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, 2019

ITEM 1.     REPORTS TO STOCKHOLDERS.

1

  Semiannual Report   MARCH 31, 2019

Ticker

Class A

Class B

Class C

Class E

Class I

Class N

Class R

Class Y

IVY FUNDS

Ivy Apollo Multi-Asset Income Fund

IMAAX

IMACX

IMAIX

IMURX

IMAYX

Ivy Apollo Strategic Income Fund

APOX

ICPOX

IIPOX

IRPOX

IYPOX

Ivy California Municipal High Income Fund

IMHAX

IMHCX

IMHIX

IMHYX

Ivy Cash Management Fund

IAAXX

IABXX

IACXX

Ivy Corporate Bond Fund

IBJAX

IBJBX

IBJCX

IBJEX

IBJIX

IBJNX

IBJRX

IBJYX

Ivy Crossover Credit Fund

ICKAX

ICKEX

ICKIX

ICKNX

ICKRX

ICKYX

Ivy Government Securities Fund

IGJAX

IGJBX

IGJCX

IGJEX

IGJIX

IGJNX

IGJRX

IGJYX

Ivy International Small Cap Fund

IVJAX

IVJCX

IVJIX

IVJRX

IVJYX

Ivy Pictet Emerging Markets Local Currency Debt Fund

IECAX

IECCX

IECEX

IECIX

IMMCX

IECRX

IECYX

Ivy Pictet Targeted Return Bond Fund

IRBAX

IRBCX

IRBIX

IRBRX

IRBYX

Ivy PineBridge High Yield Fund

IPNAX

IPNIX

IPNNX

IPNRX

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

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (e.g., a broker-dealer or bank) or, if you are a direct investor, by calling 1-888-923-3355 or by enrolling at www.ivyinvestments.com.

You may elect to receive all future reports in paper format free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you may call 1-888-923-3355 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper format will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Fund Complex if you invest directly with the Funds.

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

CONTENTS IVY FUNDS

President’s Letter	3
Illustration of Fund Expenses	4
Portfolio Highlights and Schedule of Investments:
Ivy Apollo Multi-Asset Income Fund	7
Ivy Apollo Strategic Income Fund	22
Ivy California Municipal High Income Fund	38
Ivy Cash Management Fund	42
Ivy Corporate Bond Fund	45
Ivy Crossover Credit Fund	52
Ivy Government Securities Fund	56
Ivy International Small Cap Fund	59
Ivy Pictet Emerging Markets Local Currency Debt Fund	63
Ivy Pictet Targeted Return Bond Fund	74
Ivy PineBridge High Yield Fund	85
Statements of Assets and Liabilities	90
Statements of Operations	92
Statements of Changes in Net Assets	94
Financial Highlights	98
Notes to Financial Statements	120
Proxy Voting Information	145
Quarterly Portfolio Schedule Information	145
IRA Disclosure	145

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

2

PRESIDENT’S LETTER IVY FUNDS

	MARCH 31, 2019 (UNAUDITED)
Philip J. Sanders, CFA

Dear Shareholder,

We saw two distinct halves to this fiscal period. The latter part of 2018 brought dramatic market volatility, while early 2019 brought a reversal and solid rally. The U.S. stock market, which had hit record highs during 2018, concluded the year with the worst quarter for U.S. equities since 2011. Then, over the first calendar quarter of 2019, the S&P 500 Index turned in its best quarter since 2009, with major U.S. stock indexes approaching record highs again.

While investors continue to ride the ups and downs, one aspect that has stayed constant is uncertainty. Trade disputes, geopolitical tensions and slowing global growth rates all remain capable of rattling the financial markets.

The U.S. Federal Reserve (Fed) has indicated that short-term interest rates are close to what it believes to be neutral, meaning that policy is neither loose nor restrictive. Certainly, the more dovish stance by the Fed, with its pivot away from the steady interest rate increases of 2018, has helped with market sentiment, as has the accommodative position of the European Central Bank.

Global stocks are rising as inflation remains contained and economic growth around the world slows. The overall sluggish pace of economic expansion, particularly in the eurozone, has led us to revisit our global growth forecast for the year. However, we believe headway on a number of key issues could lead to an uptick in growth later this year. While we project U.S. GDP growth around 2.5% for the year, it’s clear that the waning effect of tax cuts and fiscal stimulus, along with the trade dispute between the U.S. and China, continue to weigh on economic activity. Nonetheless, there is confidence that a recession will be averted. It does look like the global economy could improve in the back half of the year, which would lead to better earnings growth in the second half, perhaps helping to sustain the stock rally.

Emerging markets faced multiple headwinds over the fiscal year, namely a strong dollar, China’s focus on deleveraging and regulations, trade wars, volatile energy prices and increased geopolitical risks. By comparison, U.S. equities broadly have benefitted from a more attractive growth rate, which was the result of tax reform, lower regulatory pressures and repatriation of overseas earnings.

Looking ahead, while we believe volatility remains possible, the landscape should present more selective opportunities for investors. As we review those opportunities, we

continue to put greater emphasis on the fundamentals and quality of asset classes and sectors.

We believe it is important to stay focused on the merits of individual market sectors, industries and companies when making investment decisions. Those fundamentals historically have tended to outweigh external factors such as government policies and regulations. While those can affect every business and every investor, we think the innovation and management skill within individual companies ultimately drive long-term stock prices.

Economic Snapshot

	3/31/2019		9/30/2018
S&P 500 Index		2,834.40		2,913.98
MSCI EAFE Index		1,875.43		1,973.60
10-Year Treasury Yield		2.41%		3.05%
U.S. unemployment rate		3.8%		3.7%
30-year fixed mortgage rate		4.06%		4.72%
Oil price per barrel	$	60.14	$	73.25

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

All government statistics shown are subject to periodic revision. The S&P 500 Index is an unmanaged index that tracks the stocks of 500 primarily large-cap U.S. companies. MSCI EAFE Index is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. It is not possible to invest directly in any of these indexes. Mortgage rates are from BankRate and reflect the overnight national average rate on a conventional 30-year fixed loan. Oil prices reflect the market price of West Texas intermediate grade crude.

Respectfully,

Philip J. Sanders, CFA

President

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

2019 SEMIANNUAL REPORT 3

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, exchange fees and account fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Fund expenses. The following table is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended March 31, 2019.

Actual Expenses

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

is below $650 on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20. You should consider the additional fees that were charged to your Fund account over 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 9-30-18		Ending Account Value 3-31-19		Expenses Paid During Period*		Beginning Account Value 9-30-18		Ending Account Value 3-31-19		Expenses Paid During Period*
Ivy Apollo Multi-Asset Income Fund
Class A	$	1,000	$	1,007.10	$	6.02	$	1,000	$	1,018.97	$	6.06		1.20%
Class C	$	1,000	$	1,003.50	$	9.72	$	1,000	$	1,015.28	$	9.77		1.94%
Class I	$	1,000	$	1,009.20	$	3.72	$	1,000	$	1,021.19	$	3.74		0.75%
Class N	$	1,000	$	1,008.40	$	3.72	$	1,000	$	1,021.19	$	3.74		0.75%
Class Y	$	1,000	$	1,007.20	$	5.82	$	1,000	$	1,019.14	$	5.86		1.16%

4 SEMIANNUAL REPORT 2019

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-18		Ending Account Value 3-31-19		Expenses Paid During Period*		Beginning Account Value 9-30-18		Ending Account Value 3-31-19		Expenses Paid During Period*
Ivy Apollo Strategic Income Fund
Class A	$	1,000	$	1,021.90	$	5.36	$	1,000	$	1,019.65	$	5.35		1.06%
Class C	$	1,000	$	1,017.20	$	9.28	$	1,000	$	1,015.71	$	9.27		1.85%
Class I	$	1,000	$	1,023.10	$	3.34	$	1,000	$	1,021.59	$	3.34		0.67%
Class N	$	1,000	$	1,023.10	$	3.34	$	1,000	$	1,021.59	$	3.34		0.67%
Class Y	$	1,000	$	1,022.00	$	5.16	$	1,000	$	1,019.79	$	5.15		1.03%
Ivy California Municipal High Income Fund
Class A	$	1,000	$	1,038.90	$	4.08	$	1,000	$	1,020.94	$	4.04		0.80%
Class C	$	1,000	$	1,034.50	$	8.44	$	1,000	$	1,016.68	$	8.37		1.66%
Class I	$	1,000	$	1,039.90	$	3.06	$	1,000	$	1,021.94	$	3.03		0.60%
Class Y	$	1,000	$	1,038.90	$	4.08	$	1,000	$	1,020.94	$	4.04		0.80%
Ivy Cash Management Fund
Class A	$	1,000	$	1,009.40	$	3.52	$	1,000	$	1,021.41	$	3.54		0.71%
Class B**	$	1,000	$	1,005.20	$	7.62	$	1,000	$	1,017.31	$	7.67		1.53%
Class C	$	1,000	$	1,004.60	$	8.32	$	1,000	$	1,016.67	$	8.37		1.66%
Ivy Corporate Bond Fund
Class A	$	1,000	$	1,045.90	$	5.22	$	1,000	$	1,019.83	$	5.15		1.02%
Class B**	$	1,000	$	1,037.10	$	13.04	$	1,000	$	1,012.09	$	12.88		2.58%
Class C	$	1,000	$	1,041.20	$	9.80	$	1,000	$	1,015.34	$	9.67		1.92%
Class E	$	1,000	$	1,047.00	$	4.09	$	1,000	$	1,020.92	$	4.04		0.80%
Class I	$	1,000	$	1,047.40	$	3.58	$	1,000	$	1,021.43	$	3.54		0.70%
Class N	$	1,000	$	1,048.40	$	2.77	$	1,000	$	1,022.19	$	2.73		0.55%
Class R	$	1,000	$	1,044.50	$	6.54	$	1,000	$	1,018.53	$	6.46		1.28%
Class Y	$	1,000	$	1,046.30	$	4.81	$	1,000	$	1,020.19	$	4.75		0.95%
Ivy Crossover Credit Fund
Class A	$	1,000	$	1,050.40	$	4.61	$	1,000	$	1,020.44	$	4.55		0.90%
Class E	$	1,000	$	1,050.40	$	4.61	$	1,000	$	1,020.43	$	4.55		0.90%
Class I	$	1,000	$	1,051.80	$	3.28	$	1,000	$	1,021.69	$	3.23		0.65%
Class N	$	1,000	$	1,051.80	$	3.28	$	1,000	$	1,021.69	$	3.23		0.65%
Class R	$	1,000	$	1,047.00	$	7.16	$	1,000	$	1,017.98	$	7.06		1.39%
Class Y	$	1,000	$	1,050.40	$	4.61	$	1,000	$	1,020.44	$	4.55		0.90%
Ivy Government Securities Fund
Class A	$	1,000	$	1,042.80	$	5.11	$	1,000	$	1,019.98	$	5.05		0.99%
Class B**	$	1,000	$	1,036.70	$	10.79	$	1,000	$	1,014.35	$	10.68		2.12%
Class C	$	1,000	$	1,038.00	$	9.48	$	1,000	$	1,015.61	$	9.37		1.87%
Class E	$	1,000	$	1,043.60	$	4.29	$	1,000	$	1,020.70	$	4.24		0.85%
Class I	$	1,000	$	1,044.30	$	3.68	$	1,000	$	1,021.36	$	3.64		0.72%
Class N	$	1,000	$	1,044.90	$	3.07	$	1,000	$	1,021.91	$	3.03		0.61%
Class R	$	1,000	$	1,041.10	$	6.84	$	1,000	$	1,018.26	$	6.76		1.34%
Class Y	$	1,000	$	1,042.10	$	5.11	$	1,000	$	1,019.98	$	5.05		0.99%

2019 SEMIANNUAL REPORT 5

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-18		Ending Account Value 3-31-19		Expenses Paid During Period*		Beginning Account Value 9-30-18		Ending Account Value 3-31-19		Expenses Paid During Period*
Ivy International Small Cap Fund
Class A	$	1,000	$	904.50	$	6.67	$	1,000	$	1,017.95	$	7.06		1.41%
Class C	$	1,000	$	901.50	$	10.17	$	1,000	$	1,014.27	$	10.78		2.14%
Class I	$	1,000	$	906.40	$	4.67	$	1,000	$	1,019.99	$	4.95		0.99%
Class N	$	1,000	$	906.20	$	4.67	$	1,000	$	1,019.99	$	4.95		0.99%
Class Y	$	1,000	$	904.50	$	6.76	$	1,000	$	1,017.86	$	7.16		1.41%
Ivy Pictet Emerging Markets Local Currency Debt Fund
Class A	$	1,000	$	1,031.70	$	6.10	$	1,000	$	1,018.93	$	6.06		1.20%
Class C	$	1,000	$	1,027.30	$	9.33	$	1,000	$	1,015.72	$	9.27		1.85%
Class E	$	1,000	$	1,030.50	$	5.28	$	1,000	$	1,019.68	$	5.25		1.05%
Class I	$	1,000	$	1,032.70	$	4.07	$	1,000	$	1,020.94	$	4.04		0.80%
Class N	$	1,000	$	1,032.70	$	4.07	$	1,000	$	1,020.94	$	4.04		0.80%
Class R	$	1,000	$	1,029.40	$	7.61	$	1,000	$	1,017.45	$	7.57		1.50%
Class Y	$	1,000	$	1,030.40	$	6.09	$	1,000	$	1,018.93	$	6.06		1.20%
Ivy Pictet Targeted Return Bond Fund
Class A	$	1,000	$	1,033.50	$	6.20	$	1,000	$	1,018.84	$	6.16		1.22%
Class C	$	1,000	$	1,029.70	$	9.64	$	1,000	$	1,015.38	$	9.57		1.91%
Class I	$	1,000	$	1,034.70	$	5.09	$	1,000	$	1,019.94	$	5.05		1.00%
Class N	$	1,000	$	1,034.90	$	4.38	$	1,000	$	1,020.59	$	4.34		0.87%
Class Y	$	1,000	$	1,033.50	$	6.20	$	1,000	$	1,018.84	$	6.16		1.22%
Ivy PineBridge High Yield Fund
Class A	$	1,000	$	1,023.60	$	5.06	$	1,000	$	1,019.94	$	5.05		1.00%
Class I	$	1,000	$	1,023.90	$	3.64	$	1,000	$	1,021.34	$	3.64		0.72%
Class N	$	1,000	$	1,024.90	$	3.64	$	1,000	$	1,021.34	$	3.64		0.72%
Class R	$	1,000	$	1,021.50	$	7.38	$	1,000	$	1,017.59	$	7.36		1.47%

* Fund expenses for each share class are equal to the Fund’s annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 182 days in the six-month period ended March 31, 2019, 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.

6 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY APOLLO MULTI-ASSET INCOME FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Stocks	47.0%
Real Estate	9.1%
Financials	7.4%
Energy	5.9%
Consumer Staples	5.6%
Industrials	4.6%
Health Care	4.3%
Utilities	2.8%
Information Technology	2.6%
Communication Services	1.8%
Materials	1.8%
Consumer Discretionary	1.1%
Warrants	0.0%
Bonds	44.5%
Corporate Debt Securities	25.2%
Loans	15.7%
Asset-Backed Securities	2.3%
Mortgage-Backed Securities	1.3%
Other Government Securities	0.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	8.5%

Country Weightings

North America	56.5%
United States	52.9%
Canada	3.5%
Other North America	0.1%
Europe	25.0%
United Kingdom	5.6%
France	5.0%
Netherlands	3.9%
Other Europe	10.5%
Pacific Basin	7.9%
Bahamas/Caribbean	2.0%
South America	0.1%
Other	0.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	8.5%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Royal Dutch Shell plc, Class A	Netherlands	Energy	Integrated Oil & Gas
Pfizer, Inc.	United States	Health Care	Pharmaceuticals
Nestle S.A., Registered Shares	Switzerland	Consumer Staples	Packaged Foods & Meats
Roche Holdings AG, Genusscheine	Switzerland	Health Care	Pharmaceuticals
Total S.A.	France	Energy	Integrated Oil & Gas
Lockheed Martin Corp.	United States	Industrials	Aerospace & Defense
Procter & Gamble Co. (The)	United States	Consumer Staples	Household Products
AstraZeneca plc	United Kingdom	Health Care	Pharmaceuticals
Samsung Electronics Co. Ltd.	South Korea	Information Technology	Technology Hardware, Storage & Peripherals
Tokio Marine Holdings, Inc.	Japan	Financials	Property & Casualty Insurance

See your advisor or www.ivyinvestments.com for more information on the Fund’s most recent 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.

2019 SEMIANNUAL REPORT 7

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS	Shares			Value
Communication Services
Broadcasting – 0.0%
Cumulus Media, Inc., Class A (A)		—	*	$	1
Cable & Satellite – 0.0%
Altice N.V., Class A (A)(B)(C)		9			24
Altice USA, Inc., Class A		4			80
					104
Integrated Telecommunication Services – 1.7%
Orange S.A. (B)		237			3,859
Verizon Communications, Inc.		69			4,083
					7,942
Wireless Telecommunication Service – 0.1%
SBA Communications Corp. (A)		3			590
Total Communication Services – 1.8%					8,637
Consumer Discretionary
Apparel Retail – 0.0%
True Religion Apparel, Inc. (A)(B)(D)		1			29
Apparel, Accessories & Luxury Goods – 0.4%
LVMH Moet Hennessy – Louis Vuitton (B)		5			1,801
Education Services – 0.0%
Laureate Education, Inc., Class A (A)		11			160
Home Improvement Retail – 0.4%
Home Depot, Inc. (The)		10			1,996
Homebuilding – 0.2%
Bellway plc (B)		22			875
Hotels, Resorts & Cruise Lines – 0.1%
Studio City International Holdings Ltd. ADR (A)		35			562
Total Consumer Discretionary – 1.1%					5,423
Consumer Staples
Household Products – 1.1%
Procter & Gamble Co. (The)		47			4,877
Hypermarkets & Super Centers – 0.7%
Wal-Mart Stores, Inc.		33			3,205
Packaged Foods & Meats – 1.8%
Mowi ASA (B)(C)		81			1,799
Nestle S.A., Registered Shares (B)		67			6,420
					8,219
Personal Products – 0.7%
Unilever plc (B)		57			3,278
Tobacco – 1.3%
British American Tobacco plc (B)		67			2,792

COMMON STOCKS (Continued)	Shares		Value
Tobacco (Continued)
Philip Morris International, Inc.		37	$	3,245
				6,037
Total Consumer Staples – 5.6%				25,616
Energy
Coal & Consumable Fuels – 0.0%
Westmoreland Coal Co. (A)(D)		7		91
Integrated Oil & Gas – 4.8%
Chevron Corp.		33		4,101
PJSC LUKOIL ADR (A)(B)		28		2,537
Royal Dutch Shell plc, Class A (B)		220		6,912
Suncor Energy, Inc.		86		2,797
Total S.A. (B)		97		5,423
				21,770
Oil & Gas Exploration & Production – 0.8%
CNOOC Ltd. (B)		1,980		3,687
Total Energy – 5.6%				25,548
Financials
Asset Management & Custody Banks – 0.5%
3i Group plc (B)		178		2,286
Diversified Banks – 3.8%
Banco Santander S.A. (B)		564		2,618
Bank of Montreal (B)		49		3,691
BNP Paribas S.A. (B)		71		3,392
BOC Hong Kong (Holdings) Ltd. (B)		820		3,404
DBS Group Holdings Ltd. (B)		128		2,384
ING Groep N.V., Certicaaten Van Aandelen (B)		176		2,135
				17,624
Other Diversified Financial Services – 1.0%
Citigroup, Inc.		48		2,996
JPMorgan Chase & Co.		17		1,721
				4,717
Property & Casualty Insurance – 1.0%
Tokio Marine Holdings, Inc. (B)		93		4,515
Regional Banks – 0.4%
KeyCorp		112		1,760
Total Financials – 6.7%				30,902
Health Care
Health Care Equipment – 0.7%
Medtronic plc		36		3,271
Pharmaceuticals – 3.6%
Advanz Pharma Corp. (A)(B)		6		108
AstraZeneca plc (B)		58		4,606
Pfizer, Inc.		154		6,556

COMMON STOCKS (Continued)	Shares		Value
Pharmaceuticals (Continued)
Roche Holdings AG, Genusscheine (B)		21	$	5,729
				16,999
Total Health Care – 4.3%				20,270
Industrials
Aerospace & Defense – 2.2%
BAE Systems plc (B)		495		3,111
Boeing Co. (The)		5		1,812
Lockheed Martin Corp.		17		5,191
				10,114
Construction & Engineering – 0.8%
Vinci (B)		38		3,728
Construction Machinery & Heavy Trucks – 0.4%
Caterpillar, Inc.		13		1,802
Electrical Components & Equipment – 0.5%
Eaton Corp.		27		2,190
Industrial Conglomerates – 0.7%
Koninklijke Philips Electronics N.V., Ordinary Shares (B)		83		3,404
Total Industrials – 4.6%				21,238
Information Technology
Semiconductor Equipment – 0.5%
Tokyo Electron Ltd. (B)(C)		15		2,238
Semiconductors – 0.7%
Intel Corp.		57		3,071
Systems Software – 0.4%
Microsoft Corp.		15		1,778
Technology Hardware, Storage & Peripherals – 1.0%
Samsung Electronics Co. Ltd. (B)		116		4,575
Total Information Technology – 2.6%				11,662
Materials
Construction Materials – 0.4%
CRH plc (B)		60		1,864
Diversified Chemicals – 0.6%
Eastman Chemical Co.		37		2,842
Diversified Metals & Mining – 0.7%
Anglo American plc (B)		131		3,512
Forest Products – 0.1%
Weyerhaeuser Co.		11		297
Total Materials – 1.8%				8,515

8 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Real Estate
Diversified Real Estate Activities – 1.3%
CoreSite Realty Corp.		3		$	274
Heiwa Real Estate Co. Ltd. (B)		27			523
MCUBS MidCity Investment Corp. (B)		—	*		113
Mitsubishi Estate Co. Ltd. (B)		121			2,196
Mitsui Fudosan Co. Ltd. (B)		27			252
Mitsui Fudosan Co. Ltd. (B)		54			1,360
Sun Hung Kai Properties Ltd. (B)		65			1,116
					5,834
Diversified REITs – 0.8%
British Land Co. plc (The) (B)		46			356
Cominar Real Estate Investment Trust (B)		13			111
Dexus (B)		53			483
Gecina (B)		4			537
GPT Group (B)		88			390
H&R Real Estate Investment Trust (B)		9			152
Land Securities Group plc (B)		55			659
Lar Espana Real Estate Socimi S.A. (B)		29			242
Merlin Properties Socimi S.A. (B)		11			149
NSI N.V. (B)		6			260
VEREIT, Inc.		51			423
					3,762
Health Care REITs – 0.5%
Healthcare Trust of America, Inc., Class A		14			393
National Health Investors, Inc.		5			416
Ventas, Inc.		20			1,272
Welltower, Inc.		1			84
					2,165
Hotel & Resort REITs – 0.3%
Park Hotels & Resorts, Inc.		17			515
Pebblebrook Hotel Trust		15			479
Sunstone Hotel Investors, Inc.		24			342
					1,336
Industrial REITs – 0.5%
Duke Realty Corp.		17			509
First Industrial Realty Trust, Inc.		13			475
ITOCHU Advance Logistics Investment Corp. (B)		—	*		289
ProLogis, Inc.		6			440
SEGRO plc (B)		51			447
					2,160
Office REITs – 1.1%
Alexandria Real Estate Equities, Inc.		5			742
alstria office AG (B)		5			81
Boston Properties, Inc.		7			981
Derwent London plc (B)		5			214
Global One Corp. (B)		—	*		297
Great Portland Estates plc (B)		58			561
Hibernia REIT plc (B)		201			302
Highwoods Properties, Inc.		5			236
ORIX JREIT, Inc. (B)		—	*		309
SL Green Realty Corp.		7			595

COMMON STOCKS (Continued)	Shares			Value
Office REITs (Continued)
Vornado Realty Trust		13		$	866
					5,184
Real Estate Development – 0.1%
City Developments Ltd. (B)		54			358
Real Estate Operating Companies – 1.1%
Entra ASA (B)		24			358
First Capital Realty, Inc. (B)		9			137
Grainger plc (B)		68			209
Hang Lung Properties Ltd. (B)		363			887
Keihanshin Building Co. Ltd. (B)(C)		30			288
PSP Swiss Property Ltd., Registered Shares (B)		1			97
Shurgard Self Storage Europe S.a.r.l. (A)(B)		8			266
Swire Properties Ltd. (B)		421			1,811
Vonovia SE (B)		22			1,127
					5,180
Residential REITs – 1.0%
American Campus Communities, Inc.		15			690
AvalonBay Communities, Inc.		9			1,727
AvalonBay Communities, Inc.		8			154
Equity Lifestyle Properties, Inc.		2			175
Equity Residential		20			1,482
Invitation Homes, Inc.		19			456
Irish Residential Properties REIT plc (B)		120			214
					4,898
Retail REITs – 1.5%
Choice Properties REIT (B)		9			91
Link (The) (B)		80			938
Macerich Co. (The)		10			424
National Retail Properties, Inc.		7			400
Regency Centers Corp.		14			915
Scentre Group (B)		308			900
Simon Property Group, Inc.		9			1,580
Taubman Centers, Inc.		10			510
Unibail-Rodamco-Westfield (B)		5			828
Vicinity Centres (B)		93			171
Weingarten Realty Investors		17			485
					7,242
Specialized REITs – 0.9%
Big Yellow Group plc (B)		23			300
Chartwell Retirement Residences (B)		7			79
CoreCivic, Inc.		1			26
Crown Castle International Corp.		3			412
CubeSmart		25			807
Digital Realty Trust, Inc.		2			270
Equinix, Inc.		—	*		176
Public Storage, Inc.		8			1,672
VICI Properties, Inc.		25			549
					4,291
Total Real Estate – 9.1%					42,410

COMMON STOCKS (Continued)	Shares		Value
Utilities
Electric Utilities – 2.3%
E.ON AG (B)		190	$	2,114
ENEL S.p.A. (B)		674		4,316
Exelon Corp.		85		4,277
				10,707
Water Utilities – 0.5%
Guangdong Investment Ltd. (B)		1,174		2,266
Total Utilities – 2.8%				12,973
TOTAL COMMON STOCKS – 46.0%			$	213,194
(Cost: $191,551)
INVESTMENT FUNDS
Registered Investment Companies – 0.7%
iShares iBoxx $ High Yield Corporate Bond ETF (C)		36		3,149
TOTAL INVESTMENT FUNDS – 0.7%			$	3,149
(Cost: $3,101)
PREFERRED STOCKS
Consumer Staples
Agricultural Products – 0.0%
Pinnacle Agriculture Enterprises LLC (A)(D)(E)		233		48
Total Consumer Staples – 0.0%				48
Energy
Oil & Gas Exploration & Production – 0.3%
Targa Resources Corp., 9.500% (A)(E)		1		1,352
Total Energy – 0.3%				1,352
TOTAL PREFERRED STOCKS – 0.3%			$	1,400
(Cost: $1,520)
WARRANTS
Oil & Gas Exploration & Production – 0.0%
Ultra Resources, Inc., expires 7-14-25 (F)		3		—	*
TOTAL WARRANTS – 0.0%			$	—	*
(Cost: $1)
ASSET-BACKED SECURITIES	Principal
Adams Mill CLO Ltd., Series 2014-1A, Class D1 (3-Month U.S. LIBOR plus 350 bps), 5.940%, 7-15-26 (G)(H)	$	600		599
Anchorage Credit Funding Ltd., Series 2015-2A, Class D, 7.300%, 1-25-31 (G)		600		605

2019 SEMIANNUAL REPORT 9

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

MARCH 31, 2019 (UNAUDITED)

ASSET-BACKED SECURITIES (Continued)	Principal		Value
Antares CLO 2017-1A Ltd. (3-Month U.S. LIBOR plus 775 bps),
10.220%, 7-20-28 (H)	$	650	$	631
Crown Point CLO Ltd., Series 2018-5A, Class E (3-Month U.S. LIBOR plus 565 bps),
8.100%, 7-17-28 (G)(H)		250		238
Eaton Vance CDO Ltd., Series 2013-1A, Class CR (3-Month U.S. LIBOR plus 425 bps),
6.690%, 1-15-28 (G)(H)		2,290		2,285
Fortress Credit BSL Ltd., Series 2018-1A, Class ER (3-Month U.S. LIBOR plus 645 bps),
8.980%, 7-23-31  (G)(H)		750		705
Golub Capital Partners CLO Ltd., Series 2013-17A, Class CR (3-Month U.S. LIBOR plus 350 bps),
5.990%, 10-25-30  (G)(H)		1,000		936
Northwoods Capital XI-B Ltd. and Northwoods Capital XI-B LLC, Series 2018-14BA, Class D (3-Month U.S. LIBOR plus 340 bps),
6.018%, 11-13-31  (G)(H)		1,200		1,151
OZLM Ltd., Series 2014-9A, Class DRR (3-Month U.S. LIBOR plus 612 bps),
8.589%, 10-20-31  (G)(H)		500		471
Race Point CLO Ltd., Series 2013-8A, Class DR (3-Month U.S. LIBOR plus 380 bps),
6.444%, 2-20-30  (G)(H)		500		494
Regatta II Funding L.P., Series 2013-2A, Class DR (3-Month U.S. LIBOR plus 759 bps),
10.377%, 1-15-29  (G)(H)		1,000		996
TIAA Churchill Middle Market CLO I Ltd., Series 2016-1A, Class DR (3-Month U.S. LIBOR plus 390 bps),
6.370%, 10-20-30  (G)(H)		750		727
Trinitas CLO Ltd., Series 2018-8A, Class E (3-Month U.S. LIBOR plus 590 bps),
8.370%, 7-20-31  (G)(H)		500		465
Venture CDO Ltd., Series 17-26A, Class D (3-Month U.S. LIBOR plus 425 bps),
7.011%, 1-20-29  (G)(H)		400		400
TOTAL ASSET-BACKED SECURITIES – 2.3%			$	10,703
(Cost: $10,897)
CORPORATE DEBT SECURITIES
Communication Services
Advertising – 0.1%
Outfront Media Capital LLC and Outfront Media Capital Corp.,
5.625%, 2-15-24		300		308

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Alternative Carriers – 0.1%
Consolidated Communications Finance II Co.,
6.500%, 10-1-22	$	620	$	555
MTN (Mauritius) Investments Ltd.,
4.755%, 11-11-24		200		190
				745
Broadcasting – 0.3%
Clear Channel International B.V.,
8.750%, 12-15-20 (G)		125		128
Clear Channel Worldwide Holdings, Inc.,
9.250%, 2-15-24 (G)		715		758
Globo Comunicacoes e Participacoes S.A.,
4.843%, 6-8-25		200		196
Nexstar Escrow Corp.,
5.625%, 8-1-24 (G)		53		54
Radio One, Inc. (GTD by TV One LLC),
7.375%, 4-15-22 (G)		567		547
				1,683
Cable & Satellite – 3.5%
Altice Financing S.A.:
6.625%, 2-15-23 (G)		287		293
7.500%, 5-15-26 (G)		1,600		1,584
Altice France S.A.:
7.375%, 5-1-26 (G)		1,122		1,100
8.125%, 2-1-27 (G)		1,200		1,212
Altice S.A.:
7.250%, 5-15-22 (G)(I)	EUR	250		283
7.750%, 5-15-22 (G)	$	2,781		2,778
6.250%, 2-15-25 (G)(I)	EUR	250		258
7.625%, 2-15-25 (G)	$	1,006		881
Altice U.S. Finance I Corp.:
5.375%, 7-15-23 (G)		446		454
5.500%, 5-15-26 (G)		600		617
Block Communications, Inc.,
6.875%, 2-15-25 (G)		111		115
CCO Holdings LLC and CCO Holdings Capital Corp.,
5.000%, 2-1-28 (G)		1,160		1,147
CSC Holdings LLC:
5.375%, 2-1-28 (G)		880		882
6.500%, 2-1-29 (G)		413		440
DISH DBS Corp.:
5.875%, 7-15-22		1,000		968
5.875%, 11-15-24		335		281
7.750%, 7-1-26		498		433
Intelsat Jackson Holdings S.A.,
9.500%, 9-30-22 (G)		926		1,065
Neptune Finco Corp.,
6.625%, 10-15-25 (G)		225		238
Quebecor Media, Inc.,
5.750%, 1-15-23		228		238
VTR Finance B.V.,
6.875%, 1-15-24 (G)		1,266		1,298
				16,565

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Telecommunication Services – 1.5%
Frontier Communications Corp.:
6.875%, 1-15-25	$	860	$	463
11.000%, 9-15-25 (C)		1,409		929
8.500%, 4-1-26 (G)		755		701
8.000%, 4-1-27 (G)		1,547		1,597
GCI, Inc.,
6.875%, 4-15-25		840		877
Olympus Merger Sub, Inc.,
8.500%, 10-15-25 (G)		2,588		2,226
				6,793
Movies & Entertainment – 0.1%
WMG Acquisition Corp.,
5.500%, 4-15-26 (G)		330		339
Publishing – 0.1%
E.W. Scripps Co.,
5.125%, 5-15-25 (G)		61		58
MDC Partners, Inc.,
6.500%, 5-1-24 (G)		688		569
				627
Wireless Telecommunication Service – 0.3%
Digicel Group Ltd.:
6.000%, 4-15-21 (C)(G)		200		167
8.250%, 9-30-22 (C)(G)		195		65
8.250%, 12-30-22 (C)(G)		205		125
Digicel Group Ltd. (7.125% Cash or 2.000% PIK),
9.125%, 4-1-24 (G)(J)		211		56
Digicel International Finance Ltd., 8.750%, 5-25-24 (G)		822		811
Digicel Ltd.,
6.750%, 3-1-23 (C)(G)		200		128
				1,352
Total Communication Services – 6.0%				28,412
Consumer Discretionary
Auto Parts & Equipment – 0.0%
Panther BF Aggregator 2 L.P.,
6.250%, 5-15-26 (G)		103		105
Automotive Retail – 0.3%
Allison Transmission, Inc.,
5.000%, 10-1-24 (G)		136		136
Penske Automotive Group, Inc.,
5.500%, 5-15-26		136		134
Sonic Automotive, Inc.:
5.000%, 5-15-23		623		598
6.125%, 3-15-27		185		168
Turkiye Sise ve Cam Fabrikalari A.S.,
6.950%, 3-14-26 (G)		200		193
				1,229
Casinos & Gaming – 0.8%
Everi Payments, Inc.,
7.500%, 12-15-25 (G)		731		758
Gateway Casinos & Entertainment Ltd.,
8.250%, 3-1-24 (G)		446		468

10 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Casinos & Gaming (Continued)
Golden Nugget, Inc.,
6.750%, 10-15-24 (G)	$	1,045	$	1,050
Scientific Games International, Inc. (GTD by Scientific Games Corp.),
5.000%, 10-15-25 (G)		474		465
Stars Group Holdings B.V. and Stars Group (U.S.) Co-Borrower LLC,
7.000%, 7-15-26 (G)		410		427
Wynn Macau Ltd.:
4.875%, 10-1-24 (G)		200		195
5.500%, 10-1-27 (G)		409		392
				3,755
Education Services – 0.7%
Laureate Education, Inc.,
8.250%, 5-1-25 (G)		2,931		3,180
Homebuilding – 0.2%
K Hovnanian Enterprises, Inc.,
10.000%, 7-15-22 (G)		937		787
Lennar Corp.,
4.125%, 1-15-22 (C)		214		216
PulteGroup, Inc., 5.000%, 1-15-27		60		60
				1,063
Hotels, Resorts & Cruise Lines – 0.2%
Boyne USA, Inc.,
7.250%, 5-1-25 (G)		426		456
Marriott Ownership Resorts, Inc., 6.500%, 9-15-26 (G)		183		192
VOC Escrow Ltd.,
5.000%, 2-15-28 (G)		81		79
				727
Leisure Facilities – 0.1%
Cedar Fair L.P., Magnum Management Corp., Canada’s Wonderland Co. and Millennium Operations LLC,
5.375%, 4-15-27		356		358
Restaurants – 0.2%
1011778 B.C. Unlimited Liability Co. and New Red Finance, Inc.:
4.250%, 5-15-24 (G)		212		210
5.000%, 10-15-25 (G)		831		821
				1,031
Specialized Consumer Services – 0.2%
Klesia Prevoyance,
5.375%, 12-8-26 (I)	EUR	200		232
Nielsen Co. (Luxembourg) S.a.r.l. (The),
5.500%, 10-1-21 (G)	$	400		401
Nielsen Finance LLC and Nielsen Finance Co.,
5.000%, 4-15-22 (G)		148		147
				780

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialty Stores – 0.7%
Arch Merger Sub, Inc.,
8.500%, 9-15-25 (G)	$	1,911	$	2,083
Cumberland Farms, Inc.,
6.750%, 5-1-25 (G)		328		341
Party City Holdings, Inc.,
6.625%, 8-1-26 (C)(G)		320		318
PetSmart, Inc.,
5.875%, 6-1-25 (G)		12		10
				2,752
Total Consumer Discretionary – 3.4%				14,980
Consumer Staples
Food Distributors – 0.2%
Performance Food Group, Inc.,
5.500%, 6-1-24 (G)		472		476
U.S. Foods, Inc.,
5.875%, 6-15-24 (G)		529		542
				1,018
Household Products – 0.0%
First Quality Finance Co., Inc.,
5.000%, 7-1-25 (G)		82		79
Packaged Foods & Meats – 1.5%
JBS Investments II GmbH (GTD by JBS S.A.),
7.000%, 1-15-26		200		206
JBS USA LLC and JBS USA Finance, Inc.:
5.875%, 7-15-24 (G)		741		761
5.750%, 6-15-25 (G)		749		768
JBS USA Lux S.A. and JBS USA Finance, Inc.,
6.750%, 2-15-28 (G)		1,323		1,369
Lamb Weston Holdings, Inc.,
4.875%, 11-1-26 (G)		25		25
Pilgrim’s Pride Corp.:
5.750%, 3-15-25 (G)		200		202
5.875%, 9-30-27 (G)		642		647
Post Holdings, Inc.:
5.500%, 3-1-25 (G)		143		144
5.000%, 8-15-26 (G)		220		214
5.750%, 3-1-27 (G)		973		977
Simmons Foods, Inc.:
7.750%, 1-15-24 (G)		274		292
5.750%, 11-1-24 (G)		1,826		1,602
				7,207
Total Consumer Staples – 1.7%				8,304
Energy
Integrated Oil & Gas – 0.0%
Petrobras Global Finance (GTD by Petroleo Brasileiro S.A.),
5.999%, 1-27-28		200		202
Petroleos Mexicanos,
4.875%, 1-24-22		200		202
				404

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Drilling – 0.4%
Ensco plc,
7.750%, 2-1-26	$	443	$	374
KCA Deutag UK Finance plc,
7.250%, 5-15-21 (G)		1,000		860
Offshore Drilling Holding S.A.,
8.375%, 9-20-20 (G)(K)		1,400		698
				1,932
Oil & Gas Equipment & Services – 0.3%
Brand Energy & Infrastructure Services, Inc.,
8.500%, 7-15-25 (G)		567		509
McDermott Escrow 1, Inc. and McDermott Escrow 2, Inc.,
10.625%, 5-1-24 (G)		695		578
Nine Energy Service, Inc.,
8.750%, 11-1-23 (G)		311		321
SESI LLC,
7.125%, 12-15-21		155		139
				1,547
Oil & Gas Exploration & Production – 1.4%
Bellatrix Exploration Ltd.,
8.500%, 5-15-20 (G)		515		309
Chesapeake Energy Corp.:
7.000%, 10-1-24 (C)		742		740
8.000%, 1-15-25 (C)		67		69
Crownrock L.P.,
5.625%, 10-15-25 (G)		1,255		1,205
Endeavor Energy Resources L.P.:
5.500%, 1-30-26 (G)		438		450
5.750%, 1-30-28 (G)		319		335
Extraction Oil & Gas, Inc.,
5.625%, 2-1-26 (G)		601		461
Laredo Petroleum, Inc.,
6.250%, 3-15-23 (C)		142		127
Moss Creek Resources Holdings, Inc.,
7.500%, 1-15-26 (G)		1,005		927
Sanchez Energy Corp.,
7.250%, 2-15-23 (C)(G)		111		89
Seven Generations Energy Ltd.:
6.750%, 5-1-23 (G)		971		999
5.375%, 9-30-25 (G)		419		410
Targa Resources Partners L.P.:
6.500%, 7-15-27 (G)		103		111
6.875%, 1-15-29 (G)		103		112
Ultra Resources, Inc. (9.000% Cash or 2.000% PIK),
11.000%, 7-12-24 (J)		172		101
WildHorse Resource Development Corp.,
6.875%, 2-1-25		103		104
				6,549
Oil & Gas Refining & Marketing – 0.6%
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.):
6.125%, 10-1-24		163		164
6.375%, 7-1-26		218		218
Comstock Escrow Corp.,
9.750%, 8-15-26 (G)		1,809		1,664

2019 SEMIANNUAL REPORT 11

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Refining & Marketing (Continued)
EP Energy LLC and Everest Acquisition Finance, Inc.:
9.375%, 5-1-24 (G)	$	207	$	74
8.000%, 2-15-25 (G)		221		76
7.750%, 5-15-26 (G)		323		263
QEP Resources, Inc.,
5.625%, 3-1-26 (C)		269		244
				2,703
Total Energy – 2.7%				13,135
Financials
Consumer Finance – 0.3%
CURO Group Holdings Corp.,
8.250%, 9-1-25 (C)(G)		533		457
Quicken Loans, Inc.,
5.750%, 5-1-25 (G)		900		902
				1,359
Financial Exchanges & Data – 0.4%
MSCI, Inc.,
5.250%, 11-15-24 (G)		60		62
Refinitiv U.S. Holdings, Inc.:
6.250%, 5-15-26 (G)		423		429
8.250%, 11-15-26 (G)		1,395		1,369
				1,860
Insurance Brokers – 0.3%
NFP Corp.,
6.875%, 7-15-25 (G)		1,747		1,669
Investment Banking & Brokerage – 0.0%
VHF Parent LLC,
6.750%, 6-15-22 (G)		142		147
Life & Health Insurance – 0.3%
Aegon N.V.,
4.000%, 4-25-44 (I)	EUR	200		237
MetLife, Inc.:
9.250%, 4-8-38 (G)	$	445		602
10.750%, 8-1-39		452		683
RL Finance Bonds No. 2 plc,
6.125%, 11-30-43 (I)	GBP	100		145
				1,667
Multi-Line Insurance – 0.1%
ASR Nederland N.V.,
5.125%, 9-29-45 (I)	EUR	100		124
Humanis Prevoyance,
5.750%, 10-22-25 (I)		300		342
				466
Multi-Sector Holdings – 0.0%
Scottish Widows Ltd.,
5.500%, 6-16-23 (I)	GBP	100		144
Other Diversified Financial Services – 0.3%
New Cotai LLC and New Cotai Capital Corp. (10.625% Cash or 10.625% PIK),
10.625%, 5-1-19 (G)(J)	$	2,567		1,271

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Property & Casualty Insurance – 0.6%
Acrisure LLC and Acrisure Finance, Inc.,
8.125%, 2-15-24 (C)(G)	$	409	$	424
Amwins Group, Inc., 7.750%, 7-1-26 (G)		525		525
Hub International Ltd.,
7.000%, 5-1-26 (G)		1,071		1,060
Liberty Mutual Holding Co., Inc., 7.800%, 3-15-37 (G)		881		1,009
Mapfre S.A.,
4.375%, 3-31-47 (I)	EUR	100		119
				3,137
Specialized Finance – 0.4%
Compass Group Diversified Holdings LLC,
8.000%, 5-1-26 (G)	$	434		451
DAE Funding LLC,
5.750%, 11-15-23 (G)		139		143
Hadrian Merger Sub, Inc.,
8.500%, 5-1-26 (G)		789		729
Rede D’Or Finance S.a.r.l.,
4.950%, 1-17-28		200		188
Tervita Escrow Corp.,
7.625%, 12-1-21 (G)		215		214
TMX Finance LLC and TitleMax Finance Corp.,
11.125%, 4-1-23 (G)		645		606
				2,331
Thrifts & Mortgage Finance – 0.1%
Provident Funding Associates L.P. and PFG Finance Corp.,
6.375%, 6-15-25 (G)		510		464
Total Financials – 2.8%				14,515
Health Care
Health Care Equipment – 0.1%
Hologic, Inc.:
4.375%, 10-15-25 (G)		183		182
4.625%, 2-1-28 (G)		132		130
				312
Health Care Facilities – 1.0%
DaVita HealthCare Partners, Inc.,
5.125%, 7-15-24		97		96
MPH Acquisition Holdings LLC, 7.125%, 6-1-24 (G)		371		370
RegionalCare Hospital Partners Holdings, Inc. and Legend Merger Sub, Inc.,
9.750%, 12-1-26 (G)		2,079		2,157
Surgery Center Holdings, Inc.:
8.875%, 4-15-21 (G)		784		821
10.000%, 4-15-27 (G)		924		938
				4,382
Health Care Services – 0.1%
AMN Healthcare, Inc.,
5.125%, 10-1-24 (G)		383		378

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Technology – 0.3%
Verscend Holding Corp.,
9.750%, 8-15-26 (G)	$	1,663	$	1,659
Life Sciences Tools & Services – 0.4%
Avantor, Inc.:
6.000%, 10-1-24 (G)		357		370
9.000%, 10-1-25 (G)		1,151		1,248
				1,618
Pharmaceuticals – 0.6%
Advanz Pharma Corp.,
8.000%, 9-6-24		72		68
Bausch Health Cos., Inc.:
5.875%, 5-15-23 (G)		326		329
6.125%, 4-15-25 (G)		291		288
5.750%, 8-15-27 (G)		324		332
Par Pharmaceutical, Inc.,
7.500%, 4-1-27 (G)		557		565
Valeant Pharmaceuticals International, Inc.:
5.500%, 3-1-23 (G)		20		20
5.500%, 11-1-25 (G)		209		213
9.000%, 12-15-25 (G)		153		166
9.250%, 4-1-26 (G)		441		483
8.500%, 1-31-27 (G)		527		559
				3,023
Total Health Care – 2.5%				11,372
Industrials
Aerospace & Defense – 0.8%
TransDigm UK Holdings plc,
6.875%, 5-15-26 (G)		366		364
TransDigm, Inc. (GTD by TransDigm Group, Inc.):
6.000%, 7-15-22		897		911
6.500%, 7-15-24		1,047		1,076
6.500%, 5-15-25		200		203
6.250%, 3-15-26 (G)		660		685
6.375%, 6-15-26		202		200
7.500%, 3-15-27 (G)		408		418
				3,857
Air Freight & Logistics – 0.3%
XPO Logistics, Inc.,
6.750%, 8-15-24 (G)		1,537		1,568
Building Products – 0.1%
JELD-WEN, Inc.,
4.875%, 12-15-27 (G)		113		107
Standard Industries, Inc.,
4.750%, 1-15-28 (G)		111		106
WESCO Distribution, Inc. (GTD by WESCO International, Inc.),
5.375%, 6-15-24		81		82
				295
Diversified Support Services – 0.1%
Ahern Rentals, Inc.,
7.375%, 5-15-23 (G)		665		613

12 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Support Services (Continued)
KAR Auction Services, Inc.,
5.125%, 6-1-25 (G)	$	83	$	82
United Rentals (North America), Inc. (GTD by United Rentals, Inc.),
5.875%, 9-15-26		133		137
				832
Electrical Components & Equipment – 0.0%
Energizer Holdings, Inc.,
7.750%, 1-15-27 (G)		60		64
Environmental & Facilities Services – 0.3%
GFL Environmental, Inc.:
5.625%, 5-1-22 (G)		142		137
5.375%, 3-1-23 (G)		786		743
7.000%, 6-1-26 (G)		646		612
Waste Pro USA, Inc.,
5.500%, 2-15-26 (G)		86		83
				1,575
Industrial Machinery – 0.1%
Apex Tool Group LLC and BC Mountain Finance, Inc.,
9.000%, 2-15-23 (C)(G)		201		193
Security & Alarm Services – 0.3%
Prime Security Services Borrower LLC,
9.250%, 5-15-23 (G)		1,147		1,204
Trading Companies & Distributors – 0.0%
HD Supply, Inc.,
5.375%, 10-15-26 (G)		139		142
Total Industrials – 2.0%				9,730
Information Technology
Application Software – 0.7%
Kronos Acquisition Holdings, Inc.,
9.000%, 8-15-23 (G)		1,663		1,430
Orbcomm, Inc.,
8.000%, 4-1-24 (G)		1,015		1,053
Riverbed Technology, Inc. and Project Homestake Merger Corp.,
8.875%, 3-1-23 (C)(G)		1,376		1,039
				3,522
Data Processing & Outsourced Services – 0.6%
Italics Merger Sub, Inc.,
7.125%, 7-15-23 (G)		2,145		2,185
j2 Cloud Services LLC and j2 Global, Inc.,
6.000%, 7-15-25 (G)		206		214
Vantiv LLC and Vantiv Issuer Corp.,
4.375%, 11-15-25 (G)		391		403
				2,802
Electronic Equipment & Instruments – 0.0%
Itron, Inc.,
5.000%, 1-15-26 (G)		92		90

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
It Consulting & Other Services – 0.0%
Open Text Corp.,
5.625%, 1-15-23 (G)	$	119	$	122
IT Consulting & Other Services – 0.4%
Cardtronics, Inc. and Cardtronics USA, Inc.,
5.500%, 5-1-25 (G)		121		118
NCR Escrow Corp.:
5.875%, 12-15-21		815		829
6.375%, 12-15-23		739		760
Pioneer Holding Corp.,
9.000%, 11-1-22 (G)		641		651
				2,358
Total Information Technology – 1.7%				8,894
Materials
Aluminum – 0.6%
Constellium N.V.:
5.750%, 5-15-24 (G)		1,000		1,000
6.625%, 3-1-25 (C)(G)		816		832
5.875%, 2-15-26 (G)		391		384
Novelis Corp. (GTD by Novelis, Inc.):
6.250%, 8-15-24 (G)		335		343
5.875%, 9-30-26 (G)		118		117
				2,676
Commodity Chemicals – 0.2%
NOVA Chemicals Corp.:
4.875%, 6-1-24 (G)		508		499
5.250%, 6-1-27 (G)		203		199
				698
Construction Materials – 0.2%
Hillman Group, Inc. (The),
6.375%, 7-15-22 (G)		1,120		1,002
James Hardie International Finance Designated Activity Co.,
5.000%, 1-15-28 (G)		60		58
				1,060
Fertilizers & Agricultural Chemicals – 0.0%
Pinnacle Operating Corp.,
9.000%, 5-15-23 (G)		336		175
Metal & Glass Containers – 0.3%
ARD Finance S.A. (7.125% Cash or 7.875% PIK),
7.125%, 9-15-23 (J)		200		199
ARD Securities Finance S.a.r.l. (8.750% Cash or 8.750% PIK),
8.750%, 1-31-23 (G)(J)		437		414
Greif, Inc.,
6.500%, 3-1-27 (G)		269		275
HudBay Minerals, Inc.:
7.250%, 1-15-23 (G)		65		67
7.625%, 1-15-25 (G)		98		101
				1,056

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Paper Packaging – 0.0%
Flex Acquisition Co., Inc.,
6.875%, 1-15-25 (G)	$	126	$	120
Reynolds Group Issuer, Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A.,
5.125%, 7-15-23 (G)		60		61
				181
Paper Products – 0.2%
American Greetings Corp.,
8.750%, 4-15-25 (G)		1,035		937
Suzano Austria GmbH,
6.000%, 1-15-29 (G)		200		213
				1,150
Specialty Chemicals – 0.1%
Kraton Polymers LLC and Kraton Polymers Capital Corp.,
7.000%, 4-15-25 (G)		200		202
Valvoline Finco Two LLC,
5.500%, 7-15-24 (C)		350		356
				558
Steel – 0.1%
EVRAZ plc,
5.250%, 4-2-24 (G)		200		200
Gerdau Trade, Inc. (GTD by Gerdau S.A., Gerdau Acominas S.A., Gerdau Acos Longos S.A. and Gerdau Acos Especiais S.A.),
4.875%, 10-24-27 (C)		200		201
				401
Total Materials – 1.7%				7,955
Real Estate
Industrial REITs – 0.2%
Avolon Holdings Funding Ltd.,
5.250%, 5-15-24 (G)		356		367
Park Aerospace Holdings Ltd.,
4.500%, 3-15-23 (G)		521		518
				885
Total Real Estate – 0.2%				885
Utilities
Electric Utilities – 0.1%
Eskom Holdings SOC Ltd. (GTD by Government of the Republic of South Africa),
6.350%, 8-10-28		200		206
Israel Electric Corp. Ltd.,
5.000%, 11-12-24		200		211
				417
Independent Power Producers & Energy Traders – 0.1%
Pattern Energy Group, Inc., Convertible,
4.000%, 7-15-20		452		454

2019 SEMIANNUAL REPORT 13

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Renewable Electricity – 0.3%
Abengoa Yield plc,
7.000%, 11-15-19 (G)	$	1,471	$	1,478
Total Utilities – 0.5%				2,349
TOTAL CORPORATE DEBT SECURITIES – 25.2%			$	120,531
(Cost: $124,321)
MORTGAGE-BACKED SECURITIES
Commercial Mortgage-Backed Securities – 0.5%
Waldorf Astoria Boca Raton Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-BOCA, Class F (1-Month U.S. LIBOR plus 550 bps),
7.984%, 6-15-29 (G)(H)		2,500		2,511
Other Mortgage-Backed Securities – 0.8%
ALM Loan Funding VII R-2 Ltd., Series 2013-7R2A, Class DR2 (3-Month U.S. LIBOR plus 600 bps),
8.440%, 10-15-27 (G)(H)		700		677
ALM Loan Funding XIX LLC, Series 2015-16A, Class D (3-Month U.S. LIBOR plus 510 bps),
7.540%, 7-15-27 (G)(H)		250		241
Ashford Hospitality Trust, Series 2018-ASHF, Class F (1-Month U.S. LIBOR plus 410 bps),
6.584%, 4-15-35 (G)(H)		600		593
Highbridge Loan Management Ltd., Series 2014-4A, Class DR (3-Month U.S. LIBOR plus 555 bps),
8.315%, 1-28-30 (G)(H)		250		228
PNMAC GMSR Issuer Trust, Series 2018-GT1 (1-Month U.S. LIBOR plus 285 bps),
5.336%, 2-25-23 (G)(H)		2,100		2,104
				3,843
TOTAL MORTGAGE-BACKED SECURITIES – 1.3%			$	6,354
(Cost: $6,398)
OTHER GOVERNMENT SECURITIES (L)
Russia – 0.0%
Russia Government Bond,
5.100%, 3-28-35 (G)		200		203
TOTAL OTHER GOVERNMENT SECURITIES – 0.0%			$	203
(Cost: $200)

LOANS (H)	Principal		Value
Communication Services
Advertising – 0.1%
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 325 bps),
5.749%, 7-25-21	$	389	$	328
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 650 bps),
8.999%, 7-25-22		375		274
				602
Alternative Carriers – 0.1%
Level 3 Financing, Inc. (ICE LIBOR plus 225 bps),
4.736%, 2-22-24		280		276
Broadcasting – 0.1%
Univision Communications, Inc. (ICE LIBOR plus 275 bps),
5.249%, 3-15-24		378		356
Cable & Satellite – 0.2%
Charter Communications Operating LLC (ICE LIBOR plus 200 bps),
4.500%, 4-30-25		247		245
CSC Holdings LLC (ICE LIBOR plus 225 bps),
4.734%, 7-17-25		280		272
Liberty Cablevision of Puerto Rico LLC (ICE LIBOR plus 350 bps),
5.984%, 1-7-22		16		16
				533
Integrated Telecommunication Services – 0.6%
CenturyLink, Inc. (ICE LIBOR plus 275 bps):
5.249%, 9-30-22		475		473
5.249%, 1-31-25		542		531
Securus Technologies Holdings, Inc.,
0.000%, 11-1-24 (M)		82		80
Unitymedia GmbH (3-Month EURIBOR plus 275 bps),
2.750%, 1-15-27 (I)	EUR	458		513
West Corp. (3-Month ICE LIBOR plus 400 bps),
6.629%, 10-10-24	$	1,359		1,272
				2,869
Movies & Entertainment – 0.1%
AMC Entertainment Holdings, Inc.,
0.000%, 3-20-26 (M)		250		248
DHX Media Ltd. (ICE LIBOR plus 375 bps),
6.249%, 12-29-23		114		108
				356
Publishing – 0.1%
Recorded Books, Inc. (ICE LIBOR plus 450 bps),
6.999%, 8-31-25		191		191

LOANS (H) (Continued)	Principal		Value
Wireless Telecommunication Service – 0.0%
Digicel International Finance Ltd. (ICE LIBOR plus 325 bps),
5.880%, 5-27-24	$	145	$	129
Total Communication Services – 1.3%				5,312
Consumer Discretionary
Apparel Retail – 0.4%
Neiman Marcus Group Ltd., Inc. (ICE LIBOR plus 325 bps),
5.733%, 10-25-20		526		488
Talbots, Inc. (The) (ICE LIBOR plus 700 bps),
9.499%, 11-28-22 (D)		1,251		1,211
TRLG Intermediate Holdings LLC,
10.000%, 10-27-22		132		125
				1,824
Auto Parts & Equipment – 0.1%
Rough Country LLC (ICE LIBOR plus 375 bps),
6.249%, 5-25-23		247		243
Casinos & Gaming – 0.3%
Cosmopolitan of Las Vegas (The) (1-Month U.S. LIBOR plus 525 bps),
7.734%, 11-9-19		800		806
GVC Holdings plc (ICE LIBOR plus 250 bps),
4.999%, 3-16-24		248		245
Penn National Gaming, Inc. (ICE LIBOR plus 225 bps):
3.749%, 10-19-23		93		92
4.749%, 10-15-25		155		153
				1,296
Department Stores – 0.1%
Belk, Inc. (ICE LIBOR plus 475 bps),
7.447%, 12-10-22		287		231
J.C. Penney Co., Inc. (ICE LIBOR plus 425 bps),
6.879%, 6-23-23		224		198
				429
Education Services – 0.3%
BARBRI, Inc. (ICE LIBOR plus 425 bps),
6.739%, 12-1-23		223		219
Laureate Education, Inc. (ICE LIBOR plus 350 bps),
5.999%, 4-26-24		1,029		1,028
				1,247
Hotels, Resorts & Cruise Lines – 0.7%
CIF Times Square Mezz 1 LLC and CPTS Hotel Lessee Mezz 1 LLC (1-Month U.S. LIBOR plus 600 bps),
8.493%, 5-9-20		140		140
Hotel del Coronado (1-Month U.S. LIBOR plus 500 bps),
7.484%, 8-9-19		150		150

14 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

LOANS (H) (Continued)	Principal		Value
Hotels, Resorts & Cruise Lines (Continued)
Hudson Delano Senior Mezz LLC (1-Month U.S. LIBOR plus 650 bps),
8.984%, 2-9-20	$	1,700	$	1,712
International Cruise & Excursion Gallery, Inc. (ICE LIBOR plus 525 bps),
7.749%, 6-8-25		199		191
Times Square JV LLC and CPTS Hotel Lessee LLC (1-Month U.S. LIBOR plus 600 bps),
8.493%, 5-9-20		642		642
Travel Leaders Group LLC (ICE LIBOR plus 400 bps),
6.482%, 1-25-24		570		570
				3,405
Housewares & Specialties – 0.1%
KIK Custom Products, Inc. (ICE LIBOR plus 400 bps),
6.496%, 5-15-23		697		649
Internet & Direct Marketing Retail – 0.0%
Parker Private Merger Sub, Inc. (ICE LIBOR plus 375 bps),
6.243%, 10-11-25		227		224
Restaurants – 0.1%
NPC International, Inc. (ICE LIBOR plus 350 bps):
5.993%, 4-20-24		82		73
6.134%, 4-20-24		57		51
NPC International, Inc. (ICE LIBOR plus 750 bps),
10.134%, 4-18-25		572		489
				613
Specialized Consumer Services – 0.4%
Asurion LLC (ICE LIBOR plus 275 bps),
5.499%, 11-3-23		5		5
Asurion LLC (ICE LIBOR plus 600 bps),
8.999%, 8-4-25		666		674
Eagle Bidco Ltd. (ICE LIBOR plus 475 bps),
5.479%, 5-6-22 (I)	GBP	500		648
frontdoor, Inc. (ICE LIBOR plus 250 bps),
5.000%, 8-16-25	$	249		247
Mister Car Wash Holdings, Inc. (ICE LIBOR plus 400 bps),
5.749%, 8-21-21		489		486
				2,060
Specialty Stores – 0.5%
Jo-Ann Stores, Inc. (ICE LIBOR plus 500 bps),
7.761%, 10-16-23 (D)		451		448
Jo-Ann Stores, Inc. (ICE LIBOR plus 925 bps),
12.011%, 5-21-24		674		642

LOANS (H) (Continued)	Principal			Value
Specialty Stores (Continued)
PETCO Animal Supplies, Inc. (ICE LIBOR plus 325 bps),
5.994%, 1-26-23	$	248		$	188
PetSmart, Inc.,
0.000%, 3-11-22 (M)		12			11
PetSmart, Inc. (3-Month ICE LIBOR plus 300 bps),
5.490%, 3-11-22		1,590			1,424
					2,713
Textiles – 0.1%
SIWF Holdings, Inc. (ICE LIBOR plus 425 bps),
6.741%, 6-15-25		640			631
Tires & Rubber – 0.1%
Winter Park Intermediate, Inc. (ICE LIBOR plus 475 bps),
7.243%, 4-4-25 (D)		249			246
Total Consumer Discretionary – 3.2%					15,580
Consumer Staples
Food Distributors – 0.1%
Dole Food Co., Inc. (ICE LIBOR plus 300 bps):
5.239%, 4-6-24		90			86
5.249%, 4-6-24		182			173
7.250%, 4-6-24		—	*		—	*
					259
Household Products – 0.0%
Wellness Merger Sub, Inc. (ICE LIBOR plus 475 bps),
6.879%, 6-30-24		141			139
Hypermarkets & Super Centers – 0.1%
GOBP Holdings, Inc. (ICE LIBOR plus 375 bps),
6.351%, 10-22-25		339			335
GOBP Holdings, Inc. (ICE LIBOR plus 725 bps),
9.851%, 10-22-26		227			225
					560
Packaged Foods & Meats – 0.1%
Post Holdings, Inc. (ICE LIBOR plus 225 bps),
4.490%, 5-24-24		169			167
Sigma U.S. Corp. (ICE LIBOR plus 300 bps),
5.603%, 7-2-25		248			240
					407
Personal Products – 0.1%
Douglas Holding AG (3-Month EURIBOR plus 325 bps),
3.250%, 8-13-22 (I)	EUR	313			292

LOANS (H) (Continued)	Principal		Value
Tobacco – 0.0%
Prestige Brands, Inc. (ICE LIBOR plus 200 bps),
4.499%, 1-26-24	$	155	$	153
Total Consumer Staples – 0.4%				1,810
Energy
Coal & Consumable Fuels – 0.4%
Foresight Energy LLC (ICE LIBOR plus 725 bps),
8.379%, 3-28-22		1,198		1,170
Westmoreland Coal Co. (15.000% Cash or 15.000% PIK),
15.000%, 3-15-29 (D)(J)		422		380
Westmoreland Coal Co. (3-Month U.S. LIBOR plus 825 bps),
10.861%, 3-15-22 (D)		201		201
				1,751
Oil & Gas Drilling – 0.1%
KCA Deutag U.S. Finance LLC (ICE LIBOR plus 675 bps),
9.351%, 3-21-23		495		421
Oil & Gas Exploration & Production – 0.1%
California Resources Corp. (ICE LIBOR plus 475 bps),
7.246%, 12-31-22		323		317
Oil & Gas Refining & Marketing – 0.1%
EG America LLC (ICE LIBOR plus 400 bps),
6.601%, 2-5-25		294		287
Oil & Gas Storage & Transportation – 0.4%
Bowie Resources Holdings LLC (ICE LIBOR plus 1,075 bps),
13.379%, 2-16-21		200		190
Bowie Resources Holdings LLC (ICE LIBOR plus 575 bps),
8.379%, 8-12-20		756		742
EPIC Crude Services L.P. (ICE LIBOR plus 500 bps),
7.490%, 2-21-26		900		888
Oryx Southern Delaware Holdings LLC (ICE LIBOR plus 325 bps),
5.749%, 2-28-25		248		239
				2,059
Total Energy – 1.1%				4,835
Financials
Asset Management & Custody Banks – 0.3%
Edelman Financial Holdings II, Inc. (ICE LIBOR plus 675 bps),
9.537%, 7-20-26		689		691
HarbourVest Partners LLC (ICE LIBOR plus 225 bps),
4.849%, 3-1-25		232		229

2019 SEMIANNUAL REPORT 15

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

MARCH 31, 2019 (UNAUDITED)

LOANS (H) (Continued)	Principal		Value
Asset Management & Custody Banks (Continued)
Jade Germany GmbH (3-Month EURIBOR plus 475 bps),
5.750%, 5-31-23 (I)	EUR	491	$	531
				1,451
Financial Exchanges & Data – 0.2%
Financial & Risk U.S. Holdings, Inc. (3-Month EURIBOR plus 400 bps),
4.000%, 10-1-25 (I)		249		278
Financial & Risk U.S. Holdings, Inc. (ICE LIBOR plus 375 bps),
6.249%, 10-1-25	$	249		242
Hudson River Trading LLC (3-Month U.S. LIBOR plus 350 bps),
5.999%, 4-3-25		460		457
				977
Insurance Brokers – 0.1%
NFP Corp. (ICE LIBOR plus 300 bps),
5.499%, 1-8-24		421		405
Investment Banking & Brokerage – 0.3%
ION Trading Finance Ltd. (ICE LIBOR plus 400 bps),
6.651%, 11-21-24		278		269
Jane Street Group LLC (ICE LIBOR plus 375 bps),
5.499%, 8-25-22		834		830
				1,099
Other Diversified Financial Services – 0.1%
AqGen Ascensus, Inc.,
0.000%, 12-3-22 (D)(M)		41		41
AqGen Ascensus, Inc. (ICE LIBOR plus 350 bps),
6.601%, 12-3-22 (D)		331		330
Aretec Group, Inc. (ICE LIBOR plus 425 bps),
6.749%, 10-1-25		249		246
				617
Property & Casualty Insurance – 0.6%
Alliant Holdings Intermediate LLC (ICE LIBOR plus 300 bps),
5.232%, 5-10-25		36		35
Amynta Agency Borrower, Inc.,
0.000%, 2-28-25 (M)		97		94
Amynta Agency Borrower, Inc. (ICE LIBOR plus 400 bps),
6.999%, 2-28-25		1,652		1,606
Amynta Agency Borrower, Inc. (ICE LIBOR plus 850 bps),
10.999%, 2-28-26 (D)		502		490
Hub International Ltd. (ICE LIBOR plus 300 bps),
5.515%, 4-25-25		266		257
				2,482
Specialized Finance – 0.5%
Auris Luxembourg III S.a.r.l. (3-Month EURIBOR plus 400 bps),
4.000%, 2-21-26 (I)	EUR	475		535

LOANS (H) (Continued)	Principal		Value
Specialized Finance (Continued)
BCPE Max Dutch Bidco B.V. (3-Month EURIBOR plus 475 bps),
4.750%, 10-31-25 (I)	EUR	213	$	239
Capri Acquisitions Bidco Ltd. (3-Month EURIBOR plus 325 bps),
3.250%, 11-30-24 (I)		300		333
INEOS U.S. Finance LLC (ICE LIBOR plus 200 bps),
4.499%, 3-31-24	$	247		242
MA FinanceCo. LLC (ICE LIBOR plus 275 bps),
4.999%, 6-21-24		48		47
Ziggo Secured Finance B.V.,
0.000%, 4-15-25 (I)(M)	EUR	250		276
				1,672
Total Financials – 2.1%				8,703
Health Care
Biotechnology – 0.1%
Laboratoire BIOLAM LCD (3-Month EURIBOR plus 350 bps),
4.000%, 6-14-24 (I)		500		562
Health Care Equipment – 0.1%
Exactech, Inc. (ICE LIBOR plus 375 bps),
6.249%, 2-14-25	$	248		246
LifeScan Global Corp. (ICE LIBOR plus 950 bps),
12.297%, 10-1-25 (D)		107		96
Patterson Medical Holdings, Inc. (ICE LIBOR plus 475 bps),
7.494%, 8-28-22		247		236
WW Medical and Healthcare Holdings Corp. (ICE LIBOR plus 375 bps),
6.249%, 11-2-24		248		246
				824
Health Care Facilities – 0.8%
ATI Holdings Acquisition, Inc. (ICE LIBOR plus 350 bps),
5.992%, 5-10-23		268		260
BW NHHC Holdco, Inc. (ICE LIBOR plus 500 bps),
7.491%, 5-15-25		248		241
Covenant Surgical Partners, Inc. (ICE LIBOR plus 475 bps),
7.101%, 10-4-24 (D)		247		243
Gentiva Health Services, Inc. (ICE LIBOR plus 375 bps),
6.250%, 7-2-25 (D)		1,254		1,256
Gentiva Health Services, Inc. (ICE LIBOR plus 700 bps),
9.500%, 7-2-26		322		328
RegionalCare Hospital Partners Holdings, Inc. (ICE LIBOR plus 450 bps),
6.982%, 11-16-25		1,036		1,024
Select Medical Corp. (ICE LIBOR plus 350 bps),
4.990%, 3-6-24 (D)		251		250

LOANS (H) (Continued)	Principal		Value
Health Care Facilities (Continued)
Team Health Holdings, Inc. (ICE LIBOR plus 275 bps),
5.249%, 2-6-24	$	188	$	166
				3,768
Health Care Services – 0.6%
CHG PPC Parent LLC (ICE LIBOR plus 275 bps),
5.249%, 3-30-25 (D)		248		244
Elysium Healthcare Holdings 3 Ltd. (ICE LIBOR plus 525 bps),
6.098%, 4-4-25 (I)	GBP	500		633
Envision Healthcare Corp. (ICE LIBOR plus 375 bps),
6.249%, 10-11-25	$	249		233
Hanger, Inc. (ICE LIBOR plus 350 bps),
5.999%, 3-6-25 (D)		248		246
Heartland Dental LLC,
0.000%, 4-30-25 (M)		15		15
Heartland Dental LLC (3-Month ICE LIBOR plus 375 bps),
6.162%, 4-30-25		13		12
Heartland Dental LLC (ICE LIBOR plus 375 bps),
6.249%, 4-30-25		667		646
LSCS Holdings, Inc. (ICE LIBOR plus 425 bps):
6.749%, 3-9-25 (D)		166		165
6.734%, 3-17-25 (D)		10		10
6.851%, 3-17-25 (D)		33		33
Schumacher Group (ICE LIBOR plus 400 bps),
6.499%, 7-31-22		175		172
Unilabs Diagnostics AB,
0.000%, 4-30-24 (I)(M)	EUR	250		273
				2,682
Health Care Technology – 0.4%
BioClinica Holding I L.P. (ICE LIBOR plus 425 bps),
7.000%, 10-20-23	$	342		306
Verscend Holding Corp. (ICE LIBOR plus 450 bps),
6.999%, 8-27-25		1,512		1,499
				1,805
Life Sciences Tools & Services – 0.0%
Syneos Health, Inc. (ICE LIBOR plus 200 bps),
4.499%, 8-1-24		159		157
Pharmaceuticals – 0.4%
AI Sirona (Luxembourg) Acquisition S.a.r.l. (3-Month EURIBOR plus 400 bps),
4.000%, 9-30-25 (I)	EUR	144		161
AI Sirona (Luxembourg) Acquisition S.a.r.l. (ICE LIBOR plus 475 bps),
5.708%, 9-30-25 (I)	GBP	130		165
Amneal Pharmaceuticals LLC (ICE LIBOR plus 350 bps),
6.000%, 5-4-25	$	248		247

16 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

LOANS (H) (Continued)	Principal		Value
Pharmaceuticals (Continued)
Concordia International Corp. (ICE LIBOR plus 550 bps),
7.993%, 9-6-24	$	198	$	187
Nidda Healthcare Holding GmbH (3-Month EURIBOR plus 400 bps),
4.000%, 8-21-24 (I)	EUR	250		280
UIC Merger Sub, Inc. (ICE LIBOR plus 325 bps),
5.749%, 8-31-24 (D)	$	246		242
				1,282
Total Health Care – 2.4%				11,080
Industrials
Aerospace & Defense – 0.1%
MB Aerospace Holdings II Corp. (ICE LIBOR plus 350 bps),
5.999%, 1-22-25 (D)		247		238
Tronair, Inc. (1-Month U.S. LIBOR plus 475 bps),
7.566%, 9-8-23 (D)		340		332
Tronair, Inc. (Prime rate plus 375 bps),
7.249%, 9-8-23 (D)		1		1
				571
Building Products – 0.1%
C.H.I. Overhead Doors, Inc. (ICE LIBOR plus 375 bps),
5.749%, 7-31-22		536		529
Construction & Engineering – 0.3%
McDermott Technology (Americas), Inc. (ICE LIBOR plus 500 bps),
7.499%, 5-10-25		1,441		1,378
Diversified Support Services – 0.7%
Agro Merchants Intermediate Holdings L.P. (ICE LIBOR plus 375 bps),
6.351%, 12-6-24		247		244
Diamond (BC) B.V. (ICE LIBOR plus 300 bps),
5.744%, 9-6-24		247		237
MRO Holdings, Inc. (ICE LIBOR plus 525 bps),
7.379%, 10-25-23		494		493
Packers Holdings LLC (ICE LIBOR plus 325 bps),
5.489%, 12-4-24		247		238
PT Holdings LLC,
0.000%, 12-7-24 (M)		50		49
PT Holdings LLC (ICE LIBOR plus 400 bps),
6.499%, 12-7-24		402		394
United Rentals (North America), Inc. (ICE LIBOR plus 175 bps),
4.249%, 10-31-25		249		247
USS Ultimate Holdings, Inc. (ICE LIBOR plus 775 bps),
10.249%, 8-25-25		1,000		948
				2,850

LOANS (H) (Continued)	Principal		Value
Environmental & Facilities Services – 0.1%
SMI Acquisition, Inc. (ICE LIBOR plus 375 bps),
6.487%, 11-1-24	$	247	$	216
Heavy Electrical Equipment – 0.1%
Brookfield WEC Holdings, Inc. (ICE LIBOR plus 375 bps),
6.249%, 8-1-25		249		249
Highways & Railtracks – 0.2%
SH 130 Concession Co. LLC (3-Month ICE LIBOR plus 287.5 bps),
5.374%, 6-5-20		730		734
Industrial Conglomerates – 0.3%
PAE Holding Corp. (ICE LIBOR plus 550 bps),
7.999%, 10-20-22 (D)		1,147		1,136
PAE Holding Corp. (ICE LIBOR plus 950 bps),
11.999%, 10-20-23 (D)		122		119
Zebra Technologies Corp. (ICE LIBOR plus 175 bps),
4.240%, 10-27-21		199		198
				1,453
Industrial Machinery – 0.1%
Dynacast International LLC (ICE LIBOR plus 850 bps),
11.101%, 1-30-23 (D)		554		532
Office Services & Supplies – 0.0%
Fastener Acquisition, Inc. (ICE LIBOR plus 425 bps),
6.749%, 3-28-25 (D)		248		241
Research & Consulting Services – 0.1%
APCO Holdings, Inc. (ICE LIBOR plus 550 bps),
8.000%, 6-8-25 (D)		188		187
Red Ventures LLC (ICE LIBOR plus 400 bps),
5.499%, 11-8-24		249		247
				434
Security & Alarm Services – 0.0%
Garda World Security Corp. (ICE LIBOR plus 400 bps):
6.115%, 5-26-24		231		227
8.000%, 5-26-24		1		1
				228
Trucking – 0.1%
YRC Worldwide, Inc. (ICE LIBOR plus 850 bps),
11.244%, 7-26-22		456		448
Total Industrials – 2.2%				9,863

LOANS (H) (Continued)	Principal		Value
Information Technology
Application Software – 0.6%
Applied Systems, Inc. (ICE LIBOR plus 700 bps),
9.499%, 9-19-25	$	334	$	336
DigiCert Holdings, Inc. (ICE LIBOR plus 475 bps),
6.499%, 10-31-24		269		263
Flexera Software LLC (ICE LIBOR plus 325 bps),
5.750%, 2-26-25		287		285
Infor (U.S.), Inc. (3-Month EURIBOR plus 225 bps),
3.250%, 2-1-22 (I)	EUR	250		278
Kronos Acquisition Holdings, Inc. (ICE LIBOR plus 700 bps),
9.496%, 5-15-23 (D)	$	82		83
Mitchell International, Inc. (ICE LIBOR plus 325 bps),
5.749%, 12-1-24		105		101
Mitchell International, Inc. (ICE LIBOR plus 725 bps),
9.749%, 11-30-25		208		202
Seattle Spinco, Inc. (ICE LIBOR plus 275 bps),
4.999%, 6-21-24		326		317
SS&C Technologies Holdings, Inc. (ICE LIBOR plus 250 bps),
4.749%, 4-16-25		139		138
SS&C Technologies, Inc. (ICE LIBOR plus 225 bps),
4.749%, 4-16-25		249		246
VF Holding Corp. (ICE LIBOR plus 325 bps),
5.749%, 7-2-25		249		245
				2,494
Communications Equipment – 0.1%
MLN U.S. Holdco LLC (ICE LIBOR plus 450 bps),
6.999%, 11-30-25		317		311
MLN U.S. Holdco LLC (ICE LIBOR plus 875 bps),
11.249%, 11-30-26		299		292
				603
Data Processing & Outsourced Services – 0.3%
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 300 bps),
9.860%, 5-1-25		377		341
Great Dane Merger Sub, Inc. (ICE LIBOR plus 375 bps),
6.249%, 5-21-25 (D)		534		525
Navicure, Inc. (ICE LIBOR plus 375 bps),
6.249%, 11-1-24		247		242
Output Services Group, Inc. (ICE LIBOR plus 425 bps),
6.749%, 3-27-24 (D)		248		227
				1,335

2019 SEMIANNUAL REPORT 17

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

MARCH 31, 2019 (UNAUDITED)

LOANS (H) (Continued)	Principal		Value
Internet Services & Infrastructure – 0.1%
OpenLink International, Inc. (ICE LIBOR plus 475 bps),
7.401%, 3-21-25	$	192	$	189
IT Consulting & Other Services – 0.4%
CCC Information Services, Inc. (ICE LIBOR plus 675 bps),
9.249%, 4-27-25		285		283
HS Purchaser LLC (ICE LIBOR plus 375 bps),
6.249%, 3-29-25 (D)		161		159
NAVEX TopCo, Inc. (ICE LIBOR plus 325 bps),
5.750%, 9-5-25		249		242
Peak 10 Holding Corp. (ICE LIBOR plus 350 bps),
6.101%, 8-1-24		247		225
Triple Point Group Holdings, Inc. (ICE LIBOR plus 425 bps),
6.901%, 7-13-20		276		243
				1,152
Semiconductor Equipment – 0.0%
Entegris, Inc. (ICE LIBOR plus 200 bps),
4.499%, 11-6-25 (D)		249		248
Semiconductors – 0.0%
Microchip Technology, Inc. (ICE LIBOR plus 200 bps),
4.500%, 5-29-25		159		158
Systems Software – 0.1%
Inovalon Holdings, Inc. (ICE LIBOR plus 350 bps),
6.000%, 4-2-25		249		247
Park Place Technologies LLC (ICE LIBOR plus 400 bps),
6.499%, 3-29-25		248		246
				493
Total Information Technology – 1.6%				6,672
Materials
Commodity Chemicals – 0.1%
ILPEA Parent, Inc. (ICE LIBOR plus 550 bps),
7.250%, 3-2-23 (D)		510		513
Construction Materials – 0.2%
Associated Asphalt Partners LLC (ICE LIBOR plus 525 bps),
7.749%, 4-5-24		171		168

LOANS (H) (Continued)	Principal		Value
Construction Materials (Continued)
Hillman Group, Inc. (The) (ICE LIBOR plus 350 bps),
6.499%, 5-31-25	$	715	$	681
				849
Metal & Glass Containers – 0.0%
Crown Americas LLC (ICE LIBOR plus 200 bps),
4.484%, 4-3-25		134		134
Paper Packaging – 0.1%
Archroma Finance S.a.r.l. (ICE LIBOR plus 425 bps),
6.601%, 7-11-24		2		2
Flex Acquisition Co., Inc. (ICE LIBOR plus 325 bps):
5.739%, 6-22-25		1		1
5.876%, 6-22-25		248		240
				243
Specialty Chemicals – 0.4%
Ferro Corp. (ICE LIBOR plus 225 bps),
4.851%, 2-14-24		279		275
SK Spice Holdings S.a.r.l. (3-Month ICE LIBOR plus 425 bps),
6.799%, 7-11-24		347		344
Starfruit U.S. Holdco LLC (ICE LIBOR plus 325 bps),
5.740%, 10-1-25		250		246
Styrolution Group GmbH (ICE LIBOR plus 375 bps),
4.601%, 9-30-21		212		210
Univar, Inc. (3-Month EURIBOR plus 275 bps),
2.750%, 7-1-24 (I)	EUR	250		280
W.R. Grace & Co. – Conn (ICE LIBOR plus 175 bps),
4.351%, 4-3-25	$	249		245
				1,600
Total Materials – 0.8%				3,339
Real Estate
Hotel & Resort REITs – 0.2%
Hospitality Investors Trust, Inc. (1-Month U.S. LIBOR plus 650 bps),
8.992%, 5-1-19		1,000		1,000
Industrial REITs – 0.1%
Avolon TLB Borrower 1 U.S. LLC (ICE LIBOR plus 200 bps),
4.488%, 1-15-25		212		210

LOANS (H) (Continued)	Principal		Value
Industrial REITs (Continued)
Terra Millennium Corp. (ICE LIBOR plus 625 bps),
9.250%, 10-31-22 (D)	$	525	$	520
				730
Retail REITs – 0.2%
Inland Retail Real Estate Trust, Inc. (1-Month U.S. LIBOR plus 650 bps),
8.240%, 1-1-22		862		872
Specialized REITs – 0.1%
Access CIG LLC (ICE LIBOR plus 375 bps),
6.243%, 2-27-25		281		277
Total Real Estate – 0.6%				2,879
TOTAL LOANS – 15.7%			$	70,073
(Cost: $72,075)
SHORT-TERM SECURITIES
Commercial Paper (N) – 3.5%
J.M. Smucker Co. (The),
2.651%, 4-1-19		9,432		9,430
Wisconsin Electric Power Co.,
2.561%, 4-1-19		6,873		6,871
				16,301
Master Note – 2.7%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.710%, 4-5-19 (O)		12,400		12,400
Money Market Funds – 0.9%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
2.360%, (P)(Q)		4,021		4,021
TOTAL SHORT-TERM SECURITIES – 7.1%			$	32,722
(Cost: $32,726)
TOTAL INVESTMENT SECURITIES – 98.6%			$	458,329
(Cost: $442,790)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.4%				6,597
NET ASSETS – 100.0%			$	464,926

Notes to Schedule of Investments

* Not shown due to rounding.

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

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

18 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

(C) All or a portion of securities with an aggregate value of $8,142 are on loan.

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

(E) Restricted securities. At March 31, 2019, the Fund owned the following restricted securities:

Security	Acquisition Date(s)		Shares		Cost		Market Value
Pinnacle Agriculture Enterprises LLC		3-10-17		233	$	106	$	48
Targa Resources Corp., 9.500%		10-24-17		1		1,415		1,352
					$	1,521	$	1,400

    The total value of these securities represented 0.3% of net assets at March 31, 2019.

(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, 2019 the total value of these securities amounted to $119,095 or 25.6% of net assets.

(H) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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 (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.

(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, 2019.

(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 yield to maturity at March 31, 2019.

(O) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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.

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

(Q) Rate shown is the annualized 7-day yield at March 31, 2019.

The following over the counter credit default swaps — buy protection⁽¹⁾ were outstanding at March 31, 2019:

Referenced Obligation	Counterparty	(Pay) Fixed Rate		Maturity Date		Notional Amount(2)		Value		Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
K Hovnanian Enterprises, Inc.	JPMorgan Chase Bank N.A.		(5.000%)		12-20-23		37	$	15	$	8	$	7
K Hovnanian Enterprises, Inc.	Barclays Bank plc		(5.000%)		12-20-22		335		123		129		(6	)
								$	138	$	137	$	1

The following over the counter credit default swaps — sold protection⁽³⁾ were outstanding at March 31, 2019:

Referenced Obligation	Counterparty		Receive Fixed Rate			Maturity Date		Implied Credit Spread at March 31, 2019(4)			Notional Amount(2)		Value		Upfront Payments/ (Receipts)			Unrealized Appreciation
K Hovnanian Enterprises, Inc.		Barclays Bank plc		5.000	%		12-20-20		22.636	%		19		$(3)	$	(5	)	$	2

(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 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.

2019 SEMIANNUAL REPORT 19

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

MARCH 31, 2019 (UNAUDITED)

(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, 2019:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
British Pound		4,410	U.S. Dollar		5,858	6-28-19	JPMorgan Securities LLC	$	89		$	—
Euro		2,030	U.S. Dollar		2,307	6-28-19	JPMorgan Securities LLC		13			—
Euro		5,382	U.S. Dollar		6,973	9-30-21	JPMorgan Securities LLC		514			—
Euro		456	U.S. Dollar		515	7-5-19	Morgan Stanley International		—	*		—
								$	616		$	—

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	4,754	$	3,883		$	—
Consumer Discretionary		2,718		2,676			29
Consumer Staples		11,327		14,289			—
Energy		6,898		18,559			91
Financials		10,168		20,734			—
Health Care		9,935		10,335			—
Industrials		10,995		10,243			—
Information Technology		4,849		6,813			—
Materials		3,139		5,376			—
Real Estate		24,601		17,809			—
Utilities		4,277		8,696			—
Total Common Stocks	$	93,661	$	119,413		$	120
Investment Funds		3,149		—			—
Preferred Stocks		—		1,352			48
Warrants		—		—	*		—
Asset-Backed Securities		—		10,703			—
Corporate Debt Securities		—		120,531			—
Mortgage-Backed Securities		—		6,354			—
Other Government Securities		—		203			—
Loans		—		58,880			11,193
Short-Term Securities		4,021		28,701			—
Total	$	100,831	$	346,137		$	11,361
Over the Counter Credit Default Swaps	$	—	$	138		$	—
Forward Foreign Currency Contracts	$	—	$	616		$	—
Liabilities
Over the Counter Credit Default Swaps	$	—	$	3		$	—

20 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

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

	Common Stocks			Preferred Stocks			Loans
Beginning Balance 10-1-18	$	61		$	130		$	11,506
Net realized gain (loss)		—			—			1
Net change in unrealized appreciation (depreciation)		59			(82	)		(832	)
Purchases		—	*		—			2,709
Sales		—			—			(2,448	)
Amortization/Accretion of premium/discount		—			—			5
Transfers into Level 3 during the period		—			—			4,340
Transfers out of Level 3 during the period		—			—			(4,086	)
Ending Balance 3-31-19	$	120		$	48		$	11,193
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-19	$	59		$	(82	)	$	(741	)

Information about Level 3 fair value measurements:

	Fair Value at 3-31-19		Valuation Technique(s)	Unobservable Input(s)	Input Value(s)
Assets
Common Stocks	$	29	Market comparable approach	Adjusted EBITDA multiple		7.44x
		91	Third-party vendor service	Broker quotes		N/A
Preferred Stocks		48	Market comparable approach	Adjusted EBITDA multiple		10.12x
				Illiquidity Discount		10%
Loans		11,193	Third-party vendor service	Broker quotes		N/A

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

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

CLO = Collateralized Loan Obligation

EURIBOR = Euro Interbank Offered Rate

GTD = Guaranteed

ICE = Intercontinental Exchange

LIBOR = London Interbank Offered Rate

PIK = Payment in kind

REIT = Real Estate Investment Trust

Country Diversification
(as a % of net assets)
United States	52.9%
United Kingdom	5.6%
France	5.0%
Netherlands	3.9%
Canada	3.5%
Japan	2.7%
Switzerland	2.6%
Hong Kong	2.4%

Country Diversification (Continued)
Luxembourg	2.2%
Cayman Islands	1.7%
Ireland	1.5%
South Korea	1.0%
Other Countries	6.5%
Other+	8.5%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 21

PORTFOLIO HIGHLIGHTS IVY APOLLO STRATEGIC INCOME FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Stocks	1.3%
Financials	0.7%
Consumer Discretionary	0.3%
Energy	0.3%
Health Care	0.0%
Communication Services	0.0%
Consumer Staples	0.0%
Warrants	0.0%
Bonds	92.3%
Corporate Debt Securities	56.1%
Loans	15.6%
Other Government Securities	10.0%
United States Government and Government Agency Obligations	6.7%
Asset-Backed Securities	2.4%
Mortgage-Backed Securities	1.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	6.4%

Quality Weightings

Investment Grade	39.7%
AAA	6.2%
AA	3.1%
A	8.7%
BBB	21.7%
Non-Investment Grade	52.6%
BB	13.3%
B	25.8%
CCC	9.9%
Below CCC	0.5%
Non-rated	3.1%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Equities	7.7%

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

Country Weightings

North America	58.9%
United States	52.3%
Mexico	3.5%
Other North America	3.1%
Europe	13.3%
Luxembourg	3.4%
Other Europe	9.9%
Pacific Basin	7.3%
South America	6.9%
Bahamas/Caribbean	4.4%
Cayman Islands	3.7%
Other Bahamas/Caribbean	0.7%
Other	1.6%
Middle East	1.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	6.4%

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

22 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS	Shares			Value
Canada
Health Care – 0.0%
Advanz Pharma Corp. (A)		7		$	130
Total Canada – 0.0%				$	130
Hong Kong
Consumer Discretionary – 0.2%
Studio City International Holdings Ltd. ADR (A)		46			733
Total Hong Kong – 0.2%				$	733
Netherlands
Communication Services – 0.0%
Altice N.V., Class A (A)(B)		11			28
Total Netherlands – 0.0%				$	28
United States
Communication Services – 0.0%
Altice USA, Inc., Class A		4			95
Cumulus Media, Inc., Class A (A)		—	*		1
					96
Consumer Discretionary – 0.1%
Laureate Education, Inc., Class A (A)		20			295
True Religion Apparel, Inc. (A)(C)		1			33
					328
Energy – 0.0%
Westmoreland Coal Co. (A)(C)		7			91
Total United States – 0.1%				$	515
TOTAL COMMON STOCKS – 0.3%				$	1,406
(Cost: $1,185)
INVESTMENT FUNDS
United States – 0.7%
iShares iBoxx $ High Yield Corporate Bond ETF (B)		39			3,333
TOTAL INVESTMENT FUNDS – 0.7%				$	3,333
(Cost: $3,282)
PREFERRED STOCKS
United States
Consumer Staples – 0.0%
Pinnacle Agriculture Enterprises LLC (A)(C)(D)		389			79
Energy – 0.3%
Targa Resources Corp., 9.500% (A)(D)		1			1,553
Total United States – 0.3%				$	1,632
TOTAL PREFERRED STOCKS – 0.3%				$	1,632
(Cost: $1,801)

WARRANTS	Shares		Value
United States – 0.0%
Ultra Resources, Inc., expires 7-14-25, Expires 7-14-25 (E)		4	$	1
TOTAL WARRANTS – 0.0%			$	1
(Cost: $1)
ASSET-BACKED SECURITIES	Principal
Cayman Islands – 1.5%
Dryden Senior Loan Fund, Series 2018-71A, Class D (3-Month U.S. LIBOR plus 390 bps)
6.593%, 1-15-29 (F)(G)	$	500		499
Eaton Vance CDO Ltd., Series 2013-1A, Class CR (3-Month U.S. LIBOR plus 425 bps)
6.690%, 1-15-28 (F)(G)		3,385		3,378
Northwoods Capital XI-B Ltd. and Northwoods Capital XI-B LLC, Series 2018-14BA, Class D (3-Month U.S. LIBOR plus 340 bps)
6.018%, 11-13-31 (F)(G)		800		768
OZLM Ltd., Series 2014-9A, Class DRR (3-Month U.S. LIBOR plus 612 bps)
8.589%, 10-20-31 (F)(G)		500		471
Race Point CLO Ltd., Series 2013-8A, Class DR (3-Month U.S. LIBOR plus 380 bps)
6.444%, 2-20-30 (F)(G)		500		494
Regatta II Funding L.P., Series 2013-2A, Class DR (3-Month U.S. LIBOR plus 759 bps)
10.377%, 1-15-29 (F)(G)		1,000		997
TIAA Churchill Middle Market CLO I Ltd., Series 2016-1A, Class DR (3-Month U.S. LIBOR plus 390 bps)
6.370%, 10-20-30 (F)(G)		250		242
Venture CDO Ltd., Series 17-26A, Class D (3-Month U.S. LIBOR plus 425 bps)
7.011%, 1-20-29 (F)(G)		500		500
				7,349
United States – 0.9%
Adams Mill CLO Ltd., Series 2014-1A, Class D1 (3-Month U.S. LIBOR plus 350 bps)
5.940%, 7-15-26 (F)(G)		400		399
Anchorage Credit Funding Ltd., Series 2015-2A, Class D
7.300%, 1-25-31 (F)		400		403
Antares CLO 2017-1A Ltd. (3-Month U.S. LIBOR plus 775 bps)
10.220%, 7-20-28 (G)		1,350		1,310
Fortress Credit BSL Ltd., Series 2018-1A, Class ER (3-Month U.S. LIBOR plus 645 bps)
8.980%, 7-23-31 (F)(G)		750		705
Golub Capital Partners CLO Ltd., Series 2013-17A, Class CR (3-Month U.S. LIBOR plus 350 bps)
5.990%, 10-25-30 (F)(G)		1,000		936

ASSET-BACKED SECURITIES (Continued)	Principal		Value
United States (Continued)
Trinitas CLO Ltd., Series 2018-8A, Class E (3-Month U.S. LIBOR plus 590 bps)
8.370%, 7-20-31 (F)(G)	$	500	$	465
				4,218
TOTAL ASSET-BACKED SECURITIES – 2.4%			$	11,567
(Cost: $11,735)
CORPORATE DEBT SECURITIES
Argentina
Energy – 0.2%
Pampa Energia S.A.
7.500%, 1-24-27 (B)(F)		1,200		1,059
Industrials – 0.1%
Aeropuertos Argentina 2000 S.A.
6.875%, 2-1-27 (F)		625		588
Total Argentina – 0.3%			$	1,647
Australia
Financials – 0.3%
Australia and New Zealand Banking Group Ltd.
4.500%, 3-19-24 (F)		1,500		1,546
Utilities – 0.3%
Ausgrid Finance Pty Ltd.
3.850%, 5-1-23 (F)		1,400		1,431
Total Australia – 0.6%			$	2,977
Austria
Consumer Staples – 0.0%
JBS Investments II GmbH (GTD by JBS S.A.)
7.000%, 1-15-26		200		206
Materials – 0.6%
Bahia Sul Holdings GmbH
5.750%, 7-14-26 (F)		2,000		2,132
Klabin Austria GmbH
5.750%, 4-3-29 (F)		1,200		1,193
				3,325
Total Austria – 0.6%			$	3,531
Bermuda
Consumer Staples – 0.2%
Bacardi Ltd.
4.450%, 5-15-25 (F)		1,100		1,110
Total Bermuda – 0.2%			$	1,110

2019 SEMIANNUAL REPORT 23

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Brazil
Communication Services – 0.0%
Globo Comunicacoes e Participacoes S.A.
4.843%, 6-8-25	$	200	$	196
Consumer Staples – 0.4%
Cosan Ltd.
5.950%, 9-20-24 (F)		1,725		1,757
Materials – 0.6%
Fibria Overseas Finance Ltd.:
5.250%, 5-12-24		800		839
4.000%, 1-14-25		850		836
Suzano Austria GmbH
6.000%, 1-15-29 (F)		200		213
Vale Overseas Ltd.
6.250%, 8-10-26		1,025		1,114
				3,002
Utilities – 0.3%
Aegea Finance S.a.r.l.
5.750%, 10-10-24 (F)		1,000		984
Cemig Geracao e Transmissao S.A.
9.250%, 12-5-24 (F)		400		433
				1,417
Total Brazil – 1.3%			$	6,372
British Virgin Islands
Materials – 0.1%
Gerdau Trade, Inc. (GTD by Gerdau S.A., Gerdau Acominas S.A., Gerdau Acos Longos S.A. and Gerdau Acos Especiais S.A.)
4.875%, 10-24-27 (B)		200		201
Total British Virgin Islands – 0.1%			$	201
Canada
Communication Services – 0.1%
Quebecor Media, Inc.
5.750%, 1-15-23		255		266
Consumer Discretionary – 0.4%
1011778 B.C. Unlimited Liability Co. and New Red Finance, Inc.:
4.250%, 5-15-24 (B)(F)		238		236
5.000%, 10-15-25 (F)		1,040		1,027
Gateway Casinos & Entertainment Ltd.
8.250%, 3-1-24 (F)		587		616
Panther BF Aggregator 2 L.P.
6.250%, 5-15-26 (F)		119		121
				2,000
Energy – 0.9%
Bellatrix Exploration Ltd.
8.500%, 5-15-20 (F)		664		398
Seven Generations Energy Ltd.:
6.750%, 5-1-23 (F)		1,257		1,293

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Energy (Continued)
5.375%, 9-30-25 (F)	$	480	$	469
TransCanada PipeLines Ltd.:
3.800%, 10-1-20		1,000		1,016
4.250%, 5-15-28		900		940
				4,116
Financials – 0.4%
Royal Bank of Canada:
3.700%, 10-5-23		750		775
4.650%, 1-27-26		550		584
Tervita Escrow Corp.
7.625%, 12-1-21 (F)		244		242
				1,601
Health Care – 0.0%
Advanz Pharma Corp.
8.000%, 9-6-24		81		77
Industrials – 0.3%
GFL Environmental, Inc.:
5.625%, 5-1-22 (F)		155		150
5.375%, 3-1-23 (F)		858		811
7.000%, 6-1-26 (F)		730		691
				1,652
Information Technology – 0.3%
Kronos Acquisition Holdings, Inc.
9.000%, 8-15-23 (F)		1,909		1,642
Open Text Corp.
5.625%, 1-15-23 (F)		134		137
				1,779
Materials – 0.2%
HudBay Minerals, Inc.:
7.250%, 1-15-23 (F)		68		70
7.625%, 1-15-25 (F)		102		105
NOVA Chemicals Corp.:
4.875%, 6-1-24 (F)		661		649
5.250%, 6-1-27 (F)		265		260
				1,084
Total Canada – 2.6%			$	12,575
Cayman Islands
Communication Services – 0.6%
CK Hutchison International (16) Ltd.
1.875%, 10-3-21 (F)		2,000		1,943
Sable International Finance Ltd.
6.875%, 8-1-22 (F)		1,000		1,041
				2,984
Financials – 0.3%
Banco do Brasil S.A.
6.000%, 1-22-20 (F)		1,000		1,019
Grupo Aval Ltd.
4.750%, 9-26-22 (F)		400		404
				1,423

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials – 0.6%
Guanay Finance Ltd.
6.000%, 12-15-20	$	1,077	$	1,089
LATAM Finance Ltd.
6.875%, 4-11-24 (F)		2,000		2,050
				3,139
Materials – 0.4%
Braskem Finance Ltd. (GTD by Braskem S.A.)
5.750%, 4-15-21 (F)		1,800		1,864
Total Cayman Islands – 1.9%			$	9,410
Chile
Financials – 0.3%
Banco Santander Chile
2.500%, 12-15-20 (F)		1,250		1,237
Materials – 0.1%
Celulosa Arauco y Constitucion S.A.
5.000%, 1-21-21		700		718
Utilities – 0.2%
Enel Chile S.A.
4.875%, 6-12-28		840		886
Total Chile – 0.6%			$	2,841
China
Communication Services – 0.2%
Tencent Holdings Ltd.
2.985%, 1-19-23 (F)		1,000		996
Consumer Discretionary – 0.5%
Alibaba Group Holding Ltd.:
2.800%, 6-6-23		900		893
3.400%, 12-6-27		1,500		1,474
				2,367
Energy – 0.2%
Sinopec Group Overseas Development (2018) Ltd.
4.125%, 9-12-25 (F)		800		833
Total China – 0.9%			$	4,196
Columbia
Financials – 0.3%
Banco de Bogota S.A.
5.375%, 2-19-23 (F)		1,300		1,344
Total Columbia – 0.3%			$	1,344
Denmark
Financials – 0.3%
Danske Bank A.S.:
5.000%, 1-12-22 (F)		700		717

24 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials (Continued)
2.700%, 3-2-22 (F)	$	800	$	779
				1,496
Total Denmark – 0.3%			$	1,496
France
Communication Services – 0.8%
Altice France S.A.:
7.375%, 5-1-26 (F)		1,194		1,170
8.125%, 2-1-27 (F)		1,300		1,313
Orange S.A.
1.625%, 11-3-19		1,500		1,490
				3,973
Consumer Discretionary – 0.1%
Klesia Prevoyance
5.375%, 12-8-26 (H)	EUR	300		347
Consumer Staples – 0.5%
Danone S.A.
3.000%, 6-15-22 (F)	$	900		902
Pernod Ricard S.A.
4.450%, 1-15-22 (F)		1,500		1,559
				2,461
Financials – 0.5%
BNP Paribas S.A.
7.625%, 12-29-49 (F)		1,800		1,888
Humanis Prevoyance
5.750%, 10-22-25 (H)	EUR	300		342
				2,230
Total France – 1.9%			$	9,011
Hong Kong
Financials – 0.1%
Bangkok Bank Public Co. Ltd.
4.050%, 3-19-24 (F)	$	600		616
Total Hong Kong – 0.1%			$	616
India
Industrials – 0.4%
Adani Ports and Special Economic Zone Ltd.
3.500%, 7-29-20 (F)		2,200		2,201
Materials – 0.4%
Vedanta Resources plc
6.375%, 7-30-22 (F)		1,800		1,746
Total India – 0.8%			$	3,947
Indonesia
Utilities – 0.2%
Perusahaan Listrik Negara
5.450%, 5-21-28 (F)		700		747
Total Indonesia – 0.2%			$	747

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Ireland
Materials – 0.0%
James Hardie International Finance Designated Activity Co.
5.000%, 1-15-28 (F)	$	67	$	65
Real Estate – 0.2%
Avolon Holdings Funding Ltd.
5.250%, 5-15-24 (F)		391		403
Park Aerospace Holdings Ltd.
4.500%, 3-15-23 (F)		602		599
				1,002
Total Ireland – 0.2%			$	1,067
Israel
Utilities – 0.0%
Israel Electric Corp. Ltd.
5.000%, 11-12-24		200		211
Total Israel – 0.0%			$	211
Jamaica
Communication Services – 0.1%
Digicel Group Ltd.:
6.000%, 4-15-21 (B)(F)		200		167
8.250%, 9-30-22 (B)(F)		195		65
8.250%, 12-30-22 (B)(F)		205		125
Digicel Group Ltd. (7.125% Cash or 2.000% PIK)
9.125%, 4-1-24 (F)(I)		247		65
Digicel Ltd.
6.750%, 3-1-23 (B)(F)		200		128
				550
Total Jamaica – 0.1%			$	550
Japan
Consumer Staples – 0.3%
Suntory Holdings Ltd.
2.550%, 9-29-19 (F)		1,325		1,322
Financials – 0.9%
Mitsubishi UFJ Financial Group, Inc.
3.287%, 7-25-27		600		600
Mizuho Bank Ltd.
2.450%, 4-16-19 (F)		750		750
Mizuho Financial Group, Inc.
3.170%, 9-11-27		600		593
Sumitomo Mitsui Financial Group, Inc.:
3.748%, 7-19-23		1,240		1,275
3.936%, 10-16-23		900		934
				4,152
Total Japan – 1.2%			$	5,474

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Luxembourg
Communication Services – 1.6%
Altice Financing S.A.:
6.625%, 2-15-23 (F)	$	263	$	269
7.500%, 5-15-26 (F)		1,672		1,655
Altice S.A.:
7.750%, 5-15-22 (F)		3,331		3,327
7.250%, 5-15-22 (F)(H)	EUR	250		283
7.625%, 2-15-25 (F)	$	1,231		1,079
6.250%, 2-15-25 (F)(H)	EUR	250		258
Intelsat Jackson Holdings S.A.
9.500%, 9-30-22 (F)	$	814		936
				7,807
Consumer Discretionary – 0.1%
Nielsen Co. (Luxembourg) S.a.r.l. (The)
5.500%, 10-1-21 (F)		500		501
Consumer Staples – 0.2%
Minerva Luxembourg S.A.
5.875%, 1-19-28 (F)		1,200		1,104
Energy – 0.1%
Offshore Drilling Holding S.A.
8.375%, 9-20-20 (F)(J)		1,600		798
Financials – 0.0%
Rede D’Or Finance S.a.r.l.
4.950%, 1-17-28 (B)		200		188
Industrials – 0.7%
Ingersoll-Rand Luxembourg Finance S.A.
2.625%, 5-1-20		1,500		1,496
Rumo Luxembourg S.a.r.l.
7.375%, 2-9-24 (F)		1,750		1,861
				3,357
Information Technology – 0.3%
Atento Luxco 1 S.A.
6.125%, 8-10-22 (F)		1,525		1,515
Materials – 0.2%
ARD Finance S.A. (7.125% Cash or 7.875% PIK)
7.125%, 9-15-23 (I)		200		199
ARD Securities Finance S.a.r.l. (8.750% Cash or 8.750% PIK)
8.750%, 1-31-23 (F)(I)		437		414
				613
Total Luxembourg – 3.2%			$	15,883
Macau
Consumer Discretionary – 0.2%
Sands China Ltd.
5.125%, 8-8-25		600		626
Wynn Macau Ltd.:
4.875%, 10-1-24 (F)		200		195

2019 SEMIANNUAL REPORT 25

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Discretionary (Continued)
5.500%, 10-1-27 (F)	$	446	$	427
				1,248
Total Macau – 0.2%			$	1,248
Mauritius
Communication Services – 0.0%
MTN (Mauritius) Investments Ltd.
4.755%, 11-11-24		200		190
Total Mauritius – 0.0%			$	190
Mexico
Communication Services – 0.2%
Telefonos de Mexico S.A.B de C.V. (GTD by America Movil S.A.B. de C.V.)
5.500%, 11-15-19		1,000		1,015
Consumer Discretionary – 0.0%
Nemak S.A.B. de C.V.
4.750%, 1-23-25		200		195
Consumer Staples – 0.5%
Grupo Bimbo S.A.B. de C.V.:
4.875%, 6-30-20 (F)		350		357
4.500%, 1-25-22 (F)		1,250		1,288
Kimberly-Clark de Mexico
3.800%, 4-8-24 (F)		1,000		983
				2,628
Energy – 0.0%
Petroleos Mexicanos
4.875%, 1-24-22		200		202
Financials – 0.8%
Banco Santander (Mexico) S.A.
5.950%, 10-1-28 (F)		350		358
Banco Santander S.A.
4.125%, 11-9-22 (F)		2,350		2,375
Nacional Financiera SNC
3.375%, 11-5-20 (F)		750		750
				3,483
Industrials – 0.3%
Alfa S.A.B. de C.V.
5.250%, 3-25-24 (F)		1,400		1,466
Materials – 0.7%
CEMEX S.A.B. de C.V.
7.750%, 4-16-26 (F)		550		598
Elementia S.A.B. de C.V.
5.500%, 1-15-25 (F)		1,000		976
Grupo Cementos de Chihuahua S.A.B. de C.V.
5.250%, 6-23-24 (F)		2,146		2,154
				3,728
Total Mexico – 2.5%			$	12,717

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Netherlands
Communication Services – 0.6%
Clear Channel International B.V.
8.750%, 12-15-20 (F)	$	156	$	160
Myriad International Holdings B.V.
6.000%, 7-18-20 (F)		350		360
VTR Finance B.V.
6.875%, 1-15-24 (F)		2,254		2,310
				2,830
Consumer Discretionary – 0.1%
Stars Group Holdings B.V. and Stars Group (U.S.) Co-Borrower LLC
7.000%, 7-15-26 (F)		463		483
Consumer Staples – 0.2%
Marfrig Holdings (Europe) B.V.
8.000%, 6-8-23 (F)		650		670
Energy – 0.1%
Petrobras Global Finance (GTD by Petroleo Brasileiro S.A.)
5.999%, 1-27-28		200		202
Financials – 0.6%
Aegon N.V.
4.000%, 4-25-44 (H)	EUR	200		237
ASR Nederland N.V.
5.125%, 9-29-45 (H)		100		124
Cooperatieve Rabobank U.A.
3.875%, 2-8-22	$	625		643
Enel Finance International N.V.
4.625%, 9-14-25 (F)		1,450		1,501
Syngenta Finance N.V.
5.182%, 4-24-28 (F)		725		738
				3,243
Materials – 0.5%
Constellium N.V.:
5.750%, 5-15-24 (F)		1,000		1,000
6.625%, 3-1-25 (B)(F)		1,081		1,103
5.875%, 2-15-26 (F)		449		441
				2,544
Total Netherlands – 2.1%			$	9,972
Norway
Energy – 0.3%
Aker BP ASA
6.000%, 7-1-22 (F)		1,500		1,545
Total Norway – 0.3%			$	1,545
Panama
Financials – 0.3%
Banco de Credito del Peru
2.250%, 10-25-19 (B)(F)		500		497

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials (Continued)
Banco Latinoamericano de Comercio Exterior S.A.
3.250%, 5-7-20 (F)	$	1,000	$	998
				1,495
Total Panama – 0.3%			$	1,495
Peru
Financials – 0.2%
Banco de Credito del Peru
4.250%, 4-1-23 (F)		550		564
Corporacion Financiera de Desarrolla S.A.
4.750%, 2-8-22 (F)		550		572
				1,136
Utilities – 0.2%
Fenix Power Peru S.A.
4.317%, 9-20-27 (B)		761		732
Total Peru – 0.4%			$	1,868
Qatar
Energy – 0.1%
Ras Laffan Liquefied Natural Gas Co. Ltd. II
5.298%, 9-30-20 (F)		504		509
Total Qatar – 0.1%			$	509
Russia
Materials – 0.0%
EVRAZ plc
5.250%, 4-2-24 (F)		200		200
Total Russia – 0.0%			$	200
Saint Lucia
Communication Services – 0.2%
Digicel International Finance Ltd.
8.750%, 5-25-24 (F)		949		937
Total Saint Lucia – 0.2%			$	937
South Africa
Utilities – 0.0%
Eskom Holdings SOC Ltd. (GTD by Government of the Republic of South Africa)
6.350%, 8-10-28		200		206
Total South Africa – 0.0%			$	206
South Korea
Communication Services – 0.1%
SK Telecom Co. Ltd.
3.750%, 4-16-23 (F)		500		512

26 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials – 0.6%
Hyundai Capital Services, Inc.
3.750%, 3-5-23 (F)	$	1,200	$	1,214
Kookmin Bank
2.125%, 10-21-20 (F)		750		740
Woori Bank
2.625%, 7-20-21 (F)		750		743
				2,697
Total South Korea – 0.7%			$	3,209
Spain
Financials – 0.0%
Mapfre S.A.
4.375%, 3-31-47 (H)	EUR	100		119
Utilities – 0.3%
Abengoa Yield plc
7.000%, 11-15-19 (F)	$	1,478		1,485
Total Spain – 0.3%			$	1,604
Switzerland
Financials – 0.1%
Credit Suisse Group AG
4.282%, 1-9-28 (F)		700		709
Total Switzerland – 0.1%			$	709
Turkey
Consumer Discretionary – 0.1%
Turkiye Sise ve Cam Fabrikalari A.S.
6.950%, 3-14-26 (F)		200		193
Industrials – 0.3%
Koc Holding A.S.
6.500%, 3-11-25 (F)		1,200		1,158
Total Turkey – 0.4%			$	1,351
United Arab Emirates
Energy – 0.3%
Abu Dhabi National Energy Co.
4.375%, 4-23-25 (F)		1,400		1,438
Financials – 0.2%
DAE Funding LLC
5.750%, 11-15-23 (F)		156		160
ICICI Bank Ltd.
4.000%, 3-18-26 (F)		1,200		1,194
				1,354
Total United Arab Emirates – 0.5%			$	2,792
United Kingdom
Consumer Staples – 0.3%
Imperial Tobacco Finance plc
3.750%, 7-21-22 (F)		1,500		1,520

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Energy – 0.3%
Ensco plc
7.750%, 2-1-26	$	480	$	405
KCA Deutag UK Finance plc
7.250%, 5-15-21 (F)		1,000		860
				1,265
Financials – 1.1%
ANZ New Zealand International Ltd.
3.450%, 1-21-28 (F)		500		497
Barclays plc
4.337%, 1-10-28		700		696
HSBC Holdings plc
4.583%, 6-19-29		800		842
RL Finance Bonds No. 2 plc
6.125%, 11-30-43 (H)	GBP	100		145
Royal Bank of Scotland Group plc (The)
6.000%, 12-19-23	$	900		961
Scottish Widows Ltd.
5.500%, 6-16-23 (H)	GBP	100		144
State Bank of India
4.375%, 1-24-24 (F)	$	2,500		2,564
				5,849
Total United Kingdom – 1.7%			$	8,634
United States
Communication Services – 3.9%
Altice U.S. Finance I Corp.:
5.375%, 7-15-23 (F)		484		493
5.500%, 5-15-26 (F)		600		617
Block Communications, Inc.
6.875%, 2-15-25 (F)		114		118
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.500%, 5-1-26 (F)		1,700		1,755
5.000%, 2-1-28 (F)		1,398		1,383
Clear Channel Worldwide Holdings, Inc.
9.250%, 2-15-24 (F)		830		880
Consolidated Communications Finance II Co.
6.500%, 10-1-22		714		639
CSC Holdings LLC:
5.375%, 2-1-28 (F)		960		962
6.500%, 2-1-29 (F)		513		546
DISH DBS Corp.:
5.875%, 7-15-22		1,000		968
5.875%, 11-15-24		379		318
7.750%, 7-1-26		620		540
E.W. Scripps Co.
5.125%, 5-15-25 (F)		66		63
Frontier Communications Corp.:
6.875%, 1-15-25		1,026		553
11.000%, 9-15-25 (B)		1,751		1,154
8.500%, 4-1-26 (F)		847		786
8.000%, 4-1-27 (F)		1,783		1,841
GCI, Inc.
6.875%, 4-15-25		1,075		1,122
MDC Partners, Inc.
6.500%, 5-1-24 (F)		908		751

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Communication Services (Continued)
Neptune Finco Corp.
6.625%, 10-15-25 (F)	$	225	$	239
Nexstar Escrow Corp.
5.625%, 8-1-24 (F)		159		161
Olympus Merger Sub, Inc.
8.500%, 10-15-25 (F)		2,969		2,553
Outfront Media Capital LLC and Outfront Media Capital Corp.
5.625%, 2-15-24		400		410
Radio One, Inc. (GTD by TV One LLC)
7.375%, 4-15-22 (F)		516		498
				19,350
Consumer Discretionary – 2.8%
Allison Transmission, Inc.
5.000%, 10-1-24 (F)		178		177
Arch Merger Sub, Inc.
8.500%, 9-15-25 (F)		2,128		2,320
Boyne USA, Inc.
7.250%, 5-1-25 (F)		476		509
Cedar Fair L.P., Magnum Management Corp., Canada’s Wonderland Co. and Millennium Operations LLC
5.375%, 4-15-27		405		407
Cumberland Farms, Inc.
6.750%, 5-1-25 (F)		357		371
Everi Payments, Inc.
7.500%, 12-15-25 (F)		851		883
Golden Nugget, Inc.
6.750%, 10-15-24 (F)		1,202		1,208
K Hovnanian Enterprises, Inc.
10.000%, 7-15-22 (F)		949		797
Laureate Education, Inc.
8.250%, 5-1-25 (F)		2,838		3,079
Lennar Corp.
4.125%, 1-15-22 (B)		233		235
Marriott Ownership Resorts, Inc.
6.500%, 9-15-26 (F)		200		210
Nielsen Finance LLC and Nielsen Finance Co.
5.000%, 4-15-22 (F)		172		170
Party City Holdings, Inc.
6.625%, 8-1-26 (B)(F)		368		366
Penske Automotive Group, Inc.
5.500%, 5-15-26		153		151
PetSmart, Inc.
5.875%, 6-1-25 (F)		7		6
PulteGroup, Inc.
5.000%, 1-15-27		67		67
Scientific Games International, Inc. (GTD by Scientific Games Corp.)
5.000%, 10-15-25 (F)		532		521
Sonic Automotive, Inc.:
5.000%, 5-15-23		815		783
6.125%, 3-15-27		213		193
VOC Escrow Ltd.
5.000%, 2-15-28 (F)		89		87
Volkswagen Group of America, Inc.
4.250%, 11-13-23 (F)		1,300		1,340
				13,880

2019 SEMIANNUAL REPORT 27

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Staples – 3.4%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB)
4.000%, 4-13-28	$	1,150	$	1,169
Bunge Ltd. Finance Corp.
3.500%, 11-24-20		3,795		3,814
First Quality Finance Co., Inc.
5.000%, 7-1-25 (F)		94		91
JBS USA LLC and JBS USA Finance, Inc.:
5.875%, 7-15-24 (F)		966		993
5.750%, 6-15-25 (F)		969		993
JBS USA Lux S.A. and JBS USA Finance, Inc.
6.750%, 2-15-28 (F)		1,491		1,543
Lamb Weston Holdings, Inc.
4.875%, 11-1-26 (F)		28		28
Maple Escrow Subsidiary, Inc.
4.597%, 5-25-28 (F)		1,075		1,121
Performance Food Group, Inc.
5.500%, 6-1-24 (F)		618		623
Pilgrim’s Pride Corp.:
5.750%, 3-15-25 (F)		223		225
5.875%, 9-30-27 (F)		736		742
Post Holdings, Inc.:
5.500%, 3-1-25 (F)		146		148
5.000%, 8-15-26 (F)		289		281
5.750%, 3-1-27 (F)		1,185		1,189
Reynolds American, Inc.
4.450%, 6-12-25		1,000		1,028
Simmons Foods, Inc.:
7.750%, 1-15-24 (F)		314		334
5.750%, 11-1-24 (F)		2,098		1,841
U.S. Foods, Inc.
5.875%, 6-15-24 (F)		694		710
				16,873
Energy – 2.1%
Brand Energy & Infrastructure Services, Inc.
8.500%, 7-15-25 (F)		632		567
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.):
6.125%, 10-1-24		200		201
6.375%, 7-1-26		246		247
Chesapeake Energy Corp.:
7.000%, 10-1-24 (B)		866		864
8.000%, 1-15-25 (B)		74		75
Comstock Escrow Corp.
9.750%, 8-15-26 (F)		2,082		1,915
Crownrock L.P.
5.625%, 10-15-25 (F)		1,441		1,383
Endeavor Energy Resources L.P.:
5.500%, 1-30-26 (F)		513		527
5.750%, 1-30-28 (F)		347		365
EP Energy LLC and Everest Acquisition Finance, Inc.:
9.375%, 5-1-24 (F)		235		83
8.000%, 2-15-25 (F)		248		86
7.750%, 5-15-26 (F)		367		299
Extraction Oil & Gas, Inc.
5.625%, 2-1-26 (F)		652		501

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Energy (Continued)
Laredo Petroleum, Inc.
6.250%, 3-15-23 (B)	$	185	$	165
McDermott Escrow 1, Inc. and McDermott Escrow 2, Inc.
10.625%, 5-1-24 (F)		790		657
Moss Creek Resources Holdings, Inc.
7.500%, 1-15-26 (F)		981		905
Nine Energy Service, Inc.
8.750%, 11-1-23 (F)		375		387
QEP Resources, Inc.
5.625%, 3-1-26 (B)		309		280
Reliance Holding USA, Inc.
4.500%, 10-19-20 (F)		500		509
Sanchez Energy Corp.
7.250%, 2-15-23 (B)(F)		122		98
SESI LLC
7.125%, 12-15-21		159		143
Targa Resources Partners L.P.:
6.500%, 7-15-27 (F)		119		128
6.875%, 1-15-29 (F)		119		130
Ultra Resources, Inc. (9.000% Cash or 2.000% PIK)
11.000%, 7-12-24 (I)		186		109
WildHorse Resource Development Corp.
6.875%, 2-1-25		119		120
				10,744
Financials – 6.9%
Acrisure LLC and Acrisure Finance, Inc.
8.125%, 2-15-24 (B)(F)		477		494
Amwins Group, Inc.
7.750%, 7-1-26 (F)		607		607
Bank of America Corp.
3.593%, 7-21-28		1,200		1,195
BBVA Bancomer S.A.
6.500%, 3-10-21 (F)		1,100		1,154
Citigroup, Inc.
3.520%, 10-27-28		1,250		1,229
Compass Group Diversified Holdings LLC
8.000%, 5-1-26 (F)		488		508
Cooperatieve Rabobank U.A.
3.125%, 4-26-21		1,000		1,005
CURO Group Holdings Corp.
8.250%, 9-1-25 (F)		614		526
Ford Motor Credit Co. LLC
3.096%, 5-4-23		1,300		1,220
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.)
2.400%, 5-9-19		1,000		1,000
Goldman Sachs Group, Inc. (The)
3.814%, 4-23-29		2,300		2,280
Hadrian Merger Sub, Inc.
8.500%, 5-1-26 (F)		894		826
HSBC USA, Inc.
2.750%, 8-7-20		1,000		1,001
Hub International Ltd.
7.000%, 5-1-26 (F)		1,217		1,205

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials (Continued)
Industrial and Commercial Bank of China Ltd.
2.957%, 11-8-22	$	750	$	743
JPMorgan Chase & Co.
3.540%, 5-1-28		1,750		1,753
KeyBank N.A.
2.500%, 12-15-19		1,000		998
Liberty Mutual Holding Co., Inc.
7.800%, 3-15-37 (F)		999		1,144
MetLife, Inc.
10.750%, 8-1-39		530		800
MSCI, Inc.
5.250%, 11-15-24 (F)		67		69
National Australia Bank Ltd.
3.625%, 6-20-23		1,500		1,535
New Cotai LLC and New Cotai Capital Corp. (10.625% Cash or 10.625% PIK)
10.625%, 5-1-19 (F)(I)		3,341		1,654
NFP Corp.
6.875%, 7-15-25 (F)		2,296		2,193
Provident Funding Associates L.P. and PFG Finance Corp.
6.375%, 6-15-25 (F)		656		597
Quicken Loans, Inc.
5.750%, 5-1-25 (F)		1,170		1,173
Rabobank Nederland
2.500%, 1-19-21		750		746
Refinitiv U.S. Holdings, Inc.:
6.250%, 5-15-26 (F)		494		501
8.250%, 11-15-26 (F)		1,629		1,598
TerraForm Global Operating LLC (GTD by Terra Form Global LLC)
6.125%, 3-1-26 (F)		1,150		1,121
TMX Finance LLC and TitleMax Finance Corp.
11.125%, 4-1-23 (F)		733		689
VHF Parent LLC
6.750%, 6-15-22 (F)		186		192
Wells Fargo & Co.
4.300%, 7-22-27		1,175		1,223
Wells Fargo & Co. (3-Month U.S. LIBOR plus 377 bps)
6.381%, 3-29-49 (G)		1,350		1,358
				34,337
Health Care – 3.6%
AMN Healthcare, Inc.
5.125%, 10-1-24 (F)		436		430
Avantor, Inc.:
6.000%, 10-1-24 (F)		409		424
9.000%, 10-1-25 (F)		1,320		1,431
Bausch Health Cos., Inc.:
5.875%, 5-15-23 (F)		423		427
6.125%, 4-15-25 (F)		419		415
5.750%, 8-15-27 (F)		355		364
Bayer U.S. Finance II LLC
2.850%, 4-15-25 (F)		1,000		920
DaVita HealthCare Partners, Inc.
5.125%, 7-15-24		100		99
Fresenius U.S. Finance II, Inc.:
4.250%, 2-1-21 (B)(F)		600		607
4.500%, 1-15-23 (F)		2,500		2,550

28 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care (Continued)
Hologic, Inc.:
4.375%, 10-15-25 (F)	$	201	$	200
4.625%, 2-1-28 (F)		154		152
MPH Acquisition Holdings LLC
7.125%, 6-1-24 (F)		482		481
Par Pharmaceutical, Inc.
7.500%, 4-1-27 (F)		642		651
RegionalCare Hospital Partners Holdings, Inc. and Legend Merger Sub, Inc.
9.750%, 12-1-26 (F)		2,321		2,408
Surgery Center Holdings, Inc.:
8.875%, 4-15-21 (F)		948		993
10.000%, 4-15-27 (F)		1,074		1,090
Valeant Pharmaceuticals International, Inc.:
5.500%, 3-1-23 (F)		26		26
5.500%, 11-1-25 (F)		240		245
9.000%, 12-15-25 (F)		167		182
9.250%, 4-1-26 (F)		488		534
8.500%, 1-31-27 (F)		604		640
Verscend Holding Corp.
9.750%, 8-15-26 (F)		1,916		1,911
				17,180
Industrials – 2.6%
Ahern Rentals, Inc.
7.375%, 5-15-23 (F)		770		709
Apex Tool Group LLC and BC Mountain Finance, Inc.
9.000%, 2-15-23 (B)(F)		225		216
BAE Systems Holdings, Inc.:
6.375%, 6-1-19 (F)		750		754
3.800%, 10-7-24 (F)		1,100		1,123
Energizer Holdings, Inc.
7.750%, 1-15-27 (F)		72		77
HD Supply, Inc.
5.375%, 10-15-26 (F)		155		158
JELD-WEN, Inc.
4.875%, 12-15-27 (F)		132		124
KAR Auction Services, Inc.
5.125%, 6-1-25 (F)		96		95
Lockheed Martin Corp.
2.500%, 11-23-20 (B)		1,695		1,690
Prime Security Services Borrower LLC
9.250%, 5-15-23 (F)		1,050		1,102
Standard Industries, Inc.
4.750%, 1-15-28 (F)		122		117
TransDigm UK Holdings plc
6.875%, 5-15-26 (F)		413		411
TransDigm, Inc. (GTD by TransDigm Group, Inc.):
6.000%, 7-15-22		1,150		1,169
6.500%, 7-15-24		1,372		1,410
6.500%, 5-15-25		215		218
6.250%, 3-15-26 (F)		765		794
6.375%, 6-15-26		287		284
7.500%, 3-15-27 (F)		474		485
United Rentals (North America), Inc. (GTD by United Rentals, Inc.)
5.875%, 9-15-26		151		156

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials (Continued)
Waste Pro USA, Inc.
5.500%, 2-15-26 (F)	$	94	$	91
WESCO Distribution, Inc. (GTD by WESCO International, Inc.)
5.375%, 6-15-24		114		115
XPO Logistics, Inc.
6.750%, 8-15-24 (F)		1,778		1,814
				13,112
Information Technology – 1.4%
Cardtronics, Inc. and Cardtronics USA, Inc.
5.500%, 5-1-25 (F)		158		155
Italics Merger Sub, Inc.
7.125%, 7-15-23 (F)		1,731		1,763
Itron, Inc.
5.000%, 1-15-26 (F)		100		98
j2 Cloud Services LLC and j2 Global, Inc.
6.000%, 7-15-25 (F)		270		281
NCR Escrow Corp.
6.375%, 12-15-23		965		992
Orbcomm, Inc.
8.000%, 4-1-24 (F)		867		900
Pioneer Holding Corp.
9.000%, 11-1-22 (F)		713		724
Riverbed Technology, Inc. and Project Homestake Merger Corp.
8.875%, 3-1-23 (B)(F)		1,207		911
Vantiv LLC and Vantiv Issuer Corp.
4.375%, 11-15-25 (F)		448		461
				6,285
Materials – 1.0%
American Greetings Corp.
8.750%, 4-15-25 (F)		957		866
Flex Acquisition Co., Inc.
6.875%, 1-15-25 (F)		130		124
Glencore Funding LLC
4.125%, 3-12-24 (F)		1,200		1,213
Greif, Inc.
6.500%, 3-1-27 (F)		301		308
Hillman Group, Inc. (The)
6.375%, 7-15-22 (F)		1,470		1,316
Kraton Polymers LLC and Kraton Polymers Capital Corp.
7.000%, 4-15-25 (F)		210		212
Novelis Corp. (GTD by Novelis, Inc.):
6.250%, 8-15-24 (F)		447		457
5.875%, 9-30-26 (F)		137		136
Pinnacle Operating Corp.
9.000%, 5-15-23 (F)		560		292
Reynolds Group Issuer, Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A.
5.125%, 7-15-23 (F)		67		68
Valvoline Finco Two LLC
5.500%, 7-15-24 (B)		150		153
				5,145

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Real Estate – 0.5%
Aircastle Ltd.
4.400%, 9-25-23	$	1,100	$	1,121
Crown Castle International Corp.
3.700%, 6-15-26		1,500		1,497
				2,618
Utilities – 0.4%
Great Plains Energy, Inc.
4.850%, 6-1-21		1,500		1,546
Pattern Energy Group, Inc., Convertible
4.000%, 7-15-20		190		191
Sempra Energy
2.850%, 11-15-20 (B)		500		499
				2,236
Total United States – 28.6%			$	141,760
Venezuela
Financials – 0.3%
Corporacion Andina de Fomento
3.250%, 2-11-22		1,600		1,606
Total Venezuela – 0.3%			$	1,606
TOTAL CORPORATE DEBT SECURITIES – 56.1%			$	277,758
(Cost: $281,087)
MORTGAGE-BACKED SECURITIES
Cayman Islands – 0.2%
ALM Loan Funding VII R-2 Ltd., Series 2013-7R2A, Class DR2 (3-Month U.S. LIBOR plus 600 bps)
8.440%, 10-15-27 (F)(G)		1,000		967
Highbridge Loan Management Ltd., Series 2014-4A, Class DR (3-Month U.S. LIBOR plus 555 bps)
8.315%, 1-28-30 (F)(G)		250		228
				1,195
United States – 1.3%
Ashford Hospitality Trust, Series 2018-ASHF, Class F (1-Month U.S. LIBOR plus 410 bps)
6.584%, 4-15-35 (F)(G)		600		593
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class F (1-Month U.S. LIBOR plus 420 bps)
6.684%, 12-15-36 (F)(G)		400		395
JPMorgan Chase Commercial Mortgage Securities Trust, Commerical Mortage Pass-Through Certificates, Series 2014-FRR1
4.286%, 11-27-49 (F)		2,089		2,073

2019 SEMIANNUAL REPORT 29

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

MARCH 31, 2019 (UNAUDITED)

MORTGAGE-BACKED SECURITIES (Continued)	Principal		Value
United States (Continued)
PNMAC GMSR Issuer Trust, Series 2018-GT1 (1-Month U.S. LIBOR plus 285 bps)
5.336%, 2-25-23 (F)(G)	$	2,000	$	2,004
Waldorf Astoria Boca Raton Trust, Commercial Mortgage Pass-Through Certificates, Series 2016-BOCA, Class F (1-Month U.S. LIBOR plus 550 bps)
7.984%, 6-15-29 (F)(G)		1,500		1,507
				6,572
TOTAL MORTGAGE-BACKED SECURITIES – 1.5%			$	7,767
(Cost: $7,807)
OTHER GOVERNMENT SECURITIES (K)
Argentina – 0.9%
Republic of Argentina:
6.875%, 4-22-21		3,100		2,829
5.625%, 1-26-22		1,700		1,466
				4,295
Brazil – 1.3%
Federative Republic of Brazil
4.875%, 1-22-21		6,100		6,289
Columbia – 0.9%
Republic of Colombia:
4.375%, 7-12-21		2,600		2,672
2.625%, 3-15-23 (B)		1,100		1,075
4.500%, 3-15-29		800		845
				4,592
Indonesia – 1.9%
Republic of Indonesia:
3.750%, 4-25-22 (F)		6,000		6,075
2.950%, 1-11-23		3,300		3,265
				9,340
Mexico – 1.0%
United Mexican States
3.625%, 3-15-22 (B)		4,800		4,886
Panama – 0.1%
Republic of Panama
4.000%, 9-22-24		550		575
Peru – 0.2%
Union Andina de Cementos S.A.
5.875%, 10-30-21 (F)		750		766
Poland – 1.3%
Republic of Poland
5.125%, 4-21-21		6,000		6,286
Qatar – 0.8%
Qatar Government Bond
2.375%, 6-2-21 (F)		4,000		3,946

OTHER GOVERNMENT SECURITIES (K) (Continued)	Principal			Value
Russia – 0.0%
Russia Government Bond
5.100%, 3-28-35 (F)	$	200		$	203
Saudi Arabia – 0.5%
Saudi Arabia Government Bond:
2.375%, 10-26-21 (F)		1,500			1,474
2.875%, 3-4-23 (F)		1,000			990
					2,464
Turkey – 0.7%
Turkey Government Bond:
5.125%, 3-25-22		3,200			3,082
6.250%, 9-26-22		300			296
					3,378
Uruguay – 0.1%
Republica Orient Uruguay
4.500%, 8-14-24		600			630
Venezuela – 0.3%
Corporacion Andina de Fomento
4.375%, 6-15-22		1,500			1,556
TOTAL OTHER GOVERNMENT SECURITIES – 10.0%				$	49,206
(Cost: $49,846)
LOANS (G)
Canada
Consumer Discretionary – 0.2%
KIK Custom Products, Inc. (ICE LIBOR plus 400 bps)
6.496%, 5-15-23		850			791
Industrials – 0.1%
Garda World Security Corp. (ICE LIBOR plus 400 bps):
6.115%, 5-26-24		189			186
8.000%, 5-26-24		—	*		1
					187
Information Technology – 0.0%
Kronos Acquisition Holdings, Inc. (ICE LIBOR plus 700 bps)
9.496%, 5-15-23 (C)		95			95
Total Canada – 0.3%				$	1,073
Cayman Islands
Industrials – 0.1%
Agro Merchants Intermediate Holdings L.P. (ICE LIBOR plus 375 bps)
6.351%, 12-6-24		247			244
Total Cayman Islands – 0.1%				$	244

LOANS (G) (Continued)	Principal		Value
France
Health Care – 0.2%
HomeVi SAS (3-Month EURIBOR plus 325 bps)
3.000%, 10-30-24 (H)	EUR	500	$	555
Laboratoire BIOLAM LCD (3-Month EURIBOR plus 350 bps)
4.000%, 6-14-24 (H)		500		561
				1,116
Total France – 0.2%			$	1,116
Germany
Consumer Staples – 0.1%
Douglas Holding AG (3-Month EURIBOR plus 325 bps)
3.250%, 8-13-22 (H)		313		292
Financials – 0.1%
Jade Germany GmbH (3-Month EURIBOR plus 475 bps)
5.750%, 5-31-23 (H)		491		531
Health Care – 0.1%
Nidda Healthcare Holding GmbH (3-Month EURIBOR plus 400 bps)
4.000%, 8-21-24 (H)		250		280
Total Germany – 0.3%			$	1,103
Ireland
Financials – 0.1%
ION Trading Finance Ltd. (ICE LIBOR plus 400 bps)
6.651%, 11-21-24	$	278		269
Total Ireland – 0.1%			$	269
Isle Of Man
Consumer Discretionary – 0.1%
GVC Holdings plc (ICE LIBOR plus 250 bps)
4.999%, 3-16-24		248		245
Total Isle Of Man – 0.1%			$	245
Luxembourg
Financials – 0.1%
Auris Luxembourg III S.a.r.l. (3-Month EURIBOR plus 400 bps)
4.000%, 2-21-26 (H)	EUR	475		535
Health Care – 0.0%
AI Sirona (Luxembourg) Acquisition S.a.r.l. (3-Month EURIBOR plus 400 bps)
4.000%, 9-30-25 (H)		133		149

30 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

LOANS (G) (Continued)	Principal		Value
Health Care (Continued)
AI Sirona (Luxembourg) Acquisition S.a.r.l. (ICE LIBOR plus 475 bps)
5.708%, 9-30-25 (H)	GBP	120	$	152
				301
Information Technology – 0.0%
SS&C Technologies Holdings, Inc. (ICE LIBOR plus 250 bps)
4.749%, 4-16-25	$	58		58
Materials – 0.1%
Archroma Finance S.a.r.l. (ICE LIBOR plus 425 bps)
6.601%, 7-11-24		2		2
SK Spice Holdings S.a.r.l. (3-Month ICE LIBOR plus 425 bps)
6.799%, 7-11-24		347		344
				346
Total Luxembourg – 0.2%			$	1,240
Netherlands
Financials – 0.1%
BCPE Max Dutch Bidco B.V. (3-Month EURIBOR plus 475 bps)
4.750%, 10-31-25 (H)	EUR	213		239
Ziggo Secured Finance B.V.
0.000%, 4-15-25 (H)(L)		250		276
				515
Total Netherlands – 0.1%			$	515
Saint Lucia
Communication Services – 0.1%
Digicel International Finance Ltd. (ICE LIBOR plus 325 bps)
5.880%, 5-27-24	$	163		145
Total Saint Lucia – 0.1%			$	145
Sweden
Health Care – 0.1%
Unilabs Diagnostics AB
0.000%, 4-30-24 (H)(L)	EUR	250		273
Total Sweden – 0.1%			$	273
United Kingdom
Consumer Discretionary – 0.2%
Belmond Interfin Ltd. (3-Month EURIBOR plus 300 bps)
3.000%, 7-3-24 (H)		491		550
Eagle Bidco Ltd. (ICE LIBOR plus 475 bps)
5.479%, 5-6-22 (H)	GBP	500		648
				1,198

LOANS (G) (Continued)	Principal		Value
Health Care – 0.1%
Elysium Healthcare Holdings 3 Ltd. (ICE LIBOR plus 525 bps)
6.098%, 4-4-25 (H)	GBP	500	$	633
Total United Kingdom – 0.3%			$	1,831
United States
Communication Services – 1.2%
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 325 bps)
5.749%, 7-25-21	$	402		339
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 650 bps)
8.999%, 7-25-22		488		356
AMC Entertainment Holdings, Inc.
0.000%, 3-20-26 (L)		250		248
CenturyLink, Inc. (ICE LIBOR plus 275 bps):
5.249%, 9-30-22		972		969
5.249%, 1-31-25		649		635
Charter Communications Operating LLC (ICE LIBOR plus 200 bps)
4.500%, 4-30-25		247		245
CSC Holdings LLC (ICE LIBOR plus 225 bps)
4.734%, 7-17-25		211		205
Level 3 Financing, Inc. (ICE LIBOR plus 225 bps)
4.736%, 2-22-24		220		217
Liberty Cablevision of Puerto Rico LLC (ICE LIBOR plus 350 bps)
5.984%, 1-7-22		18		18
Recorded Books, Inc. (ICE LIBOR plus 450 bps)
6.999%, 8-31-25		220		220
Securus Technologies Holdings, Inc.
0.000%, 11-1-24 (L)		82		81
Sprint Communications, Inc. (ICE LIBOR plus 250 bps)
5.000%, 2-3-24		421		410
Univision Communications, Inc. (ICE LIBOR plus 275 bps)
5.249%, 3-15-24		300		282
West Corp. (3-Month ICE LIBOR plus 400 bps)
6.629%, 10-10-24		1,559		1,460
				5,685
Consumer Discretionary – 2.7%
Asurion LLC (ICE LIBOR plus 600 bps)
8.999%, 8-4-25		731		740
BARBRI, Inc. (ICE LIBOR plus 425 bps)
6.739%, 12-1-23		223		219
Belk, Inc. (ICE LIBOR plus 475 bps)
7.447%, 12-10-22		331		266
CIF Times Square Mezz 1 LLC and CPTS Hotel Lessee Mezz 1 LLC (1-Month U.S. LIBOR plus 600 bps)
8.493%, 5-9-20		120		120

LOANS (G) (Continued)	Principal		Value
Consumer Discretionary (Continued)
Cosmopolitan of Las Vegas (The) (1-Month U.S. LIBOR plus 525 bps)
7.734%, 11-9-19	$	800	$	806
frontdoor, Inc. (ICE LIBOR plus 250 bps)
5.000%, 8-16-25		249		248
Hotel del Coronado (1-Month U.S. LIBOR plus 500 bps)
7.484%, 8-9-19		120		120
Hudson Delano Senior Mezz LLC (1-Month U.S. LIBOR plus 650 bps)
8.984%, 2-9-20		1,300		1,309
International Cruise & Excursion Gallery, Inc. (ICE LIBOR plus 525 bps)
7.749%, 6-8-25		199		192
J.C. Penney Co., Inc. (ICE LIBOR plus 425 bps)
6.879%, 6-23-23		242		214
Jo-Ann Stores, Inc. (ICE LIBOR plus 500 bps)
7.761%, 10-16-23 (C)		588		585
Jo-Ann Stores, Inc. (ICE LIBOR plus 925 bps)
12.011%, 5-21-24		788		750
Laureate Education, Inc. (ICE LIBOR plus 350 bps)
5.999%, 4-26-24		1,102		1,101
Mister Car Wash Holdings, Inc. (ICE LIBOR plus 400 bps)
5.749%, 8-21-21		384		382
Neiman Marcus Group Ltd., Inc. (ICE LIBOR plus 325 bps)
5.733%, 10-25-20		616		571
NPC International, Inc. (ICE LIBOR plus 350 bps):
5.993%, 4-20-24		86		77
6.134%, 4-20-24		61		54
NPC International, Inc. (ICE LIBOR plus 750 bps)
10.134%, 4-18-25		616		527
Parker Private Merger Sub, Inc. (ICE LIBOR plus 375 bps)
6.243%, 10-11-25		227		224
Penn National Gaming, Inc. (ICE LIBOR plus 225 bps):
3.749%, 10-19-23		93		92
4.749%, 10-15-25		155		153
PETCO Animal Supplies, Inc. (ICE LIBOR plus 325 bps)
5.994%, 1-26-23		258		196
PetSmart, Inc.
0.000%, 3-11-22 (L)		7		6
PetSmart, Inc. (3-Month ICE LIBOR plus 300 bps)
5.490%, 3-11-22		1,241		1,111
Rough Country LLC (ICE LIBOR plus 375 bps)
6.249%, 5-25-23		247		244
SIWF Holdings, Inc. (ICE LIBOR plus 425 bps)
6.741%, 6-15-25		727		716

2019 SEMIANNUAL REPORT 31

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

MARCH 31, 2019 (UNAUDITED)

LOANS (G) (Continued)	Principal			Value
Consumer Discretionary (Continued)
Talbots, Inc. (The) (ICE LIBOR plus 700 bps)
9.499%, 11-28-22 (C)	$	1,381		$	1,336
Times Square JV LLC and CPTS Hotel Lessee LLC (1-Month U.S. LIBOR plus 600 bps)
8.493%, 5-9-20		550			550
Travel Leaders Group LLC (ICE LIBOR plus 400 bps)
6.482%, 1-25-24		349			349
TRLG Intermediate Holdings LLC
10.000%, 10-27-22		147			139
Winter Park Intermediate, Inc. (ICE LIBOR plus 475 bps)
7.243%, 4-4-25 (C)		249			246
					13,643
Consumer Staples – 0.3%
Dole Food Co., Inc. (ICE LIBOR plus 300 bps):
5.239%, 4-6-24		68			65
5.249%, 4-6-24		138			131
7.250%, 4-6-24		—	*		—	*
GOBP Holdings, Inc. (ICE LIBOR plus 375 bps)
6.351%, 10-22-25		409			404
GOBP Holdings, Inc. (ICE LIBOR plus 725 bps)
9.851%, 10-22-26		275			273
Post Holdings, Inc. (ICE LIBOR plus 225 bps)
4.490%, 5-24-24		138			137
Prestige Brands, Inc. (ICE LIBOR plus 200 bps)
4.499%, 1-26-24		117			115
Sigma U.S. Corp. (ICE LIBOR plus 300 bps)
5.603%, 7-2-25		248			240
Wellness Merger Sub, Inc. (ICE LIBOR plus 475 bps)
6.879%, 6-30-24		141			139
					1,504
Energy – 1.2%
Bowie Resources Holdings LLC (ICE LIBOR plus 1,075 bps)
13.379%, 2-16-21		266			252
Bowie Resources Holdings LLC (ICE LIBOR plus 575 bps)
8.379%, 8-12-20		1,005			987
California Resources Corp. (ICE LIBOR plus 475 bps)
7.246%, 12-31-22		376			369
EG America LLC (ICE LIBOR plus 400 bps)
6.601%, 2-5-25		294			287
EPIC Crude Services L.P. (ICE LIBOR plus 500 bps)
7.490%, 2-21-26		1,100			1,086
Foresight Energy LLC (ICE LIBOR plus 725 bps)
8.379%, 3-28-22		1,625			1,586

LOANS (G) (Continued)	Principal		Value
Energy (Continued)
Oryx Southern Delaware Holdings LLC (ICE LIBOR plus 325 bps)
5.749%, 2-28-25	$	248	$	239
Westmoreland Coal Co. (15.000% Cash or 15.000% PIK)
15.000%, 3-15-29 (C)(I)		422		380
Westmoreland Coal Co. (3-Month U.S. LIBOR plus 825 bps)
10.861%, 3-15-22 (C)		201		201
				5,387
Financials – 1.6%
Alliant Holdings Intermediate LLC (ICE LIBOR plus 300 bps)
5.232%, 5-10-25		36		34
Amynta Agency Borrower, Inc.
0.000%, 2-28-25 (L)		97		94
Amynta Agency Borrower, Inc. (ICE LIBOR plus 400 bps)
6.999%, 2-28-25		1,781		1,732
Amynta Agency Borrower, Inc. (ICE LIBOR plus 850 bps)
10.999%, 2-28-26 (C)		545		531
AqGen Ascensus, Inc.
0.000%, 12-3-22 (C)(L)		61		61
AqGen Ascensus, Inc. (ICE LIBOR plus 350 bps)
6.601%, 12-3-22 (C)		495		493
Aretec Group, Inc. (ICE LIBOR plus 425 bps)
6.749%, 10-1-25		249		246
Edelman Financial Holdings II, Inc. (ICE LIBOR plus 675 bps)
9.537%, 7-20-26		780		782
Financial & Risk U.S. Holdings, Inc. (3-Month EURIBOR plus 400 bps)
4.000%, 10-1-25 (H)	EUR	249		278
Financial & Risk U.S. Holdings, Inc. (ICE LIBOR plus 375 bps)
6.249%, 10-1-25	$	249		242
HarbourVest Partners LLC (ICE LIBOR plus 225 bps)
4.849%, 3-1-25		232		229
Hub International Ltd. (ICE LIBOR plus 300 bps)
5.515%, 4-25-25		302		292
Hudson River Trading LLC (3-Month U.S. LIBOR plus 350 bps)
5.999%, 4-3-25		521		519
INEOS U.S. Finance LLC (ICE LIBOR plus 200 bps)
4.499%, 3-31-24		247		242
Jane Street Group LLC (ICE LIBOR plus 375 bps)
5.499%, 8-25-22		980		976
MA FinanceCo. LLC (ICE LIBOR plus 275 bps)
4.999%, 6-21-24		38		37
NFP Corp. (ICE LIBOR plus 300 bps)
5.499%, 1-8-24		530		510
TransUnion (ICE LIBOR plus 200 bps)
4.499%, 4-9-23		133		131
				7,429

LOANS (G) (Continued)	Principal		Value
Health Care – 1.9%
Amneal Pharmaceuticals LLC (ICE LIBOR plus 350 bps)
6.000%, 5-4-25	$	248	$	247
ATI Holdings Acquisition, Inc. (ICE LIBOR plus 350 bps)
5.992%, 5-10-23		268		260
BioClinica Holding I L.P. (ICE LIBOR plus 425 bps)
7.000%, 10-20-23		147		132
BW NHHC Holdco, Inc. (ICE LIBOR plus 500 bps)
7.491%, 5-15-25		248		241
CHG PPC Parent LLC (ICE LIBOR plus 275 bps)
5.249%, 3-30-25 (C)		248		244
Concordia International Corp. (ICE LIBOR plus 550 bps)
7.993%, 9-6-24		224		211
Covenant Surgical Partners, Inc. (ICE LIBOR plus 475 bps)
7.101%, 10-4-24 (C)		247		243
Envision Healthcare Corp. (ICE LIBOR plus 375 bps)
6.249%, 10-11-25		249		233
Exactech, Inc. (ICE LIBOR plus 375 bps)
6.249%, 2-14-25		248		246
Gentiva Health Services, Inc. (ICE LIBOR plus 375 bps)
6.250%, 7-2-25 (C)		1,421		1,422
Gentiva Health Services, Inc. (ICE LIBOR plus 700 bps)
9.500%, 7-2-26		365		372
Hanger, Inc. (ICE LIBOR plus 350 bps)
5.999%, 3-6-25 (C)		248		246
Heartland Dental LLC
0.000%, 4-30-25 (L)		17		17
Heartland Dental LLC (3-Month ICE LIBOR plus 375 bps)
6.162%, 4-30-25		14		14
Heartland Dental LLC (ICE LIBOR plus 375 bps)
6.249%, 4-30-25		756		732
LifeScan Global Corp. (ICE LIBOR plus 950 bps)
12.297%, 10-1-25 (C)		122		110
LSCS Holdings, Inc. (ICE LIBOR plus 425 bps):
6.749%, 3-9-25 (C)		166		165
6.851%, 3-17-25 (C)		33		33
6.734%, 3-17-25 (C)		10		10
Patterson Medical Holdings, Inc. (ICE LIBOR plus 475 bps)
7.494%, 8-28-22		247		236
RegionalCare Hospital Partners Holdings, Inc. (ICE LIBOR plus 450 bps)
6.982%, 11-16-25		1,158		1,144
Schumacher Group (ICE LIBOR plus 400 bps)
6.499%, 7-31-22		242		237
Syneos Health, Inc. (ICE LIBOR plus 200 bps)
4.499%, 8-1-24		159		157

32 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

LOANS (G) (Continued)	Principal		Value
Health Care (Continued)
Team Health Holdings, Inc. (ICE LIBOR plus 275 bps)
5.249%, 2-6-24	$	148	$	131
UIC Merger Sub, Inc. (ICE LIBOR plus 325 bps)
5.749%, 8-31-24 (C)		246		242
Verscend Holding Corp. (ICE LIBOR plus 450 bps)
6.999%, 8-27-25		1,741		1,726
WW Medical and Healthcare Holdings Corp. (ICE LIBOR plus 375 bps)
6.249%, 11-2-24		248		246
				9,297
Industrials – 2.1%
APCO Holdings, Inc. (ICE LIBOR plus 550 bps)
8.000%, 6-8-25 (C)		188		187
Brookfield WEC Holdings, Inc. (ICE LIBOR plus 375 bps)
6.249%, 8-1-25		249		249
C.H.I. Overhead Doors, Inc. (ICE LIBOR plus 375 bps)
5.749%, 7-31-22		438		433
Diamond (BC) B.V. (ICE LIBOR plus 300 bps)
5.744%, 9-6-24		247		237
Dynacast International LLC (ICE LIBOR plus 850 bps)
11.101%, 1-30-23 (C)		683		656
Fastener Acquisition, Inc. (ICE LIBOR plus 425 bps):
6.749%, 3-28-25 (C)		248		241
MB Aerospace Holdings II Corp. (ICE LIBOR plus 350 bps)
5.999%, 1-22-25 (C)		247		238
McDermott Technology (Americas), Inc. (ICE LIBOR plus 500 bps)
7.499%, 5-10-25		1,622		1,551
MRO Holdings, Inc. (ICE LIBOR plus 525 bps)
7.379%, 10-25-23		494		493
Packers Holdings LLC (ICE LIBOR plus 325 bps)
5.489%, 12-4-24		247		238
PAE Holding Corp. (ICE LIBOR plus 550 bps)
7.999%, 10-20-22 (C)		1,429		1,415
PAE Holding Corp. (ICE LIBOR plus 950 bps)
11.999%, 10-20-23 (C)		134		131
PT Holdings LLC
0.000%, 12-7-24 (L)		50		49
PT Holdings LLC (ICE LIBOR plus 400 bps)
6.499%, 12-7-24		402		394
Red Ventures LLC (ICE LIBOR plus 400 bps)
5.499%, 11-8-24		249		247
SH 130 Concession Co. LLC (3-Month ICE LIBOR plus 287.5 bps)
5.374%, 6-5-20		602		605

LOANS (G) (Continued)	Principal			Value
Industrials (Continued)
SMI Acquisition, Inc. (ICE LIBOR plus 375 bps)
6.487%, 11-1-24	$	247		$	216
Solera LLC and Solera Finance, Inc. (ICE LIBOR plus 475 bps)
5.249%, 3-3-23		477			472
Tronair, Inc. (1-Month U.S. LIBOR plus 475 bps)
7.566%, 9-8-23 (C)		146			142
Tronair, Inc. (Prime rate plus 375 bps)
7.249%, 9-8-23 (C)		—	*		—	*
United Rentals (North America), Inc. (ICE LIBOR plus 175 bps)
4.249%, 10-31-25		249			248
USS Ultimate Holdings, Inc. (ICE LIBOR plus 775 bps)
10.249%, 8-25-25		1,235			1,171
William Morris Endeavor Entertainment LLC (ICE LIBOR plus 275 bps)
5.360%, 5-29-25		178			168
YRC Worldwide, Inc. (ICE LIBOR plus 850 bps)
11.244%, 7-26-22		521			512
Zebra Technologies Corp. (ICE LIBOR plus 175 bps)
4.240%, 10-27-21		147			147
					10,440
Information Technology – 1.4%
Applied Systems, Inc. (ICE LIBOR plus 700 bps)
9.499%, 9-19-25		384			386
CCC Information Services, Inc. (ICE LIBOR plus 675 bps)
9.249%, 4-27-25		215			213
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 300 bps)
9.860%, 5-1-25		414			375
DigiCert Holdings, Inc. (ICE LIBOR plus 475 bps)
6.499%, 10-31-24		269			263
Entegris, Inc. (ICE LIBOR plus 200 bps)
4.499%, 11-6-25 (C)		249			248
First Data Corp. (ICE LIBOR plus 225 bps):
4.486%, 7-10-22		61			61
4.486%, 4-26-24		131			131
Flexera Software LLC (ICE LIBOR plus 325 bps)
5.750%, 2-26-25		287			285
Great Dane Merger Sub, Inc. (ICE LIBOR plus 375 bps)
6.249%, 5-21-25 (C)		602			592
HS Purchaser LLC (ICE LIBOR plus 375 bps)
6.249%, 3-29-25 (C)		161			159
Infor (U.S.), Inc. (3-Month EURIBOR plus 225 bps)
3.250%, 2-1-22 (H)	EUR	250			278

LOANS (G) (Continued)	Principal		Value
Information Technology (Continued)
Inovalon Holdings, Inc. (ICE LIBOR plus 350 bps)
6.000%, 4-2-25	$	249	$	248
Microchip Technology, Inc. (ICE LIBOR plus 200 bps)
4.500%, 5-29-25		159		157
Mitchell International, Inc. (ICE LIBOR plus 325 bps)
5.749%, 12-1-24		105		101
Mitchell International, Inc. (ICE LIBOR plus 725 bps)
9.749%, 11-30-25		237		231
MLN U.S. Holdco LLC (ICE LIBOR plus 450 bps)
6.999%, 11-30-25		365		358
MLN U.S. Holdco LLC (ICE LIBOR plus 875 bps)
11.249%, 11-30-26		346		338
NAVEX TopCo, Inc. (ICE LIBOR plus 325 bps)
5.750%, 9-5-25		249		243
Navicure, Inc. (ICE LIBOR plus 375 bps)
6.249%, 11-1-24		247		242
OpenLink International, Inc. (ICE LIBOR plus 475 bps)
7.401%, 3-21-25		192		189
Output Services Group, Inc. (ICE LIBOR plus 425 bps)
6.749%, 3-27-24 (C)		248		227
Park Place Technologies LLC (ICE LIBOR plus 400 bps)
6.499%, 3-29-25		248		246
Peak 10 Holding Corp. (ICE LIBOR plus 350 bps)
6.101%, 8-1-24		247		225
Seattle Spinco, Inc. (ICE LIBOR plus 275 bps)
4.999%, 6-21-24		256		249
SS&C Technologies Holdings, Inc. (ICE LIBOR plus 250 bps)
4.749%, 4-16-25		81		80
SS&C Technologies, Inc. (ICE LIBOR plus 225 bps)
4.749%, 4-16-25		249		246
Triple Point Group Holdings, Inc. (ICE LIBOR plus 425 bps)
6.901%, 7-13-20		208		183
VF Holding Corp. (ICE LIBOR plus 325 bps)
5.749%, 7-2-25		249		245
				6,799
Materials – 0.7%
Associated Asphalt Partners LLC (ICE LIBOR plus 525 bps)
7.749%, 4-5-24		129		127
Crown Americas LLC (ICE LIBOR plus 200 bps)
4.484%, 4-3-25		134		134
Ferro Corp. (ICE LIBOR plus 225 bps)
4.851%, 2-14-24		211		208

2019 SEMIANNUAL REPORT 33

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

MARCH 31, 2019 (UNAUDITED)

LOANS (G) (Continued)	Principal		Value
Materials (Continued)
Flex Acquisition Co., Inc. (ICE LIBOR plus 325 bps):
5.876%, 6-22-25	$	248	$	240
5.739%, 6-22-25		1		1
Hillman Group, Inc. (The) (ICE LIBOR plus 350 bps)
6.499%, 5-31-25		835		795
ILPEA Parent, Inc. (ICE LIBOR plus 550 bps)
7.250%, 3-2-23 (C)		385		387
Starfruit U.S. Holdco LLC (ICE LIBOR plus 325 bps)
5.740%, 10-1-25		250		246
Styrolution Group GmbH (ICE LIBOR plus 375 bps)
4.601%, 9-30-21		53		52
Univar, Inc. (3-Month EURIBOR plus 275 bps)
2.750%, 7-1-24 (H)	EUR	250		280
Versum Materials, Inc. (ICE LIBOR plus 250 bps)
4.601%, 9-29-23	$	224		223
W.R. Grace & Co. – Conn (ICE LIBOR plus 175 bps):
4.351%, 4-3-25		249		245
				2,938
Real Estate – 0.6%
Access CIG LLC (ICE LIBOR plus 375 bps)
6.243%, 2-27-25		281		277
Avolon TLB Borrower 1 U.S. LLC (ICE LIBOR plus 200 bps)
4.488%, 1-15-25		160		158
Hospitality Investors Trust, Inc. (1-Month U.S. LIBOR plus 650 bps)
8.992%, 5-1-19		1,000		1,000
Inland Retail Real Estate Trust, Inc. (1-Month U.S. LIBOR plus 650 bps)
8.240%, 1-1-22		986		996
Terra Millennium Corp. (ICE LIBOR plus 625 bps)
9.250%, 10-31-22 (C)		413		408
				2,839
Total United States – 13.7%			$	65,961
TOTAL LOANS – 15.6%			$	74,015
(Cost: $76,047)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS	Principal		Value
United States – 0.7%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 2-year U.S. Treasury index):
3.359%, 5-25-45 (F)(G)	$	1,185	$	1,184
3.519%, 8-25-45 (F)(G)		350		350
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates
2.500%, 6-15-39		770		769
Federal National Mortgage Association Agency REMIC/CMO:
2.000%, 4-25-40		739		733
3.000%, 2-25-44		178		180
Federal National Mortgage Association Fixed Rate Pass-Through Certificates
4.646%, 7-1-20		153		156
Government National Mortgage Association Fixed Rate Pass-Through Certificates
3.500%, 4-20-34		101		102
				3,474
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.7%			$	3,474
(Cost: $3,543)
UNITED STATES GOVERNMENT OBLIGATIONS
United States – 6.0%
U.S. Treasury Bonds
2.250%, 11-15-25		2,250		2,241
U.S. Treasury Notes:
1.500%, 8-15-20		4,000		3,953
1.375%, 9-30-20		3,050		3,006
2.875%, 10-15-21		6,000		6,093
1.875%, 10-31-22		6,400		6,323
1.375%, 6-30-23		2,050		1,979
2.125%, 9-30-24		1,600		1,588
2.875%, 7-31-25		2,735		2,827
1.500%, 8-15-26		1,410		1,331
				29,341
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 6.0%			$	29,341
(Cost: $29,052)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (M) – 1.5%
J.M. Smucker Co. (The)
2.651%, 4-1-19	$	2,848	$	2,847
Kellogg Co.:
2.614%, 4-1-19		2,000		2,000
2.664%, 4-9-19		2,500		2,498
				7,345
Master Note – 2.6%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps)
2.710%, 4-5-19 (N)		12,585		12,585
Money Market Funds – 0.9%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares
2.360%, (O)(P)		4,457		4,457
TOTAL SHORT-TERM SECURITIES – 5.0%			$	24,387
(Cost: $24,388)
TOTAL INVESTMENT SECURITIES – 98.6%			$	483,887
(Cost: $489,774)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.4%				6,768
NET ASSETS – 100.0%			$	490,655

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 $7,518 are on loan.

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

34 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

(D) Restricted securities. At March 31, 2019, the Fund owned the following restricted securities:

Security	Acquisition Date(s)		Shares		Cost		Market Value
Pinnacle Agriculture Enterprises LLC		3-10-17		389	$	177	$	79
Targa Resources Corp., 9.500%		10-24-17		1		1,624		1,553
					$	1,801	$	1,632

The total value of these securities represented 0.3% of net assets at March 31, 2019.

(E) 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.

(F) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019 the total value of these securities amounted to $236,714 or 48.2% of net assets.

(G) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

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

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

(J) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at March 31, 2019.

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

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

(M) Rate shown is the yield to maturity at March 31, 2019.

(N) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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.

(O) Rate shown is the annualized 7-day yield at March 31, 2019.

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

The following over the counter credit default swaps — buy protection⁽¹⁾ were outstanding at March 31, 2019:

Referenced Obligation	Counterparty		(Pay) Fixed Rate			Maturity Date		Notional Amount(2)		Value		Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
K Hovnanian Enterprises, Inc.		JPMorgan Chase Bank N.A.		(5.000	%)		12-20-23		38	$	16	$	8	$	8
K Hovnanian Enterprises, Inc.		Barclays Bank plc		(5.000	%)		12-20-22		339		124		131		(7	)
										$	140	$	139	$	1

The following over the counter credit default swaps — sold protection⁽³⁾ were outstanding at March 31, 2019:

Referenced Obligation	Counterparty		Receive Fixed Rate			Maturity Date		Implied Credit Spread at March 31, 2019(4)			Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation
K Hovnanian Enterprises, Inc.		Barclays Bank plc		5.000	%		12-20-20		22.636	%		19	$	(3	)	$	(5	)	$	2

(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 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.

2019 SEMIANNUAL REPORT 35

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

MARCH 31, 2019 (UNAUDITED)

(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, 2019:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
British Pound		4,130	U.S. Dollar		5,487	6-28-19	JPMorgan Securities LLC	$	83		$	—
Euro		1,840	U.S. Dollar		2,091	6-28-19	JPMorgan Securities LLC		12			—
Euro		5,556	U.S. Dollar		7,198	9-30-21	JPMorgan Securities LLC		530			—
Euro		459	U.S. Dollar		525	4-5-19	Morgan Stanley International		—			—
Euro		459	U.S. Dollar		519	7-5-19	Morgan Stanley International		—	*		—
								$	625		$	—

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	96	$	28	$	—
Consumer Discretionary		1,028		—		33
Energy		—		—		91
Health Care		130		—		—
Total Common Stocks	$	1,254	$	28	$	124
Investment Funds		3,333		—		—
Preferred Stocks		—		1,553		79
Warrants		—		1		—
Asset-Backed Securities		—		11,567		—
Corporate Debt Securities		—		277,758		—
Mortgage-Backed Securities		—		7,767		—
Other Government Securities		—		49,206		—
Loans		—		62,341		11,674
United States Government Agency Obligations		—		3,474		—
United States Government Obligations		—		29,341		—
Short-Term Securities		4,457		19,930		—
Total	$	9,044	$	462,966	$	11,877
Over the Counter Credit Default Swaps	$	—	$	140	$	—
Forward Foreign Currency Contracts	$	—	$	625	$	—
Liabilities
Over the Counter Credit Default Swaps	$	—	$	3	$	—

36 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

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

	Common Stocks		Preferred Stocks			Loans
Beginning Balance 10-1-18	$	68	$	217		$	12,113
Net realized gain (loss)		—		—			1
Net change in unrealized appreciation (depreciation)		56		(138	)		(822	)
Purchases		—		—			2,892
Sales		—		—			(2,680	)
Amortization/Accretion of premium/discount		—		—			5
Transfers into Level 3 during the period		—		—			4,553
Transfers out of Level 3 during the period		—		—			(4,386	)
Ending Balance 3-31-19	$	124	$	79		$	11,674
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 3-31-19	$	56	$	(138	)	$	(742	)

Information about Level 3 fair value measurements:

	Fair Value at 3-31-19		Valuation Technique(s)	Unobservable Input(s)	Input Value(s)
Assets
Common Stocks	$	33	Market comparable approach	Adjusted EBITDA multiple		7.44x
		91	Third-party vendor service	Broker quotes		N/A
Preferred Stocks		79	Market comparable approach	Adjusted EBITDA multiple		10.12x
				Illiquidity Discount		10%
Loans		11,674	Third-party vendor service	Broker quotes		N/A

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

The following acronyms are used throughout this schedule:

CLO = Collateralized Loan Obligation

CMO = Collateralized Mortgage Obligation

EURIBOR = Euro Interbank Offered Rate

GTD = Guaranteed

ICE = IntercontinentalExchange

LIBOR = London Interbank Offered Rate

PIK = Payment in kind

REMIC = Real Estate Mortgage Investment Conduit

Market Sector Diversification
(as a % of net assets)
Financials	21.2%
Other Government Securities	10.0%
Communication Services	9.6%
Consumer Discretionary	7.9%
Industrials	7.5%
United States Government and Government Agency Obligations	6.7%
Energy	6.4%

Market Sector Diversification (Continued)
Consumer Staples	6.2%
Health Care	6.1%
Materials	5.7%
Information Technology	3.2%
Utilities	1.8%
Real Estate	1.3%
Other+	6.4%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 37

PORTFOLIO HIGHLIGHTS IVY CALIFORNIA MUNICIPAL HIGH INCOME FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Bonds	91.6%
Municipal Bonds	91.6%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	8.4%

Quality Weightings

Investment Grade	55.4%
AAA	1.4%
AA	8.8%
A	14.7%
BBB	30.5%
Non-Investment Grade	36.2%
BB	9.3%
B	1.9%
CCC	0.1%
Non-rated	24.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	8.4%

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

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

38 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

MUNICIPAL BONDS	Principal		Value
California – 89.5%
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	$	47
CA Edu Fac Auth, Rev Bonds (Art Ctr College of Design), Ser 2018A,
5.000%, 12-1-48		250		286
CA Edu Fac Auth, Rev Bonds (Loma Linda Univ), Ser 2017A,
5.000%, 4-1-47		300		342
CA Infra and Econ Dev Bank, Infra State Revolving Fund Rev Bonds, Ser 2016A,
4.000%, 10-1-19		400		405
CA Muni Fin Auth, Charter Sch Lease Rev Bonds (Bella Mente Montessori Academy Proj), Ser 2018A,
5.000%, 6-1-48		325		345
CA Muni Fin Auth, Charter Sch Rev Bonds (Palmdale Aerospace Academy Proj), Ser 2018A,
5.000%, 7-1-49		300		318
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		117
CA Muni Fin Auth, Rev Bonds (CA Baptist Univ), Ser 2016A,
5.000%, 11-1-46		500		553
CA Muni Fin Auth, Rev Bonds (CA Lutheran Univ), Ser 2018,
5.000%, 10-1-27		250		300
CA Muni Fin Auth, Rev Bonds (Ret Hsng Fndtn Oblig Group), Ser 2017A,
5.000%, 11-15-32		425		529
CA Muni Fin Auth, Rev Rfdg Bonds (Eisenhower Med Ctr), Ser 2017B:
5.000%, 7-1-37		250		284
5.000%, 7-1-42		250		280
CA Muni Fin Auth, Sr Lien Rev Bonds (LINXS APM Proj), Ser 2018A:
4.000%, 12-31-47		250		259
5.000%, 12-31-47		250		283
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		313
CA Pollutn Ctl Fin Auth, Solid Waste Disp Rfdg Rev Bonds (Waste Mgmt, Inc. Proj), Ser 2015A-1,
3.375%, 7-1-25		300		315
CA Pollutn Ctl Fin Auth, Solid Waste Rfdg Rev Bonds (Republic Svc, Inc. Proj), Ser 2010A,
1.540%, 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		264

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
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	$	288
CA Sch Fin Auth, Charter Sch Rev Bonds (Ace Charter Sch – Oblig Group), Ser 2016A,
5.000%, 6-1-52		300		303
CA Sch Fin Auth, Charter Sch Rev Bonds (Encore Edu Oblig Group), Ser 2016A,
5.000%, 6-1-52		300		260
CA Sch Fin Auth, Charter Sch Rev Bonds (Larchmont Charter Sch Proj), Ser 2018A,
5.000%, 6-1-43		250		264
CA Sch Fin Auth, Charter Sch Rev Bonds (Rocketship Pub Sch – Oblig Group), Ser 2017G:
5.000%, 6-1-30		310		331
5.000%, 6-1-37		330		346
CA Sch Fin Auth, Charter Sch Rev Bonds (Summit Pub Sch – Oblig Group), Ser 2017,
5.000%, 6-1-37		500		552
CA Sch Fin Auth, Charter Sch Rev Rfdg Bonds (Aspire Pub Sch – Oblig Group), Ser 2016,
5.000%, 8-1-41		250		271
CA Sch Fin Auth, Edu Fac Rev Bonds (River Springs Charter Sch), Ser 2017A,
5.000%, 7-1-52		340		355
CA Sch Fin Auth, Sch Fac Rev Bonds (Alliance for College-Ready Pub Sch Proj), Ser 2015A,
5.000%, 7-1-45		100		109
CA Sch Fin Auth, Sch Fac Rev Bonds (Alliance for College-Ready Pub Sch Proj), Ser 2016C,
5.000%, 7-1-31		250		282
CA Sch Fin Auth, Sch Fac Rev Bonds (Granada Hills Charter High Sch Oblig Group), Ser 2017A,
5.000%, 7-1-48		350		376
CA Sch Fin Auth, Sch Fac Rev Bonds (Green Dot Pub Sch CA Proj), Ser 2018A,
5.000%, 8-1-48		250		278
CA Sch Fin Auth, Sch Fac Rev Bonds (Kipp LA Proj), Ser 2017A,
5.000%, 7-1-47		300		333
CA Sch Fin Auth, Sch Fac Rev Rfdg Bonds (HTH Learning Proj), Ser 2017A,
5.000%, 7-1-49		300		326
CA Statewide Cmnty Dev Auth, Rev Bonds (American Baptist Homes of the West), Ser 2015,
5.000%, 10-1-22		270		295

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
CA Statewide Cmnty Dev Auth, Rev Bonds (Loma Linda Univ Med Ctr), Ser 2016A,
5.250%, 12-1-56	$	250	$	274
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		339
5.000%, 5-15-47		185		209
CA Statewide Comnty Dev Auth, Rev Bonds (Loma Linda Univ Med Ctr), Ser 2014A,
5.250%, 12-1-44		250		272
CA Statewide Comnty Dev Auth, Sch Fac Rev Bonds (Alliance for College Ready Pub Sch – 47th and Main Proj), Ser 2012A,
6.375%, 7-1-47		100		107
CA Various Purp GO Bonds,
5.000%, 9-1-46		500		578
Chino Pub Fin Auth, Local Agy Rfdg Bonds, Ser 2016A,
3.500%, 9-1-43		250		240
Chino, CA, Cmnty Fac Dist, Spl Tax Rev Bonds, Ser 2016-2,
5.000%, 9-1-47		150		164
Cmnty Fac Dist No. 36 of Jurupa Cmnty Svc Dist., Spl Tax Bonds, Ser 2017A:
4.125%, 9-1-42		200		205
4.250%, 9-1-47		300		310
Foothill/Eastn Trans Corridor Agy, Toll Road Rfdg Rev Bonds, Ser 2013B-1 (Insured by AGM),
3.950%, 1-15-53		300		308
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2017A-1,
5.000%, 6-1-29		600		696
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2018A,
5.000%, 6-1-22		175		193
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2007A-2 Sr Convertible Bonds,
5.300%, 6-1-37		150		152
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2018A-1,
5.000%, 6-1-47		500		499
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2018A-2,
5.000%, 6-1-47		250		250
Irvine Unif Sch Dist, Cmnty Fac Dist No. 09-1 Spl Tax Bonds, Ser 2017B (Insured by BAMAC),
5.000%, 9-1-47		150		166

2019 SEMIANNUAL REPORT 39

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

MARCH 31, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
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	$	573
Long Beach Bond Fin Auth, Natural Gas Purchase Rev Bonds, Ser 2007A,
5.500%, 11-15-37		165		216
Los Angeles, CA, Dept of Arpts, Los Angeles Intl Arpt Sub Rev Bonds, Ser 2016B,
5.000%, 5-15-46		300		340
M-S-R Energy Auth, Gas Rev Bonds, Ser 2009C,
7.000%, 11-1-34		300		443
Murrieta, CA, Cmnty Fac Dist No. 2005-5, Spl Tax Bonds (Golden City), Ser 2017A,
5.000%, 9-1-46		300		329
Oakland-Alameda Cnty Coliseum Auth, Lease Rev Bonds (Oakland Coliseum Proj), Ser 2012A,
5.000%, 2-1-24		250		273
Ontario, CA, Cmnty Fac Dist No. 28, Spl Tax Bonds (New Haven Fac – Area A), Ser 2017:
5.000%, 9-1-42		130		142
5.000%, 9-1-47		230		251
Ontario, CA, Cmnty Fac Dist No. 31, Spl Tax Bonds (Carriage House/Amberly Lane), Ser 2017,
5.000%, 9-1-47		135		148
Oro Grande Elem Sch Dist, Cert of Part, Ser 2013,
5.000%, 9-15-27		40		43
Palamar Hlth, Rfdg Rev Bonds, Ser 2016:
4.000%, 11-1-39		175		177
5.000%, 11-1-39		500		550
Palomar Hlth, Cert of Part, Ser 2017,
5.000%, 11-1-21		250		267
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		272
Regents of the Univ of CA, Ltd. Proj Rev Bonds, Ser M,
5.000%, 5-15-32		300		365
Roseville, CA, Spl Tax Rev Bonds (Fiddyment Ranch Cmnty Fac Dist No. 1), Ser 2017A,
5.000%, 9-1-35		250		278
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),
2.309%, 6-1-34 (C)		400		383
Sacramento Cnty, Arpt Sys Sub Rev Rfdg Bonds, Ser 2018E,
5.000%, 7-1-35		250		302

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
Sacramento, CA, Spl Tax Bonds (Natomas Cent Comnty Fac), Ser 2016,
5.000%, 9-1-41	$	250	$	273
San Bernardino, CA, Cmnty Fac Dist No. 2006-1 (Lytle Creek North), Impvt Area No. 4 Spl Tax Bonds, Ser 2016,
4.000%, 9-1-42		250		255
San Buenaventura Rev Bonds (Cmnty Mem Hlth Sys), Ser 2011,
7.500%, 12-1-41		100		111
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		233
San Francisco City and Cnty Arpt Comsn, San Francisco Intl Arpt Second Ser Rev Bonds, Ser 2019A,
4.000%, 5-1-49		250		265
San Francisco City and Cnty Pub Util Comsn, Water Rev Bonds, Ser 2016AB,
4.000%, 11-1-39		250		267
San Jose, CA, Arpt Rev Rfdg Bonds, Ser 2017A,
5.000%, 3-1-47		200		228
San Mateo Cmnty Fac Dist No. 2008-1 (Bay Meadows), Spl Tax Bonds, Ser 2012,
6.000%, 9-1-42		250		276
Southn CA Pub Power Auth, Gas Proj Rev Bonds (Proj No. 1), Ser 2007A,
5.000%, 11-1-33		295		357
State Pub Works Board of CA, Lease Rev Rfdg Bonds (Dept of Edu), Ser 2017H,
5.000%, 4-1-26		300		363
Successor Agy to the Redev Agy of the City of San Jose, Tax Alloc Rfdg Bonds, Ser 2017B,
5.000%, 8-1-19		300		304
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		263
Tob Securitization Auth of Northn CA, Tob Stlmt Asset-Bkd Bonds (Sacramento Cnty Tob Securitization Corp.), Ser 2005A-1,
5.500%, 6-1-45		100		100
Tob Securitization Auth of Southn CA, Tob Stlmt Asset-Bkd Bonds (San Diego Cnty Tob Asset Securitization Corp.), Ser 2006A Sr Current Int Bonds,
5.000%, 6-1-37		280		280

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
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	$	31
WA Township Hlth Care Dist Rev Bonds, Ser 2017A:
3.500%, 7-1-30		45		46
3.750%, 7-1-31		255		264
Westn Riverside Water and Wastewater Fin Auth, Local Agy Rev Rfdg Bonds, Ser 2016A,
5.000%, 9-1-29		250		296
William S. Hart Union High Sch Dist, Cmnty Fac Dist No. 2015-1 Spl Tax Bonds, Ser 2017,
5.000%, 9-1-47		300		326
				25,435
Guam – 0.9%
Guam Port Rev Bonds, Ser 2018B,
5.000%, 7-1-22		250		269
Puerto Rico – 1.2%
Cmnwlth of PR, Pub Impvt Rfdg GO Bonds, Ser 2007A-4,
5.250%, 7-1-30		135		139
PR Hwy and Trans Auth, Hwy Rev Rfdg Bonds, Ser CC:
5.250%, 7-1-32		120		135
5.250%, 7-1-33		50		56
				330
TOTAL MUNICIPAL BONDS – 91.6%			$	26,034
(Cost: $25,422)
SHORT-TERM SECURITIES
Master Note – 4.3%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.710%, 4-5-19 (D)		1,213		1,213
Municipal Obligations – 2.6%
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by FNMA) (BVAL plus 10 bps),
1.450%, 4-7-19 (D)		500		500
University of California (1-Month U.S. LIBOR plus 8 bps),
2.380%, 4-7-19 (D)		250		250
				750

40 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

	Value
TOTAL SHORT-TERM SECURITIES – 6.9%	$	1,963
(Cost: $1,963)
TOTAL INVESTMENT SECURITIES – 98.5%	$	27,997
(Cost: $27,385)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.5%		415
NET ASSETS – 100.0%	$	28,412

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, 2019 the total value of these securities amounted to $250 or 0.9% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	—	$	26,034	$	—
Short-Term Securities		—		1,963		—
Total	$	—	$	27,997	$	—

The following acronyms are used throughout this schedule:

AGM = Assured Guaranty Municipal

BAMAC = Build America Mutual Assurance Co.

BVAL = Bloomberg Valuation Municipal AAA Benchmark

FNMA = Federal National Mortgage Association

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 41

PORTFOLIO HIGHLIGHTS IVY CASH MANAGEMENT FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Corporate Obligations	65.8%
Commercial Paper	26.5%
Notes	23.5%
Certificate Of Deposit	10.7%
Master Note	5.1%
United States Government and Government Agency Obligations	24.9%
Municipal Obligations	9.2%
Cash and Other Assets (Net of Liabilities)	0.1%

42 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY CASH MANAGEMENT FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Certificate Of Deposit
Banco del Estado de Chile,
2.690%, 4-18-19	$	15,000	$	15,000
Bank of America N.A.:
2.800%, 7-2-19		25,000		25,000
2.610%, 8-12-19		15,000		15,000
Bank of America N.A. (1-Month U.S. LIBOR plus 28 bps),
2.760%, 4-9-19 (A)		20,000		20,000
Citibank N.A.:
2.820%, 4-10-19		10,000		10,000
2.790%, 4-23-19		10,000		10,000
Toronto-Dominion Bank (1-Month U.S. LIBOR plus 40bps),
2.890%, 4-8-19 (A)		10,000		10,000
U.S. Bank N.A.,
2.780%, 5-24-19		10,000		10,000
U.S. Bank N.A. (1-Month U.S. LIBOR plus 16 bps),
2.640%, 4-5-19 (A)		10,000		10,000
Wells Fargo Bank N.A. (1-Month U.S. LIBOR plus 31 bps),
2.810%, 4-30-19 (A)		15,000		15,000
Total Certificate Of Deposit – 10.7%				140,000
Commercial Paper (B)
Baxter International, Inc.,
2.731%, 4-5-19		13,000		12,996
Caterpillar Financial Services Corp. (GTD by Caterpillar, Inc.),
2.450%, 4-25-19		15,000		14,975
Coca-Cola Co. (The),
2.690%, 11-13-19		20,000		19,666
Commercial Bank PSQC (GTD by Wells Fargo Bank N.A.):
2.553%, 4-4-19		13,500		13,497
2.930%, 5-8-19		10,000		9,969
2.930%, 5-9-19		12,000		11,962
Corporacion Andina de Fomento,
2.789%, 4-8-19		5,000		4,997
CVS Health Corp.,
2.621%, 4-1-19		13,050		13,050
EssilorLuxottica S.A.:
2.370%, 4-11-19		6,809		6,804
2.590%, 5-15-19		16,045		15,993
2.620%, 6-27-19		25,000		24,841
J.M. Smucker Co. (The),
2.651%, 4-1-19		13,078		13,078
Kroger Co. (The),
2.571%, 4-1-19		13,075		13,075
Malayan Banking Berhad (GTD by Wells Fargo Bank N.A.):
2.740%, 9-19-19		22,000		21,716
3.010%, 10-22-19		12,000		11,798
2.990%, 10-28-19		10,000		9,828
Toronto-Dominion Bank:
2.340%, 4-10-19		10,645		10,638
3.040%, 10-18-19		10,000		9,833
UnitedHealth Group, Inc.:
2.430%, 4-15-19		11,000		10,989
2.700%, 6-17-19		15,000		14,913
Walgreens Boots Alliance, Inc.,
2.551%, 4-1-19		13,075		13,075

CORPORATE OBLIGATIONS (Continued)	Principal		Value
Commercial Paper (B) (Continued)
Wisconsin Electric Power Co.:
2.561%, 4-1-19	$	1,835	$	1,835
2.601%, 4-2-19		9,500		9,499
Wisconsin Gas LLC:
2.564%, 4-2-19		6,800		6,800
2.564%, 4-3-19		9,600		9,599
2.614%, 4-9-19		5,000		4,997
2.330%, 4-10-19		40,000		39,974
Total Commercial Paper – 26.5%				350,397
Master Note
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.710%, 4-5-19 (A)		67,213		67,213
Total Master Note – 5.1%				67,213
Notes
Banco del Estado de Chile (1-Month U.S. LIBOR plus 41 bps),
2.900%, 4-14-19 (A)		25,000		25,000
Banco del Estado de Chile (1-Month U.S. LIBOR plus 35 bps),
2.850%, 4-29-19 (A)		8,000		8,000
Banco del Estado de Chile (1-Month U.S. LIBOR plus 26 bps),
2.760%, 4-13-19 (A)		15,000		15,000
Bank of Montreal (1-Month U.S. LIBOR plus 16 bps),
2.640%, 4-6-19 (A)		25,000		25,000
Bank of Montreal (1-Month U.S. LIBOR plus 22 bps),
2.710%, 4-4-19 (A)		10,000		10,000
Bank of Montreal (3-Month U.S. LIBOR plus 13 bps),
2.740%, 6-13-19 (A)		15,000		15,000
Bank of Montreal (3-Month U.S. LIBOR plus 3 bps),
2.770%, 5-7-19 (A)		15,000		15,000
Bank of Nova Scotia (The) (1-Month U.S. LIBOR plus 35 bps),
2.840%, 4-7-19 (A)		10,000		10,000
Bank of Nova Scotia (The) (1-Month U.S. LIBOR plus 22 bps),
2.710%, 4-21-19 (A)		15,000		15,000
Bank of Nova Scotia (The) (3-Month U.S. LIBOR plus 3 bps),
2.720%, 5-19-19 (A)		15,000		15,000
Canadian Imperial Bank of Commerce (1-Month U.S. LIBOR plus 33 bps),
2.830%, 4-13-19 (A)		12,000		12,000
Canadian Imperial Bank of Commerce (1-Month U.S. LIBOR plus 19 bps),
2.670%, 4-20-19 (A)		20,000		20,000
Cooperatieve Rabobank U.A. (1-Month U.S. LIBOR plus 20 bps),
2.680%, 4-16-19 (A)		10,000		10,000

CORPORATE OBLIGATIONS (Continued)	Principal		Value
Notes (Continued)
John Deere Capital Corp. (3-Month U.S. LIBOR plus30 bps),
2.900%, 6-15-19 (A)	$	17,055	$	17,091
John Deere Capital Corp. (3-Month U.S. LIBOR plus12 bps),
2.910%, 4-5-19 (A)		10,006		10,007
Royal Bank of Canada (3-Month U.S. LIBOR plus 13 bps),
2.910%, 4-10-19 (A)		10,000		10,000
Royal Bank of Canada (3-Month U.S. LIBOR plus 14 bps),
2.920%, 4-16-19 (A)		15,000		15,000
Royal Bank of Canada (Federal Funds Rate plus 28 bps),
2.690%, 3-13-20 (A)		25,000		25,000
Wells Fargo Bank N.A. (1-Month U.S. LIBOR plus 40 bps),
2.880%, 4-15-19 (A)		20,000		20,000
Wells Fargo Bank N.A. (3-Month U.S. LIBOR plus 18bps),
2.980%, 4-2-19 (A)		8,000		8,000
Wells Fargo Bank N.A. (3-Month U.S. LIBOR plus 8 bps),
2.840%, 4-28-19 (A)		10,000		10,000
Total Notes – 23.5%				310,098
TOTAL CORPORATE OBLIGATIONS – 65.8%			$	867,708
(Cost: $867,708)
MUNICIPAL OBLIGATIONS
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),
2.500%, 4-7-19 (A)		1,300		1,300
Florida – 0.2%
Miami-Dade Cnty, FL, Seaport Rev Commercial PaperNotes, Ser 2019A-2 (GTD by Bank of America N.A.),
2.800%, 4-9-19		2,619		2,619
Kansas – 0.6%
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),
1.510%, 4-1-19 (A)		8,080		8,080
Louisiana – 0.9%
LA Pub Fac Auth, Rev Bonds (Air Products and Chemicals Proj), Ser 2008A (GTD by Air Products and Chemicals, Inc.) (BVAL plus 9.7 bps),
1.490%, 4-1-19 (A)		4,800		4,800

2019 SEMIANNUAL REPORT 43

SCHEDULE OF INVESTMENTS IVY CASH MANAGEMENT FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

MUNICIPAL OBLIGATIONS (Continued)	Principal		Value
Louisiana (Continued)
Parish of St. Bernard, LA, Exempt Fac Rev Bonds (Mobil Oil Corp. Proj), Ser 1996 (GTD by Exxon Mobil Corp.) (BVAL plus 18 bps),
1.510%, 4-1-19 (A)	$	7,500	$	7,500
				12,300
Michigan – 0.2%
MI Strategic Fund, Var Rate Demand Ltd. Oblig Rev Bonds, Ser 2007 (GTD by Air Prods and Chemicals, Inc.) (BVAL plus 23 bps),
1.490%, 4-1-19 (A)		2,000		2,000
Mississippi – 0.2%
MS Business Fin Corp., Gulf Opp Zone Indl Dev Rev Bonds (Chevron USA, Inc. Proj), Ser 2007D (GTD by Chevron Corp.) (BVAL plus 19 bps),
1.520%, 4-1-19 (A)		3,100		3,100
New York – 1.1%
Long Island Power Auth, Elec Sys Gen Rev Commercial Paper Notes, Ser 2015GR-4A (GTD by Royal Bank of Canada),
2.550%, 5-2-19		15,000		15,000
Pennsylvania – 0.5%
EPC – Allentown, LLC, Incr Taxable Var Rate Demand Bonds, Ser 2005 (GTD by U.S. Bank N.A.) (1-Week U.S. LIBOR plus 10 bps),
2.490%, 4-7-19 (A)		6,195		6,195

MUNICIPAL OBLIGATIONS (Continued)	Principal		Value
South Carolina – 5.0%
SC Pub Svc Auth, Rev Commercial Paper Notes, Ser DD (GTD by Bank of America N.A.):
2.890%, 4-25-19	$	47,361	$	47,361
2.770%, 4-29-19		19,000		19,000
				66,361
Wyoming – 0.4%
Uinta Cnty, WY, Pollutn Ctl Rfdg Rev Bonds (Chevron USA, Inc. Proj), Ser 1992 (GTD by Chevron Corp.) (BVAL plus 19 bps),
1.520%, 4-1-19 (A)		5,000		5,000
TOTAL MUNICIPAL OBLIGATIONS – 9.2%			$	121,955
(Cost: $121,955)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Treasury Bills – 9.2%
U.S. Treasury Bills:
2.374%, 4-2-19		10,000		9,999
2.480%, 4-4-19		5,000		4,999
2.190%, 4-11-19		17,000		16,989
2.270%, 4-18-19		20,000		19,977
2.350%, 4-23-19		10,000		9,985
2.300%, 4-25-19		5,000		4,992
2.310%, 5-2-19		3,500		3,493
2.330%, 5-9-19		14,000		13,965
2.350%, 5-16-19		15,000		14,955
2.370%, 5-30-19		2,000		1,992
2.380%, 6-6-19		10,000		9,956

UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Treasury Bills (Continued)
2.380%, 6-13-19	$	10,000	$	9,951
				121,253
United States Government Agency Obligations – 15.7%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
2.440%, 4-3-19 (A)		1,873		1,873
2.440%, 4-7-19 (A)		67,194		67,194
2.450%, 4-7-19 (A)		126,123		126,123
2.830%, 2-19-20 (A)		11,000		11,000
				206,190
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 24.9%			$	327,443
(Cost: $327,443)
TOTAL INVESTMENT SECURITIES – 99.9%			$	1,317,106
(Cost: $1,317,106)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				979
NET ASSETS – 100.0%			$	1,318,085

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	—	$	867,708	$	—
Municipal Obligations		—		121,955		—
United States Government and Government Agency Obligations		—		327,443		—
Total	$	—	$	1,317,106	$	—

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 2019

PORTFOLIO HIGHLIGHTS IVY CORPORATE BOND FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Bonds	98.0%
Corporate Debt Securities	90.3%
Asset-Backed Securities	2.6%
Municipal Bonds — Taxable	1.9%
Other Government Securities	1.5%
United States Government and Government Agency Obligations	1.5%
Mortgage-Backed Securities	0.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.0%

Quality Weightings

Investment Grade	97.8%
AAA	3.0%
AA	13.6%
A	39.0%
BBB	42.2%
Non-Investment Grade	0.2%
Non-rated	0.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.0%

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.

+ 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.

2019 SEMIANNUAL REPORT 45

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND(in thousands)

MARCH 31, 2019 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust,
3.500%, 5-26-22	$	1,750	$	1,751
Air Canada Enhanced Equipment Trust, Series 2015-2, Class AA,
3.750%, 12-15-27 (A)		3,518		3,556
American Airlines Class A Pass Through Certificates, Series 2016-2,
3.650%, 6-15-28		1,799		1,764
American Airlines Class AA Pass Through Certificates, Series 2016-2,
3.200%, 6-15-28		2,699		2,637
American Airlines Class AA Pass Through Certificates, Series 2017-2,
3.350%, 10-15-29		973		951
American Airlines, Inc., Class AA Pass Through Certificates, Series 2016-1,
3.575%, 1-15-28		3,522		3,540
American Airlines, Inc., Class AA Pass Through Certificates, Series 2017-1,
3.650%, 2-15-29		450		452
SBA Tower Trust, Series 2016-1 (GTD by SBA Guarantor LLC and SBA Holdings LLC),
2.877%, 7-9-21 (A)		3,500		3,469
United Airlines Pass-Through Certificates, Series 2016-AA,
3.100%, 7-7-28		4,685		4,579
TOTAL ASSET-BACKED SECURITIES – 2.6%			$	22,699
(Cost: $22,850)
CORPORATE DEBT SECURITIES
Communication Services
Cable & Satellite – 2.2%
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.,
4.464%, 7-23-22		2,000		2,070
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal):
1.625%, 1-15-22 (B)		5,000		4,861
3.900%, 3-1-38		1,000		984
4.600%, 10-15-38		5,000		5,361
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
3.950%, 1-15-25		1,865		1,904
Time Warner, Inc. (GTD by Historic TW, Inc.):
2.950%, 7-15-26		4,500		4,263
3.800%, 2-15-27		500		497
				19,940
Integrated Telecommunication Services – 1.1%
AT&T, Inc.,
3.600%, 2-17-23		4,000		4,079

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Telecommunication Services (Continued)
Verizon Communications, Inc.:
5.250%, 3-16-37	$	2,250	$	2,537
4.812%, 3-15-39		2,797		3,007
				9,623
Interactive Home Entertainment – 0.9%
Activision Blizzard, Inc.:
2.300%, 9-15-21		4,000		3,944
2.600%, 6-15-22		3,000		2,975
3.400%, 6-15-27		1,000		972
				7,891
Movies & Entertainment – 0.4%
Walt Disney Co. (The):
4.125%, 12-1-41		2,000		2,116
4.125%, 6-1-44		1,000		1,066
				3,182
Publishing – 0.3%
Thomson Reuters Corp.,
3.350%, 5-15-26		3,000		2,881
Wireless Telecommunication Service – 1.4%
Crown Castle Towers LLC:
3.222%, 5-15-22 (A)		2,000		2,005
3.663%, 5-15-25 (A)		5,120		5,177
Sprint Spectrum L.P.,
3.360%, 9-20-21 (A)		5,625		5,623
				12,805
Total Communication Services – 6.3%				56,322
Consumer Discretionary
Auto Parts & Equipment – 0.3%
Lear Corp.,
3.800%, 9-15-27		3,000		2,877
Automobile Manufacturers – 0.2%
General Motors Co.,
5.000%, 10-1-28		1,750		1,747
Education Services – 0.5%
President and Fellows of Harvard College,
3.150%, 7-15-46		3,000		2,844
University of Southern California,
3.028%, 10-1-39		2,000		1,881
				4,725
Footwear – 0.9%
NIKE, Inc.,
3.875%, 11-1-45		8,000		8,186
General Merchandise Stores – 0.5%
Target Corp.,
3.375%, 4-15-29		4,250		4,308
Home Improvement Retail – 0.6%
Home Depot, Inc. (The),
4.200%, 4-1-43		4,700		4,904

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Internet & Direct Marketing Retail – 0.7%
Amazon.com, Inc.,
4.800%, 12-5-34	$	5,470	$	6,361
Restaurants – 0.4%
Starbucks Corp.,
4.000%, 11-15-28 (B)		3,000		3,138
Total Consumer Discretionary – 4.1%				36,246
Consumer Staples
Agricultural Products – 0.1%
Archer Daniels Midland Co.,
3.375%, 3-15-22		1,000		1,023
Brewers – 1.7%
Anheuser-Busch Inbev Finance, Inc. (GTD by AB INBEV/BBR/COB),
4.700%, 2-1-36 (A)		9,500		9,504
Heineken N.V.,
3.500%, 1-29-28 (A)		3,000		3,017
Molson Coors Brewing Co.,
2.250%, 3-15-20		2,500		2,484
				15,005
Distillers & Vintners – 0.8%
Bacardi Ltd.,
4.450%, 5-15-25 (A)		4,470		4,509
Constellation Brands, Inc.:
2.650%, 11-7-22		1,000		987
3.700%, 12-6-26		1,562		1,558
4.500%, 5-9-47		500		484
				7,538
Drug Retail – 0.1%
CVS Health Corp.,
4.100%, 3-25-25		1,000		1,027
Hypermarkets & Super Centers – 0.6%
Walmart, Inc.,
3.700%, 6-26-28		5,000		5,264
Packaged Foods & Meats – 2.1%
General Mills, Inc.,
4.200%, 4-17-28		3,750		3,899
Mars, Inc.,
3.875%, 4-1-39 (A)		4,375		4,403
Nestle Holdings, Inc.,
3.900%, 9-24-38 (A)		5,500		5,737
Smithfield Foods, Inc.:
2.650%, 10-3-21 (A)		3,000		2,885
3.350%, 2-1-22 (A)		2,000		1,957
				18,881
Soft Drinks – 1.3%
Coca-Cola Co. (The),
1.550%, 9-1-21		3,500		3,421
PepsiCo, Inc.:
1.700%, 10-6-21		4,000		3,917
3.450%, 10-6-46		4,500		4,343
				11,681

46 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Tobacco – 0.2%
Altria Group, Inc. (GTD by Philip Morris USA, Inc.),
3.490%, 2-14-22	$	1,380	$	1,402
Total Consumer Staples – 6.9%				61,821
Energy
Oil & Gas Equipment & Services – 1.2%
Baker Hughes, a GE Co. LLC and Baker Hughes Co-Obligor, Inc.,
3.337%, 12-15-27		2,000		1,946
Halliburton Co.,
5.000%, 11-15-45		3,000		3,197
Schlumberger Holding Corp.,
3.625%, 12-21-22 (A)		5,000		5,140
				10,283
Oil & Gas Exploration & Production – 1.7%
BP Capital Markets plc (GTD by BP plc),
3.216%, 11-28-23		5,000		5,061
Canadian Natural Resources Ltd.,
3.850%, 6-1-27		7,250		7,263
ConocoPhillips Co. (GTD by ConocoPhillips),
4.150%, 11-15-34		1,193		1,224
EQT Corp.,
3.000%, 10-1-22		1,500		1,473
				15,021
Oil & Gas Refining & Marketing – 0.1%
Phillips 66 (GTD by Phillips 66 Co.) (3-Month U.S. LIBOR plus 60 bps),
3.246%, 2-26-21 (C)		1,000		1,000
Oil & Gas Storage & Transportation – 5.3%
Colonial Pipeline Co.,
4.250%, 4-15-48 (A)		2,000		2,021
Colorado Interstate Gas Co.,
4.150%, 8-15-26 (A)		6,000		6,104
Enbridge, Inc.,
2.900%, 7-15-22		500		499
Energy Transfer Partners L.P.:
4.950%, 6-15-28		2,750		2,887
4.900%, 3-15-35		750		714
Midwest Connector Capital Co. LLC,
3.900%, 4-1-24 (A)		2,200		2,236
Plains All American Pipeline L.P. and PAA Finance Corp.,
3.600%, 11-1-24		4,469		4,457
Sabal Trail Transmission LLC,
4.246%, 5-1-28 (A)		5,000		5,197
Sabine Pass Liquefaction LLC,
4.200%, 3-15-28		1,500		1,513
Sunoco Logistics Partners Operations L.P. (GTD by Sunoco Logistics Partners L.P.),
4.400%, 4-1-21 (B)		2,551		2,619
Tennessee Gas Pipeline Co.,
7.000%, 3-15-27		6,000		7,144

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation (Continued)
TransCanada PipeLines Ltd.,
5.100%, 3-15-49	$	4,500	$	4,851
Transcontinental Gas Pipe Line Co. LLC,
4.600%, 3-15-48		2,000		2,035
Williams Partners L.P.:
3.750%, 6-15-27		4,000		3,976
4.850%, 3-1-48		1,500		1,497
				47,750
Total Energy – 8.3%				74,054
Financials
Asset Management & Custody Banks – 1.5%
Ares Capital Corp.:
3.875%, 1-15-20		635		638
4.250%, 3-1-25		2,500		2,441
Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.),
4.850%, 3-29-29		4,500		4,630
State Street Corp.,
2.650%, 5-19-26		6,000		5,873
				13,582
Consumer Finance – 2.4%
Capital One Financial Corp.,
4.200%, 10-29-25		3,500		3,562
Discover Bank,
3.450%, 7-27-26		500		485
Discover Financial Services,
3.950%, 11-6-24		3,200		3,260
Ford Motor Credit Co. LLC:
2.425%, 6-12-20		5,000		4,935
5.875%, 8-2-21		2,500		2,590
2.979%, 8-3-22		2,000		1,912
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
3.200%, 7-6-21		4,500		4,481
				21,225
Diversified Banks – 11.4%
Australia and New Zealand Banking Group Ltd.,
2.125%, 8-19-20		4,000		3,967
Banco Santander S.A.,
3.500%, 4-11-22		2,500		2,525
Bank of America Corp.:
2.503%, 10-21-22		2,000		1,975
4.200%, 8-26-24		6,000		6,213
4.244%, 4-24-38		3,000		3,085
6.300%, 12-29-49		2,000		2,173
Bank of America Corp. (3-Month U.S. LIBOR plus 77 bps),
3.503%, 2-5-26 (C)		1,000		977
Bank of New York Mellon Corp. (The):
2.500%, 4-15-21		2,000		1,996
2.200%, 8-16-23		4,000		3,892

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Banks (Continued)
Barclays plc,
3.684%, 1-10-23	$	2,000	$	1,998
BB&T Corp.:
2.050%, 5-10-21		5,500		5,425
2.750%, 4-1-22		3,000		3,002
Citizens Bank N.A.,
3.250%, 2-14-22		1,750		1,767
Commonwealth Bank of Australia,
2.000%, 9-6-21 (A)(B)		3,500		3,433
Danske Bank A.S.:
5.000%, 1-12-22 (A)		1,550		1,587
2.700%, 3-2-22 (A)		2,000		1,948
Fifth Third Bank N.A.,
2.250%, 6-14-21		2,500		2,474
HSBC Holdings plc,
3.803%, 3-11-25		4,750		4,822
Huntington Bancshares, Inc.,
2.300%, 1-14-22		1,500		1,478
KeyBank N.A.,
3.300%, 2-1-22		1,250		1,271
Lloyds Banking Group plc:
3.000%, 1-11-22		1,000		994
3.900%, 3-12-24		1,250		1,266
Mitsubishi UFJ Financial Group, Inc.,
2.190%, 9-13-21		6,500		6,387
Mizuho Financial Group, Inc.,
2.953%, 2-28-22		4,000		4,000
Royal Bank of Canada:
2.350%, 10-30-20		4,000		3,984
2.500%, 1-19-21		4,000		3,997
Santander Holdings USA, Inc.,
3.400%, 1-18-23		3,000		3,002
Svenska Handelsbanken AB,
3.900%, 11-20-23		2,100		2,186
Toronto-Dominion Bank,
3.250%, 3-11-24		3,125		3,164
U.S. Bancorp,
3.375%, 2-5-24		4,000		4,093
U.S. Bank N.A.,
3.450%, 11-16-21		3,000		3,059
Wells Fargo & Co.:
2.100%, 7-26-21		1,000		984
3.069%, 1-24-23		500		501
4.750%, 12-7-46		1,500		1,571
Westpac Banking Corp.:
2.150%, 3-6-20		2,500		2,487
2.000%, 8-19-21		4,000		3,928
				101,611
Financial Exchanges & Data – 0.5%
Intercontinental Exchange, Inc.,
4.250%, 9-21-48		4,250		4,469
Insurance Brokers – 0.5%
Marsh & McLennan Cos., Inc.,
3.500%, 12-29-20		4,000		4,053
Investment Banking & Brokerage – 3.1%
Credit Suisse Group Funding (Guernsey) Ltd.,
3.125%, 12-10-20		1,500		1,505

2019 SEMIANNUAL REPORT 47

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Investment Banking & Brokerage (Continued)
Daiwa Securities Group, Inc.,
3.129%, 4-19-22 (A)	$	4,000	$	3,985
Goldman Sachs Group, Inc. (The):
2.350%, 11-15-21		3,000		2,954
2.905%, 7-24-23		1,000		989
3.272%, 9-29-25		1,500		1,481
3.750%, 2-25-26		1,000		1,005
3.500%, 11-16-26		1,000		988
4.017%, 10-31-38		6,000		5,753
Morgan Stanley:
4.875%, 11-1-22		2,000		2,112
3.875%, 1-27-26		7,000		7,162
				27,934
Life & Health Insurance – 4.4%
Aflac, Inc.,
4.750%, 1-15-49		4,750		5,258
Athene Holding Ltd.,
4.125%, 1-12-28		3,000		2,883
MetLife, Inc.,
4.050%, 3-1-45		3,500		3,503
Metropolitan Life Global Funding I,
3.450%, 10-9-21 (A)		2,000		2,026
New York Life Global Funding:
2.000%, 4-13-21 (A)		2,500		2,466
2.300%, 6-10-22 (A)		3,000		2,957
2.900%, 1-17-24 (A)		1,500		1,509
2.350%, 7-14-26 (A)		3,000		2,856
Northwestern Mutual Life Insurance Co. (The),
3.850%, 9-30-47 (A)		3,000		2,919
Principal Life Global Funding II:
2.625%, 11-19-20 (A)		3,500		3,496
3.000%, 4-18-26 (A)		4,000		3,952
Protective Life Global Funding,
2.262%, 4-8-20 (A)		2,500		2,487
Sumitomo Life Insurance Co.,
4.000%, 9-14-77 (A)		3,000		2,918
				39,230
Other Diversified Financial Services – 4.0%
Citigroup, Inc.:
2.700%, 3-30-21		4,000		3,997
3.500%, 5-15-23		1,000		1,014
4.450%, 9-29-27		1,500		1,543
JPMorgan Chase & Co.:
2.295%, 8-15-21		5,000		4,943
2.700%, 5-18-23		6,000		5,942
3.220%, 3-1-25		5,000		5,008
3.625%, 12-1-27		3,500		3,482
USAA Capital Corp.,
2.450%, 8-1-20 (A)		10,030		10,019
				35,948
Property & Casualty Insurance – 0.5%
Berkshire Hathaway Finance Corp. (GTD by Berkshire Hathaway, Inc.),
4.250%, 1-15-49		1,500		1,571
Berkshire Hathaway, Inc.,
2.750%, 3-15-23		3,000		3,020
				4,591

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Regional Banks – 1.6%
First Republic Bank,
2.500%, 6-6-22	$	5,000	$	4,956
PNC Bank N.A.:
2.450%, 11-5-20		736		733
2.150%, 4-29-21		4,000		3,964
SunTrust Banks, Inc.,
3.200%, 4-1-24		4,500		4,535
				14,188
Specialized Finance – 0.8%
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.:
4.420%, 6-15-21 (A)		2,000		2,052
5.450%, 6-15-23 (A)		1,000		1,066
8.100%, 7-15-36 (A)		2,500		2,944
John Deere Capital Corp.,
3.200%, 1-10-22		1,500		1,525
				7,587
Total Financials – 30.7%				274,418
Health Care
Biotechnology – 0.8%
Amgen, Inc.:
2.200%, 5-11-20		3,500		3,483
4.950%, 10-1-41		3,000		3,197
				6,680
Health Care Distributors – 0.3%
McKesson Corp.,
3.650%, 11-30-20		2,500		2,530
Health Care Equipment – 0.9%
Becton Dickinson & Co.,
3.700%, 6-6-27		5,000		4,986
Boston Scientific Corp.,
4.550%, 3-1-39		3,125		3,270
				8,256
Health Care Supplies – 1.8%
Abbott Laboratories,
4.750%, 11-30-36		5,000		5,628
Medtronic, Inc. (GTD by Medtronic Global Holdings SCA and Medtronic plc),
4.375%, 3-15-35		4,288		4,685
Shire Acquisitions Investments Ireland Designated Activity Co.,
2.400%, 9-23-21		6,000		5,931
				16,244
Managed Health Care – 1.1%
Halfmoon Parent, Inc.,
3.400%, 9-17-21 (A)		4,500		4,548
Humana, Inc.,
2.900%, 12-15-22		2,000		1,986
UnitedHealth Group, Inc.,
3.500%, 2-15-24		3,500		3,606
				10,140

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Pharmaceuticals – 3.8%
Bayer U.S. Finance II LLC,
4.375%, 12-15-28 (A)	$	5,000	$	4,974
Bayer U.S. Finance LLC,
3.000%, 10-8-21 (A)		500		496
Eli Lilly and Co.,
3.875%, 3-15-39		3,500		3,589
Merck & Co., Inc.,
3.900%, 3-7-39		6,250		6,444
Perrigo Finance Unlimited Co. (GTD by Perrigo Co. plc),
3.500%, 3-15-21		2,000		1,981
Pfizer, Inc.,
3.900%, 3-15-39		4,500		4,613
Takeda Pharmaceutical Co. Ltd.,
4.400%, 11-26-23 (A)		5,000		5,257
Zoetis, Inc.,
3.900%, 8-20-28		6,500		6,674
				34,028
Total Health Care – 8.7%				77,878
Industrials
Aerospace & Defense – 3.4%
BAE Systems Holdings, Inc.:
3.800%, 10-7-24 (A)		5,000		5,104
3.850%, 12-15-25 (A)		4,800		4,852
4.750%, 10-7-44 (A)		2,000		2,113
Boeing Co. (The),
1.650%, 10-30-20		2,500		2,457
General Dynamics Corp.,
1.875%, 8-15-23		5,000		4,848
Huntington Ingalls Industries, Inc.,
3.483%, 12-1-27		2,750		2,689
Northrop Grumman Corp.,
3.200%, 2-1-27		5,000		4,926
Rockwell Collins, Inc.,
2.800%, 3-15-22		3,500		3,492
				30,481
Air Freight & Logistics – 0.3%
FedEx Corp.,
4.750%, 11-15-45		3,000		2,988
Airlines – 1.1%
Aviation Capital Group Corp.,
2.875%, 1-20-22 (A)		2,000		1,970
Aviation Capital Group LLC,
3.500%, 11-1-27 (A)		1,500		1,425
Sydney Airport Finance,
3.625%, 4-28-26 (A)		6,000		5,993
				9,388
Environmental & Facilities Services – 0.4%
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.),
2.400%, 5-15-23		4,000		3,934

48 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrial Conglomerates – 1.7%
General Electric Capital Corp.:
6.000%, 8-7-19	$	1,432	$	1,445
2.342%, 11-15-20		7,787		7,690
General Electric Co.,
2.700%, 10-9-22		2,000		1,964
Ingersoll-Rand Luxembourg Finance S.A.,
3.800%, 3-21-29		4,260		4,325
				15,424
Railroads – 0.2%
Burlington Northern Santa Fe LLC,
4.550%, 9-1-44		2,000		2,200
Research & Consulting Services – 0.4%
RELX Capital, Inc. (GTD by RELX plc),
4.000%, 3-18-29		3,125		3,184
Trucking – 0.4%
J.B. Hunt Transport Services, Inc. (GTD by J.B. Hunt Transport, Inc.),
3.875%, 3-1-26		3,125		3,172
Total Industrials – 7.9%				70,771
Information Technology
Communications Equipment – 0.4%
L-3 Communications Corp.,
3.850%, 12-15-26		4,000		4,074
Data Processing & Outsourced Services – 0.8%
Visa, Inc.:
2.800%, 12-14-22		4,000		4,040
4.150%, 12-14-35		3,000		3,275
				7,315
Electronic Components – 0.7%
Maxim Integrated Products, Inc.,
3.450%, 6-15-27		6,500		6,270
Electronic Equipment & Instruments – 0.4%
Keysight Technologies, Inc.,
4.600%, 4-6-27		3,500		3,621
It Consulting & Other Services – 0.4%
IBM Credit LLC,
3.600%, 11-30-21		3,500		3,575
Semiconductor Equipment – 0.4%
Lam Research Corp.,
3.750%, 3-15-26		3,125		3,183
Semiconductors – 2.0%
Intel Corp.:
3.100%, 7-29-22		4,000		4,072
4.100%, 5-19-46		6,000		6,353
QUALCOMM, Inc.,
4.650%, 5-20-35		3,000		3,095
Texas Instruments, Inc.,
3.875%, 3-15-39		4,500		4,668
				18,188

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Systems Software – 1.7%
CA, Inc.,
5.375%, 12-1-19	$	6,195	$	6,279
Microsoft Corp.:
2.650%, 11-3-22		3,000		3,019
3.500%, 2-12-35		5,500		5,583
				14,881
Technology Hardware, Storage & Peripherals – 0.7%
Apple, Inc.:
2.400%, 5-3-23		1,000		991
3.200%, 5-11-27		2,000		2,018
4.500%, 2-23-36		3,000		3,363
				6,372
Total Information Technology – 7.5%				67,479
Materials
Diversified Metals & Mining – 0.2%
Anglo American Capital plc,
4.500%, 3-15-28 (A)		2,000		2,000
Specialty Chemicals – 0.4%
Methanex Corp.,
5.250%, 3-1-22		3,500		3,608
Total Materials – 0.6%				5,608
Real Estate
Health Care REITs – 0.2%
Senior Housing Properties Trust,
4.750%, 2-15-28		2,000		1,859
Hotel & Resort REITs – 0.2%
Hospitality Properties Trust,
3.950%, 1-15-28		2,500		2,293
Industrial REITs – 0.6%
Aircastle Ltd.,
5.500%, 2-15-22		4,909		5,151
Specialized REITs – 1.5%
American Tower Corp.:
3.070%, 3-15-23 (A)		3,000		2,993
3.125%, 1-15-27		4,750		4,556
American Tower Trust I,
3.652%, 3-23-28 (A)		2,000		2,012
Crown Castle International Corp.:
2.250%, 9-1-21		3,000		2,957
5.250%, 1-15-23		844		907
				13,425
Total Real Estate – 2.5%				22,728
Utilities
Electric Utilities – 5.0%
AEP Transmission Co. LLC,
4.250%, 9-15-48		4,500		4,785
Appalachian Power Co., Series W,
4.450%, 6-1-45 (B)		1,000		1,032

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Electric Utilities (Continued)
CenterPoint Energy, Inc.,
4.250%, 11-1-28	$	4,500	$	4,665
Commonwealth Edison Co.,
3.650%, 6-15-46		2,500		2,438
Consumers Energy Co.,
4.350%, 4-15-49		2,500		2,785
Duke Energy Carolinas LLC:
4.300%, 6-15-20		3,250		3,314
3.750%, 6-1-45		3,875		3,846
Duke Energy Indiana LLC,
3.750%, 5-15-46		1,000		975
Entergy Arkansas, Inc.,
4.000%, 6-1-28		2,650		2,751
Florida Power & Light Co.,
3.990%, 3-1-49		3,125		3,279
Kansas City Power & Light Co.,
4.200%, 3-15-48		1,000		1,041
MidAmerican Energy Co.,
3.950%, 8-1-47		1,000		1,022
National Rural Utilities Cooperative Finance Corp.,
4.400%, 11-1-48		3,000		3,236
Southern California Edison Co.,
4.125%, 3-1-48		5,000		4,793
Virginia Electric and Power Co., Series B,
4.600%, 12-1-48		1,500		1,659
Wisconsin Electric Power Co.:
4.250%, 6-1-44		750		778
4.300%, 10-15-48		1,750		1,887
				44,286
Gas Utilities – 0.3%
Southern California Gas Co.,
4.300%, 1-15-49		2,500		2,683
Independent Power Producers & Energy Traders – 0.4%
Black Hills Corp.,
4.350%, 5-1-33		3,750		3,870
Multi-Utilities – 0.8%
Baltimore Gas and Electric Co.,
4.250%, 9-15-48		2,500		2,633
Berkshire Hathaway Energy Co.,
2.800%, 1-15-23		500		501
Dominion Resources, Inc.,
2.750%, 1-15-22		1,000		992
Public Service Electric and Gas Co.,
2.250%, 9-15-26		3,500		3,294
				7,420
Water Utilities – 0.3%
California Water Service Co.,
5.875%, 5-1-19		3,000		3,007
Total Utilities – 6.8%				61,266
TOTAL CORPORATE DEBT SECURITIES – 90.3%			$	808,591
(Cost: $795,136)

2019 SEMIANNUAL REPORT 49

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

MORTGAGE-BACKED SECURITIES	Principal		Value
Non-Agency REMIC/CMO – 0.2%
MASTR Adjustable Rate Mortgage Trust 2005-1 (Mortgage spread to 10-year U.S. Treasury index),
4.439%, 3-25-35 (C)	$	2,263	$	1,686
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-1 (Mortgage spread to 3-year U.S. Treasury index),
4.630%, 2-25-34 (C)		46		—	*
				1,686
TOTAL MORTGAGE-BACKED SECURITIES – 0.2%			$	1,686
(Cost: $2,297)
MUNICIPAL BONDS – TAXABLE
New York – 0.9%
NYC GO Bonds, Fiscal 2017 Ser A-2,
2.460%, 8-1-26		3,000		2,900
NYC Indl Dev Agy, Rental Rev Bonds (Yankee Stadium Proj), Ser 2009,
11.000%, 3-1-29 (A)		3,532		4,736
				7,636
Ohio – 0.6%
OH State Univ, Gen Receipts Bonds (Multiyear Debt Issuance Prog), Ser 2016A,
3.798%, 12-1-46		5,500		5,697
Pennsylvania – 0.4%
Cmnwlth of PA, GO Bonds, Third Ser B of 2010 (Federally Taxable – Build America Bonds),
4.750%, 7-15-22		3,075		3,160
TOTAL MUNICIPAL BONDS – TAXABLE – 1.9%			$	16,493
(Cost: $15,205)

OTHER GOVERNMENT SECURITIES (D)	Principal		Value
Canada – 1.3%
Province de Quebec,
7.140%, 2-27-26	$	9,365	$	11,628
South Korea – 0.2%
Korea Development Bank,
3.000%, 3-19-22		1,875		1,885
TOTAL OTHER GOVERNMENT SECURITIES – 1.5%			$	13,513
(Cost: $11,396)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 1.5%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO,
2.790%, 6-25-22		2,000		2,010
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 5-year U.S. Treasury index),
4.336%, 12-25-44 (A)(C)		10,760		11,147
				13,157
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 1.5%			$	13,157
(Cost: $13,311)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 0.0%
U.S. Treasury Bonds,
3.000%, 11-15-44		210		218
U.S. Treasury Notes,
2.000%, 8-15-25		19		18
				236
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 0.0%			$	236
(Cost: $248)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (E) – 0.8%
J.M. Smucker Co. (The),
2.651%, 4-1-19	$	4,325	$	4,324
Kellogg Co.,
2.664%, 4-9-19		2,500		2,498
				6,822
Master Note – 0.5%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.710%, 4-5-19 (F)		4,616		4,616
Money Market Funds – 0.2%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
2.360%, (G)(H)		1,963		1,963
TOTAL SHORT-TERM SECURITIES – 1.5%			$	13,401
(Cost: $13,402)
TOTAL INVESTMENT SECURITIES – 99.5%			$	889,776
(Cost: $873,845)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%				4,628
NET ASSETS – 100.0%			$	894,404

Notes to Schedule of Investments

* Not shown due to rounding.

(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, 2019 the total value of these securities amounted to $186,780 or 20.9% of net assets.

(B) All or a portion of securities with an aggregate value of $1,912 are on loan.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

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

(E) Rate shown is the yield to maturity at March 31, 2019.

50 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY CORPORATE BOND FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

(F) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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.

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

(H) Rate shown is the annualized 7-day yield at March 31, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	—	$	22,699	$	—
Corporate Debt Securities		—		808,591		—
Mortgage-Backed Securities		—		1,686		—
Municipal Bonds		—		16,493		—
Other Government Securities		—		13,513		—
United States Government Agency Obligations		—		13,157		—
United States Government Obligations		—		236		—
Short-Term Securities		1,963		11,438		—
Total	$	1,963	$	887,813	$	—

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.

2019 SEMIANNUAL REPORT 51

PORTFOLIO HIGHLIGHTS IVY CROSSOVER CREDIT FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Bonds	95.8%
Corporate Debt Securities	94.5%
Asset-Backed Securities	1.3%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	4.2%

Quality Weightings

Investment Grade	87.1%
A	6.6%
BBB	80.5%
Non-Investment Grade	8.7%
BB	8.7%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	4.2%

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

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

52 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY CROSSOVER CREDIT FUND(in thousands)

MARCH 31, 2019 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
AerCap Ireland Capital Ltd. and AerCap Global Aviation Trust:
3.500%, 5-26-22	$	250	$	250
3.650%, 7-21-27		250		234
TOTAL ASSET-BACKED SECURITIES – 1.3%			$	484
(Cost: $501)
CORPORATE DEBT SECURITIES
Communication Services
Cable & Satellite – 2.8%
Charter Communications Operating LLC and Charter Communications Operating Captial Corp.,
4.500%, 2-1-24		500		521
CSC Holdings LLC,
5.375%, 2-1-28 (A)		500		501
				1,022
Integrated Telecommunication Services – 1.4%
Verizon Communications, Inc.,
4.016%, 12-3-29 (A)		510		527
Total Communication Services – 4.2%				1,549
Consumer Discretionary
Auto Parts & Equipment – 1.3%
Lear Corp.,
3.800%, 9-15-27		500		480
Automobile Manufacturers – 1.4%
General Motors Co.,
5.000%, 10-1-28		500		499
Homebuilding – 1.3%
Toll Brothers Finance Corp.,
4.350%, 2-15-28		500		467
Restaurants – 1.4%
Starbucks Corp.,
4.000%, 11-15-28 (B)		500		523
Total Consumer Discretionary – 5.4%				1,969
Consumer Staples
Brewers – 2.2%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
4.750%, 1-23-29		750		799
Distillers & Vintners – 2.6%
Bacardi Ltd.,
4.450%, 5-15-25 (A)		200		202
Constellation Brands, Inc.,
3.700%, 12-6-26		750		748
				950
Packaged Foods & Meats – 4.7%
Bunge Ltd. Finance Corp.,
3.750%, 9-25-27		250		229

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Packaged Foods & Meats (Continued)
General Mills, Inc.,
4.200%, 4-17-28	$	750	$	780
Smithfield Foods, Inc.,
2.650%, 10-3-21 (A)		750		721
				1,730
Total Consumer Staples – 9.5%				3,479
Energy
Oil & Gas Exploration & Production – 2.7%
Canadian Natural Resources Ltd.,
3.850%, 6-1-27		750		751
EQT Corp.,
3.000%, 10-1-22		250		246
				997
Oil & Gas Storage & Transportation – 9.4%
Cheniere Corpus Christi Holdings LLC,
5.875%, 3-31-25 (B)		500		544
Energy Transfer Partners L.P.,
4.950%, 6-15-28		250		262
EQT Midstream Partners L.P.,
4.750%, 7-15-23		500		510
Midwest Connector Capital Co. LLC,
3.900%, 4-1-24 (A)		400		407
Sunoco Logistics Partners Operations L.P. (GTD by Energy Transfer Partners L.P.),
4.000%, 10-1-27		1,000		993
Williams Partners L.P.:
3.750%, 6-15-27		500		497
4.850%, 3-1-48		250		249
				3,462
Total Energy – 12.1%				4,459
Financials
Asset Management & Custody Banks – 4.2%
Ares Capital Corp.,
4.250%, 3-1-25 (B)		500		488
Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.),
4.850%, 3-29-29		1,000		1,029
				1,517
Consumer Finance – 3.3%
Capital One Financial Corp.,
3.750%, 7-28-26		250		244
Discover Bank,
3.450%, 7-27-26		500		485
Ford Motor Credit Co. LLC,
3.336%, 3-18-21		500		492
				1,221
Diversified Banks – 5.7%
Banco Bilbao Vizcaya Argentaria S.A.,
6.125%, 2-16-66		1,000		893
Danske Bank A.S.:
5.000%, 1-12-22 (A)		200		205

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Banks (Continued)
2.700%, 3-2-22 (A)	$	500	$	487
Santander Holdings USA, Inc.,
3.400%, 1-18-23		500		500
				2,085
Investment Banking & Brokerage – 1.4%
Goldman Sachs Group, Inc. (The),
4.250%, 10-21-25		500		512
Life & Health Insurance – 2.6%
Athene Holding Ltd.,
4.125%, 1-12-28		1,000		961
Other Diversified Financial Services – 4.1%
Citigroup, Inc.,
4.450%, 9-29-27		500		514
JPMorgan Chase & Co.,
3.625%, 12-1-27		1,000		995
				1,509
Specialized Finance – 2.9%
Dell International LLC and EMC Corp.,
5.450%, 6-15-23 (A)		1,000		1,066
Total Financials – 24.2%				8,871
Health Care
Health Care Equipment – 1.4%
Becton Dickinson & Co.,
3.700%, 6-6-27 (B)		500		498
Pharmaceuticals – 6.9%
Bayer U.S. Finance II LLC,
4.375%, 12-15-28 (A)		1,000		995
Elanco Animal Health, Inc.,
4.900%, 8-28-28 (A)		500		531
Zoetis, Inc.,
3.900%, 8-20-28		1,000		1,027
				2,553
Total Health Care – 8.3%				3,051
Industrials
Aerospace & Defense – 6.1%
BAE Systems Holdings, Inc.,
3.850%, 12-15-25 (A)		500		505
Huntington Ingalls Industries, Inc.,
3.483%, 12-1-27		1,000		978
Northrop Grumman Corp.,
3.250%, 1-15-28		750		738
				2,221
Agricultural & Farm Machinery – 1.3%
CNH Industrial N.V.,
3.850%, 11-15-27		500		479
Industrial Conglomerates – 1.1%
Ingersoll-Rand Luxembourg Finance S.A.,
3.800%, 3-21-29		165		168

2019 SEMIANNUAL REPORT 53

SCHEDULE OF INVESTMENTS IVY CROSSOVER CREDIT FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrial Conglomerates (Continued)
TriMas Corp.,
4.875%, 10-15-25 (A)	$	250	$	246
				414
Total Industrials – 8.5%				3,114
Information Technology
Communications Equipment – 2.8%
L-3 Communications Corp.,
3.850%, 12-15-26		1,000		1,018
Electronic Equipment & Instruments – 2.8%
Keysight Technologies, Inc.,
4.600%, 4-6-27 (B)		1,000		1,035
Semiconductors – 4.2%
Marvell Technology Group Ltd.,
4.875%, 6-22-28		1,000		1,034
QUALCOMM, Inc.,
2.900%, 5-20-24		500		492
				1,526
Total Information Technology – 9.8%				3,579
Materials
Diversified Metals & Mining – 2.7%
Anglo American Capital plc,
3.625%, 9-11-24 (A)		1,000		992
Total Materials – 2.7%				992

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Real Estate
Health Care REITs – 1.2%
Senior Housing Properties Trust,
4.750%, 2-15-28	$	500	$	465
Hotel & Resort REITs – 2.5%
Hospitality Properties Trust,
3.950%, 1-15-28		1,000		917
Specialized REITs – 3.4%
Crown Castle International Corp.:
3.200%, 9-1-24		250		248
4.750%, 5-15-47		1,000		990
				1,238
Total Real Estate – 7.1%				2,620
Utilities
Electric Utilities – 2.7%
CenterPoint Energy, Inc.,
4.250%, 11-1-28		500		519
Southern California Edison Co.,
4.125%, 3-1-48		500		479
				998
Total Utilities – 2.7%				998
TOTAL CORPORATE DEBT SECURITIES – 94.5%			$	34,681
(Cost: $34,589)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 5.4%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.710%, 4-5-19 (C)	$	1,999	$	1,999
Money Market Funds – 1.4%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
2.360%, (D)(E)		507		507
TOTAL SHORT-TERM SECURITIES – 6.8%			$	2,506
(Cost: $2,506)
TOTAL INVESTMENT SECURITIES – 102.6%			$	37,671
(Cost: $37,596)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (2.6)%				(960	)
NET ASSETS – 100.0%			$	36,711

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, 2019 the total value of these securities amounted to $7,385 or 20.1% of net assets.

(B) All or a portion of securities with an aggregate value of $494 are on loan.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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.

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

(E) Rate shown is the annualized 7-day yield at March 31, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	—	$	484	$	—
Corporate Debt Securities		—		34,681		—
Short-Term Securities		507		1,999		—
Total	$	507	$	37,164	$	—

54 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY CROSSOVER CREDIT FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

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.

2019 SEMIANNUAL REPORT 55

PORTFOLIO HIGHLIGHTS IVY GOVERNMENT SECURITIES FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Bonds	98.0%
United States Government and Government Agency Obligations	98.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.0%

Quality Weightings

Investment Grade	93.9%
AAA	49.8%
AA	44.1%
Non-Investment Grade	4.1%
Non-rated	4.1%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.0%

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.

+ 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.

56 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY GOVERNMENT SECURITIES FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS	Principal		Value
Agency Obligations – 10.0%
Federal Farm Credit Bank:
3.560%, 10-6-32	$	5,000	$	5,323
3.460%, 2-22-33		3,500		3,686
Federal Home Loan Bank:
2.500%, 4-27-26		5,000		4,906
3.090%, 5-16-36		5,000		4,719
Tennessee Valley Authority,
2.875%, 2-1-27		5,000		5,068
U.S. Department of Transportation,
6.001%, 12-7-21 (A)		8,000		8,728
				32,430
Mortgage-Backed Obligations – 40.4%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO:
2.790%, 6-25-22		7,250		7,288
5.000%, 5-15-23		698		721
3.194%, 7-25-27		4,000		4,091
3.000%, 10-15-36		2,726		2,734
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 7-year U.S. Treasury index),
3.430%, 1-25-27 (B)		3,500		3,639
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
4.000%, 10-1-44		2,208		2,283
3.000%, 4-15-46		2,633		2,645
3.000%, 4-15-53		3,352		3,282
Federal National Mortgage Association Agency REMIC/CMO:
3.360%, 12-1-22		1,859		1,908
3.020%, 1-1-23		1,143		1,162
2.630%, 2-1-23		4,235		4,231
2.352%, 3-1-23		5,368		5,350
2.390%, 6-1-25		4,913		4,896
3.360%, 7-1-25		2,529		2,623
4.080%, 1-1-29		4,558		4,977
3.740%, 6-1-30		4,000		4,250
3.639%, 8-25-30		4,000		4,187
4.000%, 3-25-33		1,473		1,517
2.000%, 4-25-39		1,693		1,665
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
4.478%, 12-1-19		2,317		2,337
5.380%, 11-1-20		154		154
4.381%, 6-1-21		3,669		3,804
2.759%, 4-1-22		5,822		5,852
2.705%, 4-1-23		3,108		3,123
2.000%, 10-1-27		1,563		1,538
3.400%, 6-1-31		3,000		3,076
4.000%, 12-1-31		1,331		1,383
4.000%, 12-1-32		3,223		3,322
5.500%, 12-1-34		409		450
3.500%, 4-25-37		2,157		2,193
6.000%, 4-1-39		153		165
3.000%, 11-25-42		4,573		4,560
4.500%, 2-1-44		2,557		2,722
4.000%, 10-1-44		2,396		2,479
2.500%, 5-25-45		6,183		6,125

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
4.500%, 2-1-48	$	2,573	$	2,715
3.000%, 2-25-57		3,638		3,462
Government National Mortgage Association Agency REMIC/CMO,
2.000%, 3-16-42		8,489		8,296
Government National Mortgage Association Fixed Rate Pass-Through Certificates:
5.000%, 4-20-34		2,383		2,583
3.000%, 4-20-48		4,000		3,833
3.500%, 4-20-48		3,951		4,079
				131,700
United States Government Agency Obligations – 1.3%
Overseas Private Investment Corp. (GTD by U.S. Government),
5.142%, 12-15-23		1,543		1,645
Ukraine Government AID Bond,
1.844%, 5-16-19		2,500		2,499
				4,144
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 51.7%			$	168,274
(Cost: $166,952)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 46.3%
U.S. Treasury Bonds:
5.250%, 2-15-29		2,400		2,996
3.500%, 2-15-39		1,000		1,135
2.750%, 8-15-42		3,000		2,993
2.500%, 2-15-45		500		473
U.S. Treasury Notes:
1.500%, 7-15-20		2,500		2,473
2.625%, 7-31-20		10,000		10,033
1.375%, 9-30-20		4,000		3,942
2.875%, 10-31-20		5,000		5,041
2.750%, 11-30-20		4,000		4,028
2.500%, 1-31-21		3,300		3,312
1.125%, 6-30-21		2,000		1,952
2.750%, 8-15-21		10,000		10,113
1.125%, 9-30-21		1,500		1,460
2.000%, 12-31-21		3,000		2,983
1.875%, 4-30-22		6,000		5,937
1.750%, 5-31-22		2,000		1,971
2.000%, 10-31-22		2,000		1,985
2.000%, 11-30-22		1,000		992
2.750%, 7-31-23		5,000		5,107
2.625%, 12-31-23		3,000		3,053
2.000%, 4-30-24		19,000		18,777
2.125%, 7-31-24		17,500		17,383
1.875%, 8-31-24		4,000		3,922
2.250%, 10-31-24		6,500		6,493
2.250%, 11-15-24		6,380		6,370
2.125%, 11-30-24		1,500		1,488
2.750%, 2-28-25		900		923
2.000%, 8-15-25		4,000		3,928
1.625%, 2-15-26		5,000		4,780
1.625%, 5-15-26		5,500		5,249

UNITED STATES GOVERNMENT OBLIGATIONS (Continued)	Principal		Value
Treasury Obligations (Continued)
2.250%, 2-15-27	$	6,000	$	5,958
2.375%, 5-15-27		1,000		1,002
2.250%, 8-15-27		500		496
2.875%, 5-15-28		2,000		2,079
				150,827
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 46.3%			$	150,827
(Cost: $151,506)
SHORT-TERM SECURITIES
Commercial Paper (C) – 0.9%
Federal National Mortgage Association,
2.280%, 4-1-19		3,054		3,054
United States Government Agency Obligations – 0.8%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
2.440%, 4-7-19 (D)		2,145		2,145
2.450%, 4-7-19 (D)		405		405
				2,550
TOTAL SHORT-TERM SECURITIES – 1.7%			$	5,604
(Cost: $5,604)
TOTAL INVESTMENT SECURITIES – 99.7%			$	324,705
(Cost: $324,062)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%				909
NET ASSETS – 100.0%			$	325,614

2019 SEMIANNUAL REPORT 57

SCHEDULE OF INVESTMENTS IVY GOVERNMENT SECURITIES FUND (in thousands)

MARCH 31, 2019 (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, 2019 the total value of these securities amounted to $8,728 or 2.7% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

(C) Rate shown is the yield to maturity at March 31, 2019.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	—	$	168,274	$	—
United States Government Obligations		—		150,827		—
Short-Term Securities		—		5,604		—
Total	$	—	$	324,705	$	—

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

REMIC = Real Estate Mortgage Investment Conduit

TB = Treasury Bill

See Accompanying Notes to Financial Statements.

58 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY INTERNATIONAL SMALL CAP FUND(a)

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Stocks	97.4%
Industrials	19.2%
Consumer Discretionary	16.5%
Real Estate	12.4%
Communication Services	8.8%
Financials	8.5%
Materials	8.5%
Information Technology	8.4%
Health Care	6.1%
Consumer Staples	4.7%
Energy	3.0%
Utilities	1.3%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.6%

Country Weightings

Europe	49.7%
United Kingdom	17.5%
Ireland	6.9%
France	6.5%
Germany	5.5%
Other Europe	13.3%
Pacific Basin	47.7%
Japan	35.4%
Australia	7.1%
Other Pacific Basin	5.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.6%

Top 10 Equity Holdings

Company	Country	Sector	Industry
SCSK Corp.	Japan	Information Technology	IT Consulting & Other Services
TechnoPro Holdings, Inc.	Japan	Real Estate	Industrial REITs
Matsumotokiyoshi Holdings Co. Ltd.	Japan	Consumer Staples	Drug Retail
Tsubaki Nakashima Co. Ltd.	Japan	Industrials	Industrial Machinery
Kenedix Office Investment Corp.	Japan	Real Estate	Diversified REITs
Komeda Holdings Co. Ltd.	Japan	Consumer Discretionary	Restaurants
ARTERIA Networks Corp.	Japan	Communication Services	Alternative Carriers
Future plc	United Kingdom	Communication Services	Publishing
Rubis Group	France	Energy	Oil & Gas Storage & Transportation
Grand City Properties S.A.	Luxembourg	Real Estate	Real Estate Operating Companies

See your advisor or www.ivyinvestments.com for more information on the Fund’s most recent 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.

(a) Effective February 21, 2019, the name of Ivy IG International Small Cap Fund changed to Ivy International Small Cap Fund.

2019 SEMIANNUAL REPORT 59

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Communication Services – 1.3%
carsales.com Ltd. (A)		239	$	2,149
Consumer Discretionary – 1.1%
Ardent Leisure Group		2,240		1,805
Financials – 1.0%
Steadfast Group Ltd.		723		1,627
Materials – 2.4%
Evolution Mining Ltd.		719		1,869
Nufarm Ltd.		602		2,017
				3,886
Utilities – 1.3%
Spark Infrastructure Group		1,277		2,069
Total Australia – 7.1%			$	11,536
Austria
Real Estate – 0.9%
Immofinanz AG (B)		59		1,459
Total Austria – 0.9%			$	1,459
Belgium
Materials – 0.6%
Tessenderlo Chemie N.V. (B)		31		1,032
Total Belgium – 0.6%			$	1,032
Estonia
Industrials – 0.7%
Tallinna Sadam AS (B)		493		1,182
Total Estonia – 0.7%			$	1,182
France
Communication Services – 1.3%
Ubisoft Entertainment S.A. (B)		23		2,092
Energy – 1.7%
Rubis Group		50		2,745
Financials – 0.5%
Rothschild & Co.		25		796
Industrials – 3.0%
Alstom (B)		42		1,842
Latecoere S.A. (B)		234		817
Teleperformance SE		13		2,306
				4,965
Total France – 6.5%			$	10,598
Germany
Communication Services – 0.4%
Rocket Internet SE (B)		27		693

COMMON STOCKS (Continued)	Shares		Value
Industrials – 0.7%
Duerr AG		28	$	1,089
Information Technology – 1.8%
cyan AG (B)		15		485
Mynaric AG (A)(B)		33		1,708
Serviceware SE (B)		42		698
				2,891
Total Germany – 2.9%			$	4,673
Hong Kong
Industrials – 1.1%
Pacific Basin Shipping Ltd.		8,400		1,812
Total Hong Kong – 1.1%			$	1,812
Ireland
Consumer Discretionary – 1.3%
Dalata Hotel Group plc		323		2,132
Consumer Staples – 1.3%
Total Produce plc (A)		1,116		2,127
Financials – 0.6%
Greencoat Renewables plc		894		1,066
Health Care – 1.3%
Mainstay Medical International plc (B)(C)		42		170
UDG Healthcare plc		256		1,887
				2,057
Industrials – 1.5%
Irish Continental Group plc		196		1,069
Kingspan Group plc		26		1,207
				2,276
Materials – 0.9%
Smurfit Kappa Group plc		54		1,516
Total Ireland – 6.9%			$	11,174
Isle Of Man
Consumer Discretionary – 0.7%
GVC Holdings plc		144		1,048
Information Technology – 1.0%
Strix Group plc (A)		818		1,686
Total Isle Of Man – 1.7%			$	2,734
Italy
Financials – 0.2%
Mediobanca S.p.A.		31		324
Industrials – 0.2%
FILA Fabbrica Italiana Lapis ed Affini S.p.A.		23		330
Total Italy – 0.4%			$	654

COMMON STOCKS (Continued)	Shares			Value
Japan
Communication Services – 2.6%
ARTERIA Networks Corp.		248		$	2,802
Macromill, Inc.		117			1,411
					4,213
Consumer Discretionary – 6.8%
Komeda Holdings Co. Ltd.		154			2,936
Maxell Holdings Ltd. (A)		141			2,006
NGK Spark Plug Co. Ltd.		75			1,391
Nifco, Inc. (A)		88			2,255
Ryohin Keikaku Co. Ltd.		10			2,488
					11,076
Consumer Staples – 2.4%
Kobe Bussan Co. Ltd.		22			821
Matsumotokiyoshi Holdings Co. Ltd.		90			3,017
					3,838
Financials – 1.6%
Bank of Kyoto Ltd. (The) (A)		54			2,261
Gunma Bank Ltd. (The)		82			312
					2,573
Health Care – 1.5%
Nippon Shinyaku Co. Ltd.		32			2,344
Industrials – 6.8%
Okamura Corp.		233			2,447
OSG Corp.		133			2,563
SG Holdings Co. Ltd.		63			1,832
Takeuchi Mfg Co. Ltd. (A)		60			1,056
Tsubaki Nakashima Co. Ltd.		167			3,015
					10,913
Information Technology – 3.6%
DISCO Corp. (A)		15			2,205
SCSK Corp.		81			3,612
					5,817
Materials – 3.7%
Maruichi Steel Tube Ltd.		45			1,310
Taiyo Nippon Sanso Corp.		123			1,884
Zeon Corp.		262			2,660
					5,854
Real Estate – 6.4%
GLP J-REIT		2			2,650
Ichigo, Inc.		467			1,602
Kenedix Office Investment Corp.		—	*		2,944
TechnoPro Holdings, Inc.		54			3,205
					10,401
Total Japan – 35.4%				$	57,029
Luxembourg
Real Estate – 1.7%
Grand City Properties S.A.		113			2,720
Total Luxembourg – 1.7%				$	2,720

60 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Netherlands
Health Care – 1.5%
Qiagen N.V. (B)		59	$	2,392
Information Technology – 1.2%
ASM International N.V.		35		1,908
Total Netherlands – 2.7%			$	4,300
Singapore
Industrials – 0.6%
BOC Aviation Ltd.		129		1,049
Real Estate – 2.6%
City Developments Ltd.		284		1,899
Manulife U.S. REIT		2,522		2,158
				4,057
Total Singapore – 3.2%			$	5,106
South Korea
Financials – 0.9%
Hyundai Marine & Fire Insurance Co. Ltd.		45		1,506
Total South Korea – 0.9%			$	1,506
Spain
Health Care – 0.6%
Almirall S.A.		60		1,023
Industrials – 0.8%
Prosegur Compania de Seguridad S.A.		243		1,319
Total Spain – 1.4%			$	2,342
Sweden
Health Care – 0.3%
Recipharm AB (publ), Class B		38		567
Total Sweden – 0.3%			$	567

COMMON STOCKS (Continued)	Shares		Value
Switzerland
Consumer Staples – 1.0%
Barry Callebaut AG, Registered Shares		1	$	1,618
Financials – 1.1%
Helvetia Holding AG		3		1,720
Information Technology – 0.8%
Logitech International S.A., Registered Shares		33		1,310
Total Switzerland – 2.9%			$	4,648
United Kingdom
Communication Services – 3.2%
Future plc		283		2,780
Rightmove plc		348		2,315
				5,095
Consumer Discretionary – 6.6%
Barratt Developments plc		43		336
City Pub Group plc (The) (A)		506		1,417
Coats Group plc		2,368		2,653
Games Workshop Group plc		55		2,250
JPJ Group plc (B)		130		1,182
Merlin Entertainments plc		443		1,326
ZEAL Network SE		62		1,407
				10,571
Energy – 1.3%
Premier Oil plc (A)(B)		1,753		2,143
Financials – 2.6%
Draper Esprit plc (B)		128		853
Sabre Insurance Group plc		153		572
St. James’s Place plc		108		1,446
TP ICAP plc		331		1,268
				4,139
Health Care – 0.9%
Sensyne Health plc (A)(B)		638		1,472
Industrials – 2.1%
Diploma plc		116		2,212
National Express Group plc		209		1,107
				3,319

COMMON STOCKS (Continued)	Shares		Value
Real Estate – 0.8%
Great Portland Estates plc		136	$	1,319
Total United Kingdom – 17.5%			$	28,058
TOTAL COMMON STOCKS – 94.8%			$	153,130
(Cost: $155,172)
PREFERRED STOCKS
Germany
Industrials – 1.7%
Sixt SE		40		2,713
Materials – 0.9%
Fuchs Petrolub SE		37		1,518
Total Germany – 2.6%			$	4,231
TOTAL PREFERRED STOCKS – 2.6%			$	4,231
(Cost: $4,228)
SHORT-TERM SECURITIES	Principal
Master Note – 0.3%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps)
2.710%, 4-5-19 (D)	$	425		425
Money Market Funds – 1.7%
Dreyfus Institutional Preferred Government Money Market Fund –Institutional Shares
2.360%, (E)(F)		2,761		2,761
TOTAL SHORT-TERM SECURITIES – 2.0%			$	3,186
(Cost: $3,186)
TOTAL INVESTMENT SECURITIES – 99.4%			$	160,547
(Cost: $162,586)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.6%				918
NET ASSETS – 100.0%			$	161,465

Notes to Schedule of Investments

* Not shown due to rounding.

(A) All or a portion of securities with an aggregate value of $10,058 are on loan.

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

(C) Restricted security. At March 31, 2019, the Fund owned the following restricted security:

Security	Acquisition Date(s)		Shares		Cost		Market Value
Mainstay Medical International plc		2-15-18		42	$	734	$	170

The total value of this security represented 0.1% of net assets at March 31, 2019.

2019 SEMIANNUAL REPORT 61

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

MARCH 31, 2019 (UNAUDITED)

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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.

(E) Rate shown is the annualized 7-day yield at March 31, 2019.

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

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	2,780	$	11,462	$	—
Consumer Discretionary		11,922		14,710		—
Consumer Staples		2,127		5,456		—
Energy		—		4,888		—
Financials		2,693		11,058		—
Health Care		—		9,855		—
Industrials		3,688		24,566		—
Information Technology		1,708		11,904		—
Materials		—		12,288		—
Real Estate		2,650		17,306		—
Utilities		—		2,069		—
Total Common Stocks	$	27,568	$	125,562	$	—
Preferred Stocks		—		4,231		—
Short-Term Securities		2,761		425		—
Total	$	30,329	$	130,218	$	—

The following acronyms are used throughout this schedule:

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

Market Sector Diversification

(as a % of net assets)
Industrials	19.2%
Consumer Discretionary	16.5%
Real Estate	12.4%
Communication Services	8.8%
Financials	8.5%
Information Technology	8.5%
Materials	8.4%
Health Care	6.1%
Consumer Staples	4.7%
Energy	3.0%
Utilities	1.3%
Other+	2.6%

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

See Accompanying Notes to Financial Statements.

62 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY PICTET EMERGING MARKETS LOCAL CURRENCY DEBT FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Bonds	93.8%
Other Government Securities	93.8%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	6.2%

Quality Weightings

Investment Grade	74.9%
AA	4.7%
A	25.2%
BBB	45.0%
Non-Investment Grade	18.9%
BB	17.1%
B	1.5%
Non-rated	0.3%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	6.2%

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	27.6%
Thailand	8.1%
Malaysia	7.2%
Philippines	4.8%
Indonesia	4.7%
Other Pacific Basin	2.8%
South America	27.2%
Peru	6.0%
Chile	5.5%
Uruguay	5.2%
Brazil	4.8%
Columbia	4.6%
Other South America	1.1%
Europe	24.6%
Russia	8.2%
Czech Republic	5.4%
Hungary	4.8%
Poland	3.5%
Other Europe	2.7%
Africa	5.7%
South Africa	5.3%
Other Africa	0.4%
North America	4.5%
Mexico	4.5%
Bahamas/Caribbean	4.2%
Dominican Republic	4.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	6.2%

+ 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.

2019 SEMIANNUAL REPORT 63

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

MARCH 31, 2019 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (A)	Principal		Value
Argentina – 1.1%
Republic of Argentina
18.200%, 10-3-21 (B)(C)	ARS	92,000	$	1,504
Brazil – 4.8%
Brazil Letras do Tesouro Nacional:
0.000%, 7-1-21 (B)(D)	BRL	1,550		337
0.000%, 1-1-22 (B)(D)		2,000		416
Brazil Notas do Tesouro Nacional:
10.000%, 1-1-21 (B)		11,952		3,187
10.000%, 1-1-23 (B)		3,200		864
10.000%, 1-1-25 (B)		2,245		609
10.000%, 1-1-27 (B)		2,687		728
10.000%, 1-1-29 (B)		1,300		354
				6,495
Chile – 5.5%
Chile Bonos Tesoreria:
4.500%, 3-1-26 (B)	CLP	1,495,000		2,272
4.700%, 9-1-30 (B)		650,000		1,006
5.000%, 3-1-35 (B)		1,180,000		1,873
6.000%, 1-1-43 (B)		895,000		1,622
Republic of Chile
5.500%, 8-5-20 (B)(C)		481,000		724
				7,497
Columbia – 4.6%
Colombian TES:
7.000%, 5-4-22 (B)	COP	2,690,000		884
10.000%, 7-24-24 (B)		2,875,000		1,074
6.250%, 11-26-25 (B)		3,500,000		1,110
7.500%, 8-26-26 (B)		2,655,700		898
6.000%, 4-28-28 (B)		2,948,500		899
7.750%, 9-18-30 (B)		2,396,000		817
7.000%, 6-30-32 (B)		2,050,000		654
				6,336
Czech Republic – 5.4%
Czech Republic Government Bond:
3.750%, 9-12-20 (B)	CZK	21,000		937
0.450%, 10-25-23 (B)		32,430		1,327
2.400%, 9-17-25 (B)		5,900		267
1.000%, 6-26-26 (B)		35,990		1,478
2.500%, 8-25-28 (B)		28,860		1,325
2.750%, 7-23-29 (B)		22,080		1,033
0.950%, 5-15-30 (B)		26,430		1,034
				7,401
Dominican Republic – 4.2%
Dominican Republic
8.900%, 2-15-23 (B)	DOP	291,300		5,725
Hungary – 4.8%
Hungary Government Bond:
3.000%, 6-26-24 (B)	HUF	387,600		1,439
5.500%, 6-24-25 (B)		123,970		520
2.750%, 12-22-26 (B)		627,000		2,233

OTHER GOVERNMENT SECURITIES (A) (Continued)	Principal		Value
Hungary (Continued)
3.000%, 10-27-27 (B)	HUF	646,220	$	2,352
				6,544
Indonesia – 4.7%
Indonesia Government Bond:
6.125%, 5-15-28 (B)	IDR	9,127,000		580
9.000%, 3-15-29 (B)		11,485,000		875
8.250%, 5-15-29 (B)		5,961,000		437
6.625%, 5-15-33 (B)		11,800,000		725
8.375%, 3-15-34 (B)		48,338,000		3,484
8.750%, 2-15-44 (B)		4,600,000		336
				6,437
Malaysia – 7.2%
Malaysia Government Bond:
3.654%, 10-31-19 (B)	MYR	558		137
3.226%, 4-15-20 (B)		7,030		1,719
3.882%, 3-10-22 (B)		1,690		419
3.948%, 4-14-22 (B)		650		161
3.418%, 8-15-22 (B)		1,070		262
4.181%, 7-15-24 (B)		8,701		2,182
4.392%, 4-15-26 (B)		3,700		941
3.900%, 11-30-26 (B)		900		224
3.899%, 11-16-27 (B)		5,500		1,352
3.733%, 6-15-28 (B)		1,196		291
4.498%, 4-15-30 (B)		1,118		287
4.127%, 4-15-32 (B)		681		167
3.844%, 4-15-33 (B)		788		188
4.254%, 5-31-35 (B)		730		178
4.762%, 4-7-37 (B)		3,918		1,011
4.893%, 6-8-38 (B)		201		53
4.935%, 9-30-43 (B)		760		196
4.736%, 3-15-46 (B)		200		50
				9,818
Mexico – 4.5%
Mexican Bonos:
6.500%, 6-9-22 (B)	MXN	4,900		243
8.000%, 12-7-23 (B)		9,750		506
10.000%, 12-5-24 (B)		36,855		2,084
5.750%, 3-5-26 (B)		6,825		310
7.500%, 6-3-27 (B)		10,500		524
8.500%, 5-31-29 (B)		4,000		212
7.750%, 5-29-31 (B)		8,730		435
7.750%, 11-23-34 (B)		4,000		196
10.000%, 11-20-36 (B)		7,300		433
8.500%, 11-18-38 (B)		7,083		367
7.750%, 11-13-42 (B)		13,000		622
8.000%, 11-7-47 (B)		3,000		147
				6,079
Peru – 6.0%
Republic of Peru:
5.700%, 8-12-24 (B)	PEN	4,166		1,327
6.350%, 8-12-28 (B)		3,060		999
5.940%, 2-12-29 (B)(E)		1,200		381
6.950%, 8-12-31 (B)		3,570		1,215
6.900%, 8-12-37 (B)		7,827		2,643
6.850%, 2-12-42 (B)		4,996		1,674
				8,239

OTHER GOVERNMENT SECURITIES (A) (Continued)	Principal		Value
Philippines – 4.8%
Republic of Philippines:
4.950%, 1-15-21 (B)	PHP	95,000	$	1,803
3.900%, 11-26-22 (B)		66,000		1,213
6.250%, 1-14-36 (B)		171,000		3,514
				6,530
Poland – 3.5%
Poland Government Bond:
2.500%, 4-25-24 (B)	PLN	9,928		2,621
2.500%, 7-25-26 (B)		1,777		462
2.500%, 7-25-27 (B)		5,235		1,346
2.750%, 4-25-28 (B)		1,196		312
				4,741
Romania – 2.7%
Romania Government Bond:
5.750%, 4-29-20 (B)	RON	1,310		316
5.950%, 6-11-21 (B)		20		5
3.400%, 3-8-22 (B)		1,420		328
5.850%, 4-26-23 (B)		5,900		1,470
4.750%, 2-24-25 (B)		2,060		491
5.800%, 7-26-27 (B)		4,230		1,070
				3,680
Russia – 8.2%
Russia Government Bond:
7.500%, 8-18-21 (B)	RUB	17,351		264
7.000%, 12-15-21 (B)		64,010		959
7.000%, 8-16-23 (B)		129,964		1,918
7.100%, 10-16-24 (B)		20,000		293
2.875%, 12-4-25 (B)	EUR	1,200		1,388
8.150%, 2-3-27 (B)	RUB	77,664		1,190
7.050%, 1-19-28 (B)		302,056		4,295
7.700%, 3-23-33 (B)		20,000		290
5.100%, 3-28-35	$	600		610
				11,207
Senegal – 0.4%
Republic of Senegal
6.750%, 3-13-48		541		500
South Africa – 5.3%
Republic of South Africa:
10.500%, 12-21-26 (B)	ZAR	11,663		892
8.000%, 1-31-30 (B)		29,508		1,884
7.000%, 2-28-31 (B)		9,000		523
8.875%, 2-28-35 (B)		6,099		398
6.250%, 3-31-36 (B)		1,488		75
8.500%, 1-31-37 (B)		13,519		840
6.500%, 2-28-41 (B)		9,800		481
8.750%, 1-31-44 (B)		15,750		988
8.750%, 2-28-48 (B)		18,138		1,135
				7,216
Thailand – 8.1%
Thailand Government Bond:
5.375%, 12-3-19 (B)	THB	119,205		3,847
2.400%, 12-17-23 (B)		14,470		462
3.850%, 12-12-25 (B)		27,050		935

64 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (A) (Continued)	Principal		Value
Thailand (Continued)
2.875%, 12-17-28 (B)	THB	44,000	$	1,436
3.650%, 6-20-31 (B)		19,761		688
3.775%, 6-25-32 (B)		27,038		949
3.400%, 6-17-36 (B)		63,835		2,159
3.300%, 6-17-38 (B)		14,142		466
2.875%, 6-17-46 (B)		5,000		147
				11,089
Turkey – 2.8%
Turkey Government Bond:
11.100%, 5-15-19 (B)	TRY	240		42
11.000%, 3-2-22 (B)		3,648		507
8.500%, 9-14-22 (B)		1,010		126
12.200%, 1-18-23 (B)		7,500		1,032
16.200%, 6-14-23 (B)		898		138
8.800%, 9-27-23 (B)		6,860		794
10.400%, 3-20-24 (B)		1,070		135
8.000%, 3-12-25 (B)		3,780		409
10.600%, 2-11-26 (B)		2,338		288
12.400%, 3-8-28 (B)		3,000		398
				3,869

OTHER GOVERNMENT SECURITIES (A) (Continued)	Principal		Value
Uruguay – 5.2%
Republica Orient Uruguay:
9.875%, 6-20-22 (B)	UYU	134,281	$	3,980
8.500%, 3-15-28 (B)(C)		117,137		3,044
				7,024
TOTAL OTHER GOVERNMENT SECURITIES – 93.8%			$	127,931
(Cost: $133,113)
SHORT-TERM SECURITIES
Money Market Funds – 1.9%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares
2.360%, (F)(G)		2,553		2,553

SHORT-TERM SECURITIES (Continued)	Principal		Value
Nigeria Government Treasury Bills – 3.3%
Nigeria Government Treasury Bills:
13.388%, 9-12-19 (B)(H)	NGN	366,095	$	952
12.802%, 2-20-20 (B)(H)		693,190		1,697
12.728%, 2-27-20 (B)(H)		784,725		1,918
				4,567
TOTAL SHORT-TERM SECURITIES – 5.2%			$	7,120
(Cost: $7,110)
TOTAL INVESTMENT SECURITIES – 99.0%			$	135,051
(Cost: $140,223)
CASH AND OTHER ASSETS, NET OF LIABILITIES (I)(J)(K) – 1.0%				1,319
NET ASSETS – 100.0%			$	136,370

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) Principal amounts are denominated in the indicated foreign currency, where applicable (ARS - Argentine Peso, BRL - Brazilian Real, CLP - Chilean Peso, COP - Columbian Peso, CZK - Czech Koruna, DOP - Dominican Republic peso, EUR - Euro, HUF - Hungarian Forint, IDR - Indonesian Rupiah, INR - Indian Rupee, MXN - Mexican Peso, MYR - Malaysian Ringgit, NGN - Nigeria naira, PEN - Peruvian Neuvo Sol, PHP - Philippine Peso, PLN - Polish Zloty, RON - Romania Leu, RUB - Russian Ruble, THB - Thai Baht, TRY - Turkish New Lira, UYU - Uruguay peso and ZAR - South African Rand).

(C) All or a portion of securities with an aggregate value of $2,332 are on loan.

(D) Zero coupon bond.

(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, 2019 the total value of these securities amounted to $381 or 0.3% of net assets.

(F) Rate shown is the annualized 7-day yield at March 31, 2019.

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

(H) Rate shown is the yield to maturity at March 31, 2019.

(I) Cash of $43 has been pledged as collateral on open futures contracts.

(J) Cash of $2,941 has been pledged as collateral on OTC foreign forward currency contracts.

(K) Cash of $410 has been pledged as collateral on centrally cleared interest rate swap agreements.

2019 SEMIANNUAL REPORT 65

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

MARCH 31, 2019 (UNAUDITED)

The following over the counter credit default swaps — buy protection⁽¹⁾ were outstanding at March 31, 2019:

Referenced Obligation	Counterparty	(Pay) Fixed Rate			Maturity Date		Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation (Depreciation)
Republic of Brazil	Goldman Sachs International		(1.000	%)		6-20-24		475	$	17		$	20		$	(3	)
Republic of Brazil	Barclays Bank plc		(1.000	%)		6-20-24		950		34			37			(3	)
Republic of Korea	Morgan Stanley & Co. International plc		(1.000	%)		12-20-21		323		(7	)		(4	)		(3	)
Republic of Korea	Goldman Sachs International		(1.000	%)		12-20-21		74		(2	)		(1	)		(1	)
Republic of Korea	Goldman Sachs International		(1.000	%)		12-20-21		74		(2	)		(1	)		(1	)
Republic of Korea	Citibank N.A.		(1.000	%)		12-20-21		73		(2	)		(1	)		(1	)
Republic of Turkey	Barclays Bank plc		(1.000	%)		6-20-24		198		28			21			7
Republic of Turkey	Morgan Stanley & Co. International plc		(1.000	%)		6-20-24		890		125			92			33
Republic of Turkey	Barclays Bank plc		(1.000	%)		6-20-24		423		60			45			15
Republic of Turkey	Barclays Bank plc		(1.000	%)		6-20-24		1,050		147			106			41
Republic of Turkey	Barclays Bank plc		(1.000	%)		6-20-24		753		106			78			28
Republic of Turkey	JPMorgan Chase Bank N.A.		(1.000	%)		6-20-24		658		93			93			—
Republic of Turkey	Barclays Bank plc		(1.000	%)		6-20-24		658		93			91			2
Republic of Turkey	JPMorgan Chase Bank N.A.		(1.000	%)		6-20-24		532		75			73			2
Republic of Turkey	Barclays Bank plc		(1.000	%)		6-20-24		549		77			75			2
									$	842		$	724		$	118

The following over the counter credit default swaps — sold protection⁽³⁾ were outstanding at March 31, 2019:

Referenced Obligation	Counterparty		Receive Fixed Rate			Maturity Date		Implied Credit Spread at March 31, 2019(4)			Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Depreciation
Republic of Argentina		Barclays Bank plc		5.000	%		6-20-24		10.387	%		270	$	(29	)	$	(25	)	$	(4	)
Republic of Argentina		Morgan Stanley & Co. International plc		5.000	%		6-20-24		10.387			959		(102	)		(90	)		(12	)
Republic of Argentina		Goldman Sachs International		5.000	%		6-20-24		10.387			274		(29	)		(26	)		(3	)
													$	(160	)	$	(141	)	$	(19	)

(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 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.

66 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

The following forward foreign currency contracts were outstanding at March 31, 2019:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
Brazilian Real		9,681	U.S. Dollar		2,460	4-2-19	Barclays Capital, Inc.	$	—		$	12
Colombian Peso		5,455,000	U.S. Dollar		1,733	4-2-19	Barclays Capital, Inc.		21			—
U.S. Dollar		695	Brazilian Real		2,650	4-2-19	Barclays Capital, Inc.		—			18
U.S. Dollar		914	Colombian Peso		2,870,000	4-2-19	Barclays Capital, Inc.		—			14
Peruvian New Sol		1,231	U.S. Dollar		364	4-4-19	Barclays Capital, Inc.		—			7
Thai Baht		119,842	U.S. Dollar		3,767	4-4-19	Barclays Capital, Inc.		—			9
Indonesian Rupiah		15,400,000	U.S. Dollar		1,084	4-5-19	Barclays Capital, Inc.		3			—
U.S. Dollar		442	South Korean Won		499,000	4-11-19	Barclays Capital, Inc.		—			3
U.S. Dollar		255	Euro		225	4-12-19	Barclays Capital, Inc.		—			2
Chilean Peso		631,000	U.S. Dollar		964	4-15-19	Barclays Capital, Inc.		36			—
Philippine Peso		46,600	U.S. Dollar		881	4-15-19	Barclays Capital, Inc.		—			4
U.S. Dollar		428	New Taiwan Dollar		13,200	4-18-19	Barclays Capital, Inc.		1			—
U.S. Dollar		424	South Korean Won		479,000	4-22-19	Barclays Capital, Inc.		—			2
U.S. Dollar		7,166	Turkish New Lira		39,125	4-22-19	Barclays Capital, Inc.		—			309
U.S. Dollar		1,693	Peruvian New Sol		5,667	4-24-19	Barclays Capital, Inc.		13			—
Russian Ruble		112,000	U.S. Dollar		1,730	4-26-19	Barclays Capital, Inc.		30			—
U.S. Dollar		423	Russian Ruble		27,800	4-26-19	Barclays Capital, Inc.		—			1
U.S. Dollar		269	Colombian Peso		860,000	4-29-19	Barclays Capital, Inc.		—	*		—
U.S. Dollar		503	Indonesian Rupiah		7,132,762	4-29-19	Barclays Capital, Inc.		—			4
U.S. Dollar		1,551	Romanian Leu		6,563	4-30-19	Barclays Capital, Inc.		—			8
U.S. Dollar		1,775	Brazilian Real		7,031	5-3-19	Barclays Capital, Inc.		17			—
Philippine Peso		46,200	U.S. Dollar		880	5-13-19	Barclays Capital, Inc.		7			—
U.S. Dollar		176	Peruvian New Sol		590	5-15-19	Barclays Capital, Inc.		1			—
U.S. Dollar		1,595	Mexican Peso		30,500	5-22-19	Barclays Capital, Inc.		—			37
U.S. Dollar		1,313	Chilean Peso		875,709	6-14-19	Barclays Capital, Inc.		—			26
Euro		1,842	Romanian Leu		8,879	6-18-19	Barclays Capital, Inc.		—	*		—
Russian Ruble		50,252	U.S. Dollar		758	6-18-19	Barclays Capital, Inc.		1			—
Turkish New Lira		44,845	U.S. Dollar		7,874	6-18-19	Barclays Capital, Inc.		379			—
U.S. Dollar		3,763	Turkish New Lira		22,669	6-18-19	Barclays Capital, Inc.		26			—
Turkish New Lira		40,393	U.S. Dollar		7,166	6-24-19	Barclays Capital, Inc.		442			—
U.S. Dollar		611	Turkish New Lira		3,630	6-25-19	Barclays Capital, Inc.		—			7
Romanian Leu		8,969	Euro		1,842	9-11-19	Barclays Capital, Inc.		—			1
Turkish New Lira		24,003	U.S. Dollar		3,762	9-18-19	Barclays Capital, Inc.		—			17
U.S. Dollar		7,910	Turkish New Lira		47,058	9-18-19	Barclays Capital, Inc.		—			502
U.S. Dollar		3,762	Turkish New Lira		23,628	12-18-19	Barclays Capital, Inc.		—			229
U.S. Dollar		372	Argentine Peso		19,550	12-20-19	Barclays Capital, Inc.		—			45
Turkish New Lira		24,543	U.S. Dollar		3,762	3-18-20	Barclays Capital, Inc.		237			—
U.S. Dollar		375	Argentine Peso		21,400	3-20-20	Barclays Capital, Inc.		—			50
Brazilian Real		8,161	U.S. Dollar		2,111	4-2-19	Citibank N.A.		27			—
Colombian Peso		910,000	U.S. Dollar		294	4-2-19	Citibank N.A.		8			—
U.S. Dollar		1,437	Brazilian Real		5,507	4-2-19	Citibank N.A.		—			30
Chilean Peso		318,364	U.S. Dollar		468	4-3-19	Citibank N.A.		—			—	*
Turkish New Lira		5,627	U.S. Dollar		1,044	4-4-19	Citibank N.A.		37			—
U.S. Dollar		312	South African Rand		4,503	4-4-19	Citibank N.A.		—			—	*
U.S. Dollar		924	Turkish New Lira		4,976	4-4-19	Citibank N.A.		—			33
Romanian Leu		650	U.S. Dollar		154	4-5-19	Citibank N.A.		1			—
U.S. Dollar		92	South African Rand		1,295	4-10-19	Citibank N.A.		—			2
U.S. Dollar		609	Czech Koruna		13,753	4-11-19	Citibank N.A.		—			11
Turkish New Lira		2,481	U.S. Dollar		433	4-15-19	Citibank N.A.		—			6
U.S. Dollar		879	Chilean Peso		593,000	4-15-19	Citibank N.A.		—			7
U.S. Dollar		1,904	Philippine Peso		99,703	4-15-19	Citibank N.A.		—			10

2019 SEMIANNUAL REPORT 67

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

MARCH 31, 2019 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
U.S. Dollar		3,122	Turkish New Lira		16,914	4-15-19	Citibank N.A.	$	—		$	134
Czech Koruna		12,296	U.S. Dollar		540	4-18-19	Citibank N.A.		5			—
U.S. Dollar		1,762	Czech Koruna		39,769	4-18-19	Citibank N.A.		—			33
U.S. Dollar		63	Turkish New Lira		351	4-22-19	Citibank N.A.		—			1
Czech Koruna		16,151	U.S. Dollar		716	4-25-19	Citibank N.A.		14			—
Euro		1,202	U.S. Dollar		1,359	4-26-19	Citibank N.A.		9			—
U.S. Dollar		1,159	Polish Zloty		4,388	4-29-19	Citibank N.A.		—			15
Romanian Leu		2,205	U.S. Dollar		528	4-30-19	Citibank N.A.		11			—
U.S. Dollar		42	Romanian Leu		179	4-30-19	Citibank N.A.		—			—	*
Chilean Peso		103,000	U.S. Dollar		158	5-6-19	Citibank N.A.		6			—
Polish Zloty		10,519	U.S. Dollar		2,768	5-6-19	Citibank N.A.		26			—
Turkish New Lira		1,790	U.S. Dollar		327	5-6-19	Citibank N.A.		18			—
U.S. Dollar		917	KZT		350,480	5-8-19	Citibank N.A.		—			4
U.S. Dollar		877	Singapore Dollar		1,190	5-13-19	Citibank N.A.		2			—
Peruvian New Sol		950	U.S. Dollar		287	5-15-19	Citibank N.A.		1			—
U.S. Dollar		1,062	Turkish New Lira		6,001	5-15-19	Citibank N.A.		—			34
Mexican Peso		8,466	U.S. Dollar		436	5-22-19	Citibank N.A.		3			—
U.S. Dollar		1,737	Mexican Peso		33,259	5-22-19	Citibank N.A.		—			38
Thai Baht		28,200	U.S. Dollar		890	5-28-19	Citibank N.A.		—	*		—
U.S. Dollar		853	Australian Dollar		1,190	5-28-19	Citibank N.A.		—			7
Czech Koruna		9,788	U.S. Dollar		436	6-3-19	Citibank N.A.		10			—
Turkish New Lira		6,715	U.S. Dollar		1,172	6-7-19	Citibank N.A.		41			—
U.S. Dollar		143	Turkish New Lira		810	6-7-19	Citibank N.A.		—			7
Turkish New Lira		71,187	U.S. Dollar		12,359	6-18-19	Citibank N.A.		460			—
Turkish New Lira		5,100	U.S. Dollar		850	6-25-19	Citibank N.A.		1			—
U.S. Dollar		468	Chilean Peso		318,364	7-1-19	Citibank N.A.		—	*		—
Romanian Leu		3,690	Euro		770	7-15-19	Citibank N.A.		8			—
U.S. Dollar		12,425	Turkish New Lira		74,655	9-18-19	Citibank N.A.		—			671
Turkish New Lira		4,210	U.S. Dollar		638	10-1-19	Citibank N.A.		—			19
Turkish New Lira		19,607	U.S. Dollar		2,904	12-18-19	Citibank N.A.		—			27
U.S. Dollar		1,342	Argentine Peso		68,980	1-29-20	Citibank N.A.		—			234
U.S. Dollar		687	Argentine Peso		34,990	1-31-20	Citibank N.A.		—			127
U.S. Dollar		1,286	Argentine Peso		70,500	2-27-20	Citibank N.A.		—			188
U.S. Dollar		2,904	Turkish New Lira		20,431	3-18-20	Citibank N.A.		30			—
U.S. Dollar		555	Brazilian Real		2,090	4-2-19	Deutsche Bank AG		—			21
Romanian Leu		890	U.S. Dollar		215	4-4-19	Deutsche Bank AG		5			—
U.S. Dollar		306	South African Rand		4,266	4-4-19	Deutsche Bank AG		—			10
U.S. Dollar		517	Romanian Leu		2,150	4-5-19	Deutsche Bank AG		—			12
U.S. Dollar		164	South African Rand		2,214	4-8-19	Deutsche Bank AG		—			11
Polish Zloty		340	U.S. Dollar		91	4-9-19	Deutsche Bank AG		2			—
U.S. Dollar		371	Hungarian Forint		103,000	4-9-19	Deutsche Bank AG		—			11
Philippine Peso		23,700	U.S. Dollar		450	4-15-19	Deutsche Bank AG		—			—	*
U.S. Dollar		433	Hungarian Forint		120,466	4-16-19	Deutsche Bank AG		—			12
U.S. Dollar		3,799	Polish Zloty		14,334	4-29-19	Deutsche Bank AG		—			62
Romanian Leu		4,974	U.S. Dollar		1,179	4-30-19	Deutsche Bank AG		11			—
U.S. Dollar		1,014	Romanian Leu		4,241	4-30-19	Deutsche Bank AG		—			19
Polish Zloty		12,061	U.S. Dollar		3,167	5-6-19	Deutsche Bank AG		22			—
U.S. Dollar		2,319	Polish Zloty		8,814	5-6-19	Deutsche Bank AG		—			22
Hungarian Forint		273,140	U.S. Dollar		983	5-8-19	Deutsche Bank AG		27			—
Polish Zloty		600	U.S. Dollar		158	5-13-19	Deutsche Bank AG		2			—
U.S. Dollar		182	Polish Zloty		693	5-20-19	Deutsche Bank AG		—			1
U.S. Dollar		99	South African Rand		1,427	6-4-19	Deutsche Bank AG		—			1

68 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation			Unrealized Depreciation
U.S. Dollar		1,806	Romanian Leu		7,595	6-11-19	Deutsche Bank AG	$	—		$	26
Euro		907	Romanian Leu		4,380	6-18-19	Deutsche Bank AG		2			—
Romanian Leu		4,424	Euro		907	9-11-19	Deutsche Bank AG		—			2
Brazilian Real		3,900	U.S. Dollar		1,005	4-2-19	Goldman Sachs International		9			—
U.S. Dollar		457	Colombian Peso		1,480,000	4-2-19	Goldman Sachs International		7			—
South African Rand		4,000	U.S. Dollar		282	4-4-19	Goldman Sachs International		5			—
Russian Ruble		24,800	U.S. Dollar		376	4-5-19	Goldman Sachs International		—			2
Russian Ruble		59,600	U.S. Dollar		901	4-8-19	Goldman Sachs International		—			7
U.S. Dollar		837	Russian Ruble		55,445	4-8-19	Goldman Sachs International		7			—
Hungarian Forint		151,625	U.S. Dollar		539	4-9-19	Goldman Sachs International		9			—
U.S. Dollar		439	Hungarian Forint		123,453	4-9-19	Goldman Sachs International		—			7
Singapore Dollar		906	U.S. Dollar		669	4-12-19	Goldman Sachs International		—	*		—
Malaysian Ringgit		1,840	U.S. Dollar		452	4-24-19	Goldman Sachs International		1			—
Malaysian Ringgit		3,695	U.S. Dollar		908	4-25-19	Goldman Sachs International		3			—
Russian Ruble		75,800	U.S. Dollar		1,137	4-25-19	Goldman Sachs International		—			14
U.S. Dollar		853	Mexican Peso		16,600	4-26-19	Goldman Sachs International		—			1
Mexican Peso		16,870	Euro		770	4-29-19	Goldman Sachs International		—	*		—
Malaysian Ringgit		490	U.S. Dollar		120	5-10-19	Goldman Sachs International		—	*		—
Romanian Leu		1,380	U.S. Dollar		329	5-13-19	Goldman Sachs International		6			—
Mexican Peso		30,386	U.S. Dollar		1,564	5-22-19	Goldman Sachs International		11			—
Australian Dollar		2,430	U.S. Dollar		1,716	5-28-19	Goldman Sachs International		—			11
Malaysian Ringgit		1,820	U.S. Dollar		448	5-28-19	Goldman Sachs International		2			—
Hungarian Forint		171,824	U.S. Dollar		614	6-12-19	Goldman Sachs International		11			—
U.S. Dollar		1,480	Hungarian Forint		413,556	6-12-19	Goldman Sachs International		—			27
U.S. Dollar		8,422	Turkish New Lira		50,137	6-18-19	Goldman Sachs International		—			42
Turkish New Lira		52,345	U.S. Dollar		8,422	9-18-19	Goldman Sachs International		180			—
U.S. Dollar		71	Argentine Peso		3,620	2-13-20	Goldman Sachs International		—			14
Colombian Peso		1,385,000	U.S. Dollar		438	4-2-19	JPMorgan Securities LLC		3			—
U.S. Dollar		3,802	Brazilian Real		14,322	4-2-19	JPMorgan Securities LLC		—			144
U.S. Dollar		438	Colombian Peso		1,400,000	4-2-19	JPMorgan Securities LLC		1			—
U.S. Dollar		477	Chilean Peso		318,364	4-3-19	JPMorgan Securities LLC		—			10
U.S. Dollar		948	South African Rand		13,716	4-3-19	JPMorgan Securities LLC		2			—
South African Rand		5,711	U.S. Dollar		404	4-4-19	JPMorgan Securities LLC		8			—
U.S. Dollar		371	Peruvian New Sol		1,231	4-4-19	JPMorgan Securities LLC		—	*		—
U.S. Dollar		424	South African Rand		6,000	4-4-19	JPMorgan Securities LLC		—			8
Czech Koruna		8,200	U.S. Dollar		362	4-11-19	JPMorgan Securities LLC		5			—
Hungarian Forint		73,000	U.S. Dollar		260	4-12-19	JPMorgan Securities LLC		5			—
U.S. Dollar		866	Euro		761	4-12-19	JPMorgan Securities LLC		—			12
Hungarian Forint		52,000	U.S. Dollar		186	4-15-19	JPMorgan Securities LLC		4			—
U.S. Dollar		3,419	Hungarian Forint		941,404	4-16-19	JPMorgan Securities LLC		—			128
Colombian Peso		3,420,000	U.S. Dollar		1,096	4-22-19	JPMorgan Securities LLC		25			—
Turkish New Lira		41,731	U.S. Dollar		7,470	4-22-19	JPMorgan Securities LLC		155			—
U.S. Dollar		723	Colombian Peso		2,245,000	4-22-19	JPMorgan Securities LLC		—			19
South African Rand		1,950	U.S. Dollar		134	4-23-19	JPMorgan Securities LLC		—			—	*
Peruvian New Sol		730	U.S. Dollar		221	4-24-19	JPMorgan Securities LLC		1			—
Russian Ruble		25,521	U.S. Dollar		381	4-25-19	JPMorgan Securities LLC		—			7
Mexican Peso		16,700	U.S. Dollar		877	4-26-19	JPMorgan Securities LLC		19			—
U.S. Dollar		929	Romanian Leu		3,923	4-30-19	JPMorgan Securities LLC		—			8
Thai Baht		36,829	U.S. Dollar		1,160	5-2-19	JPMorgan Securities LLC		—			2
U.S. Dollar		877	Singapore Dollar		1,190	5-7-19	JPMorgan Securities LLC		2			—
Indonesian Rupiah		4,514,000	U.S. Dollar		314	5-20-19	JPMorgan Securities LLC		—	*		—
Argentine Peso		12,730	U.S. Dollar		277	5-21-19	JPMorgan Securities LLC		2			—

2019 SEMIANNUAL REPORT 69

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

MARCH 31, 2019 (UNAUDITED)

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
U.S. Dollar		289	Argentine Peso		12,730	5-21-19	JPMorgan Securities LLC	$	—	$	14
U.S. Dollar		893	Australian Dollar		1,250	5-28-19	JPMorgan Securities LLC		—		4
Peruvian New Sol		1,231	U.S. Dollar		370	6-3-19	JPMorgan Securities LLC		—		—	*
South African Rand		13,716	U.S. Dollar		941	6-3-19	JPMorgan Securities LLC		—		2
U.S. Dollar		750	Colombian Peso		2,318,625	6-4-19	JPMorgan Securities LLC		—		25
Euro		917	Romanian Leu		4,413	6-18-19	JPMorgan Securities LLC		—		1
Turkish New Lira		21,625	U.S. Dollar		3,762	6-18-19	JPMorgan Securities LLC		148		—
U.S. Dollar		5,932	Turkish New Lira		35,221	6-18-19	JPMorgan Securities LLC		—		44
U.S. Dollar		7,470	Turkish New Lira		43,168	6-24-19	JPMorgan Securities LLC		—		284
Turkish New Lira		2,550	U.S. Dollar		425	6-25-19	JPMorgan Securities LLC		1		—
Peruvian New Sol		4,670	U.S. Dollar		1,408	6-26-19	JPMorgan Securities LLC		5		—
Argentine Peso		8,000	U.S. Dollar		157	9-4-19	JPMorgan Securities LLC		5		—
U.S. Dollar		1,030	Argentine Peso		49,640	9-4-19	JPMorgan Securities LLC		—		93
Romanian Leu		4,457	Euro		917	9-11-19	JPMorgan Securities LLC		1		—
Turkish New Lira		36,988	U.S. Dollar		5,932	9-18-19	JPMorgan Securities LLC		107		—
U.S. Dollar		3,762	Turkish New Lira		22,638	9-18-19	JPMorgan Securities LLC		—		198
U.S. Dollar		1,482	Argentine Peso		75,010	11-21-19	JPMorgan Securities LLC		—		186
U.S. Dollar		292	Argentine Peso		15,200	12-9-19	JPMorgan Securities LLC		—		35
Turkish New Lira		14,446	U.S. Dollar		2,182	12-18-19	JPMorgan Securities LLC		22		—
U.S. Dollar		3,762	Turkish New Lira		23,493	12-18-19	JPMorgan Securities LLC		—		249
U.S. Dollar		1,318	Argentine Peso		67,280	1-17-20	JPMorgan Securities LLC		—		225
U.S. Dollar		453	Argentine Peso		24,680	2-26-20	JPMorgan Securities LLC		—		68
Turkish New Lira		24,378	U.S. Dollar		3,762	3-18-20	JPMorgan Securities LLC		261		—
U.S. Dollar		140	Argentine Peso		8,520	3-18-20	JPMorgan Securities LLC		—		10
U.S. Dollar		2,182	Turkish New Lira		15,097	3-18-20	JPMorgan Securities LLC		—		14
Brazilian Real		2,827	U.S. Dollar		735	4-2-19	Morgan Stanley International		13		—
U.S. Dollar		608	Colombian Peso		2,000,000	4-2-19	Morgan Stanley International		19		—
Hungarian Forint		46,810	U.S. Dollar		168	4-9-19	Morgan Stanley International		4		—
Polish Zloty		720	U.S. Dollar		190	4-11-19	Morgan Stanley International		3		—
Hungarian Forint		755,397	U.S. Dollar		2,716	4-16-19	Morgan Stanley International		76		—
Malaysian Ringgit		3,230	U.S. Dollar		789	4-17-19	Morgan Stanley International		—		2
Czech Koruna		9,900	U.S. Dollar		438	4-18-19	Morgan Stanley International		8		—
Russian Ruble		55,600	U.S. Dollar		851	4-26-19	Morgan Stanley International		7		—
U.S. Dollar		1,153	Polish Zloty		4,389	4-29-19	Morgan Stanley International		—		9
Malaysian Ringgit		3,490	U.S. Dollar		854	5-15-19	Morgan Stanley International		—		2
U.S. Dollar		354	Polish Zloty		1,340	5-20-19	Morgan Stanley International		—		4
U.S. Dollar		4,388	Turkish New Lira		24,716	6-18-19	Morgan Stanley International		—		257
Turkish New Lira		25,803	U.S. Dollar		4,388	9-18-19	Morgan Stanley International		325		—
Romanian Leu		3,820	Euro		772	3-16-20	Morgan Stanley International		4		—
								$	3,495	$	5,344

The following futures contracts were outstanding at March 31, 2019 (contracts unrounded):

Description	Type		Number of Contracts	Expiration Date		Notional Amount		Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond		Short	6		6-19-19		600	$	(898	)	$	(23	)
U.S. 5-Year Treasury Note		Short	35		7-3-19		3,500		(4,054	)		(39	)
								$	(4,952	)	$	(62	)

70 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

The following centrally cleared interest rate swap agreements were outstanding at March 31, 2019:

Counterparty	Pay/Receive Floating Rate		Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(B)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank N.A.		Pay	28-Day Mexico Equilibrium Interbank Interest Rate		8.000	%	6/15/2022	MXN	8,192	$	37		$	—	$	37
JPMorgan Chase Bank N.A.		Pay	28-Day Mexico Equilibrium Interbank Interest Rate		8.000	%	6/15/2022		8,242		38			—		38
JPMorgan Chase Bank N.A.		Pay	28-Day Mexico Equilibrium Interbank Interest Rate		8.025	%	6/12/2024		2,867		22			—		22
JPMorgan Chase Bank N.A.		Pay	28-Day Mexico Equilibrium Interbank Interest Rate		8.040	%	6/12/2024		5,489		44			—		44
JPMorgan Chase Bank N.A.		Receive	28-Day Mexico Equilibrium Interbank Interest Rate		8.138	%	6/12/2024		2,942		33			—		33
JPMorgan Chase Bank N.A.		Pay	28-Day Mexico Equilibrium Interbank Interest Rate		8.220	%	6/12/2024		2,949		40			—		40
JPMorgan Chase Bank N.A.		Receive	28-Day Mexico Equilibrium Interbank Interest Rate		8.390	%	6/6/2029		4,117		(51	)		—		(51	)
JPMorgan Chase Bank N.A.		Receive	28-Day Mexico Equilibrium Interbank Interest Rate		8.410	%	6/6/2029		4,053		(54	)		—		(54	)
JPMorgan Chase Bank N.A.		Pay	6-Month Warsaw Interbank Offered Rate		1.845	%	6/19/2022	PLN	3,099		(1	)		—		(1	)
JPMorgan Chase Bank N.A.		Receive	6-Month Warsaw Interbank Offered Rate		1.878	%	6/19/2022		3,076		2			—		2
JPMorgan Chase Bank N.A.		Receive	6-Month Warsaw Interbank Offered Rate		2.393	%	6/19/2029		1,144		(9	)		—		(9	)
JPMorgan Chase Bank N.A.		Receive	6-Month Warsaw Interbank Offered Rate		2.450	%	6/19/2029		1,144		(14	)		—		(14	)
										$	87		$	—	$	87

The following over the counter interest rate swap agreements were outstanding at March 31, 2019:

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(B)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Barclays Bank plc	Pay	1-Day Mumbai Interbank Outright Rate		6.680	%	6/7/2019	INR	8,035	$	84		$	—	$	84
Barclays Bank plc	Pay	1-Day Mumbai Interbank Outright Rate		7.125	%	10/22/2019		2,235		24			—		24
Barclays Bank plc	Pay	1-Day Mumbai Interbank Outright Rate		6.975	%	11/14/2019		1,769		16			—		16
Barclays Bank plc	Pay	1-Day Mumbai Interbank Outright Rate		6.445	%	12/13/2020		1,309		—	*		—		—	*
Barclays Bank plc	Receive	1-Day Mumbai Interbank Outright Rate		6.685	%	3/13/2023		2,332		(56	)		—		(56	)
Barclays Bank plc	Receive	1-Day Mumbai Interbank Outright Rate		7.035	%	5/16/2023		2,434		(95	)		—		(95	)
Barclays Bank plc	Pay	6-Month LIBOR		7.650	%	3/9/2024	IDR	1,117		20			—		20
Credit Suisse International	Pay	1-Day Mumbai Interbank Outright Rate		6.410	%	3/20/2020	INR	4,578		17			—		17
Credit Suisse International	Receive	1-Day Mumbai Interbank Outright Rate		6.615	%	3/20/2023		2,310		(50	)		—		(50	)
Deutsche Bank AG	Pay	1-Day Mumbai Interbank Outright Rate		6.495	%	12/12/2020		834		2			—		2

2019 SEMIANNUAL REPORT 71

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

MARCH 31, 2019 (UNAUDITED)

Counterparty	Pay/Receive Floating Rate		Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(B)		Value			Upfront Payments/ (Receipts)		Unrealized Appreciation (Depreciation)
Deutsche Bank AG		Receive	6-Month Thai Baht Interest Rate Fixing Rate		2.600	%	10/8/2028	THB	1,551	$	(74	)	$	—	$	(74	)
Goldman Sachs International		Pay	1-Day Mumbai Interbank Outright Rate		6.319	%	12/20/2020	INR	922		(3	)		—		(3	)
Goldman Sachs International		Pay	3-Month Johannesburg Interbank Agreed Rate		8.765	%	4/2/2029	ZAR	3,102		(2	)		—		(2	)
Goldman Sachs International		Receive	6-Month Prague Interbank Offered Rate		2.058	%	6/19/2021	CZK	4,477		(6	)		—		(6	)
Goldman Sachs International		Receive	6-Month Thai Baht Interest Rate Fixing Rate		2.585	%	7/23/2028	THB	428		(18	)		—		(18	)
JPMorgan Chase Bank N.A.		Pay	1-Day Mumbai Interbank Outright Rate		7.060	%	10/25/2019	INR	2,216		22			—		22
JPMorgan Chase Bank N.A.		Pay	1-Day Mumbai Interbank Outright Rate		6.915	%	11/15/2019		5,241		43			—		43
JPMorgan Chase Bank N.A.		Pay	1-Day Mumbai Interbank Outright Rate		6.450	%	12/13/2020		1,746		1			—		1
JPMorgan Chase Bank N.A.		Pay	1-Day Mumbai Interbank Outright Rate		6.385	%	12/19/2020		1,733		(2	)		—		(2	)
JPMorgan Chase Bank N.A.		Pay	1-Day Mumbai Interbank Outright Rate		6.320	%	12/20/2020		784		(2	)		—		(2	)
JPMorgan Chase Bank N.A.		Receive	6-Month Budapest Interbank Offered Rate		1.060	%	6/19/2021	HUF	4,392		(29	)		—		(29	)
JPMorgan Chase Bank N.A.		Receive	6-Month Budapest Interbank Offered Rate		1.840	%	6/19/2024		934		(23	)		—		(23	)
JPMorgan Chase Bank N.A.		Receive	6-Month Budapest Interbank Offered Rate		1.860	%	6/19/2024		1,869		(46	)		—		(46	)
JPMorgan Chase Bank N.A.		Pay	6-Month LIBOR		9.800	%	10/9/2022	IDR	209		16			—		16
JPMorgan Chase Bank N.A.		Receive	6-Month Prague Interbank Offered Rate		1.950	%	6/19/2024	CZK	2,886		(19	)		—		(19	)
JPMorgan Chase Bank N.A.		Receive	6-Month Thai Baht Interest Rate Fixing Rate		2.628	%	10/8/2028	THB	902		(45	)		—		(45	)
Morgan Stanley & Co. International plc		Pay	1-Day Mumbai Interbank Outright Rate		6.980	%	11/14/2019	INR	3,477		32			—		32
Morgan Stanley & Co. International plc		Pay	1-Day Mumbai Interbank Outright Rate		6.580	%	12/12/2020		906		4			—		4
Morgan Stanley & Co. International plc		Receive	3-Month Kuala Lumpur Interbank Offered Rate		4.140	%	5/14/2023	MYR	1,979		(37	)		—		(37	)
										$	(226	)	$	—	$	(226	)

72 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (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, 2019. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Other Government Securities	$	—	$	127,931	$	—
Short-Term Securities		2,553		4,567		—
Total	$	2,553	$	132,498	$	—
Over the Counter Credit Default Swaps	$	855	$	—	$	—
Forward Foreign Currency Contracts	$	—	$	3,495	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	216	$	—
Over the Counter Interest Rate Swaps	$	—	$	281	$	—
Liabilities
Over the Counter Credit Default Swaps	$	160	$	13	$	—
Forward Foreign Currency Contracts	$	—	$	5,344	$	—
Futures Contracts	$	62	$	—	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	129	$	—
Over the Counter Interest Rate Swaps	$	—	$	507	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

Market Sector Diversification

(as a % of net assets)
Other Government Securities	93.8%
Other+	6.2%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 73

PORTFOLIO HIGHLIGHTS IVY PICTET TARGETED RETURN BOND FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Purchased Options	0.2%
Bonds	92.1%
Other Government Securities	37.9%
Corporate Debt Securities	37.5%
United States Government and Government Agency Obligations	16.7%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	7.7%

Quality Weightings

Investment Grade	76.2%
AAA	27.2%
AA	8.7%
A	6.8%
BBB	33.5%
Non-Investment Grade	15.9%
BB	10.1%
B	5.1%
CCC	0.3%
Non-rated	0.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ and Purchased Options	7.9%

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.

Country Weightings

Europe	51.8%
Italy	10.9%
Germany	6.5%
Norway	6.4%
France	5.1%
United Kingdom	4.1%
Other Europe	18.8%
North America	18.7%
United States	17.6%
Other North America	1.1%
Pacific Basin	11.0%
Japan	4.1%
Other Pacific Basin	6.9%
Other	5.2%
South America	2.0%
Bahamas/Caribbean	1.8%
Middle East	1.6%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Purchased Options	7.9%

+ 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.

74 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

PURCHASED OPTIONS	Number of Contracts (Unrounded)		Notional Amount		Value
Credit Derivatives Index – Investment Grade 31 5-Year Index,
Put $82.50, Expires 6-19-19, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		24,200,000		24,200	$	12
EUR versus CHF,
Put $1.11, Expires 6-24-19, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		8,111,000		8,111		59
EUR versus USD:
Call $1.17, Expires 4-9-19, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		9,329,000		9,329		—	*
Call $1.14, Expires 6-26-19, OTC (Ctrpty: Barclays Capital, Inc.)		9,249,000		9,249		56
Euro-Bobl 5-Year Bond June Futures,
Call EUR140.00, Expires 5-24-19 (A)		271		27,100		2
Euro-OAT 10-Year Bond June Futures,
Call EUR175.00, Expires 5-24-19 (A)		136		13,600		2
GBP versus USD:
Call $1.39, Expires 4-9-19, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		11,662,000		11,662		—	*
Call $1.35, Expires 6-14-19, OTC (Ctrpty: Citibank N.A.)		6,904,935		6,905		46
Put $1.05, Expires 1-9-20, OTC (Ctrpty: Goldman Sachs International)		11,662,000		11,662		22
Call $1.44, Expires 2-27-20, OTC (Ctrpty: Goldman Sachs International)		11,564,000		11,564		64
NZD versus USD:
Call $0.71, Expires 8-16-19, OTC (Ctrpty: Goldman Sachs International)		29,662,000		29,662		149

PURCHASED OPTIONS (Continued)	Number of Contracts (Unrounded)		Notional Amount		Value
Call $0.74, Expires 8-16-19, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		29,662,000		29,662	$	26
U.S. 10-Year Treasury Note June Futures,
Put $112.50, Expires 5-24-19		152		15,200		1
U.S. 5-Year Treasury Note June Futures:
Put $114.00, Expires 4-26-19		254		25,400		2
Call $116.25, Expires 5-24-19		254		25,400		81
United Kingdom Long Gilt June Futures,
Call GBP153.00, Expires 5-24-19 (A)		109		10,900		—	*
USD versus BRL,
Put $3.53, Expires 4-18-19, OTC (Ctrpty: Goldman Sachs International)		7,198,000		7,198		—	*
USD versus ZAR:
Call $14.02, Expires 4-23-19, OTC (Ctrpty: Barclays Capital, Inc.)		9,352,000		9,352		332
Call $18.07, Expires 8-22-19, OTC (Ctrpty: Morgan Stanley & Co., Inc.)		3,401,421		3,402		17
TOTAL PURCHASED OPTIONS – 0.2%					$	871
(Cost: $1,502)

CORPORATE DEBT SECURITIES	Principal
Communication Services
Integrated Telecommunication Services – 0.3%
AT&T, Inc.,
4.250%, 6-1-43 (A)	GBP	353	494
DKT Finance ApS,
9.375%, 6-17-23 (B)	$	254	272
			766
Wireless Telecommunication Service – 1.3%
Bharti Airtel Ltd.,
4.375%, 6-10-25 (C)		1,047	1,030
SoftBank Group Corp.,
5.000%, 4-15-28 (A)	EUR	218	261
Vodafone Group plc:
2.875%, 11-20-37 (A)		770	894
5.250%, 5-30-48	$	669	669
			2,854
Total Communication Services – 1.6%			3,620

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 0.3%
PVH Corp.,
3.125%, 12-15-27 (A)	EUR	680	$	774
Automobile Manufacturers – 0.1%
Volkswagen International Finance N.V.,
1.875%, 3-30-27 (A)		200		221
Total Consumer Discretionary – 0.4%				995
Consumer Staples
Drug Retail – 0.1%
CVS Health Corp. (3-Month U.S. LIBOR plus 63 bps),
3.231%, 3-9-20 (D)	$	230		230
Food Retail – 0.4%
Darling Ingredients, Inc.,
5.250%, 4-15-27 (B)		6		6
Iceland Bondco plc,
4.625%, 3-15-25 (A)(B)	GBP	770		871
				877
Packaged Foods & Meats – 0.2%
Mars, Inc.,
4.200%, 4-1-59 (B)	$	395		406
Total Consumer Staples – 0.7%				1,513
Energy
Integrated Oil & Gas – 1.8%
Nexen Energy ULC,
6.400%, 5-15-37		229		295
Pemex Project Funding Master Trust (GTD by Petroleos Mexicanos),
6.625%, 6-15-35		545		513
Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.):
4.750%, 1-14-25 (A)	EUR	300		370
6.625%, 1-16-34 (A)	GBP	400		565
Petroleos Mexicanos,
4.875%, 2-21-28 (A)	EUR	281		320
PT Perusahaan Gas Negara Tbk,
5.125%, 5-16-24	$	600		630
Raizen Fuels Finance Ltd.,
5.300%, 1-20-27 (B)		589		603
Total Capital International S.A.,
3.700%, 1-15-24		900		935
				4,231
Oil & Gas Exploration & Production – 2.0%
Abu Dhabi National Energy Co.,
4.875%, 4-23-30		600		636
BP Capital Markets plc (GTD by BP plc),
3.224%, 4-14-24		1,140		1,155
Eni USA, Inc.,
7.300%, 11-15-27		740		902

2019 SEMIANNUAL REPORT 75

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Exploration & Production (Continued)
Gazprom OAO Via Gaz Capital S.A.,
4.250%, 4-6-24 (A)	GBP	550	$	731
Oil and Gas Holding Co.,
7.500%, 10-25-27	$	600		638
ONGC Videsh Vankorneft Pte. Ltd. (GTD by Oil and Natural Gas Corp. Ltd.),
3.750%, 7-27-26		508		496
				4,558
Oil & Gas Refining & Marketing – 0.4%
Thaioil Treasury Center Co. Ltd.:
4.625%, 11-20-28 (B)(C)		420		442
5.375%, 11-20-48 (B)		380		433
				875
Oil & Gas Storage & Transportation – 0.7%
Energy Transfer Partners L.P.,
6.000%, 6-15-48		432		467
Kunlun Energy Co. Ltd.,
3.750%, 5-13-25		464		470
TransCanada PipeLines Ltd.,
5.300%, 3-15-77		743		695
				1,632
Total Energy – 4.9%				11,296
Financials
Asset Management & Custody Banks – 0.7%
Charming Light Investments Ltd.:
4.375%, 12-21-27		458		466
4.250%, 6-21-67		233		229
China Cinda Finance (2017) I Ltd.,
4.400%, 3-9-27		808		824
				1,519
Diversified Banks – 9.0%
ABANCA Corp. Bancaria S.A.:
6.125%, 1-18-29 (A)	EUR	1,000		1,126
7.500%, 1-2-67 (A)		200		220
ABN AMRO Bank N.V.,
2.875%, 1-18-28 (A)		300		359
Banco Santander S.A.:
2.125%, 2-8-28 (A)		300		331
6.750%, 7-25-66 (A)		500		594
6.250%, 12-11-66 (A)		100		115
Bank of Ireland Group plc,
3.125%, 9-19-27 (A)	GBP	390		488
Bankia S.A.,
6.000%, 10-18-66 (A)	EUR	1,000		1,098
Barclays plc,
5.875%, 12-15-65 (A)	GBP	400		488
BNP Paribas S.A.:
3.375%, 1-9-25 (B)	$	850		832
7.000%, 2-16-67 (B)		200		200
Caixa Geral de Depositos S.A.,
5.750%, 6-28-28 (A)	EUR	600		713
CaixaBank S.A.:
5.250%, 6-23-66 (A)		800		786
6.750%, 9-13-66 (A)		400		466

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Banks (Continued)
Credit Agricole S.A.,
6.500%, 6-23-66 (A)	EUR	790	$	948
CYBG plc:
3.125%, 6-22-25 (A)	GBP	750		943
5.000%, 2-9-26 (A)		158		205
8.000%, 6-8-66 (A)		500		621
Erste Group Bank AG,
6.500%, 10-15-66 (A)	EUR	800		988
European Investment Bank,
1.250%, 12-16-19	$	183		181
HSBC Holdings plc,
6.250%, 9-23-66		506		505
Ibercaja Banco S.A.,
7.000%, 7-6-66 (A)	EUR	400		436
Intesa Sanpaola S.p.A.,
6.250%, 11-16-66 (A)		200		220
Intesa Sanpaolo S.p.A.,
6.625%, 9-13-23 (A)		613		816
Lloyds Banking Group plc,
1.000%, 11-9-23 (A)		390		438
Nordea Bank AB,
6.625%, 9-26-67 (B)	$	551		550
Novo Banco S.A.,
8.500%, 7-6-28 (A)(C)	EUR	600		674
Royal Bank of Scotland Group plc (The),
1.750%, 3-2-26 (A)		1,000		1,123
Skandinaviska Enskilda Banken AB,
5.750%, 11-29-49	$	810		799
UniCredit S.p.A.:
6.572%, 1-14-22 (B)		350		367
1.000%, 1-18-23 (A)	EUR	1,000		1,085
5.861%, 6-19-32	$	600		552
6.625%, 12-3-66 (A)	EUR	400		436
Unione di Banche Italiane S.p.A.,
4.450%, 9-15-27 (A)		805		901
				20,604
Diversified Capital Markets – 1.2%
Credit Suisse Group AG:
3.869%, 1-12-29 (B)	$	660		648
7.250%, 3-12-67		800		803
Investec plc,
6.750%, 12-5-66 (A)	GBP	500		611
RBS Capital Trust II,
6.425%, 12-31-66	$	280		343
UBS Group Funding (Switzerland) AG,
7.000%, 7-31-67 (B)		333		338
				2,743
Investment Banking & Brokerage – 0.4%
Macquarie Group Ltd.,
3.189%, 11-28-23 (B)		921		912
Life & Health Insurance – 1.2%
Credit Agricole Assurances S.A.,
2.625%, 1-29-48 (A)	EUR	400		420
Just Group plc,
3.500%, 2-7-25 (A)	GBP	400		494

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Life & Health Insurance (Continued)
NN Group N.V.:
4.625%, 4-8-44 (A)	EUR	245	$	301
4.625%, 1-13-48 (A)		241		292
4.500%, 7-15-66 (A)		600		714
Phoenix Group Holdings:
4.375%, 1-24-29 (A)		205		221
5.750%, 10-26-66 (A)	GBP	300		334
				2,776
Multi-Line Insurance – 1.4%
ASR Nederland N.V.,
5.125%, 9-29-45 (A)	EUR	410		507
Assicurazioni Generali S.p.A.,
5.000%, 6-8-48 (A)		600		709
Aviva plc,
3.375%, 12-4-45 (A)		434		503
Axa S.A.:
3.375%, 7-6-47 (A)		200		239
3.250%, 5-28-49 (A)		600		695
3.875%, 10-8-66 (A)		500		599
				3,252
Other Diversified Financial Services – 0.3%
Caisse Nationale de Reassurance Mutuelle Agricole Groupama,
3.375%, 9-24-28 (A)		600		676
Property & Casualty Insurance – 0.4%
Chubb INA Holdings, Inc. (GTD by Chubb Ltd.),
2.500%, 3-15-38 (A)		487		582
Direct Line Insurance Group plc,
4.750%, 6-7- 66 (A)	GBP	400		431
				1,013
Regional Banks – 0.3%
Canadian Imperial Bank of Commerce,
3.100%, 4-2-24	$	371		369
Emirates NBD PJSC,
1.750%, 3-23-22 (A)	EUR	300		346
				715
Reinsurance – 0.3%
RenaissanceRe Holdings Ltd.,
3.600%, 4-15-29	$	545		536
SCOR SE,
5.250%, 9-13-67		200		171
				707
Specialized Finance – 2.2%
China Great Wall International Holdings III Ltd.,
3.875%, 8-31-27		358		351
Huarong Finance 2017 Co. Ltd.,
4.250%, 11-7-27		354		351
Huarong Finance II Co. Ltd.,
2.875%, 3-14-67		231		221
Japan Finance Organization for Municipalities,
2.125%, 10-25-23 (B)		340		331

76 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized Finance (Continued)
Kommunalbanken A.S.,
1.500%, 8-31-21 (B)	$	686	$	672
Siemens Financieringsmaatschappij N.V.,
2.200%, 3-16-20 (B)		1,028		1,023
Tesco Corporate Treasury Services plc,
1.375%, 7-1-19 (A)	EUR	325		365
Vonovia Finance B.V.,
1.750%, 1-25-27 (A)		800		935
WPC Eurobond B.V.,
2.125%, 4-15-27 (A)		800		901
				5,150
Thrifts & Mortgage Finance – 0.4%
Deutsche Pfandbriefbank AG,
2.875%, 6-28-27 (A)		800		883
Total Financials – 17.8%				40,950
Health Care
Life Sciences Tools & Services – 0.2%
Thermo Fisher Scientific, Inc.,
2.875%, 7-24-37 (A)		350		432
Pharmaceuticals – 0.5%
Teva Pharmaceutical Finance II B.V.:
3.250%, 4-15-22 (A)		147		168
1.250%, 3-31-23 (A)		500		522
1.125%, 10-15-24 (A)		200		196
1.875%, 3-31-27 (A)		300		279
				1,165
Total Health Care – 0.7%				1,597
Industrials
Diversified Support Services – 0.6%
Logicor Financing S.a.r.l.,
2.250%, 5-13-25 (A)		1,200		1,355
Industrial Conglomerates – 0.2%
Thyssenkrupp AG,
3.125%, 10-25-19 (A)		343		388
Marine Ports & Services – 0.4%
CCCI Treasure Ltd. (GTD by China Communications Construction Co. Ltd.),
3.500%, 12-29-49	$	834		831
Railroads – 0.2%
CSX Corp.,
4.750%, 11-15-48		502		546
Total Industrials – 1.4%				3,120

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Information Technology
IT Consulting & Other Services – 0.2%
Capgemini SE,
1.750%, 7-1-20 (A)	EUR	400	$	457
Systems Software – 0.3%
Microsoft Corp.,
4.250%, 2-6-47	$	702		784
Technology Hardware, Storage & Peripherals – 1.2%
Apple, Inc.,
3.200%, 5-11-27		1,093		1,103
Hewlett Packard Enterprise Co.:
2.100%, 10-4-19 (B)		610		607
4.900%, 10-15-25 (E)		563		599
6.350%, 10-15-45 (E)		310		325
Hewlett Packard Enterprise Co. (3-Month U.S. LIBOR plus 72 bps),
3.104%, 10-5-21 (D)		97		97
				2,731
Total Information Technology – 1.7%				3,972
Materials
Aluminum – 0.5%
PT Indonesia Asahan Aluminum Persero Tbk:
5.230%, 11-15-21 (B)		200		208
5.710%, 11-15-23 (B)		600		647
6.757%, 11-15-48 (B)		200		230
				1,085
Diversified Chemicals – 0.7%
CNAC (HK) Finbridge Co. Ltd.,
1.750%, 6-14-22 (A)	EUR	578		658
CNAK (HK) Finbridge Co. Ltd.,
5.125%, 3-14-28	$	200		215
Dow Chemical Co. (The),
4.375%, 11-15-42		892		853
				1,726
Diversified Metals & Mining – 0.3%
Glencore Finance (Europe) S.A. (GTD by Glencore Xstrata plc, Glencore International AG and Xstrata (Schweiz) AG),
3.375%, 9-30-20 (A)	EUR	507		597
Fertilizers & Agricultural Chemicals – 0.5%
Israel Chemicals Ltd.,
6.375%, 5-31-38	$	1,120		1,214
Precious Metals & Minerals – 0.3%
China Minmetals Corp.,
3.750%, 5-13-67		725		707
Steel – 0.2%
CSN Islands XI Corp.,
6.875%, 9-21-19		470		473
Total Materials – 2.5%				5,802

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Real Estate
Diversified Real Estate Activities – 1.4%
Blackstone Property Partners Europe L.P.,
2.200%, 7-24-25 (A)	EUR	800	$	916
CPI Property Group S.A.,
2.125%, 10-4-24 (A)(E)		800		905
Inmobiliaria Colonial Socimi S.A.,
2.500%, 11-28-29 (A)		1,000		1,142
Vanke Real Estate (Hong Kong) Co. Ltd.,
3.975%, 11-9-27	$	335		328
				3,291
Diversified REITs – 0.3%
Aroundtown S.A.,
1.625%, 1-31-28 (A)	EUR	300		323
Powerlong Real Estate Holdings Ltd.,
5.950%, 7-19-20	$	441		438
				761
Hotel & Resort REITs – 0.1%
China Aoyuan Property Group Ltd.,
7.500%, 5-10-21		234		240
Office REITs – 0.3%
Dream Global Funding I S.a.r.l.,
1.375%, 12-21-21 (A)	EUR	600		677
Real Estate Development – 1.0%
China Evergrande Group:
8.250%, 3-23-22 (C)	$	500		490
8.750%, 6-28-25		600		566
Fastighets AB Balder,
1.875%, 1-23-26 (A)	EUR	492		545
Longfor Properties Co. Ltd.,
4.500%, 1-16-28	$	706		699
				2,300
Real Estate Operating Companies – 0.8%
Grand City Properties S.A.:
1.500%, 2-22-27 (A)	EUR	1,100		1,220
2.500%, 10-24-66 (A)		500		536
				1,756
Residential REITs – 0.9%
ADLER Real Estate AG,
2.125%, 2-6-24 (A)		636		704
Akelius Residential Property AB,
1.125%, 3-14-24 (A)		617		686
Heimstaden Bostad AB,
1.750%, 12-7-21 (A)(E)		600		686
				2,076
Retail REITs – 0.2%
MAF Global Securities Ltd.,
5.500%, 9-7-67	$	400		384
Total Real Estate – 5.0%				11,485

2019 SEMIANNUAL REPORT 77

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Utilities
Electric Utilities – 0.5%
NextEra Energy Capital Holdings, Inc. (GTD by NextEra Energy, Inc.),
3.500%, 4-1-29	$	381	$	381
Perusahaan Listrik Negara,
6.150%, 5-21-48 (B)		400		445
State Grid Europe Development (2014) plc,
1.500%, 1-26-22 (A)	EUR	309		356
				1,182
Gas Utilities – 0.3%
Origin Energy Finance Ltd.:
2.875%, 10-11-19 (A)		200		228
2.500%, 10-23-20 (A)		300		348
				576
Total Utilities – 0.8%				1,758
TOTAL CORPORATE DEBT SECURITIES – 37.5%			$	86,108
(Cost: $87,252)
OTHER GOVERNMENT SECURITIES (F)
Argentina – 0.3%
Republic of Argentina:
35.900%, 6-21-20 (A)(C)	ARS	8,819		210
5.830%, 12-31-33 (A)		2,579		560
				770
Belgium – 1.5%
Kingdom of Belgium,
0.900%, 6-22-29 (A)(B)	EUR	2,832		3,330
Canada – 0.3%
Province of Ontario,
3.000%, 9-28-20 (A)		620		730
Columbia – 0.9%
Republic of Colombia:
4.500%, 3-15-29	$	1,186		1,253
6.125%, 1-18-41		623		736
				1,989
Croatia – 0.2%
Republic of Croatia,
6.000%, 1-26-24		400		448
Dominican Republic – 0.3%
Dominican Republic,
6.000%, 7-19-28 (C)		720		755
Egypt – 0.9%
Arab Republic of Egypt:
4.750%, 4-16-26 (A)	EUR	416		459
7.500%, 1-31-27	$	1,120		1,173
8.500%, 1-31-47 (B)		277		283

OTHER GOVERNMENT SECURITIES (F) (Continued)	Principal		Value
Egypt (Continued)
8.700%, 3-1-49	$	222	$	231
				2,146
France – 2.3%
France Government Bond,
2.000%, 5-25-48 (A)	EUR	3,976		5,222
Germany – 5.6%
Bundesrepublik Deutschland,
1.250%, 8-15-48 (A)		9,700		12,866
Greece – 0.5%
Hellenic Republic,
3.500%, 1-30-23 (A)		1,000		1,175
Indonesia – 0.6%
Indonesia Government Bond:
3.700%, 1-8-22 (B)	$	310		314
8.500%, 10-12-35		200		285
8.375%, 4-15-39 (A)	IDR	7,041,000		506
Republic of Indonesia,
6.625%, 2-17-37	$	300		367
				1,472
Ireland – 1.9%
Irish Government Bond:
1.100%, 5-15-29 (A)	EUR	3,328		3,933
2.400%, 5-15-30 (A)		343		457
				4,390
Italy – 8.5%
Buoni del Tesoro Poliennali,
2.500%, 11-15-25 (A)		16,958		19,558
Nigeria – 0.2%
Republic of Nigeria:
7.625%, 11-21-25 (B)	$	200		213
9.248%, 1-21-49 (B)		200		222
				435
Norway – 6.2%
Norway Government Bond:
1.750%, 2-17-27 (A)	NOK	66,510		7,857
1.750%, 9-6-29 (A)		53,571		6,302
				14,159
Oman – 0.2%
Oman Government Bond,
6.750%, 1-17-48	$	400		355
Panama – 0.5%
Republic of Panama,
9.375%, 4-1-29		816		1,191
Peru – 0.7%
Republic of Peru:
7.350%, 7-21-25		309		389
8.750%, 11-21-33		785		1,230
				1,619

OTHER GOVERNMENT SECURITIES (F) (Continued)	Principal		Value
Qatar – 0.4%
Qatar Government Bond,
5.103%, 4-23-48	$	900	$	986
Romania – 0.7%
Romania Government Bond:
2.875%, 3-11-29 (A)	EUR	900		1,020
4.125%, 3-11-39 (A)		450		523
				1,543
Saudi Arabia – 0.7%
Saudi Arabia Government Bond:
4.625%, 10-4-47 (B)	$	1,525		1,502
				1,502
South Africa – 1.4%
Republic of South Africa:
5.875%, 9-16-25		427		450
3.750%, 7-24-26 (A)	EUR	296		354
9.000%, 1-31-40 (A)	ZAR	38,060		2,453
				3,257
South Korea – 0.3%
Korea National Oil Corp.,
2.875%, 3-27-22 (B)	$	731		730
Spain – 0.6%
Telefonica Emisiones S.A.U.,
4.693%, 11-11-19 (A)	EUR	1,200		1,386
Sri Lanka – 0.6%
Republic of Sri Lanka:
6.850%, 11-3-25	$	757		762
6.200%, 5-11-27 (B)		580		557
				1,319
Sweden – 0.7%
Kingdom of Sweden,
0.125%, 4-24-23 (A)(B)	EUR	1,470		1,674
Tunisia – 0.3%
Banque Centrale de Tunisie,
5.625%, 2-17-24 (A)		606		626
United Arab Emirates – 0.4%
Abu Dhabi Government Bond,
4.125%, 10-11-47	$	1,000		1,014
Uzbekistan – 0.2%
Republic of Uzbekistan,
5.375%, 2-20-29		454		451
TOTAL OTHER GOVERNMENT SECURITIES – 37.9%			$	87,098
(Cost: $85,608)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 16.7%
U.S. Treasury Bonds,
3.375%, 11-15-48		5,200		5,800

78 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

UNITED STATES GOVERNMENT OBLIGATIONS (Continued)	Principal		Value
Treasury Obligations (Continued)
U.S. Treasury Notes:
1.875%, 2-28-22 (G)	$	12,110	$	11,989
1.375%, 6-30-23 (H)		1,810		1,747
2.625%, 6-30-23		2,400		2,439
1.250%, 7-31-23		2,050		1,967
1.375%, 8-31-23		854		824
3.000%, 9-30-25		8,700		9,064
2.000%, 11-15-26		440		430
2.375%, 5-15-27		2,140		2,144
2.250%, 11-15-27		1,590		1,575
2.625%, 2-15-29		488		497
				38,476
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 16.7%			$	38,476
(Cost: $37,765)

SHORT-TERM SECURITIES	Principal		Value
Japan Government Treasury Bills – 3.9%
Japan Government Treasury Bills,
0.000%, 11-20-19 (A)(I)	JPY	1,000,000	$	9,033
Money Market Funds – 0.5%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
2.360%, (J)(K)	$	1,207		1,207
TOTAL SHORT-TERM SECURITIES – 4.4%			$	10,240
(Cost: $10,091)
TOTAL INVESTMENT SECURITIES – 96.7%			$	222,793
(Cost: $222,218)
CASH AND OTHER ASSETS, NET OF LIABILITIES (L) – 3.3%				7,518
NET ASSETS – 100.0%			$	230,311

Notes to Schedule of Investments

* Not shown due to rounding.

(A) Principal amounts are denominated in the indicated foreign currency, where applicable (ARS - Argentine Peso, AUD - Australian Dollar, CAD - Canadian Dollar, CZK - Czech Koruna, EUR - Euro, GBP - British Pound, HUF - Hungarian Forint, IDR - Indonesian Rupiah, JPY - Japanese Yen, MXN - Mexican Peso, NOK - Norwegian Krone, NZD - New Zealand Dollar, PLN - Polish Zloty, SEK - Swedish Krona and ZAR - South African Rand).

(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, 2019 the total value of these securities amounted to $19,671 or 8.7% of net assets.

(C) All or a portion of securities with an aggregate value of $1,160 are on loan.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

(E) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at March 31, 2019.

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

(G) All or a portion of securities with an aggregate value of $1,663 have been pledged as collateral on open futures contracts.

(H) All or a portion of securities with an aggregate value of $290 are held in collateralized accounts for OTC foreign forward currency contracts collateral.

(I) Rate shown is the yield to maturity at March 31, 2019.

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

(K) Rate shown is the annualized 7-day yield at March 31, 2019.

(L) Cash of $1,590 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, 2019:

Index	(Pay) Fixed Rate			Maturity Date		Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Depreciation
Itraxx Europe Crossover Series 31 Index		(5.000	%)		6–20–24		3,800	$	(466	)	$	(449	)	$	(17	)
Itraxx Europe Series 31 Index		(1.000	%)		6–20–22		8,000		(189	)		(178	)		(11	)
								$	(655	)	$	(627	)	$	(28	)

2019 SEMIANNUAL REPORT 79

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

MARCH 31, 2019 (UNAUDITED)

The following centrally cleared credit default swaps — sold protection⁽³⁾ were outstanding at March 31, 2019:

Index	Receive Fixed Rate			Maturity Date		Implied Credit Spread at March 31, 2019(4)			Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation
Republic of South Africa		1.000	%		6–20–22		1.970	%		100	$	(2	)	$	(3	)	$	1

The following over the counter credit default swaps — buy protection⁽¹⁾ were outstanding at March 31, 2019:

Referenced Obligation	Counterparty		(Pay) Fixed Rate			Maturity Date		Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Depreciation
Bouygues SA		Barclays Bank plc		(1.000	%)		12–20–23		600	$	(17	)	$	(9	)	$	(8	)
Bouygues SA		Barclays Bank plc		(1.000	%)		12–20–23		400		(12	)		(6	)		(6	)
Diageo Capital plc		Morgan Stanley & Co. International plc		(1.000	%)		12–20–23		600		(25	)		(24	)		(1	)
Diageo Capital plc		Morgan Stanley & Co. International plc		(1.000	%)		12–20–23		500		(21	)		(20	)		(1	)
People’s Republic of China		Goldman Sachs International		(1.000	%)		12–20–23		7,000		(183	)		(81	)		(102	)
Republic of Korea		Barclays Bank plc		(1.000	%)		12–20–22		6,800		(186	)		(73	)		(113	)
Standard Chartered plc		Morgan Stanley & Co. International plc		(1.000	%)		12–20–23		1,000		(15	)		(2	)		(13	)
										$	(459	)	$	(215	)	$	(244	)

The following over the counter credit default swaps — sold protection⁽³⁾ were outstanding at March 31, 2019:

Referenced Obligation	Counterparty		Receive Fixed Rate			Maturity Date		Implied Credit Spread at March 31, 2019(4)			Notional Amount(2)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation
Republic of South Africa		Citibank N.A.		1.000	%		6–20–22		1.970	%		300	$	(5	)	$	(8	)	$	3
Republic of South Africa		Morgan Stanley & Co. International plc		1.000	%		12–20–21		1.827			100		(1	)		(4	)		3
													$	(6	)	$	(12	)	$	6

(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 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.

80 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

The following forward foreign currency contracts were outstanding at March 31, 2019:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
Philippine Peso		2,300	U.S. Dollar		43	5-8-19	Barclays Capital, Inc.	$	—	$	—	*
Hungarian Forint		653,000	Euro		2,035	6-18-19	Barclays Capital, Inc.		5		—
Turkish New Lira		6,600	U.S. Dollar		1,095	6-18-19	Barclays Capital, Inc.		—		8
U.S. Dollar		2,043	Brazilian Real		7,700	5-8-19	Citibank N.A.		—		81
British Pound		6,000	U.S. Dollar		8,011	6-18-19	Citibank N.A.		165		—
Canadian Dollar		580	U.S. Dollar		436	6-18-19	Citibank N.A.		1		—
Czech Koruna		105,600	Euro		4,092	6-18-19	Citibank N.A.		22		—
Czech Koruna		8,400	U.S. Dollar		373	6-18-19	Citibank N.A.		7		—
Euro		4,466	Swedish Krona		46,900	6-18-19	Citibank N.A.		32		—
Thai Baht		147,300	U.S. Dollar		4,657	6-18-19	Citibank N.A.		6		—
Turkish New Lira		12,600	U.S. Dollar		2,202	6-18-19	Citibank N.A.		96		—
U.S. Dollar		297	Australian Dollar		420	6-18-19	Citibank N.A.		1		—
U.S. Dollar		3,617	Euro		3,200	6-18-19	Citibank N.A.		—		3
U.S. Dollar		9,294	Japanese Yen		1,029,000	6-18-19	Citibank N.A.		47		—
U.S. Dollar		230	New Zealand Dollar		333	6-18-19	Citibank N.A.		—		3
Japanese Yen		1,000,000	U.S. Dollar		9,169	11-20-19	Citibank N.A.		—		25
Euro		4,052	Polish Zloty		17,530	6-18-19	Deutsche Bank AG		1		—
Euro		88,844	U.S. Dollar		101,370	6-18-19	Deutsche Bank AG		1,048		—
South African Rand		34,300	U.S. Dollar		2,358	6-18-19	Deutsche Bank AG		3		—
Brazilian Real		7,700	U.S. Dollar		2,078	5-8-19	Goldman Sachs International		116		—
Philippine Peso		120,100	U.S. Dollar		2,259	5-8-19	Goldman Sachs International		—		13
South Korean Won		5,257,000	U.S. Dollar		4,712	5-8-19	Goldman Sachs International		86		—
U.S. Dollar		1,844	Indonesian Rupiah		26,000,000	5-8-19	Goldman Sachs International		—		29
Canadian Dollar		630	U.S. Dollar		470	6-18-19	Goldman Sachs International		—		3
Euro		4,061	Norwegian Krone		39,500	6-18-19	Goldman Sachs International		8		—
Euro		268	Swedish Krona		2,800	6-18-19	Goldman Sachs International		1		—
Euro		2,026	Swiss Franc		2,300	6-18-19	Goldman Sachs International		39		—
Mexican Peso		137,200	U.S. Dollar		7,035	6-18-19	Goldman Sachs International		54		—
New Zealand Dollar		335	U.S. Dollar		230	6-18-19	Goldman Sachs International		2		—
Norwegian Krone		121,500	U.S. Dollar		14,269	6-18-19	Goldman Sachs International		140		—
U.S. Dollar		3,011	Australian Dollar		4,240	6-18-19	Goldman Sachs International		4		—
U.S. Dollar		2,760	Euro		2,414	6-18-19	Goldman Sachs International		—		34
U.S. Dollar		303	Hungarian Forint		83,465	6-18-19	Goldman Sachs International		—		10
Euro		79	Polish Zloty		340	6-18-19	Morgan Stanley International		—		—	*
New Taiwan Dollar		71,317	U.S. Dollar		2,314	6-18-19	Morgan Stanley International		—		3
								$	1,884	$	212

The following futures contracts were outstanding at March 31, 2019 (contracts unrounded):

Description	Type		Number of Contracts	Expiration Date		Notional Amount		Value			Unrealized Appreciation (Depreciation)
Euro-Buxl 30-Year Bond		Long	3		6-6-19		300	$	645		$	31
BTP Italian Government Bond		Short	85		6-10-19		8,500		(12,345	)		(308	)
BTP Italian Government Notes		Short	180		6-10-19		18,000		(22,413	)		(92	)
Euro-Bobl 5-Year Bond		Short	287		6-10-19		28,700		(42,864	)		(216	)
Euro-Bund 10-Year Bond		Long	47		6-10-19		4,700		8,770			42
Euro-OAT France Government 10-Year Bond		Short	206		6-10-19		20,600		(37,590	)		(636	)
Euro-Schatz		Long	39		6-10-19		3,900		4,899			9
U.S. 30-Year Treasury Bond		Short	1		6-19-19		100		(150	)		(3	)
U.S. 10-Year Treasury Note		Long	157		6-28-19		15,700		19,502			372
U.S. 10-Year Ultra Treasury Note		Long	27		6-28-19		2,700		3,585			71
U.S. Treasury Ultra Long Bond		Long	17		6-28-19		1,700		2,856			105

2019 SEMIANNUAL REPORT 81

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

MARCH 31, 2019 (UNAUDITED)

Description	Type		Number of Contracts	Expiration Date		Notional Amount		Value			Unrealized Appreciation (Depreciation)
United Kingdom Long Gilt		Short	108		6-28-19		10,800	$	(18,198	)	$	(457	)
U.S. 2-Year Treasury Note		Long	6		7-3-19		1,200		1,279			4
U.S. 5-Year Treasury Note		Short	212		7-3-19		21,200		(24,555	)		(302	)
3-Month EURIBOR		Short	162		6-15-20		405		(45,556	)		(29	)
								$	(162,135	)	$	(1,409	)

The following centrally cleared interest rate swap agreements were outstanding at March 31, 2019:

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(A)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation (Depreciation)
Goldman Sachs International	Pay	28-Day Mexico Equilibrium Interbank Interest Rate		8.420	%	8/10/2028	MXN	2,940	$	—	*	$	—		$	—	*
Goldman Sachs International	Pay	28-Day Mexico Equilibrium Interbank Interest Rate		8.420	%	8/10/2028		1,605		—	*		(26	)		26
Goldman Sachs International	Pay	3-Month LIBOR		1.851	%	6/22/2022	$	5,709		(74	)		(140	)		66
Goldman Sachs International	Pay	3-Month New Zealand Dollar LIBOR		1.905	%	2/15/2020	NZD	59,478		88			—			88
Goldman Sachs International	Receive	3-Month New Zealand Dollar LIBOR		2.070	%	2/15/2024		13,339		(181	)		—			(181	)
Goldman Sachs International	Receive	6-Month Bank Bill Swap Rate		2.346	%	6/22/2022	AUD	9,635		(200	)		(85	)		(115	)
Goldman Sachs International	Receive	6-Month British Pound LIBOR		1.229	%	12/13/2021	GBP	12,348		(58	)		—			(58	)
Goldman Sachs International	Receive	6-Month British Pound LIBOR		1.272	%	12/13/2021		12,348		(68	)		—			(68	)
Goldman Sachs International	Receive	6-Month Budapest Interbank Offered Rate		3.130	%	10/15/2022	HUF	12,852		(473	)		—			(473	)
Goldman Sachs International	Receive	6-Month Prague Interbank Offered Rate		1.890	%	1/18/2024	CZK	5,204		(12	)		(15	)		3
Goldman Sachs International	Receive	6-Month Prague Interbank Offered Rate		1.890	%	1/18/2024		5,157		(12	)		—			(12	)
Goldman Sachs International	Pay	6-Month Warsaw Interbank Offered Rate		1.828	%	9/16/2021	PLN	19,388		(5	)		—			(5	)
Goldman Sachs International	Receive	6-Month Warsaw Interbank Offered Rate		2.110	%	9/16/2024		9,663		(40	)		—			(40	)
Morgan Stanley & Co. International plc	Pay	3-Month Canadian Dollar Offered Rate		2.668	%	3/14/2028	CAD	15,958		677			—			677
Morgan Stanley & Co. International plc	Pay	3-Month Canadian Dollar Offered Rate		2.668	%	3/14/2028		1,003		43			17			26
Morgan Stanley & Co. International plc	Pay	3-Month LIBOR		2.933	%	6/22/2022	$	32,938		594			—			594
Morgan Stanley & Co. International plc	Receive	3-Month LIBOR		2.860	%	2/26/2025		9,800		(265	)		—			(265	)
Morgan Stanley & Co. International plc	Receive	3-Month LIBOR		2.649	%	2/26/2025		13,854		(234	)		—			(234	)
Morgan Stanley & Co. International plc	Receive	3-Month LIBOR		2.398	%	11/16/2045		4,196		100			—			100
Morgan Stanley & Co. International plc	Receive	3-Month LIBOR		2.881	%	11/16/2045		4,945		(191	)		—			(191	)
Morgan Stanley & Co. International plc	Receive	3-Month Stockholm Interbank Offered Rate		1.223	%	3/14/2028	SEK	959		(41	)		(28	)		(13	)

82 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount(A)		Value			Upfront Payments/ (Receipts)			Unrealized Appreciation (Depreciation)
Morgan Stanley & Co. International plc	Receive	3-Month Stockholm Interbank Offered Rate		1.223	%	3/14/2028	$	12,791	$	(543	)	$	—		$	(543	)
Morgan Stanley & Co. International plc	Receive	6-Month Bank Bill Swap Rate		2.481	%	6/22/2022	AUD	30,323		(754	)		—			(754	)
									$	(1,649	)	$	(277	)	$	(1,372	)

The following written options were outstanding at March 31, 2019 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Notional Amount		Expiration Month		Exercise Price		Premium Received		Value
Credit Derivatives Index - Investment Grade 31 5-Year Index	Morgan Stanley & Co., Inc.		Call		24,200,000		24,200		June 2019	$	62.50	$	27	$	(72	)
EUR versus USD	Morgan Stanley & Co., Inc.		Put		9,329,000		9,329		January 2020		1.06		43		(38	)
GBP versus USD	Citibank N.A.		Put		6,904,935		6,905		June 2019		1.28		64		(90	)
	Morgan Stanley & Co., Inc.		Put		11,662,000		11,662		January 2020		1.05		73		(22	)
NZD versus USD	Morgan Stanley & Co., Inc.		Call		29,662,000		29,662		August 2019		0.74		165		(25	)
U.S. 5-Year Treasury Note June Futures	N/A		Call		254		25,400		April 2019		115.50		41		(133	)
U.S. Treasury Long Bond June Futures	N/A		Put		64		6,400		May 2019		142.00		58		(5	)
USD versus TRY	Bank of America N.A.		Call		2,205,778		2,206		June 2019		6.13		30		(96	)
USD versus ZAR	Barclays Capital, Inc.		Call		4,676,000		4,676		April 2019		14.02		153		(166	)
	Barclays Capital, Inc.		Call		9,352,000		9,352		April 2019		14.92		109		(69	)
	Morgan Stanley & Co., Inc.		Call		3,401,421		3,401		August 2019		18.07		101		(17	)
												$	864	$	(733	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	88	$	783	$	—
Corporate Debt Securities		—		86,108		—
Other Government Securities		—		87,098		—
United States Government Obligations		—		38,476		—
Short-Term Securities		1,207		9,033		—
Total	$	1,295	$	221,498	$	—
Centrally Cleared Credit Default Swaps	$	—	$	1	$	—
Forward Foreign Currency Contracts	$	—	$	1,884	$	—
Futures Contracts	$	634	$	—	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	1,580	$	—
Liabilities
Centrally Cleared Credit Default Swaps	$	17	$	11	$	—
Over the Counter Credit Default Swaps	$	—	$	465	$	—
Forward Foreign Currency Contracts	$	—	$	212	$	—
Futures Contracts	$	2,043	$	—	$	—
Centrally Cleared Interest Rate Swaps	$	—	$	2,952	$	—
Written Options	$	138	$	595	$	—

2019 SEMIANNUAL REPORT 83

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

MARCH 31, 2019 (UNAUDITED)

The following acronyms are used throughout this schedule:

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

REIT = Real Estate Investment Trust

Country Diversification
(as a % of net assets)
United States	17.6%
Italy	10.9%
Germany	6.5%
Norway	6.4%
France	5.1%
Japan	4.1%
United Kingdom	4.1%
Luxembourg	3.3%
Spain	3.2%
Netherlands	3.1%
Ireland	2.1%
Sweden	1.8%
South Africa	1.7%
Indonesia	1.5%
China	1.5%
Belgium	1.4%
Hong Kong	1.2%
Other Countries	16.6%
Other+	7.9%

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

See Accompanying Notes to Financial Statements.

84 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY PINEBRIDGE HIGH YIELD FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

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

Quality Weightings

Investment Grade	4.1%
BBB	4.1%
Non-Investment Grade	88.7%
BB	34.9%
B	44.1%
CCC	9.0%
Non-rated	0.7%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	7.2%

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

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

2019 SEMIANNUAL REPORT 85

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

MARCH 31, 2019 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
United Airlines Pass-Through Certificates, Series 2014-2B,
4.625%, 9-3-22	$	190	$	192
TOTAL ASSET-BACKED SECURITIES – 0.2%			$	192
(Cost: $194)
CORPORATE DEBT SECURITIES
Communication Services
Alternative Carriers – 0.7%
Cogent Communications Holdings, Inc.,
5.375%, 3-1-22 (A)		535		547
Broadcasting – 1.3%
Gray Television, Inc.:
5.125%, 10-15-24 (A)		306		307
5.875%, 7-15-26 (A)		97		99
Sirius XM Radio, Inc.,
5.375%, 7-15-26 (A)		483		491
Univision Communications, Inc.,
5.125%, 5-15-23 (A)		159		151
				1,048
Cable & Satellite – 8.3%
Altice Financing S.A.,
7.500%, 5-15-26 (A)		655		649
Altice France S.A.,
7.375%, 5-1-26 (A)		830		813
Altice S.A.,
7.625%, 2-15-25 (A)		900		789
Block Communications, Inc.,
6.875%, 2-15-25 (A)		509		528
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.875%, 4-1-24 (A)		148		155
5.375%, 5-1-25 (A)		275		284
5.500%, 5-1-26 (A)		106		109
5.000%, 2-1-28 (A)		235		232
Charter Communications Operating LLC and Charter Communications Operating Capital Corp. (3-Month U.S. LIBOR plus 165 bps),
4.386%, 2-1-24 (B)		160		160
CSC Holdings LLC,
5.500%, 4-15-27 (A)		1,340		1,368
Hughes Satellite Systems Corp.,
6.625%, 8-1-26		419		411
Intelsat Jackson Holdings S.A.,
5.500%, 8-1-23		1,119		993
Telesat Canada and Telesat LLC,
8.875%, 11-15-24 (A)		372		401
				6,892
Integrated Telecommunication Services – 5.3%
CenturyLink, Inc.,
7.500%, 4-1-24 (C)		925		978
Frontier Communications Corp.:
7.125%, 1-15-23		600		365
7.625%, 4-15-24 (C)		760		416

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Telecommunication Services (Continued)
Sprint Corp.,
7.875%, 9-15-23	$	2,529	$	2,655
				4,414
Movies & Entertainment – 0.8%
Netflix, Inc.:
5.875%, 2-15-25 (C)		536		579
4.375%, 11-15-26		99		97
				676
Publishing – 1.7%
A. H. Belo Corp.,
7.750%, 6-1-27		502		548
E.W. Scripps Co.,
5.125%, 5-15-25 (A)		429		409
McGraw-Hill Global Education Holdings LLC and McGraw-Hill Global Education Finance, Inc.,
7.875%, 5-15-24 (A)		520		421
				1,378
Wireless Telecommunication Service – 0.6%
C&W Senior Financing Designated Activity Co.,
6.875%, 9-15-27 (A)		544		546
Total Communication Services – 18.7%				15,501
Consumer Discretionary
Auto Parts & Equipment – 0.7%
Delphi Jersey Holdings plc,
5.000%, 10-1-25 (A)		630		555
Automotive Retail – 0.9%
Allison Transmission, Inc.,
5.000%, 10-1-24 (A)		361		360
Lithia Motors, Inc.,
5.250%, 8-1-25 (A)		432		434
				794
Casinos & Gaming – 3.1%
ESH Hospitality, Inc.,
5.250%, 5-1-25 (A)		500		497
Everi Payments, Inc.,
7.500%, 12-15-25 (A)		292		303
GLP Capital L.P. and GLP Financing II, Inc.,
5.375%, 4-15-26		450		470
Golden Nugget, Inc.,
8.750%, 10-1-25 (A)		393		413
LHMC Finco S.a.r.l.,
7.875%, 12-20-23 (A)		245		253
MGM Growth Properties Operating Partnership L.P. and MGP Finance Co-Issuer, Inc.,
5.750%, 2-1-27 (A)		177		183
Scientific Games International, Inc. (GTD by Scientific Games Corp.),
8.250%, 3-15-26 (A)		410		418
				2,537

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Electronics – 0.7%
Conn’s, Inc.,
7.250%, 7-15-22 (C)	$	582	$	571
Homebuilding – 0.7%
Mattamy Group Corp.,
6.500%, 10-1-25 (A)		38		38
Weekley Homes LLC and Weekley Finance Corp.,
6.000%, 2-1-23		548		527
				565
Hotels, Resorts & Cruise Lines – 1.0%
Hilton Grand Vacations Borrower LLC and Hilton Grand Vacations Borrower, Inc.,
6.125%, 12-1-24		243		252
Wyndham Worldwide Corp.:
4.150%, 4-1-24 (D)		162		164
4.500%, 4-1-27 (D)		420		417
				833
Restaurants – 0.5%
Brinker International, Inc. (GTD by Brinker Restaurant Corp., Brinker Texas, Inc. and Brinker Florida, Inc.),
5.000%, 10-1-24 (A)		421		413
Specialized Consumer Services – 0.5%
frontdoor, Inc.,
6.750%, 8-15-26 (A)		414		423
Specialty Stores – 0.4%
Arch Merger Sub, Inc.,
8.500%, 9-15-25 (A)		292		318
Total Consumer Discretionary – 8.5%				7,009
Consumer Staples
Food Retail – 0.5%
Albertsons Cos. LLC, Safeway, Inc., New Albertson’s, Inc. and Albertson’s LLC,
5.750%, 3-15-25		446		423
Household Products – 0.5%
First Quality Finance Co., Inc.,
5.000%, 7-1-25 (A)		429		417
Packaged Foods & Meats – 2.7%
JBS USA LLC and JBS USA Finance, Inc.:
5.875%, 7-15-24 (A)		587		603
5.750%, 6-15-25 (A)		135		139
Land O’Lakes Capital Trust I,
7.450%, 3-15-28 (A)		349		374
Pilgrim’s Pride Corp.,
5.875%, 9-30-27 (A)		655		660
Post Holdings, Inc.,
5.500%, 3-1-25 (A)		400		404
				2,180

86 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Personal Products – 0.7%
Coty, Inc.,
6.500%, 4-15-26 (A)(C)	$	600	$	587
Total Consumer Staples – 4.4%				3,607
Energy
Coal & Consumable Fuels – 0.6%
CONSOL Energy, Inc.,
6.875%, 6-15-25 (A)		480		484
Integrated Oil & Gas – 0.5%
Apergy Corp.,
6.375%, 5-1-26		396		401
Oil & Gas Drilling – 1.2%
KCA Deutag UK Finance plc,
9.875%, 4-1-22 (A)		475		409
Noble Holding International Ltd.,
7.875%, 2-1-26 (A)		285		264
Shelf Drilling Holdings Ltd.,
8.250%, 2-15-25 (A)		400		379
				1,052
Oil & Gas Equipment & Services – 2.0%
Calfrac Holdings L.P.,
8.500%, 6-15-26 (A)		630		488
Forum Energy Technologies, Inc.,
6.250%, 10-1-21		340		301
Hi-Crush Partners L.P.,
9.500%, 8-1-26 (A)(C)		810		624
Nine Energy Service, Inc.,
8.750%, 11-1-23 (A)		240		248
				1,661
Oil & Gas Exploration & Production – 4.5%
Antero Midstream Partners L.P.,
5.750%, 3-1-27 (A)		288		292
Centennial Resource Production LLC,
6.875%, 4-1-27 (A)		238		240
Chaparral Energy, Inc.,
8.750%, 7-15-23 (A)		719		493
Extraction Oil & Gas, Inc.,
5.625%, 2-1-26 (A)		525		403
Hilcorp Energy I L.P. and Hilcorp Finance Co.,
5.000%, 12-1-24 (A)		650		632
Lonestar Resources America, Inc.,
11.250%, 1-1-23 (A)		492		477
Pioneer Energy Services Corp.,
6.125%, 3-15-22		425		264
Southwestern Energy Co.,
7.500%, 4-1-26		410		418
WildHorse Resource Development Corp.,
6.875%, 2-1-25		490		495
				3,714
Oil & Gas Refining & Marketing – 0.5%
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.),
6.375%, 7-1-26 (C)		420		421

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation – 4.4%
Cheniere Corpus Christi Holdings LLC:
7.000%, 6-30-24	$	525	$	593
5.875%, 3-31-25		115		125
Cheniere Energy Partners L.P.,
5.250%, 10-1-25		235		240
Genesis Energy L.P. and Genesis Energy Finance Corp.,
6.000%, 5-15-23 (C)		550		554
Holly Energy Partners L.P. and Holly Energy Finance Corp.,
6.000%, 8-1-24 (A)		395		407
Rose Rock Midstream L.P. and Rose Rock Finance Corp.:
5.625%, 7-15-22		600		593
5.625%, 11-15-23		154		145
Summit Midstream Holdings LLC and Summit Midstream Finance Corp.,
5.500%, 8-15-22		500		495
USA Compression Partners L.P.,
6.875%, 4-1-26		351		359
USA Compression Partners L.P. and USA Compression Finance Corp.,
6.875%, 9-1-27 (A)		119		121
				3,632
Total Energy – 13.7%				11,365
Financials
Consumer Finance – 3.5%
Credit Acceptance Corp.,
6.625%, 3-15-26 (A)		352		357
Enova International, Inc.:
8.500%, 9-1-24 (A)		500		470
8.500%, 9-15-25 (A)		351		328
FirstCash, Inc.,
5.375%, 6-1-24 (A)		420		429
Quicken Loans, Inc.,
5.750%, 5-1-25 (A)		500		501
Springleaf Finance Corp.:
6.875%, 3-15-25		600		620
7.125%, 3-15-26		165		168
				2,873
Financial Exchanges & Data – 1.4%
Donnelley Financial Solutions, Inc.,
8.250%, 10-15-24		566		570
Refinitiv U.S. Holdings, Inc.,
8.250%, 11-15-26 (A)		615		604
				1,174
Investment Banking & Brokerage – 0.7%
LPL Holdings, Inc.,
5.750%, 9-15-25 (A)		575		582
Mortgage REITs – 1.0%
iStar, Inc.:
6.000%, 4-1-22		150		150
5.250%, 9-15-22		419		413
Starwood Property Trust, Inc.,
4.750%, 3-15-25		298		297
				860

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Property & Casualty Insurance – 0.5%
Amwins Group, Inc.,
7.750%, 7-1-26 (A)	$	430	$	430
Specialized Finance – 3.5%
CTR Partnership L.P. and CareTrust Capital Corp. (GTD by CareTrust REIT),
5.250%, 6-1-25		446		448
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.,
6.020%, 6-15-26 (A)		995		1,070
FS Energy and Power Fund,
7.500%, 8-15-23 (A)		466		478
Navient Corp.,
5.625%, 8-1-33		750		574
UPCB Finance IV Ltd.,
5.375%, 1-15-25 (A)		325		330
				2,900
Total Financials – 10.6%				8,819
Health Care
Health Care Equipment – 0.4%
Hologic, Inc.,
4.375%, 10-15-25 (A)		325		323
Health Care Facilities – 3.4%
DaVita HealthCare Partners, Inc.,
5.125%, 7-15-24		625		617
HCA, Inc. (GTD by HCA Holdings, Inc.):
6.500%, 2-15-20		375		386
5.375%, 2-1-25		825		874
5.250%, 6-15-26		300		322
MEDNAX, Inc.,
5.250%, 12-1-23 (A)		621		629
				2,828
Health Care Supplies – 0.5%
Ortho-Clinical Diagnostics,
6.625%, 5-15-22 (A)		482		457
Managed Health Care – 0.2%
Centene Corp.,
4.750%, 1-15-25		140		143
Pharmaceuticals – 1.7%
Bausch Health Cos., Inc.,
5.875%, 5-15-23 (A)		960		970
Par Pharmaceutical, Inc.,
7.500%, 4-1-27 (A)		400		405
				1,375
Total Health Care – 6.2%				5,126
Industrials
Building Products – 0.7%
Standard Industries, Inc.,
6.000%, 10-15-25 (A)		575		602

2019 SEMIANNUAL REPORT 87

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Construction & Engineering – 0.7%
Tutor Perini Corp.,
6.875%, 5-1-25 (A)	$	550	$	548
Construction Machinery & Heavy Trucks – 0.6%
J.B. Poindexter & Co., Inc.,
7.125%, 4-15-26 (A)		520		521
Diversified Support Services – 0.5%
Ahern Rentals, Inc.,
7.375%, 5-15-23 (A)		455		419
Electrical Components & Equipment – 1.3%
Anixter, Inc. (GTD by Anixter International, Inc.),
6.000%, 12-1-25 (A)		290		305
EnerSys,
5.000%, 4-30-23 (A)		605		600
Neon Holdings, Inc.,
10.125%, 4-1-26 (A)		129		132
				1,037
Industrial Machinery – 1.1%
Energizer Gamma Acquisition, Inc.,
6.375%, 7-15-26 (A)		490		502
Terex Corp.,
5.625%, 2-1-25 (A)		426		424
				926
Marine Ports & Services – 0.5%
Great Lakes Dredge & Dock Corp.,
8.000%, 5-15-22		425		446
Security & Alarm Services – 1.5%
ADT Corp. (The),
4.125%, 6-15-23		421		406
Garda World Security Corp.,
8.750%, 5-15-25 (A)		420		400
Prime Security Services Borrower LLC and Prime Finance, Inc.:
5.250%, 4-15-24 (A)		99		99
5.750%, 4-15-26 (A)		338		338
				1,243
Trading Companies & Distributors – 1.5%
Central Garden & Pet Co.,
5.125%, 2-1-28		450		413
H&E Equipment Services, Inc.,
5.625%, 9-1-25 (C)		415		414
Jurassic Holdings III, Inc.,
6.875%, 2-15-21 (A)		435		411
				1,238
Total Industrials – 8.4%				6,980
Information Technology
Application Software – 1.7%
CDK Global, Inc.,
5.875%, 6-15-26		398		416
Delta Merger Sub, Inc.,
6.000%, 9-15-26		555		563

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Application Software (Continued)
SS&C Technologies Holdings, Inc.,
5.500%, 9-30-27 (A)	$	422	$	426
				1,405
Data Processing & Outsourced Services – 0.8%
Alliance Data Systems Corp.,
5.875%, 11-1-21 (A)		600		613
Harland Clarke Holdings Corp.,
8.375%, 8-15-22 (A)		83		75
				688
Electronic Equipment & Instruments – 0.6%
Diebold, Inc.,
8.500%, 4-15-24 (C)		525		467
Semiconductor Equipment – 0.5%
Amkor Technology, Inc.,
6.625%, 9-15-27 (A)		373		379
Technology Distributors – 0.7%
Ingram Micro, Inc.,
5.450%, 12-15-24 (D)		632		627
Technology Hardware, Storage & Peripherals – 1.0%
Inception Parent, Inc., Inception Merger Sub, Inc. and Rackspace Hosting, Inc.,
8.625%, 11-15-24 (A)(C)		465		414
Seagate HDD Cayman (GTD by Seagate Technology plc),
4.750%, 1-1-25		440		430
				844
Total Information Technology – 5.3%				4,410
Materials
Aluminum – 0.6%
Novelis Corp. (GTD by Novelis, Inc.),
6.250%, 8-15-24 (A)		475		486
Commodity Chemicals – 1.2%
Entegris, Inc.,
4.625%, 2-10-26 (A)		232		230
NOVA Chemicals Corp.,
5.000%, 5-1-25 (A)		575		563
Trinseo Materials Operating SCA and Trinseo Materials Finance, Inc.,
5.375%, 9-1-25 (A)		180		171
				964
Diversified Metals & Mining – 3.5%
Cliffs Natural Resources, Inc.,
5.750%, 3-1-25		529		506
Eco Oro Minerals Corp.,
5.750%, 12-1-25 (A)		680		682
First Quantum Minerals Ltd.:
7.250%, 4-1-23 (A)		285		278
6.500%, 3-1-24 (A)		409		385

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Metals & Mining (Continued)
FMG Resources August 2006 Partners Ltd.,
5.125%, 3-15-23 (A)	$	475	$	477
Freeport-McMoRan, Inc.,
3.875%, 3-15-23		556		548
				2,876
Fertilizers & Agricultural Chemicals – 0.4%
OCI N.V.,
6.625%, 4-15-23 (A)		350		363
Metal & Glass Containers – 1.2%
Crown Americas LLC and Crown Americas Capital Corp. IV,
4.500%, 1-15-23		225		227
Crown Cork & Seal Co., Inc.,
7.375%, 12-15-26		294		327
Owens-Brockway Glass Container, Inc.,
5.375%, 1-15-25 (A)		463		471
				1,025
Paper Packaging – 1.2%
Cascades, Inc.:
5.500%, 7-15-22 (A)		185		186
5.750%, 7-15-23 (A)		230		229
Intertape Polymer Group, Inc.,
7.000%, 10-15-26 (A)		495		507
Sealed Air Corp.,
5.125%, 12-1-24 (A)		76		79
				1,001
Specialty Chemicals – 0.6%
Rayonier A.M. Products, Inc.,
5.500%, 6-1-24 (A)		545		512
Steel – 1.6%
Commercial Metals Co.,
5.750%, 4-15-26		332		331
SunCoke Energy Partners L.P. and SunCoke Energy Partners Finance Corp.,
7.500%, 6-15-25 (A)		607		615
U.S. Steel Corp.,
6.875%, 8-15-25		337		329
				1,275
Total Materials – 10.3%				8,502
Real Estate
Health Care REITs – 1.3%
MPT Operating Partnership L.P. and MPT Finance Corp. (GTD by Medical Properties Trust, Inc.),
5.000%, 10-15-27		535		545
Sabra Health Care L.P.,
5.125%, 8-15-26		525		514
				1,059

88 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrial REITs – 1.4%
Avolon Holdings Funding Ltd.:
5.125%, 10-1-23 (A)	$	425	$	433
5.250%, 5-15-24 (A)		109		112
Kennedy-Wilson, Inc. (GTD by Kennedy-Wilson Holdings, Inc.),
5.875%, 4-1-24		650		646
				1,191
Real Estate Services – 1.1%
Newmark Group, Inc.,
6.125%, 11-15-23		415		428
Realogy Group LLC and Realogy Co-Issuer Corp.,
4.875%, 6-1-23 (A)(C)		499		464
				892
Specialized REITs – 1.2%
GEO Group, Inc. (The):
5.125%, 4-1-23		430		381
5.875%, 10-15-24		250		218
Iron Mountain, Inc.,
4.875%, 9-15-27 (A)		455		437
				1,036
Total Real Estate – 5.0%				4,178

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Utilities
Independent Power Producers & Energy Traders – 0.8%
Pattern Energy Group, Inc. (GTD by Pattern U.S. Finance Co. LLC),
5.875%, 2-1-24 (A)	$	614	$	625
Multi-Utilities – 0.7%
MGE Energy Corp.,
6.500%, 1-15-25 (A)		611		602
Total Utilities – 1.5%				1,227
TOTAL CORPORATE DEBT SECURITIES – 92.6%			$	76,724
(Cost: $77,761)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 5.4%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.710%, 4-5-19 (E)	$	4,478	$	4,478
Money Market Funds – 1.9%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
2.360%, (F)(G)		1,552		1,552
TOTAL SHORT-TERM SECURITIES – 7.3%			$	6,030
(Cost: $6,030)
TOTAL INVESTMENT SECURITIES – 100.1%			$	82,946
(Cost: $83,985)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1)%				(60	)
NET ASSETS – 100.0%			$	82,886

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, 2019 the total value of these securities amounted to $46,530 or 56.1% of net assets.

(B) All or a portion of securities with an aggregate value of $2,081 are on loan.

(C) 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, 2019.

(D) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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.

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

(F) Rate shown is the annualized 7-day yield at March 31, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	—	$	192	$	—
Corporate Debt Securities		—		76,724		—
Short-Term Securities		1,552		4,478		—
Total	$	1,552	$	81,394	$	—

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.

2019 SEMIANNUAL REPORT 89

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF MARCH 31, 2019 (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(1)
ASSETS
Investments in unaffiliated securities at value+^	$	458,329	$	483,887		$	27,997	$	1,317,106		$	889,776		$	37,671		$	324,705		$	160,547
Investments at Value		458,329		483,887			27,997		1,317,106			889,776			37,671			324,705			160,547
Cash		244		546			1		1,934			—	*		1			1			1
Cash denominated in foreign currencies at value+		7,036		6,224			—		—			—			—			—			1,921
Investment securities sold receivable		2,529		1,935			—		—			1,457			—			—			3,202
Dividends and interest receivable		3,881		5,797			310		2,617			7,357			376			1,512			608
Capital shares sold receivable		473		603			16		21,430			311			71			135			151
Receivable from affiliates		400		523			88		—			—			102			80			240
Unrealized appreciation on forward foreign currency contracts		616		625			—		—			—			—			—			—
Swap agreements, at value		138		140			—		—			—			—			—			—
Receivable from securities lending income – net		6		3			—		—			1			—	*		—			8
Prepaid and other assets		47		53			30		108			79			65			63			55
Total Assets		473,699		500,336			28,442		1,343,195			898,981			38,286			326,496			166,733
LIABILITIES
Cash collateral on securities loaned at value		4,021		4,457			—		—			1,963			507			—			2,761
Investment securities purchased payable		3,364		4,447			—		—			—			1,028			—			2,318
Capital shares redeemed payable		1,218		617			6		24,063			2,109			12			650			128
Distributions payable		—		—			9		297			—			—			67			—
Independent Trustees and Chief Compliance Officer fees payable		10		9			1		169			226			1			77			2
Distribution and service fees payable		4		3			1		—	*		7			—	*		1			1
Shareholder servicing payable		85		76			3		490			185			4			43			16
Investment management fee payable		27		27			1		36			35			2			13			13
Accounting services fee payable		11		12			2		22			19			2			11			6
Swap agreements, at value		3		3			—		—			—			—			—			—
Other liabilities		30		30			7		33			33			19			20			23
Total Liabilities		8,773		9,681			30		25,110			4,577			1,575			882			5,268
Commitments and Contingencies (See Note 2 and Note 10)
Total Net Assets	$	464,926	$	490,655		$	28,412	$	1,318,085		$	894,404		$	36,711		$	325,614		$	161,465
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	447,949	$	498,749		$	27,914	$	1,318,083		$	895,040		$	37,529		$	333,815		$	175,118
Accumulated earnings gain (loss)		16,977		(8,094	)		498		2			(636	)		(818	)		(8,201	)		(13,653	)
Total Net Assets	$	464,926	$	490,655		$	28,412	$	1,318,085		$	894,404		$	36,711		$	325,614		$	161,465
CAPITAL SHARES OUTSTANDING:
Class A		11,654		11,947			1,260		1,316,141			55,696			1,161			12,524			1,433
Class B		N/A		N/A			N/A		579			101			N/A			45			N/A
Class C		1,466		594			176		1,363			621			N/A			260			161
Class E		N/A		N/A			N/A		N/A			40			50			46			N/A
Class I		30,418		31,659			1,216		N/A			83,302			2,298			16,704			6,123
Class N		371		4,641			N/A		N/A			4,472			50			30,467			6,866
Class R		N/A		N/A			N/A		N/A			40			50			46			N/A
Class Y		532		711			126		N/A			40			100			46			150
NET ASSET VALUE PER SHARE:
Class A		$10.46		$9.90			$10.23		$1.00			$6.20			$9.90			$5.41			$10.94
Class B		N/A		N/A			N/A		$1.00			$6.19			N/A			$5.41			N/A
Class C		$10.46		$9.89			$10.23		$1.00			$6.19			N/A			$5.41			$10.88
Class E		N/A		N/A			N/A		N/A			$6.20			$9.90			$5.41			N/A
Class I		$10.46		$9.90			$10.23		N/A			$6.20			$9.90			$5.41			$10.97
Class N		$10.47		$9.90			N/A		N/A			$6.20			$9.90			$5.41			$10.96
Class R		N/A		N/A			N/A		N/A			$6.19			$9.89			$5.41			N/A
Class Y		$10.46		$9.90			$10.23		N/A			$6.20			$9.90			$5.41			$10.94
+COST
Investments in unaffiliated securities at cost	$	442,790	$	489,774		$	27,385	$	1,317,106		$	873,845		$	37,596		$	324,062		$	162,586
Cash denominated in foreign currencies at cost		6,997		6,185			—		—			—			—			—			1,933
^Securities loaned at value		8,142		7,518			—		—			1,912			494			—			10,058

* Not shown due to rounding.

(1) Effective February 21, 2019, the Fund’s name changed from Ivy IG International Small Cap Fund to Ivy International Small Cap Fund.

See Accompanying Notes to Financial Statements.

90 SEMIANNUAL REPORT 2019

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF MARCH 31, 2019 (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+^	$	135,051		$	222,793		$	82,946
Investments at Value		135,051			222,793			82,946
Cash		—			325			1
Cash denominated in foreign currencies at value+		540			4,733			—
Restricted cash		3,394			1,590			—
Investment securities sold receivable		595			1,402			959
Dividends and interest receivable		2,281			2,558			1,393
Capital shares sold receivable		115			133			159
Receivable from affiliates		247			262			111
Unrealized appreciation on forward foreign currency contracts		3,495			1,884			—
Swap agreements, at value		1,136			—			—
Receivable from securities lending income – net		1			1			2
Variation margin receivable		10			94			—
Prepaid and other assets		62			52			47
Total Assets		146,927			235,827			85,618
LIABILITIES
Cash collateral on securities loaned at value		2,553			1,207			1,552
Investment securities purchased payable		613			2,157			1,046
Capital shares redeemed payable		87			276			100
Independent Trustees and Chief Compliance Officer fees payable		2			4			1
Overdraft due to custodian		1,110			—			—
Distribution and service fees payable		1			1			—	*
Shareholder servicing payable		19			26			10
Investment management fee payable		8			17			4
Accounting services fee payable		6			8			4
Unrealized depreciation on forward foreign currency contracts		5,344			212			—
Swap agreements, at value		680			465			—
Variation margin payable		54			383			—
Written options at value+		—			733			—
Other liabilities		80			27			15
Total Liabilities		10,557			5,516			2,732
Commitments and Contingencies (See Note 2 and Note 10)
Total Net Assets	$	136,370		$	230,311		$	82,886
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	148,988		$	233,263		$	84,873
Accumulated earnings loss		(12,618	)		(2,952	)		(1,987	)
Total Net Assets	$	136,370		$	230,311		$	82,886
CAPITAL SHARES OUTSTANDING:
Class A		1,246			2,194			820
Class C		230			417			N/A
Class E		200			N/A			N/A
Class I		9,504			12,656			4,727
Class N		4,300			7,699			2,901
Class R		200			N/A			50
Class Y		331			350			N/A
NET ASSET VALUE PER SHARE:
Class A		$8.47			$9.85			$9.75
Class C		$8.28			$9.77			N/A
Class E		$8.48			N/A			N/A
Class I		$8.53			$9.88			$9.75
Class N		$8.53			$9.89			$9.75
Class R		$8.40			N/A			$9.75
Class Y		$8.47			$9.85			N/A
+COST
Investments in unaffiliated securities at cost	$	140,223		$	222,218		$	83,985
Cash denominated in foreign currencies at cost		541			4,684			—
Written options premiums received at cost		—			864			—
^Securities loaned at value		2,332			1,160			2,081

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 91

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED MARCH 31, 2019 (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(1)
INVESTMENT INCOME
Dividends from unaffiliated securities	$	3,585		$	251		$	—		$	—		$	7		$	—		$	—		$	1,315
Foreign dividend withholding tax		(210	)		—			—			—			—			—			—			(81	)
Interest and amortization from unaffiliated securities		8,395			13,160			472			16,963			16,502			752			4,450			44
Securities lending income – net		62			51			—			—			7			2			1			37
Total Investment Income		11,832			13,462			472			16,963			16,516			754			4,451			1,315
EXPENSES
Investment management fee		1,633			1,656			71			2,216			2,158			87			892			802
Distribution and service fees:
Class A		152			145			15			—			434			14			86			19
Class B		N/A			N/A			N/A			3			3			N/A			2			N/A
Class C		75			29			9			7			19			N/A			5			9
Class E		N/A			N/A			N/A			N/A			—	*		1			—	*		N/A
Class R		N/A			N/A			N/A			N/A			1			1			1			N/A
Class Y		7			9			2			N/A			—	*		1			—	*		3
Shareholder servicing:
Class A		118			78			3			2,090			409			2			93			12
Class B		N/A			N/A			N/A			—	*		4			N/A			2			N/A
Class C		14			8			—	*		2			7			N/A			2			1
Class E		N/A			N/A			N/A			N/A			—	*		—	*		—	*		N/A
Class I		267			256			9			N/A			432			17			100			57
Class N		—	*		2			N/A			N/A			2			—	*		9			4
Class R		N/A			N/A			N/A			N/A			—	*		1			—	*		N/A
Class Y		4			6			1			N/A			—	*		1			—	*		2
Registration fees		46			47			29			96			70			44			60			42
Custodian fees		29			26			1			8			9			1			5			26
Independent Trustees and Chief Compliance Officer fees		10			11			1			20			2			1			1			4
Accounting services fee		69			70			14			128			114			15			64			35
Professional fees		48			48			29			22			31			36			19			33
Other		51			38			8			43			59			11			26			33
Total Expenses		2,523			2,429			192			4,635			3,754			233			1,367			1,082
Less:
Expenses in excess of limit		(400	)		(523	)		(88	)		—			—			(102	)		(79	)		(240	)
Total Net Expenses		2,123			1,906			104			4,635			3,754			131			1,288			842
Net Investment Income		9,709			11,556			368			12,328			12,762			623			3,163			473
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		3,926			(1,974	)		1			1			(9,889	)		(542	)		(1,260	)		(9,760	)
Swap agreements		(17	)		(16	)		—			—			—			—			—			—
Forward foreign currency contracts		286			256			—			—			—			—			—			—
Foreign currency exchange transactions		(61	)		(37	)		—			—			—			—			—			(4	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(11,896	)		684			669			—			37,915			1,586			13,874			(7,860	)
Swap agreements		3			3			—			—			—			—			—			—
Forward foreign currency contracts		375			393			—			—			—			—			—			—
Foreign currency exchange transactions		37			37			—			—			—			—			—			1
Net Realized and Unrealized Gain (Loss)		(7,347	)		(654	)		670			1			28,026			1,044			12,614			(17,623	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,362		$	10,902		$	1,038		$	12,329		$	40,788		$	1,667		$	15,777		$	(17,150	)

* Not shown due to rounding.

(1) Effective February 21, 2019, the Fund’s name changed from Ivy IG International Small Cap Fund to Ivy International Small Cap Fund.

See Accompanying Notes to Financial Statements.

92 SEMIANNUAL REPORT 2019

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED MARCH 31, 2019 (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	$	4,402		$	3,776		$	2,662
Foreign interest withholding tax		(41	)		(1	)		—
Securities lending income – net		5			3			14
Total Investment Income		4,366			3,778			2,676
EXPENSES
Investment management fee		521			1,051			257
Distribution and service fees:
Class A		14			26			10
Class C		10			20			N/A
Class E		2			N/A			N/A
Class R		4			N/A			1
Class Y		3			4			N/A
Shareholder servicing:
Class A		9			10			3
Class C		—	*		1			N/A
Class E		—	*		N/A			N/A
Class I		71			107			40
Class N		2			4			1
Class R		2			N/A			1
Class Y		2			3			N/A
Registration fees		46			44			33
Custodian fees		58			36			3
Independent Trustees and Chief Compliance Officer fees		3			5			2
Accounting services fee		34			46			23
Professional fees		45			39			32
Other		23			26			14
Total Expenses		849			1,422			420
Less:
Expenses in excess of limit		(247	)		(262	)		(111	)
Total Net Expenses		602			1,160			309
Net Investment Income		3,764			2,618			2,367
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		(1,702	)		(6,822	)		(771	)
Futures contracts		(171	)		(1,075	)		—
Written options		5			1,930			—
Swap agreements		(147	)		208			—
Forward foreign currency contracts		(582	)		4,018			—
Foreign currency exchange transactions		(718	)		4,389			—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		4,593			5,948			321
Futures contracts		(67	)		(2,327	)		—
Written options		—			(201	)		—
Swap agreements		(237	)		(2,073	)		—
Forward foreign currency contracts		(253	)		1,436			—
Foreign currency exchange transactions		(14	)		(146	)		—
Net Realized and Unrealized Gain (Loss)		707			5,285			(450	)
Net Increase in Net Assets Resulting from Operations	$	4,471		$	7,903		$	1,917

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 93

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 3-31-19 (Unaudited)			Year ended 9-30-18			Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18			Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	9,709		$	21,544		$	11,556		$	22,281		$	368		$	623
Net realized gain (loss) on investments		4,134			13,394			(1,771	)		331			1			(125	)
Net change in unrealized appreciation (depreciation)		(11,481	)		(10,112	)		1,117			(13,793	)		669			(303	)
Net Increase in Net Assets Resulting from Operations		2,362			24,826			10,902			8,819			1,038			195
Distributions to Shareholders From:
Net investment income:
Class A					(5,179	)					(4,727	)					(273	)
Class C					(543	)					(238	)					(26	)
Class I					(15,238	)					(13,474	)					(284	)
Class N					(139	)					(2,464	)					N/A
Class Y					(205	)					(345	)					(32	)
Net realized gains:
Class A					(166	)					(650	)					(14	)
Class C					(23	)					(43	)					(2	)
Class I					(463	)					(1,752	)					(13	)
Class N					(4	)					(317	)					N/A
Class Y					(6	)					(48	)					(2	)
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(7,488	)					(3,316	)					(167	)
Class C		(859	)					(147	)					(16	)
Class I		(20,533	)					(9,548	)					(170	)
Class N		(234	)					(1,484	)					N/A
Class Y		(352	)					(206	)					(17	)
Total Distributions to Shareholders		(29,466	)		(21,966	)		(14,701	)		(24,058	)		(370	)		(646	)
Capital Share Transactions		(19,294	)		(64,566	)		(4,603	)		(6,566	)		(297	)		10,394
Net Increase (Decrease) in Net Assets		(46,398	)		(61,706	)		(8,402	)		(21,805	)		371			9,943
Net Assets, Beginning of Period		511,324			573,030			499,057			520,862			28,041			18,098
Net Assets, End of Period	$	464,926		$	511,324		$	490,655		$	499,057		$	28,412		$	28,041
Undistributed net investment income				$	5,642					$	3,127					$	13

See Accompanying Notes to Financial Statements.

94 SEMIANNUAL REPORT 2019

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 3-31-19 (Unaudited)			Year ended 9-30-18			Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18			Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	12,328		$	14,017		$	12,762		$	27,252		$	623		$	1,212
Net realized gain (loss) on investments		1			67			(9,889	)		(5,916	)		(542	)		(387	)
Net change in unrealized appreciation (depreciation)		—			—			37,915			(39,185	)		1,586			(1,824	)
Net Increase (Decrease) in Net Assets Resulting from Operations		12,329			14,084			40,788			(17,849	)		1,667			(999	)
Distributions to Shareholders From:
Net investment income:
Class A					(14,011	)					(9,308	)					(336	)
Class B					(3	)					(10	)					N/A
Class C					(3	)					(86	)					N/A
Class E					N/A						(6	)					(14	)
Class I					N/A						(15,488	)					(684	)
Class N					N/A						(1,556	)					(15	)
Class R					N/A						(5	)					(11	)
Class Y					N/A						(5	)					(28	)
Net realized gains:
Class A					—						—						(113	)
Class B					—						—						N/A
Class C					—						—						N/A
Class E					N/A						—						(5	)
Class I					N/A						—						(191	)
Class N					N/A						—						(4	)
Class R					N/A						—						(4	)
Class Y					N/A						—						(10	)
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(12,318	)					(5,332	)					(242	)
Class B		(3	)					(5	)					N/A
Class C		(7	)					(42	)					N/A
Class E		N/A						(4	)					(10	)
Class I		N/A						(8,803	)					(486	)
Class N		N/A						(631	)					(11	)
Class R		N/A						(3	)					(9	)
Class Y		N/A						(4	)					(21	)
Total Distributions to Shareholders		(12,328	)		(14,017	)		(14,824	)		(26,464	)		(779	)		(1,415	)
Capital Share Transactions		35,116			(98,043	)		(89,256	)		(116,224	)		(1,108	)		6,837
Net Increase (Decrease) in Net Assets		35,117			(97,976	)		(63,292	)		(160,537	)		(220	)		4,423
Net Assets, Beginning of Period		1,282,968			1,380,944			957,696			1,118,233			36,931			32,508
Net Assets, End of Period	$	1,318,085		$	1,282,968		$	894,404		$	957,696		$	36,711		$	36,931
Undistributed (distributions in excess of) net investment income				$	—					$	3,382					$	229

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 95

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Government Securities Fund						Ivy International Small Cap Fund(1)						Ivy Pictet Emerging Markets Local Currency Debt Fund
(In thousands)	Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18			Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18			Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	3,163		$	5,929		$	473		$	1,720		$	3,764		$	6,077
Net realized loss on investments		(1,260	)		(2,732	)		(9,764	)		(1,036	)		(3,315	)		(7,822	)
Net change in unrealized appreciation (depreciation)		13,874			(11,801	)		(7,859	)		(332	)		4,022			(12,998	)
Net Increase (Decrease) in Net Assets Resulting from Operations		15,777			(8,604	)		(17,150	)		352			4,471			(14,743	)
Distributions to Shareholders From:
Net investment income:
Class A					(1,069	)					(22	)					(331	)
Class B					(1	)					N/A						N/A
Class C					(7	)					—						(39	)
Class E					(4	)					N/A						(50	)
Class I					(2,342	)					(99	)					(1,455	)
Class N					(3,146	)					(314	)					(1,499	)
Class R					(3	)					N/A						(43	)
Class Y					(3	)					(3	)					(82	)
Net realized gains:
Class A					—						—						—
Class B					—						N/A						N/A
Class C					—						—						—
Class E					—						N/A						—
Class I					—						(12	)					—
Class N					—						(32	)					—
Class R					—						N/A						—
Class Y					—						—						—
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(564	)					(224	)					—
Class B		(1	)					N/A						N/A
Class C		(4	)					(10	)					—
Class E		(2	)					N/A						—	*
Class I		(1,089	)					(1,137	)					(187	)
Class N		(1,747	)					(1,365	)					(97	)
Class R		(1	)					N/A						—
Class Y		(2	)					(40	)					—
Total Distributions to Shareholders		(3,410	)		(6,575	)		(2,776	)		(482	)		(284	)		(3,499	)
Capital Share Transactions		(62,002	)		(2,145	)		8,455			130,194			(9,717	)		41,031
Net Increase (Decrease) in Net Assets		(49,635	)		(17,324	)		(11,471	)		130,064			(5,530	)		22,789
Net Assets, Beginning of Period		375,249			392,573			172,936			42,872			141,900			119,111
Net Assets, End of Period	$	325,614		$	375,249		$	161,465		$	172,936		$	136,370		$	141,900
Undistributed (distributions in excess of) net investment income				$	28					$	1,590					$	(3,136	)

* Not shown due to rounding.

(1) Effective February 21, 2019, the Fund’s name changed from Ivy IG International Small Cap Fund to Ivy International Small Cap Fund.

See Accompanying Notes to Financial Statements.

96 SEMIANNUAL REPORT 2019

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Pictet Targeted Return Bond Fund						Ivy PineBridge High Yield Fund
(In thousands)	Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18			Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	2,618		$	4,612		$	2,367		$	4,065
Net realized gain (loss) on investments		2,648			7,183			(771	)		(414	)
Net change in unrealized appreciation (depreciation)		2,637			(11,914	)		321			(1,927	)
Net Increase (Decrease) in Net Assets Resulting from Operations		7,903			(119	)		1,917			1,724
Distributions to Shareholders From:
Net investment income:
Class A					(134	)					(369	)
Class C					(22	)					N/A
Class I					(817	)					(1,911	)
Class N					(1,116	)					(1,776	)
Class R					N/A						(22	)
Class Y					(24	)					N/A
Net realized gains:
Class A					—						(23	)
Class C					—						N/A
Class I					—						(96	)
Class N					—						(110	)
Class R					N/A						(1	)
Class Y					—						N/A
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(1,003	)					(220	)
Class C		(169	)					N/A
Class I		(6,359	)					(1,336	)
Class N		(4,192	)					(866	)
Class R		N/A						(13	)
Class Y		(171	)					N/A
Total Distributions to Shareholders		(11,894	)		(2,113	)		(2,435	)		(4,308	)
Capital Share Transactions		(6,226	)		(51,077	)		(3,577	)		26,039
Net Increase (Decrease) in Net Assets		(10,217	)		(53,309	)		(4,095	)		23,455
Net Assets, Beginning of Period		240,528			293,837			86,981			63,526
Net Assets, End of Period	$	230,311		$	240,528		$	82,886		$	86,981
Undistributed net investment income				$	6,666					$	356

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 97

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 3-31-2019 (unaudited)	$	11.07	$	0.20	$	(0.16	)	$	0.04	$	(0.31	)	$	(0.34	)	$	(0.65	)
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(5)		10.00		0.37		0.31			0.68		(0.23	)		—	*		(0.23	)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		11.07		0.16		(0.15	)		0.01		(0.28	)		(0.34	)		(0.62	)
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(5)		10.00		0.28		0.33			0.61		(0.15	)		—	*		(0.15	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		11.07		0.23		(0.16	)		0.07		(0.34	)		(0.34	)		(0.68	)
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(5)		10.00		0.39		0.32			0.71		(0.25	)		—	*		(0.25	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		11.08		0.22		(0.15	)		0.07		(0.34	)		(0.34	)		(0.68	)
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(5)		10.00		0.38		0.33			0.71		(0.25	)		—	*		(0.25	)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		11.07		0.20		(0.15	)		0.05		(0.32	)		(0.34	)		(0.66	)
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(5)		10.00		0.34		0.34			0.68		(0.23	)		—	*		(0.23	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

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

98 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	10.46		0.71	%	$	122		1.20	%(4)		3.90	%(4)		1.25	%(4)		3.85	%(4)		26	%
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(5)		10.45		6.85			95		1.30	(4)(7)		3.69	(4)		1.41	(4)		3.58	(4)		63	(6)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		10.46		0.35			15		1.94	(4)		3.16	(4)		1.99	(4)		3.11	(4)		26
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(5)		10.46		6.14			14		2.06	(4)(8)		2.78	(4)		—			—			63	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		10.46		0.92			318		0.75	(4)		4.35	(4)		0.97	(4)		4.13	(4)		26
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(5)		10.46		7.25			255		0.98	(4)(9)		3.80	(4)		—			—			63	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		10.47		0.84			4		0.75	(4)		4.33	(4)		0.83	(4)		4.25	(4)		26
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(5)		10.46		7.26			3		0.94	(4)(10)		3.73	(4)		—			—			63	(6)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		10.46		0.72			6		1.16	(4)		3.92	(4)		1.21	(4)		3.87	(4)		26
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(5)		10.45		6.90			4		1.25	(4)(11)		3.31	(4)		1.33	(4)		3.23	(4)		63	(6)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 99

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 3-31-2019 (unaudited)	$	9.97	$	0.22	$	0.00	*	$	0.22	$	(0.26	)	$	(0.03	)	$	(0.29	)
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(5)		10.00		0.34		0.18			0.52		(0.26	)		—			(0.26	)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		9.97		0.18		(0.01	)		0.17		(0.22	)		(0.03	)		(0.25	)
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(5)		10.00		0.27		0.19			0.46		(0.20	)		—			(0.20	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.98		0.24		(0.01	)		0.23		(0.28	)		(0.03	)		(0.31	)
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(5)		10.00		0.39		0.17			0.56		(0.29	)		—			(0.29	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		9.98		0.24		(0.01	)		0.23		(0.28	)		(0.03	)		(0.31	)
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(5)		10.00		0.34		0.22			0.56		(0.29	)		—			(0.29	)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		9.97		0.22		0.00	*		0.22		(0.26	)		(0.03	)		(0.29	)
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(5)		10.00		0.33		0.20			0.53		(0.27	)		—			(0.27	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

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

100 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	9.90		2.19	%	$	118		1.06	%(4)		4.46	%(4)		1.16	%(4)		4.36	%(4)		23	%
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(5)		10.26		5.35			95		1.15	(4)(7)		3.36	(4)		1.26	(4)		3.25	(4)		42	(6)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		9.89		1.72			6		1.85	(4)		3.68	(4)		2.05	(4)		3.48	(4)		23
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(5)		10.26		4.66			8		1.84	(4)(8)		2.71	(4)		1.96	(4)		2.59	(4)		42	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.90		2.31			314		0.67	(4)		4.85	(4)		0.94	(4)		4.58	(4)		23
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(5)		10.27		5.75			184		0.85	(4)(9)		3.91	(4)		0.98	(4)		3.78	(4)		42	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		9.90		2.31			46		0.67	(4)		4.86	(4)		0.79	(4)		4.74	(4)		23
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(5)		10.27		5.75			6		0.84	(4)(10)		3.44	(4)		—			—			42	(6)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		9.90		2.20			7		1.03	(4)		4.50	(4)		1.18	(4)		4.35	(4)		23
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(5)		10.26		5.39			6		1.10	(4)(11)		3.31	(4)		1.23	(4)		3.18	(4)		42	(6)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 101

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 3-31-2019 (unaudited)	$	9.98	$	0.13	$	0.25		$	0.38		$	(0.13	)	$	—		$	(0.13	)
Year ended 9-30-2018		10.16		0.26		(0.16	)		0.10			(0.26	)		(0.02	)		(0.28	)
Year ended 9-30-2017(5)		10.00		0.26		0.14			0.40			(0.24	)		—			(0.24	)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		9.98		0.09		0.25			0.34			(0.09	)		—			(0.09	)
Year ended 9-30-2018		10.16		0.17		(0.17	)		0.00	*		(0.16	)		(0.02	)		(0.18	)
Year ended 9-30-2017(5)		10.00		0.19		0.16			0.35			(0.19	)		—			(0.19	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.98		0.14		0.25			0.39			(0.14	)		—			(0.14	)
Year ended 9-30-2018		10.16		0.28		(0.16	)		0.12			(0.28	)		(0.02	)		(0.30	)
Year ended 9-30-2017(5)		10.00		0.28		0.13			0.41			(0.25	)		—			(0.25	)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		9.98		0.13		0.25			0.38			(0.13	)		—			(0.13	)
Year ended 9-30-2018		10.16		0.25		(0.15	)		0.10			(0.26	)		(0.02	)		(0.28	)
Year ended 9-30-2017(5)		10.00		0.25		0.15			0.40			(0.24	)		—			(0.24	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

102 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	10.23		3.89	%	$	13		0.80	%(4)		2.69	%(4)		1.42	%(4)		2.07	%(4)		3	%
Year ended 9-30-2018		9.98		0.89			14		0.78			2.56			1.32			2.02			10
Year ended 9-30-2017(5)		10.16		4.17			8		0.60	(4)		2.62	(4)		1.12	(4)		2.10	(4)		7	(6)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		10.23		3.45			2		1.66	(4)		1.84	(4)		2.18	(4)		1.32	(4)		3
Year ended 9-30-2018		9.98		-0.07			2		1.63			1.70			2.08			1.25			10
Year ended 9-30-2017(5)		10.16		3.53			2		1.33	(4)		1.88	(4)		1.85	(4)		1.36	(4)		7	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		10.23		3.99			12		0.60	(4)		2.90	(4)		1.30	(4)		2.20	(4)		3
Year ended 9-30-2018		9.98		1.10			11		0.58			2.74			1.20			2.12			10
Year ended 9-30-2017(5)		10.16		4.31			7		0.43	(4)		2.87	(4)		0.95	(4)		2.35	(4)		7	(6)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		10.23		3.89			1		0.80	(4)		2.69	(4)		1.53	(4)		1.96	(4)		3
Year ended 9-30-2018		9.98		0.93			1		0.78			2.56			1.44			1.90			10
Year ended 9-30-2017(5)		10.16		4.09			1		0.60	(4)		2.54	(4)		1.23	(4)		1.91	(4)		7	(6)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 103

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 3-31-2019 (unaudited)	$	1.00	$	0.01		$	0.00	*	$	0.01		$	(0.01	)	$	—	$	(0.01	)
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	*		—	*		—		—	*
Year ended 9-30-2015		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2014		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Class B Shares(5)
Six-month period ended 3-31-2019 (unaudited)		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	*		—	*		—		—	*
Year ended 9-30-2015		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2014		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Class C Shares(5)
Six-month period ended 3-31-2019 (unaudited)		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
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	*		—	*		—		—	*
Year ended 9-30-2015		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*
Year ended 9-30-2014		1.00		0.00	*		0.00	*		0.00	*		—	*		—		—	*

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

104 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	1.00		0.94	%	$	1,316		0.71	%(4)		1.88	%(4)		—	%		—	%
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
Year ended 9-30-2015		1.00		0.02			1,350		0.19			0.02			0.80			-0.59
Year ended 9-30-2014		1.00		0.02			1,271		0.17			0.02			0.79			-0.60
Class B Shares(5)
Six-month period ended 3-31-2019 (unaudited)		1.00		0.52			1		1.53	(4)		1.06	(4)		—			—
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
Year ended 9-30-2015		1.00		0.02			1		0.19			0.02			1.79			-1.58
Year ended 9-30-2014		1.00		0.02			1		0.17			0.02			1.99			-1.80
Class C Shares(5)
Six-month period ended 3-31-2019 (unaudited)		1.00		0.45			1		1.66	(4)		0.94	(4)		—			—
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
Year ended 9-30-2015		1.00		0.02			5		0.18			0.02			1.59			-1.39
Year ended 9-30-2014		1.00		0.02			5		0.17			0.02			1.59			-1.40

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 105

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY CORPORATE BOND FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 3-31-2019 (unaudited)	$	6.02	$	0.08	$	0.19		$	0.27		$	(0.09	)	$	—		$	(0.09	)
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	)
Year ended 9-30-2015		6.34		0.13		(0.03	)		0.10			(0.14	)		—			(0.14	)
Year ended 9-30-2014		6.33		0.16		0.03			0.19			(0.18	)		—			(0.18	)
Class B Shares(5)
Six-month period ended 3-31-2019 (unaudited)		6.01		0.03		0.19			0.22			(0.04	)		—			(0.04	)
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	)
Year ended 9-30-2015		6.34		0.05		(0.04	)		0.01			(0.06	)		—			(0.06	)
Year ended 9-30-2014		6.33		0.08		0.03			0.11			(0.10	)		—			(0.10	)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		6.01		0.05		0.20			0.25			(0.07	)		—			(0.07	)
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	)
Year ended 9-30-2015		6.34		0.07		(0.03	)		0.04			(0.09	)		—			(0.09	)
Year ended 9-30-2014		6.33		0.10		0.03			0.13			(0.12	)		—			(0.12	)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		6.01		0.09		0.20			0.29			(0.10	)		—			(0.10	)
Year ended 9-30-2018(6)		6.28		0.16		(0.29	)		(0.13	)		(0.14	)		—			(0.14	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		6.02		0.09		0.19			0.28			(0.10	)		—			(0.10	)
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	)
Year ended 9-30-2015		6.35		0.15		(0.04	)		0.11			(0.16	)		—			(0.16	)
Year ended 9-30-2014		6.34		0.18		0.03			0.21			(0.20	)		—			(0.20	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		6.01		0.09		0.20			0.29			(0.10	)		—			(0.10	)
Year ended 9-30-2018(6)		6.28		0.17		(0.28	)		(0.11	)		(0.16	)		—			(0.16	)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		6.01		0.07		0.19			0.26			(0.08	)		—			(0.08	)
Year ended 9-30-2018(6)		6.28		0.13		(0.28	)		(0.15	)		(0.12	)		—			(0.12	)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		6.01		0.08		0.20			0.28			(0.09	)		—			(0.09	)
Year ended 9-30-2018(6)		6.28		0.15		(0.29	)		(0.14	)		(0.13	)		—			(0.13	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

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

106 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	6.20		4.59	%	$	345			1.02	%(4)		2.61	%(4)		—	%		—	%		32	%
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
Year ended 9-30-2015		6.30		1.66			1,206			0.95			2.02			0.96			2.01			58
Year ended 9-30-2014		6.34		3.03			1,239			0.96			2.58			0.97			2.57			18
Class B Shares(5)
Six-month period ended 3-31-2019 (unaudited)		6.19		3.71			1			2.58	(4)		1.06	(4)		—			—			32
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
Year ended 9-30-2015		6.29		0.21			3			2.26			0.73			—			—			58
Year ended 9-30-2014		6.34		1.70			4			2.25			1.30			—			—			18
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		6.19		4.12			4			1.92	(4)		1.71	(4)		—			—			32
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
Year ended 9-30-2015		6.29		0.56			10			1.87			1.11			—			—			58
Year ended 9-30-2014		6.34		2.08			11			1.89			1.65			—			—			18
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		6.20		4.70			—	*		0.80	(4)		2.83	(4)		—			—			32
Year ended 9-30-2018(6)		6.01		-2.01			—	*		0.84	(4)		2.78	(4)		—			—			29	(7)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		6.20		4.74			516			0.70	(4)		2.93	(4)		—			—			32
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
Year ended 9-30-2015		6.30		1.80			2			0.67			2.41			—			—			58
Year ended 9-30-2014		6.35		3.33			25			0.67			2.87			—			—			18
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		6.20		4.84			28			0.55	(4)		3.09	(4)		—			—			32
Year ended 9-30-2018(6)		6.01		-1.77			44			0.57	(4)		3.06	(4)		—			—			29	(7)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		6.19		4.45			—	*		1.28	(4)		2.35	(4)		—			—			32
Year ended 9-30-2018(6)		6.01		-2.43			—	*		1.35	(4)		2.27	(4)		—			—			29	(7)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		6.20		4.63			—	*		0.95	(4)		2.68	(4)		—			—			32
Year ended 9-30-2018(6)		6.01		-2.16			—	*		1.00	(4)		2.62	(4)		—			—			29	(7)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 107

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 3-31-2019 (unaudited)	$	9.64	$	0.16	$	0.31		$	0.47		$	(0.21	)	$	—		$	(0.21	)
Year ended 9-30-2018		10.26		0.30		(0.56	)		(0.26	)		(0.27	)		(0.09	)		(0.36	)
Year ended 9-30-2017(5)		10.00		0.13		0.23			0.36			(0.10	)		—			(0.10	)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		9.64		0.16		0.31			0.47			(0.21	)		—			(0.21	)
Year ended 9-30-2018		10.26		0.31		(0.57	)		(0.26	)		(0.27	)		(0.09	)		(0.36	)
Year ended 9-30-2017(5)		10.00		0.13		0.23			0.36			(0.10	)		—			(0.10	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.64		0.17		0.31			0.48			(0.22	)		—			(0.22	)
Year ended 9-30-2018		10.26		0.33		(0.56	)		(0.23	)		(0.30	)		(0.09	)		(0.39	)
Year ended 9-30-2017(5)		10.00		0.15		0.22			0.37			(0.11	)		—			(0.11	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		9.64		0.17		0.31			0.48			(0.22	)		—			(0.22	)
Year ended 9-30-2018		10.26		0.33		(0.56	)		(0.23	)		(0.30	)		(0.09	)		(0.39	)
Year ended 9-30-2017(5)		10.00		0.15		0.22			0.37			(0.11	)		—			(0.11	)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		9.63		0.14		0.30			0.44			(0.18	)		—			(0.18	)
Year ended 9-30-2018		10.25		0.25		(0.57	)		(0.32	)		(0.21	)		(0.09	)		(0.30	)
Year ended 9-30-2017(5)		10.00		0.10		0.23			0.33			(0.08	)		—			(0.08	)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		9.64		0.16		0.31			0.47			(0.21	)		—			(0.21	)
Year ended 9-30-2018		10.26		0.30		(0.56	)		(0.26	)		(0.27	)		(0.09	)		(0.36	)
Year ended 9-30-2017(5)		10.00		0.13		0.23			0.36			(0.10	)		—			(0.10	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

108 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	9.90		5.04	%	$	11			0.90	%(4)		3.41	%(4)		1.40	%(4)		2.91	%(4)		44	%
Year ended 9-30-2018		9.64		-2.56			12			0.90			3.07			1.19			2.78			85
Year ended 9-30-2017(5)		10.26		3.51			11			0.90	(4)		2.63	(4)		0.95	(4)		2.58	(4)		112	(6)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		9.90		5.04			1			0.90	(4)		3.41	(4)		1.36	(4)		2.95	(4)		44
Year ended 9-30-2018		9.64		-2.54			—	*		0.87			3.09			1.11			2.85			85
Year ended 9-30-2017(5)		10.26		3.48			1			0.96	(4)		2.56	(4)		1.00	(4)		2.52	(4)		112	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.90		5.18			23			0.65	(4)		3.66	(4)		1.28	(4)		3.03	(4)		44
Year ended 9-30-2018		9.64		-2.41			23			0.65			3.33			1.06			2.92			85
Year ended 9-30-2017(5)		10.26		3.72			18			0.65	(4)		2.89	(4)		0.83	(4)		2.71	(4)		112	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		9.90		5.18			—	*		0.65	(4)		3.67	(4)		1.12	(4)		3.20	(4)		44
Year ended 9-30-2018		9.64		-2.41			1			0.65			3.31			0.90			3.06			85
Year ended 9-30-2017(5)		10.26		3.72			1			0.65	(4)		2.87	(4)		0.69	(4)		2.83	(4)		112	(6)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		9.89		4.70			1			1.39	(4)		2.92	(4)		1.85	(4)		2.46	(4)		44
Year ended 9-30-2018		9.63		-3.13			—	*		1.45			2.51			1.69			2.27			85
Year ended 9-30-2017(5)		10.25		3.29			1			1.45	(4)		2.07	(4)		1.48	(4)		2.04	(4)		112	(6)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		9.90		5.04			1			0.90	(4)		3.41	(4)		1.51	(4)		2.80	(4)		44
Year ended 9-30-2018		9.64		-2.56			1			0.90			3.06			1.29			2.67			85
Year ended 9-30-2017(5)		10.26		3.51			1			0.90	(4)		2.63	(4)		1.08	(4)		2.45	(4)		112	(6)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 109

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GOVERNMENT SECURITIES FUND

	Net  Asset Value, Beginning of Period		Net Investment Income(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains		Total Distributions
Class A Shares
Six-month period ended 3-31-2019 (unaudited)	$	5.23	$	0.04		$	0.18		$	0.22		$	(0.04	)	$	—	$	(0.04	)
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	)
Year ended 9-30-2015		5.49		0.07			0.03			0.10			(0.08	)		—		(0.08	)
Year ended 9-30-2014		5.51		0.08			(0.01	)		0.07			(0.09	)		—		(0.09	)
Class B Shares(5)
Six-month period ended 3-31-2019 (unaudited)		5.23		0.01			0.18			0.19			(0.01	)		—		(0.01	)
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	)
Year ended 9-30-2015		5.49		0.00	*		0.04			0.04			(0.02	)		—		(0.02	)
Year ended 9-30-2014		5.51		0.01			0.00			0.01			(0.03	)		—		(0.03	)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		5.23		0.02			0.18			0.20			(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		0.01			(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	)
Year ended 9-30-2015		5.49		0.02			0.04			0.06			(0.04	)		—		(0.04	)
Year ended 9-30-2014		5.51		0.03			0.00			0.03			(0.05	)		—		(0.05	)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		5.23		0.04			0.19			0.23			(0.05	)		—		(0.05	)
Year ended 9-30-2018(6)		5.43		0.07			(0.19	)		(0.12	)		(0.08	)		—		(0.08	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		5.23		0.05			0.18			0.23			(0.05	)		—		(0.05	)
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	)
Year ended 9-30-2015		5.49		0.08			0.04			0.12			(0.10	)		—		(0.10	)
Year ended 9-30-2014		5.51		0.10			(0.01	)		0.09			(0.11	)		—		(0.11	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		5.23		0.05			0.18			0.23			(0.05	)		—		(0.05	)
Year ended 9-30-2018(6)		5.43		0.08			(0.19	)		(0.11	)		(0.09	)		—		(0.09	)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		5.23		0.03			0.18			0.21			(0.03	)		—		(0.03	)
Year ended 9-30-2018(6)		5.43		0.05			(0.20	)		(0.15	)		(0.05	)		—		(0.05	)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		5.23		0.04			0.18			0.22			(0.04	)		—		(0.04	)
Year ended 9-30-2018(6)		5.43		0.06			(0.19	)		(0.13	)		(0.07	)		—		(0.07	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

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

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

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

110 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	5.41		4.28	%	$	68			0.99	%(4)		1.50	%(4)		1.12	%(4)		1.37	%(4)		8	%
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
Year ended 9-30-2015		5.51		1.88			244			1.01			1.18			1.07			1.12			63
Year ended 9-30-2014		5.49		1.35			249			1.02			1.45			1.06			1.41			3
Class B Shares(5)
Six-month period ended 3-31-2019 (unaudited)		5.41		3.67			—	*		2.12	(4)		0.37	(4)		2.56	(4)		-0.07	(4)		8
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
Year ended 9-30-2015		5.51		0.68			1			2.20			-0.01			2.24			-0.05			63
Year ended 9-30-2014		5.49		0.13			2			2.23			0.24			2.27			0.20			3
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		5.41		3.80			2			1.87	(4)		0.63	(4)		1.96	(4)		0.54	(4)		8
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
Year ended 9-30-2015		5.51		1.04			4			1.84			0.35			1.88			0.31			63
Year ended 9-30-2014		5.49		0.49			5			1.87			0.60			1.91			0.56			3
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		5.41		4.36			—	*		0.85	(4)		1.65	(4)		—			—			8
Year ended 9-30-2018(6)		5.23		-2.23			—	*		0.90	(4)		1.46	(4)		—			—			42	(7)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		5.41		4.43			91			0.72	(4)		1.78	(4)		0.78	(4)		1.72	(4)		8
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
Year ended 9-30-2015		5.51		2.20			2			0.70			1.50			0.74			1.46			63
Year ended 9-30-2014		5.49		1.67			2			0.69			1.78			0.73			1.74			3
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		5.41		4.49			165			0.61	(4)		1.89	(4)		—			—			8
Year ended 9-30-2018(6)		5.23		-1.99			179			0.63	(4)		1.74	(4)		—			—			42	(7)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		5.41		4.11			—	*		1.34	(4)		1.16	(4)		—			—			8
Year ended 9-30-2018(6)		5.23		-2.68			—	*		1.41	(4)		0.95	(4)		—			—			42	(7)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		5.41		4.21			—	*		0.99	(4)		1.50	(4)		—			—			8
Year ended 9-30-2018(6)		5.23		-2.41			—	*		1.06	(4)(8)		1.30	(4)		1.09	(4)		1.27	(4)		42	(7)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 111

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 3-31-2019 (unaudited)	$	12.28	$	0.01		$	(1.19	)	$	(1.18	)	$	(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(5)		10.00		0.09			1.97			2.06			—			—			—
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		12.14		(0.03	)		(1.17	)		(1.20	)		(0.04	)		(0.02	)		(0.06	)
Year ended 9-30-2018		12.00		0.01			0.13			0.14			—			—			—
Year ended 9-30-2017(5)		10.00		0.03			1.97			2.00			—			—			—
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		12.33		0.04			(1.20	)		(1.16	)		(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(5)		10.00		0.11			1.97			2.08			—			—			—
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		12.32		0.03			(1.19	)		(1.16	)		(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(5)		10.00		0.11			1.98			2.09			—			—			—
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		12.28		0.00	*		(1.18	)		(1.18	)		(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(5)		10.00		0.09			1.97			2.06			—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

112 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	10.94		-9.55	%	$	15		1.41	%(4)		0.24	%(4)		1.63	%(4)		0.02	%(4)		36	%
Year ended 9-30-2018		12.28		1.98			18		1.45			0.79			1.54			0.70			60
Year ended 9-30-2017(5)		12.06		20.60			13		1.45	(4)		1.11	(4)		1.61	(4)		0.95	(4)		38	(6)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		10.88		-9.85			2		2.14	(4)		-0.51	(4)		2.36	(4)		-0.73	(4)		36
Year ended 9-30-2018		12.14		1.17			2		2.22			0.11			2.27			0.06			60
Year ended 9-30-2017(5)		12.00		20.00			1		2.17	(4)		0.39	(4)		2.33	(4)		0.23	(4)		38	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		10.97		-9.36			67		0.99	(4)		0.68	(4)		1.39	(4)		0.28	(4)		36
Year ended 9-30-2018		12.33		2.33			66		1.12			1.28			1.34			1.06			60
Year ended 9-30-2017(5)		12.08		20.90			27		1.15	(4)		1.42	(4)		1.45	(4)		1.12	(4)		38	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		10.96		-9.38			75		0.99	(4)		0.63	(4)		1.22	(4)		0.40	(4)		36
Year ended 9-30-2018		12.32		2.28			82		1.13			1.25			1.18			1.20			60
Year ended 9-30-2017(5)		12.09		20.90			1		1.15	(4)		1.41	(4)		1.31	(4)		1.25	(4)		38	(6)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		10.94		-9.55			2		1.41	(4)		-0.08	(4)		1.68	(4)		-0.35	(4)		36
Year ended 9-30-2018		12.28		1.98			5		1.45			1.10			1.59			0.96			60
Year ended 9-30-2017(5)		12.06		20.60			1		1.45	(4)		1.11	(4)		1.70	(4)		0.86	(4)		38	(6)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 113

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 3-31-2019 (unaudited)	$	8.22	$	0.21	$	0.04		$	0.25		$	—		$	—		$	—
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			—			—			—
Year ended 9-30-2015		9.76		0.34		(1.83	)		(1.49	)		(0.16	)		—	*		(0.16	)
Year ended 9-30-2014(5)		10.00		0.16		(0.40	)		(0.24	)		—			—			—
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		8.06		0.18		0.04			0.22			—			—			—
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			—			—			—
Year ended 9-30-2015		9.73		0.27		(1.83	)		(1.56	)		(0.11	)		—	*		(0.11	)
Year ended 9-30-2014(5)		10.00		0.13		(0.40	)		(0.27	)		—			—			—
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		8.23		0.22		0.03			0.25			—	*		—			—	*
Year ended 9-30-2018		9.48		0.39		(1.39	)		(1.00	)		(0.25	)		—			(0.25	)
Year ended 9-30-2017		9.21		0.42		(0.15	)		0.27			—			—			—
Year ended 9-30-2016		8.11		0.35		0.75			1.10			—			—			—
Year ended 9-30-2015		9.76		0.33		(1.82	)		(1.49	)		(0.16	)		—	*		(0.16	)
Year ended 9-30-2014(5)		10.00		0.16		(0.40	)		(0.24	)		—			—			—
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		8.28		0.23		0.04			0.27			(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			—			—			—
Year ended 9-30-2015		9.77		0.36		(1.84	)		(1.48	)		(0.17	)		—	*		(0.17	)
Year ended 9-30-2014(5)		10.00		0.17		(0.40	)		(0.23	)		—			—			—
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		8.28		0.23		0.04			0.27			(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			—			—			—
Year ended 9-30-2015(6)		9.08		0.23		(1.19	)		(0.96	)		—			—			—
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		8.16		0.20		0.04			0.24			—			—			—
Year ended 9-30-2018		9.41		0.35		(1.38	)		(1.03	)		(0.22	)		—			(0.22	)
Year ended 9-30-2017		9.17		0.39		(0.15	)		0.24			—			—			—
Year ended 9-30-2016		8.09		0.32		0.76			1.08			—			—			—
Year ended 9-30-2015		9.74		0.31		(1.82	)		(1.51	)		(0.14	)		—	*		(0.14	)
Year ended 9-30-2014(5)		10.00		0.15		(0.41	)		(0.26	)		—			—			—
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		8.22		0.21		0.04			0.25			—			—			—
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			—			—			—
Year ended 9-30-2015		9.76		0.34		(1.83	)		(1.49	)		(0.16	)		—	*		(0.16	)
Year ended 9-30-2014(5)		10.00		0.16		(0.40	)		(0.24	)		—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

(5) For the period from April 30, 2014 (commencement of operations of the class) through September 30, 2014.

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

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the period ended September 30, 2014.

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

(9) Ratio of expenses to average net assets excluding offering cost was 2.00%.

(10) Ratio of expenses to average net assets excluding offering cost was 1.80%.

(11) Ratio of expenses to average net assets excluding offering cost was 2.50%.

(12) Ratio of expenses to average net assets excluding offering cost was 2.47%.

(13) Ratio of expenses to average net assets excluding offering cost was 1.72%.

(14) Ratio of expenses to average net assets excluding offering cost was 1.71%.

(15) Ratio of expenses to average net assets excluding offering cost was 1.62%.

(16) Ratio of expenses to average net assets excluding offering cost was 1.61%.

(17) Ratio of expenses to average net assets excluding offering cost was 2.33%.

(18) Ratio of expenses to average net assets excluding offering cost was 1.96%.

(19) Ratio of expenses to average net assets excluding offering cost was 1.47%.

(20) Ratio of expenses to average net assets excluding offering cost was 1.86%.

114 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	8.47		3.17	%	$	10			1.20	%(4)		5.00	%(4)		1.45	%(4)		4.75	%(4)		42	%
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
Year ended 9-30-2015		8.11		-15.45			26			1.25			3.81			2.21	(9)		2.85			40
Year ended 9-30-2014(5)		9.76		-2.40			20			1.25	(4)		3.70	(4)		2.18	(4)(10)		2.77	(4)		18	(7)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		8.28		2.73			2			1.85	(4)		4.44	(4)		2.09	(4)		4.20	(4)		42
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
Year ended 9-30-2015		8.06		-16.12			2			2.00			2.98			2.71	(11)		2.27			40
Year ended 9-30-2014(5)		9.73		-2.70			2			2.00	(4)		2.95	(4)		2.85	(4)(12)		2.10	(4)		18	(7)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		8.48		3.05			1			1.05	(4)		5.17	(4)		1.30	(4)		4.92	(4)		42
Year ended 9-30-2018		8.23		-10.78			2			1.05			4.32			1.29			4.08			90
Year ended 9-30-2017		9.48		2.93			2			1.17			4.60			1.46			4.31			63
Year ended 9-30-2016		9.21		13.56			2			1.26			4.01			1.72			3.55			74
Year ended 9-30-2015		8.11		-15.45			2			1.26			3.72			1.93	(13)		3.05			40
Year ended 9-30-2014(5)		9.76		-2.40			2			1.25	(4)		3.72	(4)		2.09	(4)(14)		2.88	(4)		18	(7)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		8.53		3.27			81			0.80	(4)		5.53	(4)		1.23	(4)		5.10	(4)		42
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
Year ended 9-30-2015		8.12		-15.29			8			1.00			4.00			1.83	(15)		3.17			40
Year ended 9-30-2014(5)		9.77		-2.30			8			1.00	(4)		3.97	(4)		1.99	(4)(16)		2.98	(4)		18	(7)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		8.53		3.27			37			0.80	(4)		5.42	(4)		1.05	(4)		5.17	(4)		42
Year ended 9-30-2018		8.28		-10.56			42			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
Year ended 9-30-2015(6)		8.12		-10.57			—	*		1.00	(4)		4.03	(4)		1.68	(4)(19)		3.35	(4)		40	(8)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		8.40		2.94			2			1.50	(4)		4.76	(4)		1.80	(4)		4.46	(4)		42
Year ended 9-30-2018		8.16		-11.23			2			1.50			3.87			1.79			3.58			90
Year ended 9-30-2017		9.41		2.62			2			1.50			4.27			1.97			3.80			63
Year ended 9-30-2016		9.17		13.35			2			1.50			3.77			2.21			3.06			74
Year ended 9-30-2015		8.09		-15.63			2			1.50			3.48			2.54	(17)		2.44			40
Year ended 9-30-2014(5)		9.74		-2.60			2			1.50	(4)		3.47	(4)		2.59	(4)(18)		2.38	(4)		18	(7)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		8.47		3.04			3			1.20	(4)		5.06	(4)		1.45	(4)		4.81	(4)		42
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
Year ended 9-30-2015		8.11		-15.45			2			1.25			3.73			2.07	(20)		2.91			40
Year ended 9-30-2014(5)		9.76		-2.40			3			1.25	(4)		3.72	(4)		2.24	(4)(20)		2.73	(4)		18	(7)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 115

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 3-31-2019 (unaudited)	$	10.02	$	0.10	$	0.22		$	0.32		$	(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(5)		10.00		0.06		0.15			0.21			—			—			—
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		9.91		0.06		0.22			0.28			(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(5)		10.00		0.01		0.15			0.16			—			—			—
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		10.06		0.11		0.22			0.33			(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(5)		10.00		0.08		0.15			0.23			—			—			—
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		10.08		0.12		0.21			0.33			(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(5)		10.00		0.09		0.15			0.24			—			—			—
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		10.02		0.10		0.22			0.32			(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(5)		10.00		0.06		0.16			0.22			—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

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

116 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	9.85		3.35	%	$	22		1.22	%(4)		2.02	%(4)		1.42	%(4)		1.82	%(4)		49	%
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(5)		10.21		2.10			19		1.27	(4)(8)		0.88	(4)		1.55	(4)		0.60	(4)		90	(6)
Class C Shares
Six-month period ended 3-31-2019 (unaudited)		9.77		2.97			4		1.91	(4)		1.33	(4)		2.11	(4)		1.13	(4)		49
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(5)		10.16		1.60			4		1.90	(4)(10)		0.15	(4)		2.18	(4)		-0.13	(4)		90	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.88		3.47			125		1.00	(4)		2.24	(4)		1.24	(4)		2.00	(4)		49
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(5)		10.23		2.30			74		1.00	(4)(12)		1.02	(4)		1.30	(4)		0.72	(4)		90	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		9.89		3.49			76		0.87	(4)		2.35	(4)		1.07	(4)		2.15	(4)		49
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(5)		10.24		2.40			2		0.87	(4)(14)		1.17	(4)		1.16	(4)		0.88	(4)		90	(6)
Class Y Shares
Six-month period ended 3-31-2019 (unaudited)		9.85		3.35			3		1.22	(4)		2.02	(4)		1.47	(4)		1.77	(4)		49
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(5)		10.22		2.20			4		1.15	(4)(16)		0.89	(4)		1.55	(4)		0.49	(4)		90	(6)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 117

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 3-31-2019 (unaudited)	$	9.81	$	0.26	$	(0.05	)	$	0.21	$	(0.27	)	$	—		$	(0.27	)
Year ended 9-30-2018		10.15		0.48		(0.30	)		0.18		(0.49	)		(0.03	)		(0.52	)
Year ended 9-30-2017(5)		10.00		0.16		0.10			0.26		(0.11	)		—			(0.11	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.81		0.27		(0.05	)		0.22		(0.28	)		—			(0.28	)
Year ended 9-30-2018		10.15		0.51		(0.31	)		0.20		(0.51	)		(0.03	)		(0.54	)
Year ended 9-30-2017(5)		10.00		0.17		0.10			0.27		(0.12	)		—			(0.12	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		9.80		0.27		(0.04	)		0.23		(0.28	)		—			(0.28	)
Year ended 9-30-2018		10.15		0.51		(0.32	)		0.19		(0.51	)		(0.03	)		(0.54	)
Year ended 9-30-2017(5)		10.00		0.17		0.10			0.27		(0.12	)		—			(0.12	)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		9.81		0.24		(0.05	)		0.19		(0.25	)		—			(0.25	)
Year ended 9-30-2018		10.15		0.43		(0.31	)		0.12		(0.43	)		(0.03	)		(0.46	)
Year ended 9-30-2017(5)		10.00		0.14		0.11			0.25		(0.10	)		—			(0.10	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

118 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	9.75		2.36	%	$	8		1.00	%(4)		5.51	%(4)		1.20	%(4)		5.31	%(4)		31	%
Year ended 9-30-2018		9.81		1.71			8		1.00			4.83			1.11			4.72			81
Year ended 9-30-2017(5)		10.15		2.64			6		1.00	(4)		4.22	(4)		—			—			60	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.75		2.39			46		0.72	(4)		5.79	(4)		1.07	(4)		5.44	(4)		31
Year ended 9-30-2018		9.81		2.10			46		0.72			5.14			1.00			4.86			81
Year ended 9-30-2017(5)		10.15		2.72			22		0.72	(4)		4.55	(4)		0.87	(4)		4.40	(4)		60	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		9.75		2.49			28		0.72	(4)		5.78	(4)		0.89	(4)		5.61	(4)		31
Year ended 9-30-2018		9.80		2.00			32		0.72			5.10			0.83			4.99			81
Year ended 9-30-2017(5)		10.15		2.72			35		0.72	(4)		4.44	(4)		0.73	(4)		4.43	(4)		60	(6)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		9.75		2.15			1		1.47	(4)		5.04	(4)		1.63	(4)		4.88	(4)		31
Year ended 9-30-2018		9.81		1.19			1		1.47			4.35			1.57			4.25			81
Year ended 9-30-2017(5)		10.15		2.50			1		1.46	(4)		3.74	(4)		—			—			60	(6)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 119

NOTES TO FINANCIAL STATEMENTS IVY FUNDS

MARCH 31, 2019 (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 (formerly known as Ivy IG International Small Cap Fund), Ivy Pictet Emerging Markets Local Currency Debt Fund, Ivy Pictet Targeted Return Bond Fund and Ivy PineBridge High Yield Fund (each, a “Fund”) are eleven series of the Trust and are the only series of the Trust included in these financial statements. The investment objective(s), policies and risk factors of each Fund are described more fully in the Funds’ Prospectus and Statement of Additional Information (“SAI”). Each Fund’s investment manager is Ivy Investment Management Company (“IICO” or the “Manager”).

Each Fund offers Class A shares. Certain Funds offer Class B, Class C, Class E, Class I, Class N, Class R and Class Y shares. The Funds’ Class B shares are not available for purchase by new and existing investors. Class B will continue to be available for dividend reinvestment and exchanges from Class B shares of another fund within Ivy Funds. Class A and Class E shares are sold at their offering price, which is normally net asset value (“NAV”) plus 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 $1 million 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 120 months after the date of purchase.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Security Transactions and Related Investment Income. Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses are calculated on the identified cost basis. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income is recorded on 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.

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

120 SEMIANNUAL REPORT 2019

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

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

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

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

Certain Funds may hold high-yield 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 Statement of Assets and Liabilities.

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

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

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fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity.

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

Loans. Certain Funds may invest in loans, the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates, the debtor of which may be a domestic or foreign corporation, partnership or other entity (“Borrower”). Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, the London Interbank Offered Rate (“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 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 Statement of Assets and Liabilities.

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

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

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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.

New Rule Issuance. In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-08 (“ASU 2017-08”), “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 changed the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The amendments in the ASU impact disclosure requirements for fair value measurement. It is anticipated that this change will enhance the effectiveness of disclosures in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted and can include the entire standard or certain provisions that exclude or amend disclosures. For the period ended March 31, 2019, the Funds have chosen to adopt the standard. The adoption of this ASU is reflected in the disclosures of the financial statements.

In August 2018, U.S. Securities and Exchange Commission (“SEC”) adopted amendments to certain financial statement disclosure requirements to conform them to GAAP for investment companies. These amendments made certain removals from, changes to and additions to existing disclosure requirements under Regulation S-X. These amendments became effective for filings made with the SEC after November 5, 2018. The Funds’ adoption of these amendments, effective with the financial statements prepared as of March 31, 2019, required modified disclosures reflected herein, but had no effect on the Funds’ net assets or results of operations.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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.

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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. The Board has established a Valuation Committee to administer and oversee the valuation process, including the use of third party pricing vendors.

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

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

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

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

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

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

• Level 1 – Observable input 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.

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

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

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

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

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

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

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

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issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most other government securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3 of the fair value hierarchy.

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

Restricted Securities. Restricted securities that are deemed to be Rule 144A securities and illiquid, as well as restricted securities held 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. Transfers between levels represent the values as of the beginning of the reporting period.

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

Net realized gain (loss) and net unrealized appreciation (depreciation), shown on the reconciliation of Level 3 investments, if applicable, are included on the Statement of Operations in net realized gain (loss) on investments in unaffiliated and/or affiliated securities and in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities, respectively. Additionally, the net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of March 31, 2019, if applicable, is included on the Statement of Operations in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Swap Agreements. Certain Funds are authorized to invest in swap agreements. Swap agreements are bilateraly 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”).

2019 SEMIANNUAL REPORT 127

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

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

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

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

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

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

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

128 SEMIANNUAL REPORT 2019

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, 2019:

Assets

							Gross Amounts Not Offset on the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Statement of Assets and Liabilities		Net Amounts of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Non-Cash Collateral Received			Cash Collateral Received			Net Amount Receivable
Ivy Apollo Multi-Asset Income Fund
Swap agreements, at value	$	138	$	—	$	138	$	(3	)	$	—		$	—		$	135
Unrealized appreciation on forward foreign currency contracts(1)		625		—		625		—			(525	)		—			100
Total	$	763	$	—	$	763	$	(3	)	$	(525	)	$	—		$	235
Ivy Apollo Strategic Income Fund
Swap agreements, at value	$	140	$	—	$	140	$	(3	)	$	—		$	—		$	137
Unrealized appreciation on forward foreign currency contracts(1)		635		—		635		—			(497	)		—			138
Total	$	775	$	—	$	775	$	(3	)	$	(497	)	$	—		$	275
Ivy Pictet Emerging Markets Local Currency Debt Fund
Swap agreements, at value	$	1,136	$	—	$	1,136	$	(529	)	$	—		$	—		$	607
Unrealized appreciation on forward foreign currency contracts		3,495		—		3,495		(3,183	)		—			(30	)		282
Total	$	4,628	$	—	$	4,628	$	(3,712	)	$	—		$	(30	)	$	886
Ivy Pictet Targeted Return Bond Fund
Investments in unaffiliated securities at value*	$	783	$	—	$	783	$	(395	)	$	—		$	—		$	388
Unrealized appreciation on forward foreign currency contracts		1,884		—		1,884		(209	)		(716	)		(220	)		739
Total	$	2,667	$	—	$	2,667	$	(604	)	$	(716	)	$	(220	)	$	1,127

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

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

2019 SEMIANNUAL REPORT 129

Liabilities

							Gross Amounts Not Offset on the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Amount Payable
Ivy Apollo Multi-Asset Income Fund
Swap agreements, at value	$	3	$	—	$	3	$	(3	)	$	—		$	—		$	—
Ivy Apollo Strategic Income Fund
Swap agreements, at value	$	3	$	—	$	3	$	(3	)	$	—		$	—		$	—
Ivy Pictet Emerging Markets Local Currency Debt Fund
Swap agreements, at value	$	680	$	—	$	680	$	(529	)	$	—		$	(74	)	$	77
Unrealized depreciation on forward foreign currency contracts		5,344		—		5,344		(3,183	)		—			(2,067	)		94
Total	$	6,022	$	—	$	6,022	$	(3,712	)	$	—		$	(2,141	)	$	169
Ivy Pictet Targeted Return Bond Fund
Swap agreements, at value	$	465	$	—	$	465	$	—		$	(62	)	$	—		$	403
Unrealized depreciation on forward foreign currency contracts		212		—		212		(209	)		—			—			3
Written options at value		595		—		595		(395	)		(60	)		—			140
Total	$	1,272	$	—	$	1,272	$	(604	)	$	(122	)	$	—		$	546

Additional Disclosure Related to Derivative Instruments

Fair values of derivative instruments as of March 31, 2019:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy Apollo Multi-Asset Income Fund	Credit	Swap agreements, at value	$	138	Swap agreements, at value	$	3
	Foreign currency	Unrealized appreciation on forward foreign currency contracts		616			—
Ivy Apollo Strategic Income Fund	Credit	Swap agreements, at value		140	Swap agreements, at value		3
	Foreign currency	Unrealized appreciation on forward foreign currency contracts		625			—
Ivy Pictet Emerging Markets Local Currency Debt Fund	Credit	Swap agreements, at value		855	Swap agreements, at value		173
	Foreign currency	Unrealized appreciation on forward foreign currency contracts		3,495	Unrealized depreciation on forward foreign currency contracts		5,344
	Interest rate	Unrealized appreciation on centrally cleared swap agreements**		216	Unrealized depreciation on centrally cleared swap agreements**		129
		Swap agreements, at value		281	Swap agreements, at value		507
				—	Unrealized depreciation on futures contracts**		62

130 SEMIANNUAL REPORT 2019

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy Pictet Targeted Return Bond Fund	Credit	Investments in unaffiliated securities at value*	$	12	Written options at value	$	72
		Unrealized appreciation on centrally cleared swap agreements**		1	Unrealized depreciation on centrally cleared swap agreements**		28
				—	Swap agreements, at value		465
	Foreign currency	Investments in unaffiliated securities at value*		771	Unrealized depreciation on forward foreign currency contracts		212
		Unrealized appreciation on forward foreign currency contracts		1,884	Written options at value		523
	Interest rate	Investments in unaffiliated securities at value*		88	Written options at value		138
		Unrealized appreciation on centrally cleared swap agreements**		1,580	Unrealized depreciation on centrally cleared swap agreements**		2,952
		Unrealized appreciation on futures contracts**		634	Unrealized depreciation on futures contracts**		2,043

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

** The value presented includes cumulative gain (loss) on open futures contracts and centrally cleared swap agreements; however, the value reflected on the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of period ended March 31, 2019.

Amount of realized gain (loss) on derivatives recognized on the Statement of Operations for the period ended March 31, 2019:

		Net realized gain (loss) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*			Swap agreements			Futures contracts			Written options		Forward foreign currency contracts			Total
Ivy Apollo Multi-Asset Income Fund	Credit	$	—		$	(17	)	$	—		$	—	$	—		$	(17	)
	Foreign currency		—			—			—			—		286			286
Ivy Apollo Strategic Income Fund	Credit		—			(16	)		—			—		—			(16	)
	Foreign currency		—			—			—			—		256			256
Ivy Pictet Emerging Markets Local Currency Debt Fund	Credit		—			(101	)		—			—		—			(101	)
	Foreign currency		—			—			—			—		(582	)		(582	)
	Interest rate		(32	)		(46	)		(171	)		5		—			(244	)
Ivy Pictet Targeted Return Bond Fund	Credit		(182	)		(97	)		—			117		—			(162	)
	Foreign currency		(487	)		—			—			1,743		4,018			5,274
	Interest rate		(377	)		305			(1,075	)		70		—			(1,077	)

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

2019 SEMIANNUAL REPORT 131

Change in unrealized appreciation (depreciation) on derivatives recognized on the Statement of Operations for the period ended March 31, 2019:

		Net change in unrealized appreciation (depreciation) on:
Fund	Type of Risk Exposure	Investments in unaffiliated securities*			Swap agreements			Futures contracts			Written options			Forward foreign currency contracts			Total
Ivy Apollo Multi-Asset Income Fund	Credit	$	—		$	3		$	—		$	—		$	—		$	3
	Foreign currency		—			—			—			—			375			375
Ivy Apollo Strategic Income Fund	Credit		—			3			—			—			—			3
	Foreign currency		—			—			—			—			393			393
Ivy Pictet Emerging Markets Local Currency Debt Fund	Credit		—			104			—			—			—			104
	Foreign currency		—			—			—			—			(253	)		(253	)
	Interest rate		—			(341	)		(67	)		—			—			(408	)
Ivy Pictet Targeted Return Bond Fund	Credit		4			(412	)		—			(55	)		—			(463	)
	Foreign currency		(1,074	)		—			—			(129	)		1,436			233
	Interest rate		44			(1,661	)		(2,327	)		(17	)		—			(3,961	)

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

During the period March 31, 2019, 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	$	337	$	—	$	—	$	117	$	—		$	—
Ivy Apollo Strategic Income Fund		334		—		—		119		—			—
Ivy Pictet Emerging Markets Local Currency Debt Fund		153		5,136		3,577		53,630		—	*		—
Ivy Pictet Targeted Return Bond Fund		379		31,191		69,574		117,800		1,388			1,110

* Not shown due to rounding.

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

(2) Average value outstanding during the period.

(3) Average notional amount outstanding during the period.

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

Management Fees. IICO, a wholly owned subsidiary of Waddell & Reed Financial, Inc. (“WDR”), serves as each Fund’s investment manager. The management fee is accrued daily by each Fund at the following annual rates as a percentage of average daily net assets:

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

132 SEMIANNUAL REPORT 2019

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 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, 2019.

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

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

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

Accounting Services Fees. The Trust has an Accounting and Administrative Services Agreement with WRSCO, doing business as WI Services Company (“WISC”), an indirect subsidiary of WDR. 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 Statement of Operations.

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

2019 SEMIANNUAL REPORT 133

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, 2019, IDI received the following amounts in sales commissions and CDSCs:

	Gross Sales Commissions			CDSC
				Class A			Class B			Class C			Class E		Commissions Paid(1)
Ivy Apollo Multi-Asset Income Fund	$	65		$	—	*		N/A		$	1			N/A	$	60
Ivy Apollo Strategic Income Fund		57			—	*		N/A			1			N/A		51
Ivy California Municipal High Income Fund		7			14			N/A			—	*		N/A		7
Ivy Cash Management Fund		—			1		$	—	*		1			N/A		102,439
Ivy Corporate Bond Fund		71			—	*		—	*		—	*	$	—		62
Ivy Crossover Credit Fund		—	*		—			N/A			N/A			—		—	*
Ivy Government Securities Fund		15			—	*		—	*		—	*		—		14
Ivy International Small Cap Fund		6			—	*		N/A			—	*		N/A		7
Ivy Pictet Emerging Markets Local Currency Debt Fund		1			—			N/A			—			—		1
Ivy Pictet Targeted Return Bond Fund		6			—	*		N/A			—	*		N/A		6
Ivy PineBridge High Yield Fund		4			—			N/A			N/A			N/A		3

* Not shown due to rounding.

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

Expense Reimbursements and/or Waivers. IICO, the Funds’ investment manager, IDI, the Funds’ distributor, and/or Waddell & Reed Services Company, doing business as WISC, the Funds’ transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund

134 SEMIANNUAL REPORT 2019

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, 2019 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	1-31-2020	N/A		$	127	(1)	Investment Management Fee
	Class A	Contractual	10-1-2015	1-31-2020	1.30%		$	—		N/A
	Class C	Contractual	10-1-2015	1-31-2020	2.17%		$	—		N/A
	Class I	Contractual	10-1-2015	1-31-2020	0.75%		$	273		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2020	0.75%		$	—	*	Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2020	1.25%		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2020	Not to exceed Class A		$	—		N/A
Ivy Apollo Strategic Income Fund	All Classes	Contractual	10-1-2015	1-31-2020	N/A		$	255	(1)	Investment Management Fee
	Class A	Contractual	10-1-2015	1-31-2020	1.15%		$	—		N/A
	Class C	Contractual	10-1-2015	1-31-2020	1.85%		$	3		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-1-2015	1-31-2020	0.67%		$	261		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2020	0.67%		$	2		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2020	1.10%		$	—		N/A
	Class Y	Contractual	10-1-2015	1-31-2020	Not to exceed Class A		$	2		12b-1 Fees and/or Shareholder Servicing
Ivy California Municipal High Income Fund	All Classes	Voluntary	10-3-2016	1-31-2020	N/A		$	71	(2)	Investment Management Fee
	Class A	Contractual	10-3-2016	1-31-2020	0.80%		$	6		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-3-2016	1-31-2020	0.60%		$	10		Shareholder Servicing
	Class Y	Contractual	10-3-2016	1-31-2020	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(7)		$	—		N/A
	Class B	Voluntary	N/A	N/A	To maintain minimum yield(7)		$	—		N/A
	Class C	Voluntary	N/A	N/A	To maintain minimum yield(7)		$	—		N/A
Ivy Corporate Bond Fund	Class N	Contractual	10-1-2015	1-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-16-2017	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Crossover Credit Fund	All Classes	Contractual	4-3-2017	1-31-2020	N/A		$	80	(3)	Investment Management Fee
	Class A	Contractual	4-3-2017	1-31-2020	0.90%		$	3		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-3-2017	1-31-2020	0.65%		$	19		Shareholder Servicing
	Class N	Contractual	4-3-2017	1-31-2020	0.65%		$	—	*	Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	4-3-2017	1-31-2020	Not to exceed Class A		$	—	*	12b-1 Fees and/or Shareholder Servicing

2019 SEMIANNUAL REPORT 135

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy Government Securities Fund	Class A	Contractual	10-16-2017	7-31-2020	1.00%		$	44		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	10-16-2017	7-31-2020	2.13%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-16-2017	7-31-2020	1.88%		$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-16-2017	7-31-2020	0.72%		$	34		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-16-2017	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy International Small Cap Fund	All Classes	Contractual	1-10-2017	1-31-2020	N/A		$	176	(3)	Investment Management Fee
	Class A	Contractual	1-10-2017	1-31-2020	1.45%		$	—		N/A
	Class I	Contractual	1-10-2017	1-31-2020	0.99%		$	59		Shareholder Servicing
	Class N	Contractual	7-31-2018	1-31-2020	0.99%		$	4		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	1-10-2017	1-31-2020	Not to exceed Class A		$	1		12b-1 Fees and/or Shareholder Servicing
Ivy Pictet Emerging Markets Local Currency Debt Fund	All Classes	Contractual	4-30-2014	1-31-2020	N/A		$	172	(4)	Investment Management Fee
	Class A	Contractual	4-30-2014	1-31-2020	1.25%		$	—		N/A
	Class C	Contractual	4-30-2014	1-31-2020	2.00%		$	—		N/A
	Class E	Contractual	4-30-2014	1-31-2020	1.40%		$	—		N/A
	Class I	Contractual	4-30-2014	1-31-2020	0.80%		$	73		Shareholder Servicing
	Class N	Contractual	1-30-2015	1-31-2020	0.80%		$	2		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2020	Not to exceed Class I		$	—		N/A
	Class R	Contractual	4-30-2014	1-31-2020	1.50%		$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	4-30-2014	1-31-2020	1.25%		$	—		N/A
	Class Y	Contractual	4-30-2014	1-31-2020	Not to exceed Class A		$	—		N/A
Ivy Pictet Targeted Return Bond Fund	All Classes	Contractual	1-4-2016	1-31-2020	N/A		$	227	(5)	Investment Management Fee
	Class A	Contractual	1-4-2016	1-31-2020	1.38%		$	—		N/A
	Class C	Contractual	1-4-2016	1-31-2020	2.08%		$	—		N/A
	Class I	Contractual	1-4-2016	1-31-2020	1.00%		$	29		Shareholder Servicing
	Class N	Contractual	1-4-2016	1-31-2020	0.87%		$	5		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	1-4-2016	1-31-2020	1.25%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	1-4-2016	1-31-2020	Not to exceed Class A		$	—		N/A
Ivy PineBridge High Yield Fund	All Classes	Contractual	5-18-2017	1-31-2020	N/A		$	66	(6)	Investment Management Fee
	Class A	Contractual	5-18-2017	1-31-2020	1.00%		$	2		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	5-18-2017	1-31-2020	0.72%		$	42		Shareholder Servicing
	Class N	Contractual	5-18-2017	1-31-2020	0.72%		$	1		Shareholder Servicing
	Class N	Contractual	10-1-2015	1-31-2020	Not to exceed Class I		$	—		N/A

136 SEMIANNUAL REPORT 2019

* 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) For Funds managed solely by IICO, IICO has voluntarily agreed to waive its management fee for any day that a Fund’s net assets are less than $25 million, subject to IICO’s right to change, modify or terminate this voluntary waiver at any time, without prior notice to shareholders.

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

(5) 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.

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

(7) Minimum yield was 0.01%.

Any amounts due to the Funds as a reimbursement but not paid as of March 31, 2019 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.

6. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the SEC (“Order”), the Ivy Funds, Ivy Variable Insurance Portfolios and InvestEd Portfolios (collectively, the “Funds” only for purposes of this footnote 6) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. The Funds made no Interfund Loans under the Interfund Lending Program during the period ended March 31, 2019.

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, 2019, were as follows:

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy Apollo Multi-Asset Income Fund	$	—	$	113,321	$	—	$	165,450
Ivy Apollo Strategic Income Fund		17,691		87,467		19,005		108,363
Ivy California Municipal High Income Fund		—		1,385		—		793
Ivy Cash Management Fund		—		—		—		—
Ivy Corporate Bond Fund		—		285,768		—		378,243
Ivy Crossover Credit Fund		—		15,131		—		16,104
Ivy Government Securities Fund		27,043		—		90,045		—
Ivy International Small Cap Fund		—		65,480		—		56,215
Ivy Pictet Emerging Markets Local Currency Debt Fund		—		60,642		—		53,278
Ivy Pictet Targeted Return Bond Fund		15,542		91,054		24,276		79,876
Ivy PineBridge High Yield Fund		—		24,233		—		27,362

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

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

Cash received as collateral for securities on loan may be reinvested in the Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares or certain other registered money market funds and are disclosed in the Fund’s Schedule of Investments and are reflected in the Statement of Assets and Liabilities as cash collateral on securities loaned at value. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Fund and the Fund does not have the ability 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, 2019 and the total value of the related cash collateral are disclosed in the Statement of Assets and Liabilities. Income earned by the Funds from securities lending activity is disclosed in the Statements of Operations.

2019 SEMIANNUAL REPORT 137

The following is a summary of each Fund’s securities lending positions and related cash and non-cash collateral received as of March 31, 2019:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Ivy Apollo Multi-Asset Income Fund	$	8,142	$	4,021	$	4,432	$	8,453
Ivy Apollo Strategic Income Fund		7,518		4,457		3,220		7,677
Ivy Corporate Bond Fund		1,912		1,963		—		1,963
Ivy Crossover Credit Fund		494		507		—		507
Ivy International Small Cap Fund		10,058		2,761		7,884		10,645
Ivy Pictet Emerging Markets Local Currency Debt Fund		2,332		2,553		—		2,553
Ivy Pictet Targeted Return Bond Fund		1,160		1,207		—		1,207
Ivy PineBridge High Yield Fund		2,081		1,552		577		2,129

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

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

9. CAPITAL SHARE TRANSACTIONS (All amounts in thousands)

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

	Ivy Apollo Multi-Asset Income Fund												Ivy Apollo Strategic Income Fund
	Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18						Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		945		$	9,379			2,510		$	27,821			1,434		$	14,021			2,433		$	24,515
Class C		251			2,528			306			3,384			86			842			192			1,941
Class I		3,836			39,779			8,425			93,196			5,115			50,198			11,229			113,073
Class N		49			507			91			1,009			25			250			386			3,894
Class Y		6			62			158			1,763			24			239			131			1,325
Shares issued in reinvestment of distributions to shareholders:
Class A		731			7,357			474			5,209			247			2,407			391			3,929
Class C		82			831			47			520			14			133			25			245
Class I		1,939			19,531			1,357			14,901			943			9,185			1,455			14,613
Class N		10			97			4			46			152			1,483			277			2,781
Class Y		15			152			6			66			12			121			24			243
Shares redeemed:
Class A		(1,859	)		(19,285	)		(4,083	)		(45,211	)		(1,506	)		(14,738	)		(3,067	)		(30,867	)
Class C		(281	)		(2,891	)		(729	)		(8,086	)		(134	)		(1,315	)		(374	)		(3,770	)
Class I		(7,390	)		(76,572	)		(14,177	)		(156,950	)		(5,849	)		(57,296	)		(12,330	)		(123,964	)
Class N		(29	)		(296	)		(139	)		(1,545	)		(880	)		(8,653	)		(1,256	)		(12,660	)
Class Y		(45	)		(473	)		(62	)		(689	)		(151	)		(1,480	)		(186	)		(1,864	)
Net decrease		(1,740	)	$	(19,294	)		(5,812	)	$	(64,566	)		(468	)	$	(4,603	)		(670	)	$	(6,566	)

138 SEMIANNUAL REPORT 2019

	Ivy California Municipal High Income Fund												Ivy Cash Management Fund
	Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18						Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		177		$	1,765			640		$	6,459			1,783,292		$	1,783,292			4,406,067		$	4,406,067
Class B		N/A			N/A			N/A			N/A			136			136			265			265
Class C		1			11			50			505			1,514			1,514			831			831
Class I		170			1,695			667			6,745			N/A			N/A			N/A			N/A
Class Y		—	*		—	*		6			57			N/A			N/A			N/A			N/A
Shares issued in reinvestment of distributions to shareholders:
Class A		8			80			13			128			11,995			11,995			13,911			13,911
Class B		N/A			N/A			N/A			N/A			2			2			1			1
Class C		1			7			1			9			6			6			2			2
Class I		11			108			17			174			N/A			N/A			N/A			N/A
Class Y		—	*		3			1			6			N/A			N/A			N/A			N/A
Shares redeemed:
Class A		(281	)		(2,790	)		(117	)		(1,175	)		(1,760,721	)		(1,760,721	)		(4,516,231	)		(4,516,231	)
Class B		N/A			N/A			N/A			N/A			(174	)		(174	)		(305	)		(305	)
Class C		(2	)		(23	)		(13	)		(127	)		(934	)		(934	)		(2,584	)		(2,584	)
Class I		(116	)		(1,152	)		(237	)		(2,387	)		N/A			N/A			N/A			N/A
Class Y		—	*		(1	)		—			—			N/A			N/A			N/A			N/A
Net increase (decrease)		(31	)	$	(297	)		1,028		$	10,394			35,116		$	35,116			(98,043	)	$	(98,043	)

* Not shown due to rounding.

2019 SEMIANNUAL REPORT 139

	Ivy Corporate Bond Fund												Ivy Crossover Credit Fund
	Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18						Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		2,224		$	13,336			6,750		$	41,297			9		$	86			201		$	2,048
Class B		2			15			11			68			N/A			N/A			N/A			N/A
Class C		52			315			111			681			N/A			N/A			N/A			N/A
Class E		—			—			40			250			—			—			—			—
Class I		5,203			31,242			20,676			126,588			240			2,343			1,020			10,232
Class N		41			250			11,414			71,374			—			—			—			—
Class R		—			—			40			250			—			—			—			—
Class Y		—			—			40			250			—	*		—	*		1			10
Shares issued in reinvestment of distributions to shareholders:
Class A		867			5,169			1,470			8,999			4			37			8			84
Class B		1			5			1			10			N/A			N/A			N/A			N/A
Class C		7			41			14			85			N/A			N/A			N/A			N/A
Class E		—			—			—			—			—			—			—			—
Class I		1,467			8,755			2,518			15,410			20			194			33			322
Class N		105			627			254			1,549			—			—			—			—
Class R		—			—			—			—			—			—			—			—
Class Y		—			—			—			—			—	*		—	*		—	*		2
Shares redeemed:
Class A		(7,748	)		(46,452	)		(17,542	)		(107,173	)		(63	)		(597	)		(91	)		(887	)
Class B		(30	)		(180	)		(121	)		(741	)		N/A			N/A			N/A			N/A
Class C		(120	)		(721	)		(766	)		(4,718	)		N/A			N/A			N/A			N/A
Class E		—			—			—			—			—			—			—			—
Class I		(13,892	)		(83,382	)		(39,725	)		(244,355	)		(330	)		(3,131	)		(507	)		(4,951	)
Class N		(3,039	)		(18,276	)		(4,302	)		(26,048	)		—			—			—			—
Class R		—			—			—			—			—			—			—			—
Class Y		—			—			—			—			(4	)		(40	)		(2	)		(23	)
Net increase (decrease)		(14,860	)	$	(89,256	)		(19,117	)	$	(116,224	)		(124	)	$	(1,108	)		663		$	6,837

* Not shown due to rounding.

140 SEMIANNUAL REPORT 2019

	Ivy Government Securities Fund												Ivy International Small Cap Fund
	Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18						Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		658		$	3,480			1,576		$	8,381			89		$	956			1,289		$	16,094
Class B		5			27			8			41			N/A			N/A			N/A			N/A
Class C		120			637			20			110			17			185			183			2,297
Class E		—			—			46			250			N/A			N/A			N/A			N/A
Class I		3,181			16,835			9,556			50,709			1,581			17,243			5,380			68,762
Class N		1,921			10,121			47,751			257,331			1,096			12,879			8,752			107,676
Class R		—			—			46			250			N/A			N/A			N/A			N/A
Class Y		—			—			46			250			20			225			400			5,117
Shares issued in reinvestment of distributions to shareholders:
Class A		100			531			180			967			9			91			—	*		6
Class B		—	*		1			—	*		—	*		N/A			N/A			N/A			N/A
Class C		1			3			1			7			—	*		5			—			—
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		199			1,057			381			2,021			79			823			3			43
Class N		329			1,743			588			3,108			131			1,357			28			344
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—			—			—			—			3			32			—	*		2
Shares redeemed:
Class A		(1,740	)		(9,207	)		(4,214	)		(22,370	)		(95	)		(1,049	)		(950	)		(11,762	)
Class B		(22	)		(117	)		(53	)		(281	)		N/A			N/A			N/A			N/A
Class C		(25	)		(131	)		(332	)		(1,776	)		(23	)		(243	)		(122	)		(1,514	)
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		(10,325	)		(54,921	)		(42,060	)		(227,016	)		(916	)		(9,885	)		(2,268	)		(28,449	)
Class N		(6,057	)		(32,061	)		(14,063	)		(74,127	)		(1,057	)		(11,575	)		(2,128	)		(27,464	)
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—			—			—			—			(243	)		(2,589	)		(76	)		(958	)
Net increase (decrease)		(11,655	)	$	(62,002	)		(523	)	$	(2,145	)		691		$	8,455			10,491		$	130,194

* Not shown due to rounding.

2019 SEMIANNUAL REPORT 141

	Ivy Pictet Emerging Markets Local Currency Debt Fund												Ivy Pictet Targeted Return Bond Fund
	Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18						Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		55		$	476			756		$	7,118			280		$	2,728			522		$	5,234
Class C		3			23			30			274			23			220			29			282
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		1,828			15,748			8,302			73,790			1,920			18,948			5,719			57,480
Class N		48			394			822			7,389			6			64			1,993			20,112
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		1			6			20			181			—	*		—	*		—	*		—	*
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			19			174			64			609			8			79
Class C		—			—			1			6			2			22			—	*		2
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		22			185			155			1,423			650			6,210			79			799
Class N		12			97			163			1,499			438			4,191			62			623
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—			—			—	*		3			—	*		—	*		—	*		—	*
Shares redeemed:
Class A		(261	)		(2,208	)		(688	)		(5,964	)		(196	)		(1,927	)		(473	)		(4,747	)
Class C		(9	)		(72	)		(30	)		(272	)		(15	)		(150	)		(15	)		(148	)
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		(2,028	)		(17,312	)		(3,443	)		(31,306	)		(2,217	)		(21,789	)		(4,436	)		(44,599	)
Class N		(822	)		(7,054	)		(1,428	)		(13,114	)		(1,548	)		(15,352	)		(8,589	)		(86,194	)
Class R		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—	*		—	*		(20	)		(170	)		—			—			—			—
Net increase (decrease)		(1,151	)	$	(9,717	)		4,659		$	41,031			(593	)	$	(6,226	)		(5,101	)	$	(51,077	)

	Ivy PineBridge High Yield Fund
	Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18
	Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		82		$	781			218		$	2,185
Class I		702			6,695			3,063			30,386
Class N		31			301			464			4,626
Class R		—			—			—			—
Shares issued in reinvestment of distributions to shareholders:
Class A		6			58			10			98
Class I		93			880			97			951
Class N		91			866			191			1,886
Class R		—			—			—			—
Shares redeemed:
Class A		(71	)		(673	)		(65	)		(641	)
Class I		(789	)		(7,550	)		(638	)		(6,253	)
Class N		(517	)		(4,935	)		(727	)		(7,199	)
Class R		—			—			—			—
Net increase (decrease)		(372	)	$	(3,577	)		2,613		$	26,039

* Not shown due to rounding.

142 SEMIANNUAL REPORT 2019

10. 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, 2019, there were no outstanding bridge loan commitments.

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

For Federal income tax purposes, cost of investments owned at March 31, 2019 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	$	446,341	$	29,109	$	17,121	$	11,988
Ivy Apollo Strategic Income Fund		491,688		5,409		13,210		(7,801	)
Ivy California Municipal High Income Fund		27,374		695		72		623
Ivy Cash Management Fund		1,317,106		—		—		—
Ivy Corporate Bond Fund		873,845		21,713		5,782		15,931
Ivy Crossover Credit Fund		37,595		519		443		76
Ivy Government Securities Fund		324,126		3,208		2,629		579
Ivy International Small Cap Fund		166,383		8,039		13,875		(5,836	)
Ivy Pictet Emerging Markets Local Currency Debt Fund		142,016		920		8,770		(7,850	)
Ivy Pictet Targeted Return Bond Fund		221,074		6,577		5,750		827
Ivy PineBridge High Yield Fund		84,020		912		1,986		(1,074	)

For Federal income tax purposes, the Funds’ distributed and undistributed earnings and profit for the year ended September 30, 2018 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	$	7,633	$	12,518	$	—	$	—	$	—
Ivy Apollo Strategic Income Fund		3,197		1,025		—		—		—
Ivy California Municipal High Income Fund		6		—		—		—		—
Ivy Cash Management Fund		338		—		—		—		—
Ivy Corporate Bond Fund		3,636		—		—		—		—
Ivy Crossover Credit Fund		230		—		—		425		—
Ivy Government Securities Fund		178		—		—		—		—
Ivy International Small Cap Fund		2,495		274		—		—		—
Ivy Pictet Emerging Markets Local Currency Debt Fund		270		—		—		—		2,650
Ivy Pictet Targeted Return Bond Fund		7,379		—		—		—		—
Ivy PineBridge High Yield Fund		356		—		—		435		—

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

The tax character of dividends and distributions paid during the two fiscal years ended September 30, 2018 and 2017 were as follows:

	September 30, 2018				September 30, 2017
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	$	21,910	$	56	$	16,104	$	675
Ivy Apollo Strategic Income Fund		23,150		908		18,221		227
Ivy California Municipal High Income Fund		653		—		328		—
Ivy Cash Management Fund		14,950		—		3,740		—
Ivy Corporate Bond Fund		26,464		—		37,953		13,931
Ivy Crossover Credit Fund		1,415		—		305		—

2019 SEMIANNUAL REPORT 143

	September 30, 2018				September 30, 2017
Fund	Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains		Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains
Ivy Government Securities Fund	$	6,542	$	—	$	4,039	$	—
Ivy International Small Cap Fund		482		—		—		—
Ivy Pictet Emerging Markets Local Currency Debt Fund		3,499		—		—		—
Ivy Pictet Targeted Return Bond Fund		2,113		—		2,231		446
Ivy PineBridge High Yield Fund		4,308		—		827		—

(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, 2018 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2018, 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		—		—
Ivy California Municipal High Income Fund		118		7
Ivy Cash Management Fund		—		—
Ivy Corporate Bond Fund		2,335		5,663
Ivy Crossover Credit Fund		—		—
Ivy Government Securities Fund		4,335		2,958
Ivy International Small Cap Fund		—		—
Ivy Pictet Emerging Markets Local Currency Debt Fund		644		1,273
Ivy Pictet Targeted Return Bond Fund		938		334
Ivy PineBridge High Yield Fund		—		—

144 SEMIANNUAL REPORT 2019

PROXY VOTING INFORMATION IVY FUNDS

(UNAUDITED)

Proxy Voting Guidelines

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

Proxy Voting Records

Information regarding how the Trust voted proxies relating to portfolio securities during the most 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 on the Trust’s Form N-Q. These holdings may be viewed in the following ways:

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

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

TO ALL TRADITIONAL IRA PLANHOLDERS: IVY FUNDS

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

2019 SEMIANNUAL REPORT 145

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146 SEMIANNUAL REPORT 2019

THE IVY FUNDS FAMILY

Domestic Equity Funds

Ivy Accumulative Fund

Ivy Core Equity Fund

Ivy Large Cap Growth Fund

Ivy Mid Cap Growth Fund

Ivy Mid Cap Income Opportunities Fund

Ivy Small Cap Core Fund

Ivy Small Cap Growth Fund

Ivy Value Fund

Global/International Funds

Ivy Emerging Markets Equity Fund

Ivy Global Equity Income Fund

Ivy Global Growth Fund

Ivy International Small Cap Fund¹

1 (formerly known as Ivy IG 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 Fund²

2 (formerly known as Ivy Cundill Global 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

Speciality 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 Fund³

3 (formerly known as Ivy Advantus 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 Fund⁴

4 (formerly knowns as Ivy Advantus Bond Fund)

Money Market Funds

Ivy Cash Management Fund

Ivy Government Money Market Fund

1.888.923.3355

Visit us online at www.ivyinvestments.com

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

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

2019 SEMIANNUAL REPORT 147

SEMIANN-IVYALT (3-19)

  Semiannual Report   MARCH 31, 2019

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

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

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (e.g., a broker-dealer or bank) or, if you are a direct investor, by calling 1-888-923-3355 or by enrolling at www.ivyinvestments.com.

You may elect to receive all future reports in paper format free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you may call 1-888-923-3355 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper format will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Fund Complex if you invest directly with the Funds.

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

CONTENTS IVY FUNDS

President’s Letter	3
Illustration of Fund Expenses	4
Portfolio Highlights and Schedule of Investments:
Ivy ProShares Interest Rate Hedged High Yield Index Fund	6
Ivy ProShares MSCI ACWI Index Fund	11
Ivy ProShares Russell 2000 Dividend Growers Index Fund	25
Ivy ProShares S&P 500 Bond Index Fund	28
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund	35
Statements of Assets and Liabilities	38
Statements of Operations	39
Statements of Changes in Net Assets	40
Financial Highlights	42
Notes to Financial Statements	52
Quarterly Portfolio Schedule Information	65

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

2

PRESIDENT’S LETTER IVY FUNDS

	MARCH 31, 2019 (UNAUDITED)
Philip J. Sanders, CFA

Dear Shareholder,

We saw two distinct halves to this fiscal period. The latter part of 2018 brought dramatic market volatility, while early 2019 brought a reversal and solid rally. The U.S. stock market, which had hit record highs during 2018, concluded the year with the worst quarter for U.S. equities since 2011. Then, over the first calendar quarter of 2019, the S&P 500 Index turned in its best quarter since 2009, with major U.S. stock indexes approaching record highs again.

While investors continue to ride the ups and downs, one aspect that has stayed constant is uncertainty. Trade disputes, geopolitical tensions and slowing global growth rates all remain capable of rattling the financial markets.

The U.S. Federal Reserve (Fed) has indicated that short-term interest rates are close to what it believes to be neutral, meaning that policy is neither loose nor restrictive. Certainly, the more dovish stance by the Fed, with its pivot away from the steady interest rate increases of 2018, has helped with market sentiment, as has the accommodative position of the European Central Bank.

Global stocks are rising as inflation remains contained and economic growth around the world slows. The overall sluggish pace of economic expansion, particularly in the eurozone, has led us to revisit our global growth forecast for the year. However, we believe headway on a number of key issues could lead to an uptick in growth later this year. While we project U.S. GDP growth around 2.5% for the year, it’s clear that the waning effect of tax cuts and fiscal stimulus, along with the trade dispute between the U.S. and China, continue to weigh on economic activity. Nonetheless, there is confidence that a recession will be averted. It does look like the global economy could improve in the back half of the year, which would lead to better earnings growth in the second half, perhaps helping to sustain the stock rally.

Emerging markets faced multiple headwinds over the fiscal year, namely a strong dollar, China’s focus on deleveraging and regulations, trade wars, volatile energy prices and increased geopolitical risks. By comparison, U.S. equities broadly have benefitted from a more attractive growth rate, which was the result of tax reform, lower regulatory pressures and repatriation of overseas earnings.

Looking ahead, while we believe volatility remains possible, the landscape should present more selective opportunities

for investors. As we review those opportunities, we continue to put greater emphasis on the fundamentals and quality of asset classes and sectors.

We believe it is important to stay focused on the merits of individual market sectors, industries and companies when making investment decisions. Those fundamentals historically have tended to outweigh external factors such as government policies and regulations. While those can affect every business and every investor, we think the innovation and management skill within individual companies ultimately drive long-term stock prices.

Economic Snapshot

	3/31/2019		9/30/2018
S&P 500 Index		2,834.40		2,913.98
MSCI EAFE Index		1,875.43		1,973.60
10-Year Treasury Yield		2.41%		3.05%
U.S. unemployment rate		3.8%		3.7%
30-year fixed mortgage rate		4.06%		4.72%
Oil price per barrel	$	60.14	$	73.25

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

All government statistics shown are subject to periodic revision. The S&P 500 Index is an unmanaged index that tracks the stocks of 500 primarily large-cap U.S. companies. MSCI EAFE Index is an unmanaged index comprised of securities that represent the securities markets in Europe, Australasia and the Far East. It is not possible to invest directly in any of these indexes. Mortgage rates are from BankRate and reflect the overnight national average rate on a conventional 30-year fixed loan. Oil prices reflect the market price of West Texas intermediate grade crude.

Respectfully,

Philip J. Sanders, CFA

President

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

2019 SEMIANNUAL REPORT 3

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, exchange fees and account fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Fund expenses. The following table is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended March 31, 2019.

Actual Expenses

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

is below $650 on the Friday prior to the last full week of September of each year, the account will be assessed an account fee of $20. You should consider the additional fees that were charged to your Fund account over 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 9-30-18		Ending Account Value 3-31-19		Expenses Paid During Period*		Beginning Account Value 9-30-18		Ending Account Value 3-31-19		Expenses Paid During Period*
Ivy ProShares Interest Rate Hedged High Yield Index Fund
Class A	$	1,000	$	994.30	$	4.49	$	1,000	$	1,020.44	$	4.55		0.90%
Class E	$	1,000	$	994.30	$	4.49	$	1,000	$	1,020.44	$	4.55		0.90%
Class I	$	1,000	$	995.40	$	3.19	$	1,000	$	1,021.69	$	3.23		0.65%
Class N	$	1,000	$	995.40	$	3.19	$	1,000	$	1,021.69	$	3.23		0.65%
Class R	$	1,000	$	991.90	$	6.87	$	1,000	$	1,018.03	$	6.96		1.38%

See footnotes on page 5.

4 SEMIANNUAL REPORT 2019

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 9-30-18		Ending Account Value 3-31-19		Expenses Paid During Period*		Beginning Account Value 9-30-18		Ending Account Value 3-31-19		Expenses Paid During Period*
Ivy ProShares MSCI ACWI Index Fund
Class A	$	1,000	$	978.10	$	4.45	$	1,000	$	1,020.44	$	4.55		0.90%
Class E	$	1,000	$	978.80	$	3.66	$	1,000	$	1,021.19	$	3.74		0.75%
Class I	$	1,000	$	979.20	$	3.17	$	1,000	$	1,021.69	$	3.23		0.65%
Class N	$	1,000	$	979.20	$	3.17	$	1,000	$	1,021.69	$	3.23		0.65%
Class R	$	1,000	$	975.70	$	6.91	$	1,000	$	1,017.95	$	7.06		1.40%
Ivy ProShares Russell 2000 Dividend Growers Index Fund
Class A	$	1,000	$	995.30	$	4.49	$	1,000	$	1,020.44	$	4.55		0.90%
Class E	$	1,000	$	997.10	$	3.59	$	1,000	$	1,021.29	$	3.64		0.73%
Class I	$	1,000	$	997.40	$	3.20	$	1,000	$	1,021.69	$	3.23		0.65%
Class N	$	1,000	$	997.40	$	3.20	$	1,000	$	1,021.69	$	3.23		0.65%
Class R	$	1,000	$	992.90	$	6.98	$	1,000	$	1,017.95	$	7.06		1.40%
Ivy ProShares S&P 500 Bond Index Fund
Class A	$	1,000	$	1,045.70	$	3.27	$	1,000	$	1,021.69	$	3.23		0.65%
Class E	$	1,000	$	1,047.00	$	3.07	$	1,000	$	1,021.94	$	3.03		0.60%
Class I	$	1,000	$	1,048.10	$	2.05	$	1,000	$	1,022.94	$	2.02		0.40%
Class N	$	1,000	$	1,048.10	$	2.05	$	1,000	$	1,022.94	$	2.02		0.40%
Class R	$	1,000	$	1,043.30	$	5.82	$	1,000	$	1,019.20	$	5.75		1.15%
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
Class A	$	1,000	$	1,023.60	$	3.74	$	1,000	$	1,021.19	$	3.74		0.75%
Class E	$	1,000	$	1,024.40	$	3.75	$	1,000	$	1,021.19	$	3.74		0.75%
Class I	$	1,000	$	1,025.70	$	2.53	$	1,000	$	1,022.44	$	2.53		0.50%
Class N	$	1,000	$	1,025.80	$	2.53	$	1,000	$	1,022.44	$	2.53		0.50%
Class R	$	1,000	$	1,021.90	$	6.37	$	1,000	$	1,018.60	$	6.36		1.27%

* 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, 2019, 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.

2019 SEMIANNUAL REPORT 5

PORTFOLIO HIGHLIGHTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD
INDEX FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Bonds	97.0%
Corporate Debt Securities	97.0%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.0%

Quality Weightings

Investment Grade	0.4%
BBB	0.4%
Non-Investment Grade	96.6%
BB	34.1%
B	44.6%
CCC	16.2%
Below CCC	1.7%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.0%

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.

+ 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 2019

SCHEDULE OF INVESTMENTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Communication Services
Alternative Carriers – 2.5%
CommScope Finance LLC,
6.000%, 3-1-26 (A)	$	400	$	414
CommScope Technologies LLC (GTD by CommScope, Inc.),
6.000%, 6-15-25 (A)		410		398
Zayo Group LLC and Zayo Capital, Inc.:
6.000%, 4-1-23		290		294
5.750%, 1-15-27 (A)		413		412
				1,518
Broadcasting – 3.5%
AMC Networks, Inc.,
5.000%, 4-1-24		250		251
Clear Channel Worldwide Holdings, Inc.,
9.250%, 2-15-24 (A)		508		538
Sirius XM Radio, Inc.:
6.000%, 7-15-24 (A)		490		508
5.000%, 8-1-27 (A)		490		490
Univision Communications, Inc.,
5.125%, 2-15-25 (A)		350		326
				2,113
Cable & Satellite – 5.0%
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.125%, 5-1-27 (A)		681		685
5.000%, 2-1-28 (A)		570		564
CSC Holdings LLC,
6.500%, 2-1-29 (A)		425		452
DISH DBS Corp.:
5.875%, 11-15-24		476		400
7.750%, 7-1-26		575		500
Neptune Finco Corp.,
10.875%, 10-15-25 (A)		400		462
				3,063
Integrated Telecommunication Services – 4.2%
CenturyLink, Inc.,
7.500%, 4-1-24		280		296
Frontier Communications Corp.:
10.500%, 9-15-22		535		408
11.000%, 9-15-25		932		614
Olympus Merger Sub, Inc.,
8.500%, 10-15-25 (A)		300		258
Sprint Corp.:
7.875%, 9-15-23		575		604
7.125%, 6-15-24		394		400
				2,580
Movies & Entertainment – 2.2%
Netflix, Inc.:
4.875%, 4-15-28		580		574
5.875%, 11-15-28 (A)		690		729
				1,303

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Publishing – 0.5%
Meredith Corp.,
6.875%, 2-1-26	$	300	$	316
Wireless Telecommunication Service – 1.7%
SBA Communications Corp.,
4.875%, 9-1-24		255		258
T-Mobile USA, Inc.:
6.375%, 3-1-25		380		396
6.500%, 1-15-26		380		405
				1,059
Total Communication Services – 19.6%				11,952
Consumer Discretionary
Automobile Manufacturers – 0.5%
Tesla, Inc. (GTD by SolarCity Corp.),
5.300%, 8-15-25 (A)		350		303
Automotive Retail – 0.4%
Allison Transmission, Inc.,
5.000%, 10-1-24 (A)		265		264
Casinos & Gaming – 5.0%
CRC Escrow Issuer LLC and CRC Finco, Inc.,
5.250%, 10-15-25 (A)		420		405
ESH Hospitality, Inc.,
5.250%, 5-1-25 (A)		290		288
Golden Nugget, Inc.,
6.750%, 10-15-24 (A)		305		307
MGM Growth Properties Operating Partnership L.P. and MGP Finance Co-Issuer, Inc.,
5.625%, 5-1-24		210		219
MGM Resorts International,
6.000%, 3-15-23		369		389
Scientific Games International, Inc. (GTD by Scientific Games Corp.):
10.000%, 12-1-22		644		678
5.000%, 10-15-25 (A)		365		358
Wynn Las Vegas LLC and Wynn Las Vegas Capital Corp.,
5.500%, 3-1-25 (A)		400		395
				3,039
Consumer Electronics – 0.4%
Spectrum Brands, Inc. (GTD by SB/RH Holdings),
5.750%, 7-15-25		215		217
Hotels, Resorts & Cruise Lines – 0.6%
Hilton Domestic Operating Co., Inc.,
5.125%, 5-1-26 (A)		350		355
Internet & Direct Marketing Retail – 0.5% Argos Merger Sub, Inc.,
7.125%, 3-15-23 (A)		430		320

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Leisure Facilities – 0.4%
Six Flags Entertainment Corp.,
4.875%, 7-31-24 (A)	$	262	$	258
Leisure Products – 0.6%
Mattel, Inc.,
6.750%, 12-31-25 (A)		360		354
Restaurants – 3.3%
1011778 B.C. Unlimited Liability Co. and New Red Finance, Inc.:
4.250%, 5-15-24 (A)		411		407
5.000%, 10-15-25 (A)		666		658
Aramark Services, Inc. (GTD by Aramark Corp.),
5.000%, 2-1-28 (A)		210		209
KFC Holding Co., Pizza Hut Holdings LLC and Taco Bell of America LLC:
5.000%, 6-1-24 (A)		350		357
5.250%, 6-1-26 (A)		350		353
				1,984
Specialized Consumer Services – 0.9%
Nielsen Finance LLC and Nielsen Finance Co.,
5.000%, 4-15-22 (A)		563		558
Specialty Stores – 0.9%
Arch Merger Sub, Inc.,
8.500%, 9-15-25 (A)		220		240
PetSmart, Inc.,
5.875%, 6-1-25 (A)		393		329
				569
Tires & Rubber – 0.5%
Goodyear Tire & Rubber Co. (The),
5.125%, 11-15-23		300		300
Total Consumer Discretionary – 14.0%				8,521
Consumer Staples
Drug Retail – 0.5%
Rite Aid Corp.,
6.125%, 4-1-23 (A)		385		319
Food Retail – 1.1%
Albertsons Cos. LLC, Safeway, Inc., New Albertson’s, Inc. and Albertson’s LLC:
6.625%, 6-15-24		300		303
5.750%, 3-15-25		375		356
				659
Packaged Foods & Meats – 1.4%
Pilgrim’s Pride Corp.,
5.750%, 3-15-25 (A)		200		202
Post Holdings, Inc.:
5.000%, 8-15-26 (A)		364		354
5.750%, 3-1-27 (A)		270		271
				827
Total Consumer Staples – 3.0%				1,805

2019 SEMIANNUAL REPORT 7

SCHEDULE OF INVESTMENTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Energy
Coal & Consumable Fuels – 0.3%
CONSOL Energy, Inc.,
5.875%, 4-15-22	$	212	$	212
Oil & Gas Drilling – 1.1%
Ensco plc:
7.750%, 2-1-26		250		211
5.750%, 10-1-44		293		188
Transocean, Inc.,
9.000%, 7-15-23 (A)		237		253
				652
Oil & Gas Equipment & Services – 0.8%
Brand Energy & Infrastructure Services, Inc.,
8.500%, 7-15-25 (A)		210		188
McDermott Escrow 1, Inc. and McDermott Escrow 2, Inc.,
10.625%, 5-1-24 (A)		350		291
				479
Oil & Gas Exploration & Production – 4.2%
Antero Resources Corp.:
5.375%, 11-1-21		290		291
5.125%, 12-1-22		300		302
California Resources Corp.,
8.000%, 12-15-22 (A)		513		403
Chesapeake Energy Corp.:
8.000%, 1-15-25		350		357
8.000%, 6-15-27		357		352
Crownrock L.P.,
5.625%, 10-15-25 (A)		310		298
Matador Resources Co.,
5.875%, 9-15-26		230		229
Sanchez Energy Corp.,
6.125%, 1-15-23		265		36
Targa Resources Partners L.P.,
5.875%, 4-15-26 (A)		290		306
				2,574
Oil & Gas Refining & Marketing – 0.4%
EP Energy LLC and Everest Acquisition Finance, Inc.:
9.375%, 5-1-24 (A)		220		78
7.750%, 5-15-26 (A)		200		163
				241
Oil & Gas Storage & Transportation – 2.3%
Cheniere Corpus Christi Holdings LLC:
5.875%, 3-31-25		380		413
5.125%, 6-30-27		380		399
Energy Transfer Equity L.P.,
4.250%, 3-15-23		290		297
Energy Transfer Operating L.P.,
7.500%, 10-15-20		250		266
				1,375
Total Energy – 9.1%				5,533

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials
Asset Management & Custody Banks – 0.8%
Blackstone CQP Holdco L.P.,
6.500%, 3-20-21 (A)	$	500	$	499
Consumer Finance – 2.9%
Ally Financial, Inc.,
5.750%, 11-20-25		264		281
Quicken Loans, Inc.:
5.750%, 5-1-25 (A)		360		361
5.250%, 1-15-28 (A)		320		299
Springleaf Finance Corp.:
6.875%, 3-15-25		350		362
7.125%, 3-15-26		450		458
				1,761
Financial Exchanges & Data – 1.5%
Refinitiv U.S. Holdings, Inc.:
6.250%, 5-15-26 (A)		400		406
8.250%, 11-15-26 (A)		515		505
				911
Other Diversified Financial Services – 0.4%
Icahn Enterprises L.P. and Icahn Enterprises Finance Corp.,
6.250%, 2-1-22		250		256
Property & Casualty Insurance – 0.6%
Hub International Ltd.,
7.000%, 5-1-26 (A)		350		346
Specialized Finance – 2.1%
Diamond 1 Finance Corp. and Diamond 2 Finance Corp.:
5.875%, 6-15-21 (A)		481		490
7.125%, 6-15-24 (A)		481		510
Navient Corp.,
6.500%, 6-15-22		250		261
				1,261
Total Financials – 8.3%				5,034
Health Care
Health Care Facilities – 7.8%
Community Health Systems, Inc.,
6.250%, 3-31-23		804		755
DaVita HealthCare Partners, Inc.:
5.125%, 7-15-24		450		445
5.000%, 5-1-25		403		386
FWCT-2 Escrow Corp.,
6.875%, 2-1-22		680		452
HCA, Inc. (GTD by HCA Holdings, Inc.):
5.375%, 2-1-25		410		435
5.625%, 9-1-28		384		406
MPH Acquisition Holdings LLC,
7.125%, 6-1-24 (A)		361		360
RegionalCare Hospital Partners Holdings, Inc. and Legend Merger Sub, Inc.,
9.750%, 12-1-26 (A)		375		389

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Health Care Facilities (Continued)
Tenet Healthcare Corp.,
4.625%, 7-15-24	$	550	$	551
THC Escrow Corp. II,
6.750%, 6-15-23		550		566
				4,745
Health Care Services – 0.5%
Envision Healthcare Corp.,
8.750%, 10-15-26 (A)		345		307
Health Care Supplies – 0.9%
Ortho-Clinical Diagnostics,
6.625%, 5-15-22 (A)		300		284
WellCare Health Plans, Inc.,
5.250%, 4-1-25		270		280
				564
Health Care Technology – 0.8%
Change Healthcare Holdings, Inc.,
5.750%, 3-1-25 (A)		270		267
Verscend Holding Corp.,
9.750%, 8-15-26 (A)		250		250
				517
Life Sciences Tools & Services – 1.5%
Avantor, Inc.:
6.000%, 10-1-24 (A)		400		415
9.000%, 10-1-25 (A)		490		531
				946
Managed Health Care – 1.4%
Centene Escrow Corp.,
5.625%, 2-15-21		335		340
Centene Escrow I Corp.,
5.375%, 6-1-26 (A)		470		490
				830
Pharmaceuticals – 3.9%
Bausch Health Cos., Inc.:
5.875%, 5-15-23 (A)		532		537
6.125%, 4-15-25 (A)		655		649
Endo Ltd., Endo Finance LLC and Endo Finco, Inc.,
6.000%, 7-15-23 (A)		400		308
IMS Health, Inc.,
5.000%, 10-15-26 (A)		200		205
Jaguar Holding Co. II and Pharmaceutical Product Development LLC,
6.375%, 8-1-23 (A)		252		257
Par Pharmaceutical, Inc.,
7.500%, 4-1-27 (A)		400		405
				2,361
Total Health Care – 16.8%				10,270

8 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND (in thousands)

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials
Aerospace & Defense – 4.2%
Bombardier, Inc.:
7.500%, 3-15-25 (A)	$	411	$	423
7.875%, 4-15-27 (A)		500		516
TransDigm, Inc. (GTD by TransDigm Group, Inc.):
6.500%, 7-15-24		340		349
6.250%, 3-15-26 (A)		1,200		1,245
				2,533
Air Freight & Logistics – 0.8%
XPO Logistics, Inc.:
6.500%, 6-15-22 (A)		274		280
6.750%, 8-15-24 (A)		209		213
				493
Building Products – 0.5%
Beacon Escrow Corp.,
4.875%, 11-1-25 (A)		300		285
Construction Machinery & Heavy Trucks – 0.4%
Navistar International Corp. (GTD by Navistar, Inc.),
6.625%, 11-1-25 (A)		240		244
Diversified Support Services – 1.2%
United Rentals (North America), Inc. (GTD by United Rentals, Inc.):
6.500%, 12-15-26		240		253
4.875%, 1-15-28		500		486
				739
Industrial Conglomerates – 0.5%
Tribune Media Co.,
5.875%, 7-15-22		305		311
Office Services & Supplies – 0.4%
Xerox Corp.,
3.625%, 3-15-23		250		244
Security & Alarm Services – 1.1%
Prime Security Services Borrower LLC,
9.250%, 5-15-23 (A)		655		688
Trucking – 0.6%
Hertz Corp. (The),
7.625%, 6-1-22 (A)		365		374
Total Industrials – 9.7%				5,911
Information Technology
Application Software – 2.5%
Infor (U.S.), Inc.,
6.500%, 5-15-22		430		436
Solera LLC and Solera Finance, Inc.,
10.500%, 3-1-24 (A)		525		569

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Application Software (Continued)
SS&C Technologies Holdings, Inc.,
5.500%, 9-30-27 (A)	$	530	$	535
				1,540
Data Processing & Outsourced Services – 2.3%
Exela Intermediate LLC and Exela Finance, Inc.,
10.000%, 7-15-23 (A)		320		326
First Data Corp.:
5.000%, 1-15-24 (A)		400		410
5.750%, 1-15-24 (A)		643		661
				1,397
Technology Hardware, Storage & Peripherals – 0.4%
Inception Parent, Inc., Inception Merger Sub, Inc. and Rackspace Hosting, Inc.,
8.625%, 11-15-24 (A)		295		263
Total Information Technology – 5.2%				3,200
Materials
Aluminum – 1.2%
Novelis Corp. (GTD by Novelis, Inc.):
6.250%, 8-15-24 (A)		340		348
5.875%, 9-30-26 (A)		416		414
				762
Commodity Chemicals – 0.7%
NOVA Chemicals Corp.:
4.875%, 6-1-24 (A)		215		211
5.250%, 6-1-27 (A)		196		192
				403
Diversified Metals & Mining – 1.7%
Cliffs Natural Resources, Inc.,
5.750%, 3-1-25		261		250
First Quantum Minerals Ltd.:
7.250%, 4-1-23 (A)		410		400
7.500%, 4-1-25 (A)		400		385
				1,035
Metal & Glass Containers – 2.6%
Ball Corp.:
4.375%, 12-15-20		422		428
5.250%, 7-1-25		420		440
BWAY Holding Co.:
5.500%, 4-15-24 (A)		402		399
7.250%, 4-15-25 (A)		310		299
				1,566
Paper Packaging – 0.7%
Reynolds Group Issuer, Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer (Luxembourg) S.A.,
5.125%, 7-15-23 (A)		420		427
Total Materials – 6.9%				4,193

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Real Estate
Real Estate Development – 0.4%
Howard Hughs Corp.,
5.375%, 3-15-25 (A)	$	250	$	249
Specialized REITs – 0.9%
Iron Mountain, Inc.,
4.875%, 9-15-27 (A)		240		230
Uniti Group L.P., Uniti Group Finance, Inc. and CSL Capital LLC,
8.250%, 10-15-23		335		302
				532
Total Real Estate – 1.3%				781
Utilities
Electric Utilities – 3.1%
Calpine Corp.:
5.375%, 1-15-23		400		401
5.750%, 1-15-25		320		318
Dynegy, Inc.,
7.625%, 11-1-24		356		376
NRG Energy, Inc.,
6.625%, 1-15-27		396		426
Vistra Operations Co. LLC,
5.625%, 2-15-27 (A)		380		395
				1,916
Total Utilities – 3.1%				1,916
TOTAL CORPORATE DEBT SECURITIES – 97.0%			$	59,116
(Cost: $59,387)
TOTAL INVESTMENT SECURITIES – 97.0%			$	59,116
(Cost: $59,387)
CASH AND OTHER ASSETS, NET OF LIABILITIES (B) – 3.0%				1,816
NET ASSETS – 100.0%			$	60,932

2019 SEMIANNUAL REPORT 9

SCHEDULE OF INVESTMENTS IVY PROSHARES INTEREST RATE HEDGED HIGH YIELD INDEX FUND (in thousands)

MARCH 31, 2019 (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, 2019 the total value of these securities amounted to $36,131 or 59.2% of net assets.

(B) Cash of $374 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at March 31, 2019 (contracts unrounded):

Description	Type		Number of Contracts		Expiration Date		Notional Amount		Value			Unrealized Depreciation
U.S. 10-Year Treasury Note		Short		84		6-28-19		8,400	$	(10,434	)	$	(130	)
U.S. 2-Year Treasury Note		Short		70		7-3-19		14,000		(14,917	)		(42	)
U.S. 5-Year Treasury Note		Short		299		7-3-19		29,900		(34,633	)		(228	)
									$	(59,984	)	$	(400	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	—	$	59,116	$	—
Total	$	—	$	59,116	$	—
Liabilities
Futures Contracts	$	400	$	—	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT = Real Estate Investment Trusts

See Accompanying Notes to Financial Statements.

10 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY PROSHARES MSCI ACWI INDEX FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Stocks	99.5%
Financials	16.8%
Information Technology	15.5%
Health Care	11.6%
Industrials	10.6%
Consumer Discretionary	10.1%
Communication Services	8.6%
Consumer Staples	8.4%
Energy	6.5%
Materials	4.8%
Real Estate	3.6%
Utilities	3.0%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	0.5%

Country Weightings

North America	58.4%
United States	54.9%
Other North America	3.5%
Europe	20.3%
United Kingdom	4.7%
Other Europe	15.6%
Pacific Basin	18.9%
Japan	7.0%
Other Pacific Basin	11.9%
South America	1.3%
Other	0.5%
Bahamas/Caribbean	0.1%
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
Johnson & Johnson	United States	Health Care	Pharmaceuticals
Alphabet, Inc., Class C	United States	Communication Services	Interactive Media & Services
Alphabet, Inc., Class A	United States	Communication Services	Interactive Media & Services
Exxon Mobil Corp.	United States	Energy	Oil & Gas Exploration & Production
JPMorgan Chase & Co.	United States	Financials	Other Diversified Financial Services
Nestle S.A., Registered Shares	Switzerland	Consumer Staples	Packaged Foods & Meats

See your advisor or www.ivyinvestments.com for more information on the Fund’s most recent 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.

2019 SEMIANNUAL REPORT 11

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS	Shares			Value
Australia
Consumer Discretionary – 0.0%
Aristocrat Leisure Ltd.		1		$	26
Consumer Staples – 0.2%
Treasury Wine Estates Ltd.		2			22
Wesfarmers Ltd.		3			62
Woolworths Ltd.		3			63
					147
Energy – 0.1%
Oil Search Ltd.		5			26
Origin Energy Ltd.		5			25
Santos Ltd.		6			28
Woodside Petroleum Ltd.		2			57
					136
Financials – 0.7%
Australia and New Zealand Banking Group Ltd.		7			126
Australian Stock Exchange Ltd.		1			45
Commonwealth Bank of Australia		4			202
Insurance Australia Group Ltd.		7			36
Macquarie Group Ltd.		1			74
National Australia Bank Ltd.		6			114
QBE Insurance Group Ltd.		5			48
Suncorp Group Ltd.		5			46
Westpac Banking Corp.		8			147
					838
Health Care – 0.2%
Cochlear Ltd.		—	*		24
CSL Ltd.		1			155
Sonic Healthcare Ltd.		2			38
					217
Industrials – 0.2%
Brambles Ltd.		5			45
Transurban Group		6			59
					104
Materials – 0.4%
Amcor Ltd.		4			42
BHP Group Ltd.		7			203
BHP Group plc		5			115
Newcrest Mining Ltd.		2			38
South32 Ltd.		15			39
					437
Real Estate – 0.3%
Dexus		4			39
Goodman Group		5			52
GPT Group		8			35
Scentre Group		14			41
Stockland Corp. Ltd.		8			23
Vicinity Centres		16			30
					220

COMMON STOCKS (Continued)	Shares			Value
Utilities – 0.1%
AGL Energy Ltd.		2		$	38
APA Group		7			47
					85
Total Australia – 2.2%				$	2,210
Austria
Energy – 0.0%
OMV AG		1			28
Financials – 0.0%
Erste Bank der Oesterreichischen Sparkassen AG		1			40
Materials – 0.0%
voestalpine AG		1			17
Total Austria – 0.0%				$	85
Belgium
Consumer Staples – 0.1%
InBev N.V.		2			149
Financials – 0.2%
ageas N.V.		1			39
KBC Group N.V.		1			50
					89
Health Care – 0.1%
UCB S.A./N.V.		1			44
Materials – 0.0%
Solvay S.A.		—	*		35
Umicore S.A.		1			30
					65
Total Belgium – 0.4%				$	347
Bermuda
Financials – 0.1%
Arch Capital Group Ltd. (A)		1			46
Everest Re Group Ltd.		—	*		26
					72
Total Bermuda – 0.1%				$	72
Brazil
Communication Services – 0.0%
Telefonica Brasil S.A.		2			24
Consumer Discretionary – 0.1%
Lojas Renner S.A.		3			39
MercadoLibre, Inc. (A)		—	*		46
					85
Consumer Staples – 0.1%
Ambev S.A.		13			54

COMMON STOCKS (Continued)	Shares			Value
Energy – 0.2%
Petroleo Brasileiro S.A.		22		$	161
Ultrapar Participacoes S.A.		2			26
					187
Financials – 0.5%
Banco Bradesco S.A.		12			126
Banco do Brasil S.A.		4			45
BB Seguridade Participacoes S.A.		4			24
BM&F Bovespa S.A.		8			67
Itau Unibanco Holdings S.A.		12			103
Itausa Investimentos Itau S.A.		16			48
					413
Industrials – 0.0%
WEG S.A.		5			21
Information Technology – 0.0%
Cielo S.A.		5			11
Materials – 0.1%
Vale S.A.		8			102
Real Estate – 0.1%
Multiplan Empreendimentos Imobiliarios S.A.		7			42
Total Brazil – 1.1%				$	939
Canada
Communication Services – 0.2%
Rogers Communications, Inc., Class B		1			62
Shaw Communications, Inc., Class B		2			35
Thomson Reuters Corp.		1			44
					141
Consumer Discretionary – 0.2%
Canadian Tire Corp. Ltd., Class A		—	*		28
Dollarama, Inc.		1			27
lululemon athletica, Inc. (A)		—	*		44
Magna International, Inc.		1			45
Restaurant Brands International, Inc.		1			40
					184
Consumer Staples – 0.1%
Alimentation Couche-Tard, Inc., Class B		1			68
Loblaw Cos. Ltd.		1			38
Metro, Inc.		1			39
Saputo, Inc.		1			37
					182
Energy – 0.6%
Canadian Natural Resources Ltd.		3			92
Cenovus Energy, Inc.		3			25
Enbridge, Inc.		4			155
EnCana Corp.		3			20
Imperial Oil Ltd.		1			22
Inter Pipeline Ltd.		2			34
Keyera Corp.		1			27
Pembina Pipeline Corp.		2			56

12 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Energy (Continued)
Suncor Energy, Inc.		4		$	129
TransCanada Corp.		2			99
					659
Financials – 1.1%
Bank of Montreal		1			97
Bank of Nova Scotia (The)		3			133
Brookfield Asset Management, Inc., Class A		2			99
Canadian Imperial Bank of Commerce		1			72
Fairfax Financial Holdings Ltd.		—	*		36
Intact Financial Corp.		1			47
Manulife Financial Corp.		5			87
National Bank of Canada		1			29
Onex Corp.		—	*		21
Power Corp. of Canada		1			24
Royal Bank of Canada		3			234
Sun Life Financial, Inc. (B)		2			60
Toronto-Dominion Bank		4			210
					1,149
Industrials – 0.3%
Canadian National Railway Co.		2			160
Canadian Pacific Railway Ltd.		—	*		82
					242
Information Technology – 0.2%
Constellation Software, Inc.		—	*		48
OpenText Corp.		1			34
Shopify, Inc., Class A (A)		—	*		56
					138
Materials – 0.3%
Agnico-Eagle Mines Ltd.		1			33
Barrick Gold Corp.		4			49
First Quantum Minerals Ltd.		2			20
Franco-Nevada Corp.		1			49
Goldcorp, Inc.		3			30
Nutrien Ltd.		2			81
Teck Cominco Ltd.		1			34
Wheaton Precious Metals Corp.		2			40
					336
Real Estate – 0.0%
First Capital Realty, Inc.		2			28
Utilities – 0.1%
Fortis, Inc.		2			58
Total Canada – 3.1%				$	3,117
Chile
Consumer Discretionary – 0.0%
Saci Falabella		5			38
Consumer Staples – 0.0%
Cencosud S.A.		15			26
Energy – 0.0%
Empresas Copec S.A.		2			28

COMMON STOCKS (Continued)	Shares			Value
Financials – 0.1%
Banco Santander Chile		640		$	48
Total Chile – 0.1%				$	140
China
Communication Services – 0.7%
58.com, Inc. ADR (A)		—	*		21
China Mobile Ltd.		15			152
China Telecom Corp. Ltd.		71			40
China Unicom Ltd.		23			29
NetEase.com, Inc. ADR		—	*		53
SINA Corp. (A)		—	*		16
Tencent Holdings Ltd.		13			611
					922
Consumer Discretionary – 0.8%
Alibaba Group Holding Ltd. ADR (A)		3			489
Ctrip.com International Ltd. (A)		1			46
Geely Automobile Holdings Ltd.		15			29
JD.com, Inc. ADR (A)		2			57
New Oriental Education & Technology Group, Inc. ADR (A)		—	*		33
Shenzhou International Group Holdings Ltd.		3			43
YUM! Brands, Inc.		1			50
					747
Consumer Staples – 0.0%
China Mengniu Dairy Co. Ltd.		10			38
Energy – 0.2%
China Petroleum & Chemical Corp., H Shares		66			53
China Shenhua Energy Co. Ltd., H Shares		11			25
CNOOC Ltd.		51			95
PetroChina Co. Ltd., H Shares		54			36
					209
Financials – 0.8%
Bank of Communications Co. Ltd.		44			36
BOC Hong Kong (Holdings) Ltd., H Shares		203			92
China Cinda Asset Management Co. Ltd., H Shares		85			24
China CITIC Bank Corp. Ltd., H Shares		41			26
China Construction Bank Corp.		229			196
China Life Insurance Co. Ltd., H Shares		22			59
China Merchants Bank Co. Ltd., H Shares		12			61
China Minsheng Banking Corp. Ltd., H Shares		38			28
China Pacific Insurance (Group) Co. Ltd., H Shares		10			39
CITIC Securities Co. Ltd., H Shares		11			26
Haitong Securities Co. Ltd., H Shares		25			33
Industrial and Commercial Bank of China Ltd., H Shares		170			125
PICC Property and Casualty Co. Ltd., H Shares		24			27

COMMON STOCKS (Continued)	Shares			Value
Financials (Continued)
Ping An Insurance (Group) Co. of China Ltd., H Shares		14		$	156
					928
Health Care – 0.0%
CSPC Pharmaceutical Group Ltd.		12			23
Industrials – 0.0%
China Communications Construction Co. Ltd., H Shares		24			25
Information Technology – 0.1%
AAC Technologies Holdings, Inc. (B)		2			12
Baidu.com, Inc. ADR (A)		1			112
Sunny Optical Technology (Group) Co. Ltd.		2			21
					145
Materials – 0.0%
Anhui Conch Cement Co. Ltd., H Shares		4			27
Real Estate – 0.1%
China Overseas Land & Investment Ltd.		15			58
Country Garden Holdings Co. Ltd.		19			30
Sunac China Holdings Ltd.		8			38
					126
Utilities – 0.0%
CGN Power Co. Ltd., H Shares		140			39
Xinao Gas Holdings Ltd.		3			25
					64
Total China – 2.7%				$	3,254
Columbia
Financials – 0.0%
Bancolombia S.A.		3			36
Total Columbia – 0.0%				$	36
Denmark
Consumer Discretionary – 0.0%
Pandora Holding A.S.		—	*		12
Consumer Staples – 0.1%
Carlsberg Group		—	*		51
Financials – 0.0%
Danske Bank A.S.		2			32
Health Care – 0.3%
Coloplast A/S, Class B		—	*		47
Genmab A.S. (A)		—	*		35
Novo Nordisk A/S, Class B		4			216
Novozymes A/S, Class B		1			41
					339

2019 SEMIANNUAL REPORT 13

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Industrials – 0.1%
A.P. Moller - Maersk A/S (B)		—	*	$	33
DSV A/S		1			51
Vestas Wind Systems A/S		1			52
					136
Materials – 0.1%
Chr. Hansen Holding A/S		—	*		44
Utilities – 0.1%
DONG Energy A/S		1			51
Total Denmark – 0.7%				$	665
Finland
Financials – 0.1%
Nordea Bank AB (B)		7			53
Sampo plc, A Shares		1			39
					92
Information Technology – 0.1%
Nokia OYJ		15			84
Materials – 0.1%
Stora Enso Oyj, Class R		1			18
UPM-Kymmene Corp. (B)		1			39
					57
Total Finland – 0.3%				$	233
France
Communication Services – 0.2%
Orange S.A.		5			84
Publicis Groupe S.A. (B)		1			35
Vivendi Universal		3			85
					204
Consumer Discretionary – 0.6%
Accor S.A.		1			29
Compagnie Generale des Etablissements Michelin, Class B		—	*		59
Hermes International		—	*		52
LVMH Moet Hennessy - Louis Vuitton		1			244
Peugeot S.A.		2			40
Pinault-Printemps-Redoute S.A.		—	*		104
Renault S.A.		1			40
Sodexo S.A.		—	*		46
Valeo S.A.		1			24
					638
Consumer Staples – 0.4%
Carrefour S.A.		2			42
Danone S.A.		1			115
L’Oreal		1			154
Pernod Ricard S.A.		1			99
					410
Energy – 0.3%
Total S.A.		6			318

COMMON STOCKS (Continued)	Shares			Value
Financials – 0.3%
Axa S.A.		5		$	124
BNP Paribas S.A.		3			127
Credit Agricole Group		3			40
Societe Generale S.A.		2			55
					346
Health Care – 0.3%
EssilorLuxottica S.A.		1			61
Sanofi-Aventis		3			242
					303
Industrials – 0.7%
Airbus SE		1			188
Bouygues S.A.		1			26
Compagnie de Saint-Gobain		1			48
Eiffage S.A.		—	*		29
Getlink SE		3			47
Legrand S.A.		1			55
Safran		1			108
Schneider Electric S.A.		1			104
Teleperformance SE		—	*		45
Thales		—	*		33
Vinci		1			117
					800
Information Technology – 0.2%
Atos S.A.		—	*		27
Cap Gemini S.A.		—	*		52
Dassault Systemes S.A.		—	*		53
					132
Materials – 0.1%
Arkema		—	*		26
L Air Liquide S.A.		1			144
					170
Real Estate – 0.1%
Klepierre		1			31
Unibail-Rodamco-Westfield		—	*		46
					77
Utilities – 0.1%
ENGIE		5			72
Veolia Environnement S.A.		2			42
					114
Total France – 3.3%				$	3,512
Germany
Communication Services – 0.1%
Deutsche Telekom AG, Registered Shares		8			131
Consumer Discretionary – 0.3%
adidas AG		—	*		112
Bayerische Motoren Werke AG		1			69
Continental AG		—	*		34
Daimler AG		2			122
Porsche Automobil Holding SE		1			35
TUI AG		1			12
					384

COMMON STOCKS (Continued)	Shares			Value
Consumer Staples – 0.0%
Beiersdorf Aktiengesellschaft		—	*	$	32
Financials – 0.4%
Allianz AG, Registered Shares		1			214
Commerzbank AG		3			21
Deutsche Bank AG		5			41
Deutsche Boerse AG		—	*		53
Hannover Ruckversicherungs-Aktiengesellschaft		—	*		25
Munchener Ruckversicherungs-Gesellschaft AG, Registered Shares		—	*		80
					434
Health Care – 0.4%
Bayer AG		2			129
Fresenius Medical Care AG & Co. KGaA		1			51
Fresenius SE & Co. KGaA		1			62
Merck KGaA		—	*		49
					291
Industrials – 0.3%
Brenntag AG		1			29
Deutsche Lufthansa AG		1			20
Deutsche Post AG		3			83
GEA Group Aktiengesellschaft, Bochum		1			17
MTU Aero Engines Holding AG		—	*		45
Siemens AG		2			191
Thyssenkrupp AG		1			13
					398
Information Technology – 0.3%
Infineon Technologies AG		3			56
SAP AG		2			240
Wirecard AG (B)		—	*		43
					339
Materials – 0.2%
BASF Aktiengesellschaft		2			154
Covestro AG		—	*		26
Evonik Industries AG		1			16
HeidelbergCement AG		—	*		25
Symrise AG		—	*		42
					263
Real Estate – 0.2%
Deutsche Wohnen AG		1			43
Vonovia SE		1			63
					106
Utilities – 0.1%
E.ON AG		6			66
RWE Aktiengesellschaft		2			41
					107
Total Germany – 2.3%				$	2,485

14 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Hong Kong
Consumer Discretionary – 0.2%
Galaxy Entertainment Group		6	$	43
Techtronic Industries Co. Ltd.		6		38
				81
Consumer Staples – 0.0%
China Resources Beer (Holdings) Co. Ltd.		5		22
WH Group Ltd.		27		28
				50
Financials – 0.6%
Agricultural Bank of China Ltd., H Shares		76		35
AIA Group Ltd.		30		304
BOC Hong Kong (Holdings) Ltd.		11		47
Hang Seng Bank Ltd.		2		54
Hong Kong Exchanges and Clearing Ltd.		3		119
				559
Health Care – 0.0%
Sino Biopharmaceutical Ltd.		13		12
Industrials – 0.2%
Cheung Kong Infrastructure Holdings Ltd.		5		38
CITIC Pacific Ltd.		26		38
Jardine Matheson Holdings Ltd.		1		40
MTR Corp. Ltd.		7		43
Shanghai Industrial Holdings Ltd.		10		25
				184
Real Estate – 0.6%
Cheung Kong (Holdings) Ltd.		17		161
China Evergrande Group (B)		7		24
China Resources Land Ltd.		10		46
Hang Lung Properties Ltd.		13		31
Henderson Land Development Co. Ltd.		6		40
Hongkong Land Holdings Ltd.		5		35
Hysan Development Co. Ltd.		5		28
Link (The)		7		81
New World Development Co. Ltd.		32		54
Sino Land Co. Ltd.		19		36
Sun Hung Kai Properties Ltd.		5		89
Swire Pacific Ltd., Class A		3		45
Wharf (Holdings) Ltd. (The)		4		31
Wheelock and Co. Ltd.		5		33
				734
Utilities – 0.2%
CLP Holdings Ltd.		5		63
Hong Kong & China Gas Co. Ltd.		37		88
Power Assets Holdings Ltd.		6		43
				194
Total Hong Kong – 1.8%			$	1,814

COMMON STOCKS (Continued)	Shares			Value
India
Consumer Discretionary – 0.0%
Tata Motors Ltd. ADR (A)		3		$	40
Energy – 0.3%
Reliance Industries Ltd. GDR (C)		6			250
Financials – 0.1%
ICICI Bank Ltd. ADR		8			93
Health Care – 0.1%
Dr. Reddy’s Laboratories Ltd. ADR		3			106
Industrials – 0.2%
Larsen & Toubro Ltd. GDR		7			145
Information Technology – 0.2%
Infosys Technologies Ltd. ADR		8			85
Wipro Ltd. ADR		21			82
					167
Materials – 0.1%
Vedanta Ltd. ADR		5			49
Total India – 1.0%				$	850
Indonesia
Communication Services – 0.1%
PT Telekomunikasi Indonesia Persero Tbk		181			50
Consumer Discretionary – 0.0%
PT Astra International Tbk		69			36
Financials – 0.2%
Bank Central Asia Tbk PT		29			58
PT Bank Mandiri (Persero) Tbk (A)		71			37
PT Bank Rakyat Indonesia		181			53
					148
Total Indonesia – 0.3%				$	234
Ireland
Consumer Discretionary – 0.0%
Paddy Power Betfair plc		—	*		20
Consumer Staples – 0.1%
Kerry Group plc, Class A		—	*		49
Health Care – 0.3%
Medtronic plc		3			258
Information Technology – 0.2%
Accenture plc, Class A		1			213
Materials – 0.1%
CRH plc		2			62
James Hardie Industries plc, Class C		2			21
Smurfit Kappa Group plc		1			17
					100
Total Ireland – 0.7%				$	640

COMMON STOCKS (Continued)	Shares			Value
Israel
Health Care – 0.0%
Teva Pharmaceutical Industries Ltd. ADR (A)		2		$	39
Information Technology – 0.0%
NICE Systems Ltd. ADR (A)		—	*		30
Total Israel – 0.0%				$	69
Italy
Communication Services – 0.0%
Telecom Italia S.p.A. (A)(B)		45			28
Consumer Discretionary – 0.1%
Ferrari N.V.		—	*		42
Energy – 0.1%
Eni S.p.A.		6			100
Financials – 0.3%
Assicurazioni Generali S.p.A.		3			53
Banca Intesa S.p.A.		38			93
UniCredit S.p.A.		5			64
					210
Industrials – 0.0%
Atlantia S.p.A.		1			31
CNH Industrial N.V.		2			25
Prysmian S.p.A.		1			18
					74
Utilities – 0.2%
ENEL S.p.A.		20			126
Snam S.p.A.		11			57
					183
Total Italy – 0.7%				$	637
Japan
Communication Services – 0.6%
KDDI Corp.		4			88
Nintendo Co. Ltd.		—	*		83
Nippon Telegraph and Telephone Corp.		2			72
NTT DoCoMo, Inc.		3			61
SoftBank Group Corp.		2			201
					505
Consumer Discretionary – 1.3%
Bridgestone Corp.		2			62
Denso Corp.		1			50
Fast Retailing Co. Ltd.		—	*		78
Honda Motor Co. Ltd.		4			112
Isuzu Motors Ltd.		3			36
Koito Manufacturing Co. Ltd.		—	*		26
Makita Corp.		1			26
Mazda Motor Corp.		2			23
Nissan Motor Co. Ltd.		5			43
Nitori Co. Ltd.		—	*		27
Oriental Land Co. Ltd.		1			60

2019 SEMIANNUAL REPORT 15

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Consumer Discretionary (Continued)
Panasonic Corp.		5		$	46
Ryohin Keikaku Co. Ltd.		—	*		17
Sekisui Chemicals Co. Ltd.		2			29
Sekisui House Ltd.		3			43
Shimano, Inc.		—	*		40
Sony Corp.		3			130
Subaru Corp. (B)		2			36
Suzuki Motor Corp.		1			41
Toyota Industries Corp.		1			27
Toyota Motor Corp.		5			313
Yamaha Corp.		—	*		23
					1,288
Consumer Staples – 0.5%
Aeon Co. Ltd.		2			37
Ajinomoto Co., Inc.		2			32
Asahi Breweries Ltd.		1			46
FamilyMart Co. Ltd.		1			31
Japan Tobacco, Inc.		3			72
Kao Corp.		1			93
Kirin Brewery Co. Ltd.		2			50
Meiji Holdings Co. Ltd.		—	*		39
Seven & i Holdings Co. Ltd. (B)		2			69
Shiseido Co. Ltd.		1			64
Suntory Beverage & Food Ltd.		1			25
Unicharm Corp.		1			44
Yakult Honsha Co. Ltd.		—	*		26
					628
Energy – 0.1%
Inpex Corp.		3			27
JXTG Holdings, Inc.		9			42
					69
Financials – 0.7%
Dai-ichi Mutual Life Insurance Co. (The)		3			42
Daiwa Securities Group, Inc.		8			37
Japan Exchange Group, Inc.		1			26
Japan Post Holdings Co. Ltd.		3			36
Kabushiki Kaisha Mitsubishi Tokyo Financial Group		28			140
Mizuho Financial Group, Inc.		61			95
MS&AD Insurance Group Holdings, Inc.		1			41
Nomura Holdings, Inc.		10			37
ORIX Corp.		4			59
Resona Holdings, Inc.		7			29
Sompo Holdings, Inc.		1			35
Sumitomo Mitsui Financial Group, Inc.		3			114
Sumitomo Mitsui Trust Holdings, Inc.		1			38
T&D Holdings, Inc.		2			20
Tokio Marine Holdings, Inc.		2			86
					835
Health Care – 0.8%
Astellas Pharma, Inc.		5			75
Chugai Pharmaceutical Co. Ltd.		1			51
Daiichi Sankyo Co. Ltd.		2			76
Eisai Co. Ltd.		1			41
M3, Inc.		1			21

COMMON STOCKS (Continued)	Shares			Value
Health Care (Continued)
Olympus Corp.		4		$	40
Ono Pharmaceutical Co. Ltd.		1			24
Otsuka Holdings Co. Ltd.		1			44
Shionogi & Co. Ltd.		1			54
Sysmex Corp.		—	*		24
Takeda Pharmaceutical Co. Ltd.		3			133
Terumo Corp.		2			55
					638
Industrials – 1.9%
AGC, Inc.		1			22
Canon, Inc.		2			63
Central Japan Railway Co.		—	*		91
Dakin Industries Ltd.		1			84
East Japan Railway Co.		1			85
FANUC Ltd.		1			89
Hankyu Hanshin Holdings, Inc.		1			42
ITOCHU Corp.		3			59
Kajima Corp.		2			28
Keio Corp.		1			50
Kintetsu Group Holdings Co. Ltd.		1			47
Komatsu Ltd.		3			61
Kubota Corp.		3			44
Marubeni Corp.		5			37
MISUMI Group, Inc.		1			24
Mitsubishi Corp.		3			94
Mitsubishi Electric Corp.		5			60
Mitsubishi Heavy Industries Ltd.		1			36
Mitsui & Co. Ltd.		4			62
Nagoya Railroad Co. Ltd.		1			40
Nihon Densan Kabushiki Kaisha		1			69
Odakyu Electric Railway Co. Ltd.		2			45
Recruit Holdings Co. Ltd.		3			81
Secom Co. Ltd.		1			56
Shimizu Corp.		3			26
SMC Corp.		—	*		66
Sumitomo Corp.		3			44
Sumitomo Electric Industries Ltd.		3			43
Taisei Corp.		1			34
Tobu Railway Co. Ltd.		1			39
Tokyo Corp.		2			40
Toshiba Corp.		2			52
TOTO Ltd. (B)		1			22
Toyota Tsusho Corp.		1			28
West Japan Railway Co.		1			44
Yamato Holdings Co. Ltd.		1			24
					1,831
Information Technology – 0.6%
FUJIFILM Holdings Corp.		1			50
Fujitsu Ltd.		1			43
Hitachi Ltd.		2			78
Hoya Corp.		1			63
Keyence Corp.		—	*		149
Kyocera Corp.		1			56
Murata Manufacturing Co. Ltd.		1			71
OMRON Corp. (B)		1			30
Renesas Electronics Corp. (A)		2			11
ROHM Co. Ltd.		—	*		18
TDK Corp.		—	*		34
Tokyo Electron Ltd.		—	*		54
YASKAWA Electric Corp.		1			26
					683

COMMON STOCKS (Continued)	Shares			Value
Materials – 0.1%
Asahi Kasei Corp.		4		$	39
JFE Holdings, Inc.		2			28
Kuraray Co. Ltd.		2			29
Mitsubishi Chemical Holdings Corp.		5			36
Nippon Steel & Sumitomo Metal Corp.		2			39
Nissan Chemical Corp.		1			32
Nitto Denko Corp.		—	*		24
Shin-Etsu Chemical Co. Ltd.		1			84
Sumitomo Chemical Co. Ltd.		6			26
Sumitomo Metal Mining Co. Ltd.		1			24
Teijin Ltd.		2			26
Toray Industries, Inc.		5			33
					420
Real Estate – 0.4%
Daito Trust Construction Co. Ltd.		—	*		27
Daiwa House Industry Co. Ltd.		2			55
Japan Real Estate Investment Corp.		—	*		30
Mitsubishi Estate Co. Ltd.		4			64
Mitsui Fudosan Co. Ltd.		2			62
Nippon Building Fund, Inc.		—	*		34
Sumitomo Realty & Development Co. Ltd.		1			49
Tokyu Fudosan Holdings Corp.		4			24
					345
Utilities – 0.0%
Chubu Electric Power Co., Inc.		2			38
Kansai Electric Power Co., Inc.		3			38
Osaka Gas Co. Ltd.		2			32
Tokyo Electric Power Co., Inc. (The) (A)		6			41
Tokyo Gas Co. Ltd.		1			36
					185
Total Japan – 7.0%				$	7,427
Luxembourg
Energy – 0.0%
Tenaris S.A.		1			20
Materials – 0.0%
ArcelorMittal		2			34
Total Luxembourg – 0.0%				$	54
Macau
Consumer Discretionary – 0.0%
Sands China Ltd.		8			38
Total Macau – 0.0%				$	38
Malaysia
Financials – 0.2%
Bumiputra-Commerce Holdings Berhad		30			38
Malayan Banking Berhad		21			49
Public Bank Berhad		12			66
					153

16 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Utilities – 0.0%
Tenaga Nasional Berhad		15	$	45
Total Malaysia – 0.2%			$	198
Mexico
Communication Services – 0.1%
America Movil S.A.B. de C.V., Series L		109		78
Grupo Televisa S.A.B. de C.V.		9		19
				97
Consumer Staples – 0.2%
Fomento Economico Mexicano S.A.B. de C.V.		8		75
Wal-Mart de Mexico S.A.B. de C.V.		19		52
				127
Financials – 0.1%
Grupo Financiero Banorte S.A.B. de C.V.		9		52
Materials – 0.0%
Grupo Mexico S.A.B. de C.V.		16		44
Real Estate – 0.0%
Fibra Uno Administracion S.A. de C.V.		26		36
Total Mexico – 0.4%			$	356
Netherlands
Communication Services – 0.0%
Koninklijke KPN N.V.		14		45
Consumer Staples – 0.2%
Heineken N.V.		1		68
Koninklijke Ahold Delhaize N.V.		3		89
				157
Energy – 0.6%
Royal Dutch Shell plc, Class A		11		346
Royal Dutch Shell plc, Class B		9		283
				629
Financials – 0.2%
ABN AMRO Group N.V.		1		26
Aegon N.V.		5		24
ING Groep N.V., Certicaaten Van Aandelen		9		106
NN Group N.V.		1		44
				200
Health Care – 0.0%
Qiagen N.V. (A)		1		28
Industrials – 0.2%
Koninklijke Philips Electronics N.V., Ordinary Shares		2		96
Wolters Kluwer N.V.		1		63
				159

COMMON STOCKS (Continued)	Shares			Value
Information Technology – 0.3%
ASML Holding N.V., Ordinary Shares		1		$	182
NXP Semiconductors N.V.		1			72
					254
Materials – 0.2%
Akzo Nobel N.V.		1			56
Royal DSM Heerlen		1			58
					114
Total Netherlands – 1.7%				$	1,586
Norway
Communication Services – 0.1%
Telenor ASA		2			46
Consumer Staples – 0.0%
Mowi ASA (B)		1			32
Energy – 0.1%
Equinor ASA		3			58
Financials – 0.1%
DNB ASA		3			48
Industrials – 0.0%
Orkla ASA		3			22
Materials – 0.0%
Yara International ASA		1			25
Total Norway – 0.3%				$	231
Peru
Financials – 0.1%
Credicorp Ltd.		—	*		57
Total Peru – 0.1%				$	57
Philippines
Real Estate – 0.0%
Ayala Land, Inc.		53			45
SM Prime Holdings, Inc.		52			40
					85
Total Philippines – 0.0%				$	85
Poland
Energy – 0.0%
Polski Koncern Naftowy Orlen S.A.		2			39
Financials – 0.0%
Bank Pekao S.A.		1			39
PKO Bank Polski S.A.		4			44
Powszechny Zaklad Ubezpieczen S.A.		4			38
					121
Total Poland – 0.0%				$	160

COMMON STOCKS (Continued)	Shares			Value
Portugal
Energy – 0.0%
Galp Energia SGPS S.A., Class B		1		$	23
Utilities – 0.0%
EDP - Energias de Portugal S.A.		11			44
Total Portugal – 0.0%				$	67
Russia
Communication Services – 0.0%
Mobile TeleSystems OJSC ADR		3			26
Energy – 0.5%
OAO Novatek GDR		—	*		60
Open Joint Stock Co. Gazprom ADR		14			62
PJSC LUKOIL ADR		2			163
Tatneft PJSC		1			59
					344
Financials – 0.1%
Sberbank of Russia PJSC ADR		10			136
Materials – 0.1%
MMC Norilsk Nickel PJSC ADR		3			56
Total Russia – 0.7%				$	562
Singapore
Communication Services – 0.1%
Singapore Telecommunications Ltd.		24			53
Financials – 0.4%
DBS Group Holdings Ltd.		5			95
Oversea-Chinese Banking Corp. Ltd.		9			75
Singapore Exchange Ltd.		10			52
United Overseas Bank Ltd.		4			74
					296
Industrials – 0.0%
Keppel Corp. Ltd.		5			24
Real Estate – 0.2%
Ascendas Real Estate Investment Trust		19			41
CapitaLand Ltd.		19			52
Suntec		30			43
UOL Group Ltd.		5			28
					164
Total Singapore – 0.7%				$	537
South Africa
Communication Services – 0.3%
MTN Group Ltd. (B)		4			27
Naspers Ltd., Class N		2			242
Vodacom Group Ltd.		2			17
					286
Consumer Discretionary – 0.0%
Woolworths Holdings Ltd.		5			16

2019 SEMIANNUAL REPORT 17

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Consumer Staples – 0.0%
Bid Corp. Ltd. (B)		1		$	23
Shoprite Holdings Ltd.		1			16
Tiger Brands Ltd.		1			15
					54
Financials – 0.1%
Absa Group Ltd.		2			24
FirstRand Ltd. (B)		10			43
Investec plc		3			16
Old Mutual plc		11			17
Remgro Ltd.		2			26
Sanlam Ltd. (B)		7			34
Standard Bank Group Ltd. (B)		4			47
					207
Health Care – 0.0%
Aspen Pharmacare Holdings Ltd.		1			8
Industrials – 0.0%
Bidvest Group Ltd. (The)		1			17
Materials – 0.1%
Mondi plc		1			25
Sasol Ltd.		1			44
					69
Real Estate – 0.0%
Growthpoint Properties Ltd.		12			20
Redefine Properties Ltd.		24			16
					36
Total South Africa – 0.5%				$	693
South Korea
Communication Services – 0.0%
Naver Corp.		—	*		10
Consumer Discretionary – 0.2%
Hyundai Mobis		—	*		37
Hyundai Motor Co.		1			56
Kia Motors Corp.		1			39
LG Electronics, Inc.		—	*		21
					153
Consumer Staples – 0.1%
Amorepacific Corp.		—	*		20
Korea Tobacco & Ginseng Corp.		1			46
LG Household & Health Care Ltd.		—	*		45
					111
Energy – 0.0%
SK Energy Co. Ltd.		—	*		36
Financials – 0.3%
Hana Financial Group, Inc.		1			34
KB Financial Group, Inc.		1			47
Samsung Fire & Marine Insurance Co. Ltd.		—	*		49
Samsung Life Insurance Co. Ltd.		—	*		24
Shinhan Financial Group Co. Ltd.		2			57
Woori Finance Holdings Co. Ltd.		2			28
					239

COMMON STOCKS (Continued)	Shares			Value
Health Care – 0.0%
Celltrion, Inc. (A)		—	*	$	34
Industrials – 0.0%
LG Corp.		1			38
Samsung C&T Corp.		—	*		30
					68
Information Technology – 0.5%
LG Display Co. Ltd.		1			20
Samsung Electro-Mechanics Co. Ltd.		—	*		18
Samsung Electronics Co. Ltd.		10			410
Samsung SDI Co. Ltd.		—	*		34
Samsung SDS Co. Ltd.		—	*		24
SK C&C Co. Ltd.		—	*		28
SK hynix, Inc.		1			91
					625
Materials – 0.2%
LG Chem Ltd.		—	*		49
Lotte Chemical Corp.		—	*		19
POSCO		—	*		51
					119
Utilities – 0.0%
Korea Electric Power Corp.		1			31
Total South Korea – 1.3%				$	1,426
Spain
Communication Services – 0.1%
Telefonica S.A.		12			98
Consumer Discretionary – 0.1%
Industria de Diseno Textil S.A.		3			81
Energy – 0.1%
Repsol YPF S.A.		3			51
Financials – 0.3%
Banco Bilbao Vizcaya Argentaria S.A. (B)		16			93
Banco de Sabadell S.A.		16			16
Banco Santander S.A.		38			177
Bankinter S.A.		3			22
CaixaBank S.A.		11			34
					342
Health Care – 0.0%
Grifols S.A.		1			33
Industrials – 0.1%
Aena S.A.		—	*		39
Ferrovial S.A.		1			35
					74
Information Technology – 0.1%
Amadeus IT Holding S.A.		1			87
Utilities – 0.1%
Enagas S.A.		2			47
Iberdrola S.A.		15			128

COMMON STOCKS (Continued)	Shares			Value
Utilities (Continued)
Natural Energy Group S.A.		1		$	29
Red Electrica Corp. S.A.		2			45
					249
Total Spain – 0.9%				$	1,015
Sweden
Communication Services – 0.0%
TeliaSonera AB		9			40
Consumer Discretionary – 0.0%
Autoliv, Inc.		—	*		16
H & M Hennes & Mauritz AB		3			45
					61
Consumer Staples – 0.1%
Svenska Cellulosa Aktiebolaget SCA (publ), Class B		2			53
Swedish Match AB		1			40
					93
Financials – 0.0%
Investor AB, B Shares		1			46
Skandinaviska Enskilda Banken AB, Series A (B)		5			40
Svenska Handelsbanken AB, Class A (B)		4			43
Swedbank AB (B)		2			33
					162
Industrials – 0.3%
AB Volvo, Class B		4			59
Alfa Laval AB		1			25
Assa Abloy AB, Class B		2			52
Atlas Copco AB, Class A		3			73
Sandvik AB		3			52
					261
Information Technology – 0.1%
Hexagon AB, Class B		1			31
Telefonaktiebolaget LM Ericsson, B Shares (B)		9			78
					109
Materials – 0.0%
Boliden AB		1			28
Total Sweden – 0.5%				$	754
Switzerland
Communication Services – 0.0%
Swisscom AG, Registered Shares		—	*		26
Consumer Discretionary – 0.1%
Compagnie Financiere Richemont S.A.		1			96
Swatch Group Ltd. (The), Bearer Shares		—	*		26
					122

18 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Consumer Staples – 0.7%
Nestle S.A., Registered Shares		7		$	655
Financials – 0.5%
ACE Ltd.		1			142
Credit Suisse Group AG, Registered Shares		6			75
Julius Baer Group Ltd.		1			22
Partners Group Holding AG		—	*		31
Swiss Life Holding Zurich		—	*		40
Swiss Re Ltd.		1			78
UBS Group AG		9			107
Zurich Financial Services, Registered Shares		—	*		103
					598
Health Care – 1.1%
Givaudan S.A., Registered Shares		—	*		59
Lonza Group Ltd., Registered Shares		—	*		60
Novartis AG, Registered Shares		5			475
Roche Holdings AG, Genusscheine		2			449
Sonova Holding AG		—	*		31
					1,074
Industrials – 0.3%
ABB Ltd.		5			87
Adecco S.A.		1			30
Ferguson plc		1			54
Geberit AG, Registered		—	*		55
Schindler Holding AG		—	*		22
SGS S.A.		—	*		45
					293
Information Technology – 0.0%
STMicroelectronics N.V.		2			27
Materials – 0.2%
Clariant Ltd., Registered Shares (A)		1			22
Glencore International plc		29			121
LafargeHolcim Ltd.		1			54
Sika AG		—	*		1
					198
Real Estate – 0.0%
Swiss Prime Site AG, Registered		—	*		27
Total Switzerland – 2.9%				$	3,020
Taiwan
Communication Services – 0.1%
Chunghwa Telecom Co. Ltd.		13			47
Consumer Staples – 0.1%
Uni-President Enterprises Corp.		19			46
Financials – 0.3%
Cathay Financial Holding Co. Ltd.		30			44
Chailease Holding Co. Ltd.		10			40
China Development Financial Holding Corp.		100			33
Chinatrust Financial Holding Co. Ltd.		68			45

COMMON STOCKS (Continued)	Shares			Value
Financials (Continued)
Fubon Financial Holding Co. Ltd.		28		$	42
Mega Financial Holding Co.		52			47
Yuanta Financial Holdings Co. Ltd.		82			47
					298
Information Technology – 0.7%
Advanced Semiconductor Engineering, Inc.		13			29
Asustek Computer, Inc.		3			20
Delta Electronics, Inc.		10			51
Hon Hai Precision Industry Co. Ltd.		42			99
Largan Precision Co. Ltd.		—	*		44
MediaTek, Inc.		5			43
Taiwan Semiconductor Manufacturing Co. Ltd.		57			455
United Microelectronics Corp.		52			20
					761
Materials – 0.3%
China Steel Corp.		53			43
Formosa Chemicals & Fiber Corp.		12			43
Formosa Plastics Corp.		14			50
Nan Ya Plastics Corp.		18			46
Taiwan Cement Corp.		21			28
					210
Total Taiwan – 1.5%				$	1,362
Thailand
Communication Services – 0.0%
Advanced Info Service Public Co. Ltd.		6			32
Consumer Staples – 0.0%
CP ALL plc		17			39
Energy – 0.0%
PTT Public Co. Ltd.		30			45
Financials – 0.0%
Kasikornbank Public Co. Ltd.		7			39
Siam Commercial Bank Public Co. Ltd.		9			37
					76
Industrials – 0.1%
Airports of Thailand Public Co. Ltd.		20			43
Materials – 0.0%
PTT Global Chemical Public Co. Ltd.		11			23
Total Thailand – 0.1%				$	258
United Kingdom
Communication Services – 0.2%
BT Group plc		25			71
ITV plc		12			20
Pearson plc		3			27
Vodafone Group plc		62			113
WPP Group plc		4			37
					268

COMMON STOCKS (Continued)	Shares			Value
Consumer Discretionary – 0.3%
Aptiv plc		1		$	51
Barratt Developments plc		4			28
Burberry Group plc		1			33
Capri Holdings Ltd. (A)		—	*		19
Compass Group plc		4			96
Fiat S.p.A.		2			36
InterContinental Hotels Group plc		1			42
NEXT plc		—	*		31
Persimmon plc		1			24
Taylor Wimpey plc		12			27
Whitbread plc		1			46
					433
Consumer Staples – 1.1%
Associated British Foods plc		1			33
British American Tobacco plc		5			217
Diageo plc		6			230
Imperial Tobacco Group plc		3			91
Reckitt Benckiser Group plc		2			134
Tesco plc		23			70
Unilever N.V., Certicaaten Van Aandelen		3			200
Unilever plc		3			157
					1,132
Energy – 0.3%
BP plc		47			341
FMC Technologies, Inc.		1			29
					370
Financials – 1.2%
3i Group plc		3			41
Aviva plc		9			47
Barclays plc		43			86
HSBC Holdings plc		45			366
Legal & General Group plc		13			48
Lloyds Banking Group plc		168			136
London Stock Exchange Group plc, New Ordinary Shares		1			41
Prudential plc		6			116
Royal Bank of Scotland Group plc (The)		9			28
Standard Chartered plc		7			52
Standard Life Aberdeen plc		6			20
Willis Towers Watson plc		—	*		60
					1,041
Health Care – 0.4%
AstraZeneca plc		3			233
GlaxoSmithKline plc		12			241
NMC Health plc		1			18
Smith & Nephew plc		2			44
					536
Industrials – 0.3%
Allegion plc		—	*		31
Ashtead Group plc		1			34
BAE Systems plc		8			49
Bunzl plc		1			42
Experian plc		2			64
IHS Markit Ltd. (A)		1			49
Intertek Group plc		1			37

2019 SEMIANNUAL REPORT 19

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Industrials (Continued)
Melrose Industries plc		12		$	30
RELX plc		4			90
Rolls-Royce Group plc		185			47
Smiths Group plc		2			29
Weir Group plc (The)		1			18
					520
Materials – 0.7%
Anglo American plc		3			73
Croda International plc		1			42
Johnson Matthey plc		1			30
Praxair, Inc.		1			207
Rio Tinto Ltd.		1			61
Rio Tinto plc		3			161
					574
Real Estate – 0.0%
Land Securities Group plc		2			27
Utilities – 0.2%
Centrica plc		20			30
National Grid plc		9			100
SSE plc		3			49
United Utilities Group plc		4			40
					219
Total United Kingdom – 4.7%				$	5,120
United States
Communication Services – 5.7%
Activision Blizzard, Inc.		2			82
Alphabet, Inc., Class A (A)		1			793
Alphabet, Inc., Class C (A)		1			837
AT&T, Inc.		16			513
CBS Corp., Class B		1			45
CenturyLink, Inc.		3			32
Charter Communications, Inc., Class A (A)		—	*		137
Comcast Corp., Class A		11			429
Discovery, Inc. (A)		2			39
Electronic Arts, Inc. (A)		1			71
Facebook, Inc., Class A (A)		5			898
Fox Corp., Class A (A)		1			34
Fox Corp., Class B (A)		—	*		11
IAC/InterActiveCorp (A)		—	*		48
Interpublic Group of Cos., Inc. (The)		1			24
Liberty Global, Inc., Series C (A)		2			45
MetroPCS Communications, Inc. (A)		1			55
Netflix, Inc. (A)		1			342
Omnicom Group, Inc.		1			45
SBA Communications Corp. (A)		—	*		63
Sirius XM Holdings, Inc.		5			26
Take-Two Interactive Software, Inc. (A)		—	*		32
Twitter, Inc. (A)		2			55
Verizon Communications, Inc.		9			545
Viacom, Inc., Class B		1			32
Walt Disney Co. (The)		4			456
					5,689

COMMON STOCKS (Continued)	Shares			Value
Consumer Discretionary – 5.7%
Advance Auto Parts, Inc.		—	*	$	37
Amazon.com, Inc. (A)		1			1,647
AutoZone, Inc. (A)		—	*		89
Best Buy Co., Inc.		1			52
Booking Holdings, Inc. (A)		—	*		190
BorgWarner, Inc.		1			25
CarMax, Inc. (A)		1			37
Carnival Corp.		1			46
Carnival plc		—	*		16
Chipotle Mexican Grill, Inc., Class A (A)		—	*		50
Coach, Inc.		1			23
D.R. Horton, Inc.		1			39
Darden Restaurants, Inc.		—	*		42
Dollar General Corp.		1			84
Dollar Tree, Inc. (A)		1			64
Domino’s Pizza, Inc.		—	*		26
eBay, Inc.		3			94
Expedia, Inc.		—	*		41
Ford Motor Co.		8			67
General Motors Co.		3			102
Genuine Parts Co.		—	*		52
Home Depot, Inc. (The)		3			508
Las Vegas Sands, Inc.		1			57
Lear Corp.		—	*		25
Leggett & Platt, Inc.		1			29
Lennar Corp.		1			37
Limited Brands, Inc.		1			19
LKQ Corp. (A)		1			32
Lowe’s Co., Inc.		2			191
Macy’s, Inc.		1			22
Marriott International, Inc., Class A		1			91
McDonalds Corp.		2			324
MGM Resorts International		2			39
Mohawk Industries, Inc. (A)		—	*		21
Newell Rubbermaid, Inc.		1			22
NIKE, Inc., Class B		3			245
NVR, Inc. (A)		—	*		25
O’Reilly Automotive, Inc. (A)		—	*		90
Phillips-Van Heusen Corp.		—	*		22
Pulte Homes, Inc.		1			22
Ross Stores, Inc.		1			91
Royal Caribbean Cruises Ltd.		—	*		52
Starbucks Corp.		3			220
TAL Education Group ADR (A)		1			30
Target Corp.		1			104
Tesla Motors, Inc. (A)		—	*		93
Tiffany & Co.		—	*		25
TJX Cos., Inc. (The)		3			139
Tractor Supply Co.		—	*		39
Ulta Beauty, Inc. (A)		—	*		53
V.F. Corp.		1			68
Vail Resorts, Inc.		—	*		23
Whirlpool Corp.		—	*		28
Wynn Resorts Ltd.		—	*		27
YUM! Brands, Inc.		1			78
					5,714
Consumer Staples – 4.2%
Altria Group, Inc.		4			245
Archer Daniels Midland Co.		1			50
Brown-Forman Corp., Class B (B)		1			41
Bunge Ltd.		—	*		17

COMMON STOCKS (Continued)	Shares			Value
Consumer Staples (Continued)
Campbell Soup Co.		1		$	25
Church & Dwight Co., Inc.		1			53
Clorox Co. (The)		—	*		59
Coca-Cola Co. (The)		9			417
Colgate-Palmolive Co.		2			135
ConAgra Foods, Inc.		1			32
Constellation Brands, Inc.		—	*		66
Costco Wholesale Corp.		1			241
CVS Caremark Corp.		2			130
Estee Lauder Co., Inc. (The), Class A		1			91
General Mills, Inc.		1			77
Hershey Foods Corp.		—	*		49
Hormel Foods Corp. (B)		1			35
Ingredion, Inc.		—	*		24
J.M. Smucker Co. (The)		—	*		41
Kellogg Co.		1			40
Kimberly-Clark Corp.		1			106
Kraft Foods Group, Inc.		1			46
Kroger Co. (The)		2			57
McCormick & Co., Inc.		—	*		54
Molson Coors Brewing Co., Class B		1			36
Mondelez International, Inc., Class A		3			168
Monster Beverage Corp. (A)		1			63
PepsiCo, Inc.		3			383
Philip Morris International, Inc.		4			315
Procter & Gamble Co. (The)		6			580
Sysco Corp.		1			79
Tyson Foods, Inc.		1			45
Walgreen Co.		2			124
Wal-Mart Stores, Inc.		3			326
					4,250
Energy – 3.0%
Anadarko Petroleum Corp.		1			60
Apache Corp.		1			38
Baker Hughes, Inc.		1			28
Cabot Oil & Gas Corp.		1			36
CF Industries Holdings, Inc.		1			29
Cheniere Energy, Inc. (A)		1			36
Chevron Corp.		4			525
Cimarex Energy Co.		—	*		22
Concho Resources, Inc.		—	*		45
ConocoPhillips		3			181
Devon Energy Corp.		1			43
Diamondback Energy, Inc.		—	*		30
EOG Resources, Inc.		1			130
Exxon Mobil Corp.		10			773
Halliburton Co.		2			62
Helmerich & Payne, Inc.		—	*		20
Hess Corp.		1			50
HollyFrontier Corp.		—	*		20
Kinder Morgan, Inc.		5			95
Marathon Oil Corp.		2			42
Marathon Petroleum Corp.		1			66
National Oilwell Varco, Inc.		1			27
Noble Energy, Inc.		1			30
Occidental Petroleum Corp.		2			116
ONEOK, Inc.		1			72
Phillips 66		1			93
Pioneer Natural Resources Co.		—	*		67
Schlumberger Ltd.		3			147
Targa Resources Corp.		1			27

20 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Energy (Continued)
Valero Energy Corp.		1		$	88
Williams Co., Inc. (The)		2			58
					3,056
Financials – 6.7%
Affiliated Managers Group, Inc.		—	*		20
Aflac, Inc.		2			82
AGNC Investment Corp.		2			37
Alleghany Corp. (A)		—	*		40
Allstate Corp. (The)		1			69
Ally Financial, Inc.		1			26
American Express Co.		1			161
American International Group, Inc.		2			95
Ameriprise Financial, Inc.		—	*		47
Annaly Capital Management, Inc.		3			33
Aon plc		1			97
Arthur J. Gallagher & Co.		1			39
Bank of America Corp.		22			603
Bank of New York Mellon Corp. (The)		2			105
BB&T Corp.		2			87
Berkshire Hathaway, Inc., Class B (A)		3			564
BlackRock, Inc., Class A		—	*		108
Capital One Financial Corp.		1			92
Charles Schwab Corp. (The)		3			122
Chicago Board Options Exchange, Inc.		—	*		34
Cincinnati Financial Corp.		1			47
Citigroup, Inc.		6			356
Citizens Financial Group, Inc.		1			40
CME Group, Inc.		1			118
Comerica, Inc.		—	*		34
Discover Financial Services		1			56
E*TRADE Financial Corp.		1			28
Fidelity National Information Services, Inc.		1			78
Fifth Third Bancorp		2			39
First Republic Bank		—	*		42
FNF Group		1			37
Franklin Resources, Inc.		1			31
Goldman Sachs Group, Inc. (The)		1			150
Hartford Financial Services Group, Inc. (The)		1			42
Huntington Bancshares, Inc.		3			35
Intercontinental Exchange, Inc.		1			94
Invesco Ltd.		1			25
JPMorgan Chase & Co.		8			771
KeyCorp		3			40
Lincoln National Corp.		1			35
Loews Corp.		1			38
M&T Bank Corp.		—	*		53
Markel Corp. (A)		—	*		37
Marsh & McLennan Cos., Inc.		1			102
MetLife, Inc.		2			88
Moody’s Corp.		—	*		65
Morgan Stanley		3			121
MSCI, Inc., Class A		—	*		50
NASDAQ, Inc.		—	*		24
Northern Trust Corp.		1			48
PNC Financial Services Group, Inc. (The)		1			128
Principal Financial Group, Inc.		1			42
Progressive Corp. (The)		1			92

COMMON STOCKS (Continued)	Shares			Value
Financials (Continued)
Prudential Financial, Inc.		1		$	96
Raymond James Financial, Inc.		—	*		28
Regions Financial Corp.		3			38
S&P Global, Inc.		—	*		105
State Street Corp.		1			53
SunTrust Banks, Inc.		1			60
SVB Financial Group (A)		—	*		28
Synchrony Financial		2			52
T. Rowe Price Group, Inc.		1			58
TD Ameritrade Holding Corp.		1			31
Travelers Co., Inc. (The)		1			91
U.S. Bancorp		3			156
Unum Group		1			27
Wells Fargo & Co.		11			511
Zions Bancorporation		—	*		22
					6,803
Health Care – 7.6%
Abbott Laboratories		4			299
AbbVie, Inc.		4			302
Abiomed, Inc. (A)		—	*		34
Agilent Technologies, Inc.		1			72
Alexion Pharmaceuticals, Inc. (A)		1			77
Align Technology, Inc. (A)		—	*		53
Allergan plc		1			119
Alnylam Pharmaceuticals, Inc. (A)		—	*		23
AmerisourceBergen Corp.		—	*		37
Amgen, Inc.		2			291
Anthem, Inc.		1			173
Baxter International, Inc.		1			95
Becton Dickinson & Co.		1			153
Biogen, Inc. (A)		—	*		115
BioMarin Pharmaceutical, Inc. (A)		1			46
Boston Scientific Corp. (A)		3			123
Bristol-Myers Squibb Co.		4			178
Cardinal Health, Inc.		1			45
Celgene Corp. (A)		2			164
Centene Corp. (A)		1			55
Cerner Corp. (A)		1			46
Cigna Corp.		1			96
Cooper Cos., Inc. (The)		—	*		43
Da Vita, Inc. (A)		1			28
Danaher Corp.		1			170
Dentsply Sirona, Inc.		1			36
Edwards Lifesciences Corp. (A)		—	*		94
Eli Lilly and Co.		2			282
Gilead Sciences, Inc.		3			196
HCA Holdings, Inc.		1			98
Henry Schein, Inc. (A)		1			32
Hologic, Inc. (A)		1			46
Humana, Inc.		—	*		92
IDEXX Laboratories, Inc. (A)		—	*		53
Illumina, Inc. (A)		—	*		106
Incyte Corp. (A)		1			44
Intuitive Surgical, Inc. (A)		—	*		153
Johnson & Johnson		6			847
Laboratory Corp. of America Holdings (A)		—	*		44
McKesson Corp.		1			58
Merck & Co., Inc.		6			505
Mettler-Toledo International, Inc. (A)		—	*		55
Mylan, Inc. (A)		1			39
Nektar Therapeutics (A)		—	*		13

COMMON STOCKS (Continued)	Shares			Value
Health Care (Continued)
Perrigo Co. Ltd.		—	*	$	18
Pfizer, Inc.		13			548
Quest Diagnostics, Inc.		—	*		42
Quintiles Transnational Holdings, Inc. (A)		—	*		59
Regeneron Pharmaceuticals, Inc. (A)		—	*		89
ResMed, Inc.		—	*		44
Stryker Corp.		1			139
Teleflex, Inc.		—	*		45
Thermo Fisher Scientific, Inc.		1			242
UnitedHealth Group, Inc.		2			543
Universal Health Services, Inc., Class B		—	*		43
Varian Medical Systems, Inc. (A)		—	*		33
Veeva Systems, Inc., Class A (A)		—	*		51
Vertex Pharmaceuticals, Inc. (A)		1			115
Waters Corp. (A)		—	*		58
Zimmer Holdings, Inc.		—	*		61
Zoetis, Inc.		1			119
					7,879
Industrials – 5.4%
3M Co.		1			286
A. O. Smith Corp.		—	*		25
AMETEK, Inc.		1			47
Arconic, Inc.		1			27
Boeing Co. (The)		1			490
C.H. Robinson Worldwide, Inc.		—	*		34
Caterpillar, Inc.		1			186
Cintas Corp.		—	*		48
Copart, Inc. (A)		1			45
CoStar Group, Inc. (A)		—	*		49
CSX Corp.		2			150
Cummins, Inc.		—	*		63
Deere & Co.		1			116
Dover Corp.		—	*		39
Eaton Corp.		1			83
Emerson Electric Co.		1			98
Equifax, Inc.		—	*		46
Expeditors International of Washington, Inc.		1			42
Fastenal Co.		1			52
FedEx Corp.		1			107
Fluor Corp.		1			20
Fortive Corp.		1			65
Fortune Brands Home & Security, Inc.		1			31
General Dynamics Corp.		1			94
General Electric Co.		21			211
Harris Corp.		—	*		52
HD Supply Holdings, Inc. (A)		1			31
Honeywell International, Inc.		2			250
Huntington Ingalls Industries, Inc.		—	*		25
IDEX Corp.		—	*		45
Illinois Tool Works, Inc.		1			101
Ingersoll-Rand plc		1			61
J.B. Hunt Transport Services, Inc.		—	*		29
Johnson Controls, Inc.		2			89
L3 Technologies, Inc.		—	*		39
Lennox International, Inc.		—	*		45
Lockheed Martin Corp.		1			170
Masco Corp.		1			44
Nielsen Holdings plc		1			24

2019 SEMIANNUAL REPORT 21

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares			Value
Industrials (Continued)
Norfolk Southern Corp.		1		$	125
Northrop Grumman Corp.		—	*		96
Old Dominion Freight Line, Inc.		—	*		26
Owens Corning		—	*		17
PACCAR, Inc.		1			62
Parker Hannifin Corp.		—	*		62
Raytheon Co.		1			115
Republic Services, Inc., Class A		1			44
Rockwell Automation, Inc.		—	*		57
Roper Industries, Inc.		—	*		77
Sensata Technologies Holding N.V. (A)		1			27
Spirit AeroSystems Holdings, Inc.		—	*		37
Stanley Black & Decker, Inc.		—	*		52
Textron, Inc.		1			31
TransDigm Group, Inc. (A)		—	*		61
TransUnion		—	*		29
Union Pacific Corp.		2			297
United Parcel Service, Inc., Class B		2			178
United Rentals, Inc. (A)		—	*		29
United Technologies Corp.		2			215
Verisk Analytics, Inc., Class A		—	*		52
W.W. Grainger, Inc.		—	*		40
Waste Connections, Inc.		1			66
Waste Management, Inc.		1			101
Westinghouse Air Brake Technologies Corp.		—	*		26
XPO Logistics, Inc. (A) (B)		—	*		17
Xylem, Inc.		1			44
					5,442
Information Technology – 11.8%
Adobe, Inc. (A)		1			291
Advanced Micro Devices, Inc. (A)		2			59
Akamai Technologies, Inc. (A)		—	*		34
Alliance Data Systems Corp.		—	*		25
Amphenol Corp., Class A		1			69
Analog Devices, Inc.		1			94
ANSYS, Inc. (A)		—	*		47
Apple, Inc.		11			2,092
Applied Materials, Inc.		2			98
Arista Networks, Inc. (A)		—	*		44
Autodesk, Inc. (A)		1			90
Automatic Data Processing, Inc.		1			154
Broadcom Corp., Class A		1			272
Broadridge Financial Solutions, Inc.		—	*		26
Cadence Design Systems, Inc. (A)		1			54
CDW Corp.		—	*		36
Cisco Systems, Inc.		11			584
Citrix Systems, Inc.		—	*		44
Cognizant Technology Solutions Corp., Class A		1			94
Computer Sciences Corp.		1			39
Corning, Inc.		2			71
Dell Technologies, Inc., Class V (A)		1			30
F5 Networks, Inc. (A)		—	*		22
Fiserv, Inc. (A)		1			81
FleetCor Technologies, Inc. (A)		—	*		56
Garter, Inc., Class A (A)		—	*		45
Global Payments, Inc.		—	*		54
GoDaddy, Inc., Class A (A)		—	*		31
Hewlett Packard Enterprise Co.		4			62
Hewlett-Packard Co.		4			76

COMMON STOCKS (Continued)	Shares			Value
Information Technology (Continued)
Intel Corp.		11		$	565
International Business Machines Corp.		2			284
Intuit, Inc.		—	*		127
IPG Photonics Corp. (A)		—	*		16
Keysight Technologies, Inc. (A)		1			57
KLA-Tencor Corp.		—	*		50
Lam Research Corp.		—	*		73
Marvell Technology Group Ltd.		1			23
MasterCard, Inc., Class A		2			480
Maxim Integrated Products, Inc.		1			41
Microchip Technology, Inc. (B)		1			50
Micron Technology, Inc. (A)		2			101
Microsoft Corp.		16			1,909
Motorola, Inc.		—	*		58
NetApp, Inc.		1			50
NVIDIA Corp.		1			233
ON Semiconductor Corp. (A)		1			24
Oracle Corp.		7			379
Palo Alto Networks, Inc. (A)		—	*		58
Paychex, Inc.		1			54
PayPal, Inc. (A)		3			272
QUALCOMM, Inc.		3			192
Red Hat, Inc. (A)		—	*		86
RF Micro Devices, Inc. (A)		—	*		27
salesforce.com, Inc. (A)		2			242
Seagate Technology		1			34
ServiceNow, Inc. (A)		—	*		105
Skyworks Solutions, Inc.		—	*		39
Splunk, Inc. (A)		—	*		52
Square, Inc., Class A (A)		1			57
SS&C Technologies Holdings, Inc.		1			41
Symantec Corp.		2			44
Synopsys, Inc. (A)		—	*		48
TE Connectivity Ltd.		1			69
Texas Instruments, Inc.		2			235
Total System Services, Inc.		—	*		41
Trimble Navigation Ltd. (A)		1			39
VeriSign, Inc. (A)		—	*		56
Visa, Inc., Class A		4			598
VMware, Inc., Class A		—	*		40
Western Digital Corp.		1			31
Western Union Co. (The)		1			26
Workday, Inc., Class A (A)		—	*		75
Worldpay, Inc. (A)		1			94
Xilinx, Inc.		1			93
					12,042
Materials – 1.4%
Air Products and Chemicals, Inc.		—	*		95
Albemarle Corp.		—	*		34
Avery Dennison Corp.		—	*		38
Ball Corp.		1			56
Celanese Corp., Series A		—	*		39
Chemours Co. (The)		1			19
Dow Chemical Co. (The)		5			286
Eastman Chemical Co.		—	*		23
Ecolab, Inc.		1			95
FMC Corp.		—	*		36
Freeport-McMoRan Copper & Gold, Inc., Class B		3			41
International Flavors & Fragrances, Inc.		—	*		34

COMMON STOCKS (Continued)	Shares			Value
Materials (Continued)
International Paper Co.		1		$	45
LyondellBasell Industries N.V., Class A		1			63
Martin Marietta Materials, Inc.		—	*		30
Newmont Mining Corp.		1			49
Nucor Corp.		1			51
Packaging Corp. of America		—	*		26
PPG Industries, Inc.		1			71
Sealed Air Corp.		1			27
Sherwin-Williams Co. (The)		—	*		86
Steel Dynamics, Inc.		1			22
Vulcan Materials Co.		—	*		43
WestRock Co.		1			25
Weyerhaeuser Co.		1			39
					1,373
Real Estate – 1.6%
Alexandria Real Estate Equities, Inc.		—	*		39
American Tower Corp., Class A		1			196
AvalonBay Communities, Inc.		—	*		60
Boston Properties, Inc.		—	*		46
Brookfield Property REIT, Inc., Class A		1			11
CB Richard Ellis Group, Inc. (A)		1			38
Crown Castle International Corp.		1			116
Digital Realty Trust, Inc.		—	*		58
Duke Realty Corp.		1			27
Equinix, Inc.		—	*		92
Equity Residential		1			58
Essex Property Trust, Inc.		—	*		52
Federal Realty Investment Trust		—	*		40
HCP, Inc.		1			47
Hilton Worldwide Holdings, Inc.		1			56
Host Hotels & Resorts, Inc.		2			35
Mid-America Apartment Communities, Inc.		—	*		36
ProLogis, Inc.		1			78
Public Storage, Inc.		—	*		62
Realty Income Corp.		1			62
Regency Centers Corp.		—	*		32
Simon Property Group, Inc.		1			126
SL Green Realty Corp.		—	*		22
UDR, Inc.		1			37
Ventas, Inc.		1			56
Vornado Realty Trust		1			36
Welltower, Inc.		1			78
					1,596
Utilities – 1.8%
Ameren Corp.		1			39
American Electric Power Co., Inc.		1			85
American Water Works Co., Inc.		—	*		49
CenterPoint Energy, Inc.		1			43
CMS Energy Corp.		1			39
Consolidated Edison, Inc.		1			54
Dominion Energy, Inc.		2			118
DTE Energy Co.		—	*		46
Duke Energy Corp.		1			121
Edison International		1			53
Entergy Corp.		—	*		34
Eversource Energy		1			55
Exelon Corp.		2			93

22 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Utilities (Continued)
FirstEnergy Corp.		1	$	53
NextEra Energy, Inc.		1		182
PPL Corp.		2		57
Public Service Enterprise Group, Inc.		1		61
Sempra Energy		1		68
Southern Co. (The)		2		112
WEC Energy Group, Inc.		1		51
Xcel Energy, Inc.		1		59
				1,472
Total United States – 54.9%			$	55,316
TOTAL COMMON STOCKS – 99.2%			$	101,661
(Cost: $95,503)

PREFERRED STOCKS	Shares		Value
Germany
Consumer Discretionary – 0.1%
Volkswagen AG, 2.260%		1	$	86
Consumer Staples – 0.1%
Henkel AG & Co. KGaA		1		70
Total Germany – 0.2%			$	156
South Korea
Information Technology – 0.1%
Samsung Electronics Co. Ltd.		2		65
Total South Korea – 0.1%			$	65
TOTAL PREFERRED STOCKS – 0.3%			$	221
(Cost: $251)

SHORT-TERM SECURITIES	Principal		Value
Money Market Funds – 0.8%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares 2.360%, (D)(E)	$	784	$	784
TOTAL SHORT-TERM SECURITIES – 0.8%			$	784
(Cost: $784)
TOTAL INVESTMENT SECURITIES – 100.3%			$	102,666
(Cost: $96,538)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.3)%				(357	)
NET ASSETS – 100.0%			$	102,309

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 $919 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, 2019 the total value of these securities amounted to $250 or 0.2% of net assets.

(D) Rate shown is the annualized 7-day yield at March 31, 2019.

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

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. See Note 3 to the Financial Statements for further information regarding fair value measurement.

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks
Communication Services	$	6,076	$	2,692	$	—
Consumer Discretionary		6,838		3,401		—
Consumer Staples		4,730		3,782		—
Energy		4,122		2,533		—
Financials		9,138		8,053		—
Health Care		8,282		3,580		—
Industrials		5,785		5,098		—
Information Technology		12,785		3,062		—
Materials		2,167		2,787		—
Real Estate		1,748		1,901		—
Utilities		1,619		1,482		—
Total Common Stocks	$	63,290	$	38,371	$	—
Preferred Stocks		—		221		—
Short-Term Securities		784		—		—
Total	$	64,074	$	38,592	$	—

2019 SEMIANNUAL REPORT 23

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

MARCH 31, 2019 (UNAUDITED)

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

Market Sector Diversification

(as a % of net assets)
Financials	16.8%
Information Technology	15.5%
Health Care	11.6%
Industrials	10.6%
Consumer Discretionary	10.1%
Communication Services	8.6%
Consumer Staples	8.4%
Energy	6.5%
Materials	4.8%
Real Estate	3.6%
Utilities	3.0%
Other+	0.5%

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

See Accompanying Notes to Financial Statements.

24 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY PROSHARES RUSSELL 2000 DIVIDEND GROWERS
INDEX FUND

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Stocks	99.7%
Utilities	25.9%
Industrials	18.1%
Financials	15.8%
Consumer Staples	11.5%
Materials	8.3%
Real Estate	6.9%
Health Care	5.2%
Consumer Discretionary	3.3%
Information Technology	3.1%
Communication Services	1.6%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	0.3%

Top 10 Equity Holdings

Company	Sector	Industry
Atrion Corp.	Health Care	Health Care Supplies
South Jersey Industries, Inc.	Utilities	Gas Utilities
Lindsay Corp.	Industrials	Agricultural & Farm Machinery
Spire, Inc.	Utilities	Gas Utilities
Sensient Technologies Corp.	Materials	Specialty Chemicals
Tootsie Roll Industries, Inc.	Consumer Staples	Packaged Foods & Meats
California Water Service Group	Utilities	Water Utilities
Portland General Electric Co.	Utilities	Electric Utilities
Black Hills Corp.	Utilities	Independent Power Producers & Energy Traders
Compass Minerals International, Inc.	Materials	Diversified Metals & Mining

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.

2019 SEMIANNUAL REPORT 25

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Publishing – 1.6%
Meredith Corp. (A)		38	$	2,126
Total Communication Services – 1.6%				2,126
Consumer Discretionary
Homefurnishing Retail – 1.6%
Aaron Rents, Inc.		41		2,165
Leisure Facilities – 1.7%
International Speedway Corp., Class A		51		2,217
Total Consumer Discretionary – 3.3%				4,382
Consumer Staples
Food Distributors – 1.5%
Andersons, Inc. (The)		61		1,956
Packaged Foods & Meats – 6.8%
Calavo Growers, Inc.		26		2,212
J&J Snack Foods Corp. (A)		15		2,304
Lancaster Colony Corp.		14		2,253
Tootsie Roll Industries, Inc. (A)		63		2,334
				9,103
Tobacco – 3.2%
Universal Corp.		38		2,170
Vector Group Ltd. (A)		190		2,052
				4,222
Total Consumer Staples – 11.5%				15,281
Financials
Life & Health Insurance – 1.4%
American Equity Investment Life Holding Co.		71		1,908
Property & Casualty Insurance – 1.7%
RLI Corp.		32		2,303
Regional Banks – 12.7%
BancFirst Corp.		40		2,079
Bank of Marin Bancorp		51		2,066
Community Bank System, Inc. (A)		35		2,078
First of Long Island Corp. (The)		97		2,116
Southside Bancshares, Inc.		64		2,143
Tompkins Financial Corp.		28		2,122
UMB Financial Corp.		33		2,088
United Bankshares, Inc.		59		2,122
				16,814
Total Financials – 15.8%				21,025
Health Care
Health Care Facilities – 1.6%
National HealthCare Corp.		28		2,113

COMMON STOCKS (Continued)	Shares		Value
Health Care Services – 1.7%
Ensign Group, Inc. (The)		45	$	2,306
Health Care Supplies – 1.9%
Atrion Corp.		3		2,510
Total Health Care – 5.2%				6,929
Industrials
Agricultural & Farm Machinery – 1.8%
Lindsay Corp.		24		2,355
Commercial Printing – 1.6%
Brady Corp., Class A		48		2,211
Diversified Support Services – 4.7%
Healthcare Services Group, Inc. (A)		60		1,973
Matthews International Corp.		56		2,086
McGrath RentCorp		38		2,141
				6,200
Environmental & Facilities Services – 1.7%
ABM Industries, Inc.		63		2,279
Industrial Machinery – 4.9%
Franklin Electric Co., Inc.		42		2,141
Gorman-Rupp Co. (The)		66		2,244
Hillenbrand, Inc.		51		2,125
				6,510
Office Services & Supplies – 1.7%
MSA Safety, Inc.		22		2,271
Trading Companies & Distributors – 1.7%
GATX Corp.		29		2,221
Total Industrials – 18.1%				24,047
Information Technology
Data Processing & Outsourced Services – 1.5%
Cass Information Systems, Inc.		43		2,035
Electronic Equipment & Instruments – 1.6%
Badger Meter, Inc.		38		2,099
Total Information Technology – 3.1%				4,134
Materials
Diversified Metals & Mining – 1.7%
Compass Minerals International, Inc.		43		2,318
Specialty Chemicals – 6.6%
H.B. Fuller Co.		44		2,151
Quaker Chemical Corp.		11		2,164
Sensient Technologies Corp.		34		2,337
Stepan Co.		24		2,094
				8,746
Total Materials – 8.3%				11,064

COMMON STOCKS (Continued)	Shares		Value
Real Estate
Health Care REITs – 3.5%
National Health Investors, Inc.		29	$	2,271
Universal Health Realty Income Trust		30		2,275
				4,546
Retail REITs – 3.4%
Tanger Factory Outlet Centers, Inc.		108		2,275
Urstadt Biddle Properties, Inc., Class A		109		2,255
				4,530
Total Real Estate – 6.9%				9,076
Utilities
Electric Utilities – 3.5%
ALLETE, Inc.		28		2,273
Portland General Electric Co.		45		2,325
				4,598
Gas Utilities – 10.4%
Chesapeake Utilities Corp.		25		2,267
New Jersey Resources Corp.		46		2,300
Northwest Natural Gas Co.		35		2,283
South Jersey Industries, Inc.		76		2,447
Southwest Gas Corp.		27		2,240
Spire, Inc.		28		2,343
				13,880
Independent Power Producers & Energy Traders – 1.7%
Black Hills Corp.		31		2,324
Multi-Utilities – 3.5%
Avista Corp.		56		2,289
NorthWestern Corp.		33		2,301
				4,590
Water Utilities – 6.8%
California Water Service Group		43		2,333
Connecticut Water Service, Inc.		33		2,298
Middlesex Water Co.		39		2,160
SJW Corp.		37		2,278
				9,069
Total Utilities – 25.9%				34,461
TOTAL COMMON STOCKS – 99.7%			$	132,525
(Cost: $123,877)
SHORT-TERM SECURITIES	Principal
Master Note – 0.1%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps), 2.710%, 4-5-19 (B)	$	68		68

26 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Money Market Funds – 3.2%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 2.360%, (C)(D)	$	4,248	$	4,248
TOTAL SHORT-TERM SECURITIES – 3.3%			$	4,316
(Cost: $4,316)
TOTAL INVESTMENT SECURITIES – 103.0%			$	136,841
(Cost: $128,193)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (3.0)%				(3,935	)
NET ASSETS – 100.0%			$	132,906

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $6,201 are on loan.

(B) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. Date shown represents the date that the variable rate resets. Description of the reference rate and spread, if applicable, are included in the security description.

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

(D) Rate shown is the annualized 7-day yield at March 31, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	132,525	$	—	$	—
Short-Term Securities		4,248		68		—
Total	$	136,773	$	68	$	—

The following acronyms are used throughout this schedule:

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 27

PORTFOLIO HIGHLIGHTS IVY PROSHARES S&P 500 BOND INDEX FUND

ALL DATA IS AS OF MARCH 31, 2019 (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	3.8%
AA	7.4%
A	41.2%
BBB	46.3%
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 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Communication Services
Broadcasting – 0.9%
Discovery Communications LLC,
3.950%, 3-20-28	$	200	$	194
Discovery Communications, Inc.,
5.200%, 9-20-47		200		195
NBCUniversal Media LLC,
4.375%, 4-1-21		560		578
				967
Cable & Satellite – 3.2%
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal):
3.450%, 10-1-21		200		204
3.000%, 2-1-24		450		452
3.700%, 4-15-24		400		413
3.375%, 8-15-25 (A)		100		101
3.950%, 10-15-25		100		105
3.150%, 3-1-26		300		299
3.550%, 5-1-28		100		101
4.150%, 10-15-28		100		105
4.600%, 10-15-38		350		375
4.000%, 3-1-48		100		98
4.700%, 10-15-48		400		436
4.950%, 10-15-58		200		221
Omnicom Group, Inc., Omnicom Capital, Inc. and Omnicom Finance, Inc.,
3.625%, 5-1-22		150		153
Time Warner, Inc. (GTD by Historic TW, Inc.),
3.800%, 2-15-27		200		199
Viacom, Inc.:
4.375%, 3-15-43		150		134
5.850%, 9-1-43		100		109
				3,505
Integrated Telecommunication Services – 7.5%
AT&T, Inc.:
3.200%, 3-1-22		300		303
3.600%, 2-17-23		110		112
4.450%, 4-1-24		510		534
3.400%, 5-15-25		430		426
4.250%, 3-1-27		255		262
4.100%, 2-15-28		200		202
4.300%, 2-15-30		185		187
4.500%, 5-15-35		290		286
5.250%, 3-1-37		200		211
4.300%, 12-15-42		150		138
4.350%, 6-15-45		300		276
4.750%, 5-15-46		200		196
5.450%, 3-1-47		450		482
4.500%, 3-9-48		382		360
4.550%, 3-9-49		300		284
5.150%, 2-15-50		100		102
Verizon Communications, Inc.:
3.125%, 3-16-22		200		202
5.150%, 9-15-23		472		519
3.500%, 11-1-24		450		461
3.376%, 2-15-25		350		355
2.625%, 8-15-26		150		143
4.125%, 3-16-27		510		534

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Telecommunication Services (Continued)
5.250%, 3-16-37	$	626	$	706
4.862%, 8-21-46		447		478
5.500%, 3-16-47		395		463
5.012%, 4-15-49		105		115
				8,337
Interactive Media & Services – 0.1%
Alphabet, Inc.,
1.998%, 8-15-26		120		114
Movies & Entertainment – 0.1%
Walt Disney Co. (The),
4.125%, 6-1-44		150		160
Total Communication Services – 11.8%				13,083
Consumer Discretionary
Automobile Manufacturers – 1.8%
Ford Motor Co.:
4.346%, 12-8-26		550		511
7.450%, 7-16-31		150		160
4.750%, 1-15-43		350		275
5.291%, 12-8-46		300		251
General Motors Co.:
4.875%, 10-2-23		531		553
5.200%, 4-1-45		200		179
				1,929
General Merchandise Stores – 0.3%
Dollar Tree, Inc.,
3.700%, 5-15-23		150		152
Target Corp.,
3.900%, 11-15-47		200		198
				350
Home Improvement Retail – 0.8%
Home Depot, Inc. (The):
5.875%, 12-16-36		300		378
4.500%, 12-6-48		170		189
Lowe’s Co., Inc.:
3.700%, 4-15-46		183		162
4.050%, 5-3-47		150		141
				870
Internet & Direct Marketing Retail – 1.2%
Amazon.com, Inc.:
2.800%, 8-22-24		400		401
3.150%, 8-22-27		200		201
3.875%, 8-22-37		400		418
4.250%, 8-22-57		150		162
eBay, Inc.,
3.600%, 6-5-27		150		146
				1,328
Restaurants – 0.9%
McDonalds Corp.:
2.625%, 1-15-22		300		300
3.350%, 4-1-23		110		112
4.450%, 9-1-48		200		205

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Restaurants (Continued)
Starbucks Corp.:
3.800%, 8-15-25	$	200	$	207
4.000%, 11-15-28 (A)		200		209
				1,033
Total Consumer Discretionary – 5.0%				5,510
Consumer Staples
Brewers – 0.2%
Molson Coors Brewing Co.:
3.000%, 7-15-26		150		142
4.200%, 7-15-46		107		95
				237
Distillers & Vintners – 0.1%
Constellation Brands, Inc.,
4.250%, 5-1-23		150		157
Drug Retail – 2.9%
CVS Caremark Corp.,
3.875%, 7-20-25		325		329
CVS Health Corp.:
2.800%, 7-20-20		200		200
3.350%, 3-9-21		500		504
2.125%, 6-1-21		386		379
3.500%, 7-20-22		150		152
4.100%, 3-25-25		660		678
4.300%, 3-25-28		430		436
4.780%, 3-25-38		175		174
5.050%, 3-25-48		375		378
				3,230
Food Retail – 0.1%
Kroger Co. (The),
4.450%, 2-1-47 (A)		100		91
Household Products – 0.1%
Procter & Gamble Co. (The),
1.700%, 11-3-21		150		147
Hypermarkets & Super Centers – 1.2%
Costco Wholesale Corp.,
3.000%, 5-18-27		105		105
Wal-Mart Stores, Inc.:
1.900%, 12-15-20		100		99
2.550%, 4-11-23		377		377
3.625%, 12-15-47		100		99
Walmart, Inc.:
3.400%, 6-26-23		250		258
3.700%, 6-26-28		133		140
3.950%, 6-28-38		250		263
				1,341
Packaged Foods & Meats – 2.0%
Campbell Soup Co.,
3.950%, 3-15-25		240		242
Conagra Brands, Inc.:
4.300%, 5-1-24		150		155
5.400%, 11-1-48		250		252

2019 SEMIANNUAL REPORT 29

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Packaged Foods & Meats (Continued)
General Mills, Inc.,
3.700%, 10-17-23	$	290	$	297
Kraft Heinz Foods Co.:
3.500%, 6-6-22		150		152
4.000%, 6-15-23		300		309
3.950%, 7-15-25		150		151
3.000%, 6-1-26		120		112
4.375%, 6-1-46		470		408
Tyson Foods, Inc. (GTD by Tyson Fresh Meats, Inc.),
3.550%, 6-2-27		100		99
				2,177
Soft Drinks – 1.1%
Coca-Cola Co. (The):
1.875%, 10-27-20		250		248
2.875%, 10-27-25		250		251
PepsiCo, Inc.:
3.000%, 10-15-27		200		199
4.450%, 4-14-46		250		279
3.450%, 10-6-46		270		260
				1,237
Tobacco – 1.1%
Altria Group, Inc. (GTD by Philip Morris USA, Inc.):
2.850%, 8-9-22		200		200
3.800%, 2-14-24		100		102
4.400%, 2-14-26		100		103
4.800%, 2-14-29		200		206
3.875%, 9-16-46		300		247
Philip Morris International, Inc.,
6.375%, 5-16-38		250		310
				1,168
Total Consumer Staples – 8.8%				9,785
Energy
Integrated Oil & Gas – 0.7%
Chevron Corp.:
2.355%, 12-5-22		200		199
2.954%, 5-16-26		340		342
Phillips 66 (GTD by Phillips 66 Co.),
4.875%, 11-15-44(A)		250		275
				816
Oil & Gas Equipment & Services – 0.8%
Baker Hughes, a GE Co. LLC and Baker Hughes Co-Obligor, Inc.,
4.080%, 12-15-47		450		412
Halliburton Co.,
5.000%, 11-15-45		250		266
National Oilwell Varco, Inc.,
2.600%, 12-1-22		100		98
Schlumberger Investment S.A. (GTD by Schlumberger Ltd.),
3.650%, 12-1-23		100		104
				880

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Exploration & Production – 1.7%
Apache Corp.,
4.375%, 10-15-28	$	200	$	202
Cimarex Energy Co.,
3.900%, 5-15-27		150		150
Concho Resources, Inc.,
4.300%, 8-15-28		125		129
ConocoPhillips Co. (GTD by ConocoPhillips):
4.950%, 3-15-26		150		167
6.500%, 2-1-39		130		176
EOG Resources, Inc.,
2.625%, 3-15-23		100		99
Exxon Mobil Corp.:
2.222%, 3-1-21		150		150
3.043%, 3-1-26		280		284
4.114%, 3-1-46		208		225
Noble Energy, Inc.,
5.050%, 11-15-44		100		99
Occidental Petroleum Corp.,
4.200%, 3-15-48		195		203
				1,884
Oil & Gas Refining & Marketing – 0.1%
Valero Energy Corp.,
3.400%, 9-15-26		150		147
Oil & Gas Storage & Transportation – 1.5%
Kinder Morgan, Inc.:
4.300%, 6-1-25		253		264
5.550%, 6-1-45		200		219
MPLX L.P.:
4.000%, 3-15-28		180		179
4.500%, 4-15-38		285		271
4.700%, 4-15-48		140		134
5.500%, 2-15-49		140		150
Williams Co., Inc. (The),
4.550%, 6-24-24		100		105
Williams Partners L.P.:
4.300%, 3-4-24		160		167
3.750%, 6-15-27		110		109
				1,598
Total Energy – 4.8%				5,325
Financials
Asset Management & Custody Banks – 0.1%
State Street Corp.,
2.550%, 8-18-20		100		100
Consumer Finance – 4.4%
American Express Co.,
3.400%, 2-27-23		250		254
American Express Credit Corp.:
2.375%, 5-26-20		460		459
3.700%, 11-5-21		150		153
2.700%, 3-3-22		200		200
4.200%, 11-6-25		150		159
3.300%, 5-3-27		204		207
Capital One Financial Corp.:
3.200%, 1-30-23		300		300
3.750%, 7-28-26		643		627

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Finance (Continued)
Discover Bank,
3.100%, 6-4-20	$	250	$	250
Ford Motor Credit Co. LLC:
5.596%, 1-7-22		200		206
3.664%, 9-8-24		200		184
3.815%, 11-2-27 (A)		500		436
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.):
3.200%, 7-13-20		331		332
4.200%, 11-6-21		175		178
3.150%, 6-30-22		300		297
5.100%, 1-17-24		175		182
4.350%, 1-17-27		160		156
Synchrony Financial:
4.250%, 8-15-24		115		116
3.950%, 12-1-27		150		142
				4,838
Diversified Banks – 8.6%
Bank of America Corp.:
2.151%, 11-9-20		161		159
3.300%, 1-11-23		240		243
4.125%, 1-22-24		130		136
4.200%, 8-26-24		402		416
3.950%, 4-21-25		105		107
4.450%, 3-3-26		150		157
3.500%, 4-19-26		325		329
4.250%, 10-22-26		251		258
3.248%, 10-21-27		705		691
4.183%, 11-25-27		805		819
Bank of New York Mellon Corp. (The),
2.200%, 8-16-23		400		389
BB&T Corp.,
3.750%, 12-6-23		150		156
Citibank N.A.,
3.400%, 7-23-21		400		405
Huntington National Bank,
3.550%, 10-6-23		250		256
U.S. Bancorp,
3.150%, 4-27-27		390		392
Wells Fargo & Co.:
2.600%, 7-22-20		116		116
2.550%, 12-7-20		205		204
2.500%, 3-4-21		260		259
3.500%, 3-8-22		346		353
2.625%, 7-22-22		250		248
3.069%, 1-24-23		152		152
3.750%, 1-24-24		300		309
3.000%, 2-19-25		110		109
4.100%, 6-3-26		150		153
3.000%, 10-23-26		310		303
4.300%, 7-22-27		220		229
4.150%, 1-24-29		150		157
5.606%, 1-15-44		178		205
3.900%, 5-1-45		208		207
4.400%, 6-14-46		255		254
4.750%, 12-7-46		375		393
Wells Fargo Bank N.A.:
2.600%, 1-15-21		250		249
3.625%, 10-22-21		500		510
3.550%, 8-14-23		250		257
				9,580

30 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financial Exchanges & Data – 0.1%
Intercontinental Exchange, Inc.,
4.250%, 9-21-48	$	150	$	158
Insurance Brokers – 0.2%
Marsh & McLennan Cos., Inc.:
3.875%, 3-15-24		100		104
4.375%, 3-15-29		150		159
				263
Investment Banking & Brokerage – 7.1%
Goldman Sachs Group, Inc. (The):
2.600%, 4-23-20		150		150
2.750%, 9-15-20		100		100
2.625%, 4-25-21		150		149
2.350%, 11-15-21		200		197
5.750%, 1-24-22		350		375
3.000%, 4-26-22		500		500
3.625%, 1-22-23		300		305
3.200%, 2-23-23		340		341
4.000%, 3-3-24		200		206
4.250%, 10-21-25		350		358
3.500%, 11-16-26		150		148
3.850%, 1-26-27		365		367
6.750%, 10-1-37		300		367
5.150%, 5-22-45		200		212
4.750%, 10-21-45		211		225
Morgan Stanley:
2.800%, 6-16-20		550		550
2.500%, 4-21-21		150		149
2.625%, 11-17-21		270		269
2.750%, 5-19-22		245		244
4.100%, 5-22-23		264		271
3.875%, 4-29-24		200		206
3.700%, 10-23-24		330		336
4.000%, 7-23-25		500		515
3.875%, 1-27-26		203		208
4.350%, 9-8-26		482		495
3.950%, 4-23-27		190		190
4.375%, 1-22-47		400		413
				7,846
Life & Health Insurance – 0.5%
Brighthouse Financial, Inc.,
4.700%, 6-22-47		260		207
MetLife, Inc.,
4.600%, 5-13-46		150		163
Prudential Financial, Inc.,
3.935%, 12-7-49		215		208
				578
Multi-Line Insurance – 0.6%
American International Group, Inc.:
3.900%, 4-1-26		280		282
4.200%, 4-1-28		100		102
4.500%, 7-16-44		190		182
4.750%, 4-1-48		100		99
				665

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Other Diversified Financial Services – 6.9%
Citigroup, Inc.:
2.650%, 10-26-20	$	255	$	254
2.700%, 3-30-21		100		100
2.900%, 12-8-21		610		610
4.500%, 1-14-22		300		313
4.400%, 6-10-25		375		389
3.200%, 10-21-26		425		417
4.450%, 9-29-27		175		180
4.125%, 7-25-28		200		201
8.125%, 7-15-39		200		300
4.650%, 7-23-48		300		323
Fidelity National Information Services, Inc.,
3.000%, 8-15-26		150		144
Jefferies Group LLC and Jefferies Group Capital Finance, Inc.,
4.150%, 1-23-30		150		137
JPMorgan Chase & Co.:
2.750%, 6-23-20		375		375
4.400%, 7-22-20		375		384
4.250%, 10-15-20		185		189
2.550%, 10-29-20		150		150
2.550%, 3-1-21		200		199
2.295%, 8-15-21		200		198
4.350%, 8-15-21		150		155
3.250%, 9-23-22		300		304
2.972%, 1-15-23		510		510
2.700%, 5-18-23		230		228
3.875%, 9-10-24		300		308
2.950%, 10-1-26		405		396
4.125%, 12-15-26		140		145
3.625%, 12-1-27		530		527
4.950%, 6-1-45		215		239
				7,675
Property & Casualty Insurance – 0.5%
Berkshire Hathaway Finance Corp. (GTD by Berkshire Hathaway, Inc.),
4.200%, 8-15-48		100		104
Berkshire Hathaway, Inc.:
2.750%, 3-15-23		322		324
3.125%, 3-15-26		150		152
				580
Regional Banks – 1.0%
Fifth Third Bancorp,
2.875%, 7-27-20		200		200
PNC Bank N.A.:
2.000%, 5-19-20		250		248
2.500%, 1-22-21		250		250
3.500%, 6-8-23		250		257
SunTrust Banks, Inc.,
2.700%, 1-27-22		100		100
				1,055
Specialized Finance – 0.3%
John Deere Capital Corp.,
2.800%, 3-6-23		150		151

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Specialized Finance (Continued)
LYB International Finance B.V.,
4.875%, 3-15-44	$	200	$	196
				347
Total Financials – 30.3%				33,685
Health Care
Biotechnology – 2.3%
Amgen, Inc.:
2.650%, 5-11-22		100		100
3.625%, 5-22-24		150		154
4.400%, 5-1-45		340		335
4.563%, 6-15-48		150		151
4.663%, 6-15-51		300		303
Biogen, Inc.:
2.900%, 9-15-20		110		110
5.200%, 9-15-45		150		159
Gilead Sciences, Inc.:
2.550%, 9-1-20		708		707
4.750%, 3-1-46		150		157
4.150%, 3-1-47		451		436
				2,612
Health Care Equipment – 0.1%
Zimmer Holdings, Inc.,
3.550%, 4-1-25		150		148
Health Care Services – 0.2%
Cardinal Health, Inc.,
2.616%, 6-15-22		120		118
Cigna Corp.,
3.875%, 10-15-47		105		94
				212
Health Care Supplies – 1.8%
Abbott Laboratories:
2.900%, 11-30-21		230		231
3.750%, 11-30-26		88		92
4.900%, 11-30-46		340		393
Boston Scientific Corp.,
4.000%, 3-1-28		150		154
Express Scripts Holding Co.:
3.900%, 2-15-22		174		179
4.800%, 7-15-46		150		152
Medtronic, Inc. (GTD by Medtronic Global Holdings SCA and Medtronic plc):
3.150%, 3-15-22		150		153
3.500%, 3-15-25		130		134
4.375%, 3-15-35		250		273
4.625%, 3-15-45		225		258
				2,019
Managed Health Care – 1.5%
Aetna, Inc.,
2.800%, 6-15-23		253		249
Anthem, Inc.:
3.650%, 12-1-27		340		339
4.101%, 3-1-28		100		103

2019 SEMIANNUAL REPORT 31

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Managed Health Care (Continued)
UnitedHealth Group, Inc.:
2.700%, 7-15-20	$	175	$	176
3.500%, 6-15-23		235		242
3.500%, 2-15-24 (A)		175		180
3.750%, 7-15-25		200		209
4.750%, 7-15-45		100		113
				1,611
Pharmaceuticals – 7.2%
AbbVie, Inc.:
2.500%, 5-14-20		130		130
2.300%, 5-14-21		659		651
2.900%, 11-6-22		465		464
3.600%, 5-14-25		150		151
4.500%, 5-14-35		150		147
4.450%, 5-14-46		282		262
4.875%, 11-14-48		175		172
Actavis Funding SCS (GTD by Warner Chilcott Ltd., Actavis Capital S.a.r.l. and Actavis, Inc.):
3.450%, 3-15-22		175		176
3.800%, 3-15-25		100		101
4.850%, 6-15-44		190		190
Allergan Funding SCS (GTD by Warner Chilcott Ltd., Allergan Capital S.a.r.l. and Allergan Finance LLC),
4.550%, 3-15-35		175		172
Celgene Corp.:
2.875%, 8-15-20		305		305
3.875%, 8-15-25		250		257
3.900%, 2-20-28		150		153
5.000%, 8-15-45		100		105
4.550%, 2-20-48		240		245
Eli Lilly and Co.:
3.100%, 5-15-27		150		151
3.950%, 5-15-47		150		155
3.950%, 3-15-49		300		308
Johnson & Johnson:
2.900%, 1-15-28 (A)		150		149
3.625%, 3-3-37		200		203
3.400%, 1-15-38		135		133
3.700%, 3-1-46		150		152
3.500%, 1-15-48 (A)		150		147
Merck & Co., Inc.:
2.350%, 2-10-22		150		150
2.800%, 5-18-23		270		273
2.750%, 2-10-25		295		295
3.900%, 3-7-39		224		231
Mylan N.V.:
3.950%, 6-15-26		260		248
5.250%, 6-15-46		150		135
Pfizer, Inc.:
3.000%, 9-15-21		300		304
3.600%, 9-15-28		150		156
3.450%, 3-15-29		100		103
4.125%, 12-15-46		250		264
4.200%, 9-15-48		150		161
Walgreens Boots Alliance, Inc.,
3.450%, 6-1-26		450		441

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Pharmaceuticals (Continued)
Zoetis, Inc.,
3.250%, 2-1-23	$	150	$	152
				7,992
Total Health Care – 13.1%				14,594
Industrials
Aerospace & Defense – 2.7%
General Dynamics Corp.,
3.000%, 5-11-21		300		302
L3 Technologies, Inc.,
4.400%, 6-15-28		100		105
Lockheed Martin Corp.:
2.500%, 11-23-20		100		100
3.550%, 1-15-26		230		237
4.090%, 9-15-52		182		185
Northrop Grumman Corp.:
2.080%, 10-15-20		365		362
2.930%, 1-15-25		175		173
4.030%, 10-15-47		180		178
Rockwell Collins, Inc.,
2.800%, 3-15-22		150		150
United Technologies Corp.:
3.950%, 8-16-25		460		478
4.500%, 6-1-42		301		311
4.625%, 11-16-48		355		378
				2,959
Air Freight & Logistics – 0.2%
FedEx Corp.,
4.950%, 10-17-48		100		103
United Parcel Service, Inc.,
3.750%, 11-15-47		100		96
				199
Construction Machinery & Heavy Trucks – 0.1%
Caterpillar Financial Services Corp.,
2.950%, 2-26-22		109		110
Electrical Components & Equipment – 0.1%
Eaton Corp. (GTD by Eaton Corp. plc),
2.750%, 11-2-22		150		149
Industrial Conglomerates – 2.9%
3M Co.,
4.000%, 9-14-48		142		149
GE Capital International Funding Co.:
3.373%, 11-15-25		200		194
4.418%, 11-15-35		600		556
General Electric Capital Corp.:
2.342%, 11-15-20		400		395
5.300%, 2-11-21		125		129
6.750%, 3-15-32		100		116
5.875%, 1-14-38		560		597
General Electric Co.:
2.700%, 10-9-22		405		398
3.375%, 3-11-24		200		199
4.500%, 3-11-44		312		285

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrial Conglomerates (Continued)
Honeywell International, Inc.,
1.850%, 11-1-21	$	150	$	147
				3,165
Industrial Machinery – 0.1%
Illinois Tool Works, Inc.,
3.900%, 9-1-42		150		158
Railroads – 0.7%
Burlington Northern Santa Fe LLC,
4.050%, 6-15-48		250		258
Union Pacific Corp.:
4.375%, 9-10-38		250		261
4.500%, 9-10-48		250		266
				785
Trading Companies & Distributors – 0.1%
W.W. Grainger, Inc.,
4.600%, 6-15-45		130		139
Total Industrials – 6.9%				7,664
Information Technology
Application Software – 0.1%
salesforce.com, Inc.,
3.250%, 4-11-23		150		154
Communications Equipment – 0.7%
Cisco Systems, Inc.:
2.450%, 6-15-20		150		150
2.200%, 2-28-21		150		149
1.850%, 9-20-21		150		147
2.500%, 9-20-26		200		195
5.900%, 2-15-39		100		132
				773
Data Processing & Outsourced Services – 1.1%
Fiserv, Inc.,
4.200%, 10-1-28 (B)		100		103
MasterCard, Inc.,
3.375%, 4-1-24		100		103
Visa, Inc.:
2.200%, 12-14-20		450		448
2.800%, 12-14-22		100		101
3.150%, 12-14-25		150		153
4.300%, 12-14-45		313		346
				1,254
IT Consulting & Other Services – 0.8%
IBM Credit LLC,
2.650%, 2-5-21		300		300
International Business Machines Corp.:
2.500%, 1-27-22		300		297
3.625%, 2-12-24		235		242
				839
Semiconductor Equipment – 0.2%
Applied Materials, Inc.,
4.350%, 4-1-47		100		105

32 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Semiconductor Equipment (Continued)
Lam Research Corp.,
3.750%, 3-15-26	$	100	$	102
				207
Semiconductors – 2.5%
Broadcom Corp. and Broadcom Cayman Finance Ltd. (GTD by Broadcom Ltd.):
3.000%, 1-15-22		500		498
3.625%, 1-15-24		150		150
3.875%, 1-15-27		200		191
Intel Corp.:
2.450%, 7-29-20		380		379
3.300%, 10-1-21		150		153
2.875%, 5-11-24		200		202
3.734%, 12-8-47		100		101
QUALCOMM, Inc.:
2.600%, 1-30-23		330		327
3.250%, 5-20-27		210		205
4.800%, 5-20-45		200		204
4.300%, 5-20-47		110		105
Texas Instruments, Inc.,
4.150%, 5-15-48		250		270
				2,785
Systems Software – 5.8%
Microsoft Corp.:
2.000%, 8-8-23		150		147
2.875%, 2-6-24		350		354
3.125%, 11-3-25		585		599
2.400%, 8-8-26		280		272
3.300%, 2-6-27		250		257
4.100%, 2-6-37		450		490
3.700%, 8-8-46		600		614
4.250%, 2-6-47		190		212
4.000%, 2-12-55		150		157
3.950%, 8-8-56 (A)		300		313
4.500%, 2-6-57		300		346
Oracle Corp.:
1.900%, 9-15-21		175		172
2.500%, 5-15-22		300		299
2.500%, 10-15-22		350		348
2.400%, 9-15-23		642		632
2.950%, 11-15-24		150		150
2.950%, 5-15-25		100		100
2.650%, 7-15-26		530		513
3.800%, 11-15-37		250		250
4.000%, 7-15-46		130		131
4.000%, 11-15-47		100		101
				6,457
Technology Hardware, Storage & Peripherals – 3.7%
Apple, Inc.:
2.250%, 2-23-21		400		398
2.850%, 5-6-21		222		224
2.400%, 5-3-23		400		396
3.000%, 2-9-24		360		365
2.850%, 5-11-24		300		301
3.250%, 2-23-26		150		153
3.350%, 2-9-27		348		355
3.200%, 5-11-27		200		202

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Technology Hardware, Storage & Peripherals (Continued)
3.850%, 5-4-43	$	150	$	152
3.450%, 2-9-45		350		334
4.650%, 2-23-46		470		532
3.750%, 11-13-47		300		300
Hewlett Packard Enterprise Co.:
3.600%, 10-15-20 (B)		150		151
6.350%, 10-15-45 (B)		250		262
				4,125
Total Information Technology – 14.9%				16,594
Materials
Diversified Chemicals – 1.0%
Dow Chemical Co. (The):
4.250%, 11-15-20		100		102
4.125%, 11-15-21		120		123
DowDuPont, Inc.:
4.205%, 11-15-23		400		418
4.493%, 11-15-25		250		267
5.419%, 11-15-48		110		125
Eastman Chemical Co.,
4.650%, 10-15-44		150		147
				1,182
Paper Packaging – 0.2%
International Paper Co.,
3.000%, 2-15-27		200		193
Specialty Chemicals – 0.5%
LYB International Finance II B.V.,
3.500%, 3-2-27		100		96
Sherwin-Williams Co. (The):
2.750%, 6-1-22		100		99
3.450%, 6-1-27		200		197
4.500%, 6-1-47		182		180
				572
Total Materials – 1.7%				1,947
Real Estate
Office REITs – 0.1%
Boston Properties L.P.,
4.500%, 12-1-28		150		160
Specialized REITs – 0.3%
Crown Castle International Corp.:
5.250%, 1-15-23		150		161
3.150%, 7-15-23		150		150
				311
Total Real Estate – 0.4%				471
Utilities
Electric Utilities – 0.9%
Duke Energy Corp.:
2.650%, 9-1-26		100		95
3.750%, 9-1-46		150		141

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Electric Utilities (Continued)
FirstEnergy Corp., Series C,
4.850%, 7-15-47	$	150	$	161
MidAmerican Energy Co.,
4.250%, 7-15-49		100		107
MidAmerican Energy Holdings Co.,
6.125%, 4-1-36		160		201
Southern Co. (The):
2.950%, 7-1-23		150		149
4.400%, 7-1-46		100		101
				955
Multi-Utilities – 0.1%
Sempra Energy,
3.400%, 2-1-28		150		145
Total Utilities – 1.0%				1,100
TOTAL CORPORATE DEBT SECURITIES – 98.7%			$	109,758
(Cost: $108,992)
SHORT-TERM SECURITIES
Master Note – 0.1%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.710%, 4-5-19 (C)		157		157
Money Market Funds – 0.4%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 2.360%, (D)(E)		497		497
TOTAL SHORT-TERM SECURITIES – 0.5%			$	654
(Cost: $654)
TOTAL INVESTMENT SECURITIES – 99.2%			$	110,412
(Cost: $109,646)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.8%				881
NET ASSETS – 100.0%			$	111,293

2019 SEMIANNUAL REPORT 33

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

MARCH 31, 2019 (UNAUDITED)

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $513 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, 2019.

(C) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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.

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

(E) Rate shown is the annualized 7-day yield at March 31, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	—	$	109,758	$	—
Short-Term Securities		497		157		—
Total	$	497	$	109,915	$	—

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.

34 SEMIANNUAL REPORT 2019

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

ALL DATA IS AS OF MARCH 31, 2019 (UNAUDITED)

Asset Allocation

Stocks	99.6%
Industrials	23.1%
Consumer Staples	22.3%
Financials	12.0%
Materials	10.8%
Consumer Discretionary	10.7%
Health Care	10.0%
Energy	3.6%
Information Technology	1.9%
Utilities	1.8%
Real Estate	1.8%
Communication Services	1.6%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.4%

Top 10 Equity Holdings

Company	Sector	Industry
Roper Industries, Inc.	Industrials	Electrical Components & Equipment
Air Products and Chemicals, Inc.	Materials	Industrial Gases
McCormick & Co., Inc.	Consumer Staples	Food Distributors
Lowe’s Co., Inc.	Consumer Discretionary	Home Improvement Retail
Automatic Data Processing, Inc.	Information Technology	Data Processing & Outsourced Services
Dover Corp.	Industrials	Industrial Machinery
Genuine Parts Co.	Consumer Discretionary	Distributors
Ecolab, Inc.	Materials	Specialty Chemicals
Brown-Forman Corp., Class B	Consumer Staples	Distillers & Vintners
Stanley Black & Decker, Inc.	Industrials	Industrial Machinery

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.

2019 SEMIANNUAL REPORT 35

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Integrated Telecommunication Services – 1.6%
AT&T, Inc.		206	$	6,459
Total Communication Services – 1.6%				6,459
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 1.7%
V.F. Corp.		76		6,572
Distributors – 1.9%
Genuine Parts Co.		66		7,390
General Merchandise Stores – 1.8%
Target Corp.		89		7,164
Home Furnishings – 1.7%
Leggett & Platt, Inc.		159		6,718
Home Improvement Retail – 1.9%
Lowe’s Co., Inc.		69		7,516
Restaurants – 1.7%
McDonalds Corp.		34		6,387
Total Consumer Discretionary – 10.7%				41,747
Consumer Staples
Agricultural Products – 1.6%
Archer Daniels Midland Co.		144		6,225
Distillers & Vintners – 1.8%
Brown-Forman Corp., Class B		138		7,293
Drug Retail – 1.4%
Walgreen Co.		88		5,591
Food Distributors – 3.7%
McCormick & Co., Inc.		51		7,634
Sysco Corp.		101		6,729
				14,363
Household Products – 5.3%
Clorox Co. (The)		42		6,780
Colgate-Palmolive Co.		101		6,945
Procter & Gamble Co. (The)		67		6,954
				20,679
Hypermarkets & Super Centers – 1.6%
Wal-Mart Stores, Inc.		64		6,249
Packaged Foods & Meats – 1.7%
Hormel Foods Corp.		152		6,785
Personal Products – 1.8%
Kimberly-Clark Corp.		57		7,007

COMMON STOCKS (Continued)	Shares		Value
Soft Drinks – 3.4%
Coca-Cola Co. (The)		132	$	6,193
PepsiCo, Inc.		58		7,053
				13,246
Total Consumer Staples – 22.3%				87,438
Energy
Integrated Oil & Gas – 1.8%
Chevron Corp.		56		6,840
Oil & Gas Exploration & Production – 1.8%
Exxon Mobil Corp.		88		7,132
Total Energy – 3.6%				13,972
Financials
Asset Management & Custody Banks – 3.4%
Franklin Resources, Inc.		201		6,666
T. Rowe Price Group, Inc.		67		6,723
				13,389
Financial Exchanges & Data – 1.8%
S&P Global, Inc.		33		7,037
Life & Health Insurance – 1.7%
Aflac, Inc.		133		6,658
Property & Casualty Insurance – 3.5%
ACE Ltd.		48		6,667
Cincinnati Financial Corp.		80		6,843
				13,510
Regional Banks – 1.6%
People’s United Financial, Inc.		384		6,318
Total Financials – 12.0%				46,912
Health Care
Health Care Equipment – 3.3%
Becton Dickinson & Co.		26		6,538
Medtronic plc		72		6,581
				13,119
Health Care Services – 1.6%
Cardinal Health, Inc.		130		6,254
Health Care Supplies – 1.8%
Abbott Laboratories		89		7,110
Pharmaceuticals – 3.3%
AbbVie, Inc.		73		5,914
Johnson & Johnson		50		6,936
				12,850
Total Health Care – 10.0%				39,333

COMMON STOCKS (Continued)	Shares		Value
Industrials
Aerospace & Defense – 3.4%
General Dynamics Corp.		37	$	6,246
United Technologies Corp.		55		7,029
				13,275
Building Products – 1.9%
A. O. Smith Corp.		136		7,242
Construction Machinery & Heavy Trucks – 1.6%
Caterpillar, Inc.		47		6,433
Diversified Support Services – 1.8%
Cintas Corp.		35		6,979
Electrical Components & Equipment – 3.7%
Emerson Electric Co.		100		6,845
Roper Industries, Inc.		23		7,734
				14,579
Industrial Conglomerates – 1.7%
3M Co.		33		6,802
Industrial Machinery – 7.3%
Dover Corp.		80		7,466
Illinois Tool Works, Inc.		48		6,909
Pentair, Inc.		156		6,934
Stanley Black & Decker, Inc.		53		7,258
				28,567
Trading Companies & Distributors – 1.7%
W.W. Grainger, Inc.		22		6,626
Total Industrials – 23.1%				90,503
Information Technology
Data Processing & Outsourced Services – 1.9%
Automatic Data Processing, Inc.		47		7,471
Total Information Technology – 1.9%				7,471
Materials
Industrial Gases – 3.8%
Air Products and Chemicals, Inc.		40		7,690
Praxair, Inc.		40		7,046
				14,736
Specialty Chemicals – 5.4%
Ecolab, Inc.		41		7,324
PPG Industries, Inc.		62		6,959
Sherwin-Williams Co. (The)		16		6,955
				21,238
Steel – 1.6%
Nucor Corp.		111		6,467
Total Materials – 10.8%				42,441

36 SEMIANNUAL REPORT 2019

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

MARCH 31, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Real Estate
Retail REITs – 1.8%
Federal Realty Investment Trust		50	$	6,858
Total Real Estate – 1.8%				6,858
Utilities
Multi-Utilities – 1.8%
Consolidated Edison, Inc.		81		6,883
Total Utilities – 1.8%				6,883
TOTAL COMMON STOCKS – 99.6%			$	390,017
(Cost: $348,167)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 0.1%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps), 2.710%, 4-5-19 (A)	$	379	$	379
TOTAL SHORT-TERM SECURITIES – 0.1%			$	379
(Cost: $379)
TOTAL INVESTMENT SECURITIES – 99.7%			$	390,396
(Cost: $348,546)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%				1,146
NET ASSETS – 100.0%			$	391,542

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at March 31, 2019. 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.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of March 31, 2019. 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	$	390,017	$	—	$	—
Short-Term Securities		—		379		—
Total	$	390,017	$	379	$	—

The following acronyms are used throughout this schedule:

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trusts

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 37

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF MARCH 31, 2019 (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+^	$	59,116		$	102,666		$	136,841		$	110,412		$	390,396
Investments at Value		59,116			102,666			136,841			110,412			390,396
Cash		—			—			1			1			1
Cash denominated in foreign currencies at value+		—			224			—			—			—
Restricted cash		374			—			—			—			—
Investment securities sold receivable		—			2,452			—			2,174			—
Dividends and interest receivable		1,062			271			207			1,037			755
Capital shares sold receivable		169			62			185			218			738
Receivable from affiliates		126			162			97			98			311
Receivable from securities lending income — net		—			2			1			—	*		—	*
Variation margin receivable		107			—			—			—			—
Prepaid and other assets		61			59			62			60			74
Total Assets		61,015			105,898			137,394			114,000			392,275
LIABILITIES
Cash collateral on securities loaned at value		—			784			4,248			497			—
Investment securities purchased payable		—			2,103			—			1,906			—
Capital shares redeemed payable		31			99			160			256			520
Independent Trustees and Chief Compliance Officer fees payable		—	*		1			1			1			4
Overdraft due to custodian		26			555			—			—			—
Distribution and service fees payable		—	*		—	*		—	*		—	*		—	*
Shareholder servicing payable		10			12			19			17			48
Investment management fee payable		3			4			4			2			11
Accounting services fee payable		4			4			6			4			11
Other liabilities		9			27			50			24			139
Total Liabilities		83			3,589			4,488			2,707			733
Total Net Assets	$	60,932		$	102,309		$	132,906		$	111,293		$	391,542
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	62,676		$	96,784		$	127,073		$	111,918		$	353,673
Accumulated earnings gain (loss)		(1,744	)		5,525			5,833			(625	)		37,869
Total Net Assets	$	60,932		$	102,309		$	132,906		$	111,293		$	391,542
CAPITAL SHARES OUTSTANDING:
Class A		321			1,273			216			308			179
Class E		114			121			93			124			163
Class I		5,701			4,410			9,029			10,609			25,080
Class N		100			2,933			2,948			100			7,165
Class R		103			200			80			103			80
NET ASSET VALUE PER SHARE:
Class A		$9.61			$11.44			$10.74			$9.90			$11.98
Class E		$9.61			$11.45			$10.74			$9.90			$11.99
Class I		$9.61			$11.45			$10.75			$9.90			$11.99
Class N		$9.61			$11.45			$10.75			$9.90			$11.99
Class R		$9.61			$11.44			$10.74			$9.89			$11.98
+COST
Investments in unaffiliated securities at cost	$	59,387		$	96,538		$	128,193		$	109,646		$	348,546
Cash denominated in foreign currencies at cost		—			225			—			—			—
^Securities loaned at value		—			919			6,201			513			—

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

38 SEMIANNUAL REPORT 2019

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED MARCH 31, 2019 (UNAUDITED)

(In thousands)	Ivy ProShares Interest Rate Hedged High Yield Index Fund			Ivy ProShares MSCI ACWI Index Fund			Ivy ProShares Russell 2000 Dividend Growers Index Fund			Ivy ProShares S&P 500 Bond Index Fund			Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	—		$	1,141		$	1,849		$	—		$	4,719
Foreign dividend withholding tax		—			(49	)		—			—			—
Interest and amortization from unaffiliated securities		1,770			2			1			1,560			4
Foreign interest withholding tax		—			—	*		—			—			—
Securities lending income — net		—			15			19			1			1
Total Investment Income		1,770			1,109			1,869			1,561			4,724
EXPENSES
Investment management fee		135			221			263			85			640
Distribution and service fees:
Class A		4			17			2			4			3
Class E		1			2			1			2			2
Class R		2			5			2			2			2
Shareholder servicing:
Class A		1			7			2			—	*		1
Class E		—	*		1			1			—	*		1
Class I		40			41			84			65			228
Class N		—	*		2			2			—	*		5
Class R		1			3			1			1			1
Registration fees		39			40			42			39			49
Custodian fees		3			18			8			2			13
Independent Trustees and Chief Compliance Officer fees		1			2			3			2			8
Accounting services fee		21			27			33			25			64
Professional fees		34			41			23			25			23
Listing, data and related fees		17			72			42			10			150
Other		11			8			22			14			44
Total Expenses		310			507			531			276			1,234
Less:
Expenses in excess of limit		(126	)		(162	)		(97	)		(98	)		(311	)
Total Net Expenses		184			345			434			178			923
Net Investment Income		1,586			764			1,435			1,383			3,801
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		(88	)		(673	)		(2,450	)		(204	)		(746	)
Futures contracts		(902	)		—			—			—			—
Foreign currency exchange transactions		—			2			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		154			(2,003	)		713			3,100			6,950
Futures contracts		(682	)		—			—			—			—
Foreign currency exchange transactions		—			(1	)		—			—			—
Net Realized and Unrealized Gain (Loss)		(1,518	)		(2,675	)		(1,737	)		2,896			6,204
Net Increase (Decrease) in Net Assets Resulting from Operations	$	68		$	(1,911	)	$	(302	)	$	4,279		$	10,005

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 39

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 3-31-19 (Unaudited)			Year ended 9-30-18			Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18			Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,586		$	1,540		$	764		$	1,427		$	1,435		$	1,756
Net realized gain (loss) on investments		(990	)		468			(671	)		(85	)		(2,450	)		317
Net change in unrealized appreciation (depreciation)		(528	)		(253	)		(2,004	)		5,645			713			6,720
Net Increase (Decrease) in Net Assets Resulting from Operations		68			1,755			(1,911	)		6,987			(302	)		8,793
Distributions to Shareholders From:
Net investment income:
Class A					(144	)					(130	)					(18	)
Class E					(48	)					(15	)					(13	)
Class I					(1,142	)					(541	)					(1,166	)
Class N					(50	)					(373	)					(412	)
Class R					(43	)					(12	)					(7	)
Net realized gains:
Class A					(15	)					(2	)					—	*
Class E					(5	)					—	*					—	*
Class I					(79	)					(5	)					(12	)
Class N					(5	)					(4	)					(5	)
Class R					(5	)					—	*					—	*
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(118	)					(131	)					(30	)
Class E		(40	)					(13	)					(16	)
Class I		(1,909	)					(535	)					(1,678	)
Class N		(38	)					(347	)					(571	)
Class R		(36	)					(16	)					(11	)
Total Distributions to Shareholders		(2,141	)		(1,536	)		(1,042	)		(1,082	)		(2,306	)		(1,633	)
Capital Share Transactions		17,266			24,892			2,311			42,068			(782	)		90,540
Net Increase (Decrease) in Net Assets		15,193			25,111			(642	)		47,973			(3,390	)		97,700
Net Assets, Beginning of Period		45,739			20,628			102,951			54,978			136,296			38,596
Net Assets, End of Period	$	60,932		$	45,739		$	102,309		$	102,951		$	132,906		$	136,296
Undistributed net investment income				$	200					$	453					$	239

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

40 SEMIANNUAL REPORT 2019

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 3-31-19 (Unaudited)			Year ended 9-30-18			Six months ended 3-31-19 (Unaudited)			Year ended 9-30-18
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,383		$	2,274		$	3,801		$	6,468
Net realized gain (loss) on investments		(204	)		(1,323	)		(746	)		310
Net change in unrealized appreciation (depreciation)		3,100			(2,450	)		6,950			32,384
Net Increase (Decrease) in Net Assets Resulting from Operations		4,279			(1,499	)		10,005			39,162
Distributions to Shareholders From:
Net investment income:
Class A					(73	)					(27	)
Class E					(28	)					(19	)
Class I					(1,615	)					(3,884	)
Class N					(315	)					(1,686	)
Class R					(19	)					(9	)
Net realized gains:
Class A					—	*					—	*
Class E					—	*					—	*
Class I					(5	)					(18	)
Class N					(1	)					(11	)
Class R					—	*					—	*
Accumulated earnings:
(combined net investment income and net realized gains)
Class A		(49	)					(41	)
Class E		(20	)					(33	)
Class I		(1,428	)					(6,295	)
Class N		(18	)					(1,903	)
Class R		(14	)					(18	)
Total Distributions to Shareholders		(1,529	)		(2,056	)		(8,290	)		(5,654	)
Capital Share Transactions		32,481			23,151			10,544			253,000
Net Increase in Net Assets		35,231			19,596			12,259			286,508
Net Assets, Beginning of Period		76,062			56,466			379,283			92,775
Net Assets, End of Period	$	111,293		$	76,062		$	391,542		$	379,283
Undistributed net investment income				$	285					$	1,009

* Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2019 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 3-31-2019 (unaudited)	$	10.05	$	0.27	$	(0.34	)	$	(0.07	)	$	(0.27	)	$	(0.10	)	$	(0.37	)
Year ended 9-30-2018		10.07		0.50		0.01			0.51			(0.48	)		(0.05	)		(0.53	)
Year ended 9-30-2017(5)		10.00		0.20		0.01			0.21			(0.14	)		—			(0.14	)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		10.05		0.27		(0.34	)		(0.07	)		(0.27	)		(0.10	)		(0.37	)
Year ended 9-30-2018		10.07		0.50		0.01			0.51			(0.48	)		(0.05	)		(0.53	)
Year ended 9-30-2017(5)		10.00		0.20		0.01			0.21			(0.14	)		—			(0.14	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		10.05		0.28		(0.34	)		(0.06	)		(0.28	)		(0.10	)		(0.38	)
Year ended 9-30-2018		10.07		0.53		0.00	*		0.53			(0.50	)		(0.05	)		(0.55	)
Year ended 9-30-2017(5)		10.00		0.22		0.00	*		0.22			(0.15	)		—			(0.15	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		10.05		0.28		(0.34	)		(0.06	)		(0.28	)		(0.10	)		(0.38	)
Year ended 9-30-2018		10.07		0.53		0.00	*		0.53			(0.50	)		(0.05	)		(0.55	)
Year ended 9-30-2017(5)		10.00		0.21		0.01			0.22			(0.15	)		—			(0.15	)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		10.05		0.25		(0.34	)		(0.09	)		(0.25	)		(0.10	)		(0.35	)
Year ended 9-30-2018		10.07		0.46		0.00	*		0.46			(0.43	)		(0.05	)		(0.48	)
Year ended 9-30-2017(5)		10.00		0.18		0.01			0.19			(0.12	)		—			(0.12	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

    .

42 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	9.61		-0.57	%	$	3		0.90	%(4)		5.66	%(4)		1.26	%(4)		5.30	%(4)		18	%
Year ended 9-30-2018		10.05		5.21			3		0.90			5.04			1.30			4.64			33
Year ended 9-30-2017(5)		10.07		2.15			3		0.90	(4)		4.51	(4)		1.00	(4)		4.41	(4)		27	(6)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		9.61		-0.57			1		0.90	(4)		5.67	(4)		1.27	(4)		5.30	(4)		18
Year ended 9-30-2018		10.05		5.21			1		0.90			5.04			1.26			4.68			33
Year ended 9-30-2017(5)		10.07		2.15			1		0.90	(4)		4.51	(4)		0.98	(4)		4.43	(4)		27	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.61		-0.46			55		0.65	(4)		5.93	(4)		1.14	(4)		5.44	(4)		18
Year ended 9-30-2018		10.05		5.48			40		0.65			5.31			1.17			4.79			33
Year ended 9-30-2017(5)		10.07		2.24			15		0.65	(4)		4.86	(4)		0.89	(4)		4.62	(4)		27	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		9.61		-0.46			1		0.65	(4)		5.91	(4)		0.98	(4)		5.58	(4)		18
Year ended 9-30-2018		10.05		5.48			1		0.65			5.29			1.00			4.94			33
Year ended 9-30-2017(5)		10.07		2.24			1		0.65	(4)		4.76	(4)		0.74	(4)		4.67	(4)		27	(6)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		9.61		-0.81			1		1.38	(4)		5.18	(4)		1.70	(4)		4.86	(4)		18
Year ended 9-30-2018		10.05		4.70			1		1.37			4.57			1.71			4.23			33
Year ended 9-30-2017(5)		10.07		1.95			1		1.37	(4)		4.04	(4)		1.46	(4)		3.95	(4)		27	(6)

See Accompanying Notes to Financial Statements.

2019 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 3-31-2019 (unaudited)	$	11.81	$	0.08	$	(0.34	)	$	(0.26	)	$	(0.11	)	$	—		$	(0.11	)
Year ended 9-30-2018		10.92		0.17		0.84			1.01			(0.12	)		—	*		(0.12	)
Year ended 9-30-2017(5)		10.00		0.09		0.86			0.95			(0.03	)		—			(0.03	)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		11.81		0.08		(0.33	)		(0.25	)		(0.11	)		—			(0.11	)
Year ended 9-30-2018		10.92		0.19		0.84			1.03			(0.14	)		—	*		(0.14	)
Year ended 9-30-2017(5)		10.00		0.09		0.87			0.96			(0.04	)		—			(0.04	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		11.81		0.09		(0.33	)		(0.24	)		(0.12	)		—			(0.12	)
Year ended 9-30-2018		10.92		0.20		0.84			1.04			(0.15	)		—	*		(0.15	)
Year ended 9-30-2017(5)		10.00		0.09		0.87			0.96			(0.04	)		—			(0.04	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		11.82		0.09		(0.34	)		(0.25	)		(0.12	)		—			(0.12	)
Year ended 9-30-2018		10.92		0.20		0.85			1.05			(0.15	)		—	*		(0.15	)
Year ended 9-30-2017(5)		10.00		0.10		0.86			0.96			(0.04	)		—			(0.04	)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		11.81		0.05		(0.34	)		(0.29	)		(0.08	)		—			(0.08	)
Year ended 9-30-2018		10.91		0.11		0.85			0.96			(0.06	)		—	*		(0.06	)
Year ended 9-30-2017(5)		10.00		0.06		0.86			0.92			(0.01	)		—			(0.01	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

    .

44 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	11.44		-2.19	%	$	15		0.90	%(4)		1.37	%(4)		1.23	%(4)		1.04	%(4)		13	%
Year ended 9-30-2018		11.81		9.27			14		0.90			1.48			1.24			1.14			39
Year ended 9-30-2017(5)		10.92		9.50			10		0.90	(4)		1.79	(4)		1.31	(4)		1.38	(4)		51	(6)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		11.45		-2.12			1		0.75	(4)		1.52	(4)		1.21	(4)		1.06	(4)		13
Year ended 9-30-2018		11.81		9.53			1		0.75			1.61			1.18			1.18			39
Year ended 9-30-2017(5)		10.92		9.56			1		0.75	(4)		1.95	(4)		1.28	(4)		1.42	(4)		51	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		11.45		-2.08			50		0.65	(4)		1.61	(4)		1.05	(4)		1.21	(4)		13
Year ended 9-30-2018		11.81		9.64			51		0.65			1.76			1.09			1.32			39
Year ended 9-30-2017(5)		10.92		9.60			26		0.65	(4)		1.95	(4)		1.18	(4)		1.42	(4)		51	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		11.45		-2.08			34		0.65	(4)		1.61	(4)		0.88	(4)		1.38	(4)		13
Year ended 9-30-2018		11.82		9.64			35		0.65			1.73			0.93			1.45			39
Year ended 9-30-2017(5)		10.92		9.60			16		0.65	(4)		2.16	(4)		1.04	(4)		1.77	(4)		51	(6)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		11.44		-2.43			2		1.40	(4)		0.86	(4)		1.62	(4)		0.64	(4)		13
Year ended 9-30-2018		11.81		8.84			2		1.40			0.94			1.67			0.67			39
Year ended 9-30-2017(5)		10.91		9.20			2		1.39	(4)		1.31	(4)		1.77	(4)		0.93	(4)		51	(6)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 45

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY PROSHARES RUSSELL 2000 DIVIDEND GROWERS INDEX FUND

	Net Asset Value, Beginning of Period		Net Investment Income(1)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 3-31-2019 (unaudited)	$	10.97	$	0.10	$	(0.15	)	$	(0.05	)	$	(0.11	)	$	(0.07	)	$	(0.18	)
Year ended 9-30-2018		10.44		0.16		0.51			0.67			(0.14	)		—	*		(0.14	)
Year ended 9-30-2017(5)		10.00		0.07		0.39			0.46			(0.02	)		—			(0.02	)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		10.97		0.11		(0.16	)		(0.05	)		(0.11	)		(0.07	)		(0.18	)
Year ended 9-30-2018		10.44		0.17		0.51			0.68			(0.15	)		—	*		(0.15	)
Year ended 9-30-2017(5)		10.00		0.07		0.39			0.46			(0.02	)		—			(0.02	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		10.97		0.12		(0.15	)		(0.03	)		(0.12	)		(0.07	)		(0.19	)
Year ended 9-30-2018		10.44		0.19		0.51			0.70			(0.17	)		—	*		(0.17	)
Year ended 9-30-2017(5)		10.00		0.09		0.37			0.46			(0.02	)		—			(0.02	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		10.97		0.12		(0.15	)		(0.03	)		(0.12	)		(0.07	)		(0.19	)
Year ended 9-30-2018		10.44		0.20		0.50			0.70			(0.17	)		—	*		(0.17	)
Year ended 9-30-2017(5)		10.00		0.09		0.37			0.46			(0.02	)		—			(0.02	)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		10.96		0.08		(0.15	)		(0.07	)		(0.08	)		(0.07	)		(0.15	)
Year ended 9-30-2018		10.43		0.11		0.51			0.62			(0.09	)		—	*		(0.09	)
Year ended 9-30-2017(5)		10.00		0.05		0.38			0.43			—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

    .

46 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	10.74		-0.47	%	$	2		0.90	%(4)		1.92	%(4)		1.16	%(4)		1.66	%(4)		12	%
Year ended 9-30-2018		10.97		6.52			1		0.90			1.55			0.91			1.54			36
Year ended 9-30-2017(5)		10.44		4.55			1		0.90	(4)		1.48	(4)		1.05	(4)		1.33	(4)		12	(6)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		10.74		-0.29			1		0.73	(4)		2.15	(4)		0.99	(4)		1.89	(4)		12
Year ended 9-30-2018		10.97		6.64			1		0.78			1.67			0.91			1.54			36
Year ended 9-30-2017(5)		10.44		4.60			1		0.80	(4)		1.59	(4)		1.03	(4)		1.36	(4)		12	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		10.75		-0.26			97		0.65	(4)		2.19	(4)		0.84	(4)		2.00	(4)		12
Year ended 9-30-2018		10.97		6.79			97		0.65			1.82			0.83			1.64			36
Year ended 9-30-2017(5)		10.44		4.65			33		0.65	(4)		1.98	(4)		0.94	(4)		1.69	(4)		12	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		10.75		-0.26			32		0.65	(4)		2.19	(4)		0.67	(4)		2.17	(4)		12
Year ended 9-30-2018		10.97		6.79			36		0.65			1.93			0.66			1.92			36
Year ended 9-30-2017(5)		10.44		4.65			3		0.65	(4)		2.08	(4)		0.79	(4)		1.94	(4)		12	(6)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		10.74		-0.71			1		1.40	(4)		1.49	(4)		1.41	(4)		1.48	(4)		12
Year ended 9-30-2018		10.96		6.05			1		1.40			1.05			1.40			1.05			36
Year ended 9-30-2017(5)		10.43		4.30			1		1.39	(4)		0.98	(4)		1.52	(4)		0.85	(4)		12	(6)

See Accompanying Notes to Financial Statements.

2019 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 3-31-2019 (unaudited)	$	9.62	$	0.14	$	0.30		$	0.44		$	(0.16	)	$	—		$	(0.16	)
Year ended 9-30-2018		10.09		0.27		(0.50	)		(0.23	)		(0.24	)		—	*		(0.24	)
Year ended 9-30-2017(5)		10.00		0.11		0.06			0.17			(0.08	)		—			(0.08	)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		9.62		0.15		0.29			0.44			(0.16	)		—			(0.16	)
Year ended 9-30-2018		10.09		0.27		(0.49	)		(0.22	)		(0.25	)		—	*		(0.25	)
Year ended 9-30-2017(5)		10.00		0.11		0.06			0.17			(0.08	)		—			(0.08	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.62		0.16		0.29			0.45			(0.17	)		—			(0.17	)
Year ended 9-30-2018		10.10		0.30		(0.51	)		(0.21	)		(0.27	)		—	*		(0.27	)
Year ended 9-30-2017(5)		10.00		0.12		0.07			0.19			(0.09	)		—			(0.09	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		9.62		0.16		0.29			0.45			(0.17	)		—			(0.17	)
Year ended 9-30-2018		10.10		0.29		(0.50	)		(0.21	)		(0.27	)		—	*		(0.27	)
Year ended 9-30-2017(5)		10.00		0.11		0.08			0.19			(0.09	)		—			(0.09	)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		9.62		0.12		0.29			0.41			(0.14	)		—			(0.14	)
Year ended 9-30-2018		10.09		0.22		(0.50	)		(0.28	)		(0.19	)		—	*		(0.19	)
Year ended 9-30-2017(5)		10.00		0.08		0.07			0.15			(0.06	)		—			(0.06	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

    .

48 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	9.90		4.57	%	$	3		0.65	%(4)		3.02	%(4)		0.73	%(4)		2.94	%(4)		12	%
Year ended 9-30-2018		9.62		-2.26			3		0.65			2.73			0.70			2.68			79
Year ended 9-30-2017(5)		10.09		1.69			3		0.65	(4)		2.34	(4)		—			—			45	(6)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		9.90		4.70			1		0.60	(4)		3.07	(4)		0.75	(4)		2.92	(4)		12
Year ended 9-30-2018		9.62		-2.22			1		0.60			2.79			0.69			2.70			79
Year ended 9-30-2017(5)		10.09		1.71			1		0.60	(4)		2.39	(4)		0.64	(4)		2.35	(4)		45	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		9.90		4.81			105		0.40	(4)		3.27	(4)		0.64	(4)		3.03	(4)		12
Year ended 9-30-2018		9.62		-2.02			70		0.40			3.02			0.60			2.82			79
Year ended 9-30-2017(5)		10.10		1.78			34		0.40	(4)		2.65	(4)		0.54	(4)		2.51	(4)		45	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		9.90		4.81			1		0.40	(4)		3.27	(4)		0.49	(4)		3.18	(4)		12
Year ended 9-30-2018		9.62		-2.11			1		0.40			2.95			0.45			2.90			79
Year ended 9-30-2017(5)		10.10		1.88			17		0.34	(4)		2.62	(4)		—			—			45	(6)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		9.89		4.33			1		1.15	(4)		2.52	(4)		1.22	(4)		2.45	(4)		12
Year ended 9-30-2018		9.62		-2.76			1		1.15			2.23			1.19			2.19			79
Year ended 9-30-2017(5)		10.09		1.50			1		1.13	(4)		1.85	(4)		—			—			45	(6)

See Accompanying Notes to Financial Statements.

2019 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 3-31-2019 (unaudited)	$	11.96	$	0.10	$	0.16	$	0.26	$	(0.12	)	$	(0.12	)	$	(0.24	)
Year ended 9-30-2018		10.62		0.21		1.30		1.51		(0.17	)		—	*		(0.17	)
Year ended 9-30-2017(5)		10.00		0.08		0.56		0.64		(0.02	)		—			(0.02	)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		11.96		0.10		0.17		0.27		(0.12	)		(0.12	)		(0.24	)
Year ended 9-30-2018		10.62		0.21		1.30		1.51		(0.17	)		—	*		(0.17	)
Year ended 9-30-2017(5)		10.00		0.08		0.56		0.64		(0.02	)		—			(0.02	)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		11.96		0.12		0.17		0.29		(0.14	)		(0.12	)		(0.26	)
Year ended 9-30-2018		10.62		0.24		1.30		1.54		(0.20	)		—	*		(0.20	)
Year ended 9-30-2017(5)		10.00		0.09		0.56		0.65		(0.03	)		—			(0.03	)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		11.96		0.12		0.17		0.29		(0.14	)		(0.12	)		(0.26	)
Year ended 9-30-2018		10.62		0.25		1.29		1.54		(0.20	)		—	*		(0.20	)
Year ended 9-30-2017(5)		10.00		0.09		0.56		0.65		(0.03	)		—			(0.03	)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		11.95		0.07		0.17		0.24		(0.09	)		(0.12	)		(0.21	)
Year ended 9-30-2018		10.62		0.15		1.29		1.44		(0.11	)		—	*		(0.11	)
Year ended 9-30-2017(5)		10.00		0.05		0.57		0.62		—			—			—

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) Annualized.

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

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

    .

50 SEMIANNUAL REPORT 2019

	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 3-31-2019 (unaudited)	$	11.98		2.36	%	$	2		0.75	%(4)		1.83	%(4)		0.91	%(4)		1.67	%(4)		13	%
Year ended 9-30-2018		11.96		14.29			2		0.75			1.87			0.81			1.81			27
Year ended 9-30-2017(5)		10.62		6.39			1		0.75	(4)		1.63	(4)		0.86	(4)		1.52	(4)		4	(6)
Class E Shares
Six-month period ended 3-31-2019 (unaudited)		11.99		2.44			2		0.75	(4)		1.85	(4)		0.95	(4)		1.65	(4)		13
Year ended 9-30-2018		11.96		14.29			1		0.75			1.87			0.76			1.86			27
Year ended 9-30-2017(5)		10.62		6.39			1		0.75	(4)		1.64	(4)		0.81	(4)		1.58	(4)		4	(6)
Class I Shares
Six-month period ended 3-31-2019 (unaudited)		11.99		2.57			301		0.50	(4)		2.08	(4)		0.70	(4)		1.88	(4)		13
Year ended 9-30-2018		11.96		14.56			282		0.50			2.14			0.65			1.99			27
Year ended 9-30-2017(5)		10.62		6.49			87		0.50	(4)		1.97	(4)		0.72	(4)		1.75	(4)		4	(6)
Class N Shares
Six-month period ended 3-31-2019 (unaudited)		11.99		2.58			86		0.50	(4)		2.08	(4)		0.55	(4)		2.03	(4)		13
Year ended 9-30-2018		11.96		14.56			93		0.49			2.17			—			—			27
Year ended 9-30-2017(5)		10.62		6.49			3		0.50	(4)		1.89	(4)		0.57	(4)		1.82	(4)		4	(6)
Class R Shares
Six-month period ended 3-31-2019 (unaudited)		11.98		2.19			1		1.27	(4)		1.31	(4)		1.31	(4)		1.27	(4)		13
Year ended 9-30-2018		11.95		13.61			1		1.26			1.35			—			—			27
Year ended 9-30-2017(5)		10.62		6.20			1		1.29	(4)		1.09	(4)		1.35	(4)		1.03	(4)		4	(6)

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 51

NOTES TO FINANCIAL STATEMENTS IVY FUNDS

MARCH 31, 2019 (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 is Ivy Investment Management Company (“IICO” or the “Manager”).

Each Fund offers Class A, Class E, Class I, Class N and Class R shares. Class A and Class E shares are sold at their offering price, which is normally net asset value (“NAV”) plus 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 $1 million or more that are subsequently redeemed within 12 months of purchase. Class I, Class N and Class R shares are sold without either 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.

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

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

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

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

52 SEMIANNUAL REPORT 2019

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

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

Certain Funds may hold high-yield 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 Statement of Assets and Liabilities.

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

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

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

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

2019 SEMIANNUAL REPORT 53

New Rule Issuance. In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-08 (“ASU 2017-08”), “Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 changed the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The amendments in the ASU impact disclosure requirements for fair value measurement. It is anticipated that this change will enhance the effectiveness of disclosures in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted and can include the entire standard or certain provisions that exclude or amend disclosures. For the period ended March 31, 2019, the Funds have chosen to adopt the standard. The adoption of this ASU is reflected in the disclosures of the financial statements.

In August 2018, U.S. Securities and Exchange Commission (“SEC”) adopted amendments to certain financial statement disclosure requirements to conform them to GAAP for investment companies. These amendments made certain removals from, changes to and additions to existing disclosure requirements under Regulation S-X. These amendments became effective for filings made with the SEC after November 5, 2018. The Funds’ adoption of these amendments, effective with the financial statements prepared as of March 31, 2019, required modified disclosures reflected herein, but had no effect on the Funds’ net assets or results of operations.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

Short-term securities with maturities of 60 days or less are valued based on quotes that are obtained from an independent pricing service approved by the Board as described in the preceding paragraph above.

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

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. 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,

54 SEMIANNUAL REPORT 2019

pursuant to procedures established by the Board, with reference to other securities or indices. In the event that the security or financial instrument cannot be valued pursuant to one of the valuation methods established by the Board, the value of the security or financial instrument will be determined in good faith by the Valuation Committee in accordance with the procedures adopted by the Board.

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

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

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

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

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

• Level 1 – Observable input 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 or equity prices.

2019 SEMIANNUAL REPORT 55

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.

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

Restricted Securities. Restricted securities that are deemed to be Rule 144A securities and illiquid, as well as restricted securities held 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. Transfers between levels represent the values as of the beginning of the reporting period.

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

Net realized gain (loss) and net unrealized appreciation (depreciation), shown on the reconciliation of Level 3 investments, if applicable, are included on the Statement of Operations in net realized gain (loss) on investments in unaffiliated and/or affiliated securities and in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities, respectively. Additionally, the net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of March 31, 2019, if applicable, is included on the Statement of Operations in net change in unrealized appreciation (depreciation) on investments in unaffiliated and/or affiliated securities.

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

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

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

56 SEMIANNUAL REPORT 2019

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

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

Ivy ProShares Interest Rate Hedged High Yield Index Fund invests in long and/or short positions in futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange 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.

Additional Disclosure Related to Derivative Instruments

Fair values of derivative instruments as of March 31, 2019:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy ProShares Interest Rate Hedged High Yield Index Fund	Interest rate		$	—	Unrealized depreciation on futures contracts*	$	400

* The value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable (payable) as of period ended March 31, 2019.

Amount of realized gain (loss) on derivatives recognized on the Statement of Operations for the period ended March 31, 2019:

		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	$	—	$	—	$	(902	)	$	—	$	—	$	(902	)

* 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 Statement of Operations for the period ended March 31, 2019:

		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	$	—	$	—	$	(682	)	$	—	$	—	$	(682	)

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

2019 SEMIANNUAL REPORT 57

During the period ended March 31, 2019, 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	$	—	$	—	$	36,340	$	—	$	—	$	—

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

(2) Average value outstanding during the period.

(3) Average notional amount outstanding during the period.

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

Management Fees. IICO, a wholly owned subsidiary of Waddell & Reed Financial, Inc. (“WDR”), serves as each Fund’s investment manager. The management fee is accrued daily by each Fund at the following annual rates as a percentage of average daily net assets:

Fund (M - Millions)	$0 to $1,000M			$1,000 to $2,000M			$2,000 to $5,000M			Over $5,000M
Ivy ProShares Interest Rate Hedged High Yield Index Fund		0.50	%		0.48	%		0.46	%		0.45	%
Ivy ProShares MSCI ACWI Index Fund		0.45			0.43			0.41			0.40
Ivy ProShares Russell 2000 Dividend Growers Index Fund		0.40			0.38			0.36			0.35
Ivy ProShares S&P 500 Bond Index Fund		0.20			0.18			0.16			0.15
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		0.35			0.33			0.31			0.30

IICO has entered into a Subadvisory Agreement with the following entity on behalf of the Funds:

Under an agreement between IICO and ProShare Advisors LLC (“ProShare Advisors”), ProShare Advisors serves as subadviser to the Funds. The subadviser makes investment decisions in accordance with the Fund’s investment objectives, policies and restrictions under the supervision of IICO and the oversight of the Board. IICO pays all applicable costs of the subadvisers.

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

Accounting Services Fees. The Trust has an Accounting and Administrative Services Agreement with WRSCO, doing business as WI Services Company (“WISC”), an indirect subsidiary of WDR. 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 Statement of Operations.

Shareholder Servicing. General. Under the Shareholder Servicing Agreement between the Trust and WISC, with respect to Class A and Class E shares, for each shareholder account that was in existence at any time during the prior month, each Fund pays a monthly fee that ranges from $1.5042 to $1.6958 per account; however, WISC has agreed to reduce that fee if the number of total shareholder accounts within the Complex (InvestEd Portfolios and Ivy Funds) reaches certain levels. For Class R shares, each Fund pays a monthly fee equal 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.

58 SEMIANNUAL REPORT 2019

Listing, Data and Related Fees The Funds may incur costs relating to their initial and ongoing listing on an exchange. Additionally, a Fund may enter into a license agreement for the right to use an Index and its Trade Mark(s) and to receive data related to the index from the index provider. The portion of such costs attributed to each Fund is reflected on the Statements of Operations as “Listing, data and related fees”.

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

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

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

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

Sales Charges. As principal underwriter for the Trust’s shares, IDI receives sales commissions (which are not an expense of the Trust) for sales of Class A and Class E shares. A CDSC may be assessed against a shareholder’s redemption amount of certain Class A and Class E shares and is paid to IDI. During the period ended March 31, 2019, IDI received the following amounts in sales commissions and CDSCs:

	Gross Sales Commissions			CDSC					Commissions Paid(1)
				Class A			Class E
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	—	*	$	—	*	$	—	$	—
Ivy ProShares MSCI ACWI Index Fund		10			1			—		9
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		1			—			—		1

* Not shown due to rounding.

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

Expense Reimbursements and/or Waivers. IICO, the Funds’ investment manager, IDI, the Funds’ distributor, and/or Waddell & Reed Services Company, doing business as WISC, the Funds’ transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any). Fund and class expense limitations and related waivers/reimbursements for the period ended March 31, 2019 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	1-31-2020	N/A		$	85	(1)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2020	0.90%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2020	0.90%		$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2020	0.65%		$	40		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2020	0.65%		$	—	*	Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2020	Not to exceed Class I		$	—		N/A

2019 SEMIANNUAL REPORT 59

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy ProShares MSCI ACWI Index Fund	All Classes	Contractual	4-20-2017	1-31-2020	N/A		$	108	(1)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2020	0.90%		$	7		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2020	0.75%		$	2		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2020	0.65%		$	43		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2020	0.65%		$	2		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2020	Not to exceed Class I		$	—		N/A
Ivy ProShares Russell 2000 Dividend Growers Index Fund	All Classes	Contractual	4-20-2017	1-31-2020	N/A		$	5	(1)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2020	0.90%		$	2		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2020	0.73%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2020	0.65%		$	87		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2020	0.65%		$	2		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2020	Not to exceed Class I		$	—		N/A
Ivy ProShares S&P 500 Bond Index Fund	All Classes	Contractual	4-20-2017	1-31-2020	N/A		$	31	(1)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2020	0.65%		$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2020	0.60%		$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2020	0.40%		$	67		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2020	0.40%		$	—	*	Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2020	Not to exceed Class I		$	—		N/A
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund	All Classes	Contractual	4-20-2017	1-31-2020	N/A		$	73	(1)	Investment Management Fee
	Class A	Contractual	4-20-2017	1-31-2020	0.75%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	4-20-2017	1-31-2020	0.75%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	4-20-2017	1-31-2020	0.50%		$	231		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2020	0.50%		$	5		Shareholder Servicing
	Class N	Contractual	4-20-2017	1-31-2020	Not to exceed Class I		$	—		N/A

* Not shown due to rounding.

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

Any amounts due to the Funds as a reimbursement but not paid as of March 31, 2019 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.

6. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the SEC (“Order”), the Ivy Funds, Ivy Variable Insurance Portfolios and InvestEd Portfolios (collectively, the “Funds” only for purposes of this footnote 6) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund

60 SEMIANNUAL REPORT 2019

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, 2019.

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, 2019, were as follows:

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	—	$	24,595	$	—	$	9,439
Ivy ProShares MSCI ACWI Index Fund		—		14,878		—		12,664
Ivy ProShares Russell 2000 Dividend Growers Index Fund		—		15,511		—		17,193
Ivy ProShares S&P 500 Bond Index Fund		—		42,204		—		10,325
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		—		54,746		—		49,359

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

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

Cash received as collateral for securities on loan may be reinvested in the Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares or certain other registered money market funds and are disclosed in the Fund’s Schedule of Investments and are reflected in the Statement of Assets and Liabilities as cash collateral on securities loaned at value. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Fund and the Fund does not have the ability 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, 2019 and the total value of the related cash collateral are disclosed in the Statement of Assets and Liabilities. Income earned by the Funds from securities lending activity is disclosed in the Statements of Operations.

The following is a summary of each Fund’s securities lending positions and related cash and non-cash collateral received as of March 31, 2019:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Ivy ProShares MSCI ACWI Index Fund	$	919	$	784	$	183	$	967
Ivy ProShares Russell 2000 Dividend Growers Index Fund		6,201		4,248		2,122		6,370
Ivy ProShares S&P 500 Bond Index Fund		513		497		28		525

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.

2019 SEMIANNUAL REPORT 61

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 3-31-19 (Unaudited)						Year ended 9-30-18						Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		14		$	136			7		$	68			129		$	1,407			420		$	4,813
Class E		10			90			3			32			8			93			12			138
Class I		2,227			21,465			2,941			29,251			874			9,479			2,516			28,928
Class N		—			—			—			—			239			2,604			1,990			22,724
Class R		3			26			—			—			—			—			199			2,260
Shares issued in reinvestment of distributions to shareholders:
Class A		—	*		4			—	*		1			5			52			3			41
Class E		—	*		3			—	*		1			—	*		2			—	*		1
Class I		171			1,631			84			831			29			318			19			222
Class N		—			—			—			—			32			346			32			366
Class R		—	*		1			—			—			—			—			—			—
Shares redeemed:
Class A		—	*		(6	)		—	*		(1	)		(76	)		(834	)		(78	)		(891	)
Class E		—	*		—	*		(1	)		(5	)		(1	)		(9	)		(1	)		(10	)
Class I		(637	)		(6,084	)		(531	)		(5,286	)		(786	)		(8,636	)		(620	)		(7,180	)
Class N		—			—			—			—			(230	)		(2,511	)		(612	)		(7,076	)
Class R		—	*		—	*		—			—			—			—			(201	)		(2,268	)
Net increase		1,788		$	17,266			2,503		$	24,892			223		$	2,311			3,679		$	42,068

	Ivy ProShares Russell 2000 Dividend Growers Index Fund												Ivy ProShares S&P 500 Bond Index Fund
	Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18						Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		93		$	972			12		$	133			10		$	92			5		$	49
Class E		7			72			9			89			3			31			14			133
Class I		1,810			19,032			7,568			78,680			4,837			46,792			5,341			52,685
Class N		44			469			3,536			37,129			—			—			257			2,508
Class R		—			—			—			—			3			30			—			—
Shares issued in reinvestment of distributions to shareholders:
Class A		1			9			—	*		1			—	*		—	*		—	*		—	*
Class E		—	*		2			—	*		1			—	*		4			—	*		3
Class I		123			1,288			70			746			125			1,192			114			1,108
Class N		54			570			39			407			—			—			29			289
Class R		—			—			—			—			—	*		—	*		—			—
Shares redeemed:
Class A		(10	)		(109	)		(1	)		(12	)		(3	)		(33	)		(3	)		(34	)
Class E		(1	)		(5	)		(3	)		(32	)		—			—			(2	)		(16	)
Class I		(1,726	)		(18,299	)		(1,949	)		(20,718	)		(1,634	)		(15,626	)		(1,607	)		(15,634	)
Class N		(450	)		(4,783	)		(557	)		(5,884	)		—			—			(1,838	)		(17,940	)
Class R		—			—			—			—			—	*		(1	)		—			—
Net increase (decrease)		(55	)	$	(782	)		8,724		$	90,540			3,341		$	32,481			2,310		$	23,151

* Not shown due to rounding.

62 SEMIANNUAL REPORT 2019

	Ivy ProShares S&P 500 Dividend Aristocrats Index Fund
	Six months ended 3-31-19 (Unaudited)						Year ended 9-30-18
	Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		23		$	263			81		$	909
Class E		45			504			42			465
Class I		5,589			63,594			19,803			222,882
Class N		229			2,605			10,607			115,896
Class R		—			—			—			—
Shares issued in reinvestment of distributions to shareholders:
Class A		1			11			1			6
Class E		1			14			—	*		5
Class I		449			5,075			243			2,799
Class N		168			1,902			147			1,685
Class R		—			—			—			—
Shares redeemed:
Class A		(16	)		(182	)		(36	)		(398	)
Class E		(4	)		(42	)		(5	)		(54	)
Class I		(4,488	)		(51,282	)		(4,686	)		(53,869	)
Class N		(1,041	)		(11,918	)		(3,220	)		(37,326	)
Class R		—			—			—			—
Net increase		956		$	10,544			22,977		$	253,000

* Not shown due to rounding.

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

For Federal income tax purposes, cost of investments owned at March 31, 2019 and the related unrealized appreciation (depreciation) were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation		Net Unrealized Appreciation (Depreciation)
Ivy ProShares Interest Rate Hedged High Yield Index Fund	$	59,414	$	945	$	1,243	$	(298	)
Ivy ProShares MSCI ACWI Index Fund		96,959		11,638		5,931		5,707
Ivy ProShares Russell 2000 Dividend Growers Index Fund		128,946		13,128		5,233		7,895
Ivy ProShares S&P 500 Bond Index Fund		109,647		1,645		880		765
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		351,591		45,079		6,274		38,805

For Federal income tax purposes, the Funds’ distributed and undistributed earnings and profit for the year ended September 30, 2018 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	$	377	$	392	$	—	$	—	$	—
Ivy ProShares MSCI ACWI Index Fund		500		—		—		75		—
Ivy ProShares Russell 2000 Dividend Growers Index Fund		1,069		—		—		—		—
Ivy ProShares S&P 500 Bond Index Fund		286		—		—		—		—
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		3,700		—		—		—		—

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

2019 SEMIANNUAL REPORT 63

The tax character of dividends and distributions paid during the two fiscal years ended September 30, 2018 and 2017 were as follows:

	September 30, 2018				September 30, 2017
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	$	1,481	$	55	$	247	$	—
Ivy ProShares MSCI ACWI Index Fund		1,082		—		124		—
Ivy ProShares Russell 2000 Dividend Growers Index Fund		1,629		4		73		—
Ivy ProShares S&P 500 Bond Index Fund		2,056		—		232		—
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		5,654		—		216		—

(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, 2018 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2018, 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	$	—	$	—
Ivy ProShares MSCI ACWI Index Fund		—		—
Ivy ProShares Russell 2000 Dividend Growers Index Fund		—		—
Ivy ProShares S&P 500 Bond Index Fund		1,187		138
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund		—		—

64 SEMIANNUAL REPORT 2019

PROXY VOTING INFORMATION IVY FUNDS

(UNAUDITED)

Proxy Voting Guidelines

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

Proxy Voting Records

Information regarding how the Trust voted proxies relating to portfolio securities during the most 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 on the Trust’s Form N-Q. These holdings may be viewed in the following ways:

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

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

TO ALL TRADITIONAL IRA PLANHOLDERS: IVY FUNDS

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

2019 SEMIANNUAL REPORT 65

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66 SEMIANNUAL REPORT 2019

THE IVY FUNDS FAMILY (UNAUDITED)

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 Fund¹

1 (formerly known as Ivy IG 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 Fund²

2 (formerly known as Ivy Cundill Global 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

Speciality 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 Fund³

3 (formerly known as Ivy Advantus 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 Fund⁴

4 (formerly known as Ivy Advantus Bond Fund)

Money Market Funds

Ivy Cash Management Fund

Ivy Government Money Market Fund

1.888.923.3355

Visit us online at www.ivyinvestments.com

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

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

2019 SEMIANNUAL REPORT 67

SEMIANN-IPS (3-19)

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) The Registrant’s Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, have

2

concluded that such controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective and adequately designed to ensure that information required to be disclosed by the Registrant in its reports that it files or submits is accumulated and communicated to the Registrant’s management, including the Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

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

ITEM 12.    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.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

IVY FUNDS

(Registrant)

By	/s/ Jennifer K. Dulski
	Jennifer K. Dulski, Secretary
Date:	June 7, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Philip J. Sanders
	Philip J. Sanders, President and Principal Executive Officer
Date:	June 7, 2019
By	/s/ Joseph W. Kauten
	Joseph W. Kauten, Vice President and Principal Financial Officer
Date:	June 7, 2019