)		(1,846	)		(20,534	)
Class N		(7,576	)		(43,267	)		(17,422	)		(100,466	)		(1,680	)		(22,199	)		(3,176	)		(34,891	)
Class R		—			—			(46	)		(266	)		N/A			N/A			N/A			N/A
Class Y		—			—			(46	)		(269	)		(25	)		(328	)		(66	)		(796	)
Net increase (decrease)		(3,905	)	$	(22,163	)		20,405		$	115,304			(3,946	)	$	(51,628	)		(1,125	)	$	(12,950	)

* Not shown due to rounding.

2021 SEMIANNUAL REPORT 143

	Ivy Pictet Emerging Markets Local Currency Debt Fund												Ivy Pictet Targeted Return Bond Fund
	Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20						Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		35		$	314			20		$	166			146		$	1,498			380		$	3,874
Class C		—			—			—	*		3			15			153			54			538
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		561			5,211			1,312			11,259			2,509			25,825			1,836			18,665
Class N		1,325			12,448			350			3,119			1,006			10,443			1,399			14,165
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—			—			—	*		—	*		—			—			1			7
Shares issued in reinvestment of distributions to shareholders:
Class A		—	*		3			5			43			18			182			27			277
Class C		—			—			—	*		2			1			6			1			8
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		11			106			108			967			150			1,540			240			2,416
Class N		9			82			48			429			99			1,022			152			1,535
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—			—			—			—			—	*		—	*		—	*		—	*
Shares redeemed:
Class A		(354	)		(3,168	)		(121	)		(1,034	)		(530	)		(5,455	)		(439	)		(4,429	)
Class C		—	*		(5	)		(15	)		(123	)		(21	)		(209	)		(21	)		(215	)
Class E		—			—			(200	)		(1,686	)		N/A			N/A			N/A			N/A
Class I		(581	)		(5,311	)		(7,067	)		(60,928	)		(1,392	)		(14,307	)		(3,778	)		(38,083	)
Class N		(217	)		(1,986	)		(1,937	)		(15,762	)		(819	)		(8,437	)		(2,822	)		(28,478	)
Class R		—			—			(200	)		(1,663	)		N/A			N/A			N/A			N/A
Class Y		(272	)		(2,435	)		—	*		—	*		(326	)		(3,365	)		—	*		—	*
Net increase (decrease)		517		$	5,259			(7,697	)	$	(65,208	)		856		$	8,896			(2,970	)	$	(29,720	)

	Ivy PineBridge High Yield Fund
	Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20
	Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		505		$	5,082			974		$	9,293
Class I		1,242			12,490			4,755			45,365
Class N		218			2,187			2,269			20,788
Class R		—			—			—			—
Shares issued in reinvestment of distributions to shareholders:
Class A		25			247			31			295
Class I		210			2,125			267			2,557
Class N		106			1,063			190			1,829
Class R		—			—			—			—
Shares redeemed:
Class A		(178	)		(1,803	)		(451	)		(4,234	)
Class I		(2,776	)		(28,053	)		(1,548	)		(14,700	)
Class N		(826	)		(8,365	)		(2,221	)		(21,686	)
Class R		—			—			(50	)		(478	)
Net increase (decrease)		(1,474	)	$	(15,027	)		4,216		$	39,029

* Not shown due to rounding.

144 SEMIANNUAL REPORT 2021

12. COMMITMENTS

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, 2021, there were no outstanding bridge loan commitments.

13. OTHER FUND INFORMATION

At a meeting held on January 12, 2021, the Trustees, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (“PwC”) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending March 31, 2021. PwC affirmed their independence as an independent registered public accounting firm on February 18, 2021. During the fiscal years ended March 31, 2020 and September 30, 2020, Deloitte & Touche LLP’s (“Deloitte”) audit report on the financial statements of each Fund in the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and Deloitte on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of Deloitte, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on each Fund’s financial statements.

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

For Federal income tax purposes, cost of investments owned at March 31, 2021 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	$	303,666	$	41,771	$	12,147	$	29,624
Ivy Apollo Strategic Income Fund		370,075		15,670		13,358		2,312
Ivy California Municipal High Income Fund		31,790		1,871		36		1,835
Ivy Cash Management Fund		1,560,706		—		—		—
Ivy Corporate Bond Fund		821,923		32,482		14,762		17,720
Ivy Crossover Credit Fund		64,971		1,070		1,251		(181	)
Ivy Government Securities Fund		370,770		8,910		6,525		2,385
Ivy International Small Cap Fund		106,001		37,412		1,169		36,243
Ivy Pictet Emerging Markets Local Currency Debt Fund		68,544		50,819		53,843		(3,024	)
Ivy Pictet Targeted Return Bond Fund		199,002		97,745		97,106		639
Ivy PineBridge High Yield Fund		130,287		6,234		1,357		4,877

For Federal income tax purposes, the Funds’ undistributed earnings and profit for the year ended September 30, 2020 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	$	4,544	$	—	$	—	$	7,580	$	—
Ivy Apollo Strategic Income Fund		2,294		—		—		—		—
Ivy California Municipal High Income Fund		6		—		—		—		—
Ivy Cash Management Fund		51		—		—		—		—
Ivy Corporate Bond Fund		25,472		16,132		—		—		—
Ivy Crossover Credit Fund		2,813		869		—		—		—
Ivy Government Securities Fund		100		—		—		—		—
Ivy International Small Cap Fund		740		—		—		—		—
Ivy Pictet Emerging Markets Local Currency Debt Fund		193		—		—		—		5,783
Ivy Pictet Targeted Return Bond Fund		2,338		—		—		1,181		—
Ivy PineBridge High Yield Fund		567		—		—		—		—

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 are generated between January 1 and the end of its fiscal year.

2021 SEMIANNUAL REPORT 145

The tax character of dividends and distributions paid during the two fiscal years ended September 30, 2020 and 2019 were as follows:

	September 30, 2020				September 30, 2019
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	$	17,698	$	5,609	$	22,822	$	13,511
Ivy Apollo Strategic Income Fund		21,166		—		23,632		1,286
Ivy California Municipal High Income Fund		671		—		741		—
Ivy Cash Management Fund		9,186		—		24,089		—
Ivy Corporate Bond Fund		22,839		—		25,323		—
Ivy Crossover Credit Fund		1,351		—		1,364		—
Ivy Government Securities Fund		5,056		—		6,090		—
Ivy International Small Cap Fund		3,541		—		2,502		274
Ivy Pictet Emerging Markets Local Currency Debt Fund		1,597		—		284		—
Ivy Pictet Targeted Return Bond Fund		4,141		385		11,894		—
Ivy PineBridge High Yield Fund		5,727		—		4,937		—

(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, 2020 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2020, the capital loss carryovers were as follows:

Fund	Short-Term Capital Loss Carryover		Long-Term Capital Loss Carryover
Ivy Apollo Multi-Asset Income Fund	$	—	$	—
Ivy Apollo Strategic Income Fund		—		6,544
Ivy California Municipal High Income Fund		45		—
Ivy Cash Management Fund		—		—
Ivy Corporate Bond Fund		—		—
Ivy Crossover Credit Fund		—		—
Ivy Government Securities Fund		3,431		29
Ivy International Small Cap Fund		5,311		8,438
Ivy Pictet Emerging Markets Local Currency Debt Fund		434		1,605
Ivy Pictet Targeted Return Bond Fund		—		—
Ivy PineBridge High Yield Fund		417		2,308

146 SEMIANNUAL REPORT 2021

OTHER INFORMATION (UNAUDITED)

1. Effective July 1, 2021, investors in Class A shares of Ivy International Small Cap Fund and Ivy Apollo Multi-Asset Income Fund will pay a Maximum Sales Charge (Load) Imposed on Purchases of 5.75% for investments less than $50,000 and as follows:

Investment Amount	Front End Sales Load			Dealer Concession			Advanced Commission (Finders Fee)			CDSC
Less than $50,000		5.75	%		5.00	%
$50,000 - $99,999		4.75	%		4.00	%
$100,000 - $249,999		3.75	%		3.00	%
$250,000 - $499,999		2.50	%		2.00	%
$500,000 - $999,999		2.00	%		1.60	%
$1 million up to $5 million		0.00	%		0.00	%		1.00	%		1% for 18 months
$5 million up to $25 million		0.00	%		0.00	%		0.50	%		1% for 18 months
$25 million or more		0.00	%		0.00	%		0.25	%		1% for 18 months

There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (Distributor) or a predecessor distributor paid your financial intermediary a commission on your purchase that received an NAV breakpoint of Class A shares, for shares of the Funds purchased prior to July 1, 2021, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first year after your purchase; or if the Distributor paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares that received an NAV breakpoint, for shares purchased on or after July 1, 2021 that are subject to a CDSC, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time.

2. Effective July 1, 2021, investors in Class A shares of Ivy Apollo Strategic Income Fund, Ivy Corporate Bond Fund, Ivy Crossover Credit Fund, Ivy Government Securities Fund, Ivy Pictet Emerging Markets Local Currency Debt Fund, Ivy Pictet Targeted Return Bond Fund and Ivy PineBridge High Yield Fund, will pay a Maximum Sales Charge (Load) Imposed on Purchases of 4.50% for investments less than $100,000 and as follows:

Investment Amount	Front End Sales Load			Dealer Concession			Advanced Commission (Finders Fee)			CDSC
Less than $100,000		4.50	%		4.00	%
$100,000 - $249,999		3.50	%		3.00	%
$250,000 - $499,999		2.50	%		2.00	%
$500,000 - $999,999		2.00	%		1.60	%
$1 million up to $5 million		0.00	%		0.00	%		1.00	%		1% for 18 months
$5 million up to $25 million		0.00	%		0.00	%		0.50	%		1% for 18 months
$25 million or more		0.00	%		0.00	%		0.25	%		1% for 18 months

There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (Distributor) or a predecessor distributor paid your financial intermediary a commission on your purchase that received an NAV breakpoint of Class A shares, for shares of the Funds purchased prior to July 1, 2021, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first year after your purchase; or if the Distributor paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares that received an NAV breakpoint, for shares purchased on or after July 1, 2021 that are subject to a CDSC, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time.

2021 SEMIANNUAL REPORT 147

3. Effective July 1, 2021, investors in Class A shares of Ivy California Municipal High Income Fund will pay a Maximum Sales Charge (Load) Imposed on Purchases of 4.50% for investments less than $100,000 and as follows:

Investment Amount	Front End Sales Load			Dealer Concession			Advanced Commission (Finders Fee)			CDSC
Less than $100,000		4.50	%		4.00	%
$100,000 - $249,999		3.50	%		3.00	%
$250,000 up to $5 million		0.00	%		0.00	%		1.00	%		1% for 18 months
$5 million up to $25 million		0.00	%		0.00	%		0.50	%		1% for 18 months
$25 million or more		0.00	%		0.00	%		0.25	%		1% for 18 months

There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (Distributor) or a predecessor distributor paid your financial intermediary a commission on your purchase that received an NAV breakpoint of Class A shares, for shares of the Funds purchased prior to July 1, 2021, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first year after your purchase; or if the Distributor paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares that received an NAV breakpoint, for shares purchased on or after July 1, 2021 that are subject to a CDSC, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the “NAV at the time of purchase” will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Fund and, in the event of an exchange of Class A shares, the “NAV of such shares at the time of redemption” will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time.

The individual Funds herein have adopted a Liquidity Risk Management Program (the “Program”). The Fund’s board has designated a Liquidity Risk Management Committee (the “Committee”) as the administrator of the Program. The Committee or delegates of the Committee conduct the day-to-day operation of the Program. Under the Program, the Committee manages the Fund’s liquidity risk, which is the risk that any Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The Committee’s process of determining the degree of liquidity of the Fund’s investments is supported by one or more third-party liquidity assessment vendors. The Fund’s board reviewed a report prepared by a designee of the Committee regarding the operation, adequacy and effectiveness of the Program from the period April 1, 2020, through December 31, 2020. The report described the Program’s liquidity classification methodology and the methodology in establishing a Fund’s Highly Liquid Investment Minimum (“HLIM”), if necessary. The Committee reported that during the period covered by the report, there were no material changes to the Program and no significant liquidity events impacting the Fund or its ability to timely meet redemptions without dilution to existing shareholders. In addition, the Committee provided its assessment that the Program, including the operation of each Fund’s HLIM, where applicable, had been effective in managing the Fund’s liquidity risk.

148 SEMIANNUAL REPORT 2021

PROXY VOTING GUIDELINES IVY FUNDS

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 recent 12-month period ended June 30 is available on Form N-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 as an exhibit to the Trust’s Form N-PORT. 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.

2021 SEMIANNUAL REPORT 149

(UNAUDITED)

DELAWARE FUNDS BY MACQUARIE 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 Delaware Management Company and distributed by Delaware Distributors, L.P.

150 SEMIANNUAL REPORT 2021

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2021 SEMIANNUAL REPORT 151

SEMIANN-IVYALT (3-21)

  Semiannual Report   MARCH 31, 2021

	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				IIRRX
Ivy ProShares MSCI ACWI Index Fund		IMWAX		IMWEX		IMWIX
Ivy ProShares Russell 2000 Dividend Growers Index Fund		IRUAX		IRUEX		IRUIX		IRUNX
Ivy ProShares S&P 500 Bond Index Fund		IAPRX		IPREX		IPRIX				IPRRX
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		IDAAX		IDAEX		IDAIX		IDANX		IDARX

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting www.ivyinvestments.com or calling 1-888-923-3355. Investors should read the prospectus and the summary prospectus carefully before investing. You can obtain shareholder reports and prospectuses online instead of in the mail. Visit www.ivyinvestments.com/go-paperless-with-eDelivery for more information.

IVY INVESTMENTS^® refers to the investment management and investment advisory services offered by Macquarie Investment Management Business Trust (MIMBT) through its various series.

On December 2, 2020, Waddell & Reed Financial, Inc. (“WDR”), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the “Ivy Funds”), and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”).

The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company, a series of Macquarie Investment Management Business Trust, and distributed by Delaware Distributors, L.P.

CONTENTS IVY FUNDS

Illustration of Fund Expenses	3
Portfolio Highlights and Schedule of Investments:
Ivy ProShares Interest Rate Hedged High Yield Index Fund	5
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	66
Other Information	66

Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Funds or obtain a prospectus at www.ivyinvestments.com/reports/ivy.

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Funds are governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of March 31, 2021, and subject to change for events occurring after such date. The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor. All third-party marks cited are the property of their respective owners.

^© 2021 Macquarie Management Holdings, Inc.

2

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 the six-month period ended March 31, 2021.

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. You should consider the additional fees that were charged to your Fund account over the six-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 9-30-20		Ending Account Value 3-31-21		Expenses Paid During Period*		Beginning Account Value 9-30-20		Ending Account Value 3-31-21		Expenses Paid During Period*
Ivy ProShares Interest Rate Hedged High Yield Index Fund
Class A	$	1,000	$	1,075.40	$	4.67	$	1,000	$	1,020.45	$	4.55		0.90%
Class E	$	1,000	$	1,074.70	$	4.15	$	1,000	$	1,020.90	$	4.04		0.81%
Class I	$	1,000	$	1,075.50	$	3.32	$	1,000	$	1,021.69	$	3.23		0.65%
Class R	$	1,000	$	1,071.30	$	7.25	$	1,000	$	1,017.92	$	7.06		1.41%

See footnotes on page 4.

2021 SEMIANNUAL REPORT 3

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-20		Ending Account Value 3-31-21		Expenses Paid During Period*		Beginning Account Value 9-30-20		Ending Account Value 3-31-21		Expenses Paid During Period*
Ivy ProShares MSCI ACWI Index Fund
Class A	$	1,000	$	1,195.60	$	4.83	$	1,000	$	1,020.50	$	4.45		0.89%
Class E	$	1,000	$	1,196.60	$	3.84	$	1,000	$	1,021.44	$	3.54		0.70%
Class I	$	1,000	$	1,197.00	$	3.52	$	1,000	$	1,021.69	$	3.23		0.65%
Ivy ProShares Russell 2000 Dividend Growers Index Fund
Class A	$	1,000	$	1,398.60	$	5.28	$	1,000	$	1,020.56	$	4.45		0.88%
Class E	$	1,000	$	1,400.10	$	4.20	$	1,000	$	1,021.40	$	3.54		0.71%
Class I	$	1,000	$	1,400.00	$	3.84	$	1,000	$	1,021.70	$	3.23		0.65%
Class N	$	1,000	$	1,400.00	$	3.84	$	1,000	$	1,021.70	$	3.23		0.65%
Ivy ProShares S&P 500 Bond Index Fund
Class A	$	1,000	$	972.90	$	3.16	$	1,000	$	1,021.69	$	3.23		0.65%
Class E	$	1,000	$	975.00	$	2.86	$	1,000	$	1,021.99	$	2.93		0.59%
Class I	$	1,000	$	976.00	$	1.98	$	1,000	$	1,022.94	$	2.02		0.40%
Class R	$	1,000	$	971.50	$	5.62	$	1,000	$	1,019.20	$	5.75		1.15%
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
Class A	$	1,000	$	1,205.40	$	4.08	$	1,000	$	1,021.25	$	3.74		0.74%
Class E	$	1,000	$	1,206.20	$	3.31	$	1,000	$	1,021.95	$	3.03		0.60%
Class I	$	1,000	$	1,206.80	$	2.76	$	1,000	$	1,022.44	$	2.53		0.50%
Class N	$	1,000	$	1,207.00	$	2.76	$	1,000	$	1,022.45	$	2.53		0.50%
Class R	$	1,000	$	1,203.00	$	6.83	$	1,000	$	1,018.78	$	6.26		1.23%

* 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 182 days in the six-month period ended March 31, 2021, and divided by 365.

(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.

4 SEMIANNUAL REPORT 2021

PORTFOLIO HIGHLIGHTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Bonds	96.1%
Corporate Debt Securities	96.1%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.9%

Quality Weightings

Non-Investment Grade	96.1%
BB	41.4%
B	37.2%
CCC	17.3%
Below CCC	0.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.9%

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.

2021 SEMIANNUAL REPORT 5

SCHEDULE OF INVESTMENTS Ivy ProShares Interest Rate Hedged High Yield Index Fund (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Communication Services
Alternative Carriers – 1.8%
CommScope Finance LLC:
5.500%, 3-1-24 (A)	$	150	$	155
6.000%, 3-1-26 (A)		300		316
Zayo Group Holdings, Inc.,
6.125%, 3-1-28 (A)		230		236
				707
Broadcasting – 4.6%
Clear Channel Outdoor Holdings, Inc.,
5.125%, 8-15-27 (A)		187		188
Nexstar Escrow, Inc.,
5.625%, 7-15-27 (A)		311		326
Sirius XM Radio, Inc.:
4.625%, 7-15-24 (A)		376		387
4.125%, 7-1-30 (A)		170		170
TEGNA, Inc.,
5.000%, 9-15-29		442		459
Terrier Media Buyer, Inc.,
8.875%, 12-15-27 (A)		120		129
Univision Communications, Inc.,
6.625%, 6-1-27 (A)		100		107
				1,766
Cable & Satellite – 5.0%
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.125%, 5-1-27 (A)		531		562
4.750%, 3-1-30 (A)		250		259
CSC Holdings LLC:
5.750%, 1-15-30 (A)		257		270
4.625%, 12-1-30 (A)		380		374
DISH DBS Corp.,
7.750%, 7-1-26		300		331
Radiate Holdco LLC and Radiate Finance, Inc.,
6.500%, 9-15-28 (A)		100		106
				1,902
Integrated Telecommunication Services – 2.6%
CenturyLink, Inc.,
5.125%, 12-15-26 (A)		270		285
Frontier Communications Corp.:
5.875%, 10-15-27 (A)		100		106
5.000%, 5-1-28 (A)		180		183
Level 3 Financing, Inc.,
4.250%, 7-1-28 (A)		100		101
Sprint Corp.,
7.625%, 3-1-26		125		153
Windstream Escrow LLC,
7.750%, 8-15-28 (A)		150		153
				981
Movies & Entertainment – 1.9%
iHeartCommunications, Inc.,
8.375%, 5-1-27		145		155
Netflix, Inc.:
4.875%, 4-15-28		150		170
5.875%, 11-15-28		320		387
				712

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Publishing – 0.4%
Meredith Corp.,
6.875%, 2-1-26	$	140	$	144
Wireless Telecommunication Service – 1.1%
T-Mobile USA, Inc.:
4.500%, 2-1-26		100		102
4.750%, 2-1-28		100		106
2.875%, 2-15-31		220		213
				421
Total Communication Services – 17.4%				6,633
Consumer Discretionary
Apparel Retail – 0.3%
L Brands, Inc.,
6.625%, 10-1-30 (A)		110		126
Auto Parts & Equipment – 1.2%
Panther BF Aggregator 2 L.P.:
6.250%, 5-15-26 (A)		175		186
8.500%, 5-15-27 (A)		250		269
				455
Automobile Manufacturers – 2.7%
Ford Motor Co.,
9.000%, 4-22-25		550		666
Tesla, Inc. (GTD by SolarCity Corp.),
5.300%, 8-15-25 (A)		346		359
				1,025
Automotive Retail – 0.4%
Allison Transmission, Inc.,
3.750%, 1-30-31 (A)		150		145
Casinos & Gaming – 3.8%
Colt Merger Sub, Inc.:
6.250%, 7-1-25 (A)		440		469
8.125%, 7-1-27 (A)		190		209
Golden Nugget, Inc.,
6.750%, 10-15-24 (A)		175		177
MGM Growth Properties Operating Partnership L.P. and MGP Finance Co-Issuer, Inc.,
5.625%, 5-1-24		110		118
Mohegan Tribal Gaming Authority (The),
8.000%, 2-1-26 (A)		115		116
Scientific Games International, Inc. (GTD by Scientific Games Corp.):
5.000%, 10-15-25 (A)		365		378
8.250%, 3-15-26 (A)		10		11
				1,478
Hotels, Resorts & Cruise Lines – 2.6%
Carnival Corp.:
11.500%, 4-1-23 (A)		100		115
5.750%, 3-1-27 (A)		436		447
NCL Corp. Ltd.,
5.875%, 3-15-26 (A)		197		199

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Hotels, Resorts & Cruise Lines (Continued)
Royal Caribbean Cruises Ltd.,
9.125%, 6-15-23 (A)	$	200	$	221
				982
Leisure Facilities – 1.8%
Diamond Sports Group LLC and Diamond Sports Finance Co. (GTD by Diamond Sports Intermediate Holdings LLC):
5.375%, 8-15-26 (A)		440		317
6.625%, 8-15-27 (A)		500		260
Live Nation Entertainment, Inc.,
6.500%, 5-15-27 (A)		100		111
				688
Restaurants – 2.4%
1011778 B.C. Unlimited Liability Co. and New Red Finance, Inc.,
4.000%, 10-15-30 (A)		270		260
Aramark Services, Inc. (GTD by Aramark Corp.),
5.000%, 2-1-28 (A)		310		322
KFC Holding Co., Pizza Hut Holdings LLC and Taco Bell of America LLC,
5.250%, 6-1-26 (A)		100		103
YUM! Brands, Inc.,
3.625%, 3-15-31		230		221
				906
Specialized Consumer Services – 1.1%
Nielsen Finance LLC and Nielsen Finance Co.,
5.625%, 10-1-28 (A)		100		105
Uber Technologies, Inc.:
8.000%, 11-1-26 (A)		275		298
7.500%, 9-15-27 (A)		10		11
				414
Specialty Stores – 2.2%
PetSmart, Inc. and PetSmart Finance Corp.:
4.750%, 2-15-28 (A)		294		301
7.750%, 2-15-29 (A)		100		108
Staples, Inc.:
7.500%, 4-15-26 (A)		244		257
10.750%, 4-15-27 (A)		175		173
				839
Total Consumer Discretionary – 18.5%				7,058
Consumer Staples
Agricultural Products – 0.6%
NBM U.S. Holdings, Inc.,
7.000%, 5-14-26 (A)		200		215
Food Distributors – 0.4%
Performance Food Group, Inc.,
5.500%, 10-15-27 (A)		165		173

6 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS Ivy ProShares Interest Rate Hedged High Yield Index Fund (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Food Retail – 0.8%
Albertsons Cos. LLC, Safeway, Inc., New Albertson’s, Inc. and Albertson’s LLC,
4.625%, 1-15-27 (A)	$	280	$	290
Packaged Foods & Meats – 2.1%
JBS USA, JBS USA Food Co. and JBS USA Finance, Inc. (GTD by JBS S.A.):
6.500%, 4-15-29 (A)		250		282
5.500%, 1-15-30 (A)		100		111
Post Holdings, Inc.:
4.625%, 4-15-30 (A)		150		150
4.500%, 9-15-31 (A)		277		274
				817
Total Consumer Staples – 3.9%				1,495
Energy
Oil & Gas Equipment & Services – 1.1%
Brand Energy & Infrastructure Services, Inc.,
8.500%, 7-15-25 (A)		100		101
Weatherford International Ltd. (GTD by Weatherford International plc and Weatherford International LLC),
11.000%, 12-1-24		350		336
				437
Oil & Gas Exploration & Production – 3.9%
Continental Resources, Inc.,
5.750%, 1-15-31 (A)		160		181
Crownrock L.P.,
5.625%, 10-15-25 (A)		160		163
Endeavor Energy Resources L.P.,
5.750%, 1-30-28 (A)		100		106
EQT Corp.,
7.875%, 2-1-25 (B)		300		345
Matador Resources Co.,
5.875%, 9-15-26		220		214
Occidental Petroleum Corp.,
2.900%, 8-15-24		270		267
Targa Resources Partners L.P.:
4.875%, 2-1-31 (A)		105		107
4.000%, 1-15-32 (A)		100		94
				1,477
Oil & Gas Refining & Marketing – 1.0%
CITGO Petroleum Corp.,
7.000%, 6-15-25 (A)		100		103
Comstock Resources, Inc.,
6.750%, 3-1-29 (A)		150		154
PBF Holding Co. LLC,
9.250%, 5-15-25 (A)		130		132
				389

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation – 2.3%
Cheniere Energy Partners L.P.,
4.000%,3-1-31 (A)	$	202	$	205
Cheniere Energy, Inc.,
4.625%, 10-15-28 (A)		100		104
EQM Midstream Partners L.P.,
4.750%, 1-15-31 (A)		180		174
New Fortress Energy, Inc.,
6.750%, 9-15-25 (A)		100		103
NGL Energy Partners L.P. and NGL Energy Finance Corp.,
7.500%, 2-1-26 (A)		280		288
				874
Total Energy—8.3%				3,177
Financials
Consumer Finance – 1.6%
OneMain Finance Corp.:
6.125%, 3-15-24		185		200
7.125%, 3-15-26		220		254
Quicken Loans, Inc.,
5.250%, 1-15-28 (A)		170		178
				632
Financial Exchanges & Data – 0.9%
MSCI, Inc.:
4.000%, 11-15-29 (A)		14		14
3.875%, 2-15-31 (A)		330		337
				351
Insurance Brokers – 0.5%
NFP Corp.,
6.875%, 8-15-28 (A)		175		182
Life & Health Insurance – 0.4%
Alliant Holdings Intermediate LLC and Alliant Holdings Co-Issuer, Inc.,
6.750%, 10-15-27 (A)		140		149
Other Diversified Financial Services – 0.5%
Icahn Enterprises L.P. and Icahn Enterprises Finance Corp.,
6.250%, 5-15-26		200		209
Property & Casualty Insurance – 0.7%
Hub International Ltd.,
7.000%, 5-1-26 (A)		250		260
Specialized Finance – 3.0%
Banff Merger Sub, Inc.,
9.750%, 9-1-26 (A)		210		224
Compass Group Diversified Holdings LLC,
5.250%, 4-15-29 (A)		150		157
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.,
7.125%, 6-15-24 (A)		331		341
Navient Corp.,
6.500%, 6-15-22		250		262

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized Finance (Continued)
Tempo Acquisition LLC and Tempo Acquisition Finance Corp.,
6.750%, 6-1-25 (A)	$	150	$	153
				1,137
Total Financials – 7.6%				2,920
Health Care
Health Care Equipment – 0.4%
Avantor Funding, Inc.,
4.625%, 7-15-28 (A)		150		157
Health Care Facilities – 6.9%
Community Health Systems, Inc.:
8.000%, 3-15-26 (A)		245		265
5.625%, 3-15-27 (A)		255		267
DaVita, Inc.:
4.625%, 6-1-30 (A)		330		336
3.750%, 2-15-31 (A)		200		191
HCA, Inc. (GTD by HCA Holdings, Inc.):
5.625%, 9-1-28		484		557
3.500%, 9-1-30		250		252
MEDNAX, Inc.,
6.250%, 1-15-27 (A)		100		107
RegionalCare Hospital Partners Holdings, Inc. and Legend Merger Sub, Inc.,
9.750%, 12-1-26 (A)		125		135
Select Medical Corp.,
6.250%, 8-15-26 (A)		129		137
Tenet Healthcare Corp.,
6.125%, 10-1-28 (A)		380		397
				2,644
Health Care Services – 0.3%
Envision Healthcare Corp.,
8.750%, 10-15-26 (A)		95		70
IQVIA, Inc.,
5.000%, 5-15-27 (A)		50		53
				123
Health Care Technology – 1.4%
Change Healthcare Holdings, Inc.,
5.750%, 3-1-25 (A)		270		275
MPH Acquisition Holdings LLC,
5.750%, 11-1-28 (A)		105		102
Verscend Holding Corp.,
9.750%, 8-15-26 (A)		150		161
				538
Pharmaceuticals – 3.6%
Bausch Health Cos., Inc.,
8.500%, 1-31-27 (A)		100		111
Endo Designed Activity Co., Endo Finance LLC and Endo Finco, Inc.,
6.000%, 6-30-28 (A)		150		122
IMS Health, Inc.,
5.000%, 10-15-26 (A)		201		209

2021 SEMIANNUAL REPORT 7

SCHEDULE OF INVESTMENTS Ivy ProShares Interest Rate Hedged High Yield Index Fund (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Pharmaceuticals (Continued)
Par Pharmaceutical, Inc.,
7.500%, 4-1-27 (A)	$	300	$	318
Valeant Pharmaceuticals International, Inc.,
7.000%, 3-15-24 (A)		579		592
				1,352
Total Health Care – 12.6%				4,814
Industrials
Aerospace & Defense – 3.5%
Bombardier, Inc.,
7.875%, 4-15-27 (A)		330		324
Spirit AeroSystems, Inc. (GTD by Spirit AeroSystems Holdings, Inc.),
7.500%, 4-15-25 (A)		100		107
TransDigm, Inc. (GTD by TransDigm Group, Inc.),
6.250%, 3-15-26 (A)		850		901
				1,332
Air Freight & Logistics – 0.9%
XPO Logistics, Inc.:
6.750%, 8-15-24 (A)		200		210
6.250%, 5-1-25 (A)		110		118
				328
Airlines – 2.4%
American Airlines, Inc. and AAdvantage Loyalty IPLtd. (GTD by American Airlines Group, Inc.):
5.500%, 4-20-26 (A)		350		364
5.750%, 4-20-29 (A)		307		327
Hawaiian Brand Intellectual Property Ltd. and HawaiianMiles Loyalty Ltd.,
5.750%, 1-20-26 (A)		207		220
				911
Building Products – 0.5%
Beacon Escrow Corp.,
4.875%, 11-1-25 (A)		193		197
Construction Machinery & Heavy Trucks – 0.5%
Navistar International Corp. (GTD by Navistar, Inc.),
6.625%, 11-1-25 (A)		197		205
Diversified Support Services – 1.0%
United Rentals (North America), Inc. (GTD by United Rentals, Inc.),
4.875%, 1-15-28		350		369
Electrical Components & Equipment – 0.9%
WESCO Distribution, Inc.:
7.125%, 6-15-25 (A)		100		109
7.250%, 6-15-28 (A)		210		235
				344

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Office Services & Supplies – 0.3%
Xerox Corp.,
4.125%, 3-15-23	$	130	$	136
Security & Alarm Services – 1.6%
Allied Universal Holdco LLC:
6.625%, 7-15-26 (A)		100		106
9.750%, 7-15-27 (A)		150		165
Prime Security Services Borrower LLC and Prime Finance, Inc.,
5.750%, 4-15-26 (A)		300		324
				595
Trading Companies & Distributors – 0.2%
H&E Equipment Services, Inc.,
3.875%, 12-15-28 (A)		100		97
Trucking – 0.5%
Herc Holdings, Inc.,
5.500%, 7-15-27 (A)		170		181
Total Industrials – 12.3%				4,695
Information Technology
Application Software – 1.3%
Black Knight InfoServ LLC,
3.625%, 9-1-28 (A)		100		99
SS&C Technologies Holdings, Inc.,
5.500%, 9-30-27 (A)		280		298
Veritas U.S., Inc. and Veritas Bermuda Ltd.,
7.500%, 9-1-25 (A)		105		109
				506
Data Processing & Outsourced Services – 0.1%
Exela Intermediate LLC and Exela Finance, Inc.,
10.000%, 7-15-23 (A)		120		43
Total Information Technology – 1.4%				549
Materials
Aluminum – 1.0%
Novelis Corp. (GTD by Novelis, Inc.):
5.875%, 9-30-26 (A)		70		73
4.750%, 1-30-30 (A)		309		319
				392
Commodity Chemicals – 1.1%
NOVA Chemicals Corp.:
4.875%, 6-1-24 (A)		215		224
5.250%, 6-1-27 (A)		196		206
				430
Diversified Metals & Mining – 1.0%
First Quantum Minerals Ltd.:
7.250%, 4-1-23 (A)		140		142
6.875%, 10-15-27 (A)		230		247
				389

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Metal & Glass Containers – 1.7%
Ball Corp.,
2.875%, 8-15-30	$	150	$	145
BWAY Holding Co.:
5.500%, 4-15-24 (A)		323		327
7.250%, 4-15-25 (A)		160		160
				632
Paper Packaging – 0.3%
Reynolds Group Issuer, Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A.,
4.000%, 10-15-27 (A)		100		98
Total Materials – 5.1%				1,941
Real Estate
Hotel & Resort REITs – 0.8%
Hilton Domestic Operating Co., Inc.:
4.000%, 5-1-31 (A)		100		100
3.625%, 2-15-32 (A)		202		196
				296
Specialized REITs – 3.3%
Iron Mountain, Inc.,
4.500%, 2-15-31 (A)		260		257
SBA Communications Corp.,
3.125%, 2-1-29 (A)		345		331
Uniti Group L.P., Uniti Fiber Holdings, Inc., Uniti Group Finance 2019, Inc. and CSL Capital LLC (GTD by Uniti Group, Inc.),
7.875%, 2-15-25 (A)		250		270
Uniti Group L.P., Uniti Group Finance 2019, Inc. and CSL Capital LLC,
6.500%, 2-15-29 (A)		100		99
VICI Properties L.P. and VICI Note Co., Inc.,
4.125%, 8-15-30 (A)		320		323
				1,280
Total Real Estate – 4.1%				1,576
Utilities
Electric Utilities – 2.7%
Calpine Corp.:
4.500%, 2-15-28 (A)		100		101
5.125%, 3-15-28 (A)		200		201
FirstEnergy Corp.,
3.900%, 7-15-27		156		168
FirstEnergy Corp., Series C,
4.850%, 7-15-47		230		258
Vistra Operations Co. LLC:
5.625%, 2-15-27 (A)		205		213
5.000%, 7-31-27 (A)		100		103
				1,044

8 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS Ivy ProShares Interest Rate Hedged High Yield Index Fund (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Independent Power Producers & Energy Traders – 0.7%
NRG Energy, Inc., 6.625%, 1-15-27	$	256	$	266
Multi-Utilities – 1.5%
MEG Energy Corp., 7.125%, 2-1-27(A)		244		256
Pacific Gas and Electric Co., 5.250%, 7-1-30		300		318
				574
Total Utilities—4.9%				1,884
TOTAL CORPORATE DEBT SECURITIES – 96.1%			$	36,742
(Cost: $35,999)
SHORT-TERM SECURITIES		Shares
Money Market Funds(C)—1.7%
State Street Institutional U.S. Government Money Market Fund—Premier Class 0.040%		644		644
TOTAL SHORT-TERM SECURITIES – 1.7%			$	644
(Cost: $644)
TOTAL INVESTMENT SECURITIES – 97.8%			$	37,386
(Cost: $36,643)
CASH AND OTHER ASSETS, NET OF LIABILITIES(D) – 2.2%				832
NET ASSETS – 100.0%			$	38,218

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, 2021 the total value of these securities amounted to $28,961 or 75.8% of net assets.

(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, 2021.

(C) Rate shown is the annualized 7-day yield at March 31, 2021.

(D) Cash of $247 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at March 31, 2021 (contracts unrounded):

Description	Type	Number of Contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation
U.S. 10-Year Treasury Note	Short		99		6-30-21		9,900	$	(12,963	)	$	279
U.S. 2-Year Treasury Note	Short		50		6-30-21		10,000		(11,036	)		10
U.S. 5-Year Treasury Note	Short		94		6-30-21		9,400		(11,600	)		126
								$(35,599)			$415

2021 SEMIANNUAL REPORT 9

SCHEDULE OF INVESTMENTS Ivy ProShares Interest Rate Hedged High Yield Index Fund (in thousands)

MARCH 31, 2021 (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, 2021. 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	$	—	$	36,742	$	—
Short-Term Securities		644		—		—
Total	$	644	$	36,742	$	—
Futures Contracts	$	415	$	—	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

10 SEMIANNUAL REPORT 2021

PORTFOLIO HIGHLIGHTS IVY PROSHARES MSCI ACWI INDEX FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Stocks	99.5%
Information Technology	21.5%
Financials	14.2%
Consumer Discretionary	12.5%
Health Care	11.2%
Industrials	10.1%
Communication Services	9.2%
Consumer Staples	6.7%
Materials	5.3%
Energy	3.2%
Utilities	2.9%
Real Estate	2.7%
Rights	0.0%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	0.5%

Country Weightings

North America	61.7%
United States	58.4%
Other North America	3.3%
Pacific Basin	18.4%
Japan	6.6%
China	3.4%
Other Pacific Basin	8.4%
Europe	18.4%
United Kingdom	4.2%
Other Europe	14.2%
South America	0.7%
South Africa	0.3%
Bahamas/Caribbean	0.0%
Liabilities (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
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	Information Technology	Semiconductors
Tesla Motors, Inc.	United States	Consumer Discretionary	Automobile Manufacturers
Tencent Holdings Ltd.	China	Communication Services	Interactive Media & Services
JPMorgan Chase & Co.	United States	Financials	Other Diversified Financial 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.

2021 SEMIANNUAL REPORT 11

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS	Shares			Value
Australia
Consumer Discretionary – 0.2%
Aristocrat Leisure Ltd.		1		$	35
Wesfarmers Ltd.		2			84
					119
Consumer Staples – 0.1%
Coles Group Ltd.		1			15
Woolworths Ltd.		2			52
					67
Energy – 0.0%
Woodside Petroleum Ltd.		2			33
Financials – 0.6%
Australia and New Zealand Banking Group Ltd.		4			85
Australian Stock Exchange Ltd.		—	*		25
Commonwealth Bank of Australia		2			150
Macquarie Group Ltd.		1			59
National Australia Bank Ltd.		5			91
QBE Insurance Group Ltd.		3			19
Suncorp Group Ltd.		3			22
Westpac Banking Corp.		5			88
					539
Health Care – 0.2%
Cochlear Ltd.		—	*		31
CSL Ltd.		1			118
Ramsay Health Care Ltd.		—	*		15
Sonic Healthcare Ltd.		1			27
					191
Industrials – 0.1%
Brambles Ltd.		4			33
Transurban Group		4			43
					76
Information Technology – 0.0%
Afterpay Ltd. (A)		—	*		27
Computershare Ltd.		2			19
					46
Materials – 0.4%
BHP Group Ltd.		4			131
BHP Group plc		3			82
Evolution Mining Ltd.		6			17
Fortescue Metals Group Ltd.		3			48
Newcrest Mining Ltd.		1			24
Northern Star Resources Ltd.		2			14
South32 Ltd.		12			25
					341
Real Estate – 0.2%
Dexus		2			17
Goodman Group		3			43
Mirvac Group		10			19
Scentre Group		12			27
Stockland Corp. Ltd.		9			29
					135
Total Australia – 1.8%				$	1,547

COMMON STOCKS (Continued)	Shares			Value
Austria
Financials – 0.0%
Erste Bank der Oesterreichischen Sparkassen AG (A)		1		$	29
Total Austria – 0.0%				$	29
Belgium
Consumer Staples – 0.1%
Anheuser-Busch InBev S.A./N.V.		1			64
Financials – 0.1%
ageas N.V.		—	*		29
Groupe Bruxelles Lambert S.A.		—	*		22
KBC Group N.V.		—	*		35
Sofina S.A.		—	*		21
					107
Health Care – 0.0%
UCB S.A./N.V.		—	*		22
Materials – 0.0%
Solvay S.A.		—	*		23
Umicore S.A.		—	*		21
					44
Total Belgium – 0.2%				$	237
Bermuda
Financials – 0.0%
Arch Capital Group Ltd. (A)		1			24
Total Bermuda – 0.0%				$	24
Brazil
Consumer Discretionary – 0.1%
Magazine Luiza S.A.		6			23
MercadoLibre, Inc. (A)		—	*		81
					104
Consumer Staples – 0.0%
Ambev S.A.		8			21
Natura &Co. Holding S.A. (A)		2			16
					37
Energy – 0.1%
Petroleo Brasileiro S.A.		15			65
Financials – 0.3%
B3 S.A. – Brasil, Bolsa, Balcao		4			41
Banco Bradesco S.A.		10			47
Banco do Brasil S.A.		2			13
Itau Unibanco Holdings S.A.		9			46
Itausa Investimentos Itau S.A.		10			18
					165
Industrials – 0.0%
Localiza Rent a Car S.A.		1			15
WEG S.A.		2			31
					46

COMMON STOCKS (Continued)	Shares			Value
Materials – 0.1%
Suzano Papel e Cellulose S.A.		2		$	19
Vale S.A.		6			100
					119
Total Brazil – 0.6%				$	536
Canada
Communication Services – 0.0%
Rogers Communications, Inc., Class B		—	*		21
Thomson Reuters Corp.		—	*		22
					43
Consumer Discretionary – 0.2%
Canadian Tire Corp. Ltd., Class A		—	*		21
Dollarama, Inc.		1			27
lululemon athletica, Inc. (A)		—	*		52
Magna International, Inc.		—	*		41
Restaurant Brands International, Inc.		—	*		27
					168
Consumer Staples – 0.1%
Alimentation Couche-Tard, Inc., Class B		1			41
Metro, Inc.		1			24
					65
Energy – 0.4%
Canadian Natural Resources Ltd.		2			66
Cenovus Energy, Inc.		4			26
Enbridge, Inc.		3			91
Pembina Pipeline Corp.		1			32
Suncor Energy, Inc.		2			48
TransCanada Corp.		1			51
					314
Financials – 1.2%
Bank of Montreal		1			73
Bank of Nova Scotia (The)		1			88
Brookfield Asset Management, Inc., Class A		2			80
Canadian Imperial Bank of Commerce (B)		1			63
Fairfax Financial Holdings Ltd.		—	*		20
Intact Financial Corp.		—	*		36
Manulife Financial Corp.		3			57
National Bank of Canada (B)		1			53
Power Corp. of Canada		1			26
Royal Bank of Canada		2			160
Sun Life Financial, Inc.		1			52
Toronto-Dominion Bank		2			152
					860
Health Care – 0.0%
Canopy Growth Corp. (A)		1			19
Industrials – 0.2%
Canadian National Railway Co.		1			102
Canadian Pacific Railway Ltd.		—	*		65
WSP Global, Inc.		—	*		23
					190

12 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Information Technology – 0.3%
CGI Group, Inc., Class A (A)		—	*	$	31
Constellation Software, Inc.		—	*		41
Open Text Corp.		1			24
Shopify, Inc., Class A (A)		—	*		152
					248
Materials – 0.5%
Agnico-Eagle Mines Ltd.		—	*		26
B2Gold Corp.		3			13
Barrick Gold Corp.		2			49
First Quantum Minerals Ltd.		1			25
Franco-Nevada Corp.		—	*		41
Kinross Gold Corp.		2			16
Kirkland Lake Gold Ltd.		1			18
Lundin Mining Corp.		2			25
Nutrien Ltd.		1			48
Teck Cominco Ltd.		2			30
Wheaton Precious Metals Corp.		1			32
					323
Real Estate – 0.0%
RioCan		2			27
Utilities – 0.2%
Algonquin Power & Utilities Corp. (B)		2			31
Emera, Inc.		1			43
Fortis, Inc.		1			49
Hydro One Ltd.		1			27
					150
Total Canada – 3.1%				$	2,407
Chile
Consumer Staples – 0.0%
Embotelladora Andina S.A., Class B		6			15
Utilities – 0.0%
Enel Americas S.A.		156			26
Total Chile – 0.0%				$	41
China
Communication Services – 0.9%
Autohome, Inc. ADR		—	*		8
Baidu.com, Inc. ADR (A)		—	*		83
Bilibili, Inc. ADR (A)		—	*		26
China Tower Corp. Ltd., H Shares		92			13
JOYY, Inc. ADR (B)		—	*		14
NetEase.com, Inc. ADR		1			61
Tencent Holdings Ltd.		8			592
					797
Consumer Discretionary – 1.5%
Alibaba Group Holding Ltd. ADR (A)		2			562
ANTA Sports Products Ltd.		2			39
BYD Co. Ltd., H Shares		1			31
Geely Automobile Holdings Ltd.		11			29
Great Wall Motor Co. Ltd.		5			13
Huazhu Group Ltd. ADR (A)		—	*		16
JD.com, Inc. ADR (A)		1			99
Li Auto, Inc. ADR (A)		—	*		11

COMMON STOCKS (Continued)	Shares			Value
Consumer Discretionary (Continued)
Li Ning Co. Ltd.		4		$	27
Meituan Dianping, Class B (A)		5			192
New Oriental Education & Technology Group, Inc. ADR (A)		3			36
NIO, Inc. ADR (A)		2			68
Pinduoduo, Inc. ADR (A)		1			75
Shenzhou International Group Holdings Ltd.		2			34
Trip.com Group Ltd. ADR (A)		1			34
Vipshop Holdings Ltd. (A)		1			26
Xpeng, Inc. ADR (A)		—	*		12
YUM! Brands, Inc.		1			42
					1,346
Consumer Staples – 0.1%
China Mengniu Dairy Co. Ltd.		6			35
Hengan International Group Co. Ltd.		2			15
Yihai International Holding Ltd.		1			10
					60
Financials – 0.5%
BOC Hong Kong (Holdings) Ltd., H Shares		116			44
China Cinda Asset Management Co. Ltd., H Shares	��	87			18
China Construction Bank Corp.		116			98
China Life Insurance Co. Ltd.		6			22
China Life Insurance Co. Ltd., H Shares		16			34
China Merchants Bank Co. Ltd., H Shares		8			62
China Minsheng Banking Corp. Ltd., H Shares		28			16
China Pacific Insurance (Group) Co. Ltd., H Shares		8			30
CITIC Securities Co. Ltd., H Shares		12			27
Huatai Securities Co. Ltd., H Shares		12			19
Industrial and Commercial Bank of China Ltd., H Shares		74			53
PICC Property and Casualty Co. Ltd., H Shares		30			26
Ping An Insurance (Group) Co. of China Ltd., H Shares		9			106
					555
Health Care – 0.1%
BeiGene Ltd. ADR (A)		—	*		23
CSPC Pharmaceutical Group Ltd.		23			28
Innovent Biologics, Inc. (A)		2			24
Ping An Healthcare and Technology Co. Ltd. (A)(B)		1			10
Sinopharm Group Co. Ltd., H Shares		7			18
WuXi AppTec Co. Ltd., H Shares		1			20
WuXi Biologics (Cayman), Inc. (A)		5			61
Zai Lab Ltd. ADR (A)		—	*		16
					200
Industrials – 0.0%
China Conch Venture Holdings Ltd.		5			22
ZTO Express (Cayman), Inc. ADR		1			23
					45

COMMON STOCKS (Continued)	Shares			Value
Information Technology – 0.1%
AAC Technologies Holdings, Inc. (B)		2		$	12
GDS Holdings Ltd. ADR (A)(B)		—	*		18
Kingdee International Software Group Co. Ltd.		4			13
Sunny Optical Technology (Group) Co. Ltd.		2			38
Xinyi Solar Holdings Ltd.		9			15
ZTE Corp., H Shares		5			13
					109
Materials – 0.0%
Anhui Conch Cement Co. Ltd., H Shares		5			31
Zijin Mining Group Co. Ltd., H Shares (A)		13			17
					48
Real Estate – 0.1%
China Overseas Land & Investment Ltd.		10			26
Country Garden Holdings Co. Ltd.		18			42
KE Holdings, Inc. ADR (A)		—	*		11
Sunac China Holdings Ltd.		5			22
					101
Utilities – 0.1%
ENN Energy Holdings Ltd.		2			28
Total China – 3.4%				$	3,289
Denmark
Consumer Staples – 0.1%
Carlsberg Group		—	*		32
Financials – 0.0%
Danske Bank A.S.		1			22
Health Care – 0.3%
Coloplast A/S, Class B		—	*		30
Genmab A.S. (A)		—	*		38
Novo Nordisk A/S, Class B		2			159
					227
Industrials – 0.3%
A.P. Moller – Maersk A/S (B)		—	*		40
DSV Panalpina A/S		—	*		69
Vestas Wind Systems A/S		—	*		63
					172
Materials – 0.0%
Chr. Hansen Holding A/S		—	*		19
Novozymes A/S, Class B		—	*		31
					50
Utilisties – 0.1%
Orsted A/S		—	*		48
Total Denmark – 0.8%				$	551

2021 SEMIANNUAL REPORT 13

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Finland
Energy – 0.0%
Neste Oyj		1		$	38
Financials – 0.2%
Nordea Bank AB (A)		6			58
Sampo plc, A Shares		1			39
					97
Industrials – 0.1%
Kone Oyj, Class B		—	*		41
Information Technology – 0.1%
Nokia Oyj		10			38
Materials – 0.1%
UPM-Kymmene Corp. (B)		1			34
Utilities – 0.0%
Fortum Oyj		1			25
Total Finland – 0.5%				$	273
France
Communication Services – 0.2%
Orange S.A.		3			40
Publicis Groupe S.A.		—	*		27
Ubisoft Entertainment S.A. (A)		—	*		15
Vivendi Universal		2			51
					133
Consumer Discretionary – 0.7%
Accor S.A.		1			25
Compagnie Generale des Etablissements Michelin, Class B		—	*		37
EssilorLuxottica S.A.		—	*		67
Hermes International		—	*		56
LVMH Moet Hennessy – Louis Vuitton		—	*		245
Pinault-Printemps-Redoute S.A.		—	*		75
					505
Consumer Staples – 0.4%
Danone S.A.		1			53
L’Oreal		—	*		130
Pernod Ricard S.A.		—	*		53
					236
Energy – 0.2%
Total S.A. (B)		3			148
Financials – 0.3%
Axa S.A.		3			69
BNP Paribas S.A.		2			93
Credit Agricole Group		2			33
Societe Generale S.A.		1			30
					225
Health Care – 0.2%
Eurofins Scientific SE		—	*		25
Sanofi-Aventis		1			148
					173

COMMON STOCKS (Continued)	Shares			Value
Industrials – 0.6%
Airbus SE		1		$	93
Alstom		—	*		18
Bouygues S.A.		1			23
Compagnie de Saint-Gobain		1			42
Eiffage S.A.		—	*		25
Legrand S.A.		1			48
Safran		—	*		64
Schneider Electric S.A.		1			119
Teleperformance SE		—	*		41
Thales		—	*		19
Vinci		1			80
					572
Information Technology – 0.2%
Atos S.A. (A)		—	*		25
Cap Gemini S.A.		—	*		50
Dassault Systemes S.A.		—	*		50
Edenred S.A.		1			27
					152
Materials – 0.1%
Arkema S.A.		—	*		26
L Air Liquide S.A.		1			93
					119
Utilities – 0.1%
ENGIE		3			45
Veolia Environnement S.A.		1			29
					74
Total France – 3.0%				$	2,337
Germany
Communication Services – 0.1%
Deutsche Telekom AG, Registered Shares		4			85
Scout24 AG		—	*		18
					103
Consumer Discretionary – 0.4%
adidas AG		—	*		81
Bayerische Motoren Werke AG		—	*		45
Continental AG		—	*		25
Daimler AG		1			94
Delivery Hero SE (A)		—	*		30
HelloFresh SE (A)		—	*		16
Porsche Automobil Holding SE		—	*		38
Zalando SE (A)		—	*		24
					353
Consumer Staples – 0.0%
Beiersdorf Aktiengesellschaft		—	*		21
Henkel AG & Co. KGaA		—	*		17
					38
Financials – 0.4%
Allianz AG, Registered Shares		—	*		120
Deutsche Bank AG		3			34
Deutsche Boerse AG		—	*		48
Munchener Ruckversicherungs-Gesellschaft AG, Registered Shares		—	*		53
					255

COMMON STOCKS (Continued)	Shares			Value
Health Care – 0.3%
Bayer AG		1		$	83
Fresenius Medical Care AG & Co. KGaA		—	*		23
Fresenius SE & Co. KGaA		1			30
Merck KGaA		—	*		36
Sartorius AG		—	*		29
					201
Industrials – 0.3%
Brenntag AG		—	*		31
Deutsche Post AG		1			75
MTU Aero Engines Holding AG		—	*		21
Siemens AG		1			172
					299
Information Technology – 0.3%
Infineon Technologies AG		2			69
SAP AG		1			160
					229
Materials – 0.1%
BASF Aktiengesellschaft		1			99
Symrise AG		—	*		33
					132
Real Estate – 0.2%
Deutsche Wohnen AG		1			27
Vonovia SE		1			45
					72
Utilities – 0.1%
E.ON AG		4			44
RWE Aktiengesellschaft		1			38
					82
Total Germany – 2.2%				$	1,764
Hong Kong
Communication Services – 0.0%
HKT Trust and HKT Ltd.		12			17
Consumer Discretionary – 0.1%
Galaxy Entertainment Group		4			35
Consumer Staples – 0.0%
China Resources Beer (Holdings) Co. Ltd.		3			24
WH Group Ltd.		27			22
					46
Financials – 0.4%
AIA Group Ltd.		17			201
BOC Hong Kong (Holdings) Ltd.		7			26
China Taiping Insurance Holdings Co. Ltd.		14			28
Hang Seng Bank Ltd.		2			30
Hong Kong Exchanges and Clearing Ltd.		2			102
					387

14 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Health Care – 0.0%
Alibaba Health Information Technology Ltd. (A)		7		$	20
Microport Scientific Corp. (A)		2			10
Sino Biopharmaceutical Ltd.		26			26
					56
Industrials – 0.2%
Cheung Kong (Holdings) Ltd.		12			82
CITIC Pacific Ltd.		17			16
Jardine Matheson Holdings Ltd.		—	*		23
MTR Corp. Ltd.		4			20
Techtronic Industries Co. Ltd.		2			42
Xinyi Glass Holdings Ltd.		6			20
					203
Information Technology – 0.0%
China Youzan Ltd. (A)		25			8
Lenovo Group Ltd.		22			31
					39
Materials – 0.0%
China National Building Material Co. Ltd., H Shares		13			19
Real Estate – 0.3%
China Resources Land Ltd.		7			32
Hang Lung Properties Ltd.		7			17
Henderson Land Development Co. Ltd.		4			18
Hongkong Land Holdings Ltd.		3			17
Link (The)		4			41
Longfor Group Holdings Ltd.		4			25
New World Development Co. Ltd.		4			22
Sino Land Co. Ltd.		11			16
Sun Hung Kai Properties Ltd.		3			42
Swire Pacific Ltd., Class A		3			20
Wharf (Holdings) Ltd. (The)		4			23
					273
Utilities – 0.2%
Beijing Enterprises Holdings Ltd.		7			25
China Gas Holdings Ltd.		5			23
CLP Holdings Ltd.		3			31
Hong Kong & China Gas Co. Ltd.		22			36
Power Assets Holdings Ltd.		4			24
					139
Total Hong Kong – 1.2%				$	1,214
India

COMMON STOCKS (Continued)	Shares			Value
Consumer Discretionary – 0.1%
Tata Motors Ltd. ADR (A)		2		$	41
Energy – 0.2%
Reliance Industries Ltd. GDR (C)		3			140
Financials – 0.1%
ICICI Bank Ltd. ADR		7			112
Health Care – 0.1%
Dr. Reddy’s Laboratories Ltd. ADR		1			57
Industrials – 0.2%
Larsen & Toubro Ltd. GDR (B)		6			108
Information Technology – 0.3%
Infosys Technologies Ltd. ADR		8			144
Wipro Ltd. ADR		12			75
					219
Materials – 0.1%
Vedanta Ltd. ADR (B)		5			61
Total India – 1.1%				$	738
Indonesia
Communication Services – 0.0%
PT Telekom Indonesia Tbk		117			28
Consumer Discretionary – 0.0%
PT Astra International Tbk		43			16
Consumer Staples – 0.0%
PT Indofood CBP Sukses Makmur Tbk		15			9
Financials – 0.1%
Bank Central Asia Tbk PT		16			34
PT Bank Mandiri (Persero) Tbk		46			19
PT Bank Negara Indonesia (Persero) Tbk		37			15
PT Bank Rakyat Indonesia		107			33
					101
Total Indonesia – 0.1%				$	154
Ireland
Consumer Discretionary – 0.1%
Flutter Entertainment plc		—	*		53
Consumer Staples – 0.1%
Kerry Group plc, Class A		—	*		38
Health Care – 0.3%
Medtronic plc		2			197
Industrials – 0.1%
DCC plc		—	*		18
Kingspan Group plc		—	*		25
Trane Technologies plc		—	*		54
					97

COMMON STOCKS (Continued)	Shares			Value
Information Technology – 0.3%
Accenture plc, Class A		1		$	221
Materials – 0.0%
James Hardie Industries plc, Class C		1			29
Total Ireland – 0.9%				$	635
Isle of Man
Consumer Discretionary – 0.0%
Entain plc		1			21
Total Isle of Man – 0.0%				$	21
Israel
Health Care – 0.0%
Teva Pharmaceutical Industries Ltd. ADR (A)		2			24
Information Technology – 0.0%
NICE Systems Ltd. ADR (A)		—	*		31
SolarEdge Technologies, Inc. (A)		—	*		17
Wix.com Ltd. (A)		—	*		23
					71
Total Israel – 0.0%				$	95
Italy
Consumer Discretionary – 0.1%
Ferrari N.V.		—	*		36
Moncler S.p.A.		—	*		27
Stellantis N.V. (A)		1			26
					89
Energy – 0.1%
Eni S.p.A.		4			45
Financials – 0.1%
Assicurazioni Generali S.p.A.		2			33
Banca Intesa S.p.A.		18			48
FinecoBank S.p.A.		1			23
Mediobanca S.p.A.(A)		2			17
UniCredit S.p.A.		3			28
					149

2021 SEMIANNUAL REPORT 15

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Industrials – 0.0%
Prysmian S.p.A.		1		$	18
Utilities – 0.1%
ENEL S.p.A.		11			105
Snam S.p.A.		4			23
Terna Rete Elettrica Nazionale S.p.A.		3			22
					150
Total Italy – 0.4%				$	451
Japan
Communication Services – 0.6%
KDDI Corp.		2			72
Nexon Co. Ltd.		1			32
Nintendo Co. Ltd.		—	*		89
Nippon Telegraph and Telephone Corp.		1			31
SoftBank Corp.		4			46
SoftBank Group Corp.		2			176
Z Holdings Corp.		5			24
					470
Consumer Discretionary – 0.9%
Bandai Namco Holdings, Inc.		—	*		26
Bridgestone Corp.		1			22
Denso Corp.		1			47
Fast Retailing Co. Ltd.		—	*		66
Honda Motor Co. Ltd.		2			62
Iida Group Holdings Co. Ltd.		1			14
Nissan Motor Co. Ltd.		4			24
Nitori Co. Ltd.		—	*		28
Oriental Land Co. Ltd.		—	*		47
Pan Pacific International Holdings Corp.		1			22
Panasonic Corp.		4			48
Sekisui House Ltd.		1			30
Shimano, Inc.		—	*		30
Sony Corp.		2			170
Subaru Corp.		1			20
Suzuki Motor Corp.		1			28
Toyota Industries Corp.		—	*		31
Toyota Motor Corp.		2			187
					902
Consumer Staples – 0.3%
Aeon Co. Ltd.		1			27
Ajinomoto Co., Inc.		1			23
Asahi Breweries Ltd.		1			29
Japan Tobacco, Inc.		1			16
Kao Corp.		1			45
Kikkoman Corp. (B)		—	*		23
Kirin Brewery Co. Ltd.		1			26
Seven & i Holdings Co. Ltd.		1			47
Shiseido Co. Ltd.		1			48
Unicharm Corp.		1			33
Yakult Honsha Co. Ltd.		—	*		12
					329
Financials – 0.8%
Dai-ichi Mutual Life Insurance Co. (The) (B)		2			38

COMMON STOCKS (Continued)	Shares			Value
Financials (Continued)
Japan Exchange Group, Inc.		1		$	21
Kabushiki Kaisha Mitsubishi Tokyo Financial Group		15			82
Mizuho Financial Group, Inc.		3			42
MS&AD Insurance Group Holdings, Inc.		1			25
Nomura Holdings, Inc.		5			28
ORIX Corp.		4			63
Resona Holdings, Inc.		4			16
Sompo Holdings, Inc.		1			35
Sumitomo Mitsui Financial Group, Inc. (B)		2			66
Sumitomo Mitsui Trust Holdings, Inc. (B)		1			24
T&D Holdings, Inc.		3			39
Tokio Marine Holdings, Inc. (B)		1			50
					529
Health Care – 1.1%
Asahi Intecc Co. Ltd.		1			18
Astellas Pharma, Inc.		3			48
Chugai Pharmaceutical Co. Ltd.		1			41
Daiichi Sankyo Co. Ltd.		2			68
Eisai Co. Ltd.		—	*		31
Hoya Corp.		1			68
M3, Inc.		1			48
Olympus Corp.		2			41
Ono Pharmaceutical Co. Ltd.		1			31
Otsuka Holdings Co. Ltd.		1			31
Santen Pharmaceutical Co. Ltd.		2			21
Shionogi & Co. Ltd. (B)		1			32
Sysmex Corp.		—	*		33
Takeda Pharmaceutical Co. Ltd.		2			79
Terumo Corp.		1			42
					632
Industrials – 1.3%
Central Japan Railway Co.		—	*		32
Daifuku Co. Ltd.		—	*		23
Daikin Industries Ltd.		—	*		68
East Japan Railway Co.		—	*		32
FANUC Ltd.		—	*		70
Hankyu Hanshin Holdings, Inc.		1			24
ITOCHU Corp.		2			67
Keihan Holdings Co. Ltd.		—	*		20
Keikyu Corp.		1			17
Komatsu Ltd.		2			52
Kubota Corp.		2			40
Makita Corp.		1			25
Marubeni Corp. (B)		3			29
Minebea Mitsumi, Inc.		1			26
MISUMI Group, Inc.		1			22
Mitsubishi Corp.		2			55
Mitsubishi Electric Corp.		3			40
Mitsubishi Heavy Industries Ltd.		1			27
Mitsui & Co. Ltd. (B)		3			57
Monotaro Co. Ltd.		—	*		11
Nagoya Railroad Co. Ltd.		1			18
Nidec Corp.		1			80
Nihon M&A Center, Inc.		1			24
Odakyu Electric Railway Co. Ltd.		1			26
Recruit Holdings Co. Ltd.		2			90

COMMON STOCKS (Continued)	Shares			Value
Industrials (Continued)
Secom Co. Ltd.		—	*	$	26
SG Holdings Co. Ltd.		1			15
SMC Corp.		—	*		53
Sumitomo Corp. (B)		2			33
Tokyu Corp.		1			19
Toshiba Corp.		1			29
Toyota Tsusho Corp.		1			21
YASKAWA Electric Corp.		1			35
					1,206
Information Technology – 1.0%
Advantest Corp.		—	*		33
Canon, Inc.		2			36
FUJIFILM Holdings Corp.		1			35
Fujitsu Ltd.		—	*		43
Hamamatsu Photonics K.K.		—	*		29
Hitachi Ltd.		1			63
Keyence Corp.		—	*		116
Kyocera Corp.		1			34
Lasertec Corp.		—	*		14
Murata Manufacturing Co. Ltd.		1			71
Nomura Research Institute Ltd.		1			22
OBIC Co. Ltd.		—	*		33
OMRON Corp.		—	*		30
ROHM Co. Ltd.		—	*		33
Shimadzu Corp.		1			25
TDK Corp.		—	*		40
Tokyo Electron Ltd.		—	*		93
Trend Micro, Inc.		—	*		18
					768
Materials – 0.3%
Asahi Kasei Corp.		3			37
Mitsubishi Chemical Holdings Corp.		3			26
Mitsui Chemicals, Inc.		1			33
Nippon Paint Holdings Co. Ltd.		1			21
Nippon Steel Corp.		2			28
Nissan Chemical Corp.		—	*		16
Nitto Denko Corp.		—	*		37
Shin-Etsu Chemical Co. Ltd.		1			89
Sumitomo Chemical Co. Ltd.		6			33
					320
Real Estate – 0.3%
Daito Trust Construction Co. Ltd. (B)		—	*		22
Daiwa House Industry Co. Ltd.		1			33
Mitsubishi Estate Co. Ltd.		2			36
Mitsui Fudosan Co. Ltd.		2			36
Nippon Building Fund, Inc.		—	*		29
Sumitomo Realty & Development Co. Ltd.		1			24
Tokyu Fudosan Holdings Corp.		4			21
					201
Utilities – 0.0%
Chugoku Electric Power Co., Inc. (The) (B)		2			29
Kyushu Electric Power Co., Inc.		3			26
Tohoku Electric Power Co., Inc.		3			29
Tokyo Gas Co. Ltd.		1			18
					102
Total Japan – 6.6%				$	5,459

16 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Jersey
Health Care – 0.0%
NovoCure Ltd. (A)		—	*	$	12
Total Jersey – 0.0%				$	12
Macau
Consumer Discretionary – 0.0%
Sands China Ltd.		6			29
Total Macau – 0.0%				$	29
Malaysia
Financials – 0.1%
CIMB Group Holdings Berhad		26			27
Public Bank Berhad		42			42
					69
Health Care – 0.0%
Top Glove Corp. Berhad		9			10
Materials – 0.0%
Press Metal Aluminum Holdings Berhad (A)		10			25
Utilities – 0.0%
Tenaga Nasional Berhad		8			21
Total Malaysia – 0.1%				$	125
Mexico
Communication Services – 0.1%
America Movil S.A.B. de C.V., Series L		69			47
Consumer Staples – 0.0%
Fomento Economico Mexicano S.A.B. de C.V.		4			27
Wal-Mart de Mexico S.A.B. de C.V.		8			25
					52
Financials – 0.0%
Grupo Financiero Banorte S.A.B. de C.V.		5			26
Materials – 0.1%
CEMEX S.A.B. de C.V.		40			28
Grupo Mexico S.A.B. de C.V.		8			43
					71
Total Mexico – 0.2%				$	196
Netherlands
Communication Services – 0.0%
Koninklijke KPN N.V.		8			26
Consumer Discretionary – 0.1%
Just Eat Takeaway.com N.V.(A)		—	*		22
Prosus N.V.		1			78
					100

COMMON STOCKS (Continued)	Shares			Value
Consumer Staples – 0.2%
Heineken Holding N.V.		—	*	$	21
Heineken N.V.		—	*		43
Koninklijke Ahold Delhaize N.V.		2			46
					110
Energy – 0.2%
Royal Dutch Shell plc, Class A		5			107
Royal Dutch Shell plc, Class B		5			92
					199
Financials – 0.1%
Aegon N.V.		3			15
ING Groep N.V., Certicaaten Van Aandelen		6			68
NN Group N.V.		—	*		20
					103
Health Care – 0.1%
Koninklijke Philips Electronics N.V., Ordinary Shares		1			65
Qiagen N.V. (A)		—	*		16
					81
Industrials – 0.0%
Wolters Kluwer N.V.		—	*		34
Information Technology – 0.6%
Adyen N.V. (A)		—	*		63
ASML Holding N.V., Ordinary Shares		1			332
NXP Semiconductors N.V.		—	*		82
					477
Materials – 0.2%
Akzo Nobel N.V.		—	*		46
Koninklijke DSM N.V.		—	*		48
					94
Total Netherlands – 1.5%				$	1,224
New Zealand
Communication Services – 0.0%
Spark New Zealand Ltd. ADR		1			21
Total New Zealand – 0.0%				$	21
Norway
Communication Services – 0.0%
Telenor ASA		1			26
Consumer Staples – 0.0%
Mowi ASA		1			20
Orkla ASA		2			19
					39
Energy – 0.0%
Equinor ASA		1			29
Financials – 0.1%
DNB ASA (A)		2			34

COMMON STOCKS (Continued)	Shares			Value
Materials – 0.0%
Yara International ASA		—	*	$	24
Total Norway – 0.1%				$	152
Peru
Financials – 0.0%
Credicorp Ltd.		—	*		15
Materials – 0.0%
Compania de Minas Buenaventura S.A. ADR (A)		1			12
Total Peru – 0.0%				$	27
Philippines
Industrials – 0.0%
Ayala Corp.		1			13
Real Estate – 0.0%
Ayala Land, Inc.		22			15
Total Philippines – 0.0%				$	28
Poland
Communication Services – 0.0%
Cyfrowy Polsat S.A.		4			28
Energy – 0.0%
Polski Koncern Naftowy Orlen S.A.		1			13
Financials – 0.0%
Bank Pekao S.A.		1			24
PKO Bank Polski S.A.		4			30
					54
Materials – 0.1%
KGHM Polska Miedz S.A.		1			30
Total Poland – 0.1%				$	125
Portugal
Utilities – 0.0%
EDP – Energias de Portugal S.A.		5			28
Total Portugal – 0.0%				$	28
Romania
Real Estate – 0.0%
NEPI Rockcastle plc		2			15
Total Romania – 0.0%				$	15
Russia
Communication Services – 0.0%
Mobile TeleSystems OJSC ADR		2			19
Consumer Staples – 0.0%
Magnit PJSC GDR		1			20

2021 SEMIANNUAL REPORT 17

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Energy – 0.2%
OAO Novatek GDR		—	*	$	33
Open Joint Stock Co. Gazprom ADR		10			61
PJSC LUKOIL ADR		1			61
Surgutneftegas PJSC ADR		4			19
Tatneft PJSC		1			27
					201
Financials – 0.1%
Sberbank of Russia PJSC ADR		4			63
Materials – 0.0%
MMC Norilsk Nickel PJSC ADR		1			41
Total Russia – 0.3%				$	344
Singapore
Communication Services – 0.1%
Singapore Telecommunications Ltd.		17			32
Consumer Staples – 0.0%
Wilmar International Ltd.		7			29
Financials – 0.3%
DBS Group Holdings Ltd.		3			60
Oversea-Chinese Banking Corp. Ltd.		5			41
Singapore Exchange Ltd.		3			23
United Overseas Bank Ltd.		2			41
					165
Industrials – 0.0%
Keppel Corp. Ltd.		6			22
Singapore Airlines Ltd.		8			32
Singapore Technologies Engineering Ltd.		8			24
					78
Real Estate – 0.0%
CapitaLand Ltd.		10			27
City Developments Ltd.		3			19
UOL Group Ltd.		4			24
					70
Total Singapore – 0.4%				$	374
South Africa
Communication Services – 0.2%
MTN Group Ltd.		3			15
Naspers Ltd., Class N		1			147
					162
Financials – 0.0%
Absa Group Ltd.		2			14
FirstRand Ltd. (B)		7			23
Old Mutual plc		15			13
Standard Bank Group Ltd.		2			17
					67

COMMON STOCKS (Continued)	Shares			Value
Materials – 0.1%
AngloGold Ashanti Ltd.		1		$	19
Gold Fields Ltd. (B)		2			16
Impala Platinum Holdings Ltd. (B)		2			30
Sibanye-Stillwater Ltd. (B)		6			26
					91
Total South Africa – 0.3%				$	320
South Korea
Communication Services – 0.2%
Daum Communications Corp.		—	*		46
Naver Corp.		—	*		65
NCsoft Corp.		—	*		27
					138
Consumer Discretionary – 0.2%
Hyundai Mobis		—	*		35
Hyundai Motor Co.		—	*		57
Kia Motors Corp.		1			37
LG Electronics, Inc.		—	*		31
					160
Consumer Staples – 0.0%
Korea Tobacco & Ginseng Corp.		—	*		24
LG Household & Health Care Ltd.		—	*		32
					56
Energy – 0.0%
SK Innovation Co. Ltd.		—	*		15
Financials – 0.1%
Hana Financial Group, Inc.		1			28
KB Financial Group, Inc.		1			37
Samsung Life Insurance Co. Ltd.		—	*		18
Shinhan Financial Group Co. Ltd.		1			32
					115
Health Care – 0.1%
Celltrion, Inc. (A)		—	*		52
Samsung BioLogics Co. Ltd. (A)		—	*		23
					75
Information Technology – 0.8%
LG Display Co. Ltd.		1			21
Samsung Electro-Mechanics Co. Ltd.		—	*		32
Samsung Electronics Co. Ltd.		6			447
Samsung SDI Co. Ltd.		—	*		54
SK hynix, Inc.		1			95
					649
Materials – 0.2%
LG Chem Ltd.		—	*		55
POSCO		—	*		52
					107
Utilities – 0.0%
Korea Electric Power Corp.		1			18
Total South Korea – 1.6%				$	1,333

COMMON STOCKS (Continued)	Shares			Value
Spain
Communication Services – 0.1%
Cellnex Telecom SAU		—	*	$	28
Telefonica S.A.		7			32
					60
Consumer Discretionary – 0.1%
Industria de Diseno Textil S.A.		2			58
Energy – 0.0%
Repsol YPF S.A.		2			24
Financials – 0.2%
Banco Bilbao Vizcaya Argentaria S.A.		10			54
Banco Santander S.A.		22			76
CaixaBank S.A.		6			20
					150
Industrials – 0.2%
Aena S.A.		—	*		23
Ferrovial S.A.		1			27
					50
Information Technology – 0.1%
Amadeus IT Holding S.A.		1			49
Utilities – 0.1%
Iberdrola S.A.		7			92
Total Spain – 0.8%				$	483
Sweden
Consumer Discretionary – 0.0%
Evolution Gaming Group AB		—	*		22
H & M Hennes & Mauritz AB		1			32
					54
Consumer Staples – 0.0%
Svenska Cellulosa Aktiebolaget SCA (publ), Class B (B)		1			33
Swedish Match AB (B)		—	*		21
					54
Financials – 0.1%
Investor AB, B Shares		1			67
Kinnevik AB, Class B		1			28
Skandinaviska Enskilda Banken AB, Series A (B)		2			27
Svenska Handelsbanken AB, Class A (B)		3			29
Swedbank AB (B)		1			19
					170
Industrials – 0.4%
AB Volvo, Class B (B)		2			53
Alfa Laval AB		1			19
Assa Abloy AB, Class B		2			51
Atlas Copco AB, Class A		2			96
Epiroc AB, Class A		2			45
NIBE Industrier AB		1			18
Sandvik AB		2			49
					331

18 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Information Technology – 0.2%
Hexagon AB, Class B		—	*	$	43
Telefonaktiebolaget LM Ericsson, B Shares		4			57
					100
Materials – 0.0%
Boliden AB		1			22
Total Sweden – 0.7%				$	731
Switzerland
Communication Services – 0.0%
Swisscom AG, Registered Shares (B)		—	*		28
Consumer Discretionary – 0.1%
Compagnie Financiere Richemont S.A.		1			72
Consumer Staples – 0.5%
Chocoladefabriken Lindt & Sprungli AG		—	*		26
Nestle S.A., Registered Shares		4			425
					451
Financials – 0.5%
Chubb Ltd.		1			87
Credit Suisse Group AG, Registered Shares		4			39
Julius Baer Group Ltd.		—	*		29
Partners Group Holding AG		—	*		56
Swiss Life Holding Zurich		—	*		35
Swiss Re Ltd.		—	*		42
UBS Group AG		5			79
Zurich Financial Services, Registered Shares		—	*		92
					459
Health Care – 0.9%
Alcon, Inc.		1			45
Lonza Group Ltd., Registered Shares		—	*		49
Novartis AG, Registered Shares		3			237
Roche Holdings AG, Genusscheine		1			290
Sonova Holding AG		—	*		25
Straumann Holding AG		—	*		25
Vifor Pharma AG		—	*		21
					692
Industrials – 0.3%
ABB Ltd.		3			80
Ferguson plc		—	*		45
Geberit AG, Registered		—	*		61
Kuehne & Nagel International AG		—	*		26
Schindler Holding AG		—	*		26
SGS S.A.		—	*		28
					266
Information Technology – 0.1%
Logitech International S.A., Registered Shares		—	*		28
STMicroelectronics N.V.		1			40
TEMENOS Group AG		—	*		20
					88
Materials – 0.4%
Givaudan S.A., Registered Shares		—	*		46

COMMON STOCKS (Continued)	Shares			Value
Materials (Continued)
Glencore International plc		16		$	64
LafargeHolcim Ltd.		1			47
Sika AG		—	*		51
					208
Total Switzerland – 2.8%				$	2,264
Taiwan
Consumer Discretionary – 0.0%
Hotai Motor Co. Ltd.		1			16
Consumer Staples – 0.1%
President Chain Store Corp.		2			20
Uni-President Enterprises Corp.		12			32
					52
Financials – 0.3%
Chailease Holding Co. Ltd.		6			42
Chinatrust Financial Holding Co. Ltd.		44			34
E.Sun Financial Holding Co. Ltd.		36			33
First Commercial Bank Co. Ltd.		32			25
Fubon Financial Holding Co. Ltd.		15			30
Mega Financial Holding Co.		16			18
Yuanta Financial Holdings Co. Ltd.		50			39
					221
Industrials – 0.0%
Taiwan High Speed Rail Corp. (A)		7			8
Information Technology – 1.3%
Advanced Semiconductor Engineering, Inc.		10			37
Asustek Computer, Inc.		3			38
Delta Electronics, Inc.		6			56
Foxconn Technology Co. Ltd.		13			33
Hon Hai Precision Industry Co. Ltd.		21			90
Largan Precision Co. Ltd.		—	*		28
MediaTek, Inc.		2			81
Quanta Computer, Inc.		7			24
Realtek Semiconductor Corp.		2			27
Silergy Corp. (A)		—	*		13
Taiwan Semiconductor Manufacturing Co. Ltd.		32			668
United Microelectronics Corp.		22			39
Yageo Corp.		1			27
					1,161
Materials – 0.1%
China Steel Corp.		34			31
Formosa Chemicals & Fiber Corp.		12			36
Formosa Plastics Corp.		10			37
Nan Ya Plastics Corp.		15			40
Taiwan Cement Corp.		15			25
					169
Total Taiwan – 1.8%				$	1,627
Thailand
Consumer Staples – 0.0%
CP ALL plc		14			30
Energy – 0.0%
PTT Public Co. Ltd.		19			25

COMMON STOCKS (Continued)	Shares			Value
Financials – 0.0%
Bangkok Bank Public Co. Ltd.		16		$	11
Kasikornbank Public Co. Ltd.		6			27
					38
Industrials – 0.0%
Airports of Thailand Public Co. Ltd.		9			20
BTS Group Holdings Public Co. Ltd.		55			17
					37
Materials – 0.0%
PTT Global Chemical Public Co. Ltd.		10			20
Siam Cement Public Co. Ltd. (The)		2			22
					42
Total Thailand – 0.0%				$	172
Turkey
Communication Services – 0.0%
Turkcell Iletisim Hizmetleri A.S.		3			14
Financials – 0.0%
Akbank T.A.S. ADR		8			9
Total Turkey – 0.0%				$	23
United Kingdom
Communication Services – 0.3%
BT Group plc		17			37
Informa plc		3			24
Vodafone Group plc		39			72
WPP Group plc		2			30
					163
Consumer Discretionary – 0.3%
Aptiv plc (A)		—	*		53
Barratt Developments plc		3			28
Compass Group plc		3			61
InterContinental Hotels Group plc		—	*		31
NEXT plc		—	*		27
Ocado Group plc (A)		1			23
Persimmon plc		1			32
					255
Consumer Staples – 0.7%
Associated British Foods plc		1			20
British American Tobacco plc		3			122
Coca-Cola European Partners plc		—	*		20
Coca-Cola HBC AG		1			20
Diageo plc		3			125
Imperial Tobacco Group plc		1			29
Reckitt Benckiser Group plc		1			85
tesco plc		10			33
Unilever plc		4			197
					651

2021 SEMIANNUAL REPORT 19

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Energy – 0.1%
BP plc		26		$	106
Financials – 1.1%
3i Group plc		2			32
Aon plc		—	*		68
Aviva plc		8			43
Barclays plc		28			73
HSBC Holdings plc		27			156
Legal & General Group plc		11			44
Lloyds Banking Group plc		114			67
London Stock Exchange Group plc, New Ordinary Shares		—	*		41
Prudential plc		4			78
Standard Chartered plc		5			34
Willis Towers Watson plc		—	*		43
					679
Health Care – 0.4%
AstraZeneca plc		2			172
GlaxoSmithKline plc		7			120
Smith & Nephew plc		1			27
					319
Industrials – 0.5%
Ashtead Group plc		1			49
BAE Systems plc		5			36
Bunzl plc		1			22
Experian plc		1			44
IHS Markit Ltd.		1			57
Intertek Group plc		—	*		30
RELX plc		3			66
Rentokil Initial plc		4			29
Smiths Group plc		1			25
Spirax-Sarco Engineering plc		—	*		32
					390
Information Technology – 0.0%
Halma plc		1			34
Sage Group plc		2			20
					54
Materials – 0.6%
Amcor plc		3			35
Anglo American plc		2			77
Antofagasta plc (A)		1			14
Croda International plc		—	*		24
Evraz plc		2			19
Linde plc		1			203
Rio Tinto Ltd.		1			54
Rio Tinto plc		1			113
					539
Utilities – 0.2%
National Grid plc		5			55
SSE plc		2			38
United Utilities Group plc		1			17
					110
Total United Kingdom—4.2%				$	3,266

COMMON STOCKS (Continued)	Shares			Value
United States
Communication Services – 6.4%
Activision Blizzard, Inc.		1		$	91
Alphabet, Inc., Class A (A)		—	*		798
Alphabet, Inc., Class C (A)		—	*		817
AT&T, Inc.		9			281
Charter Communications, Inc., Class A (A)		—	*		119
Comcast Corp., Class A		6			316
Discovery, Inc. (A)		1			26
Electronic Arts, Inc.		—	*		51
Facebook, Inc., Class A (A)		3			932
Fox Corp., Class A		1			30
IAC/InterActiveCorp (A)		—	*		25
Liberty Broadband Corp. (A)		—	*		34
Liberty Global, Inc., Series C (A)		1			22
Lumen Technologies, Inc.		1			20
Match Group, Inc. (A)		—	*		39
Netflix, Inc. (A)		1			297
Omnicom Group, Inc.		—	*		25
Pinterest, Inc., Class A (A)		1			51
Roku, Inc. (A)		—	*		50
Sirius XM Holdings, Inc. (B)		3			16
Snap, Inc., Class A (A)		1			65
Take-Two Interactive Software, Inc. (A)		—	*		30
T-Mobile U.S., Inc. (A)		1			84
Twitter, Inc. (A)		1			69
Verizon Communications, Inc.		5			305
ViacomCBS, Inc., Class B		1			34
Walt Disney Co. (The)		2			429
Zillow, Inc. (A)(B)		—	*		37
					5,093
Consumer Discretionary – 7.2%
Advance Auto Parts, Inc.		—	*		19
Amazon.com, Inc. (A)		1			1,720
AutoZone, Inc. (A)		—	*		48
Best Buy Co., Inc.		—	*		43
Booking Holdings, Inc. (A)		—	*		124
Burlington Stores, Inc. (A)		—	*		34
CarMax, Inc. (A)		—	*		36
Carvana Co. (A)		—	*		21
Chewy, Inc., Class A (A)(B)		—	*		11
Chipotle Mexican Grill, Inc., Class A (A)		—	*		60
D.R. Horton, Inc.		—	*		41
Darden Restaurants, Inc.		—	*		33
Dollar General Corp.		—	*		68
Dollar Tree, Inc. (A)		—	*		42
Domino’s Pizza, Inc.		—	*		22
eBay, Inc.		1			58
Etsy, Inc. (A)		—	*		33
Expedia, Inc.		—	*		40
Ford Motor Co. (A)		5			64
Garmin Ltd.		—	*		37
General Motors Co.		2			94
Genuine Parts Co.		—	*		29
Hasbro, Inc.		—	*		21
Hilton Worldwide Holdings, Inc. (A)		—	*		45
Home Depot, Inc. (The)		1			424
Las Vegas Sands, Inc.		—	*		25
Lennar Corp.		—	*		36
LKQ Corp. (A)		1			26
Lowe’s Co., Inc.		1			189
Marriott International, Inc., Class A		—	*		45
McDonalds Corp.		1			220
MGM Resorts International		—	*		19
NIKE, Inc., Class B		2			212
NVR, Inc. (A)		—	*		28

COMMON STOCKS (Continued)	Shares			Value
Consumer Discretionary (Continued)
O’Reilly Automotive, Inc. (A)		—	*	$	52
Peloton Interactive, Inc., Class A (A)		—	*		32
Pulte Homes, Inc.		—	*		20
Ross Stores, Inc.		1			62
Royal Caribbean Cruises Ltd.		—	*		18
Starbucks Corp.		2			169
TAL Education Group ADR (A)		1			34
Target Corp.		1			136
Tesla Motors, Inc. (A)		1			653
TJX Cos., Inc. (The)		2			104
Tractor Supply Co.		—	*		35
Uber Technologies, Inc. (A)		1			72
Ulta Beauty, Inc. (A)		—	*		28
V.F. Corp.		1			44
Vail Resorts, Inc.		—	*		15
Wayfair, Inc., Class A (A)		—	*		30
Whirlpool Corp.		—	*		27
Wynn Resorts Ltd.		—	*		18
YUM! Brands, Inc.		—	*		47
					5,563
Consumer Staples – 3.8%
Altria Group, Inc.		2			127
Archer Daniels Midland Co.		1			42
Brown-Forman Corp., Class B		1			35
Bunge Ltd.		—	*		16
Campbell Soup Co.		—	*		18
Church & Dwight Co., Inc.		—	*		37
Clorox Co. (The)		—	*		40
Coca-Cola Co. (The)		5			274
Colgate-Palmolive Co.		1			85
ConAgra Foods, Inc.		1			31
Constellation Brands, Inc.		—	*		60
Costco Wholesale Corp.		1			201
Estee Lauder Co., Inc. (The), Class A		—	*		89
General Mills, Inc.		1			51
Hershey Foods Corp.		—	*		36
Hormel Foods Corp.		1			24
J.M. Smucker Co. (The)		—	*		26
Kellogg Co.		—	*		29
Keurig Dr Pepper, Inc.		1			19
Kimberly-Clark Corp.		—	*		64
Kraft Foods Group, Inc.		1			46
Kroger Co. (The)		1			38
Lamb Weston Holdings, Inc.		—	*		21
McCormick & Co., Inc.		—	*		18
Mondelez International, Inc., Class A		2			109
Monster Beverage Corp. (A)		1			52
PepsiCo, Inc.		2			249
Philip Morris International, Inc.		2			179
Procter & Gamble Co. (The)		3			439
Sysco Corp.		1			58
Tyson Foods, Inc.		—	*		36
Walgreen Co.		1			55
Wal-Mart Stores, Inc.		2			243
					2,847
Energy – 1.7%
Baker Hughes, Inc.		1			16
Cheniere Energy, Inc. (A)		—	*		18
Chevron Corp.		2			258
ConocoPhillips		2			87
EOG Resources, Inc.		1			48
Exxon Mobil Corp.		5			299
Halliburton Co.		1			27
Hess Corp.		—	*		31
Kinder Morgan, Inc.		3			52
Marathon Petroleum Corp.		1			54

20 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Energy (Continued)
Occidental Petroleum Corp.		1		$	33
ONEOK, Inc.		1			27
Phillips 66		1			58
Pioneer Natural Resources Co.		—	*		40
Schlumberger Ltd.		2			43
Valero Energy Corp.		1			48
Williams Co., Inc. (The)		2			42
					1,181
Financials – 6.1%
Aflac, Inc.		1			44
Allstate Corp. (The)		—	*		52
Ally Financial, Inc.		1			30
American Express Co.		1			123
American International Group, Inc.		1			49
Ameriprise Financial, Inc.		—	*		56
Annaly Capital Management, Inc.		3			23
Arthur J. Gallagher & Co.		—	*		35
Bank of America Corp.		10			375
Bank of New York Mellon Corp. (The)		1			56
Berkshire Hathaway, Inc., Class B (A)		2			439
BlackRock, Inc., Class A		—	*		156
Blackstone Group, Inc. (The), Class A		1			68
Capital One Financial Corp.		1			82
Charles Schwab Corp. (The)		2			145
Cincinnati Financial Corp.		—	*		28
Citigroup, Inc.		3			186
Citizens Financial Group, Inc.		1			35
CME Group, Inc.		—	*		100
Discover Financial Services		—	*		44
FactSet Research Systems, Inc.		—	*		21
Fifth Third Bancorp		1			39
First Republic Bank		—	*		43
FNF Group		—	*		20
Globe Life, Inc.		—	*		16
Goldman Sachs Group, Inc. (The)		—	*		144
Hartford Financial Services Group, Inc. (The)		1			36
Huntington Bancshares, Inc.		2			33
Intercontinental Exchange, Inc.		1			83
JPMorgan Chase & Co.		4			587
KeyCorp		2			40
KKR & Co.		1			43
M&T Bank Corp.		—	*		38
Markel Corp. (A)		—	*		26
MarketAxess Holdings, Inc.		—	*		29
Marsh & McLennan Cos., Inc.		1			77
MetLife, Inc.		1			60
Moody’s Corp.		—	*		72
Morgan Stanley		2			123
MSCI, Inc., Class A		—	*		46
NASDAQ, Inc.		—	*		27
Northern Trust Corp.		—	*		33
PNC Financial Services Group, Inc. (The)		1			105
Principal Financial Group, Inc.		—	*		22
Progressive Corp. (The)		1			72
Prudential Financial, Inc.		1			47
Raymond James Financial, Inc.		—	*		28
Regions Financial Corp.		2			44
S&P Global, Inc.		—	*		116
State Street Corp.		1			57
SVB Financial Group (A)		—	*		37
Synchrony Financial		1			37
T. Rowe Price Group, Inc.		—	*		63

COMMON STOCKS (Continued)	Shares			Value
Financials (Continued)
Travelers Co., Inc. (The)		—	*	$	50
Truist Financial Corp.		2			103
U.S. Bancorp		2			94
Voya Financial, Inc.		—	*		26
Wells Fargo & Co.		5			194
					4,857
Health Care – 7.1%
Abbott Laboratories		2			266
AbbVie, Inc.		2			250
Abiomed, Inc. (A)		—	*		22
Agilent Technologies, Inc.		—	*		55
Alexion Pharmaceuticals, Inc. (A)		—	*		45
Align Technology, Inc. (A)		—	*		55
Alnylam Pharmaceuticals, Inc. (A)		—	*		29
AmerisourceBergen Corp.		—	*		27
Amgen, Inc.		1			188
Anthem, Inc.		—	*		113
Bausch Health Cos., Inc. (A)		1			21
Baxter International, Inc.		1			57
Becton Dickinson & Co.		—	*		88
Biogen, Inc. (A)		—	*		62
BioMarin Pharmaceutical, Inc. (A)		—	*		22
Boston Scientific Corp. (A)		2			66
Bristol-Myers Squibb Co.		3			189
Cardinal Health, Inc.		—	*		24
Catalent, Inc. (A)		—	*		21
Centene Corp. (A)		1			50
Cerner Corp.		—	*		36
Cigna Corp.		—	*		109
Cooper Cos., Inc. (The)		—	*		35
CVS Caremark Corp.		2			126
Danaher Corp.		1			178
Dentsply Sirona, Inc.		—	*		25
DexCom, Inc. (A)		—	*		45
Edwards Lifesciences Corp. (A)		1			65
Elanco Animal Health, Inc. (A)		1			17
Eli Lilly and Co.		1			209
Exact Sciences Corp. (A)		—	*		29
Gilead Sciences, Inc.		2			109
HCA Holdings, Inc.		—	*		61
Hologic, Inc. (A)		—	*		31
Horizon Therapeutics plc (A)		—	*		26
Humana, Inc.		—	*		70
IDEXX Laboratories, Inc. (A)		—	*		57
Illumina, Inc. (A)		—	*		75
Incyte Corp. (A)		—	*		25
Insulet Corp. (A)		—	*		23
Intuitive Surgical, Inc. (A)		—	*		114
Ionis Pharmaceuticals, Inc. (A)		—	*		11
Johnson & Johnson		3			559
Laboratory Corp. of America Holdings (A)		—	*		39
McKesson Corp.		—	*		43
Merck & Co., Inc.		3			250
Mettler-Toledo International, Inc. (A)		—	*		43
Moderna, Inc. (A)		—	*		52
PerkinElmer, Inc.		—	*		24
Pfizer, Inc.		7			260
Quest Diagnostics, Inc.		—	*		25
Quintiles Transnational Holdings, Inc. (A)		—	*		47
Regeneron Pharmaceuticals, Inc. (A)		—	*		66
ResMed, Inc.		—	*		43
Seattle Genetics, Inc. (A)		—	*		22
STERIS plc		—	*		28

COMMON STOCKS (Continued)	Shares			Value
Health Care (Continued)
Stryker Corp.		—	*	$	105
Teladoc Health, Inc. (A)		—	*		29
Teleflex, Inc.		—	*		33
Thermo Fisher Scientific, Inc.		1			232
UnitedHealth Group, Inc.		1			451
Varian Medical Systems, Inc. (A)		—	*		26
Veeva Systems, Inc., Class A (A)		—	*		45
Vertex Pharmaceuticals, Inc. (A)		—	*		76
Viatris, Inc. (A)		2			24
Waters Corp. (A)		—	*		23
West Pharmaceutical Services, Inc.		—	*		25
Zimmer Holdings, Inc.		—	*		51
Zoetis, Inc.		1			99
					5,846
Industrials – 5.3%
3M Co.		1			148
AMETEK, Inc.		—	*		47
Boeing Co. (The) (A)		1			184
C.H. Robinson Worldwide, Inc.		—	*		23
Carrier Global Corp.		1			51
Caterpillar, Inc.		1			162
Cintas Corp.		—	*		44
Copart, Inc. (A)		—	*		36
CoStar Group, Inc. (A)		—	*		46
CSX Corp.		1			92
Cummins, Inc.		—	*		56
Deere & Co.		—	*		143
Dover Corp.		—	*		36
Eaton Corp.		1			82
Emerson Electric Co.		1			69
Equifax, Inc.		—	*		40
Expeditors International of Washington, Inc.		—	*		36
Fastenal Co.		1			42
FedEx Corp.		—	*		91
Fortive Corp.		—	*		30
Fortune Brands Home & Security, Inc.		—	*		21
Generac Holdings, Inc. (A)		—	*		24
General Dynamics Corp.		—	*		58
General Electric Co.		11			147
HEICO Corp., Class A		—	*		23
Honeywell International, Inc.		1			191
IDEX Corp.		—	*		32
Illinois Tool Works, Inc.		—	*		79
Ingersoll-Rand, Inc. (A)		1			27
J.B. Hunt Transport Services, Inc.		—	*		20
Jacobs Engineering Group, Inc.		—	*		33
Johnson Controls, Inc.		1			60
Kansas City Southern		—	*		43
L3Harris Technologies, Inc.		—	*		60
Leidos Holdings, Inc.		—	*		23
Lockheed Martin Corp.		—	*		112
Masco Corp.		—	*		27
Norfolk Southern Corp.		—	*		88
Northrop Grumman Corp.		—	*		68
Old Dominion Freight Line, Inc.		—	*		40
Otis Worldwide Corp.		1			42
PACCAR, Inc.		1			47
Parker Hannifin Corp.		—	*		59
Plug Power, Inc. (A)		1			21
Raytheon Technologies Corp.		2			148
Republic Services, Inc., Class A		—	*		30
Robert Half International, Inc.		—	*		18
Rockwell Automation, Inc.		—	*		48

2021 SEMIANNUAL REPORT 21

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in  thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Industrials (Continued)
Roper Industries, Inc.		—	*	$	51
Snap-on, Inc.		—	*		21
Stanley Black & Decker, Inc.		—	*		53
TransDigm Group, Inc. (A)		—	*		37
TransUnion		—	*		34
Union Pacific Corp.		1			189
United Parcel Service, Inc., Class B		1			153
United Rentals, Inc. (A)		—	*		42
Verisk Analytics, Inc., Class A		—	*		45
W.W. Grainger, Inc.		—	*		32
Waste Connections, Inc.		—	*		41
Waste Management, Inc.		1			68
Westinghouse Air Brake Technologies Corp.		—	*		26
Xylem, Inc.		—	*		30
					3,869
Information Technology – 15.7%
Adobe, Inc. (A)		1			291
Advanced Micro Devices, Inc. (A)		2			127
Akamai Technologies, Inc. (A)		—	*		27
Amphenol Corp., Class A		—	*		24
Analog Devices, Inc.		—	*		75
ANSYS, Inc. (A)		—	*		41
Apple, Inc.		22			2,701
Applied Materials, Inc.		1			163
Arista Networks, Inc. (A)		—	*		27
Autodesk, Inc. (A)		—	*		80
Automatic Data Processing, Inc.		1			99
Avalara, Inc. (A)		—	*		16
Broadcom Corp., Class A		1			247
Broadridge Financial Solutions, Inc.		—	*		30
Cadence Design Systems, Inc. (A)		—	*		52
CDW Corp.		—	*		39
Check Point Software Technologies Ltd. (A)		—	*		25
Cisco Systems, Inc.		5			279
Citrix Systems, Inc.		—	*		24
Cloudflare, Inc., Class A (A)		—	*		20
Cognex Corp.		—	*		25
Cognizant Technology Solutions Corp., Class A		1			58
Corning, Inc.		1			47
Coupa Software, Inc. (A)		—	*		27
CrowdStrike Holdings, Inc., Class A (A)		—	*		43
Datadog, Inc., Class A (A)		—	*		21
Dell Technologies, Inc., Class V (A)		—	*		31
DocuSign, Inc. (A)		—	*		54
Enphase Energy, Inc. (A)		—	*		23
EPAM Systems, Inc. (A)		—	*		36
Fair Isaac Corp. (A)		—	*		21
Fidelity National Information Services, Inc.		1			118
Fiserv, Inc. (A)		1			96
FleetCor Technologies, Inc. (A)		—	*		37
Fortinet, Inc. (A)		—	*		39
Garter, Inc., Class A (A)		—	*		28
Global Payments, Inc.		—	*		81
GoDaddy, Inc., Class A (A)		—	*		23
Hewlett Packard Enterprise Co.		2			37
Hewlett-Packard Co.		2			68
HubSpot, Inc. (A)		—	*		19
Intel Corp.		5			345
International Business Machines Corp.		1			148
Intuit, Inc.		—	*		134
Jack Henry & Associates, Inc.		—	*		15
Juniper Networks, Inc.		1			16

COMMON STOCKS (Continued)	Shares			Value
Information Technology (Continued)
Keysight Technologies, Inc. (A)		—	*	$	43
KLA Corp.		—	*		70
Lam Research Corp.		—	*		115
Marvell Technology Group Ltd.		1			46
MasterCard, Inc., Class A		1			416
Maxim Integrated Products, Inc.		—	*		32
Microchip Technology, Inc.		—	*		52
Micron Technology, Inc. (A)		1			130
Microsoft Corp.		9			2,205
MongoDB, Inc. (A)		—	*		23
Motorola Solutions, Inc.		—	*		50
NetApp, Inc.		—	*		24
NortonLifeLock, Inc.		1			17
NVIDIA Corp.		1			441
Okta, Inc. (A)		—	*		41
Oracle Corp.		3			189
Palo Alto Networks, Inc. (A)		—	*		48
Paychex, Inc.		—	*		39
Paycom Software, Inc. (A)		—	*		29
PayPal, Inc. (A)		1			355
PTC, Inc. (A)		—	*		27
Qorvo, Inc. (A)		—	*		33
QUALCOMM, Inc.		1			197
RingCentral, Inc., Class A (A)		—	*		32
salesforce.com, Inc. (A)		1			252
Seagate Technology		—	*		35
ServiceNow, Inc. (A)		—	*		127
Skyworks Solutions, Inc.		—	*		43
Slack Technologies, Inc., Class A (A)		1			23
Splunk, Inc. (A)		—	*		32
Square, Inc., Class A (A)		1			124
SS&C Technologies Holdings, Inc.		—	*		29
Synopsys, Inc. (A)		—	*		52
TE Connectivity Ltd.		—	*		64
Teradyne, Inc.		—	*		17
Texas Instruments, Inc.		1			217
Trade Desk, Inc. (The), Class A (A)		—	*		38
Trimble Navigation Ltd. (A)		—	*		34
Twilio, Inc., Class A (A)		—	*		65
Tyler Technologies, Inc. (A)		—	*		20
VeriSign, Inc. (A)		—	*		28
Visa, Inc., Class A		2			462
Western Digital Corp.		—	*		31
Workday, Inc., Class A (A)		—	*		60
Xilinx, Inc.		—	*		44
Zebra Technologies Corp., Class A (A)		—	*		45
Zoom Video Communications, Inc. (A)		—	*		77
Zscaler, Inc. (A)		—	*		24
					12,574
Materials – 1.8%
Air Products and Chemicals, Inc.		—	*		86
Albemarle Corp.		—	*		20
Avery Dennison Corp.		—	*		40
Ball Corp.		1			53
Celanese Corp., Series A		—	*		39
CF Industries Holdings, Inc.		—	*		17
Corteva, Inc.		1			49
Crown Holdings, Inc.		—	*		27
Dow, Inc.		1			69
DuPont De Nemours, Inc.		1			75
Eastman Chemical Co.		—	*		40
Ecolab, Inc.		—	*		73
FMC Corp.		—	*		32
Freeport-McMoRan Copper & Gold, Inc., Class B		2			70
International Flavors & Fragrances, Inc.		—	*		38

COMMON STOCKS (Continued)	Shares			Value
Materials (Continued)
International Paper Co.		1		$	43
LyondellBasell Industries N.V., Class A		—	*		49
Martin Marietta Materials, Inc.		—	*		39
Newmont Corp.		1			63
Nucor Corp.		1			41
Packaging Corp. of America		—	*		32
PPG Industries, Inc.		—	*		50
Sherwin-Williams Co. (The)		—	*		83
Southern Copper Corp.		—	*		16
Vulcan Materials Co.		—	*		40
WestRock Co.		1			33
					1,217
Real Estate – 1.6%
Alexandria Real Estate Equities, Inc.		—	*		39
American Tower Corp., Class A		1			140
AvalonBay Communities, Inc.		—	*		40
Boston Properties, Inc.		—	*		18
CB Richard Ellis Group, Inc. (A)		—	*		37
Crown Castle International Corp.		1			98
Digital Realty Trust, Inc.		—	*		52
Duke Realty Corp.		1			32
Equinix, Inc.		—	*		81
Equity Residential		—	*		35
Essex Property Trust, Inc.		—	*		26
Extra Space Storage, Inc.		—	*		34
Healthpeak Properties, Inc.		1			24
Host Hotels & Resorts, Inc.		1			25
Invitation Homes, Inc.		1			32
Iron Mountain, Inc.		1			21
Mid-America Apartment Communities, Inc.		—	*		29
ProLogis, Inc.		1			105
Public Storage, Inc.		—	*		49
Realty Income Corp.		1			34
SBA Communications Corp.		—	*		43
Simon Property Group, Inc.		—	*		49
Sun Communities, Inc.		—	*		32
UDR, Inc.		1			23
Ventas, Inc.		—	*		23
VICI Properties, Inc.		1			18
W.P. Carey, Inc.		—	*		21
Welltower, Inc.		1			40
Weyerhaeuser Co.		1			45
					1,245
Utilities – 1.7%
AES Corp. (The)		1			33
Alliant Energy Corp.		—	*		22
Ameren Corp.		—	*		28
American Electric Power Co., Inc.		1			52
American Water Works Co., Inc.		—	*		45
Atmos Energy Corp.		—	*		10
CenterPoint Energy, Inc.		1			18
CMS Energy Corp.		—	*		28
Consolidated Edison, Inc.		—	*		33
Dominion Energy, Inc.		1			84
DTE Energy Co.		—	*		35
Duke Energy Corp.		1			89
Edison International		1			36
Entergy Corp.		—	*		30
Evergy, Inc.		—	*		24
Eversource Energy		1			46
Exelon Corp.		1			57
FirstEnergy Corp.		1			30
NextEra Energy, Inc.		2			188
PG&E Corp. (A)		2			24

22 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in  thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Utilities (Continued)
Pinnacle West Capital Corp.		—	*	$	11
PPL Corp.		1			34
Public Service Enterprise Group, Inc.		1			45
Sempra Energy		—	*		51
Southern Co. (The)		1			84
WEC Energy Group, Inc.		1			49
Xcel Energy, Inc.		1			47
					1,233
Total United States – 58.4%				$	45,525
TOTAL COMMON STOCKS – 99.2%				$	80,246
(Cost: $51,895)
PREFERRED STOCKS
Germany
Consumer Discretionary – 0.1%
Volkswagen AG, 2.260%		—	*		74
Consumer Staples – 0.1%
Henkel AG & Co. KGaA		—	*		32
Total Germany – 0.2%				$	106

PREFERRED STOCKS (Continued)	Shares			Value
South Korea
Information Technology – 0.1%
Samsung Electronics Co. Ltd.		1		$	76
Total South Korea – 0.1%				$	76
TOTAL PREFERRED STOCKS – 0.3%				$	182
(Cost: $113)
RIGHTS
Australia – 0.0%
Computershare Ltd.		—	*		—	*
TOTAL RIGHTS – 0.0%				$	—	*
(Cost: $0)

SHORT-TERM SECURITIES	Shares		Value
Money Market Funds(D) – 1.2%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares 0.010%(E)		979	$	979
TOTAL SHORT-TERM SECURITIES – 1.2%			$	979
(Cost: $979)
TOTAL INVESTMENT SECURITIES –100.7%			$	81,407
(Cost: $52,987)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.7)%				(574	)
NET ASSETS – 100.0%			$	80,833

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 $1,206 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, 2021 the total value of these securities amounted to $140 or 0.2% of net assets.

(D) Rate shown is the annualized 7-day yield at March 31, 2021.

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

2021 SEMIANNUAL REPORT 23

SCHEDULE OF INVESTMENTS IVY PROSHARES MSCI ACWI INDEX FUND (in thousands)

MARCH 31, 2021 (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, 2021. 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	$	80,246		$	—	$	—
Preferred Stocks		182			—		—
Rights		—	*		—		—
Short-Term Securities		979			—		—
Total	$	81,407		$	—	$	—

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	21.5%
Financials	14.2%
Consumer Discretionary	12.5%
Health Care	11.2%
Industrials	10.1%
Communication Services	9.2%
Consumer Staples	6.7%
Materials	5.3%
Energy	3.2%
Utilities	2.9%
Real Estate	2.7%
Other+	0.5%

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

equivalents

See Accompanying Notes to Financial Statements.

24 SEMIANNUAL REPORT 2021

PORTFOLIO HIGHLIGHTS IVY PROSHARES RUSSELL 2000 DIVIDEND GROWERS INDEX FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Stocks	99.7%
Financials	24.8%
Utilities	23.4%
Industrials	19.5%
Consumer Staples	9.2%
Consumer Discretionary	6.7%
Materials	6.7%
Health Care	4.2%
Information Technology	2.6%
Real Estate	2.6%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	0.3%

Top 10 Equity Holdings

Company	Sector	Industry
Ensign Group, Inc. (The)	Health Care	Health Care Facilities
York Water Co. (The)	Utilities	Water Utilities
Middlesex Water Co.	Utilities	Water Utilities
Avista Corp.	Utilities	Multi-Utilities
ABM Industries, Inc.	Industrials	Environmental & Facilities Services
Universal Corp.	Consumer Staples	Tobacco
Portland General Electric Co.	Utilities	Electric Utilities
H.B. Fuller Co.	Materials	Specialty Chemicals
Bryn Mawr Bank Corp.	Financials	Regional Banks
Aaron Rents, Inc.	Consumer Discretionary	Homefurnishing 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.

2021 SEMIANNUAL REPORT 25

SCHEDULE OF INVESTMENTS IVY PROSHARES RUSSELL 2000 DIVIDEND GROWERS
INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS	Shares		Value
Consumer Discretionary
Automotive Retail – 1.4%
Lithia Motors, Inc.		3	$	1,320
Casinos & Gaming – 1.3%
Churchill Downs, Inc.		6		1,258
Homefurnishing Retail – 2.6%
Aaron Rents, Inc.		53		1,361
Aaron Rents, Inc.		28		1,200
				2,561
Internet & Direct Marketing Retail – 1.4%
PetMed Express, Inc. (A)		38		1,322
Total Consumer Discretionary – 6.7%				6,461
Consumer Staples
Food Distributors – 1.3%
Andersons, Inc. (The)		46		1,247
Household Products – 1.3%
WD-40 Co.		4		1,216
Packaged Foods & Meats – 5.1%
Calavo Growers, Inc.		15		1,190
J&J Snack Foods Corp.		8		1,248
Lancaster Colony Corp.		7		1,235
Tootsie Roll Industries, Inc. (A)		39		1,284
				4,957
Tobacco – 1.5%
Universal Corp.		24		1,402
Total Consumer Staples – 9.2%				8,822
Financials
Multi-Line Insurance – 1.3%
Horace Mann Educators Corp.		30		1,279
Regional Banks – 20.9%
Atlantic Union Bankshares Corp.		33		1,253
BancFirst Corp.		18		1,292
Bar Harbor Bankshares, Inc.		41		1,199
Bryn Mawr Bank Corp.		30		1,384
Columbia Banking System, Inc.		27		1,157
Community Bank System, Inc.		17		1,295
First Financial Corp.		28		1,265
First of Long Island Corp. (The)		64		1,357
Heritage Financial Corp.		45		1,257
International Bancshares Corp.		26		1,203
Southside Bancshares, Inc.		33		1,271
Stock Yards Bancorp, Inc.		24		1,204
Tompkins Financial Corp.		15		1,214
United Bankshares, Inc.		32		1,226
Washington Trust Bancorp, Inc.		25		1,272
Wesbanco, Inc.		36		1,307
				20,156

COMMON STOCKS (Continued)	Shares		Value
Thrifts & Mortgage Finance – 2.6%
Northwest Bancshares, Inc.		85	$	1,228
Provident Financial Services, Inc.		56		1,256
				2,484
Total Financials – 24.8%				23,919
Health Care
Health Care Facilities – 2.9%
Ensign Group, Inc. (The)		16		1,474
National HealthCare Corp.		17		1,332
				2,806
Health Care Supplies – 1.3%
Atrion Corp.		2		1,288
Total Health Care – 4.2%				4,094
Industrials
Agricultural & Farm Machinery – 1.4%
Lindsay Corp.		8		1,328
Commercial Printing – 1.3%
Brady Corp., Class A		23		1,244
Construction Machinery & Heavy Trucks – 1.2%
Douglas Dynamics, Inc.		26		1,182
Diversified Support Services – 3.9%
Healthcare Services Group, Inc.		44		1,229
Matthews International Corp.		32		1,271
McGrath RentCorp		16		1,310
				3,810
Environmental & Facilities Services – 1.4%
ABM Industries, Inc.		27		1,402
Human Resource & Employment Services – 1.2%
Insperity, Inc.		14		1,171
Industrial Machinery – 5.1%
Franklin Electric Co., Inc.		16		1,299
Gorman-Rupp Co. (The)		37		1,224
Hillenbrand, Inc.		25		1,217
Standex International Corp.		12		1,183
				4,923
Office Services & Supplies – 1.4%
HNI Corp.		33		1,308
Trading Companies & Distributors – 2.6%
Applied Industrial Technologies, Inc.		14		1,260
GATX Corp.		13		1,208
				2,468
Total Industrials—19.5%				18,836

COMMON STOCKS (Continued)	Shares		Value
Information Technology
Data Processing & Outsourced Services – 1.4%
Cass Information Systems, Inc.		28	$	1,303
Electronic Equipment & Instruments – 1.2%
Badger Meter, Inc.		13		1,178
Total Information Technology – 2.6%				2,481
Materials
Specialty Chemicals – 6.7%
Balchem Corp.		10		1,290
H.B. Fuller Co.		22		1,385
Quaker Chemical Corp.		5		1,186
Sensient Technologies Corp.		16		1,285
Stepan Co.		10		1,301
				6,447
Total Materials – 6.7%				6,447
Real Estate
Health Care REITs – 2.6%
National Health Investors, Inc.		18		1,292
Universal Health Realty Income Trust		18		1,249
				2,541
Total Real Estate – 2.6%				2,541
Utilities
Electric Utilities – 2.8%
ALLETE, Inc.		20		1,341
Portland General Electric Co.		29		1,392
				2,733
Gas Utilities – 7.8%
Chesapeake Utilities Corp.		11		1,307
New Jersey Resources Corp.		32		1,259
Northwest Natural Gas Co.		25		1,325
South Jersey Industries, Inc.		48		1,075
Southwest Gas Corp.		18		1,259
Spire, Inc.		18		1,323
				7,548
Multi-Utilities – 4.3%
Avista Corp.		30		1,413
Black Hills Corp.		20		1,356
NorthWestern Corp.		21		1,359
				4,128
Water Utilities – 8.5%
American States Water Co.		18		1,354
Artesian Resources Corp.		33		1,293
California Water Service Group		24		1,351
Middlesex Water Co.		18		1,420
SJW Corp.		20		1,279
York Water Co. (The)		30		1,454
				8,151
Total Utilities – 23.4%				22,560
TOTAL COMMON STOCKS – 99.7%			$	96,161
(Cost: $70,385)

26 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES RUSSELL 2000 DIVIDEND GROWERS
INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

SHORT-TERM SECURITIES	Shares		Value
Money Market Funds (C) – 0.6%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 0.010% (B)		531	$	531
TOTAL SHORT-TERM SECURITIES – 0.6%			$	531
(Cost: $531)
TOTAL INVESTMENT SECURITIES – 100.3%			$	96,692
(Cost: $70,916)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.3)%				(252	)
NET ASSETS – 100.0%			$	96,440

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $520 are on loan.

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

(C) Rate shown is the annualized 7-day yield at March 31, 2021.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	96,161	$	—	$	—
Short-Term Securities		531		—		—
Total	$	96,692	$	—	$	—

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 27

PORTFOLIO HIGHLIGHTS IVY PROSHARES S&P 500 BOND INDEX FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation
Bonds	98.7%
Corporate Debt Securities	98.7%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.3%

Quality Weightings
Investment Grade	98.7%
AAA	2.8%
AA	9.0%
A	33.8%
BBB	53.1%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.3%

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 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 BOND INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Communication Services
Broadcasting – 0.8%
Discovery Communications LLC (GTD by Discovery, Inc.):
3.950%, 3-20-28	$	52	$	57
5.300%, 5-15-49		183		219
Discovery Communications, Inc.,
5.200%, 9-20-47		200		237
Fox Corp.,
4.709%, 1-25-29		483		556
				1,069
Cable & Satellite – 3.4%
Comcast Corp.,
3.750%, 4-1-40		250		274
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal):
3.000%, 2-1-24		450		480
3.700%, 4-15-24		400		437
3.100%, 4-1-25		250		270
3.950%, 10-15-25		447		499
4.150%, 10-15-28		100		114
3.400%, 4-1-30		250		271
4.250%, 10-15-30		180		207
1.500%, 2-15-31		300		278
4.600%, 10-15-38		350		423
4.700%, 10-15-48		400		494
3.999%, 11-1-49		150		168
4.049%, 11-1-52		150		170
4.950%, 10-15-58		100		131
Viacom, Inc.:
4.750%, 5-15-25		270		305
4.375%, 3-15-43		361		390
				4,911
Integrated Telecommunication Services – 7.4%
AT&T, Inc.:
3.000%, 6-30-22		40		41
3.400%, 5-15-25		225		244
4.250%, 3-1-27		255		287
2.300%, 6-1-27		500		511
4.100%, 2-15-28		200		224
4.350%, 3-1-29		478		541
2.250%, 2-1-32		215		204
4.500%, 5-15-35		290		327
5.250%, 3-1-37		200		241
4.750%, 5-15-46		200		230
4.500%, 3-9-48		532		584
3.850%, 6-1-60 (A)		428		409
Verizon Communications, Inc.:
5.150%, 9-15-23		219		243
3.500%, 11-1-24		450		489
3.376%, 2-15-25		50		54
2.625%, 8-15-26		150		159
4.125%, 3-16-27		160		181
4.329%, 9-21-28		120		137
3.875%, 2-8-29		100		111
4.016%, 12-3-29		244		273
1.500%, 9-18-30		250		230
1.750%, 1-20-31		250		233
4.500%, 8-10-33		100		116
4.400%, 11-1-34		750		857
5.250%, 3-16-37		626		789

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Telecommunication Services (Continued)
4.812%, 3-15-39	$	750	$	898
2.650%, 11-20-40		250		229
4.862%, 8-21-46		447		536
4.522%, 9-15-48		300		348
4.000%, 3-22-50		250		269
4.672%, 3-15-55		166		198
3.000%, 11-20-60		483		419
				10,612
Interactive Media & Services – 0.6%
Alphabet, Inc.:
1.998%, 8-15-26		120		125
1.900%, 8-15-40		500		432
2.250%, 8-15-60		440		359
				916
Movies & Entertainment – 1.4%
Walt Disney Co. (The):
1.750%, 8-30-24		605		625
1.750%, 1-13-26		475		486
2.000%, 9-1-29		450		444
2.750%, 9-1-49		450		412
				1,967
Total Communication Services – 13.6%				19,475
Consumer Discretionary
Apparel Retail – 0.1%
TJX Cos., Inc. (The),
3.500%, 4-15-25		173		189
Automobile Manufacturers – 0.9%
General Motors Co.:
4.875%, 10-2-23		531		581
5.400%, 10-2-23		200		217
5.200%, 4-1-45		200		230
5.400%, 4-1-48		215		255
				1,283
Casinos & Gaming – 0.1%
Las Vegas Sands Corp.,
3.200%, 8-8-24		202		211
Footwear – 0.3%
NIKE, Inc.,
2.850%, 3-27-30		347		365
General Merchandise Stores – 0.1%
Target Corp.,
2.250%, 4-15-25		178		186
Home Improvement Retail – 1.1%
Home Depot, Inc. (The):
2.500%, 4-15-27		175		184
2.950%, 6-15-29		200		212
4.500%, 12-6-48		395		483
Lowe’s Co., Inc.:
3.650%, 4-5-29		100		109
1.700%, 10-15-30		300		282
3.000%, 10-15-50		300		280
				1,550
Hotels, Resorts & Cruise Lines – 0.5%
Booking Holdings, Inc.,
4.625%, 4-13-30		224		261

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Hotels, Resorts & Cruise Lines (Continued)
Marriott International, Inc.,
Series R, 3.500%, 10-15-32	$	471	$	489
				750
Internet & Direct Marketing Retail – 1.7%
Amazon.com, Inc.:
2.800%, 8-22-24		400		429
1.500%, 6-3-30		375		357
3.875%, 8-22-37		400		458
4.050%, 8-22-47		300		351
2.700%, 6-3-60		500		444
eBay, Inc.,
4.000%, 7-15-42		165		175
Expedia Group, Inc.,
3.250%, 2-15-30		150		151
				2,365
Restaurants – 0.8%
McDonalds Corp.:
3.700%, 1-30-26		191		211
2.125%, 3-1-30		500		488
Starbucks Corp.:
2.550%, 11-15-30		165		165
4.500%, 11-15-48		200		233
				1,097
Total Consumer Discretionary – 5.6%				7,996
Consumer Staples
Brewers – 0.3%
Molson Coors Brewing Co.:
3.000%, 7-15-26		150		159
4.200%, 7-15-46		260		271
				430
Drug Retail – 2.5%
CVS Health Corp.:
3.500%, 7-20-22		150		155
3.700%, 3-9-23		200		212
2.875%, 6-1-26		200		212
4.300%, 3-25-28		430		488
3.250%, 8-15-29		350		370
3.750%, 4-1-30		500		546
4.780%, 3-25-38		325		384
5.125%, 7-20-45		152		186
5.050%, 3-25-48		375		461
4.250%, 4-1-50		500		561
				3,575
Food Distributors – 0.2%
Sysco Corp.,
5.950%, 4-1-30		215		269
Household Products – 0.2%
Procter & Gamble Co. (The),
1.200%, 10-29-30		250		231
Hypermarkets & Super Centers – 1.1%
Costco Wholesale Corp.,
1.375%, 6-20-27		500		498
Walmart, Inc.:
3.400%, 6-26-23		400		427
3.700%, 6-26-28		283		318

2021 SEMIANNUAL REPORT 29

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 BOND INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Hypermarkets & Super Centers (Continued)
2.950%, 9-24-49	$	350	$	345
				1,588
Packaged Foods & Meats – 0.4%
Conagra Brands, Inc.,
5.400%, 11-1-48		400		512
Mondelez International, Inc.,
2.750%, 4-13-30		100		102
Tyson Foods, Inc. (GTD by Tyson Fresh Meats, Inc.),
5.100%, 9-28-48		2		2
				616
Soft Drinks – 1.5%
Coca-Cola Co. (The):
2.950%, 3-25-25		299		323
1.375%, 3-15-31		500		463
2.750%, 6-1-60		500		447
PepsiCo, Inc.:
1.625%, 5-1-30		500		478
3.875%, 3-19-60		320		361
				2,072
Tobacco – 1.1%
Altria Group, Inc. (GTD by Philip Morris USA, Inc.):
4.800%, 2-14-29		200		230
3.400%, 5-6-30		350		366
5.800%, 2-14-39		100		122
5.950%, 2-14-49		400		498
Philip Morris International, Inc.,
2.100%, 5-1-30		410		396
				1,612
Total Consumer Staples – 7.3%				10,393
Energy
Integrated Oil & Gas – 0.9%
Chevron Corp.,
2.954%, 5-16-26		500		536
Chevron USA, Inc. (GTD by Chevron Corp.),
2.343%, 8-12-50		453		377
Phillips 66 (GTD by Phillips 66 Co.),
4.875%, 11-15-44		350		413
				1,326
Oil & Gas Equipment & Services – 0.7%
Baker Hughes, a GE Co. LLC and Baker Hughes Co-Obligor, Inc.,
4.080%, 12-15-47		450		480
Halliburton Co.,
5.000%, 11-15-45		350		390
Schlumberger Investment S.A.,
2.650%, 6-26-30 (A)		100		101
				971
Oil & Gas Exploration & Production – 2.0%
ConocoPhillips Co. (GTD by ConocoPhillips):
4.950%, 3-15-26		225		261
6.500%, 2-1-39		100		143

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Exploration & Production (Continued)
Exxon Mobil Corp.:
2.992%, 3-19-25	$	250	$	268
3.043%, 3-1-26		280		302
3.482%, 3-19-30		250		271
4.227%, 3-19-40		250		281
4.327%, 3-19-50		250		287
3.452%, 4-15-51		250		253
Marathon Oil Corp.,
4.400%, 7-15-27		150		165
ONEOK, Inc. (GTD by ONEOK Partners and Intermediate Partnership),
5.200%, 7-15-48		100		109
Pioneer Natural Resources Co.,
2.150%, 1-15-31		500		473
				2,813
Oil & Gas Refining & Marketing – 0.3%
Valero Energy Corp.,
1.200%, 3-15-24		500		501
Oil & Gas Storage & Transportation – 1.5%
Kinder Morgan, Inc.:
4.300%, 6-1-25		253		283
4.300%, 3-1-28		313		350
5.550%, 6-1-45		200		239
MPLX L.P.:
4.700%, 4-15-48		777		841
5.500%, 2-15-49		140		164
Williams Co., Inc. (The),
3.500%, 11-15-30		250		265
				2,142
Total Energy – 5.4%				7,753
Financials
Asset Management & Custody Banks – 0.7%
Bank of New York Mellon Corp. (The),
1.600%, 4-24-25		500		509
BlackRock, Inc.,
1.900%, 1-28-31		500		484
				993
Consumer Finance – 2.3%
American Express Co.:
2.500%, 8-1-22		150		154
3.700%, 8-3-23		300		321
2.500%, 7-30-24		264		279
Capital One Financial Corp.:
3.900%, 1-29-24		100		108
3.800%, 1-31-28		300		330
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.):
5.200%, 3-20-23		344		373
5.100%, 1-17-24		325		359
4.350%, 1-17-27		160		178
3.600%, 6-21-30		450		475
2.350%, 1-8-31		500		477
Synchrony Financial:
4.250%, 8-15-24		115		125
4.500%, 7-23-25		140		155
				3,334

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Banks – 5.7%
Bank of America Corp.:
2.503%, 10-21-22	$	200	$	202
3.300%, 1-11-23		110		116
4.125%, 1-22-24		130		142
4.200%, 8-26-24		124		137
3.950%, 4-21-25		105		115
3.500%, 4-19-26		325		356
4.250%, 10-22-26		260		292
3.248%, 10-21-27		705		758
4.183%, 11-25-27		805		895
6.110%, 1-29-37		130		172
BB&T Corp.,
3.050%, 6-20-22		250		258
Truist Financial Corp.:
1.125%, 8-3-27		280		269
1.950%, 6-5-30		300		290
U.S. Bancorp:
3.000%, 7-30-29		178		186
1.375%, 7-22-30		500		461
Wells Fargo & Co.:
2.625%, 7-22-22		400		412
3.069%, 1-24-23		302		308
3.450%, 2-13-23		105		110
3.300%, 9-9-24		306		330
3.550%, 9-29-25		332		362
3.000%, 4-22-26		150		160
4.100%, 6-3-26		150		167
3.000%, 10-23-26		310		331
4.300%, 7-22-27		120		136
4.150%, 1-24-29		580		654
5.606%, 1-15-44		178		229
3.900%, 5-1-45		208		228
				8,076
Financial Exchanges & Data – 0.4%
Intercontinental Exchange, Inc.:
4.250%, 9-21-48		150		168
3.000%, 9-15-60		500		447
				615
Insurance Brokers – 0.3%
Marsh & McLennan Cos., Inc.:
4.375%, 3-15-29		150		172
4.900%, 3-15-49		165		211
				383
Investment Banking & Brokerage – 5.2%
Charles Schwab Corp. (The),
0.900%, 3-11-26		256		253
Goldman Sachs Group, Inc. (The):
3.000%, 4-26-22		500		501
3.625%, 1-22-23		300		316
4.000%, 3-3-24		200		218
3.850%, 7-8-24		200		217
3.500%, 1-23-25		300		324
3.500%, 4-1-25		500		542
4.250%, 10-21-25		350		391
3.500%, 11-16-26		559		606
3.850%, 1-26-27		365		400
6.750%, 10-1-37		450		636

30 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 BOND INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Investment Banking & Brokerage (Continued)
Morgan Stanley:
2.750%, 5-19-22	$	245	$	252
3.125%, 1-23-23		200		209
4.100%, 5-22-23		264		282
3.875%, 4-29-24		200		219
3.700%, 10-23-24		330		361
4.000%, 7-23-25		500		555
3.875%, 1-27-26		203		226
4.350%, 9-8-26		156		176
3.950%, 4-23-27		190		210
4.300%, 1-27-45		500		586
				7,480
Life & Health Insurance – 0.5%
MetLife, Inc., 4.050%, 3-1-45		194		220
Prudential Financial, Inc.:
3.935%, 12-7-49		150		164
3.700%, 3-13-51		321		340
				724
Multi-Line Insurance – 0.5%
American International Group, Inc.:
4.875%, 6-1-22		135		142
3.900%, 4-1-26		280		309
4.750%, 4-1-48		100		119
4.375%, 6-30-50		130		149
				719
Multi-Sector Holdings – 0.2%
Berkshire Hathaway, Inc., 2.750%, 3-15-23		322		336
Other Diversified Financial Services – 3.5%
Citigroup, Inc.:
2.750%, 4-25-22		298		305
3.500%, 5-15-23		110		117
4.400%, 6-10-25		219		243
3.700%, 1-12-26		105		115
3.200%, 10-21-26		425		457
4.450%, 9-29-27		275		310
4.125%, 7-25-28		200		221
4.650%, 7-30-45		303		362
4.650%, 7-23-48		300		368
JPMorgan Chase & Co.:
3.250%, 9-23-22		300		313
3.200%, 1-25-23		290		305
2.700%, 5-18-23		230		240
3.875%, 9-10-24		300		329
2.950%, 10-1-26		405		433
3.625%, 12-1-27		380		413
6.400%, 5-15-38		343		486
				5,017

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Property & Casualty Insurance – 0.5%
Berkshire Hathaway Finance Corp. (GTD by Berkshire Hathaway, Inc.):
4.200%, 8-15-48	$	100	$	116
4.250%, 1-15-49		150		174
2.850%, 10-15-50		225		207
Chubb INA Holdings, Inc. (GTD by Chubb Ltd.), 4.350%, 11-3-45		181		214
				711
Regional Banks – 0.4%
Fifth Third Bancorp, 3.650%, 1-25-24		340		366
PNC Financial Services Group, Inc. (The), 3.450%, 4-23-29		186		201
				567
Total Financials – 20.2%				28,955
Health Care
Biotechnology – 2.4%
Amgen, Inc.:
2.650%, 5-11-22		100		102
3.625%, 5-22-24		466		503
2.300%, 2-25-31		433		427
4.400%, 5-1-45		340		394
4.663%, 6-15-51		300		364
Biogen, Inc., 3.150%, 5-1-50		100		92
Gilead Sciences, Inc.:
3.500%, 2-1-25		260		282
4.750%, 3-1-46		393		475
4.150%, 3-1-47		451		501
2.800%, 10-1-50		300		267
Regeneron Pharmaceuticals, Inc., 2.800%, 9-15-50		155		134
				3,541
Health Care Equipment – 1.2%
Abbott Laboratories:
3.750%, 11-30-26		88		99
4.900%, 11-30-46		490		638
Becton Dickinson & Co.:
3.363%, 6-6-24		235		252
3.794%, 5-20-50		336		357
Boston Scientific Corp., 2.650%, 6-1-30		100		101
DH Europe Finance II S.a.r.l., 3.250%, 11-15-39		105		107
Zimmer Holdings, Inc., 3.550%, 4-1-25		150		163
				1,717
Health Care Services – 1.4%
Cigna Corp.:
3.750%, 7-15-23		374		400
4.800%, 8-15-38		624		746
4.900%, 12-15-48		378		463
CVS Caremark Corp., 3.875%, 7-20-25		325		359
				1,968

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Supplies – 0.4%
Cigna Corp., 4.125%, 11-15-25	$	182	$	203
Medtronic, Inc. (GTD by Medtronic Global Holdings SCA and Medtronic plc):
3.500%, 3-15-25		90		99
4.375%, 3-15-35		250		300
				602
Life Sciences Tools & Services – 0.4%
Thermo Fisher Scientific, Inc., 4.133%, 3-25-25		500		555
Managed Health Care – 1.2%
Anthem, Inc.:
3.650%, 12-1-27		340		375
4.101%, 3-1-28		200		225
4.375%, 12-1-47		200		231
UnitedHealth Group, Inc.:
3.700%, 8-15-49		350		380
3.125%, 5-15-60		500		491
				1,702
Pharmaceuticals – 7.0%
AbbVie, Inc.:
2.900%, 11-6-22		465		482
3.750%, 11-14-23		250		269
2.600%, 11-21-24		250		264
3.800%, 3-15-25		250		273
3.600%, 5-14-25		300		327
3.200%, 5-14-26		240		259
2.950%, 11-21-26		100		107
4.250%, 11-14-28		500		570
3.200%, 11-21-29		250		266
4.500%, 5-14-35		150		176
4.050%, 11-21-39		250		280
4.700%, 5-14-45		150		178
4.450%, 5-14-46		282		325
4.875%, 11-14-48		100		120
Bristol-Myers Squibb Co.:
0.537%, 11-13-23		250		250
0.750%, 11-13-25		350		344
3.450%, 11-15-27		350		385
4.125%, 6-15-39		250		291
4.250%, 10-26-49		500		589
Eli Lilly and Co., 3.375%, 3-15-29		436		480
Johnson & Johnson:
0.550%, 9-1-25		500		496
0.950%, 9-1-27		500		486
Merck & Co., Inc.:
2.750%, 2-10-25		295		315
3.400%, 3-7-29		500		552
1.450%, 6-24-30		350		333
Mylan N.V., 5.250%, 6-15-46		429		505
Pfizer, Inc., 2.700%, 5-28-50		480		449
Walgreens Boots Alliance, Inc., 3.450%, 6-1-26		600		646
				10,017
Total Health Care – 14.0%				20,102

2021 SEMIANNUAL REPORT 31

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 BOND INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials
Aerospace & Defense – 4.4%
Boeing Co. (The):
4.508%, 5-1-23	$	105	$	112
1.950%, 2-1-24(B)		350		359
4.875%, 5-1-25		100		111
2.700%, 2-1-27		500		508
5.040%, 5-1-27(B)		320		365
3.200%, 3-1-29		100		101
5.150%, 5-1-30		650		749
5.705%, 5-1-40(B)		240		294
3.750%, 2-1-50		500		479
5.805%, 5-1-50		500		629
General Dynamics Corp., 3.250%, 4-1-25		450		487
Lockheed Martin Corp., 3.550%, 1-15-26		230		254
Northrop Grumman Corp.:
4.400%, 5-1-30		250		288
4.030%, 10-15-47		280		311
United Technologies Corp.:
3.950%, 8-16-25		460		511
4.500%, 6-1-42		301		359
4.625%, 11-16-48		355		425
				6,342
Agricultural & Farm Machinery – 0.1%
John Deere Capital Corp., 0.450%, 1-17-24		150		150
Air Freight & Logistics – 0.7%
FedEx Corp.:
4.250%, 5-15-30		100		114
5.250%, 5-15-50		300		384
United Parcel Service, Inc., 5.300%, 4-1-50		400		543
				1,041
Airlines – 0.3%
Southwest Airlines Co.:
5.250%, 5-4-25		170		193
5.125%, 6-15-27		170		196
				389
Building Products – 0.6%
Carrier Global Corp.:
2.242%, 2-15-25		250		259
2.493%, 2-15-27		125		129
2.722%, 2-15-30		171		172
2.700%, 2-15-31		240		240
				800
Construction Machinery & Heavy Trucks – 0.3%
Caterpillar, Inc., 2.600%, 4-9-30		470		481
Industrial Conglomerates – 2.2%
GE Capital International Funding Co.:
3.373%, 11-15-25		200		217
4.418%, 11-15-35		600		687
General Electric Capital Corp.:
6.750%, 3-15-32		350		468
5.875%, 1-14-38		860		1,113

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrial Conglomerates (Continued)
General Electric Co., 6.875%, 1-10-39	$	170	$	239
Honeywell International, Inc., 2.800%, 6-1-50		460		436
				3,160
Railroads – 0.4%
Norfolk Southern Corp., 3.050%, 5-15-50		180		171
Union Pacific Corp.:
3.250%, 2-5-50		100		98
3.839%, 3-20-60		200		213
				482
Total Industrials – 9.0%				12,845
Information Technology
Application Software – 0.8%
Adobe, Inc., 2.300%, 2-1-30		300		303
Citrix Systems, Inc., 4.500%, 12-1-27		100		114
NVIDIA Corp., 3.500%, 4-1-50		350		370
salesforce.com, Inc., 3.700%, 4-11-28		307		343
				1,130
Communications Equipment – 0.1%
Cisco Systems, Inc., 5.500%, 1-15-40		156		211
Data Processing & Outsourced Services – 2.9%
Fidelity National Information Services, Inc., 1.150%, 3-1-26		340		334
Fiserv, Inc.:
3.200%, 7-1-26		137		148
3.500%, 7-1-29		10		11
2.650%, 6-1-30		165		166
4.400%, 7-1-49		450		519
Global Payments, Inc.:
2.650%, 2-15-25		150		157
3.200%, 8-15-29		200		211
MasterCard, Inc., 3.300%, 3-26-27		260		286
PayPal Holdings, Inc.:
2.650%, 10-1-26		442		468
2.300%, 6-1-30		370		366
Visa, Inc.:
2.800%, 12-14-22		280		291
3.150%, 12-14-25		150		164
2.700%, 4-15-40		500		490
4.300%, 12-14-45		313		377
2.000%, 8-15-50		162		131
				4,119
IT Consulting & Other Services – 1.1%
International Business Machines Corp.:
2.850%, 5-13-22		200		206
3.000%, 5-15-24		118		127
3.300%, 5-15-26		150		163
3.500%, 5-15-29		419		456
4.150%, 5-15-39		500		566
				1,518

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Semiconductors – 3.5%
Broadcom Corp. and Broadcom Cayman Finance Ltd. (GTD by Broadcom Ltd.):
3.875%, 1-15-27	$	384	$	417
3.500%, 1-15-28		500		531
Broadcom, Inc.:
3.150%, 11-15-25		500		533
4.250%, 4-15-26		500		555
4.110%, 9-15-28		500		546
Intel Corp.:
3.400%, 3-25-25(A)		150		163
3.900%, 3-25-30		100		114
3.734%, 12-8-47		689		742
4.950%, 3-25-60		300		385
Micron Technology, Inc., 2.497%, 4-24-23		150		156
QUALCOMM, Inc.:
3.250%, 5-20-27		210		229
2.150%, 5-20-30		350		347
4.300%, 5-20-47		260		306
				5,024
Systems Software – 4.9%
Microsoft Corp.:
2.000%, 8-8-23		150		155
2.875%, 2-6-24		350		373
3.125%, 11-3-25		585		638
2.400%, 8-8-26		280		296
3.300%, 2-6-27		250		276
4.100%, 2-6-37		450		532
3.700%, 8-8-46		420		471
2.675%, 6-1-60		500		459
Oracle Corp.:
2.500%, 5-15-22		300		306
2.500%, 10-15-22		350		361
2.400%, 9-15-23		642		668
2.500%, 4-1-25		300		315
2.650%, 7-15-26		530		556
2.800%, 4-1-27		300		316
3.250%, 11-15-27		280		301
2.950%, 4-1-30		355		366
3.850%, 4-1-60		500		490
ServiceNow, Inc., 1.400%, 9-1-30		200		181
				7,060
Technology Hardware, Storage & Peripherals – 4.7%
Apple, Inc.:
2.850%, 2-23-23		150		157
2.400%, 5-3-23		400		418
3.450%, 5-6-24		150		163
2.850%, 5-11-24		300		320
3.250%, 2-23-26		150		164
3.350%, 2-9-27		348		382
3.200%, 5-11-27		200		218
2.900%, 9-12-27		643		693
3.000%, 11-13-27		150		163
1.250%, 8-20-30		500		462
3.850%, 5-4-43		150		170
3.450%, 2-9-45		500		531
4.650%, 2-23-46		235		292
3.750%, 11-13-47		300		329

32 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 BOND INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Technology Hardware, Storage & Peripherals (Continued)
2.400%, 8-20-50	$	350	$	302
2.650%, 2-8-51		350		320
2.550%, 8-20-60		350		301
2.800%, 2-8-61		350		314
Hewlett Packard Enterprise Co.,
6.350%, 10-15-45(B)		520		678
HP, Inc.,
6.000%, 9-15-41		300		378
				6,755
Total Information Technology – 18.0%				25,817
Materials
Commodity Chemicals – 0.3%
LYB International Finance III LLC (GTD by LyondellBasell Industries N.V.),
3.625%, 4-1-51		235		232
LyondellBasell Industries N.V.,
4.625%, 2-26-55		217		241
				473
Diversified Chemicals – 1.0%
Dow Chemical Co. (The),
4.375%, 11-15-42		300		341
DowDuPont, Inc.:
4.205%, 11-15-23		562		610
4.493%, 11-15-25		270		305
5.419%, 11-15-48		110		142
				1,398
Industrial Gases – 0.3%
Air Products and Chemicals, Inc.,
2.800%, 5-15-50		415		384
Paper Packaging – 0.1%
International Paper Co.,
4.350%, 8-15-48		100		115
Total Materials – 1.7%				2,370

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Real Estate
Industrial REITs – 0.3%
Prologis L.P.,
1.250%, 10-15-30	$	442	$	401
Office REITs – 0.3%
Alexandria Real Estate Equities, Inc.,
2.000%, 5-18-32		335		311
Boston Properties L.P.,
3.650%, 2-1-26		150		164
				475
Retail REITs – 0.3%
Simon Property Group L.P.,
2.450%, 9-13-29		450		446
Specialized REITs – 1.0%
American Tower Corp.,
3.800%, 8-15-29		570		621
Crown Castle International Corp.:
1.050%, 7-15-26		350		339
3.250%, 1-15-51		183		168
Equinix, Inc.,
2.150%, 7-15-30		320		304
				1,432
Total Real Estate—1.9%				2,754
Utilities
Electric Utilities – 1.3%
Duke Energy Corp.,
2.650%, 9-1-26		246		257
Exelon Corp.:
2.500%, 6-1-22(B)		311		321
4.050%, 4-15-30		120		134
NextEra Energy Capital Holdings, Inc. (GTD by NextEra Energy, Inc.):
2.900%, 4-1-22		100		102
2.750%, 5-1-25		256		271
Southern California Edison Co.,

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Electric Utilities (Continued)
3.700%, 8-1-25	$	286	$	312
Southern Co. (The):
3.250%, 7-1-26		100		107
3.700%, 4-30-30		195		211
4.400%, 7-1-46		100		111
				1,826
Multi-Utilities – 0.7%
Berkshire Hathaway Energy Co.,
6.125%, 4-1-36		230		310
Dominion Energy, Inc.,
3.375%, 4-1-30		185		197
NiSource, Inc.,
1.700%, 2-15-31		337		312
Sempra Energy,
3.400%, 2-1-28		150		161
				980
Total Utilities – 2.0%				2,806
TOTAL CORPORATE DEBT SECURITIES – 98.7%			$	141,266
(Cost: $138,596)
SHORT-TERM SECURITIES	Shares
Money Market Funds(C) – 0.4%
State Street Institutional U.S. Government Money Market Fund—Premier Class, 0.040%		614		614
TOTAL SHORT-TERM SECURITIES – 0.4%			$	614
(Cost: $614)
TOTAL INVESTMENT SECURITIES – 99.1%			$	141,880
(Cost: $139,210)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.9%				1,309
NET ASSETS – 100.0%			$	143,189

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $538 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, 2021.

(C) Rate shown is the annualized 7-day yield at March 31, 2021.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	—	$	141,266	$	—
Short-Term Securities		614		—		—
Total	$	614	$	141,266	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 33

PORTFOLIO HIGHLIGHTS IVY PROSHARES S&P 500 DIVIDEND ARISTOCRATS INDEX FUND

ALL DATA IS AS OF MARCH 31, 2021 (UNAUDITED)

Asset Allocation

Stocks	99.7%
Industrials	20.6%
Consumer Staples	19.1%
Materials	12.3%
Financials	11.3%
Health Care	10.1%
Consumer Discretionary	9.0%
Real Estate	4.8%
Utilities	4.4%
Information Technology	3.3%
Energy	3.3%
Communication Services	1.5%
Cash and Other Assets (Net of Liabilities)	0.3%

Top 10 Equity Holdings
Company	Sector	Industry
Nucor Corp.	Materials	Steel
People’s United Financial, Inc.	Financials	Regional Banks
Caterpillar, Inc.	Industrials	Construction Machinery & Heavy Trucks
General Dynamics Corp.	Industrials	Aerospace & Defense
Cincinnati Financial Corp.	Financials	Property & Casualty Insurance
Exxon Mobil Corp.	Energy	Oil & Gas Exploration & Production
A. O. Smith Corp.	Industrials	Building Products
Automatic Data Processing, Inc.	Information Technology	Data Processing & Outsourced Services
Walgreen Co.	Consumer Staples	Drug Retail
Expeditors International of Washington, Inc.	Industrials	Air Freight & Logistics

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

34 SEMIANNUAL REPORT 2021

SCHEDULE OF INVESTMENTS IVY PROSHARES S&P 500 DIVIDEND ARISTOCRATS INDEX FUND (in thousands)

MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Integrated Telecommunication Services – 1.5%
AT&T, Inc.		206	$	6,230
Total Communication Services – 1.5%				6,230
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 1.3%
V.F. Corp.		71		5,675
Distributors – 1.6%
Genuine Parts Co.		59		6,771
General Merchandise Stores – 1.5%
Target Corp.		31		6,145
Home Furnishings – 1.5%
Leggett & Platt, Inc.		135		6,151
Home Improvement Retail – 1.6%
Lowe’s Co., Inc.		35		6,568
Restaurants – 1.5%
McDonalds Corp.		28		6,255
Total Consumer Discretionary – 9.0%				37,565
Consumer Staples
Agricultural Products – 1.5%
Archer Daniels Midland Co.		113		6,425
Distillers & Vintners – 1.4%
Brown-Forman Corp., Class B		82		5,638
Drug Retail – 1.7%
Walgreen Co.		125		6,889
Food Distributors – 2.9%
McCormick & Co., Inc.		65		5,779
Sysco Corp.		79		6,235
				12,014
Household Products – 5.8%
Clorox Co. (The)		29		5,676
Colgate-Palmolive Co.		76		6,003
Kimberly-Clark Corp.		45		6,263
Procter & Gamble Co. (The)		46		6,203
				24,145
Hypermarkets & Super Centers – 1.3%
Wal-Mart Stores, Inc.		41		5,527
Packaged Foods & Meats – 1.5%
Hormel Foods Corp.		131		6,265
Soft Drinks – 3.0%
Coca-Cola Co. (The)		123		6,472
PepsiCo, Inc.		43		6,078
				12,550
Total Consumer Staples – 19.1%				79,453

COMMON STOCKS (Continued)	Shares		Value
Energy
Integrated Oil & Gas – 1.6%
Chevron Corp.		65	$	6,802
Oil & Gas Exploration & Production – 1.7%
Exxon Mobil Corp.		126		7,009
Total Energy – 3.3%				13,811
Financials
Asset Management & Custody Banks – 3.2%
Franklin Resources, Inc.		225		6,658
T. Rowe Price Group, Inc.		38		6,541
				13,199
Financial Exchanges & Data – 1.6%
S&P Global, Inc.		19		6,668
Life & Health Insurance – 1.6%
Aflac, Inc.		128		6,563
Property & Casualty Insurance – 3.1%
Chubb Ltd.		39		6,166
Cincinnati Financial Corp.		68		7,030
				13,196
Regional Banks – 1.8%
People’s United Financial, Inc.		424		7,591
Total Financials—11.3%				47,217
Health Care
Biotechnology – 1.4%
AbbVie, Inc.		54		5,813
Health Care Distributors – 1.6%
Cardinal Health, Inc.		107		6,530
Health Care Equipment – 4.3%
Abbott Laboratories		53		6,324
Becton Dickinson & Co.		23		5,595
Medtronic plc		51		6,033
				17,952
Health Care Supplies – 1.4%
West Pharmaceutical Services, Inc.		20		5,591
Pharmaceuticals – 1.4%
Johnson & Johnson		36		5,984
Total Health Care – 10.1%				41,870
Industrials
Aerospace & Defense – 1.7%
General Dynamics Corp.		39		7,076
Air Freight & Logistics – 1.7%
Expeditors International of Washington, Inc.		63		6,838
Building Products – 1.7%
A. O. Smith Corp.		103		6,970

COMMON STOCKS (Continued)	Shares		Value
Construction Machinery & Heavy Trucks – 1.7%
Caterpillar, Inc.		31	$	7,193
Diversified Support Services – 1.5%
Cintas Corp.		18		6,263
Electrical Components & Equipment – 1.5%
Emerson Electric Co.		71		6,416
Industrial Conglomerates – 3.0%
3M Co.		35		6,787
Roper Industries, Inc.		14		5,729
				12,516
Industrial Machinery – 6.3%
Dover Corp.		48		6,516
Illinois Tool Works, Inc.		29		6,483
Pentair, Inc.		103		6,400
Stanley Black & Decker, Inc.		34		6,785
				26,184
Trading Companies & Distributors – 1.5%
W.W. Grainger, Inc.		15		6,067
Total Industrials – 20.6%				85,523
Information Technology
Data Processing & Outsourced Services – 1.7%
Automatic Data Processing, Inc.		37		6,928
IT Consulting & Other Services – 1.6%
International Business Machines Corp.		50		6,690
Total Information Technology – 3.3%				13,618
Materials
Industrial Gases – 3.0%
Air Products and Chemicals, Inc.		21		5,908
Linde plc		24		6,633
				12,541
Paper Packaging – 1.5%
Amcor plc		537		6,271
Specialty Chemicals – 5.7%
Albemarle Corp.		34		5,008
Ecolab, Inc.		28		6,001
PPG Industries, Inc.		43		6,491
Sherwin-Williams Co. (The)		8		6,003
				23,503
Steel – 2.1%
Nucor Corp.		109		8,725
Total Materials – 12.3%				51,040
Real Estate
Residential REITs – 1.6%
Essex Property Trust, Inc.		24		6,648

2021 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
Retail REITs – 3.2%
Federal Realty Investment Trust		67	$	6,823
Realty Income Corp.		100		6,319
				13,142
Total Real Estate – 4.8%				19,790

COMMON STOCKS (Continued)	Shares		Value
Utilities
Electric Utilities – 1.3%
NextEra Energy, Inc.		71	$	5,346
Gas Utilities – 1.6%
Atmos Energy Corp.		67		6,606
Multi-Utilities – 1.5%
Consolidated Edison, Inc.		87		6,471
Total Utilities – 4.4%				18,423
TOTAL COMMON STOCKS – 99.7%			$	414,540

	Value
(Cost: $299,724)
TOTAL INVESTMENT SECURITIES – 99.7%	$	414,540
(Cost: $299,724)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%		1,151
NET ASSETS – 100.0%	$	415,691

Notes to Schedule of Investments

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2021. 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	$	414,540	$	—	$	—
Total	$	414,540	$	—	$	—

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

36 SEMIANNUAL REPORT 2021

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF MARCH 31, 2021 (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+^	$	37,386		$	81,407		$	96,692		$	141,880		$	414,540
Investments at Value		37,386			81,407			96,692			141,880			414,540
Cash denominated in foreign currencies at value+		—			59			—			—			—
Restricted cash		247			—			—			—			—
Investment securities sold receivable		1,945			—			499			8,076			1,797
Dividends and interest receivable		555			194			172			1,301			821
Capital shares sold receivable		15			28			15			157			180
Receivable from affiliates		121			240			103			123			257
Receivable from securities lending income – net		—			1			—	*		—	*		—
Variation margin receivable		43			—			—			—			—
Prepaid and other assets		50			42			52			55			69
Total Assets		40,362			81,971			97,533			151,592			417,664
LIABILITIES
Cash collateral on securities loaned at value		—			979			531			—			—
Investment securities purchased payable		2,074			—			—			8,209			—
Capital shares redeemed payable		25			48			99			64			479
Independent Trustees and Chief Compliance Officer fees payable		1			2			2			2			7
Overdraft due to custodian		—	*		40			394			—			1,333
Distribution and service fees payable		—	*		—	*		—	*		—	*		—	*
Shareholder servicing payable		7			13			19			26			57
Investment management fee payable		1			1			1			1			4
Accounting services fee payable		2			4			4			5			11
Other liabilities		34			51			43			96			82
Total Liabilities		2,144			1,138			1,093			8,403			1,973
Total Net Assets	$	38,218		$	80,833		$	96,440		$	143,189		$	415,691
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	43,471		$	51,356		$	83,083		$	138,818		$	301,896
Accumulated earnings gain (loss)		(5,253	)		29,477			13,357			4,371			113,795
Total Net Assets	$	38,218		$	80,833		$	96,440		$	143,189		$	415,691
CAPITAL SHARES OUTSTANDING:
Class A		354			1,533			198			469			327
Class E		118			151			113			187			236
Class I		3,586			3,831			6,472			13,067			22,374
Class N		N/A			N/A			1,221			N/A			5,784
Class R		103			N/A			N/A			105			83
NET ASSET VALUE PER SHARE:
Class A		$9.18			$14.66			$12.05			$10.34			$14.43
Class E		$9.18			$14.66			$12.04			$10.36			$14.43
Class I		$9.18			$14.66			$12.05			$10.36			$14.43
Class N		N/A			N/A			$12.05			N/A			$14.43
Class R		$9.18			N/A			N/A			$10.35			$14.42
+COST
Investments in unaffiliated securities at cost	$	36,643		$	52,987		$	70,916		$	139,210		$	299,724
Cash denominated in foreign currencies at cost		—			1,039			—			—			—
^Securities loaned at value		—			1,206			520			538			—

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 37

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED MARCH 31, 2021 (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	$	—		$	700		$	1,207		$	—		$	5,396
Foreign dividend withholding tax		—			(35	)		—			—			—
Interest and amortization from unaffiliated securities		1,036			—	*		—	*		1,938			—	*
Securities lending income – net		—			2			2			1			—
Total Investment Income		1,036			667			1,209			1,939			5,396
EXPENSES
Investment management fee		94			177			179			144			708
Distribution and service fees:
Class A		4			27			2			6			5
Class E		1			2			2			2			4
Class R		3			N/A			N/A			3			3
Shareholder servicing:
Class A		1			10			1			2			2
Class E		—	*		1			1			1			3
Class I		28			48			71			117			265
Class N		N/A			N/A			—	*		N/A			4
Class R		1			N/A			N/A			1			1
Registration fees		36			35			36			39			46
Custodian fees		1			26			5			4			11
Independent Trustees and Chief Compliance Officer fees		4			26			4			12			11
Accounting services fee		13			21			24			33			66
Professional fees		23			26			18			20			21
Third-party valuation service fees		11			77			—			—			—
Listing, data and related fees		12			22			30			15			90
Other		20			24			23			25			37
Total Expenses		252			522			396			424			1,277
Less:
Expenses in excess of limit		(121	)		(238	)		(102	)		(123	)		(257	)
Total Net Expenses		131			284			294			301			1,020
Net Investment Income		905			383			915			1,638			4,376
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		263			1,582			2,929			1,960			11,031
Futures contracts		287			—			—			—			—
Foreign currency exchange transactions		—			1			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		838			12,140			25,684			(7,246	)		60,522
Futures contracts		476			—			—			—			—
Foreign currency exchange transactions		—			(1	)		—			—			—
Net Realized and Unrealized Gain (Loss)		1,864			13,722			28,613			(5,286	)		71,553
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,769		$	14,105		$	29,528		$	(3,648	)	$	75,929

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

38 SEMIANNUAL REPORT 2021

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 3-31-21 (Unaudited)			Year ended 9-30-20			Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20			Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	905		$	2,620		$	383		$	1,534		$	915		$	2,199
Net realized gain (loss) on investments		550			(3,274	)		1,583			5,516			2,929			(12,718	)
Net change in unrealized appreciation (depreciation)		1,314			(674	)		12,139			6,163			25,684			(10,872	)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,769			(1,328	)		14,105			13,213			29,528			(21,391	)
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(75	)		(172	)		(856	)		(279	)		(20	)		(34	)
Class E		(26	)		(66	)		(85	)		(28	)		(13	)		(23	)
Class I		(807	)		(2,561	)		(2,245	)		(980	)		(809	)		(1,820	)
Class N		—			(50	)		—			(575	)		(147	)		(473	)
Class R		(19	)		(49	)		—			(21	)		—			(10	)
Total Distributions to Shareholders		(927	)		(2,898	)		(3,186	)		(1,883	)		(989	)		(2,360	)
Capital Share Transactions		(1,473	)		(18,199	)		(6,955	)		(46,832	)		(8,676	)		(29,825	)
Net Increase (Decrease) in Net Assets		369			(22,425	)		3,964			(35,502	)		19,863			(53,576	)
Net Assets, Beginning of Period		37,849			60,274			76,869			112,371			76,577			130,153
Net Assets, End of Period	$	38,218		$	37,849		$	80,833		$	76,869		$	96,440		$	76,577

See Accompanying Notes to Financial Statements.

2021 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 3-31-21 (Unaudited)			Year ended 9-30-20			Six months ended 3-31-21 (Unaudited)			Year ended 9-30-20
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,638		$	3,715		$	4,376		$	8,640
Net realized gain on investments		1,960			4,263			11,031			9,551
Net change in unrealized appreciation (depreciation)		(7,246	)		2,488			60,522			(4,620	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,648	)		10,466			75,929			13,571
Distributions to Shareholders From:
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(181	)		(105	)		(221	)		(90	)
Class E		(75	)		(41	)		(163	)		(76	)
Class I		(5,183	)		(3,661	)		(17,067	)		(10,009	)
Class N		—			(28	)		(4,445	)		(2,737	)
Class R		(40	)		(23	)		(59	)		(28	)
Total Distributions to Shareholders		(5,479	)		(3,858	)		(21,955	)		(12,940	)
Capital Share Transactions		7,834			786			(23,394	)		(8,483	)
Net Increase (Decrease) in Net Assets		(1,293	)		7,394			30,580			(7,852	)
Net Assets, Beginning of Period		144,482			137,088			385,111			392,963
Net Assets, End of Period	$	143,189		$	144,482		$	415,691		$	385,111

See Accompanying Notes to Financial Statements.

40 SEMIANNUAL REPORT 2021

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2021 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 ended 3-31-2021 (unaudited)	$	8.74	$	0.21	$	0.44		$	0.65		$	(0.21	)	$	—		$	(0.21	)
Year ended 9-30-2020		9.44		0.47		(0.65	)		(0.18	)		(0.52	)		—			(0.52	)
Year ended 9-30-2019		10.05		0.54		(0.54	)		0.00	*		(0.51	)		(0.10	)		(0.61	)
Year ended 9-30-2018		10.07		0.50		0.01			0.51			(0.48	)		(0.05	)		(0.53	)
Year ended 9-30-2017(4)		10.00		0.20		0.01			0.21			(0.14	)		—			(0.14	)
Class E Shares
Six-month period ended 3-31-2021 (unaudited)		8.75		0.21		0.44			0.65			(0.22	)		—			(0.22	)
Year ended 9-30-2020		9.44		0.48		(0.65	)		(0.17	)		(0.52	)		—			(0.52	)
Year ended 9-30-2019		10.05		0.54		(0.54	)		0.00	*		(0.51	)		(0.10	)		(0.61	)
Year ended 9-30-2018		10.07		0.50		0.01			0.51			(0.48	)		(0.05	)		(0.53	)
Year ended 9-30-2017(4)		10.00		0.20		0.01			0.21			(0.14	)		—			(0.14	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		8.75		0.22		0.43			0.65			(0.22	)		—			(0.22	)
Year ended 9-30-2020		9.44		0.50		(0.65	)		(0.15	)		(0.54	)		—			(0.54	)
Year ended 9-30-2019		10.05		0.56		(0.54	)		0.02			(0.53	)		(0.10	)		(0.63	)
Year ended 9-30-2018		10.07		0.53		0.00	*		0.53			(0.50	)		(0.05	)		(0.55	)
Year ended 9-30-2017(4)		10.00		0.22		0.00	*		0.22			(0.15	)		—			(0.15	)
Class R Shares
Six-month period ended 3-31-2021 (unaudited)		8.75		0.18		0.44			0.62			(0.19	)		—			(0.19	)
Year ended 9-30-2020		9.44		0.43		(0.65	)		(0.22	)		(0.47	)		—			(0.47	)
Year ended 9-30-2019		10.05		0.49		(0.54	)		(0.05	)		(0.46	)		(0.10	)		(0.56	)
Year ended 9-30-2018		10.07		0.46		0.00	*		0.46			(0.43	)		(0.05	)		(0.48	)
Year ended 9-30-2017(4)		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) For the period from April 20, 2017 (commencement of operations of the class) through September 30, 2017.

(5) Annualized.

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

42 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	9.18		7.54	%	$	3		0.90	%(5)		4.60	%(5)		1.42	%(5)		4.08	%(5)		28	%
Year ended 9-30-2020		8.74		-1.89			3		0.90			5.30			1.25			4.95			39
Year ended 9-30-2019		9.44		0.15			3		0.90			5.60			1.16			5.34			50
Year ended 9-30-2018		10.05		5.21			3		0.90			5.04			1.30			4.64			33
Year ended 9-30-2017(4)		10.07		2.15			3		0.90	(5)		4.51	(5)		1.00	(5)		4.41	(5)		27	(6)
Class E Shares
Six-month period ended 3-31-2021 (unaudited)		9.18		7.47			1		0.81	(5)		4.69	(5)		1.45	(5)		4.05	(5)		28
Year ended 9-30-2020		8.75		-1.76			1		0.88			5.33			1.30			4.91			39
Year ended 9-30-2019		9.44		0.15			1		0.90			5.60			1.19			5.31			50
Year ended 9-30-2018		10.05		5.21			1		0.90			5.04			1.26			4.68			33
Year ended 9-30-2017(4)		10.07		2.15			1		0.90	(5)		4.51	(5)		0.98	(5)		4.43	(5)		27	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		9.18		7.55			33		0.65	(5)		4.86	(5)		1.31	(5)		4.20	(5)		28
Year ended 9-30-2020		8.75		-1.52			33		0.65			5.55			1.15			5.05			39
Year ended 9-30-2019		9.44		0.39			54		0.65			5.85			1.05			5.45			50
Year ended 9-30-2018		10.05		5.48			40		0.65			5.31			1.17			4.79			33
Year ended 9-30-2017(4)		10.07		2.24			15		0.65	(5)		4.86	(5)		0.89	(5)		4.62	(5)		27	(6)
Class R Shares
Six-month period ended 3-31-2021 (unaudited)		9.18		7.13			1		1.47	(5)		4.03	(5)		1.95	(5)		3.55	(5)		28
Year ended 9-30-2020		8.75		-2.31			1		1.40			4.80			1.72			4.48			39
Year ended 9-30-2019		9.44		-0.33			1		1.39			5.11			1.62			4.88			50
Year ended 9-30-2018		10.05		4.70			1		1.37			4.57			1.71			4.23			33
Year ended 9-30-2017(4)		10.07		1.95			1		1.37	(5)		4.04	(5)		1.46	(5)		3.95	(5)		27	(6)

See Accompanying Notes to Financial Statements.

2021 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 ended 3-31-2021 (unaudited)	$	12.77	$	0.06	$	2.40		$	2.46	$	(0.12	)	$	(0.45	)	$	(0.57	)
Year ended 9-30-2020		11.77		0.14		1.05			1.19		(0.19	)		—			(0.19	)
Year ended 9-30-2019		11.81		0.19		(0.06	)		0.13		(0.17	)		—			(0.17	)
Year ended 9-30-2018		10.92		0.17		0.84			1.01		(0.12	)		—	*		(0.12	)
Year ended 9-30-2017(4)		10.00		0.09		0.86			0.95		(0.03	)		—			(0.03	)
Class E Shares
Six-month period ended 3-31-2021 (unaudited)		12.77		0.07		2.41			2.48		(0.14	)		(0.45	)		(0.59	)
Year ended 9-30-2020		11.77		0.17		1.04			1.21		(0.21	)		—			(0.21	)
Year ended 9-30-2019		11.81		0.21		(0.07	)		0.14		(0.18	)		—			(0.18	)
Year ended 9-30-2018		10.92		0.19		0.84			1.03		(0.14	)		—	*		(0.14	)
Year ended 9-30-2017(4)		10.00		0.09		0.87			0.96		(0.04	)		—			(0.04	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		12.77		0.07		2.41			2.48		(0.14	)		(0.45	)		(0.59	)
Year ended 9-30-2020		11.77		0.17		1.05			1.22		(0.22	)		—			(0.22	)
Year ended 9-30-2019		11.81		0.22		(0.07	)		0.15		(0.19	)		—			(0.19	)
Year ended 9-30-2018		10.92		0.20		0.84			1.04		(0.15	)		—	*		(0.15	)
Year ended 9-30-2017(4)		10.00		0.09		0.87			0.96		(0.04	)		—			(0.04	)

* 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) For the period from April 20, 2017 (commencement of operations of the class) through September 30, 2017.

(5) Annualized.

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

See Accompanying Notes to Financial Statements.

44 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	14.66		19.56	%	$	23		0.89	%(5)		0.81	%(5)		1.45	%(5)		0.25	%(5)		7	%
Year ended 9-30-2020		12.77		10.23			19		0.89			1.20			1.36			0.73			22
Year ended 9-30-2019		11.77		1.14			16		0.90			1.66			1.28			1.28			28
Year ended 9-30-2018		11.81		9.27			14		0.90			1.48			1.24			1.14			39
Year ended 9-30-2017(4)		10.92		9.50			10		0.90	(5)		1.79	(5)		1.31	(5)		1.38	(5)		51	(6)
Class E Shares
Six-month period ended 3-31-2021 (unaudited)		14.66		19.66			2		0.70	(5)		1.00	(5)		1.49	(5)		0.21	(5)		7
Year ended 9-30-2020		12.77		10.45			2		0.70			1.39			1.35			0.74			22
Year ended 9-30-2019		11.77		1.21			2		0.74			1.82			1.26			1.30			28
Year ended 9-30-2018		11.81		9.53			1		0.75			1.61			1.18			1.18			39
Year ended 9-30-2017(4)		10.92		9.56			1		0.75	(5)		1.95	(5)		1.28	(5)		1.42	(5)		51	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		14.66		19.70			56		0.65	(5)		1.03	(5)		1.27	(5)		0.41	(5)		7
Year ended 9-30-2020		12.77		10.51			56		0.65			1.45			1.18			0.92			22
Year ended 9-30-2019		11.77		1.31			52		0.65			1.90			1.11			1.44			28
Year ended 9-30-2018		11.81		9.64			51		0.65			1.76			1.09			1.32			39
Year ended 9-30-2017(4)		10.92		9.60			26		0.65	(5)		1.95	(5)		1.18	(5)		1.42	(5)		51	(6)

See Accompanying Notes to Financial Statements.

2021 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			Distributions From Return of Capital		Total Distributions
Class A Shares
Six-month period ended 3-31-2021 (unaudited)	$	8.70	$	0.10	$	3.36		$	3.46		$	(0.11	)	$	—		$	—	$	(0.11	)
Year ended 9-30-2020		10.97		0.19		(2.26	)		(2.07	)		(0.20	)		—			—		(0.20	)
Year ended 9-30-2019		10.97		0.19		0.06			0.25			(0.18	)		(0.07	)		—		(0.25	)
Year ended 9-30-2018		10.44		0.16		0.51			0.67			(0.14	)		—	*		—		(0.14	)
Year ended 9-30-2017(4)		10.00		0.07		0.39			0.46			(0.02	)		—			—		(0.02	)
Class E Shares
Six-month period ended 3-31-2021 (unaudited)		8.69		0.11		3.36			3.47			(0.12	)		—			—		(0.12	)
Year ended 9-30-2020		10.97		0.21		(2.27	)		(2.06	)		(0.22	)		—			—		(0.22	)
Year ended 9-30-2019		10.97		0.21		0.05			0.26			(0.19	)		(0.07	)		—		(0.26	)
Year ended 9-30-2018		10.44		0.17		0.51			0.68			(0.15	)		—	*		—		(0.15	)
Year ended 9-30-2017(4)		10.00		0.07		0.39			0.46			(0.02	)		—			—		(0.02	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		8.70		0.11		3.36			3.47			(0.12	)		—			—		(0.12	)
Year ended 9-30-2020		10.98		0.21		(2.27	)		(2.06	)		(0.22	)		—			—		(0.22	)
Year ended 9-30-2019		10.97		0.22		0.06			0.28			(0.20	)		(0.07	)		—		(0.27	)
Year ended 9-30-2018		10.44		0.19		0.51			0.70			(0.17	)		—	*		—		(0.17	)
Year ended 9-30-2017(4)		10.00		0.09		0.37			0.46			(0.02	)		—			—		(0.02	)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		8.70		0.11		3.36			3.47			(0.12	)		—			—		(0.12	)
Year ended 9-30-2020		10.98		0.21		(2.26	)		(2.05	)		(0.23	)		—			—		(0.23	)
Year ended 9-30-2019		10.97		0.22		0.06			0.28			(0.20	)		(0.07	)		—		(0.27	)
Year ended 9-30-2018		10.44		0.20		0.50			0.70			(0.17	)		—	*		—		(0.17	)
Year ended 9-30-2017(4)		10.00		0.09		0.37			0.46			(0.02	)		—			—		(0.02	)

* 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) For the period from April 20, 2017 (commencement of operations of the class) through September 30, 2017.

(5) Annualized.

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

See Accompanying Notes to Financial Statements.

46 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	12.05		39.86	%	$	2		0.88	%(5)		1.81	%(5)		1.08	%(5)		1.61	%(5)		10	%
Year ended 9-30-2020		8.70		-19.03			2		0.88			1.89			1.08			1.69			71
Year ended 9-30-2019		10.97		2.31			2		0.90			1.72			1.12			1.50			30
Year ended 9-30-2018		10.97		6.52			1		0.90			1.55			0.91			1.54			36
Year ended 9-30-2017(4)		10.44		4.55			1		0.90	(5)		1.48	(5)		1.05	(5)		1.33	(5)		12	(6)
Class E Shares
Six-month period ended 3-31-2021 (unaudited)		12.04		40.01			1		0.71	(5)		1.98	(5)		1.09	(5)		1.60	(5)		10
Year ended 9-30-2020		8.69		-18.97			1		0.71			2.08			1.04			1.75			71
Year ended 9-30-2019		10.97		2.48			1		0.73			1.93			0.96			1.70			30
Year ended 9-30-2018		10.97		6.63			1		0.79			1.67			0.91			1.54			36
Year ended 9-30-2017(4)		10.44		4.60			1		0.80	(5)		1.59	(5)		1.03	(5)		1.36	(5)		12	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		12.05		40.00			78		0.65	(5)		2.04	(5)		0.90	(5)		1.79	(5)		10
Year ended 9-30-2020		8.70		-18.89			62		0.65			2.12			0.84			1.93			71
Year ended 9-30-2019		10.98		2.66			99		0.65			2.00			0.81			1.84			30
Year ended 9-30-2018		10.97		6.79			97		0.65			1.82			0.83			1.64			36
Year ended 9-30-2017(4)		10.44		4.65			33		0.65	(5)		1.98	(5)		0.94	(5)		1.69	(5)		12	(6)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		12.05		40.00			15		0.65	(5)		2.06	(5)		0.71	(5)		2.00	(5)		10
Year ended 9-30-2020		8.70		-18.87			12		0.63			2.11			0.66			2.08			71
Year ended 9-30-2019		10.98		2.66			27		0.64			2.00			—			—			30
Year ended 9-30-2018		10.97		6.79			36		0.65			1.93			0.66			1.92			36
Year ended 9-30-2017(4)		10.44		4.65			3		0.65	(5)		2.08	(5)		0.79	(5)		1.94	(5)		12	(6)

See Accompanying Notes to Financial Statements.

2021 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 ended 3-31-2021 (unaudited)	$	11.03	$	0.11	$	(0.39	)	$	(0.28	)	$	(0.11	)	$	(0.30	)	$	(0.41	)
Year ended 9-30-2020		10.50		0.27		0.54			0.81			(0.28	)		—			(0.28	)
Year ended 9-30-2019		9.62		0.29		0.88			1.17			(0.29	)		—			(0.29	)
Year ended 9-30-2018		10.09		0.27		(0.50	)		(0.23	)		(0.24	)		—	*		(0.24	)
Year ended 9-30-2017(4)		10.00		0.11		0.06			0.17			(0.08	)		—			(0.08	)
Class E Shares
Six-month period ended 3-31-2021 (unaudited)		11.03		0.11		(0.37	)		(0.26	)		(0.11	)		(0.30	)		(0.41	)
Year ended 9-30-2020		10.50		0.27		0.54			0.81			(0.28	)		—			(0.28	)
Year ended 9-30-2019		9.62		0.29		0.89			1.18			(0.30	)		—			(0.30	)
Year ended 9-30-2018		10.09		0.27		(0.49	)		(0.22	)		(0.25	)		—	*		(0.25	)
Year ended 9-30-2017(4)		10.00		0.11		0.06			0.17			(0.08	)		—			(0.08	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		11.03		0.12		(0.36	)		(0.24	)		(0.13	)		(0.30	)		(0.43	)
Year ended 9-30-2020		10.50		0.29		0.54			0.83			(0.30	)		—			(0.30	)
Year ended 9-30-2019		9.62		0.31		0.89			1.20			(0.32	)		—			(0.32	)
Year ended 9-30-2018		10.10		0.30		(0.51	)		(0.21	)		(0.27	)		—	*		(0.27	)
Year ended 9-30-2017(4)		10.00		0.12		0.07			0.19			(0.09	)		—			(0.09	)
Class R Shares
Six-month period ended 3-31-2021 (unaudited)		11.03		0.08		(0.37	)		(0.29	)		(0.09	)		(0.30	)		(0.39	)
Year ended 9-30-2020		10.50		0.21		0.54			0.75			(0.22	)		—			(0.22	)
Year ended 9-30-2019		9.62		0.24		0.89			1.13			(0.25	)		—			(0.25	)
Year ended 9-30-2018		10.09		0.22		(0.50	)		(0.28	)		(0.19	)		—	*		(0.19	)
Year ended 9-30-2017(4)		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) For the period from April 20, 2017 (commencement of operations of the class) through September 30, 2017.

(5) Annualized.

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

See Accompanying Notes to Financial Statements.

48 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	10.34		-2.71	%	$	5		0.65	%(5)		2.04	%(5)		0.72	%(5)		1.97	%(5)		26	%
Year ended 9-30-2020		11.03		7.80			5		0.65			2.47			0.69			2.43			64
Year ended 9-30-2019		10.50		12.46			4		0.65			2.92			0.69			2.88			33
Year ended 9-30-2018		9.62		-2.26			3		0.65			2.73			0.70			2.68			79
Year ended 9-30-2017(4)		10.09		1.69			3		0.65	(5)		2.34	(5)		—			—			45	(6)
Class E Shares
Six-month period ended 3-31-2021 (unaudited)		10.36		-2.50			2		0.59	(5)		2.10	(5)		0.79	(5)		1.90	(5)		26
Year ended 9-30-2020		11.03		7.86			1		0.59			2.54			0.72			2.41			64
Year ended 9-30-2019		10.50		12.52			1		0.60			2.98			0.72			2.86			33
Year ended 9-30-2018		9.62		-2.22			1		0.60			2.79			0.69			2.70			79
Year ended 9-30-2017(4)		10.09		1.71			1		0.60	(5)		2.39	(5)		0.64	(5)		2.35	(5)		45	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		10.36		-2.40			135		0.40	(5)		2.29	(5)		0.58	(5)		2.11	(5)		26
Year ended 9-30-2020		11.03		8.07			137		0.40			2.73			0.56			2.57			64
Year ended 9-30-2019		10.50		12.74			130		0.40			3.17			0.61			2.96			33
Year ended 9-30-2018		9.62		-2.02			70		0.40			3.02			0.60			2.82			79
Year ended 9-30-2017(4)		10.10		1.78			34		0.40	(5)		2.65	(5)		0.54	(5)		2.51	(5)		45	(6)
Class R Shares
Six-month period ended 3-31-2021 (unaudited)		10.35		-2.85			1		1.15	(5)		1.54	(5)		—			—			26
Year ended 9-30-2020		11.03		7.25			1		1.14			1.99			—			—			64
Year ended 9-30-2019		10.50		11.91			1		1.15			2.43			1.18			2.40			33
Year ended 9-30-2018		9.62		-2.76			1		1.15			2.23			1.19			2.19			79
Year ended 9-30-2017(4)		10.09		1.50			1		1.13	(5)		1.85	(5)		—			—			45	(6)

See Accompanying Notes to Financial Statements.

2021 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 on Investments		Total from Investment Operations		Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 3-31-2021 (unaudited)	$	12.63	$	0.13	$	2.40	$	2.53	$	(0.15	)	$	(0.58	)	$	(0.73	)
Year ended 9-30-2020		12.66		0.24		0.11		0.35		(0.23	)		(0.15	)		(0.38	)
Year ended 9-30-2019		11.96		0.21		0.83		1.04		(0.22	)		(0.12	)		(0.34	)
Year ended 9-30-2018		10.62		0.21		1.30		1.51		(0.17	)		—	*		(0.17	)
Year ended 9-30-2017(4)		10.00		0.08		0.56		0.64		(0.02	)		—			(0.02	)
Class E Shares
Six-month period ended 3-31-2021 (unaudited)		12.63		0.14		2.40		2.54		(0.16	)		(0.58	)		(0.74	)
Year ended 9-30-2020		12.67		0.26		0.10		0.36		(0.25	)		(0.15	)		(0.40	)
Year ended 9-30-2019		11.96		0.22		0.84		1.06		(0.23	)		(0.12	)		(0.35	)
Year ended 9-30-2018		10.62		0.21		1.30		1.51		(0.17	)		—	*		(0.17	)
Year ended 9-30-2017(4)		10.00		0.08		0.56		0.64		(0.02	)		—			(0.02	)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		12.63		0.15		2.39		2.54		(0.16	)		(0.58	)		(0.74	)
Year ended 9-30-2020		12.67		0.27		0.10		0.37		(0.26	)		(0.15	)		(0.41	)
Year ended 9-30-2019		11.96		0.24		0.84		1.08		(0.25	)		(0.12	)		(0.37	)
Year ended 9-30-2018		10.62		0.24		1.30		1.54		(0.20	)		—	*		(0.20	)
Year ended 9-30-2017(4)		10.00		0.09		0.56		0.65		(0.03	)		—			(0.03	)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		12.63		0.15		2.40		2.55		(0.17	)		(0.58	)		(0.75	)
Year ended 9-30-2020		12.67		0.27		0.10		0.37		(0.26	)		(0.15	)		(0.41	)
Year ended 9-30-2019		11.96		0.24		0.84		1.08		(0.25	)		(0.12	)		(0.37	)
Year ended 9-30-2018		10.62		0.25		1.29		1.54		(0.20	)		—	*		(0.20	)
Year ended 9-30-2017(4)		10.00		0.09		0.56		0.65		(0.03	)		—			(0.03	)
Class R Shares
Six-month period ended 3-31-2021 (unaudited)		12.62		0.10		2.40		2.50		(0.12	)		(0.58	)		(0.70	)
Year ended 9-30-2020		12.65		0.19		0.10		0.29		(0.17	)		(0.15	)		(0.32	)
Year ended 9-30-2019		11.95		0.15		0.83		0.98		(0.16	)		(0.12	)		(0.28	)
Year ended 9-30-2018		10.62		0.15		1.29		1.44		(0.11	)		—	*		(0.11	)
Year ended 9-30-2017(4)		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) For the period from April 20, 2017 (commencement of operations of the class) through September 30, 2017.

(5) Annualized.

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

See Accompanying Notes to Financial Statements.

50 SEMIANNUAL REPORT 2021

	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 ended 3-31-2021 (unaudited)	$	14.43		20.54	%	$	5		0.74	%(5)		1.92	%(5)		0.85	%(5)		1.81	%(5)		13	%
Year ended 9-30-2020		12.63		2.88			4		0.74			2.01			0.84			1.91			40
Year ended 9-30-2019		12.66		9.04			3		0.75			1.79			0.89			1.65			28
Year ended 9-30-2018		11.96		14.29			2		0.75			1.87			0.81			1.81			27
Year ended 9-30-2017(4)		10.62		6.39			1		0.75	(5)		1.63	(5)		0.86	(5)		1.52	(5)		4	(6)
Class E Shares
Six-month period ended 3-31-2021 (unaudited)		14.43		20.62			4		0.60	(5)		2.07	(5)		0.94	(5)		1.73	(5)		13
Year ended 9-30-2020		12.63		2.94			3		0.60			2.12			0.93			1.79			40
Year ended 9-30-2019		12.67		9.14			2		0.73			1.82			0.94			1.61			28
Year ended 9-30-2018		11.96		14.29			1		0.75			1.87			0.76			1.86			27
Year ended 9-30-2017(4)		10.62		6.39			1		0.75	(5)		1.64	(5)		0.81	(5)		1.58	(5)		4	(6)
Class I Shares
Six-month period ended 3-31-2021 (unaudited)		14.43		20.68			323		0.50	(5)		2.17	(5)		0.66	(5)		2.01	(5)		13
Year ended 9-30-2020		12.63		3.07			297		0.50			2.21			0.64			2.07			40
Year ended 9-30-2019		12.67		9.39			301		0.50			2.04			0.69			1.85			28
Year ended 9-30-2018		11.96		14.56			282		0.50			2.14			0.65			1.99			27
Year ended 9-30-2017(4)		10.62		6.49			87		0.50	(5)		1.97	(5)		0.72	(5)		1.75	(5)		4	(6)
Class N Shares
Six-month period ended 3-31-2021 (unaudited)		14.43		20.70			83		0.50	(5)		2.17	(5)		—			—			13
Year ended 9-30-2020		12.63		3.07			80		0.50			2.24			0.50			2.24			40
Year ended 9-30-2019		12.67		9.40			86		0.50			2.03			0.53			2.00			28
Year ended 9-30-2018		11.96		14.56			93		0.49			2.17			—			—			27
Year ended 9-30-2017(4)		10.62		6.49			3		0.50	(5)		1.89	(5)		0.57	(5)		1.82	(5)		4	(6)
Class R Shares
Six-month period ended 3-31-2021 (unaudited)		14.42		20.30			1		1.23	(5)		1.44	(5)		—			—			13
Year ended 9-30-2020		12.62		2.37			1		1.19			1.53			—			—			40
Year ended 9-30-2019		12.65		8.50			1		1.26			1.28			1.28			1.26			28
Year ended 9-30-2018		11.95		13.61			1		1.26			1.35			—			—			27
Year ended 9-30-2017(4)		10.62		6.20			1		1.29	(5)		1.09	(5)		1.35	(5)		1.03	(5)		4	(6)

See Accompanying Notes to Financial Statements.

2021 SEMIANNUAL REPORT 51

NOTES TO FINANCIAL STATEMENTS IVY FUNDS

MARCH 31, 2021 (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 an open-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 during the period ended March 31, 2021 was Ivy Investment Management Company (“IICO” or the “Manager”).

Each Fund offers Class A, Class E and Class I shares. Certain Funds offer 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 a front-end sales charge. For Class A shares, a 1% contingent deferred sales charge (“CDSC”) is only imposed on shares purchased at NAV for $500,000 or more that are subsequently redeemed within 12 months of purchase. For Class E shares, a 1% CDSC is only imposed on shares purchased at NAV for $250,000 or more that are subsequently redeemed within 12 months of purchase. Class I, Class N and Class R shares are sold without either a front-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 the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-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. The financial statements reflect an estimate of the reclassification of the distribution character.

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

52 SEMIANNUAL REPORT 2021

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 Statements 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’ Statements of Assets and Liabilities, less any collateral held by the Funds.

Certain Funds may hold high-yield or non-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 have off-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 Statements 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

2021 SEMIANNUAL REPORT 53

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 as COVID-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 of COVID-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 the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Custodian Fees. “Custodian fees” on the Statements 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. On December 2, 2020, Waddell & Reed Financial, Inc. (“WDR”), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the “Ivy Funds”), and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”).

The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust, and distributed by Delaware Distributors, L.P.

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.

54 SEMIANNUAL REPORT 2021

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.

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 be re-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.

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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.

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, 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 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 the intra-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.

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Restricted Securities. Restricted securities that are deemed to be Rule 144A securities and illiquid, as well as restricted securities held in non-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 Statements 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.

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 Statements of Assets and Liabilities. The net change in unrealized appreciation (depreciation) is reported on the Statements of Operations. Realized gains (losses) are reported on the Statements 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 amount pre-agreed in the CSA between the Fund and the counterparty. See Note 2 “Segregation and Collateralization” for additional information with respect to collateral practices.

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Additional Disclosure Related to Derivative Instruments

Fair values of derivative instruments as of March 31, 2021:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statements of Assets & Liabilities Location	Value		Statements of Assets & Liabilities Location	Value
Ivy ProShares Interest Rate Hedged High Yield Index Fund	Interest rate	Unrealized appreciation on futures contracts*	$	415		$	—

* The value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statements of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of period ended March 31, 2021.

Amount of realized gain (loss) on derivatives recognized on the Statements of Operations for the period ended March 31, 2021:

		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	$—	$	—	$287	$	—	$	—	$	287

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

Change in unrealized appreciation (depreciation) on derivatives recognized on the Statements of Operations for the period ended March 31, 2021:

		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	$—	$	—	$476	$	—	$	—	$	476

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

During the period ended March 31, 2021, 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	$—	$—	$	34,906	$—	$	—	$	—

(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.

58 SEMIANNUAL REPORT 2021

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

Management Fees. During the period ended March 31, 2021, IICO served as each Fund’s investment manager. Effective April 30, 2021, DMC 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 Statements of Assets and Liabilities. All fees paid in cash plus any appreciation (depreciation) in the underlying deferred plan are shown on the Statements of Operations. Additionally, fees paid to the Chief Compliance Officer of the Funds are shown on the Statements 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 of one-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 monthly per-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 Statements 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 to one-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 to one-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 to one-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 certain out-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.

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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, 2021, 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		—		—		12
Ivy ProShares Russell 2000 Dividend Growers Index Fund		2		—		—		2
Ivy ProShares S&P 500 Bond Index Fund		1		—		—		—
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		2		—		—		1

(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 extraordinary expenses, if any). Fund and class expense limitations and related waivers/reimbursements for the period ended March 31, 2021 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	1-31-2022	N/A		$	90	(1)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2022	0.90%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2022	0.81%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2022	0.65%		$	29		Shareholder Servicing
Ivy ProShares MSCI ACWI Index Fund	All Classes	Contractual	4-20-2017	1-31-2022	N/A		$	175	(1)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2022	0.89%		$	11		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2022	0.70%		$	3		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2022	0.65%		$	49		Shareholder Servicing

60 SEMIANNUAL REPORT 2021

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy ProShares Russell 2000 Dividend Growers Index Fund	All Classes	Contractual	4-20-2017	1-31-2022	N/A		$	24	(2)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2022	0.88%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2022	0.71%		$	2		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2022	0.65%		$	74		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2022	0.65%		$	1		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2022	Not to exceed Class I		$	—		N/A
Ivy ProShares S&P 500 Bond Index Fund	Class A	Contractual	4-20-2017	1-31-2022	0.65%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2022	0.59%		$	2		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2022	0.40%		$	120		Shareholder Servicing
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund	Class A	Contractual	4-20-2017	1-31-2022	0.74%		$	2		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2022	0.60%		$	5		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2022	0.50%		$	250		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2022	0.50%		$	—		N/A
	Class N	Contractual	4-20-2017	1-31-2022	Not to exceed Class I		$	—		N/A

* Not shown due to rounding.

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

(2) Due to Class A, Class E, 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, 2021 are shown as a receivable from affiliates on the Statements 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, 2021.

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, 2021, were as follows:

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	—	$	10,287	$	—	$	11,135
Ivy ProShares MSCI ACWI Index Fund		—		5,277		—		14,838
Ivy ProShares Russell 2000 Dividend Growers Index Fund		—		8,553		—		17,401
Ivy ProShares S&P 500 Bond Index Fund		—		41,255		—		36,973
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		—		51,154		—		92,108

2021 SEMIANNUAL REPORT 61

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

Each Fund 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 Statements 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 Statements 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 to re-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, 2021 and the total value of the related cash collateral are disclosed in the Statements 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 and non-cash collateral received as of March 31, 2021:

Fund	Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Ivy ProShares MSCI ACWI Index Fund	$	1,206	$	979	$	297	$	1,276
Ivy ProShares Russell 2000 Dividend Growers Index Fund		520		531		—		531
Ivy ProShares S&P 500 Bond Index Fund		538		—		551		551

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.

62 SEMIANNUAL REPORT 2021

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 3-31-21 (Unaudited)						Year ended 9-30-20						Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		3		$	31			38		$	332			114		$	1,598			285		$	3,413
Class E		3			24			17			153			15			201			10			121
Class I		290			2,632			662			5,978			320			4,453			1,085			12,931
Class N		N/A			N/A			—			—			N/A			N/A			621			7,056
Class R		—	*		2			—	*		4			N/A			N/A			—			—
Shares issued in reinvestment of distributions to shareholders:
Class A		1			7			1			11			30			416			11			132
Class E		—	*		4			2			14			2			27			—	*		7
Class I		79			707			253			2,276			134			1,849			58			702
Class N		N/A			N/A			—			—			N/A			N/A			49			575
Class R		—	*		1			—	*		1			N/A			N/A			—			—
Shares redeemed:
Class A		(2	)		(18	)		(12	)		(107	)		(102	)		(1,448	)		(168	)		(2,022	)
Class E		(5	)		(44	)		(22	)		(184	)		(4	)		(56	)		(3	)		(37	)
Class I		(535	)		(4,816	)		(2,894	)		(25,787	)		(1,014	)		(13,995	)		(1,211	)		(14,254	)
Class N		N/A			N/A			(100	)		(891	)		N/A			N/A			(4,067	)		(53,090	)
Class R		—	*		(3	)		—	*		—	*		N/A			N/A			(199	)		(2,366	)
Net decrease		(166	)	$	(1,473	)		(2,055	)	$	(18,200	)		(506	)	$	(6,955	)		(3,529	)	$	(46,832	)
	Ivy ProShares Russell 2000 Dividend Growers Index Fund												Ivy ProShares S&P 500 Bond Index Fund
	Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20						Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		32		$	363			51		$	496			84		$	913			116		$	1,272
Class E		6			66			10			104			37			416			20			211
Class I		481			4,962			2,107			20,664			2,223			24,046			5,073			54,442
Class N		35			375			704			6,783			N/A			N/A			—			—
Class R		N/A			N/A			—			—			1			7			1			12
Shares issued in reinvestment of distributions to shareholders:
Class A		1			7			1			10			5			58			2			21
Class E		—	*		3			1			5			3			34			1			13
Class I		69			763			166			1,597			463			5,040			319			3,412
Class N		13			147			49			472			N/A			N/A			—			—
Class R		N/A			N/A			—			—			—	*		2			—	*		1
Shares redeemed:
Class A		(7	)		(75	)		(70	)		(698	)		(53	)		(579	)		(36	)		(379	)
Class E		(1	)		(7	)		(2	)		(20	)		(8	)		(87	)		(6	)		(62	)
Class I		(1,229	)		(13,179	)		(4,150	)		(41,798	)		(2,021	)		(22,013	)		(5,347	)		(57,039	)
Class N		(201	)		(2,101	)		(1,840	)		(16,724	)		N/A			N/A			(100	)		(1,116	)
Class R		N/A			N/A			(80	)		(716	)		—	*		(3	)		—	*		(2	)
Net increase (decrease)		(801	)	$	(8,676	)		(3,053	)	$	(29,825	)		734		$	7,834			43		$	786

* Not shown due to rounding.

2021 SEMIANNUAL REPORT 63

	Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
	Six months ended 3-31-21 (Unaudited)						Year ended 9-30-20
	Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		32		$	429			122		$	1,476
Class E		25			350			36			453
Class I		1,618			21,844			6,522			79,126
Class N		52			704			2,706			31,107
Class R		—	*		3			25			293
Shares issued in reinvestment of distributions to shareholders:
Class A		10			128			3			41
Class E		8			104			4			44
Class I		1,178			15,714			727			8,966
Class N		333			4,445			223			2,737
Class R		—	*		2			—	*		1
Shares redeemed:
Class A		(9	)		(123	)		(39	)		(491	)
Class E		(7	)		(94	)		(11	)		(130	)
Class I		(4,031	)		(54,817	)		(7,386	)		(88,624	)
Class N		(900	)		(12,080	)		(3,436	)		(43,176	)
Class R		—	*		(3	)		(24	)		(306	)
Net decrease		(1,691	)	$	(23,394	)		(528	)	$	(8,483	)

* Not shown due to rounding.

10. OTHER FUND INFORMATION

At a meeting held on January 12, 2021, the Trustees, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (“PwC”) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending March 31, 2021. PwC affirmed their independence as an independent registered public accounting firm on February 18, 2021. During the fiscal years ended March 31, 2020 and September 30, 2020, Deloitte & Touche LLP’s (“Deloitte”) audit report on the financial statements of each Fund in the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and Deloitte on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of Deloitte, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on each Fund’s financial statements.

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

For Federal income tax purposes, cost of investments owned at March 31, 2021 and the related unrealized appreciation (depreciation) were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation		Net Unrealized Appreciation
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	36,650	$	1,381	$	645	$	736
Ivy ProShares MSCI ACWI Index Fund		53,607		29,665		1,865		27,800
Ivy ProShares Russell 2000 Dividend Growers Index Fund		75,653		21,272		233		21,039
Ivy ProShares S&P 500 Bond Index Fund		139,210		5,827		3,157		2,670
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		309,487		107,524		2,471		105,053

64 SEMIANNUAL REPORT 2021

For Federal income tax purposes, the Funds’ undistributed earnings and profit for the year ended September 30, 2020 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	$	105	$	—	$	—	$	—	$	—
Ivy ProShares MSCI ACWI Index Fund		833		2,061		—		—		—
Ivy ProShares Russell 2000 Dividend Growers Index Fund		222		—		—		—		—
Ivy ProShares S&P 500 Bond Index Fund		355		3,230		—		—		—
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		1,840		13,381		—		—		—

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 are generated between 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, 2020 and 2019 were as follows:

	September 30, 2020				September 30, 2019
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	$	2,898	$	—	$	3,392	$	392
Ivy ProShares MSCI ACWI Index Fund		1,883		—		1,723		—
Ivy ProShares Russell 2000 Dividend Growers Index Fund		2,359		—		3,299		—
Ivy ProShares S&P 500 Bond Index Fund		3,858		—		3,296		—
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		9,470		3,470		11,817		136

(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, 2020 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2020, the capital loss carryovers were as follows:

Fund	Short-Term Capital Loss Carryover		Long-Term Capital Loss Carryover
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	2,418	$	4,681
Ivy ProShares MSCI ACWI Index Fund		—		—
Ivy ProShares Russell 2000 Dividend Growers Index Fund		3,368		7,165
Ivy ProShares S&P 500 Bond Index Fund		—		—
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		—		—

2021 SEMIANNUAL REPORT 65

PROXY VOTING INFORMATION IVY FUNDS

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 recent 12-month period ended June 30 is available on Form N-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 as an exhibit to the Trust’s Form N-PORT. 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.

OTHER INFORMATION IVY FUNDS

The individual Funds herein have adopted a Liquidity Risk Management Program (the “Program”). The Fund’s board has designated a Liquidity Risk Management Committee (the “Committee”) as the administrator of the Program. The Committee or delegates of the Committee conduct the day-to-day operation of the Program. Under the Program, the Committee manages the Fund’s liquidity risk, which is the risk that any Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The Committee’s process of determining the degree of liquidity of the Fund’s investments is supported by one or more third-party liquidity assessment vendors. The Fund’s board reviewed a report prepared by a designee of the Committee regarding the operation, adequacy and effectiveness of the Program from the period April 1, 2020, through December 31, 2020. The report described the Program’s liquidity classification methodology and the methodology in establishing a Fund’s Highly Liquid Investment Minimum (“HLIM”), if necessary. The Committee reported that during the period covered by the report, there were no material changes to the Program and no significant liquidity events impacting the Fund or its ability to timely meet redemptions without dilution to existing shareholders. In addition, the Committee provided its assessment that the Program, including the operation of each Fund’s HLIM, where applicable, had been effective in managing the Fund’s liquidity risk.

66 SEMIANNUAL REPORT 2021

DELAWARE FUNDS BY MACQUARIE 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 Delaware Management Company and distributed by Delaware Distributors, L.P.

2021 SEMIANNUAL REPORT 67

SEMIANN-IPS (3-21)

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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8.     PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.     PURCHASES OF EQUITY SECURITIES BY CLOSED-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) Assessment of the Registrant’s Control Environment

The Registrant’s disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that the Registrant files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Investment Company Act of 1940, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that such information is accumulated and communicated to the Registrant’s management (“Management”), including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Management, including the principal executive officer and principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of the Shareholder Report on Form N-CSR, Management carried out an evaluation of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures were not effective due to a material weakness. A material weakness exists in the design and operation of controls to address the valuation of certain private equity investments in accordance with U.S. GAAP. Specifically, controls were not designed or maintained to evaluate the valuation model and available observable inputs related to the fair valuation of certain private equity securities provided by a third-party valuation service. Certain private equity securities that were valued by third party valuation services were not subject to Valuation Committee review. A material weakness (as defined in Rule 12b-2 under the Exchange Act) is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Registrant’s annual or interim financial statements will not be prevented or detected on a timely basis. This material weakness did not result in a misstatement of previously issued financial statements. This material weakness resulted in audit adjustments, which adjustments are reflected in the financial statements included herein, to decrease investments in unaffiliated securities at value and net change in unrealized appreciation (depreciation) on investments in unaffiliated securities for the year ended March 31, 2021. Additionally, this material weakness could result in a misstatement of the aforementioned account balances or disclosures that would result in a material misstatement to the annual or interim financial statements that would not be prevented or detected.

Management’s Remediation Plan

Management is implementing enhancements to the Registrant’s disclosure controls and procedures to remediate the material weakness described above. Management utilizes a Valuation Committee as part of its existing fair valuation process and has undertaken enhancements to its review control by designing additional control activities to assess fair value models related to private equity securities including assessment of the observable inputs used in those fair value models. It is expected that the investment team would review all available observable inputs and other information relevant to the valuation and present this information to the Valuation Committee for consideration. Management will escalate all private equity securities purchased or acquired by the Registrant to the Valuation Committee and will incorporate U.S. GAAP considerations for fair value, specifically the consideration of observable inputs, where applicable.

The material weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and Management has concluded, through testing, that these controls are designed and operating effectively.

(b) Changes in Internal Controls

There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.     DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-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 Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-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 Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)).

Attached hereto as Exhibit 99.906CERT.

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/ David F. Connor
	David F. Connor, Secretary
Date:	June 22, 2021

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/ Shawn K. Lytle
	Shawn K. Lytle, President and Principal Executive Officer
Date:	June 22, 2021
By	/s/ Richard Salus
	Richard Salus, Senior Vice President and Principal Financial Officer
Date:	June 22, 2021