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: March 31

Date of reporting period: September 30, 2019

ITEM 1. REPORTS TO STOCKHOLDERS.

1

  Semiannual Report   SEPTEMBER 30, 2019

Ticker

Class A

Class B

Class C

Class E

Class I

Class N

Class R

Class Y

IVY FUNDS

Ivy Asset Strategy Fund

WASAX

WASBX

WASCX

IASEX

IVAEX

IASTX

IASRX

WASYX

Ivy Balanced Fund

IBNAX

IBNBX

IBNCX

IVYEX

IYBIX

IBARX

IYBFX

IBNYX

Ivy Energy Fund

IEYAX

IEYBX

IEYCX

IVEEX

IVEIX

IENRX

IYEFX

IEYYX

Ivy LaSalle Global Real Estate Fund

IREAX

IREBX

IRECX

IRESX

IRENX

IRERX

IREYX

Ivy Natural Resources Fund

IGNAX

IGNBX

IGNCX

IGNEX

IGNIX

INRSX

IGNRX

IGNYX

Ivy Science and Technology Fund

WSTAX

WSTBX

WSTCX

ISTEX

ISTIX

ISTNX

WSTRX

WSTYX

Ivy Securian Real Estate Securities Fund

IRSAX

IRSBX

IRSCX

IREEX

IREIX

IRSEX

IRSRX

IRSYX

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 Asset Strategy Fund	7
Ivy Balanced Fund	13
Ivy Energy Fund	19
Ivy LaSalle Global Real Estate Fund	22
Ivy Natural Resources Fund	25
Ivy Science and Technology Fund	28
Ivy Securian Real Estate Securities Fund	32
Statements of Assets and Liabilities	34
Statements of Operations	35
Statements of Changes in Net Assets	36
Financial Highlights	40
Notes to Financial Statements	54
Renewal of Investment Management Agreements	75
Proxy Voting Information	78
Quarterly Portfolio Schedule Information	78
IRA Disclosure	78

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

	SEPTEMBER 30, 2019 (UNAUDITED)
Philip J. Sanders, CFA

Dear Shareholder,

Equity markets roared back following the sharp correction at year-end 2018, with the S&P 500 Index advancing more than 20% in 2019, as of Sept. 30, and every sector posting gains. The rally had a pro-cyclical component, as information technology and real estate delivered the strongest sector returns, while energy and health care were the laggards.

The U.S. economy remains relatively healthy and remains in the longest economic expansion in U.S. history despite uncertainty about trade and signs of global weakening. We believe the underlying fundamentals — a strong job market, rising wages and low inflation — support continued growth during the rest of 2019. However, U.S. trade policy remains a wildcard and poses a major threat to the current expansion.

The U.S. Federal Reserve (Fed) held steady on interest rates for the first half of 2019, but cut the federal funds rate by 25 basis points in July and then again in September. The federal funds target range currently is 1.75-2.0%. Increasing pressures from trade turmoil and uncertainty around the strength of global growth led the Fed to become more accommodative, and we believe one additional rate cut is likely by calendar year’s end.

The pace of economic growth in Europe has weakened during the period, mainly due to the drag of global trade and Brexit uncertainty. We anticipate eurozone growth will remain weak through the rest of the year, but could see some stabilization by the end of 2019. The European Central Bank introduced a broad stimulus package in September, including lower rates, a reboot of quantitative easing and a commitment to maintain these initiatives until inflation moves toward its target of just below 2%. With core inflation currently around 1%, we expect these policies to be in place for at least the next year or two.

Emerging markets faced multiple headwinds over the period, namely a strong dollar, China’s focus on deleveraging and regulation, trade wars, volatile energy prices and increased geopolitical risks. Despite near-term concerns and likely volatility across the global equity market, we believe the long-term fundamentals in emerging markets will continue to offer opportunities. 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, we believe equities face intensifying headwinds as the pace of global growth slows and trade turmoil lingers. As we examine the investment landscape, we continue to put greater emphasis on the fundamentals and quality of asset classes and sectors. We believe it is important to stay focused on the merits of individual market sectors, industries and 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 are the ultimate drivers of long-term stock prices.

Economic Snapshot

	9/30/2019		3/31/2019
S&P 500 Index		2,976.74		2,834.40
MSCI EAFE Index		1,889.36		1,875.43
10-Year Treasury Yield		1.68%		2.41%
U.S. unemployment rate		3.5%		3.8%
30-year fixed mortgage rate		3.64%		4.06%
Oil price per barrel	$	54.07	$	60.14

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 September 30, 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 6 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 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*		Beginning Account Value 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*
Ivy Asset Strategy Fund
Class A	$	1,000	$	1,046.10	$	5.83	$	1,000	$	1,019.34	$	5.76		1.15%
Class B**	$	1,000	$	1,041.90	$	10.11	$	1,000	$	1,015.12	$	9.97		1.99%
Class C	$	1,000	$	1,042.50	$	9.70	$	1,000	$	1,015.61	$	9.57		1.89%
Class E	$	1,000	$	1,047.10	$	5.22	$	1,000	$	1,020.01	$	5.15		1.00%
Class I	$	1,000	$	1,047.70	$	4.50	$	1,000	$	1,020.70	$	4.45		0.88%
Class N	$	1,000	$	1,048.30	$	3.69	$	1,000	$	1,021.42	$	3.64		0.74%
Class R	$	1,000	$	1,045.20	$	7.46	$	1,000	$	1,017.77	$	7.36		1.46%
Class Y	$	1,000	$	1,046.50	$	5.73	$	1,000	$	1,019.46	$	5.65		1.13%

See footnotes on page 6.

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 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*		Beginning Account Value 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*
Ivy Balanced Fund
Class A	$	1,000	$	1,044.60	$	5.62	$	1,000	$	1,019.53	$	5.55		1.10%
Class B**	$	1,000	$	1,040.10	$	9.79	$	1,000	$	1,015.49	$	9.67		1.91%
Class C	$	1,000	$	1,041.00	$	9.39	$	1,000	$	1,015.89	$	9.27		1.83%
Class E***	$	1,000	$	1,045.60	$	4.91	$	1,000	$	1,020.26	$	4.85		0.96%
Class I	$	1,000	$	1,045.90	$	4.40	$	1,000	$	1,020.72	$	4.34		0.87%
Class N	$	1,000	$	1,046.60	$	3.68	$	1,000	$	1,021.48	$	3.64		0.72%
Class R	$	1,000	$	1,042.50	$	7.46	$	1,000	$	1,017.78	$	7.36		1.45%
Class Y	$	1,000	$	1,044.60	$	5.62	$	1,000	$	1,019.53	$	5.55		1.10%
Ivy Energy Fund
Class A	$	1,000	$	809.50	$	6.42	$	1,000	$	1,017.97	$	7.16		1.41%
Class B**	$	1,000	$	806.10	$	10.39	$	1,000	$	1,013.55	$	11.58		2.29%
Class C	$	1,000	$	808.00	$	9.58	$	1,000	$	1,014.46	$	10.68		2.11%
Class E***	$	1,000	$	811.50	$	5.62	$	1,000	$	1,018.87	$	6.26		1.24%
Class I	$	1,000	$	812.20	$	4.53	$	1,000	$	1,020.08	$	5.05		0.99%
Class N	$	1,000	$	812.10	$	4.53	$	1,000	$	1,020.08	$	5.05		0.99%
Class R	$	1,000	$	808.30	$	7.87	$	1,000	$	1,016.32	$	8.77		1.75%
Class Y	$	1,000	$	810.20	$	6.43	$	1,000	$	1,017.97	$	7.16		1.41%
Ivy LaSalle Global Real Estate Fund
Class A	$	1,000	$	1,016.60	$	7.66	$	1,000	$	1,017.49	$	7.67		1.51%
Class B**	$	1,000	$	1,013.30	$	10.77	$	1,000	$	1,014.42	$	10.78		2.13%
Class C	$	1,000	$	1,014.00	$	10.98	$	1,000	$	1,014.17	$	10.98		2.18%
Class I	$	1,000	$	1,019.50	$	5.35	$	1,000	$	1,019.80	$	5.35		1.05%
Class N	$	1,000	$	1,018.90	$	5.35	$	1,000	$	1,019.80	$	5.35		1.05%
Class R	$	1,000	$	1,015.60	$	9.07	$	1,000	$	1,016.04	$	9.07		1.80%
Class Y	$	1,000	$	1,016.80	$	7.36	$	1,000	$	1,017.73	$	7.36		1.46%
Ivy Natural Resources Fund
Class A	$	1,000	$	909.30	$	8.50	$	1,000	$	1,016.13	$	8.97		1.78%
Class B**	$	1,000	$	900.20	$	18.05	$	1,000	$	1,006.09	$	19.06		3.78%
Class C	$	1,000	$	906.60	$	11.82	$	1,000	$	1,012.71	$	12.48		2.46%
Class E	$	1,000	$	912.40	$	6.22	$	1,000	$	1,018.55	$	6.56		1.27%
Class I	$	1,000	$	911.80	$	5.83	$	1,000	$	1,018.97	$	6.16		1.22%
Class N	$	1,000	$	912.90	$	4.97	$	1,000	$	1,019.88	$	5.25		1.03%
Class R	$	1,000	$	909.50	$	8.59	$	1,000	$	1,016.11	$	9.07		1.79%
Class Y	$	1,000	$	910.90	$	6.88	$	1,000	$	1,017.86	$	7.26		1.44%

See footnotes on page 6.

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 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*		Beginning Account Value 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*
Ivy Science and Technology Fund
Class A	$	1,000	$	1,070.50	$	6.11	$	1,000	$	1,019.14	$	5.96		1.18%
Class B**	$	1,000	$	1,065.80	$	10.54	$	1,000	$	1,014.87	$	10.28		2.03%
Class C	$	1,000	$	1,066.10	$	10.12	$	1,000	$	1,015.29	$	9.87		1.95%
Class E	$	1,000	$	1,069.80	$	6.73	$	1,000	$	1,018.56	$	6.56		1.30%
Class I	$	1,000	$	1,071.60	$	5.08	$	1,000	$	1,020.15	$	4.95		0.98%
Class N	$	1,000	$	1,072.30	$	4.35	$	1,000	$	1,020.91	$	4.24		0.83%
Class R	$	1,000	$	1,068.20	$	8.17	$	1,000	$	1,017.21	$	7.97		1.57%
Class Y	$	1,000	$	1,070.40	$	6.11	$	1,000	$	1,019.14	$	5.96		1.18%
Ivy Securian Real Estate Securities Fund
Class A	$	1,000	$	1,082.40	$	7.60	$	1,000	$	1,017.80	$	7.36		1.45%
Class B**	$	1,000	$	1,076.90	$	12.88	$	1,000	$	1,012.68	$	12.48		2.48%
Class C	$	1,000	$	1,078.30	$	11.85	$	1,000	$	1,013.65	$	11.48		2.28%
Class E	$	1,000	$	1,082.50	$	7.39	$	1,000	$	1,018.01	$	7.16		1.41%
Class I	$	1,000	$	1,084.50	$	5.73	$	1,000	$	1,019.58	$	5.55		1.10%
Class N	$	1,000	$	1,085.60	$	4.90	$	1,000	$	1,020.32	$	4.75		0.95%
Class R	$	1,000	$	1,081.30	$	8.74	$	1,000	$	1,016.65	$	8.47		1.68%
Class Y	$	1,000	$	1,083.50	$	6.77	$	1,000	$	1,018.56	$	6.56		1.30%

* Fund expenses for each share class are equal to the Fund’s annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 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.

*** Class share is closed to investment.

(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 ASSET STRATEGY FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	64.6%
Information Technology	15.2%
Industrials	11.5%
Financials	10.9%
Consumer Staples	6.7%
Health Care	6.6%
Consumer Discretionary	6.3%
Energy	4.8%
Communication Services	1.0%
Utilities	0.9%
Materials	0.7%
Bullion (Gold)	5.9%
Bonds	26.9%
Corporate Debt Securities	16.9%
Loans	5.2%
United States Government and Government Agency Obligations	3.9%
Other Government Securities	0.9%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.6%

Country Weightings

North America	44.4%
United States	43.5%
Other North America	0.9%
Bullion (Gold)	5.9%
Europe	32.5%
France	8.2%
United Kingdom	7.4%
Switzerland	4.5%
Netherlands	4.4%
Other Europe	8.0%
Pacific Basin	13.4%
Japan	4.8%
Other Pacific Basin	8.6%
South America	1.2%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.6%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Microsoft Corp.	United States	Information Technology	Systems Software
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	Information Technology	Semiconductors
Fiserv, Inc.	United States	Information Technology	Data Processing & Outsourced Services
Wal-Mart Stores, Inc.	United States	Consumer Staples	Hypermarkets & Super Centers
Visa, Inc., Class A	United States	Information Technology	Data Processing & Outsourced Services
ORIX Corp.	Japan	Financials	Consumer Finance
Airbus SE	France	Industrials	Aerospace & Defense
Nestle S.A., Registered Shares	Switzerland	Consumer Staples	Packaged Foods & Meats
Northrop Grumman Corp.	United States	Industrials	Aerospace & Defense
ASML Holding N.V., Ordinary Shares	Netherlands	Information Technology	Semiconductor Equipment

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

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

2019 SEMIANNUAL REPORT 7

CONSOLIDATED SCHEDULE OF INVESTMENTS IVY ASSET STRATEGY FUND(in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Interactive Media & Services – 1.0%
Facebook, Inc., Class A (A)		155	$	27,683
Total Communication Services – 1.0%				27,683
Consumer Discretionary
Auto Parts & Equipment – 1.0%
Aptiv plc		319		27,891
Automobile Manufacturers – 1.7%
Subaru Corp. (B)		509		14,405
Suzuki Motor Corp. (B)		833		35,476
				49,881
Home Improvement Retail – 1.1%
Home Depot, Inc. (The)		136		31,549
Hotels, Resorts & Cruise Lines – 0.1%
Studio City International Holdings Ltd. (A)(C)		203		4,082
Internet & Direct Marketing Retail – 1.0%
Amazon.com, Inc. (A)		16		27,705
Leisure Products – 0.4%
Media Group Holdings LLC, Series H (A)(D)(E)(F)(G)		640		—	*
Media Group Holdings LLC, Series T (A)(D)(E)(F)(G)		80		10,055
				10,055
Restaurants – 1.0%
Compass Group plc (B)		1,161		29,877
Total Consumer Discretionary – 6.3%				181,040
Consumer Staples
Household Products – 1.0%
Procter & Gamble Co. (The)		236		29,384
Hypermarkets & Super Centers – 2.1%
Wal-Mart Stores, Inc.		506		60,107
Packaged Foods & Meats – 2.6%
Danone S.A. (B)		357		31,466
Nestle S.A., Registered Shares (B)		401		43,537
				75,003
Personal Products – 1.0%
Beiersdorf Aktiengesellschaft (B)		246		29,023
Total Consumer Staples – 6.7%				193,517
Energy
Integrated Oil & Gas – 1.9%
Royal Dutch Shell plc, Class A (B)		918		26,921
Total S.A. (B)		546		28,426
				55,347

COMMON STOCKS (Continued)	Shares			Value
Oil & Gas Exploration & Production – 1.1%
Cabot Oil & Gas Corp.		719		$	12,633
EOG Resources, Inc.		277			20,537
					33,170
Oil & Gas Refining & Marketing – 1.0%
Reliance Industries Ltd. (B)		1,515			28,533
Oil & Gas Storage & Transportation – 0.8%
Enterprise Products Partners L.P.		788			22,509
Total Energy – 4.8%					139,559
Financials
Consumer Finance – 1.6%
ORIX Corp. (B)		2,981			44,600
Diversified Banks – 3.4%
BNP Paribas S.A. (B)		548			26,644
ICICI Bank Ltd. (B)		3,828			23,330
Kabushiki Kaisha Mitsubishi Tokyo Financial Group (B)		4,931			25,112
Nordea Bank AB (B)		—	*		—	*
UniCredit S.p.A. (B)		1,906			22,471
					97,557
Life & Health Insurance – 2.4%
AIA Group Ltd. (B)		3,278			30,916
Ping An Insurance (Group) Co. of China Ltd., H Shares (B)		3,386			38,919
					69,835
Multi-Line Insurance – 1.2%
Sampo plc, A Shares (B)		863			34,272
Multi-Sector Holdings – 1.2%
Berkshire Hathaway, Inc., Class B (A)		166			34,511
Other Diversified Financial Services – 1.1%
Citigroup, Inc.		449			31,007
Total Financials – 10.9%					311,782
Health Care
Biotechnology – 0.5%
Sarepta Therapeutics, Inc. (A)		174			13,127
Health Care Equipment – 1.2%
Zimmer Holdings, Inc.		240			32,965
Life Sciences Tools & Services – 0.3%
Qiagen N.V. (A)		266			8,783
Managed Health Care – 0.5%
Anthem, Inc.		57			13,590
Pharmaceuticals – 4.1%
AstraZeneca plc (B)		287			25,624
Elanco Animal Health, Inc. (A)		1,122			29,834
GlaxoSmithKline plc (B)		698			14,961

COMMON STOCKS (Continued)	Shares		Value
Pharmaceuticals (Continued)
Merck KGaA (B)		225	$	25,371
Zoetis, Inc.		184		22,934
				118,724
Total Health Care – 6.6%				187,189
Industrials
Aerospace & Defense – 4.0%
Airbus SE (B)		343		44,548
Lockheed Martin Corp.		79		30,985
Northrop Grumman Corp.		108		40,559
				116,092
Construction & Engineering – 2.2%
Larsen & Toubro Ltd. (B)		1,305		27,163
Vinci (B)		332		35,791
				62,954
Construction Machinery & Heavy Trucks – 1.0%
Caterpillar, Inc.		221		27,927
Electrical Components & Equipment – 1.1%
Schneider Electric S.A. (B)		354		30,975
Industrial Conglomerates – 0.8%
Koninklijke Philips Electronics N.V., Ordinary Shares (B)		524		24,218
Railroads – 1.6%
Kansas City Southern		187		24,921
Union Pacific Corp.		144		23,381
				48,302
Trading Companies & Distributors – 0.8%
Ferguson plc (B)		305		22,232
Total Industrials – 11.5%				332,700
Information Technology
Application Software – 2.4%
Adobe, Inc. (A)		128		35,302
Intuit, Inc.		133		35,295
				70,597
Data Processing & Outsourced Services – 3.8%
Fiserv, Inc. (A)		615		63,692
Visa, Inc., Class A		265		45,601
				109,293
Electronic Equipment & Instruments – 0.8%
Keyence Corp. (B)		35		21,599
Semiconductor Equipment – 1.4%
ASML Holding N.V., Ordinary Shares (B)		158		39,140
Semiconductors – 3.3%
QUALCOMM, Inc.		363		27,726
Taiwan Semiconductor Manufacturing Co. Ltd. (A)(B)		7,826		69,507
				97,233

8 SEMIANNUAL REPORT 2019

CONSOLIDATED SCHEDULE OF INVESTMENTS IVY ASSET STRATEGY FUND(in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Systems Software – 2.6%
Microsoft Corp.		549	$	76,348
Technology Hardware, Storage & Peripherals – 0.9%
Samsung Electronics Co. Ltd. (B)		600		24,565
Total Information Technology – 15.2%				438,775
Materials
Diversified Metals & Mining – 0.7%
Glencore International plc (B)		6,651		20,043
Total Materials – 0.7%				20,043
Utilities
Electric Utilities – 0.9%
E.ON AG (B)		2,792		27,146
Total Utilities – 0.9%				27,146
TOTAL COMMON STOCKS – 64.6%			$	1,859,434
(Cost: $2,136,667)
CORPORATE DEBT SECURITIES	Principal
Communication Services
Cable & Satellite – 1.5%
Altice France S.A., 8.125%, 2–1–27 (H)	$	9,600		10,596
Altice Luxembourg S.A., 10.500%, 5–15–27 (H)		13,373		15,071
Altice S.A.:
7.750%, 5–15–22 (H)		4,245		4,335
7.625%, 2–15–25 (H)		14,059		14,657
				44,659
Integrated Telecommunication Services – 1.0%
Frontier Communications Corp.:
7.625%, 4–15–24		7,881		3,428
6.875%, 1–15–25		16,119		7,133
11.000%, 9–15–25		21,820		9,860
9.000%, 8–15–31		7,881		3,484
West Corp., 8.500%, 10–15–25 (H)		6,325		5,084
				28,989
Wireless Telecommunication Service – 0.3%
Crown Castle Towers LLC, 4.241%, 7–15–28 (H)		8,356		9,193
Total Communication Services – 2.8%				82,841
Consumer Staples
Packaged Foods & Meats – 0.3%
JBS Investments II GmbH (GTD by JBS S.A.), 7.000%, 1–15–26 (H)		8,112		8,753

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Tobacco – 0.3%
Altria Group, Inc. (GTD by Philip Morris USA, Inc.), 5.950%, 2–14–49	$	8,000	$	9,411
Total Consumer Staples – 0.6%				18,164
Energy
Integrated Oil & Gas – 0.9%
Petroleos Mexicanos:
4.875%, 1–24–22		15,929		16,566
6.840%, 1–23–30 (H)		7,943		8,215
				24,781
Oil & Gas Drilling – 0.1%
KCA Deutag UK Finance plc, 9.875%, 4–1–22 (C)(H)		4,167		2,636
Oil & Gas Refining & Marketing – 0.3%
MV24 Capital B.V., 6.748%, 6–1–34 (H)		7,954		8,205
Oil & Gas Storage & Transportation – 0.2%
Energy Transfer Partners L.P., 6.250%, 2–15–66		7,000		6,493
Total Energy – 1.5%				42,115
Financials
Diversified Banks – 6.3%
Banco Bilbao Vizcaya Argentaria S.A., 6.500%, 12–5–67		3,973		4,045
Barclays plc:
7.875%, 12–29–49		41,131		43,496
8.000%, 6–15–64		7,987		8,494
ING Groep N.V., 6.875%, 12–29–49		14,503		15,258
Royal Bank of Scotland Group plc (The), 8.625%, 12–29–49		42,786		45,818
Societe Generale Group, 7.375%, 12–29–49 (H)		27,277		28,698
Standard Chartered plc, 7.500%, 12–29–49 (H)		14,224		15,024
UniCredit S.p.A.:
5.861%, 6–19–32 (H)		15,300		15,732
7.296%, 4–2–34 (H)		6,388		7,211
				183,776
Diversified Capital Markets – 1.5%
Credit Suisse Group AG:
7.125%, 7–29–66		22,601		24,042
7.500%, 6–11–67 (H)		14,050		15,525
6.375%, 2–21–68 (H)		4,768		4,935
				44,502
Investment Banking & Brokerage – 0.4%
Goldman Sachs Group, Inc. (The) (3-Month U.S. LIBOR plus 117 bps), 3.328%, 5–15–26 (I)		11,643		11,703

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
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 (H)(J)(K)	$	15,456	$	8,192
Total Financials – 8.5%				248,173
Health Care
Health Care Supplies – 0.0%
Kinetic Concepts, Inc. and KCI USA, Inc., 12.500%, 11–1–21 (H)		225		239
Pharmaceuticals – 0.2%
Teva Pharmaceutical Finance Netherlands III B.V. (GTD by Teva Pharmaceutical Industries Ltd.), 2.800%, 7–21–23		7,966		6,442
Total Health Care – 0.2%				6,681
Industrials
Industrial Conglomerates – 0.3%
Cosan Ltd., 5.500%, 9–20–29 (H)		9,070		9,311
Railroads – 0.3%
Rumo Luxembourg S.a.r.l., 7.375%, 2–9–24 (C)(H)		7,269		7,823
Security & Alarm Services – 0.8%
Prime Security Services Borrower LLC and Prime Finance, Inc., 9.250%, 5–15–23 (H)		23,107		24,293
Total Industrials – 1.4%				41,427
Information Technology
IT Consulting & Other Services – 0.4%
Atento Luxco 1 S.A., 6.125%, 8–10–22 (H)		12,711		12,886
Semiconductors – 0.6%
Broadcom, Inc., 4.250%, 4–15–26 (H)		15,953		16,481
Total Information Technology – 1.0%				29,367
Materials
Diversified Metals & Mining – 0.9%
Glencore Funding LLC:
4.125%, 3–12–24 (H)		9,585		10,075
4.875%, 3–12–29 (H)		15,975		17,266
				27,341
Total Materials – 0.9%				27,341
TOTAL CORPORATE DEBT SECURITIES – 16.9%			$	496,109
(Cost: $498,657)

2019 SEMIANNUAL REPORT 9

CONSOLIDATED SCHEDULE OF INVESTMENTS IVY ASSET STRATEGY FUND(in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

OTHER GOVERNMENT SECURITIES (L)	Principal		Value
Argentina – 0.9%
Province of Buenos Aires, 7.875%, 6–15–27 (H)	$	7,000	$	2,520
Province of Mendoza, 8.375%, 5–19–24		15,788		8,842
Republic of Argentina:
4.625%, 1–11–23		24,469		10,192
6.875%, 1–26–27		3,000		1,257
5.875%, 1–11–28		7,900		3,199
				26,010
TOTAL OTHER GOVERNMENT SECURITIES – 0.9%			$	26,010
(Cost: $56,439)
LOANS (I)
Communication Services
Integrated Telecommunication Services – 0.7%
West Corp. (3-Month ICE LIBOR plus 400 bps), 6.044%, 10–10–24		23,403		20,866
Total Communication Services – 0.7%				20,866
Energy
Oil & Gas Storage & Transportation – 0.4%
EPIC Crude Services L.P. (ICE LIBOR plus 500 bps), 7.040%, 3–1–26		11,382		10,770
Total Energy – 0.4%				10,770
Financials
Financial Exchanges & Data – 0.4%
Refinitiv U.S. Holdings, Inc. (ICE LIBOR plus 375 bps), 5.794%, 10–1–25		11,636		11,694
Other Diversified Financial Services – 0.0%
New Cotai LLC, 0.000%, 7–20–20 (M)		68		68
New Cotai LLC (U.S. Prime Rate plus 25 bps), 5.250%, 7–20–20		42		42
				110
Property & Casualty Insurance – 1.7%
Amynta Agency Borrower, Inc. (ICE LIBOR plus 400 bps), 6.544%, 2–28–25		21,049		20,400
Hub International Ltd. (ICE LIBOR plus 300 bps), 5.267%, 4–25–25		1,926		1,902
USI, Inc. (ICE LIBOR plus 300 bps), 5.104%, 5–16–24		27,082		26,614
				48,916
Total Financials – 2.1%				60,720

LOANS (I) (Continued)	Principal		Value
Health Care
Health Care Facilities – 0.6%
Regional Care Hospital Partners Holdings, Inc. (ICE LIBOR plus 450 bps), 6.554%, 11–16–25	$	7,927	$	7,928
Surgery Center Holdings, Inc. (ICE LIBOR plus 325 bps), 5.300%, 8–31–24		10,451		10,198
				18,126
Health Care Services – 0.3%
Heartland Dental LLC, 0.000%, 4–30–25 (M)		215		210
Heartland Dental LLC (ICE LIBOR plus 375 bps), 5.794%, 4–30–25		9,537		9,322
				9,532
Total Health Care – 0.9%				27,658
Information Technology
Application Software – 0.4%
Avaya, Inc. (ICE LIBOR plus 425 bps):
6.278%, 12–15–24		7,274		6,897
6.430%, 12–15–24		4,339		4,114
				11,011
Total Information Technology – 0.4%				11,011
Materials
Construction Materials – 0.7%
Hillman Group, Inc. (The) (ICE LIBOR plus 350 bps), 6.044%, 5–31–25		19,395		18,791
Total Materials – 0.7%				18,791
TOTAL LOANS – 5.2%			$	149,816
(Cost: $155,054)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 0.8%
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 562 bps), 3.602%, 6–25–45 (I)(N)		17,416		3,418
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 625 bps):
4.102%, 4–25–45 (I)(N)		8,606		1,848
4.082%, 4–25–46 (I)(N)		20,560		3,426
4.082%, 8–25–46 (I)(N)		21,958		3,908
4.232%, 6–25–48 (I)(N)		48,026		9,619
				22,219
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.8%			$	22,219
(Cost: $21,030)

UNITED STATES GOVERNMENT OBLIGATIONS	Principal		Value
Treasury Inflation Protected Obligations – 1.6%
U.S. Treasury Notes:
0.125%, 4–15–21	$	15,674	$	15,506
0.625%, 1–15–26		29,675		30,445
				45,951
Treasury Obligations – 1.5%
U.S. Treasury Bonds:
2.750%, 8–15–47		29,882		33,848
3.000%, 2–15–49		7,976		9,518
				43,366
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 3.1%			$	89,317
(Cost: $83,173)
BULLION – 5.9%	Troy Ounces
Gold		116		171,650
(Cost: $137,353)
SHORT-TERM SECURITIES	Principal
Commercial Paper (O) – 2.4%
Diageo Capital plc (GTD by Diageo plc), 2.201%, 10–8–19	$	5,000		4,997
DTE Gas Co., 2.194%, 10–3–19		3,000		2,999
International Paper Co.:
2.202%, 10–8–19		5,000		4,997
2.310%, 10–11–19		10,000		9,993
J.M. Smucker Co. (The), 2.152%, 10–7–19		5,000		4,998
Kroger Co. (The), 2.151%, 10–7–19		5,000		4,998
Malayan Banking Berhad (GTD by Wells Fargo Bank N.A.), 2.060%, 10–22–19		5,000		4,994
McCormick & Co., Inc.:
2.131%, 10–4–19		5,000		4,999
2.430%, 10–11–19		8,000		7,994
Mondelez International, Inc., 2.203%, 10–1–19		5,000		5,000
Sonoco Products Co., 2.150%, 10–1–19		8,406		8,405
UnitedHealth Group, Inc., 2.152%, 10–7–19		5,000		4,998
				69,372
Master Note – 0.0%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps), 2.170%, 10–7–19 (P)		412		412
Money Market Funds – 0.2%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 1.900%, (Q)(R)		5,475		5,475

10 SEMIANNUAL REPORT 2019

CONSOLIDATED SCHEDULE OF INVESTMENTS IVY ASSET STRATEGY FUND(in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations – 0.1%
Kansas City, MO, Var Rate Dem Taxable Spl Oblig Rfdg Bonds (President Hotel Redev Proj), Ser 2009B (GTD by JPMorgan Chase & Co.) (BVAL plus 22 bps), 2.100%, 10–7–19 (P)	$	2,200	$	2,200

SHORT-TERM SECURITIES (Continued)	Principal		Value
United States Government Agency Obligations – 0.1%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
2.200%, 10–7–19 (P)	$	3,919	$	3,919
				3,919
TOTAL SHORT-TERM SECURITIES – 2.8%			$	81,378
(Cost: $81,384)

	Value
TOTAL INVESTMENT SECURITIES – 100.2%	$	2,895,933
(Cost: $3,169,757)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2)%		(5,913	)
NET ASSETS – 100.0%	$	2,890,020

Notes to Consolidated 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.

(C) All or a portion of securities with an aggregate value of $5,346 are on loan.

(D) Restricted securities. At September 30, 2019, the Fund owned the following restricted securities:

Security	Acquisition Date(s)		Shares		Cost		Market Value
Media Group Holdings LLC, Series H		8–29–13 to 10–31–13		640	$	447,924	$	—	*
Media Group Holdings LLC, Series T		7–2–13 to 1–23–15		80		168,530		10,055
					$	616,454	$	10,055

    The total value of these securities represented 0.4% of net assets at September 30, 2019.

(E) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund and consolidated as described in Note 5 of the Notes to Financial Statements.

(F) Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities.

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

(H) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2019 the total value of these securities amounted to $282,956 or 9.8% of net assets.

(I) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

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

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

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

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

(O) Rate shown is the yield to maturity at September 30, 2019.

(P) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

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

(R) Rate shown is the annualized 7-day yield at September 30, 2019.

2019 SEMIANNUAL REPORT 11

CONSOLIDATED SCHEDULE OF INVESTMENTS IVY ASSET STRATEGY FUND(in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	27,683	$	—	$	—
Consumer Discretionary		91,227		79,758		10,055
Consumer Staples		89,491		104,026		—
Energy		55,679		83,880		—
Financials		65,518		246,264		—
Health Care		121,233		65,956		—
Industrials		147,773		184,927		—
Information Technology		283,964		154,811		—
Materials		—		20,043		—
Utilities		—		27,146		—
Total Common Stocks	$	882,568	$	966,811	$	10,055
Corporate Debt Securities		—		496,109		—
Other Government Securities		—		26,010		—
Loans		—		149,816		—
United States Government Agency Obligations		—		22,219		—
United States Government Obligations		—		89,317		—
Bullion		171,650		—		—
Short-Term Securities		5,475		75,903		—
Total	$	1,059,693	$	1,826,185	$	10,055

During the period ended September 30, 2019, there were no transfers in or out of Level 3.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

BVAL = Bloomberg Valuation Municipal AAA Benchmark

CMO = Collateraized Mortgage Obligation

GTD = Guaranteed

ICE = Intercontinental Exchange

LIBOR = London Interbank Offered Rate

PIK = Payment in Kind

REMIC = Real Estate Mortgage Investment Conduit

TB = Treasury Bill

Country Diversification
(as a % of net assets)
United States	43.5%
France	8.2%
United Kingdom	7.4%
Japan	4.8%
Switzerland	4.5%
Netherlands	4.4%
Germany	2.8%
India	2.8%
Taiwan	2.4%

Country Diversification (Continued)
Luxembourg	1.9%
Italy	1.7%
China	1.3%
Hong Kong	1.2%
Finland	1.2%
Other Countries	3.4%
Other+	8.5%

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

See Accompanying Notes to Financial Statements.

12 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY BALANCED FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	64.3%
Information Technology	15.2%
Financials	9.3%
Industrials	8.4%
Health Care	6.9%
Communication Services	6.7%
Consumer Discretionary	5.2%
Consumer Staples	5.0%
Energy	4.4%
Materials	3.2%
Bonds	35.2%
United States Government and Government Agency Obligations	23.1%
Corporate Debt Securities	11.5%
Loans	0.4%
Asset-Backed Securities	0.2%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	0.5%

Top 10 Equity Holdings

Company	Sector	Industry
Boeing Co. (The)	Industrials	Aerospace & Defense
General Mills, Inc.	Consumer Staples	Packaged Foods & Meats
PPG Industries, Inc.	Materials	Specialty Chemicals
Microsoft Corp.	Information Technology	Systems Software
Zimmer Holdings, Inc.	Health Care	Health Care Equipment
Union Pacific Corp.	Industrials	Railroads
QUALCOMM, Inc.	Information Technology	Semiconductors
Las Vegas Sands, Inc.	Consumer Discretionary	Casinos & Gaming
Autodesk, Inc.	Information Technology	Application Software
PNC Financial Services Group, Inc. (The)	Financials	Regional Banks

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

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

2019 SEMIANNUAL REPORT 13

SCHEDULE OF INVESTMENTS IVY BALANCED FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Integrated Telecommunication Services – 1.2%
Verizon Communications, Inc.		512	$	30,925
Interactive Home Entertainment – 1.5%
Electronic Arts, Inc. (A)		393		38,443
Interactive Media & Services – 3.1%
Alphabet, Inc., Class A (A)		33		40,786
Facebook, Inc., Class A (A)		200		35,652
				76,438
Movies & Entertainment – 0.9%
Walt Disney Co. (The)		166		21,695
Total Communication Services – 6.7%				167,501
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 0.6%
V.F. Corp.		157		13,928
Casinos & Gaming – 1.8%
Las Vegas Sands, Inc.		770		44,484
Home Improvement Retail – 1.6%
Lowe’s Co., Inc.		376		41,316
Restaurants – 1.2%
Domino’s Pizza, Inc.		124		30,294
Total Consumer Discretionary – 5.2%				130,022
Consumer Staples
Distillers & Vintners – 1.5%
Constellation Brands, Inc.		178		36,947
Packaged Foods & Meats – 1.9%
General Mills, Inc.		881		48,550
Tobacco – 1.6%
Philip Morris International, Inc.		534		40,524
Total Consumer Staples – 5.0%				126,021
Energy
Integrated Oil & Gas – 2.2%
Chevron Corp.		259		30,759
Hess Corp.		399		24,126
				54,885
Oil & Gas Equipment & Services – 0.3%
Core Laboratories N.V.		142		6,624
Oil & Gas Exploration & Production – 0.7%
Canadian Natural Resources Ltd.		702		18,695
Oil & Gas Storage & Transportation – 1.2%
Enterprise Products Partners L.P.		1,061		30,315
Total Energy – 4.4%				110,519

COMMON STOCKS (Continued)	Shares		Value
Financials
Asset Management & Custody Banks – 0.9%
Blackstone Group, Inc. (The), Class A		481	$	23,469
Diversified Banks – 2.3%
Northern Trust Corp.		318		29,715
U.S. Bancorp		493		27,297
				57,012
Investment Banking & Brokerage – 1.4%
Goldman Sachs Group, Inc. (The)		168		34,815
Multi-Sector Holdings – 1.3%
Berkshire Hathaway, Inc., Class B (A)		154		31,993
Other Diversified Financial Services – 1.7%
JPMorgan Chase & Co.		351		41,293
Regional Banks – 1.7%
PNC Financial Services Group, Inc. (The)		295		41,384
Total Financials – 9.3%				229,966
Health Care
Biotechnology – 0.7%
Biogen, Inc. (A)		83		19,359
Health Care Equipment – 1.9%
Zimmer Holdings, Inc.		339		46,499
Health Care Technology – 0.8%
Cerner Corp.		277		18,884
Managed Health Care – 1.1%
Anthem, Inc.		117		28,139
Pharmaceuticals – 2.4%
GlaxoSmithKline plc ADR		768		32,799
Jazz Pharmaceuticals plc (A)		117		14,935
Pfizer, Inc.		321		11,519
				59,253
Total Health Care – 6.9%				172,134
Industrials
Aerospace & Defense – 2.0%
Boeing Co. (The)		129		49,028
Agricultural & Farm Machinery – 1.2%
Deere & Co.		183		30,860
Airlines – 0.8%
Delta Air Lines, Inc.		345		19,875
Electrical Components & Equipment – 1.2%
Emerson Electric Co.		465		31,070
Railroads – 1.8%
Union Pacific Corp.		282		45,703

COMMON STOCKS (Continued)	Shares		Value
Trucking – 1.4%
Knight Transportation, Inc.		943	$	34,221
Total Industrials – 8.4%				210,757
Information Technology
Application Software – 1.7%
Autodesk, Inc. (A)		292		43,128
Communications Equipment – 1.7%
Arista Networks, Inc. (A)		55		13,198
Cisco Systems, Inc.		595		29,402
				42,600
Data Processing & Outsourced Services – 1.6%
Fiserv, Inc. (A)		374		38,758
Electronic Manufacturing Services – 1.0%
IPG Photonics Corp. (A)		189		25,692
Semiconductors – 5.8%
Infineon Technologies AG ADR		1,288		23,191
Intel Corp.		759		39,116
Micron Technology, Inc. (A)		893		38,274
QUALCOMM, Inc.		594		45,337
				145,918
Systems Software – 1.9%
Microsoft Corp.		341		47,414
Technology Hardware, Storage & Peripherals – 1.5%
Apple, Inc.		167		37,470
Total Information Technology – 15.2%				380,980
Materials
Commodity Chemicals – 1.3%
LyondellBasell Industries N.V., Class A		371		33,153
Specialty Chemicals – 1.9%
PPG Industries, Inc.		405		48,003
Total Materials – 3.2%				81,156
TOTAL COMMON STOCKS – 64.3%			$	1,609,056
(Cost: $1,324,615)
ASSET-BACKED SECURITIES	Principal
American Airlines Class AA Pass-Through Certificates, Series 2017-2, 3.350%, 10–15–29	$	3,784		3,895
TOTAL ASSET-BACKED SECURITIES – 0.2%			$	3,895
(Cost: $3,808)

14 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY BALANCED FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Communication Services
Cable & Satellite – 0.4%
Comcast Corp. (GTD by Comcast Cable Communications and NBCUniversal):
4.250%, 10–15–30	$	2,550	$	2,902
3.900%, 3–1–38		3,500		3,875
4.700%, 10–15–48		2,550		3,125
				9,902
Integrated Telecommunication Services – 0.3%
AT&T, Inc., 4.125%, 2–17–26		2,850		3,079
Verizon Communications, Inc., 4.500%, 8–10–33		4,000		4,655
				7,734
Total Communication Services – 0.7%				17,636
Consumer Discretionary
Casinos & Gaming – 0.1%
Las Vegas Sands Corp., 3.500%, 8–18–26		2,650		2,692
Internet & Direct Marketing Retail – 0.2%
Amazon.com, Inc., 2.800%, 8–22–24		4,000		4,162
Restaurants – 0.0%
McDonalds Corp., 4.450%, 3–1–47		1,000		1,149
Total Consumer Discretionary – 0.3%				8,003
Consumer Staples
Drug Retail – 0.0%
CVS Health Corp., 4.100%, 3–25–25		1,000		1,068
Household Products – 0.1%
Colgate-Palmolive Co., 3.700%, 8–1–47		2,500		2,907
Tobacco – 0.3%
BAT International Finance plc, 2.750%, 6–15–20 (B)		6,400		6,419
Total Consumer Staples – 0.4%				10,394
Energy
Oil & Gas Drilling – 0.8%
Nabors Industries Ltd., Convertible, 0.750%, 1–15–24		30,100		19,195
Oil & Gas Equipment & Services – 0.1%
Baker Hughes, a GE Co. LLC and Baker Hughes Co-Obligor, Inc., 3.337%, 12–15–27		3,000		3,078

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation – 0.6%
Colorado Interstate Gas Co., 4.150%, 8–15–26 (B)	$	8,340	$	8,763
Transcontinental Gas Pipe Line Co. LLC, 4.600%, 3–15–48		2,000		2,216
Williams Partners L.P., 3.600%, 3–15–22		5,000		5,136
				16,115
Total Energy – 1.5%				38,388
Financials
Asset Management & Custody Banks – 0.2%
Ares Capital Corp., 4.250%, 3–1–25		5,225		5,382
Consumer Finance – 0.2%
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.):
3.450%, 4–10–22		1,500		1,525
3.700%, 5–9–23		1,850		1,894
Hyundai Capital America, 2.550%, 4–3–20 (B)		2,500		2,499
				5,918
Diversified Banks – 0.5%
HSBC Holdings plc, 3.400%, 3–8–21		5,000		5,077
ING Bank N.V., 2.500%, 10–1–19 (B)		2,500		2,500
Sumitomo Mitsui Banking Corp., 2.450%, 1–16–20		2,000		2,001
U.S. Bancorp, 3.100%, 4–27–26		4,400		4,570
				14,148
Investment Banking & Brokerage – 0.5%
Credit Suisse Group Funding (Guernsey) Ltd., 2.750%, 3–26–20		4,500		4,512
Goldman Sachs Group, Inc. (The), 2.905%, 7–24–23		6,000		6,084
Goldman Sachs Group, Inc. (The) (3-Month U.S. LIBOR plus 388.4 bps), 6.607%, 12–29–49 (C)		1,681		1,687
				12,283
Life & Health Insurance – 0.4%
Northwestern Mutual Life Insurance Co. (The), 3.850%, 9–30–47 (B)		5,000		5,340
Sumitomo Life Insurance Co., 4.000%, 9–14–77 (B)(D)		5,000		5,194
				10,534
Multi-Line Insurance – 0.3%
Aon plc (GTD by Aon Corp.), 2.800%, 3–15–21		7,000		7,052

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Other Diversified Financial Services – 0.9%
Citigroup, Inc.:
5.950%, 12–29–49	$	2,850	$	2,910
6.250%, 12–29–49		7,250		8,075
JPMorgan Chase & Co., 5.300%, 11–1–65		2,750		2,777
JPMorgan Chase & Co. (3-Month U.S. LIBOR plus 332 bps), 5.639%, 1–1–63 (C)		7,700		7,700
JPMorgan Chase & Co. (3-Month U.S. LIBOR plus 347 bps), 5.736%, 4–29–49 (C)		2,715		2,728
				24,190
Property & Casualty Insurance – 0.2%
Berkshire Hathaway Finance Corp. (GTD by Berkshire Hathaway, Inc.), 2.200%, 3–15–21		3,800		3,820
Regional Banks – 0.5%
PNC Bank N.A., 3.250%, 6–1–25		5,000		5,236
SunTrust Banks, Inc., 5.625%, 12–29–49		7,600		7,600
				12,836
Total Financials – 3.7%				96,163
Health Care
Biotechnology – 0.3%
Amgen, Inc., 2.125%, 5–1–20		7,000		6,997
Health Care Equipment – 0.1%
Zimmer Holdings, Inc., 2.700%, 4–1–20		3,000		3,005
Health Care Supplies – 0.3%
Shire Acquisitions Investments Ireland Designated Activity Co., 2.875%, 9–23–23		7,000		7,141
Pharmaceuticals – 0.9%
Celgene Corp., 3.450%, 11–15–27		4,500		4,777
Forest Laboratories, Inc., 5.000%, 12–15–21 (B)		7,500		7,879
Johnson & Johnson, 3.400%, 1–15–38		9,000		9,735
				22,391
Total Health Care – 1.6%				39,534
Industrials
Aerospace & Defense – 0.4%
Huntington Ingalls Industries, Inc., 3.483%, 12–1–27		4,000		4,158
Northrop Grumman Corp., 3.250%, 1–15–28		5,500		5,773
				9,931

2019 SEMIANNUAL REPORT 15

SCHEDULE OF INVESTMENTS IVY BALANCED FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Airlines – 0.2%
Southwest Airlines Co., 2.650%, 11–5–20	$	5,525	$	5,554
Environmental & Facilities Services – 0.3%
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.), 3.150%, 11–15–27		6,000		6,316
Railroads – 0.1%
Kansas City Southern de Mexico S.A. de C.V., 2.350%, 5–15–20		1,649		1,649
Total Industrials – 1.0%				23,450
Information Technology
Electronic Equipment & Instruments – 0.2%
Keysight Technologies, Inc., 4.600%, 4–6–27		4,500		4,953
Technology Hardware, Storage & Peripherals – 0.4%
Apple, Inc., 3.200%, 5–11–27		9,000		9,546
Total Information Technology – 0.6%				14,499
Materials
Diversified Metals & Mining – 0.1%
Anglo American plc, 4.125%, 4–15–21 (B)		3,500		3,570
Specialty Chemicals – 0.2%
Ecolab, Inc., 3.250%, 12–1–27		3,000		3,200
Total Materials – 0.3%				6,770
Real Estate
Specialized REITs – 0.7%
American Tower Corp., 2.250%, 1–15–22		8,000		8,009
American Tower Trust I, 3.652%, 3–23–28 (B)		2,000		2,151
Crown Castle International Corp.:
5.250%, 1–15–23		2,217		2,419
3.100%, 11–15–29		5,400		5,451
				18,030
Total Real Estate – 0.7%				18,030
Utilities
Electric Utilities – 0.6%
Duke Energy Corp., 3.150%, 8–15–27		2,500		2,598
Entergy Texas, Inc., 2.550%, 6–1–21		3,900		3,894
Exelon Corp., 2.450%, 4–15–21		4,300		4,318

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Electric Utilities (Continued)
Kansas City Power & Light Co., 4.200%, 3–15–48	$	1,000	$	1,172
Southern California Edison Co., 4.125%, 3–1–48		2,000		2,175
				14,157
Multi-Utilities – 0.1%
Berkshire Hathaway Energy Co.:
3.250%, 4–15–28		1,000		1,054
3.800%, 7–15–48		2,000		2,169
				3,223
Total Utilities – 0.7%				17,380
TOTAL CORPORATE DEBT SECURITIES – 11.5%			$	290,247
(Cost: $286,832)
LOANS (C)
Industrials
Industrial Machinery – 0.4%
Dynacast International LLC (ICE LIBOR plus 850 bps), 10.604%, 1–30–23 (E)		10,981		10,597
Total Industrials – 0.4%				10,597
TOTAL LOANS – 0.4%			$	10,597
(Cost: $10,852)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Mortgage-Backed Obligations – 1.2%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO, 3.000%, 6–15–45		8,560		8,937
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
6.500%, 12–1–31		19		22
6.500%, 1–1–32		22		25
Federal National Mortgage Association Agency REMIC/CMO:
3.500%, 6–25–29		5,475		5,830
3.000%, 10–25–46		8,921		9,272
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
6.500%, 10–1–28		24		26
6.500%, 2–1–29		3		4
7.000%, 11–1–31		31		35
6.500%, 2–1–32		21		24
7.000%, 2–1–32		35		40
7.000%, 3–1–32		14		17
7.000%, 7–1–32		22		25
6.500%, 9–1–32		17		19
5.500%, 5–1–33		13		15

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
5.500%, 6–1–33	$	12	$	14
4.500%, 11–1–43		5,298		5,819
Government National Mortgage Association Fixed Rate Pass-Through Certificates, 6.500%, 8–15–28		8		9
				30,133
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 1.2%			$	30,133
(Cost: $30,170)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Inflation Protected Obligations – 4.9%
U.S. Treasury Notes:
0.125%, 7–15–26		43,350		43,286
2.125%, 2–15–40		38,461		51,182
1.000%, 2–15–46		25,880		28,863
				123,331
Treasury Obligations – 17.0%
U.S. Treasury Bonds:
2.250%, 11–15–25		5,000		5,186
3.875%, 8–15–40		2,425		3,208
3.750%, 8–15–41		1,750		2,282
2.750%, 11–15–47		8,000		9,068
3.000%, 2–15–48		4,500		5,347
3.000%, 8–15–48		34,572		41,146
3.000%, 2–15–49		16,600		19,809
U.S. Treasury Notes:
2.875%, 10–31–20		8,205		8,297
2.750%, 11–30–20		9,500		9,602
2.500%, 12–31–20		1,000		1,009
2.250%, 2–15–21		7,513		7,562
2.875%, 10–15–21		64,855		66,438
2.875%, 11–15–21		5,250		5,383
1.875%, 4–30–22		13,800		13,893
2.000%, 7–31–22		8,480		8,579
1.875%, 10–31–22		3,500		3,531
2.000%, 10–31–22		6,520		6,601
2.125%, 12–31–22		16,600		16,885
2.000%, 2–15–23		40,000		40,550
2.875%, 10–31–23		4,750		4,994
2.750%, 11–15–23		1,500		1,570
1.750%, 6–30–24		6,900		6,960
2.375%, 8–15–24		21,000		21,788
2.125%, 9–30–24		7,400		7,596
2.250%, 12–31–24		1,875		1,938
2.500%, 1–31–25		11,750		12,303
2.875%, 4–30–25		1,500		1,602
2.875%, 5–31–25		8,300		8,873
3.000%, 9–30–25		5,875		6,341
2.625%, 12–31–25		15,000		15,899
1.500%, 8–15–26		6,500		6,448
2.000%, 11–15–26		1,000		1,026
2.250%, 2–15–27		10,000		10,433
2.375%, 5–15–27		4,375		4,610
2.250%, 8–15–27		2,000		2,091
2.875%, 5–15–28		5,500		6,038

16 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY BALANCED FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

UNITED STATES GOVERNMENT OBLIGATIONS (Continued)	Principal		Value
Treasury Obligations (Continued)
3.125%, 11–15–28	$	19,000	$	21,336
1.625%, 8–15–29		10,500		10,454
				426,676
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 21.9%			$	550,007
(Cost: $516,342)
SHORT-TERM SECURITIES
Commercial Paper (F) – 0.4%
International Paper Co., 2.202%, 10–8–19		5,000		4,997
J.M. Smucker Co. (The), 2.152%, 10–7–19		5,000		4,998
				9,995

SHORT-TERM SECURITIES (Continued)	Principal		Value
Master Note – 0.0%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps), 2.170%, 10–7–19 (G)	$	1,194	$	1,194
Money Market Funds – 0.1%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 1.900%, (H)(I)		2,140		2,140
TOTAL SHORT-TERM SECURITIES – 0.5%			$	13,329
(Cost: $13,330)

	Value
TOTAL INVESTMENT SECURITIES – 100.0%	$	2,507,264
(Cost: $2,185,949)
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0%		(498	)
NET ASSETS – 100.0%	$	2,506,766

Notes to Schedule of Investments

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

(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 September 30, 2019 the total value of these securities amounted to $44,315 or 1.8% of net assets.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

(D) All or a portion of securities with an aggregate value of $2,078 are on loan.

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

(F) Rate shown is the yield to maturity at September 30, 2019.

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

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

(I) Rate shown is the annualized 7-day yield at September 30, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	1,609,056	$	—	$	—
Asset-Backed Securities		—		3,895		—
Corporate Debt Securities		—		290,247		—
Loans		—		—		10,597
United States Government Agency Obligations		—		30,133		—
United States Government Obligations		—		550,007		—
Short-Term Securities		2,140		11,189		—
Total	$	1,611,196	$	885,471	$	10,597

During the period ended September 30, 2019, there were no transfers in or out of Level 3.

2019 SEMIANNUAL REPORT 17

SCHEDULE OF INVESTMENTS IVY BALANCED FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

ICE = Intercontinental Exchange

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

REMIC = Real Estate Mortgage Investment Conduit

See Accompanying Notes to Financial Statements.

18 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY ENERGY FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	97.1%
Energy	91.0%
Information Technology	3.7%
Industrials	2.4%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.9%

Country Weightings

North America	91.2%
United States	87.8%
Other North America	3.4%
Europe	5.9%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.9%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Phillips 66	United States	Energy	Oil & Gas Refining & Marketing
Valero Energy Corp.	United States	Energy	Oil & Gas Refining & Marketing
Marathon Petroleum Corp.	United States	Energy	Oil & Gas Refining & Marketing
Concho Resources, Inc.	United States	Energy	Oil & Gas Exploration & Production
Pioneer Natural Resources Co.	United States	Energy	Oil & Gas Exploration & Production
Diamondback Energy, Inc.	United States	Energy	Oil & Gas Exploration & Production
Wright Express Corp.	United States	Information Technology	Data Processing & Outsourced Services
Continental Resources, Inc.	United States	Energy	Oil & Gas Exploration & Production
Dril-Quip, Inc.	United States	Energy	Oil & Gas Equipment & Services
Parsley Energy, Inc., Class A	United States	Energy	Oil & Gas Exploration & Production

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 19

SCHEDULE OF INVESTMENTS IVY ENERGY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Energy
Integrated Oil & Gas – 5.0%
Chevron Corp.		50	$	5,947
Suncor Energy, Inc.		210		6,645
				12,592
Oil & Gas Drilling – 3.6%
Patterson-UTI Energy, Inc.		560		4,789
Transocean, Inc. (A)		941		4,206
				8,995
Oil & Gas Equipment & Services – 26.4%
Baker Hughes, Inc.		288		6,678
C&J Energy Services, Inc. (A)		279		2,998
Cactus, Inc., Class A (A)		286		8,270
Core Laboratories N.V.		74		3,451
Dril-Quip, Inc. (A)		176		8,814
Frank’s International N.V. (A)		574		2,725
Halliburton Co.		307		5,781
Helix Energy Solutions Group, Inc. (A)		600		4,839
Liberty Oilfield Services, Inc., Class A (B)		231		2,497
National Oilwell Varco, Inc.		114		2,413
ProPetro Holding Corp. (A)		356		3,235
Schlumberger Ltd.		218		7,440
TechnipFMC plc (A)		295		7,113
				66,254
Oil & Gas Exploration & Production – 34.6%
Canadian Natural Resources Ltd.		78		2,069
Centennial Resource Development, Inc., Class A (A)		307		1,386
Concho Resources, Inc.		151		10,274
ConocoPhillips		35		2,011
Continental Resources, Inc.		295		9,091

COMMON STOCKS (Continued)	Shares		Value
Oil & Gas Exploration & Production (Continued)
Diamondback Energy, Inc.		111	$	9,962
EOG Resources, Inc.		112		8,306
Kosmos Energy Ltd.		195		1,214
Marathon Oil Corp.		559		6,861
Oasis Petroleum LLC (A)		870		3,011
Parsley Energy, Inc., Class A		509		8,554
Pioneer Natural Resources Co.		81		10,240
Viper Energy Partners L.P.		192		5,304
WPX Energy, Inc. (A)		807		8,542
				86,825
Oil & Gas Refining & Marketing – 15.7%
Marathon Petroleum Corp.		174		10,598
PBF Energy, Inc., Class A		204		5,535
Phillips 66		118		12,055
Valero Energy Corp.		133		11,316
				39,504
Oil & Gas Storage & Transportation – 5.7%
Energy Transfer L.P.		160		2,093
Enterprise Products Partners L.P.		218		6,238
MPLX L.P.		57		1,596
Rattler Midstream L.P. (A)		249		4,445
				14,372
Total Energy – 91.0%				228,542
Industrials
Industrial Machinery – 2.4%
Apergy Corp. (A)		221		5,977
Total Industrials – 2.4%				5,977

COMMON STOCKS (Continued)	Shares		Value
Information Technology
Data Processing & Outsourced Services – 3.7%
Wright Express Corp. (A)		46	$	9,353
Total Information Technology – 3.7%				9,353
TOTAL COMMON STOCKS – 97.1%			$	243,872
(Cost: $258,716)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 2.0%
Wisconsin Electric Power Co., 2.100%, 10–1–19	$	5,000		5,000
Master Note – 0.9%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps), 2.170%, 10–7–19 (D)		2,310		2,310
Money Market Funds – 0.9%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 1.900%, (E)(F)		2,334		2,334
TOTAL SHORT-TERM SECURITIES – 3.8%			$	9,644
(Cost: $9,644)
TOTAL INVESTMENT SECURITIES – 100.9%			$	253,516
(Cost: $268,360)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.9)%				(2,252	)
NET ASSETS – 100.0%			$	251,264

Notes to Schedule of Investments

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

(B) All or a portion of securities with an aggregate value of $2,251 are on loan.

(C) Rate shown is the yield to maturity at September 30, 2019.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	243,872	$	—	$	—
Short-Term Securities		2,334		7,310		—
Total	$	246,206	$	7,310	$	—

20 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY ENERGY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following acronym is used throughout this schedule:

LIBOR = London Interbank Offered Rate

Country Diversification
(as a % of net assets)
United States	87.8%
Canada	3.4%
United Kingdom	2.8%
Switzerland	1.7%
Netherlands	1.4%
Other+	2.9%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 21

PORTFOLIO HIGHLIGHTS IVY LASALLE GLOBAL REAL ESTATE FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	99.4%
Real Estate	97.2%
Communication Services	1.6%
Materials	0.6%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.6%

Country Weightings

North America	55.7%
United States	54.2%
Other North America	1.5%
Pacific Basin	25.1%
Japan	13.2%
Hong Kong	9.4%
Other Pacific Basin	2.5%
Europe	18.6%
United Kingdom	6.2%
Germany	4.8%
Other Europe	7.6%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.6%

Top 10 Equity Holdings

Company	Country	Sector	Industry
AvalonBay Communities, Inc.	United States	Real Estate	Residential REITs
Swire Properties Ltd.	Hong Kong	Real Estate	Real Estate Operating Companies
Vonovia SE	Germany	Real Estate	Real Estate Operating Companies
Sun Hung Kai Properties Ltd.	Hong Kong	Real Estate	Diversified Real Estate Activities
Welltower, Inc.	United States	Real Estate	Health Care REITs
Mitsui Fudosan Co. Ltd.	Japan	Real Estate	Diversified Real Estate Activities
Equity Residential	United States	Real Estate	Residential REITs
Simon Property Group, Inc.	United States	Real Estate	Retail REITs
Public Storage, Inc.	United States	Real Estate	Specialized REITs
Mitsubishi Estate Co. Ltd.	Japan	Real Estate	Diversified Real Estate Activities

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.

22 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY LASALLE GLOBAL REAL ESTATE FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Real Estate – 1.7%
Dexus		115	$	925
GPT Group		175		728
Scentre Group		329		874
				2,527
Total Australia – 1.7%			$	2,527
Belgium
Real Estate – 0.6%
Shurgard Self Storage Europe S.a.r.l.		27		866
Total Belgium – 0.6%			$	866
Canada
Real Estate – 1.5%
Boardwalk		8		270
Canadian Apartment Properties REIT		12		490
Chartwell Retirement Residences		26		294
Cominar Real Estate Investment Trust		42		416
First Capital Realty, Inc.		29		486
H&R Real Estate Investment Trust		21		360
				2,316
Total Canada – 1.5%			$	2,316
France
Real Estate – 3.2%
Gecina		18		2,815
Unibail-Rodamco-Westfield		12		1,756
				4,571
Total France – 3.2%			$	4,571
Germany
Real Estate – 4.8%
Deutsche Wohnen AG		51		1,844
Vonovia SE		98		4,979
				6,823
Total Germany – 4.8%			$	6,823
Hong Kong
Real Estate – 9.4%
Henderson Land Development Co. Ltd.		209		974
New World Development Co. Ltd.		1,792		2,327
Sun Hung Kai Properties Ltd.		323		4,640
Swire Properties Ltd.		1,778		5,580
				13,521
Total Hong Kong – 9.4%			$	13,521

COMMON STOCKS (Continued)	Shares			Value
Ireland
Real Estate – 1.0%
Hibernia REIT plc		496		$	795
Irish Residential Properties REIT plc		267			500
					1,295
Total Ireland – 1.0%				$	1,295
Japan
Real Estate – 13.2%
Daibiru Corp.		130			1,334
Global One Corp.		1			1,010
Heiwa Real Estate Co. Ltd.		51			1,152
Ichigo Hotel Investment Corp.		—	*		361
ITOCHU Advance Logistics Investment Corp.		—	*		511
Japan Excellent, Inc.		—	*		668
Japan Real Estate Investment Corp.		—	*		1,435
Keihanshin Building Co. Ltd.		50			604
Kenedix Office Investment Corp.		—	*		1,217
Mitsubishi Estate Co. Ltd.		186			3,594
Mitsui Fudosan Co. Ltd.		182			4,539
Nomura Real Estate Holdings, Inc.		34			744
ORIX JREIT, Inc.		—	*		719
Sankei Real Estate, Inc.		1			622
Starts Proceed Investment Corp.		—	*		573
					19,083
Total Japan – 13.2%				$	19,083
Netherlands
Real Estate – 0.5%
NSI N.V.		15			668
Total Netherlands – 0.5%				$	668
Norway
Real Estate – 1.0%
Entra ASA		94			1,467
Total Norway – 1.0%				$	1,467
Singapore
Real Estate – 0.8%
CapitaLand Ltd.		476			1,216
Total Singapore – 0.8%				$	1,216
Spain
Real Estate – 1.3%
Lar Espana Real Estate Socimi S.A.		26			216
Merlin Properties Socimi S.A.		116			1,616
					1,832
Total Spain – 1.3%				$	1,832

COMMON STOCKS (Continued)	Shares			Value
United Kingdom
Real Estate – 6.2%
Big Yellow Group plc		55		$	696
British Land Co. plc (The)		73			529
Derwent London plc		22			923
Grainger plc		357			1,079
Great Portland Estates plc		173			1,599
Land Securities Group plc		183			1,932
RDI REIT plc		62			83
SEGRO plc		200			1,997
					8,838
Total United Kingdom – 6.2%				$	8,838
United States
Communication Services – 1.6%
SBA Communications Corp.		10			2,293
Materials – 0.6%
Weyerhaeuser Co.		29			814
Real Estate – 52.0%
Agree Realty Corp.		14			1,039
Alexandria Real Estate Equities, Inc.		16			2,474
American Campus Communities, Inc.		56			2,716
AvalonBay Communities, Inc.		28			6,103
Boston Properties, Inc.		23			2,919
CoreCivic, Inc.		51			886
Crown Castle International Corp.		5			657
CubeSmart		80			2,806
Digital Realty Trust, Inc.		16			2,066
Duke Realty Corp.		82			2,788
Equity Residential		52			4,484
Federal Realty Investment Trust		—	*		61
First Industrial Realty Trust, Inc.		53			2,106
Healthcare Trust of America, Inc., Class A		87			2,548
Highwoods Properties, Inc.		34			1,535
Invitation Homes, Inc.		105			3,123
Macerich Co. (The)		32			1,006
National Health Investors, Inc.		17			1,395
National Retail Properties, Inc.		28			1,569
Park Hotels & Resorts, Inc.		42			1,058
Pebblebrook Hotel Trust		52			1,453
ProLogis, Inc.		25			2,126
Public Storage, Inc.		17			4,159
Realty Income Corp.		12			911
Regency Centers Corp.		41			2,828
Simon Property Group, Inc.		28			4,333
SL Green Realty Corp.		27			2,202
Sunstone Hotel Investors, Inc.		96			1,315
Taubman Centers, Inc.		35			1,433
VICI Properties, Inc.		103			2,339
Vornado Realty Trust		41			2,641
Weingarten Realty Investors		48			1,392
Welltower, Inc.		50			4,576
					75,047
Total United States – 54.2%				$	78,154
TOTAL COMMON STOCKS – 99.4%				$	143,177
(Cost: $130,065)

2019 SEMIANNUAL REPORT 23

SCHEDULE OF INVESTMENTS IVY LASALLE GLOBAL REAL ESTATE FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 0.1%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps) 2.170%, 10–7–19 (A)	$	212	$	212
TOTAL SHORT-TERM SECURITIES – 0.1%			$	212
(Cost: $212)
TOTAL INVESTMENT SECURITIES – 99.5%			$	143,389
(Cost: $130,277)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.5%				657
NET ASSETS – 100.0%			$	144,046

Notes to Schedule of Investments

* Not shown due to rounding.

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 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	$	2,293	$	—	$	—
Materials		814		—		—
Real Estate		86,194		53,876		—
Total Common Stocks	$	89,301	$	53,876	$	—
Short-Term Securities		—		212		—
Total	$	89,301	$	54,088	$	—

The following acronyms are used throughout this schedule:

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trusts

Market Sector Diversification
(as a % of net assets)
Real Estate	97.2%
Communication Services	1.6%
Materials	0.6%
Other+	0.6%

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

See Accompanying Notes to Financial Statements.

24 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY NATURAL RESOURCES FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	98.0%
Energy	62.8%
Materials	28.3%
Industrials	6.9%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.0%

Country Weightings

North America	77.5%
United States	68.0%
Canada	9.5%
Europe	15.6%
United Kingdom	7.4%
Netherlands	4.0%
Other Europe	4.2%
Pacific Basin	3.4%
Other	1.5%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.0%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Chevron Corp.	United States	Energy	Integrated Oil & Gas
Phillips 66	United States	Energy	Oil & Gas Refining & Marketing
Marathon Petroleum Corp.	United States	Energy	Oil & Gas Refining & Marketing
Valero Energy Corp.	United States	Energy	Oil & Gas Refining & Marketing
EOG Resources, Inc.	United States	Energy	Oil & Gas Exploration & Production
BHP Group plc	Australia	Materials	Diversified Metals & Mining
Enterprise Products Partners L.P.	United States	Energy	Oil & Gas Storage & Transportation
Diamondback Energy, Inc.	United States	Energy	Oil & Gas Exploration & Production
BP plc	United Kingdom	Energy	Integrated Oil & Gas
Rio Tinto plc	United Kingdom	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 NATURAL RESOURCES FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Materials – 3.4%
BHP Group plc		507	$	10,830
Total Australia – 3.4%			$	10,830
Canada
Industrials – 3.0%
Canadian Pacific Railway Ltd.		43		9,466
Materials – 6.5%
Barrick Gold Corp.		546		9,458
Nutrien Ltd.		161		8,051
West Fraser Timber Co. Ltd.		80		3,204
				20,713
Total Canada – 9.5%			$	30,179
France
Energy – 2.6%
Total S.A. ADR		158		8,239
Total France – 2.6%			$	8,239
Hong Kong
Materials – 0.0%
China Metal Recycling (Holdings) Ltd. (A)(B)		30,000		—	*
Total Hong Kong – 0.0%			$	—	*
Netherlands
Energy – 4.0%
Core Laboratories N.V.		91		4,263
Royal Dutch Shell plc, Class A		279		8,184
				12,447
Total Netherlands – 4.0%			$	12,447
Portugal
Energy – 1.6%
Galp Energia SGPS S.A., Class B		350		5,266
Total Portugal – 1.6%			$	5,266

COMMON STOCKS (Continued)	Shares		Value
South Africa
Materials – 1.5%
Mondi plc		244	$	4,669
Total South Africa – 1.5%			$	4,669
United Kingdom
Energy – 3.2%
BP plc		1,584		10,029
Materials – 4.2%
Croda International plc		53		3,178
Rio Tinto plc		193		10,023
				13,201
Total United Kingdom – 7.4%			$	23,230
United States
Energy – 51.4%
Cabot Oil & Gas Corp.		284		4,995
Centennial Resource Development, Inc., Class A (A)		515		2,327
Chevron Corp.		158		18,721
Cimarex Energy Co.		100		4,783
Concho Resources, Inc.		126		8,550
ConocoPhillips		128		7,319
Continental Resources, Inc.		117		3,596
Diamondback Energy, Inc.		113		10,119
Enterprise Products Partners L.P.		364		10,410
EOG Resources, Inc.		148		11,014
Halliburton Co.		422		7,948
Magellan Midstream Partners L.P.		134		8,887
Marathon Petroleum Corp.		226		13,717
Noble Energy, Inc.		243		5,464
ONEOK, Inc.		67		4,939
Parsley Energy, Inc., Class A		284		4,765
Phillips 66		153		15,623
Valero Energy Corp.		150		12,792
WPX Energy, Inc. (A)		642		6,804
				162,773
Industrials – 3.9%
Deere & Co.		16		2,623
Union Pacific Corp.		60		9,703
				12,326

COMMON STOCKS (Continued)	Shares		Value
Materials – 12.7%
Air Products and Chemicals, Inc.		22	$	4,989
Albemarle Corp. (C)		24		1,682
Avery Dennison Corp.		20		2,313
Corteva, Inc.		68		1,917
DuPont De Nemours, Inc.		46		3,314
FMC Corp.		22		1,898
Huntsman Corp.		82		1,913
Packaging Corp. of America		50		5,337
PPG Industries, Inc.		57		6,767
Sherwin-Williams Co. (The)		10		5,526
Southern Copper Corp.		129		4,392
				40,048
Total United States – 68.0%			$	215,147
TOTAL COMMON STOCKS – 98.0%			$	310,007
(Cost: $351,944)
SHORT-TERM SECURITIES	Principal
Master Note – 1.8%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps) 2.170%, 10–7–19 (D)	$	5,800		5,800
Money Market Funds – 0.5%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares 1.900%, (E)(F)		1,518		1,518
TOTAL SHORT-TERM SECURITIES – 2.3%			$	7,318
(Cost: $7,318)
TOTAL INVESTMENT SECURITIES – 100.3%			$	317,325
(Cost: $359,262)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.3)%				(822	)
NET ASSETS – 100.0%			$	316,503

Notes to Schedule of Investments

* Not shown due to rounding.

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

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

(C) All or a portion of securities with an aggregate value of $1,483 are on loan.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2019.

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

26 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY NATURAL RESOURCES FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following forward foreign currency contracts were outstanding at September 30, 2019:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
Euro		19,386	U.S. Dollar		21,948	10–4–19	Morgan Stanley International	$	816	$	—
British Pound		32,127	U.S. Dollar		40,780	10–4–19	UBS AG		1,274		—
Canadian Dollar		4,369	U.S. Dollar		3,332	10–4–19	UBS AG		34		—
								$	2,124	$	—

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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
Energy	$	175,275	$	23,479	$	—
Industrials		21,792		—		—
Materials		60,761		28,700		—	*
Total Common Stocks	$	257,828	$	52,179	$	—	*
Short-Term Securities		1,518		5,800		—
Total	$	259,346	$	57,979	$	—	*
Forward Foreign Currency Contracts	$	—	$	2,124	$	—

During the period ended September 30, 2019, there were no transfers in or out of Level 3.

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

LIBOR = London Interbank Offered Rate

Market Sector Diversification
(as a % of net assets)
Energy	62.8%
Materials	28.3%
Industrials	6.9%
Other+	2.0%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 27

PORTFOLIO HIGHLIGHTS IVY SCIENCE AND TECHNOLOGY FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	97.7%
Information Technology	60.8%
Health Care	14.1%
Communication Services	13.6%
Consumer Discretionary	6.7%
Real Estate	1.6%
Industrials	0.5%
Materials	0.4%
Warrants	0.0%
Bonds	0.1%
Corporate Debt Securities	0.1%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.2%

Country Weightings

North America	80.5%
United States	80.5%
Pacific Basin	11.4%
India	5.1%
China	4.1%
Other Pacific Basin	2.2%
Europe	5.8%
Other	0.1%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.2%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Microsoft Corp.	United States	Information Technology	Systems Software
Apple, Inc.	United States	Information Technology	Technology Hardware, Storage & Peripherals
Euronet Worldwide, Inc.	United States	Information Technology	Data Processing & Outsourced Services
Aspen Technology, Inc.	United States	Information Technology	Application Software
WNS (Holdings) Ltd. ADR	India	Information Technology	Data Processing & Outsourced Services
Facebook, Inc., Class A	United States	Communication Services	Interactive Media & Services
Vertex Pharmaceuticals, Inc.	United States	Health Care	Biotechnology
Universal Display Corp.	United States	Information Technology	Semiconductors
Micron Technology, Inc.	United States	Information Technology	Semiconductors
ACI Worldwide, Inc.	United States	Information Technology	Application Software

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.

28 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY SCIENCE AND TECHNOLOGY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Interactive Home Entertainment – 2.5%
Electronic Arts, Inc. (A)		833	$	81,455
Take-Two Interactive Software, Inc. (A)		808		101,262
				182,717
Interactive Media & Services – 11.1%
Alphabet, Inc., Class A (A)		165		200,878
Alphabet, Inc., Class C (A)		217		265,085
Facebook, Inc., Class A (A)		1,982		352,943
				818,906
Total Communication Services – 13.6%				1,001,623
Consumer Discretionary
Internet & Direct Marketing Retail – 6.7%
Alibaba Group Holding Ltd. ADR (A)		1,818		304,024
Amazon.com, Inc. (A)		82		141,650
Booking Holdings, Inc. (A)		25		49,262
				494,936
Total Consumer Discretionary – 6.7%				494,936
Health Care
Biotechnology – 9.8%
CRISPR Therapeutics AG (A)(B)		961		39,380
Evogene Ltd. (A)(C)		2,620		4,140
Ionis Pharmaceuticals, Inc. (A)		2,918		174,837
Moderna, Inc. (A)(B)		1,589		25,304
Sage Therapeutics, Inc. (A)(B)		424		59,511
Sarepta Therapeutics, Inc. (A)		887		66,831
Vertex Pharmaceuticals, Inc. (A)		2,051		347,446
				717,449
Health Care Services – 0.6%
Teladoc Health, Inc. (A)(B)		643		43,524
Health Care Technology – 3.7%
Cerner Corp.		4,014		273,641
Total Health Care – 14.1%				1,034,614
Industrials
Trucking – 0.5%
Lyft, Inc., Class A (A)		809		33,049
Total Industrials – 0.5%				33,049
Information Technology
Application Software – 9.6%
ACI Worldwide, Inc. (A)(C)		10,035		314,344
Aspen Technology, Inc. (A)		3,163		389,325
				703,669
Data Processing & Outsourced Services – 11.9%
Euronet Worldwide, Inc. (A)(C)		2,733		399,850
Fiserv, Inc. (A)		982		101,705

COMMON STOCKS (Continued)	Shares		Value
Data Processing & Outsourced Services (Continued)
WNS (Holdings) Ltd. ADR (A)(C)		6,434	$	378,014
				879,569
Semiconductor Equipment – 2.9%
ASML Holding N.V., NY Registry Shares		854		212,076
Semiconductors – 18.9%
Broadcom Corp., Class A		273		75,363
Infineon Technologies AG (D)		9,649		173,362
Microchip Technology, Inc.		1,204		111,882
Micron Technology, Inc. (A)		7,570		324,381
QUALCOMM, Inc.		2,429		185,297
Semtech Corp. (A)		1,985		96,502
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		1,710		79,458
Universal Display Corp.		2,051		344,394
				1,390,639
Systems Software – 10.7%
Microsoft Corp.		5,665		787,655
Technology Hardware, Storage & Peripherals – 6.8%
Apple, Inc.		1,859		416,450
Samsung Electronics Co. Ltd. (D)		2,035		83,315
				499,765
Total Information Technology – 60.8%				4,473,373
Materials
Fertilizers & Agricultural Chemicals – 0.4%
Marrone Bio Innovations, Inc. (A)(C)		23,285		32,833
Total Materials – 0.4%				32,833
Real Estate
Specialized REITs – 1.6%
QTS Realty Trust, Inc., Class A		2,285		117,457
Total Real Estate – 1.6%				117,457
TOTAL COMMON STOCKS – 97.7%			$	7,187,885
(Cost: $3,264,790)
WARRANTS
Fertilizers & Agricultural Chemicals – 0.0%
Marrone Bio Innovations, Inc., expires 12–31–20 (C)(E)(F)		3,770		603
Marrone Bio Innovations, Inc., expires 8–20–23 (C)(E)(F)		3,770		—	*
				603
TOTAL WARRANTS – 0.0%			$	603
(Cost: $—)

CORPORATE DEBT SECURITIES	Principal		Value
Materials
Fertilizers & Agricultural Chemicals – 0.1%
Marrone Bio Innovations, Inc., 8.000%, 8–20–20 (C)(E)	$	4,713	$	4,769
Total Materials – 0.1%				4,769
TOTAL CORPORATE DEBT SECURITIES – 0.1%			$	4,769
(Cost: $4,713)
SHORT-TERM SECURITIES
Commercial Paper (G) – 1.8%
Army & Air Force Exchange Service, 1.901%, 10–4–19		8,000		7,998
Bank of New York Mellon Corp. (The), 1.900%, 10–1–19		10,000		9,999
Diageo Capital plc (GTD by Diageo plc):
2.151%, 10–3–19		10,000		9,998
2.201%, 10–4–19		20,000		19,995
2.201%, 10–8–19		5,000		4,997
GlaxoSmithKline LLC, 2.160%, 10–18–19		10,000		9,989
International Paper Co., 2.211%, 10–7–19		10,800		10,795
J.M. Smucker Co. (The):
2.150%, 10–1–19		4,605		4,604
2.152%, 10–7–19		5,000		4,998
Kroger Co. (The), 2.151%, 10–7–19		20,000		19,991
Malayan Banking Berhad (GTD by Wells Fargo Bank N.A.), 2.060%, 10–22–19		5,000		4,994
McCormick & Co., Inc., 2.131%, 10–4–19		5,000		4,999
UnitedHealth Group, Inc., 2.162%, 10–9–19		8,000		7,996
Wisconsin Electric Power Co., 2.100%, 10–1–19		7,000		7,000
				128,353
Master Note – 0.0%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps), 2.170%, 10–7–19 (H)		1,138		1,138
Money Market Funds – 0.7%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares, 1.900%, (I)(J)		49,869		49,869
TOTAL SHORT-TERM SECURITIES – 2.5%			$	179,360
(Cost: $179,370)
TOTAL INVESTMENT SECURITIES – 100.3%			$	7,372,617
(Cost: $3,448,873)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.3)%				(18,636	)
NET ASSETS – 100.0%			$	7,353,981

2019 SEMIANNUAL REPORT 29

SCHEDULE OF INVESTMENTS IVY SCIENCE AND TECHNOLOGY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

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 $75,283 are on loan.

(C) Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities.

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

(E) Restricted securities. At September 30, 2019, the Fund owned the following restricted securities:

Security	Acquisition Date(s)		Principal		Cost		Market Value
Marrone Bio Innovations, Inc., 8.000%, 08-20-20		8–20–15	$	4,713	$	4,713	$	4,769
			Shares
Marrone Bio Innovations, Inc., expires 12-31-20		2–6–18		3,770		—		603
Marrone Bio Innovations, Inc., expires 8-20-23		8–20–15		3,770		—		—	*
					$	4,713	$	5,372

    The total value of these securities represented 0.1% of net assets at September 30, 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) Rate shown is the yield to maturity at September 30, 2019.

(H) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

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

(J) Rate shown is the annualized 7-day yield at September 30, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	1,001,623	$	—	$	—
Consumer Discretionary		494,936		—		—
Health Care		1,034,614		—		—
Industrials		33,049		—		—
Information Technology		4,216,696		256,677		—
Materials		32,833		—		—
Real Estate		117,457		—		—
Total Common Stocks	$	6,931,208	$	256,677	$	—
Warrants		—		603		—
Corporate Debt Securities		—		4,769		—
Short-Term Securities		49,869		129,491		—
Total	$	6,981,077	$	391,540	$	—

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

30 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY SCIENCE AND TECHNOLOGY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

Country Diversification
(as a % of net assets)
United States	80.5%
India	5.1%
China	4.1%
Netherlands	2.9%
Germany	2.4%
South Korea	1.1%
Taiwan	1.1%
Other Countries	0.6%
Other+	2.2%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 31

PORTFOLIO HIGHLIGHTS IVY SECURIAN REAL ESTATE SECURITIES FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	97.9%
Real Estate	97.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.1%

Top 10 Equity Holdings

Company	Sector	Industry
Equinix, Inc.	Real Estate	Specialized REITs
Digital Realty Trust, Inc.	Real Estate	Specialized REITs
AvalonBay Communities, Inc.	Real Estate	Residential REITs
Duke Realty Corp.	Real Estate	Industrial REITs
ProLogis, Inc.	Real Estate	Industrial REITs
Alexandria Real Estate Equities, Inc.	Real Estate	Office REITs
Sun Communities, Inc.	Real Estate	Residential REITs
HCP, Inc.	Real Estate	Health Care REITs
VICI Properties, Inc.	Real Estate	Specialized REITs
Welltower, Inc.	Real Estate	Health Care REITs

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.

32 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY SECURIAN REAL ESTATE SECURITIES FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Real Estate
Diversified REITs – 5.5%
Liberty Property Trust		118	$	6,047
STORE Capital Corp.		243		9,079
VEREIT, Inc.		887		8,675
				23,801
Health Care REITs – 10.4%
HCP, Inc.		403		14,359
Healthcare Trust of America, Inc., Class A		127		3,722
Physicians Realty Trust		220		3,901
Ventas, Inc.		140		10,190
Welltower, Inc.		144		13,036
				45,208
Hotel & Resort REITs – 2.7%
Host Hotels & Resorts, Inc.		488		8,439
Pebblebrook Hotel Trust		114		3,177
				11,616
Industrial REITs – 9.6%
Duke Realty Corp.		541		18,364
First Industrial Realty Trust, Inc.		135		5,333
ProLogis, Inc.		214		18,274
				41,971
Office REITs – 11.5%
Alexandria Real Estate Equities, Inc.		117		18,083
Boston Properties, Inc.		63		8,104
Cousins Properties, Inc.		37		1,377
Douglas Emmett, Inc.		180		7,718
Highwoods Properties, Inc.		166		7,465

COMMON STOCKS (Continued)	Shares		Value
Office REITs (Continued)
Kilroy Realty Corp.		98	$	7,622
				50,369
Residential REITs – 24.5%
American Homes 4 Rent		414		10,713
Apartment Investment and Management Co., Class A		157		8,170
AvalonBay Communities, Inc.		86		18,613
Camden Property Trust		80		8,892
Equity Lifestyle Properties, Inc.		13		1,790
Equity Residential		135		11,686
Essex Property Trust, Inc.		36		11,915
Invitation Homes, Inc.		413		12,226
Sun Communities, Inc.		97		14,400
UDR, Inc.		180		8,731
				107,136
Retail REITs – 11.1%
Agree Realty Corp.		101		7,359
Macerich Co. (The)		146		4,609
National Retail Properties, Inc.		37		2,064
Realty Income Corp.		87		6,656
Regency Centers Corp.		85		5,927
Simon Property Group, Inc.		71		11,125
Spirit Realty Capital, Inc.		129		6,174
Weingarten Realty Investors		156		4,533
				48,447
Specialized REITs – 22.6%
CubeSmart		148		5,165
Digital Realty Trust, Inc.		151		19,614
Entertainment Properties Trust		62		4,765
Equinix, Inc.		44		25,240
Extra Space Storage, Inc.		62		7,278

COMMON STOCKS (Continued)	Shares		Value
Specialized REITs (Continued)
Four Corners Property Trust, Inc.		213	$	6,032
Public Storage, Inc.		48		11,748
QTS Realty Trust, Inc., Class A		108		5,558
VICI Properties, Inc.		591		13,382
				98,782
Total Real Estate – 97.9%				427,330
TOTAL COMMON STOCKS – 97.9%			$	427,330
(Cost: $279,718)
SHORT-TERM SECURITIES	Principal
Commercial Paper (A) – 1.5%
J.M. Smucker Co. (The), 2.150%, 10-1-19	$	6,645		6,645
Master Note – 0.5%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps), 2.170%, 10–7–19(B)		2,288		2,288
TOTAL SHORT-TERM SECURITIES – 2.0%			$	8,933
(Cost: $8,933)
TOTAL INVESTMENT SECURITIES – 99.9%			$	436,263
(Cost: $288,651)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1%				501
NET ASSETS – 100.0%			$	436,764

Notes to Schedule of Investments

(A) Rate shown is the yield to maturity at September 30, 2019.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 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	$	427,330	$	—	$	—
Short-Term Securities		—		8,933		—
Total	$	427,330	$	8,933	$	—

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 33

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF SEPTEMBER 30, 2019 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Asset Strategy Fund(1)			Ivy Balanced Fund		Ivy Energy Fund			Ivy LaSalle Global Real Estate Fund			Ivy Natural Resources Fund			Ivy Science and Technology Fund		Ivy Securian Real Estate Securities Fund
ASSETS
Investments in unaffiliated securities at value+^	$	2,714,228		$	2,507,264	$	253,516		$	143,389		$	317,325		$	6,238,064	$	436,263
Investments in affiliated securities at value+		10,055			—		—			—			—			1,134,553		—
Bullion at value+		171,650			—		—			—			—			—		—
Investments at Value		2,895,933			2,507,264		253,516			143,389			317,325			7,372,617		436,263
Cash		1,730			312		1			1			1			1		1
Cash denominated in foreign currencies at value+		—			—		—			168			1			—		—
Investment securities sold receivable		2,948			—		—			132			1,128			38,175		—
Dividends and interest receivable		16,152			6,621		166			621			428			3,624		1,746
Capital shares sold receivable		530			985		326			27			150			2,607		135
Receivable from affiliates		90			2		303			170			17			104		4
Unrealized appreciation on forward foreign currency contracts		—			—		—			—			2,124			—		—
Receivable from securities lending income – net		1			1		1			—	*		—	*		25		—
Prepaid and other assets		131			140		57			50			61			254		68
Total Assets		2,917,515			2,515,325		254,370			144,558			321,235			7,417,407		438,217
LIABILITIES
Cash collateral on securities loaned at value		5,475			2,140		2,334			—			1,518			49,869		—
Investment securities purchased payable		14,279			—		—			261			1,221			—		—
Capital shares redeemed payable		5,524			5,389		562			193			1,212			11,074		1,205
Independent Trustees and Chief Compliance Officer fees payable		1,294			434		43			5			552			1,025		86
Distribution and service fees payable		25			19		2			—	*		2			47		2
Shareholder servicing payable		732			454		133			24			190			1,166		116
Investment management fee payable		52			45		6			4			7			159		10
Accounting services fee payable		23			23		8			6			9			23		12
Other liabilities		91			55		18			19			21			63		22
Total Liabilities		27,495			8,559		3,106			512			4,732			63,426		1,453
Total Net Assets	$	2,890,020		$	2,506,766	$	251,264		$	144,046		$	316,503		$	7,353,981	$	436,764
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	3,162,677		$	2,038,126	$	481,072		$	128,947		$	989,605		$	2,564,939	$	265,912
Accumulated earnings gain (loss)		(272,657	)		468,640		(229,808	)		15,099			(673,102	)		4,789,042		170,852
Total Net Assets	$	2,890,020		$	2,506,766	$	251,264		$	144,046		$	316,503		$	7,353,981	$	436,764
CAPITAL SHARES OUTSTANDING:
Class A		65,707			52,449		12,310			1,537			14,752			57,510		6,540
Class B		1,673			1,275		98			72			82			572		55
Class C		23,607			13,088		2,570			367			1,116			8,518		168
Class E		1,671			9		10			N/A			254			545		123
Class I		34,327			33,677		13,843			7,277			6,874			27,781		6,155
Class N		452			657		483			2,527			355			1,269		24
Class R		1,915			524		1,794			493			1,032			1,829		23
Class Y		6,537			899		1,299			468			1,241			5,546		3,460
NET ASSET VALUE PER SHARE:
Class A		$21.44			$24.47		$7.65			$11.27			$12.23			$69.58		$26.32
Class B		$19.89			$24.17		$6.86			$11.19			$10.01			$55.25		$25.22
Class C		$20.08			$24.27		$7.03			$11.19			$10.09			$57.86		$25.68
Class E		$21.53			$24.61		$7.88			N/A			$12.60			$68.87		$26.32
Class I		$21.76			$24.46		$8.00			$11.31			$12.82			$77.70		$26.52
Class N		$21.82			$24.51		$8.04			$11.32			$12.89			$78.32		$26.56
Class R		$21.16			$24.42		$7.55			$11.24			$12.06			$67.19		$26.29
Class Y		$21.51			$24.47		$7.77			$11.40			$12.57			$73.88		$26.36
+COST
Investments in unaffiliated securities at cost	$	2,415,950		$	2,185,949	$	268,360		$	130,277		$	359,262		$	3,149,490	$	288,651
Investments in affiliated securities at cost		616,454			—		—			—			—			299,383		—
Bullion at cost		137,353			—		—			—			—			—		—
Cash denominated in foreign currencies at cost		—			—		—			169			1			—		—
^Securities loaned at value		5,346			2,078		2,251			—			1,483			75,283		—

* Not shown due to rounding.

(1) Consolidated Statement of Assets and Liabilities (See Note 5 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

34 SEMIANNUAL REPORT 2019

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)

(In thousands)	Ivy Asset Strategy Fund(1)			Ivy Balanced Fund			Ivy Energy Fund			Ivy LaSalle Global Real Estate Fund			Ivy Natural Resources Fund			Ivy Science and Technology Fund			Ivy Securian Real Estate Securities Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	28,912		$	16,153		$	2,320		$	2,743		$	5,188		$	19,151		$	7,348
Dividends from affiliated securities		—			—			—			—			—			2,936			—
Foreign dividend withholding tax		(2,715	)		(26	)		(38	)		(124	)		(150	)		(493	)		—
Interest and amortization from unaffiliated securities		27,652			15,274			60			1			64			1,972			61
Interest and amortization from affiliated securities		—			—			—			—			—			187			—
Securities lending income – net		249			18			13			—	*		13			3,486			—
Total Investment Income		54,098			31,419			2,355			2,620			5,115			27,239			7,409
EXPENSES
Investment management fee		9,809			8,477			1,314			703			1,494			30,156			1,945
Distribution and service fees:
Class A		1,728			1,601			142			23			248			5,154			213
Class B		202			178			4			4			6			175			8
Class C		2,893			1,740			113			21			82			2,701			24
Class E		46			—	*		—	*		N/A			4			48			4
Class R		107			32			41			14			34			330			2
Class Y		185			30			21			6			21			552			113
Shareholder servicing:
Class A		1,350			1,003			270			28			516			2,521			256
Class B		57			37			4			—	*		10			43			4
Class C		541			233			38			3			37			377			9
Class E		100			—	*		—	*		N/A			17			58			9
Class I		683			724			140			81			101			1,932			155
Class N		1			2			1			2			1			10			—	*
Class R		56			17			24			9			19			171			1
Class Y		128			21			19			4			16			359			70
Registration fees		75			70			56			57			60			94			62
Custodian fees		75			19			3			9			3			46			7
Independent Trustees and Chief Compliance Officer fees		249			148			17			5			86			371			22
Accounting services fee		138			138			55			35			62			138			70
Professional fees		151			38			23			29			40			50			31
Third-party valuation service fees		13			—			—	*		8			1			—	*		—
Other		147			93			25			9			29			226			22
Total Expenses		18,734			14,601			2,310			1,050			2,887			45,512			3,027
Less:
Expenses in excess of limit		(90	)		(3	)		(303	)		(170	)		(16	)		(104	)		(220	)
Total Net Expenses		18,644			14,598			2,007			880			2,871			45,408			2,807
Net Investment Income (Loss)		35,454			16,821			348			1,740			2,244			(18,169	)		4,602
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		104,977			54,698			(20,066	)		4,683			(14,199	)		297,358			22,136
Investments in affiliated securities		—			—			—			—			—			336,074			—
Written options		—			—			—			—			—			2,632			—
Swap agreements		549			—			—			—			—			—			—
Forward foreign currency contracts		—			—			—			—			2,885			—			—
Foreign currency exchange transactions		(191	)		—			—			(16	)		12			(342	)		—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(1,206	)		40,284			(44,758	)		(3,847	)		(26,304	)		363,164			7,702
Investments in affiliated securities		(3,283	)		—			—			—			—			(457,499	)		—
Swap agreements		1,402			—			—			—			—			—			—
Forward foreign currency contracts		—			—			—			—			1,893			—			—
Foreign currency exchange transactions		(92	)		—			—			(2	)		3			—			—
Net Realized and Unrealized Gain (Loss)		102,156			94,982			(64,824	)		818			(35,710	)		541,387			29,838
Net Increase (Decrease) in Net Assets Resulting from Operations	$	137,610		$	111,803		$	(64,476	)	$	2,558		$	(33,466	)	$	523,218		$	34,440

* Not shown due to rounding.

(1) Consolidated Statement of Operations (See Note 5 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 35

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Asset Strategy Fund(1)						Ivy Balanced Fund						Ivy Energy Fund
(In thousands)	Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	35,454		$	50,052		$	16,821		$	40,371		$	348		$	(1,845	)
Net realized gain (loss) on investments		105,335			364,644			54,698			239,149			(20,066	)		(1,340	)
Net change in unrealized appreciation (depreciation)		(3,179	)		(335,809	)		40,284			(113,392	)		(44,758	)		(79,858	)
Net Increase (Decrease) in Net Assets Resulting from Operations		137,610			78,887			111,803			166,128			(64,476	)		(83,043	)
Distributions to Shareholders From Accumulated Earnings:
(combined net investment income and net realized gains)
Class A		(8,928	)		(207,774	)		(8,397	)		(130,468	)		—			—
Class B		(112	)		(10,082	)		(76	)		(4,454	)		—			—
Class C		(1,949	)		(124,225	)		(955	)		(38,079	)		—			—
Class E		(263	)		(5,730	)		(2	)		(21	)		—			—
Class I		(5,933	)		(100,183	)		(6,589	)		(94,446	)		—			—
Class N		(68	)		(605	)		(136	)		(1,253	)		—			—
Class R		(214	)		(7,648	)		(63	)		(1,260	)		—			—
Class Y		(952	)		(26,415	)		(152	)		(2,579	)		—			—
Total Distributions to Shareholders		(18,419	)		(482,662	)		(16,370	)		(272,560	)		—			—
Capital Share Transactions		(313,524	)		172,274			(195,330	)		(297,659	)		(49,757	)		(144,922	)
Net Decrease in Net Assets		(194,333	)		(231,501	)		(99,897	)		(404,091	)		(114,233	)		(227,965	)
Net Assets, Beginning of Period		3,084,353			3,315,854			2,606,663			3,010,754			365,497			593,462
Net Assets, End of Period	$	2,890,020		$	3,084,353		$	2,506,766		$	2,606,663		$	251,264		$	365,497

(1) Consolidated Statements of Changes in Net Assets (See Note 5 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

36 SEMIANNUAL REPORT 2019

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy LaSalle Global Real Estate Fund						Ivy Natural Resources Fund						Ivy Science and Technology Fund
(In thousands)	Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	1,740		$	1,643		$	2,244		$	4,424		$	(18,169	)	$	(34,050	)
Net realized gain (loss) on investments		4,667			5,184			(11,302	)		2,474			635,722			656,946
Net change in unrealized appreciation (depreciation)		(3,849	)		10,332			(24,408	)		(50,168	)		(94,335	)		253,367
Net Increase (Decrease) in Net Assets Resulting from Operations		2,558			17,159			(33,466	)		(43,270	)		523,218			876,263
Distributions to Shareholders From Accumulated Earnings:
(combined net investment income and net realized gains)
Class A		(223	)		(501	)		—			—			—			(419,052	)
Class B		(8	)		(15	)		—			—			—			(5,267	)
Class C		(44	)		(66	)		—			—			—			(69,462	)
Class E		N/A			N/A			—			(17	)		—			(3,711	)
Class I		(1,117	)		(2,020	)		—			(585	)		—			(218,071	)
Class N		(401	)		(1,428	)		—			(34	)		—			(8,356	)
Class R		(62	)		(72	)		—			—			—			(14,059	)
Class Y		(65	)		(77	)		—			(49	)		—			(48,473	)
Total Distributions to Shareholders		(1,920	)		(4,179	)		—			(685	)		—			(786,451	)
Capital Share Transactions		(10,878	)		73,054			(39,349	)		(110,192	)		(603,071	)		(352,785	)
Net Increase (Decrease) in Net Assets		(10,240	)		86,034			(72,815	)		(154,147	)		(79,853	)		(262,973	)
Net Assets, Beginning of Period		154,286			68,252			389,318			543,465			7,433,834			7,696,807
Net Assets, End of Period	$	144,046		$	154,286		$	316,503		$	389,318		$	7,353,981		$	7,433,834

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 37

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Securian Real Estate Securities Fund
(In thousands)	Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	4,602		$	6,577
Net realized gain on investments		22,136			25,280
Net change in unrealized appreciation		7,702			39,169
Net Increase in Net Assets Resulting from Operations		34,440			71,026
Distributions to Shareholders From Accumulated Earnings:
(combined net investment income and net realized gains)
Class A		(938	)		(11,441	)
Class B		(2	)		(94	)
Class C		(9	)		(355	)
Class E		(18	)		(216	)
Class I		(1,149	)		(11,797	)
Class N		(5	)		(44	)
Class R		(4	)		(51	)
Class Y		(559	)		(6,325	)
Total Distributions to Shareholders		(2,684	)		(30,323	)
Capital Share Transactions		(31,329	)		(79,796	)
Net Increase (Decrease) in Net Assets		427			(39,093	)
Net Assets, Beginning of Period		436,337			475,430
Net Assets, End of Period	$	436,764		$	436,337

See Accompanying Notes to Financial Statements.

38 SEMIANNUAL REPORT 2019

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2019 SEMIANNUAL REPORT 39

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY ASSET STRATEGY 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 9-30-2019 (unaudited)	$	20.63	$	0.26		$	0.69		$	0.95		$	(0.14	)	$	—		$	(0.14	)
Year ended 3-31-2019		24.02		0.38			0.09			0.47			(0.40	)		(3.46	)		(3.86	)
Year ended 3-31-2018		21.86		0.21			2.64			2.85			(0.24	)		(0.45	)		(0.69	)
Year ended 3-31-2017		20.83		0.00	*		1.03			1.03			—			—			—
Year ended 3-31-2016		25.89		0.15			(3.78	)		(3.63	)		(0.06	)		(1.37	)		(1.43	)
Year ended 3-31-2015		31.61		0.26			(1.01	)		(0.75	)		(0.12	)		(4.85	)		(4.97	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		19.15		0.16			0.64			0.80			(0.06	)		—			(0.06	)
Year ended 3-31-2019		22.55		0.20			0.06			0.26			(0.20	)		(3.46	)		(3.66	)
Year ended 3-31-2018		20.56		0.02			2.50			2.52			(0.08	)		(0.45	)		(0.53	)
Year ended 3-31-2017		19.73		(0.16	)		0.99			0.83			—			—			—
Year ended 3-31-2016		24.73		(0.04	)		(3.59	)		(3.63	)		—			(1.37	)		(1.37	)
Year ended 3-31-2015		30.54		0.03			(0.96	)		(0.93	)		(0.03	)		(4.85	)		(4.88	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		19.33		0.17			0.65			0.82			(0.07	)		—			(0.07	)
Year ended 3-31-2019		22.71		0.22			0.07			0.29			(0.21	)		(3.46	)		(3.67	)
Year ended 3-31-2018		20.71		0.02			2.51			2.53			(0.08	)		(0.45	)		(0.53	)
Year ended 3-31-2017		19.87		(0.15	)		0.99			0.84			—			—			—
Year ended 3-31-2016		24.88		(0.02	)		(3.62	)		(3.64	)		—			(1.37	)		(1.37	)
Year ended 3-31-2015		30.69		0.04			(0.97	)		(0.93	)		(0.03	)		(4.85	)		(4.88	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		20.71		0.28			0.70			0.98			(0.16	)		—			(0.16	)
Year ended 3-31-2019		24.11		0.41			0.08			0.49			(0.43	)		(3.46	)		(3.89	)
Year ended 3-31-2018		21.95		0.24			2.66			2.90			(0.29	)		(0.45	)		(0.74	)
Year ended 3-31-2017		20.89		(0.03	)		1.09			1.06			—			—			—
Year ended 3-31-2016		25.96		0.13			(3.78	)		(3.65	)		(0.05	)		(1.37	)		(1.42	)
Year ended 3-31-2015		31.67		0.23			(0.98	)		(0.75	)		(0.11	)		(4.85	)		(4.96	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		20.93		0.29			0.71			1.00			(0.17	)		—			(0.17	)
Year ended 3-31-2019		24.33		0.44			0.10			0.54			(0.48	)		(3.46	)		(3.94	)
Year ended 3-31-2018		22.16		0.27			2.70			2.97			(0.35	)		(0.45	)		(0.80	)
Year ended 3-31-2017		21.06		0.05			1.05			1.10			—			—			—
Year ended 3-31-2016		26.15		0.23			(3.84	)		(3.61	)		(0.11	)		(1.37	)		(1.48	)
Year ended 3-31-2015		31.88		0.33			(1.02	)		(0.69	)		(0.19	)		(4.85	)		(5.04	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		20.99		0.31			0.70			1.01			(0.18	)		—			(0.18	)
Year ended 3-31-2019		24.40		0.45			0.11			0.56			(0.51	)		(3.46	)		(3.97	)
Year ended 3-31-2018		22.24		0.28			2.73			3.01			(0.40	)		(0.45	)		(0.85	)
Year ended 3-31-2017		21.10		0.02			1.12			1.14			—			—			—
Year ended 3-31-2016		26.21		0.22			(3.81	)		(3.59	)		(0.15	)		(1.37	)		(1.52	)
Year ended 3-31-2015(7)		31.79		0.22			(0.78	)		(0.56	)		(0.17	)		(4.85	)		(5.02	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		20.35		0.22			0.70			0.92			(0.11	)		—			(0.11	)
Year ended 3-31-2019		23.73		0.31			0.08			0.39			(0.31	)		(3.46	)		(3.77	)
Year ended 3-31-2018		21.59		0.13			2.61			2.74			(0.15	)		(0.45	)		(0.60	)
Year ended 3-31-2017		20.63		(0.10	)		1.06			0.96			—			—			—
Year ended 3-31-2016		25.68		0.05			(3.73	)		(3.68	)		—			(1.37	)		(1.37	)
Year ended 3-31-2015		31.45		0.14			(1.00	)		(0.86	)		(0.06	)		(4.85	)		(4.91	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		20.69		0.26			0.70			0.96			(0.14	)		—			(0.14	)
Year ended 3-31-2019		24.09		0.39			0.08			0.47			(0.41	)		(3.46	)		(3.87	)
Year ended 3-31-2018		21.92		0.21			2.67			2.88			(0.26	)		(0.45	)		(0.71	)
Year ended 3-31-2017		20.88		0.00	*		1.04			1.04			—			—			—
Year ended 3-31-2016		25.94		0.15			(3.78	)		(3.63	)		(0.06	)		(1.37	)		(1.43	)
Year ended 3-31-2015		31.67		0.25			(1.01	)		(0.76	)		(0.12	)		(4.85	)		(4.97	)

* 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) Expense ratio based on the period excluding litigation expenses was 1.00%.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

40 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 9-30-2019 (unaudited)	$	21.44		4.61	%	$	1,408		1.15	%(4)		2.42	%(4)		—	%		—	%		24	%
Year ended 3-31-2019		20.63		2.67			1,361		1.16			1.71			—			—			52
Year ended 3-31-2018		24.02		13.11			1,345		1.13			0.90			—			—			34
Year ended 3-31-2017		21.86		4.95			1,315		1.12			-0.02			—			—			51
Year ended 3-31-2016		20.83		-14.39			3,153		0.99			0.61			—			—			68
Year ended 3-31-2015		25.89		-2.28			6,332		0.96			0.86			—			—			75
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		19.89		4.19			33		1.99	(4)		1.63	(4)		—			—			24
Year ended 3-31-2019		19.15		1.89			47		1.93			0.96			—			—			52
Year ended 3-31-2018		22.55		12.26			86		1.91			0.10			—			—			34
Year ended 3-31-2017		20.56		4.21			141		1.83			-0.81			—			—			51
Year ended 3-31-2016		19.73		-15.06			287		1.76			-0.16			—			—			68
Year ended 3-31-2015		24.73		-3.01			571		1.71			0.11			—			—			75
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		20.08		4.25			474		1.89	(4)		1.70	(4)		—			—			24
Year ended 3-31-2019		19.33		1.99			634		1.83			1.05			—			—			52
Year ended 3-31-2018		22.71		12.29			995		1.89			0.11			—			—			34
Year ended 3-31-2017		20.71		4.23			1,620		1.83			-0.75			—			—			51
Year ended 3-31-2016		19.87		-15.01			3,792		1.71			-0.10			—			—			68
Year ended 3-31-2015		24.88		-2.99			7,807		1.68			0.13			—			—			75
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		21.53		4.71			36		1.00	(4)		2.57	(4)		1.49	(4)		2.08	(4)		24
Year ended 3-31-2019		20.71		2.74			37		1.04	(6)		1.82			1.31			1.55			52
Year ended 3-31-2018		24.11		13.29			37		1.00			1.03			1.30			0.73			34
Year ended 3-31-2017		21.95		5.07			38		1.03			-0.13			1.28			-0.38			51
Year ended 3-31-2016		20.89		-14.41			53		1.00			0.53			1.14			0.39			68
Year ended 3-31-2015		25.96		-2.29			72		1.00			0.79			1.10			0.69			75
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		21.76		4.77			747		0.88	(4)		2.70	(4)		—			—			24
Year ended 3-31-2019		20.93		2.93			805		0.89			1.97			—			—			52
Year ended 3-31-2018		24.33		13.48			622		0.85			1.15			—			—			34
Year ended 3-31-2017		22.16		5.22			952		0.85			0.23			—			—			51
Year ended 3-31-2016		21.06		-14.17			2,382		0.74			0.95			—			—			68
Year ended 3-31-2015		26.15		-2.06			9,112		0.74			1.08			—			—			75
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		21.82		4.83			10		0.74	(4)		2.82	(4)		—			—			24
Year ended 3-31-2019		20.99		3.03			5		0.79			2.03			—			—			52
Year ended 3-31-2018		24.40		13.65			2		0.78			1.19			—			—			34
Year ended 3-31-2017		22.24		5.40			13		0.69			0.07			—			—			51
Year ended 3-31-2016		21.10		-14.09			12		0.60			0.89			—			—			68
Year ended 3-31-2015(7)		26.21		-1.67			12		0.59	(4)		1.18	(4)		—			—			75	(8)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		21.16		4.52			41		1.46	(4)		2.12	(4)		—			—			24
Year ended 3-31-2019		20.35		2.32			44		1.47			1.40			—			—			52
Year ended 3-31-2018		23.73		12.74			54		1.45			0.57			—			—			34
Year ended 3-31-2017		21.59		4.65			65		1.43			-0.48			—			—			51
Year ended 3-31-2016		20.63		-14.69			106		1.34			0.20			—			—			68
Year ended 3-31-2015		25.68		-2.67			161		1.33			0.47			—			—			75
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		21.51		4.65			141		1.13	(4)		2.45	(4)		—			—			24
Year ended 3-31-2019		20.69		2.70			151		1.13			1.73			—			—			52
Year ended 3-31-2018		24.09		13.15			175		1.10			0.92			—			—			34
Year ended 3-31-2017		21.92		4.98			237		1.08			—			—			—			51
Year ended 3-31-2016		20.88		-14.36			512		0.99			0.63			1.00			0.62			68
Year ended 3-31-2015		25.94		-2.31			1,134		0.96			0.85			0.98			0.83			75

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 BALANCED 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 9-30-2019 (unaudited)	$	23.58	$	0.16	$	0.89		$	1.05		$	(0.16	)	$	—		$	(0.16	)
Year ended 3-31-2019		24.74		0.37		1.03			1.40			(0.36	)		(2.20	)		(2.56	)
Year ended 3-31-2018		24.33		0.37		1.18			1.55			(0.48	)		(0.66	)		(1.14	)
Year ended 3-31-2017		22.99		0.33		1.59			1.92			(0.30	)		(0.28	)		(0.58	)
Year ended 3-31-2016		25.65		0.29		(1.51	)		(1.22	)		(0.26	)		(1.18	)		(1.44	)
Year ended 3-31-2015		24.38		0.20		1.97			2.17			(0.16	)		(0.74	)		(0.90	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		23.29		0.06		0.87			0.93			(0.05	)		—			(0.05	)
Year ended 3-31-2019		24.47		0.18		1.01			1.19			(0.17	)		(2.20	)		(2.37	)
Year ended 3-31-2018		24.09		0.18		1.17			1.35			(0.31	)		(0.66	)		(0.97	)
Year ended 3-31-2017		22.78		0.15		1.59			1.74			(0.15	)		(0.28	)		(0.43	)
Year ended 3-31-2016		25.45		0.11		(1.50	)		(1.39	)		(0.10	)		(1.18	)		(1.28	)
Year ended 3-31-2015		24.19		0.01		1.97			1.98			—			(0.72	)		(0.72	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		23.38		0.07		0.89			0.96			(0.07	)		—			(0.07	)
Year ended 3-31-2019		24.56		0.19		1.01			1.20			(0.18	)		(2.20	)		(2.38	)
Year ended 3-31-2018		24.17		0.19		1.18			1.37			(0.32	)		(0.66	)		(0.98	)
Year ended 3-31-2017		22.85		0.16		1.59			1.75			(0.15	)		(0.28	)		(0.43	)
Year ended 3-31-2016		25.53		0.13		(1.52	)		(1.39	)		(0.11	)		(1.18	)		(1.29	)
Year ended 3-31-2015		24.26		0.02		1.97			1.99			—	*		(0.72	)		(0.72	)
Class E Shares(6)
Six-month period ended 9-30-2019 (unaudited)		23.71		0.18		0.90			1.08			(0.18	)		—			(0.18	)
Year ended 3-31-2019		24.87		0.40		1.04			1.44			(0.40	)		(2.20	)		(2.60	)
Year ended 3-31-2018		24.45		0.41		1.19			1.60			(0.52	)		(0.66	)		(1.18	)
Year ended 3-31-2017		23.09		0.37		1.61			1.98			(0.34	)		(0.28	)		(0.62	)
Year ended 3-31-2016		25.76		0.33		(1.53	)		(1.20	)		(0.29	)		(1.18	)		(1.47	)
Year ended 3-31-2015		24.48		0.23		1.99			2.22			(0.20	)		(0.74	)		(0.94	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		23.57		0.19		0.89			1.08			(0.19	)		—			(0.19	)
Year ended 3-31-2019		24.74		0.43		1.02			1.45			(0.42	)		(2.20	)		(2.62	)
Year ended 3-31-2018		24.33		0.43		1.19			1.62			(0.55	)		(0.66	)		(1.21	)
Year ended 3-31-2017		22.98		0.39		1.60			1.99			(0.36	)		(0.28	)		(0.64	)
Year ended 3-31-2016		25.63		0.36		(1.52	)		(1.16	)		(0.31	)		(1.18	)		(1.49	)
Year ended 3-31-2015		24.36		0.26		1.98			2.24			(0.23	)		(0.74	)		(0.97	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		23.62		0.21		0.89			1.10			(0.21	)		—			(0.21	)
Year ended 3-31-2019		24.78		0.46		1.04			1.50			(0.46	)		(2.20	)		(2.66	)
Year ended 3-31-2018		24.37		0.47		1.19			1.66			(0.59	)		(0.66	)		(1.25	)
Year ended 3-31-2017		23.01		0.42		1.61			2.03			(0.39	)		(0.28	)		(0.67	)
Year ended 3-31-2016		25.66		0.39		(1.52	)		(1.13	)		(0.34	)		(1.18	)		(1.52	)
Year ended 3-31-2015(7)		24.66		0.22		1.72			1.94			(0.20	)		(0.74	)		(0.94	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		23.54		0.12		0.88			1.00			(0.12	)		—			(0.12	)
Year ended 3-31-2019		24.70		0.28		1.04			1.32			(0.28	)		(2.20	)		(2.48	)
Year ended 3-31-2018		24.30		0.28		1.18			1.46			(0.40	)		(0.66	)		(1.06	)
Year ended 3-31-2017		22.96		0.25		1.60			1.85			(0.23	)		(0.28	)		(0.51	)
Year ended 3-31-2016		25.65		0.22		(1.53	)		(1.31	)		(0.20	)		(1.18	)		(1.38	)
Year ended 3-31-2015		24.37		0.11		1.98			2.09			(0.07	)		(0.74	)		(0.81	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		23.58		0.16		0.89			1.05			(0.16	)		—			(0.16	)
Year ended 3-31-2019		24.75		0.37		1.02			1.39			(0.36	)		(2.20	)		(2.56	)
Year ended 3-31-2018		24.34		0.38		1.17			1.55			(0.48	)		(0.66	)		(1.14	)
Year ended 3-31-2017		22.99		0.35		1.59			1.94			(0.31	)		(0.28	)		(0.59	)
Year ended 3-31-2016		25.66		0.29		(1.52	)		(1.23	)		(0.26	)		(1.18	)		(1.44	)
Year ended 3-31-2015		24.38		0.20		1.99			2.19			(0.17	)		(0.74	)		(0.91	)

* 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) Class share is closed to investment.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

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 9-30-2019 (unaudited)	$	24.47		4.46	%	$	1,283			1.10	%(4)		1.34	%(4)		—	%		—	%		18	%
Year ended 3-31-2019		23.58		6.25			1,275			1.09			1.49			—			—			53
Year ended 3-31-2018		24.74		6.43			1,368			1.12			1.48			—			—			36
Year ended 3-31-2017		24.33		8.44			688			1.11			1.40			—			—			47
Year ended 3-31-2016		22.99		-4.92			1,311			1.10			1.21			—			—			56
Year ended 3-31-2015		25.65		9.06			1,207			1.11			0.78			—			—			33
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		24.17		4.01			31			1.91	(4)		0.53	(4)		—			—			18
Year ended 3-31-2019		23.29		5.43			41			1.85			0.73			—			—			53
Year ended 3-31-2018		24.47		5.64			58			1.86			0.75			—			—			36
Year ended 3-31-2017		24.09		7.68			77			1.84			0.66			—			—			47
Year ended 3-31-2016		22.78		-5.62			80			1.83			0.48			—			—			56
Year ended 3-31-2015		25.45		8.28			74			1.84			0.04			—			—			33
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		24.27		4.10			318			1.83	(4)		0.61	(4)		—			—			18
Year ended 3-31-2019		23.38		5.46			366			1.80			0.78			—			—			53
Year ended 3-31-2018		24.56		5.69			485			1.83			0.78			—			—			36
Year ended 3-31-2017		24.17		7.72			707			1.80			0.69			—			—			47
Year ended 3-31-2016		22.85		-5.62			892			1.79			0.53			—			—			56
Year ended 3-31-2015		25.53		8.34			736			1.80			0.09			—			—			33
Class E Shares(6)
Six-month period ended 9-30-2019 (unaudited)		24.61		4.56			—	*		0.96	(4)		1.48	(4)		—			—			18
Year ended 3-31-2019		23.71		6.38			—	*		0.94			1.63			—			—			53
Year ended 3-31-2018		24.87		6.61			—	*		0.97			1.62			—			—			36
Year ended 3-31-2017		24.45		8.65			—	*		0.95			1.54			—			—			47
Year ended 3-31-2016		23.09		-4.82			—	*		0.95			1.36			—			—			56
Year ended 3-31-2015		25.76		9.22			—	*		0.96			0.92			—			—			33
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		24.46		4.59			824			0.87	(4)		1.57	(4)		—			—			18
Year ended 3-31-2019		23.57		6.51			873			0.84			1.73			—			—			53
Year ended 3-31-2018		24.74		6.66			1,043			0.88			1.72			—			—			36
Year ended 3-31-2017		24.33		8.75			673			0.85			1.63			—			—			47
Year ended 3-31-2016		22.98		-4.70			373			0.84			1.47			—			—			56
Year ended 3-31-2015		25.63		9.34			315			0.86			1.03			—			—			33
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		24.51		4.66			16			0.72	(4)		1.72	(4)		—			—			18
Year ended 3-31-2019		23.62		6.66			15			0.70			1.88			—			—			53
Year ended 3-31-2018		24.78		6.86			10			0.72			1.88			—			—			36
Year ended 3-31-2017		24.37		8.92			10			0.70			1.77			—			—			47
Year ended 3-31-2016		23.01		-4.57			5			0.69			1.60			—			—			56
Year ended 3-31-2015(7)		25.66		8.01			4			0.70	(4)		1.29	(4)		—			—			33	(8)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		24.42		4.25			13			1.45	(4)		0.98	(4)		—			—			18
Year ended 3-31-2019		23.54		5.91			13			1.43			1.14			—			—			53
Year ended 3-31-2018		24.70		6.04			13			1.46			1.13			—			—			36
Year ended 3-31-2017		24.30		8.12			14			1.44			1.04			—			—			47
Year ended 3-31-2016		22.96		-5.29			13			1.44			0.89			—			—			56
Year ended 3-31-2015		25.65		8.71			9			1.46			0.43			—			—			33
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		24.47		4.46			22			1.10	(4)		1.34	(4)		1.12	(4)		1.32	(4)		18
Year ended 3-31-2019		23.58		6.22			24			1.09			1.49			1.09			1.49			53
Year ended 3-31-2018		24.75		6.44			34			1.12			1.53			—			—			36
Year ended 3-31-2017		24.34		8.50			70			1.10			1.47			—			—			47
Year ended 3-31-2016		22.99		-4.95			124			1.09			1.16			—			—			56
Year ended 3-31-2015		25.66		9.10			185			1.11			0.79			—			—			33

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 ENERGY 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 9-30-2019 (unaudited)	$	9.45	$	0.00	*	$	(1.80	)	$	(1.80	)	$	—		$	—	$	—
Year ended 3-31-2019		11.55		(0.05	)		(2.05	)		(2.10	)		—			—		—
Year ended 3-31-2018		13.30		0.03			(1.74	)		(1.71	)		(0.04	)		—		(0.04	)
Year ended 3-31-2017		10.75		(0.08	)		2.63			2.55			—			—		—
Year ended 3-31-2016		14.03		(0.03	)		(3.25	)		(3.28	)		—			—		—
Year ended 3-31-2015		16.38		(0.05	)		(2.30	)		(2.35	)		—			—		—
Class B Shares(6)
Six-month period ended 9-30-2019 (unaudited)		8.51		(0.03	)		(1.62	)		(1.65	)		—			—		—
Year ended 3-31-2019		10.48		(0.13	)		(1.84	)		(1.97	)		—			—		—
Year ended 3-31-2018		12.15		(0.03	)		(1.64	)		(1.67	)		—			—		—
Year ended 3-31-2017		9.90		(0.18	)		2.43			2.25			—			—		—
Year ended 3-31-2016		13.04		(0.13	)		(3.01	)		(3.14	)		—			—		—
Year ended 3-31-2015		15.35		(0.17	)		(2.14	)		(2.31	)		—			—		—
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		8.70		(0.02	)		(1.65	)		(1.67	)		—			—		—
Year ended 3-31-2019		10.71		(0.12	)		(1.89	)		(2.01	)		—			—		—
Year ended 3-31-2018		12.39		0.00	*		(1.68	)		(1.68	)		—			—		—
Year ended 3-31-2017		10.08		(0.16	)		2.47			2.31			—			—		—
Year ended 3-31-2016		13.24		(0.10	)		(3.06	)		(3.16	)		—			—		—
Year ended 3-31-2015		15.55		(0.13	)		(2.18	)		(2.31	)		—			—		—
Class E Shares(8)
Six-month period ended 9-30-2019 (unaudited)		9.71		0.01			(1.84	)		(1.83	)		—			—		—
Year ended 3-31-2019		11.85		(0.03	)		(2.11	)		(2.14	)		—			—		—
Year ended 3-31-2018		13.63		0.10			(1.82	)		(1.72	)		(0.06	)		—		(0.06	)
Year ended 3-31-2017		10.99		(0.05	)		2.69			2.64			—			—		—
Year ended 3-31-2016		14.30		0.01			(3.32	)		(3.31	)		—			—		—
Year ended 3-31-2015		16.65		(0.01	)		(2.34	)		(2.35	)		—			—		—
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		9.85		0.02			(1.87	)		(1.85	)		—			—		—
Year ended 3-31-2019		11.99		(0.01	)		(2.13	)		(2.14	)		—			—		—
Year ended 3-31-2018		13.80		0.09			(1.83	)		(1.74	)		(0.07	)		—		(0.07	)
Year ended 3-31-2017		11.11		(0.05	)		2.74			2.69			—			—		—
Year ended 3-31-2016		14.44		0.02			(3.35	)		(3.33	)		—			—		—
Year ended 3-31-2015		16.80		0.02			(2.38	)		(2.36	)		—			—		—
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		9.90		0.02			(1.88	)		(1.86	)		—			—		—
Year ended 3-31-2019		12.05		0.00	*		(2.15	)		(2.15	)		—			—		—
Year ended 3-31-2018		13.86		0.17			(1.90	)		(1.73	)		(0.08	)		—		(0.08	)
Year ended 3-31-2017		11.14		(0.02	)		2.74			2.72			—			—		—
Year ended 3-31-2016		14.46		0.04			(3.36	)		(3.32	)		—			—		—
Year ended 3-31-2015(10)		18.03		0.03			(3.60	)		(3.57	)		—			—		—
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		9.34		(0.01	)		(1.78	)		(1.79	)		—			—		—
Year ended 3-31-2019		11.45		(0.08	)		(2.03	)		(2.11	)		—			—		—
Year ended 3-31-2018		13.20		0.04			(1.77	)		(1.73	)		(0.02	)		—		(0.02	)
Year ended 3-31-2017		10.69		(0.12	)		2.63			2.51			—			—		—
Year ended 3-31-2016		13.98		(0.05	)		(3.24	)		(3.29	)		—			—		—
Year ended 3-31-2015		16.35		(0.08	)		(2.29	)		(2.37	)		—			—		—
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		9.59		0.01			(1.83	)		(1.82	)		—			—		—
Year ended 3-31-2019		11.72		(0.05	)		(2.08	)		(2.13	)		—			—		—
Year ended 3-31-2018		13.49		0.08			(1.80	)		(1.72	)		(0.05	)		—		(0.05	)
Year ended 3-31-2017		10.89		(0.07	)		2.67			2.60			—			—		—
Year ended 3-31-2016		14.19		(0.01	)		(3.29	)		(3.30	)		—			—		—
Year ended 3-31-2015		16.55		(0.04	)		(2.32	)		(2.36	)		—			—		—

* 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) Expense ratio based on the period excluding reorganization expenses was 1.44%.

(6) 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.

(7) Expense ratio based on the period excluding reorganization expenses was 2.36%.

(8) Class share is closed to investment.

(9) Expense ratio based on the period excluding reorganization expenses was 1.09%.

(10) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(11) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

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 (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 9-30-2019 (unaudited)	$	7.65		-19.05	%	$	94			1.41	%(4)		0.11	%(4)		1.69	%(4)		-0.17	%(4)		7	%
Year ended 3-31-2019		9.45		-18.18			134			1.41			-0.46			1.55			-0.60			31
Year ended 3-31-2018		11.55		-12.89			211			1.46	(5)		0.26			1.53			0.19			21
Year ended 3-31-2017		13.30		23.72			158			1.41			-0.59			—			—			39
Year ended 3-31-2016		10.75		-23.38			192			1.49			-0.23			—			—			31
Year ended 3-31-2015		14.03		-14.35			213			1.48			-0.33			—			—			22
Class B Shares(6)
Six-month period ended 9-30-2019 (unaudited)		6.86		-19.39			1			2.29	(4)		-0.77	(4)		2.99	(4)		-1.47	(4)		7
Year ended 3-31-2019		8.51		-18.88			1			2.21			-1.28			2.48			-1.55			31
Year ended 3-31-2018		10.48		-13.66			2			2.38	(7)		-0.25			2.49			-0.36			21
Year ended 3-31-2017		12.15		22.73			4			2.29			-1.49			—			—			39
Year ended 3-31-2016		9.90		-24.08			3			2.36			-1.11			—			—			31
Year ended 3-31-2015		13.04		-15.05			5			2.29			-1.17			—			—			22
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		7.03		-19.20			18			2.11	(4)		-0.59	(4)		2.31	(4)		-0.79	(4)		7
Year ended 3-31-2019		8.70		-18.77			27			2.11			-1.17			2.12			-1.18			31
Year ended 3-31-2018		10.71		-13.56			48			2.15			-0.01			2.15			-0.01			21
Year ended 3-31-2017		12.39		22.92			87			2.11			-1.31			—			—			39
Year ended 3-31-2016		10.08		-23.87			79			2.16			-0.89			—			—			31
Year ended 3-31-2015		13.24		-14.85			82			2.09			-0.92			—			—			22
Class E Shares(8)
Six-month period ended 9-30-2019 (unaudited)		7.88		-18.85			—	*		1.24	(4)		0.30	(4)		—			—			7
Year ended 3-31-2019		9.71		-18.06			—	*		1.20			-0.24			—			—			31
Year ended 3-31-2018		11.85		-12.63			—	*		1.20			0.82			—			—			21
Year ended 3-31-2017		13.63		24.02			—	*		1.19			-0.40			—			—			39
Year ended 3-31-2016		10.99		-23.15			—	*		1.20			0.05			—			—			31
Year ended 3-31-2015		14.30		-14.11			—	*		1.20			-0.08			—			—			22
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		8.00		-18.78			110			0.99	(4)		0.53	(4)		1.18	(4)		0.34	(4)		7
Year ended 3-31-2019		9.85		-17.85			158			1.03			-0.08			1.11			-0.16			31
Year ended 3-31-2018		11.99		-12.63			263			1.11	(9)		0.76			1.12			0.75			21
Year ended 3-31-2017		13.80		24.21			225			1.08			-0.35			—			—			39
Year ended 3-31-2016		11.11		-23.06			85			1.10			0.16			—			—			31
Year ended 3-31-2015		14.44		-14.05			82			1.09			0.10			—			—			22
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		8.04		-18.79			4			0.99	(4)		0.54	(4)		1.00	(4)		0.53	(4)		7
Year ended 3-31-2019		9.90		-17.84			5			0.94			0.04			—			—			31
Year ended 3-31-2018		12.05		-12.48			5			0.95			1.45			—			—			21
Year ended 3-31-2017		13.86		24.42			12			0.93			-0.18			—			—			39
Year ended 3-31-2016		11.14		-22.96			5			0.95			0.35			—			—			31
Year ended 3-31-2015(10)		14.46		-19.80			2			0.93	(4)		0.34	(4)		—			—			22	(11)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		7.55		-19.17			14			1.75	(4)		-0.24	(4)		—			—			7
Year ended 3-31-2019		9.34		-18.43			18			1.68			-0.72			—			—			31
Year ended 3-31-2018		11.45		-13.11			22			1.70			0.37			—			—			21
Year ended 3-31-2017		13.20		23.48			26			1.67			-0.89			—			—			39
Year ended 3-31-2016		10.69		-23.53			19			1.70			-0.43			—			—			31
Year ended 3-31-2015		13.98		-14.50			15			1.69			-0.53			—			—			22
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		7.77		-18.98			10			1.41	(4)		0.14	(4)		1.44	(4)		0.11	(4)		7
Year ended 3-31-2019		9.59		-18.17			22			1.34			-0.42			—			—			31
Year ended 3-31-2018		11.72		-12.78			42			1.35			0.71			—			—			21
Year ended 3-31-2017		13.49		23.87			53			1.34			-0.54			—			—			39
Year ended 3-31-2016		10.89		-23.26			42			1.36			-0.08			—			—			31
Year ended 3-31-2015		14.19		-14.26			37			1.34			-0.22			—			—			22

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 LASALLE GLOBAL REAL ESTATE 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 9-30-2019 (unaudited)	$	11.22	$	0.11		$	0.07		$	0.18		$	(0.13	)	$	—		$	(0.13	)
Year ended 3-31-2019		10.38		0.15			1.21			1.36			(0.31	)		(0.21	)		(0.52	)
Year ended 3-31-2018		10.28		0.24			0.04			0.28			(0.11	)		(0.07	)		(0.18	)
Year ended 3-31-2017		10.58		0.09			(0.14	)		(0.05	)		(0.25	)		—			(0.25	)
Year ended 3-31-2016		11.15		0.17			(0.41	)		(0.24	)		(0.13	)		(0.20	)		(0.33	)
Year ended 3-31-2015		9.83		0.13			1.46			1.59			(0.19	)		(0.08	)		(0.27	)
Class B Shares(6)
Six-month period ended 9-30-2019 (unaudited)		11.16		0.08			0.07			0.15			(0.12	)		—			(0.12	)
Year ended 3-31-2019		10.33		0.08			1.20			1.28			(0.24	)		(0.21	)		(0.45	)
Year ended 3-31-2018		10.24		0.15			0.07			0.22			(0.06	)		(0.07	)		(0.13	)
Year ended 3-31-2017		10.56		(0.04	)		(0.12	)		(0.16	)		(0.16	)		—			(0.16	)
Year ended 3-31-2016		11.10		0.06			(0.40	)		(0.34	)		(0.01	)		(0.19	)		(0.20	)
Year ended 3-31-2015		9.79		0.01			1.46			1.47			(0.08	)		(0.08	)		(0.16	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		11.15		0.08			0.08			0.16			(0.12	)		—			(0.12	)
Year ended 3-31-2019		10.32		0.06			1.21			1.27			(0.23	)		(0.21	)		(0.44	)
Year ended 3-31-2018		10.24		0.14			0.06			0.20			(0.05	)		(0.07	)		(0.12	)
Year ended 3-31-2017		10.55		(0.06	)		(0.11	)		(0.17	)		(0.14	)		—			(0.14	)
Year ended 3-31-2016		11.10		0.04			(0.41	)		(0.37	)		—			(0.18	)		(0.18	)
Year ended 3-31-2015		9.80		(0.01	)		1.47			1.46			(0.08	)		(0.08	)		(0.16	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		11.24		0.14			0.08			0.22			(0.15	)		—			(0.15	)
Year ended 3-31-2019		10.41		0.19			1.21			1.40			(0.36	)		(0.21	)		(0.57	)
Year ended 3-31-2018		10.29		0.26			0.07			0.33			(0.14	)		(0.07	)		(0.21	)
Year ended 3-31-2017		10.57		0.03			(0.07	)		(0.04	)		(0.24	)		—			(0.24	)
Year ended 3-31-2016		11.14		0.17			(0.42	)		(0.25	)		(0.12	)		(0.20	)		(0.32	)
Year ended 3-31-2015		9.82		0.12			1.46			1.58			(0.18	)		(0.08	)		(0.26	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		11.26		0.14			0.07			0.21			(0.15	)		—			(0.15	)
Year ended 3-31-2019		10.42		0.21			1.19			1.40			(0.35	)		(0.21	)		(0.56	)
Year ended 3-31-2018(8)		10.42		0.15			0.05			0.20			(0.13	)		(0.07	)		(0.20	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		11.19		0.10			0.07			0.17			(0.12	)		—			(0.12	)
Year ended 3-31-2019		10.36		0.09			1.23			1.32			(0.28	)		(0.21	)		(0.49	)
Year ended 3-31-2018		10.27		0.18			0.07			0.25			(0.09	)		(0.07	)		(0.16	)
Year ended 3-31-2017		10.57		0.00	*		(0.11	)		(0.11	)		(0.19	)		—			(0.19	)
Year ended 3-31-2016		11.12		0.10			(0.41	)		(0.31	)		(0.04	)		(0.20	)		(0.24	)
Year ended 3-31-2015		9.81		0.05			1.46			1.51			(0.12	)		(0.08	)		(0.20	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		11.35		0.12			0.07			0.19			(0.14	)		—			(0.14	)
Year ended 3-31-2019		10.50		0.14			1.24			1.38			(0.32	)		(0.21	)		(0.53	)
Year ended 3-31-2018		10.39		0.22			0.07			0.29			(0.11	)		(0.07	)		(0.18	)
Year ended 3-31-2017		10.64		0.07			(0.07	)		0.00	*		(0.25	)		—			(0.25	)
Year ended 3-31-2016		11.22		0.17			(0.42	)		(0.25	)		(0.13	)		(0.20	)		(0.33	)
Year ended 3-31-2015		9.89		0.12			1.48			1.60			(0.19	)		(0.08	)		(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) Expense ratio based on the period excluding reorganization expenses was 1.51%.

(6) 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.

(7) Expense ratio based on the period excluding reorganization expenses was 1.05%.

(8) For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

    .

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 (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 9-30-2019 (unaudited)	$	11.27		1.66	%	$	17			1.51	%(4)		2.02	%(4)		1.71	%(4)		1.82	%(4)		34	%
Year ended 3-31-2019		11.22		13.61			20			1.61	(5)		1.40			1.90			1.11			91
Year ended 3-31-2018		10.38		2.69			8			1.51			2.29			1.79			2.01			77
Year ended 3-31-2017		10.28		-0.45			12			1.51			0.91			2.08			0.34			49
Year ended 3-31-2016		10.58		-2.00			29			1.51			1.67			2.12			1.06			59
Year ended 3-31-2015		11.15		16.31			28			1.51			1.22			2.14			0.59			63
Class B Shares(6)
Six-month period ended 9-30-2019 (unaudited)		11.19		1.33			1			2.13	(4)		1.42	(4)		2.23	(4)		1.32	(4)		34
Year ended 3-31-2019		11.16		12.86			1			2.18			0.73			2.35			0.56			91
Year ended 3-31-2018		10.33		2.13			—	*		2.18			1.42			2.34			1.26			77
Year ended 3-31-2017		10.24		-1.52			—	*		2.54			-0.43			2.60			-0.49			49
Year ended 3-31-2016		10.56		-3.03			—	*		2.56			0.62			—			—			59
Year ended 3-31-2015		11.10		15.05			—	*		2.66			0.06			—			—			63
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		11.19		1.40			4			2.18	(4)		1.37	(4)		2.28	(4)		1.27	(4)		34
Year ended 3-31-2019		11.15		12.72			4			2.27			0.60			2.44			0.43			91
Year ended 3-31-2018		10.32		1.96			1			2.30			1.30			2.47			1.13			77
Year ended 3-31-2017		10.24		-1.62			1			2.66			-0.57			2.72			-0.63			49
Year ended 3-31-2016		10.55		-3.21			1			2.74			0.41			—			—			59
Year ended 3-31-2015		11.10		14.92			1			2.68			-0.09			—			—			63
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		11.31		1.95			82			1.05	(4)		2.49	(4)		1.35	(4)		2.19	(4)		34
Year ended 3-31-2019		11.24		14.00			88			1.20	(7)		1.76			1.55			1.41			91
Year ended 3-31-2018		10.41		3.20			28			1.05			2.48			1.41			2.12			77
Year ended 3-31-2017		10.29		-0.39			20			1.50			0.25			1.61			0.14			49
Year ended 3-31-2016		10.57		-2.11			3			1.59			1.59			—			—			59
Year ended 3-31-2015		11.14		16.14			3			1.62			1.08			—			—			63
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		11.32		1.89			29			1.05	(4)		2.49	(4)		1.16	(4)		2.38	(4)		34
Year ended 3-31-2019		11.26		14.08			30			1.13	(7)		2.01			1.31			1.83			91
Year ended 3-31-2018(8)		10.42		1.89			30			1.05	(4)		1.96	(4)		1.27	(4)		1.74	(4)		77	(9)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		11.24		1.56			6			1.80	(4)		1.75	(4)		1.97	(4)		1.58	(4)		34
Year ended 3-31-2019		11.19		13.19			6			1.93			0.83			2.10			0.66			91
Year ended 3-31-2018		10.36		2.39			—	*		1.81			1.74			1.97			1.58			77
Year ended 3-31-2017		10.27		-1.01			—	*		2.13			-0.05			2.20			-0.12			49
Year ended 3-31-2016		10.57		-2.68			—	*		2.20			0.99			—			—			59
Year ended 3-31-2015		11.12		15.40			1			2.25			0.50			—			—			63
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		11.40		1.68			5			1.46	(4)		2.09	(4)		1.56	(4)		1.99	(4)		34
Year ended 3-31-2019		11.35		13.64			5			1.51			1.29			1.68			1.12			91
Year ended 3-31-2018		10.50		2.76			1			1.46			2.11			1.62			1.95			77
Year ended 3-31-2017		10.39		0.03			1			1.52			0.70			1.87			0.35			49
Year ended 3-31-2016		10.64		-2.08			1			1.51			1.63			1.86			1.28			59
Year ended 3-31-2015		11.22		16.32			1			1.51			1.15			1.90			0.76			63

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 NATURAL RESOURCES 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 9-30-2019 (unaudited)	$	13.45	$	0.07		$	(1.29	)	$	(1.22	)	$	—		$	—	$	—
Year ended 3-31-2019		14.82		0.12			(1.49	)		(1.37	)		—			—		—
Year ended 3-31-2018		14.80		(0.03	)		0.05			0.02			—			—		—
Year ended 3-31-2017		12.53		(0.03	)		2.31			2.28			(0.01	)		—		(0.01	)
Year ended 3-31-2016		16.13		0.03			(3.63	)		(3.60	)		—			—		—
Year ended 3-31-2015		19.07		0.00	*		(2.94	)		(2.94	)		—			—		—
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		11.12		(0.05	)		(1.06	)		(1.11	)		—			—		—
Year ended 3-31-2019		12.44		(0.08	)		(1.24	)		(1.32	)		—			—		—
Year ended 3-31-2018		12.57		(0.18	)		0.05			(0.13	)		—			—		—
Year ended 3-31-2017		10.75		(0.15	)		1.97			1.82			—			—		—
Year ended 3-31-2016		13.98		(0.11	)		(3.12	)		(3.23	)		—			—		—
Year ended 3-31-2015		16.67		(0.15	)		(2.54	)		(2.69	)		—			—		—
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		11.13		0.02			(1.06	)		(1.04	)		—			—		—
Year ended 3-31-2019		12.33		0.03			(1.23	)		(1.20	)		—			—		—
Year ended 3-31-2018		12.39		(0.12	)		0.06			(0.06	)		—			—		—
Year ended 3-31-2017		10.55		(0.10	)		1.94			1.84			—			—		—
Year ended 3-31-2016		13.67		(0.06	)		(3.06	)		(3.12	)		—			—		—
Year ended 3-31-2015		16.26		(0.10	)		(2.49	)		(2.59	)		—			—		—
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		13.81		0.11			(1.32	)		(1.21	)		—			—		—
Year ended 3-31-2019		15.25		0.17			(1.55	)		(1.38	)		(0.06	)		—		(0.06	)
Year ended 3-31-2018		15.15		0.04			0.06			0.10			—			—		—
Year ended 3-31-2017		12.81		0.04			2.37			2.41			(0.07	)		—		(0.07	)
Year ended 3-31-2016		16.43		0.09			(3.71	)		(3.62	)		—			—		—
Year ended 3-31-2015		19.36		0.06			(2.99	)		(2.93	)		—			—		—
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		14.06		0.11			(1.35	)		(1.24	)		—			—		—
Year ended 3-31-2019		15.50		0.20			(1.57	)		(1.37	)		(0.07	)		—		(0.07	)
Year ended 3-31-2018		15.40		0.05			0.05			0.10			—			—		—
Year ended 3-31-2017		13.02		0.05			2.41			2.46			(0.08	)		—		(0.08	)
Year ended 3-31-2016		16.69		0.10			(3.77	)		(3.67	)		—			—		—
Year ended 3-31-2015		19.63		0.09			(3.03	)		(2.94	)		—			—		—
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		14.12		0.13			(1.36	)		(1.23	)		—			—		—
Year ended 3-31-2019		15.58		0.23			(1.59	)		(1.36	)		(0.10	)		—		(0.10	)
Year ended 3-31-2018		15.44		0.07			0.07			0.14			—			—		—
Year ended 3-31-2017		13.06		0.07			2.42			2.49			(0.11	)		—		(0.11	)
Year ended 3-31-2016		16.70		0.13			(3.77	)		(3.64	)		—			—		—
Year ended 3-31-2015(6)		20.86		0.11			(4.27	)		(4.16	)		—			—		—
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		13.26		0.07			(1.27	)		(1.20	)		—			—		—
Year ended 3-31-2019		14.63		0.10			(1.47	)		(1.37	)		—			—		—
Year ended 3-31-2018		14.61		(0.04	)		0.06			0.02			—			—		—
Year ended 3-31-2017		12.37		(0.04	)		2.28			2.24			—			—		—
Year ended 3-31-2016		15.94		0.01			(3.58	)		(3.57	)		—			—		—
Year ended 3-31-2015		18.87		(0.02	)		(2.91	)		(2.93	)		—			—		—
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		13.79		0.10			(1.32	)		(1.22	)		—			—		—
Year ended 3-31-2019		15.21		0.16			(1.54	)		(1.38	)		(0.04	)		—		(0.04	)
Year ended 3-31-2018		15.14		0.01			0.06			0.07			—			—		—
Year ended 3-31-2017		12.80		0.01			2.38			2.39			(0.05	)		—		(0.05	)
Year ended 3-31-2016		16.45		0.06			(3.71	)		(3.65	)		—			—		—
Year ended 3-31-2015		19.39		0.04			(2.98	)		(2.94	)		—			—		—

* 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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

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 (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 9-30-2019 (unaudited)	$	12.23		-9.07	%	$	181		1.78	%(4)		1.13	%(4)		—	%		—	%		18	%
Year ended 3-31-2019		13.45		-9.31			218		1.59			0.82			—			—			21
Year ended 3-31-2018		14.82		0.20			288		1.73			-0.19			—			—			33
Year ended 3-31-2017		14.80		18.19			329		1.72			-0.22			—			—			64
Year ended 3-31-2016		12.53		-22.32			415		1.66			0.18			—			—			17
Year ended 3-31-2015		16.13		-15.42			645		1.57			-0.03			—			—			22
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		10.01		-9.98			1		3.78	(4)		-0.92	(4)		—			—			18
Year ended 3-31-2019		11.12		-10.61			2		3.01			-0.66			—			—			21
Year ended 3-31-2018		12.44		-1.03			3		2.98			-1.50			—			—			33
Year ended 3-31-2017		12.57		16.93			7		2.77			-1.27			—			—			64
Year ended 3-31-2016		10.75		-23.10			10		2.65			-0.85			—			—			17
Year ended 3-31-2015		13.98		-16.14			21		2.47			-0.95			—			—			22
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		10.09		-9.34			11		2.46	(4)		0.39	(4)		—			—			18
Year ended 3-31-2019		11.13		-9.73			21		2.07			0.28			—			—			21
Year ended 3-31-2018		12.33		-0.48			40		2.40			-0.98			—			—			33
Year ended 3-31-2017		12.39		17.44			100		2.34			-0.84			—			—			64
Year ended 3-31-2016		10.55		-22.82			110		2.30			-0.47			—			—			17
Year ended 3-31-2015		13.67		-15.93			187		2.20			-0.65			—			—			22
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		12.60		-8.76			3		1.27	(4)		1.65	(4)		2.19	(4)		0.73	(4)		18
Year ended 3-31-2019		13.81		-9.03			4		1.27			1.17			2.03			0.41			21
Year ended 3-31-2018		15.25		0.66			5		1.27			0.27			2.15			-0.61			33
Year ended 3-31-2017		15.15		18.77			5		1.27			0.25			2.19			-0.67			64
Year ended 3-31-2016		12.81		-22.03			4		1.26			0.59			2.21			-0.36			17
Year ended 3-31-2015		16.43		-15.13			6		1.27			0.32			2.03			-0.44			22
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		12.82		-8.82			88		1.22	(4)		1.69	(4)		—			—			18
Year ended 3-31-2019		14.06		-8.86			106		1.10			1.30			—			—			21
Year ended 3-31-2018		15.50		0.71			154		1.20			0.32			—			—			33
Year ended 3-31-2017		15.40		18.88			188		1.19			0.33			—			—			64
Year ended 3-31-2016		13.02		-21.99			103		1.16			0.67			—			—			17
Year ended 3-31-2015		16.69		-14.98			174		1.11			0.47			—			—			22
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		12.89		-8.71			5		1.03	(4)		1.89	(4)		—			—			18
Year ended 3-31-2019		14.12		-8.71			5		0.93			1.48			—			—			21
Year ended 3-31-2018		15.58		0.91			6		1.04			0.46			—			—			33
Year ended 3-31-2017		15.44		19.01			10		1.02			0.48			—			—			64
Year ended 3-31-2016		13.06		-21.80			11		1.00			0.92			—			—			17
Year ended 3-31-2015(6)		16.70		-19.94			5		0.95	(4)		0.97	(4)		—			—			22	(7)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		12.06		-9.05			12		1.79	(4)		1.13	(4)		—			—			18
Year ended 3-31-2019		13.26		-9.36			15		1.67			0.73			—			—			21
Year ended 3-31-2018		14.63		0.14			21		1.78			-0.26			—			—			33
Year ended 3-31-2017		14.61		18.11			26		1.77			-0.25			—			—			64
Year ended 3-31-2016		12.37		-22.40			24		1.75			0.10			—			—			17
Year ended 3-31-2015		15.94		-15.53			33		1.69			-0.12			—			—			22
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		12.57		-8.91			16		1.44	(4)		1.48	(4)		—			—			18
Year ended 3-31-2019		13.79		-9.03			18		1.33			1.09			—			—			21
Year ended 3-31-2018		15.21		0.46			26		1.43			0.09			—			—			33
Year ended 3-31-2017		15.14		18.63			32		1.43			0.08			—			—			64
Year ended 3-31-2016		12.80		-22.19			33		1.40			0.42			—			—			17
Year ended 3-31-2015		16.45		-15.16			60		1.35			0.20			—			—			22

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 SCIENCE AND TECHNOLOGY FUND

	Net Asset Value, Beginning of Period		Net Investment 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 9-30-2019 (unaudited)	$	65.00	$	(0.16	)	$	4.74		$	4.58		$	—	$	—		$	—
Year ended 3-31-2019		65.33		(0.30	)		7.42			7.12			—		(7.45	)		(7.45	)
Year ended 3-31-2018		56.65		(0.36	)		13.46			13.10			—		(4.42	)		(4.42	)
Year ended 3-31-2017		46.35		(0.32	)		10.62			10.30			—		—			—
Year ended 3-31-2016		55.95		(0.35	)		(7.99	)		(8.34	)		—		(1.26	)		(1.26	)
Year ended 3-31-2015		52.71		(0.36	)		4.77			4.41			—		(1.17	)		(1.17	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		51.83		(0.37	)		3.79			3.42			—		—			—
Year ended 3-31-2019		54.08		(0.70	)		5.90			5.20			—		(7.45	)		(7.45	)
Year ended 3-31-2018		47.68		(0.76	)		11.33			10.57			—		(4.17	)		(4.17	)
Year ended 3-31-2017		39.32		(0.59	)		8.95			8.36			—		—			—
Year ended 3-31-2016		48.01		(0.63	)		(6.80	)		(7.43	)		—		(1.26	)		(1.26	)
Year ended 3-31-2015		45.73		(0.65	)		4.10			3.45			—		(1.17	)		(1.17	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		54.26		(0.36	)		3.96			3.60			—		—			—
Year ended 3-31-2019		56.20		(0.67	)		6.18			5.51			—		(7.45	)		(7.45	)
Year ended 3-31-2018		49.39		(0.76	)		11.74			10.98			—		(4.17	)		(4.17	)
Year ended 3-31-2017		40.70		(0.59	)		9.28			8.69			—		—			—
Year ended 3-31-2016		49.63		(0.63	)		(7.04	)		(7.67	)		—		(1.26	)		(1.26	)
Year ended 3-31-2015		47.21		(0.65	)		4.24			3.59			—		(1.17	)		(1.17	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		64.37		(0.20	)		4.70			4.50			—		—			—
Year ended 3-31-2019		64.88		(0.39	)		7.33			6.94			—		(7.45	)		(7.45	)
Year ended 3-31-2018		56.28		(0.44	)		13.43			12.99			—		(4.39	)		(4.39	)
Year ended 3-31-2017		46.08		(0.33	)		10.53			10.20			—		—			—
Year ended 3-31-2016		55.70		(0.42	)		(7.94	)		(8.36	)		—		(1.26	)		(1.26	)
Year ended 3-31-2015		52.57		(0.45	)		4.75			4.30			—		(1.17	)		(1.17	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		72.51		(0.11	)		5.30			5.19			—		—			—
Year ended 3-31-2019		71.85		(0.17	)		8.28			8.11			—		(7.45	)		(7.45	)
Year ended 3-31-2018		61.88		(0.26	)		14.77			14.51			—		(4.54	)		(4.54	)
Year ended 3-31-2017		50.49		(0.19	)		11.58			11.39			—		—			—
Year ended 3-31-2016		60.64		(0.22	)		(8.67	)		(8.89	)		—		(1.26	)		(1.26	)
Year ended 3-31-2015		56.87		(0.23	)		5.17			4.94			—		(1.17	)		(1.17	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		73.03		(0.05	)		5.34			5.29			—		—			—
Year ended 3-31-2019		72.20		(0.04	)		8.32			8.28			—		(7.45	)		(7.45	)
Year ended 3-31-2018		62.13		(0.17	)		14.85			14.68			—		(4.61	)		(4.61	)
Year ended 3-31-2017		50.62		(0.10	)		11.61			11.51			—		—			—
Year ended 3-31-2016		60.70		(0.12	)		(8.70	)		(8.82	)		—		(1.26	)		(1.26	)
Year ended 3-31-2015(6)		57.21		(0.12	)		4.78			4.66			—		(1.17	)		(1.17	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		62.89		(0.29	)		4.59			4.30			—		—			—
Year ended 3-31-2019		63.68		(0.52	)		7.18			6.66			—		(7.45	)		(7.45	)
Year ended 3-31-2018		55.38		(0.61	)		13.18			12.57			—		(4.27	)		(4.27	)
Year ended 3-31-2017		45.45		(0.46	)		10.39			9.93			—		—			—
Year ended 3-31-2016		55.05		(0.49	)		(7.85	)		(8.34	)		—		(1.26	)		(1.26	)
Year ended 3-31-2015		52.04		(0.52	)		4.70			4.18			—		(1.17	)		(1.17	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		69.01		(0.18	)		5.05			4.87			—		—			—
Year ended 3-31-2019		68.90		(0.31	)		7.87			7.56			—		(7.45	)		(7.45	)
Year ended 3-31-2018		59.54		(0.43	)		14.21			13.78			—		(4.42	)		(4.42	)
Year ended 3-31-2017		48.70		(0.31	)		11.15			10.84			—		—			—
Year ended 3-31-2016		58.68		(0.34	)		(8.38	)		(8.72	)		—		(1.26	)		(1.26	)
Year ended 3-31-2015		55.20		(0.35	)		5.00			4.65			—		(1.17	)		(1.17	)

(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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(8) Expense ratio based on the period excluding reorganization expenses was 1.22%.

(9) Expense ratio based on the period excluding reorganization expenses was 2.03%.

(10) Expense ratio based on the period excluding reorganization expenses was 1.30%.

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 Loss to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Loss to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2019 (unaudited)	$	69.58		7.05	%	$	4,001		1.18	%(4)		-0.47	%(4)		—	%		—	%		14	%
Year ended 3-31-2019		65.00		12.63			3,956		1.20			-0.45			—			—			14
Year ended 3-31-2018		65.33		23.34			4,018		1.22			-0.56			—			—			22
Year ended 3-31-2017		56.65		22.22			1,026		1.30			-0.66			—			—			16
Year ended 3-31-2016		46.35		-15.10			1,790		1.28			-0.69			—			—			24
Year ended 3-31-2015		55.95		8.48			2,198		1.26			-0.67			—			—			32
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		55.25		6.58			32		2.03	(4)		-1.33	(4)		2.06	(4)		-1.36	(4)		14
Year ended 3-31-2019		51.83		11.70			37		2.05	(9)		-1.29			2.06			-1.30			14
Year ended 3-31-2018		54.08		22.36			48		2.03			-1.42			—			—			22
Year ended 3-31-2017		47.68		21.26			48		2.06			-1.41			—			—			16
Year ended 3-31-2016		39.32		-15.71			52		2.02			-1.42			—			—			24
Year ended 3-31-2015		48.01		7.67			69		2.01			-1.42			—			—			32
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		57.86		6.61			493		1.95	(4)		-1.24	(4)		—			—			14
Year ended 3-31-2019		54.26		11.79			532		1.94			-1.18			—			—			14
Year ended 3-31-2018		56.20		22.44			608		1.98			-1.38			—			—			22
Year ended 3-31-2017		49.39		21.35			683		2.00			-1.35			—			—			16
Year ended 3-31-2016		40.70		-15.68			833		1.97			-1.37			—			—			24
Year ended 3-31-2015		49.63		7.73			999		1.95			-1.37			—			—			32
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		68.87		6.98			38		1.30	(4)		-0.59	(4)		1.37	(4)		-0.66	(4)		14
Year ended 3-31-2019		64.37		12.46			36		1.35	(10)		-0.60			1.45			-0.70			14
Year ended 3-31-2018		64.88		23.28			32		1.30			-0.69			1.46			-0.85			22
Year ended 3-31-2017		56.28		22.13			25		1.33			-0.67			1.58			-0.92			16
Year ended 3-31-2016		46.08		-15.21			21		1.41			-0.82			1.54			-0.95			24
Year ended 3-31-2015		55.70		8.29			22		1.43			-0.84			1.55			-0.96			32
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		77.70		7.16			2,158		0.98	(4)		-0.27	(4)		—			—			14
Year ended 3-31-2019		72.51		12.88			2,203		0.98			-0.23			—			—			14
Year ended 3-31-2018		71.85		23.63			2,235		1.00			-0.37			—			—			22
Year ended 3-31-2017		61.88		22.56			1,327		1.00			-0.35			—			—			16
Year ended 3-31-2016		50.49		-14.84			1,364		0.97			-0.39			—			—			24
Year ended 3-31-2015		60.64		8.79			1,871		0.97			-0.39			—			—			32
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		78.32		7.23			99		0.83	(4)		-0.12	(4)		—			—			14
Year ended 3-31-2019		73.03		13.07			101		0.82			-0.05			—			—			14
Year ended 3-31-2018		72.20		23.82			73		0.85			-0.24			—			—			22
Year ended 3-31-2017		62.13		22.74			93		0.85			-0.18			—			—			16
Year ended 3-31-2016		50.62		-14.71			65		0.83			-0.22			—			—			24
Year ended 3-31-2015(6)		60.70		8.25			12		0.82	(4)		-0.32	(4)		—			—			32	(7)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		67.19		6.82			123		1.57	(4)		-0.86	(4)		—			—			14
Year ended 3-31-2019		62.89		12.23			127		1.56			-0.81			—			—			14
Year ended 3-31-2018		63.68		22.91			129		1.58			-0.98			—			—			22
Year ended 3-31-2017		55.38		21.85			108		1.59			-0.94			—			—			16
Year ended 3-31-2016		45.45		-15.35			110		1.57			-0.98			—			—			24
Year ended 3-31-2015		55.05		8.15			114		1.57			-0.98			—			—			32
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		73.88		7.04			410		1.18	(4)		-0.47	(4)		1.22	(4)		-0.51	(4)		14
Year ended 3-31-2019		69.01		12.64			442		1.20			-0.44			1.21			-0.45			14
Year ended 3-31-2018		68.90		23.33			554		1.24	(8)		-0.64			—			—			22
Year ended 3-31-2017		59.54		22.26			644		1.24			-0.59			—			—			16
Year ended 3-31-2016		48.70		-15.04			754		1.22			-0.63			—			—			24
Year ended 3-31-2015		58.68		8.53			1,030		1.22			-0.63			—			—			32

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 51

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY SECURIAN REAL ESTATE SECURITIES FUND

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Class A Shares
Six-month period ended 9-30-2019 (unaudited)	$	24.45	$	0.25		$	1.76		$	2.01		$	(0.14	)	$	—		$	(0.14	)
Year ended 3-31-2019		22.41		0.30			3.35			3.65			(0.33	)		(1.28	)		(1.61	)
Year ended 3-31-2018		25.94		0.39			(0.82	)		(0.43	)		(0.18	)		(2.92	)		(3.10	)
Year ended 3-31-2017		28.60		0.24			(0.26	)		(0.02	)		(0.35	)		(2.29	)		(2.64	)
Year ended 3-31-2016		29.38		0.33			0.52			0.85			(0.29	)		(1.34	)		(1.63	)
Year ended 3-31-2015		24.35		0.21			5.86			6.07			(0.17	)		(0.87	)		(1.04	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		23.45		0.11			1.69			1.80			(0.03	)		—			(0.03	)
Year ended 3-31-2019		21.54		0.08			3.19			3.27			(0.08	)		(1.28	)		(1.36	)
Year ended 3-31-2018		25.11		0.14			(0.79	)		(0.65	)		—			(2.92	)		(2.92	)
Year ended 3-31-2017		27.80		(0.03	)		(0.23	)		(0.26	)		(0.14	)		(2.29	)		(2.43	)
Year ended 3-31-2016		28.58		0.11			0.48			0.59			(0.03	)		(1.34	)		(1.37	)
Year ended 3-31-2015		23.77		(0.03	)		5.67			5.64			—			(0.83	)		(0.83	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		23.86		0.13			1.74			1.87			(0.05	)		—			(0.05	)
Year ended 3-31-2019		21.90		0.17			3.21			3.38			(0.14	)		(1.28	)		(1.42	)
Year ended 3-31-2018		25.45		0.23			(0.84	)		(0.61	)		(0.02	)		(2.92	)		(2.94	)
Year ended 3-31-2017		28.15		(0.01	)		(0.21	)		(0.22	)		(0.19	)		(2.29	)		(2.48	)
Year ended 3-31-2016		28.92		0.13			0.52			0.65			(0.08	)		(1.34	)		(1.42	)
Year ended 3-31-2015		24.02		0.00	*		5.78			5.78			(0.01	)		(0.87	)		(0.88	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		24.45		0.25			1.76			2.01			(0.14	)		—			(0.14	)
Year ended 3-31-2019		22.41		0.29			3.36			3.65			(0.33	)		(1.28	)		(1.61	)
Year ended 3-31-2018		25.94		0.34			(0.77	)		(0.43	)		(0.18	)		(2.92	)		(3.10	)
Year ended 3-31-2017		28.60		0.12			(0.15	)		(0.03	)		(0.34	)		(2.29	)		(2.63	)
Year ended 3-31-2016		29.37		0.30			0.54			0.84			(0.27	)		(1.34	)		(1.61	)
Year ended 3-31-2015		24.35		0.13			5.87			6.00			(0.11	)		(0.87	)		(0.98	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		24.63		0.30			1.77			2.07			(0.18	)		—			(0.18	)
Year ended 3-31-2019		22.57		0.39			3.36			3.75			(0.41	)		(1.28	)		(1.69	)
Year ended 3-31-2018		26.11		0.41			(0.74	)		(0.33	)		(0.29	)		(2.92	)		(3.21	)
Year ended 3-31-2017		28.75		0.13			(0.05	)		0.08			(0.43	)		(2.29	)		(2.72	)
Year ended 3-31-2016		29.53		0.44			0.54			0.98			(0.42	)		(1.34	)		(1.76	)
Year ended 3-31-2015		24.50		0.32			5.90			6.22			(0.32	)		(0.87	)		(1.19	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		24.66		0.32			1.78			2.10			(0.20	)		—			(0.20	)
Year ended 3-31-2019		22.59		0.57			3.23			3.80			(0.45	)		(1.28	)		(1.73	)
Year ended 3-31-2018		26.15		0.63			(0.92	)		(0.29	)		(0.35	)		(2.92	)		(3.27	)
Year ended 3-31-2017		28.78		0.29			(0.16	)		0.13			(0.47	)		(2.29	)		(2.76	)
Year ended 3-31-2016		29.56		0.50			0.52			1.02			(0.46	)		(1.34	)		(1.80	)
Year ended 3-31-2015(6)		26.13		0.20			4.34			4.54			(0.24	)		(0.87	)		(1.11	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		24.42		0.20			1.78			1.98			(0.11	)		—			(0.11	)
Year ended 3-31-2019		22.39		0.25			3.34			3.59			(0.28	)		(1.28	)		(1.56	)
Year ended 3-31-2018		25.92		0.36			(0.85	)		(0.49	)		(0.12	)		(2.92	)		(3.04	)
Year ended 3-31-2017		28.59		0.09			(0.17	)		(0.08	)		(0.30	)		(2.29	)		(2.59	)
Year ended 3-31-2016		29.37		0.31			0.49			0.80			(0.24	)		(1.34	)		(1.58	)
Year ended 3-31-2015		24.35		0.20			5.81			6.01			(0.12	)		(0.87	)		(0.99	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		24.48		0.27			1.77			2.04			(0.16	)		—			(0.16	)
Year ended 3-31-2019		22.44		0.34			3.34			3.68			(0.36	)		(1.28	)		(1.64	)
Year ended 3-31-2018		25.97		0.40			(0.79	)		(0.39	)		(0.22	)		(2.92	)		(3.14	)
Year ended 3-31-2017		28.62		0.24			(0.21	)		0.03			(0.39	)		(2.29	)		(2.68	)
Year ended 3-31-2016		29.40		0.40			0.51			0.91			(0.35	)		(1.34	)		(1.69	)
Year ended 3-31-2015		24.39		0.28			5.84			6.12			(0.24	)		(0.87	)		(1.11	)

* 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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

52 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 9-30-2019 (unaudited)	$	26.32		8.24	%	$	173		1.45	%(4)		1.98	%(4)		1.55	%(4)		1.88	%(4)		20	%
Year ended 3-31-2019		24.45		16.83			173		1.44			1.29			1.54			1.19			69
Year ended 3-31-2018		22.41		-2.58			189		1.42			1.51			1.52			1.41			68
Year ended 3-31-2017		25.94		0.02			261		1.43			0.87			1.53			0.77			77
Year ended 3-31-2016		28.60		3.41			507		1.47			1.22			1.57			1.12			66
Year ended 3-31-2015		29.38		25.19			543		1.46			0.78			1.56			0.68			48
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		25.22		7.69			1		2.48	(4)		0.92	(4)		2.58	(4)		0.82	(4)		20
Year ended 3-31-2019		23.45		15.61			2		2.44			0.38			2.54			0.28			69
Year ended 3-31-2018		21.54		-3.48			2		2.39			0.57			2.49			0.47			68
Year ended 3-31-2017		25.11		-0.88			3		2.34			-0.10			2.44			-0.20			77
Year ended 3-31-2016		27.80		2.48			5		2.37			0.41			2.47			0.31			66
Year ended 3-31-2015		28.58		23.95			6		2.41			-0.10			2.51			-0.20			48
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		25.68		7.83			4		2.28	(4)		1.06	(4)		2.38	(4)		0.96	(4)		20
Year ended 3-31-2019		23.86		15.90			6		2.19			0.74			2.29			0.64			69
Year ended 3-31-2018		21.90		-3.26			8		2.19			0.93			2.29			0.83			68
Year ended 3-31-2017		25.45		-0.72			15		2.16			-0.02			2.26			-0.12			77
Year ended 3-31-2016		28.15		2.67			19		2.18			0.48			2.28			0.38			66
Year ended 3-31-2015		28.92		24.27			21		2.18			0.01			2.28			-0.09			48
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		26.32		8.25			3		1.41	(4)		2.00	(4)		1.77	(4)		1.64	(4)		20
Year ended 3-31-2019		24.45		16.80			3		1.42			1.24			1.79			0.87			69
Year ended 3-31-2018		22.41		-2.54			3		1.43			1.34			1.79			0.98			68
Year ended 3-31-2017		25.94		0.00			4		1.45			0.44			1.79			0.10			77
Year ended 3-31-2016		28.60		3.36			4		1.52			1.11			1.87			0.76			66
Year ended 3-31-2015		29.37		24.88			4		1.67			0.49			1.93			0.23			48
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		26.52		8.45			163		1.10	(4)		2.34	(4)		1.20	(4)		2.24	(4)		20
Year ended 3-31-2019		24.63		17.22			160		1.07			1.65			1.17			1.55			69
Year ended 3-31-2018		22.57		-2.17			173		1.06			1.60			1.16			1.50			68
Year ended 3-31-2017		26.11		0.39			208		1.05			0.45			1.15			0.35			77
Year ended 3-31-2016		28.75		3.86			13		1.03			1.58			1.13			1.48			66
Year ended 3-31-2015		29.53		25.74			13		1.02			1.18			1.12			1.08			48
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		26.56		8.56			1		0.95	(4)		2.51	(4)		1.05	(4)		2.41	(4)		20
Year ended 3-31-2019		24.66		17.42			1		0.91			2.40			1.01			2.30			69
Year ended 3-31-2018		22.59		-2.04			1		0.89			2.38			0.99			2.28			68
Year ended 3-31-2017		26.15		0.56			3		0.87			1.04			0.97			0.94			77
Year ended 3-31-2016		28.78		4.02			3		0.87			1.83			0.97			1.73			66
Year ended 3-31-2015(6)		29.56		17.66			4		0.86	(4)		1.10	(4)		0.96	(4)		1.00	(4)		48	(7)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		26.29		8.13			1		1.68	(4)		1.63	(4)		1.78	(4)		1.53	(4)		20
Year ended 3-31-2019		24.42		16.57			1		1.64			1.05			1.74			0.95			69
Year ended 3-31-2018		22.39		-2.79			1		1.66			1.40			1.76			1.30			68
Year ended 3-31-2017		25.92		-0.18			2		1.64			0.33			1.74			0.23			77
Year ended 3-31-2016		28.59		3.21			2		1.65			1.13			1.75			1.03			66
Year ended 3-31-2015		29.37		24.92			2		1.64			0.72			1.74			0.62			48
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		26.36		8.35			91		1.30	(4)		2.14	(4)		1.40	(4)		2.04	(4)		20
Year ended 3-31-2019		24.48		16.99			90		1.28			1.45			1.38			1.35			69
Year ended 3-31-2018		22.44		-2.42			98		1.27			1.57			1.37			1.47			68
Year ended 3-31-2017		25.97		0.19			129		1.26			0.86			1.36			0.76			77
Year ended 3-31-2016		28.62		3.62			152		1.26			1.46			1.36			1.36			66
Year ended 3-31-2015		29.40		25.41			180		1.26			1.05			1.36			0.95			48

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 53

NOTES TO FINANCIAL STATMENTS IVY FUNDS

SEPTEMBER 30, 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 Asset Strategy Fund, Ivy Balanced Fund, Ivy Energy Fund, Ivy LaSalle Global Real Estate Fund, Ivy Natural Resources Fund, Ivy Science and Technology Fund and Ivy Securian Real Estate Securities Fund (each, a “Fund”) are seven 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 B, Class C, Class I, Class N, Class Y, and Class R shares. The Funds’ Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges from Class B shares of another fund within Ivy Funds. Certain Funds may also offer Class E shares. Class E shares are closed for all investments in the Ivy Balanced Fund and Ivy Energy Fund. 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 shares 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 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.

54 SEMIANNUAL REPORT 2019

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.

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

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

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

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

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

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

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

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

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

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

56 SEMIANNUAL REPORT 2019

purchase of securities on a when-issued basis may increase the volatility of a Fund’s NAV to the extent the Fund executes such transactions while remaining substantially fully invested. When a Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield IICO, or the Fund’s investment subadviser, as applicable, consider advantageous. The Fund maintains internally designated assets with a value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued or delayed delivery basis prior to settlement of the original purchase.

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

Short-term securities with maturities of 60 days or less are valued based on quotes that are obtained from an independent pricing service approved by the Board as described in the preceding paragraph above.

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

Bullion. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded and are categorized in Level 1 of the fair value hierarchy.

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.

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

Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap agreements, and option contracts related to interest rates, foreign currencies, credit standing of reference entities or equity prices.

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

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

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

Foreign securities, for which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to 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.

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.

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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 September 30, 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 Natural Resources Fund enters 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).

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 Asset Strategy Fund and Ivy Science and Technology 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.

60 SEMIANNUAL REPORT 2019

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

Swaps are marked to market daily and changes in value are recorded as unrealized appreciation (depreciation) on the Statement of Operations. 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 a 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.

Total return swaps involve a commitment of one party to pay periodic interest payments in exchange for a market-linked return based on a security or a basket of securities including a variety of securities or representing a particular index. To the extent the total return of the security, a basket of securities, or an index exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Ivy Asset Strategy Fund enters into total return swaps to hedge exposure to a security or market.

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 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.

2019 SEMIANNUAL REPORT 61

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 September 30, 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 Natural Resources Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	2,786	$	—	$	2,786	$	—	$	(1,729	)	$	(660	)	$	397

(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.

Additional Disclosure Related to Derivative Instruments

Fair values of derivative instruments as of September 30, 2019:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy Natural Resources Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts	$	2,124		$	—

Amount of realized gain (loss) on derivatives recognized on the Statement of Operations for the period ended September 30, 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 Asset Strategy Fund	Equity	$	(724	)	$	549	$	—	$	—	$	—	$	175
Ivy Natural Resources Fund	Foreign currency		—			—		—		—		2,885		2,885
Ivy Science and Technology Fund	Equity		6,659			—		—		2,632		—		9,291

* 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 September 30, 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 Asset Strategy Fund	Equity	$	—	$	1,402	$	—	$	—	$	—	$	1,402
Ivy Natural Resources Fund	Foreign currency		—		—		—		—		1,893		1,893

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

62 SEMIANNUAL REPORT 2019

During the period ended September 30, 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 Asset Strategy Fund	$	—	$	—	$	—	$	2,469	$	64	$	—
Ivy Natural Resources Fund		1,651		—		—		—		—		—
Ivy Science and Technology Fund		—		—		—		—		3,382		330

(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. BASIS FOR CONSOLIDATION OF THE IVY ASSET STRATEGY FUND

Ivy ASF II, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the Ivy Asset Strategy Fund (referred to as “the Fund” in this subsection). Ivy ASF III (SBP), LLC (the “Company”), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for the Fund. The Subsidiary and the Company act as an investment vehicle for the Fund, in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI.

The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund, its Subsidiary and the Company. The consolidated financial statements include the accounts of the Fund and its Subsidiary and the Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary and the Company comprising the entire issued share capital of the Subsidiary and the Company with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and the Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and the Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and the Company.

See the table below for details regarding the structure, incorporation and relationship as of September 30, 2019 of the Subsidiary and the Company to the Fund (amounts in thousands).

Subsidiary/Company	Date of Incorporation		Subscription Agreement		Fund Net Assets		Subsidiary/ Company Net Assets		Percentage of Fund Net Assets
Ivy ASF II, Ltd.		1-31-13		4-10-13	$	2,890,020	$	171,655		5.94	%
Ivy ASF III (SBP), LLC		4-9-13		4-23-13		2,890,020		10,203		0.35	%

6. 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 $2,000M			$2,000 to $3,000M			$3,000 to $5,000M			$5,000 to $8,000M			$8,000 to $10,000M			$10,000 to $13,000M			$13,000 to $28,000M			$28,000 to $53,000M			Over $53,000M
Ivy Asset Strategy Fund		0.700	%		0.700	%		0.650	%		0.600	%		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%		0.545	%		0.540	%
Ivy Balanced Fund		0.700			0.700			0.650			0.600			0.550			0.540			0.540			0.530			0.530			0.530			0.530
Ivy Energy Fund		0.850			0.850			0.830			0.800			0.760			0.750			0.750			0.740			0.740			0.740			0.740
Ivy LaSalle Global Real Estate Fund		0.950			0.950			0.920			0.870			0.840			0.820			0.820			0.800			0.800			0.800			0.800

2019 SEMIANNUAL REPORT 63

Fund (M - Millions)	$0 to $500M			$500 to $1,000M			$1,000 to $2,000M			$2,000 to $3,000M			$3,000 to $5,000M			$5,000 to $8,000M			$8,000 to $10,000M			$10,000 to $13,000M			$13,000 to $28,000M			$28,000 to $53,000M			Over $53,000M
Ivy Natural Resources Fund		0.850	%		0.850	%		0.830	%		0.800	%		0.760	%		0.730	%		0.730	%		0.700	%		0.700	%		0.700	%		0.700	%
Ivy Science and Technology Fund		0.850			0.850			0.830			0.800			0.760			0.760			0.755			0.755			0.750			0.750			0.750
Ivy Securian Real Estate Securities Fund		0.900			0.900			0.870			0.840			0.800			0.760			0.760			0.720			0.720			0.720			0.720

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 September 30, 2019.

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

Under an agreement between IICO and Securian Asset Management, Inc. (“Securian AM”), Securian AM serves as subadviser to Ivy Securian Real Estate Securities Fund. Under an agreement between IICO and LaSalle Investment Management Securities, LLC (“LaSalle”), LaSalle serves as subadviser to Ivy LaSalle Global Real Estate 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 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

64 SEMIANNUAL REPORT 2019

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 September 30, 2019, IDI received the following amounts in sales commissions and CDSCs:

	Gross Sales		CDSC											Commissions
	Commissions		Class A			Class B			Class C			Class E		Paid(1)
Ivy Asset Strategy Fund	$	150	$	8		$	5		$	6		$	—	$	128
Ivy Balanced Fund		418		1			11			5			—		373
Ivy Energy Fund		51		—	*		—	*		1			—		46
Ivy LaSalle Global Real Estate Fund		6		—			—			—	*		N/A		5
Ivy Natural Resources Fund		51		—	*		—	*		—	*		—		44
Ivy Science and Technology Fund		1,167		1			4			8			—		1,035
Ivy Securian Real Estate Securities Fund		34		—	*		—	*		—	*		—		28

* 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

2019 SEMIANNUAL REPORT 65

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 September 30, 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 Asset Strategy Fund	Class E	Contractual	8-1-2008	7-31-2020	1.00%		$	90		12b-1 Fees and/or Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Balanced Fund	Class N	Contractual	7-5-2017	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	3		12b-1 Fees and/or Shareholder Servicing
Ivy Energy Fund	Class A	Contractual	10-16-2017	7-31-2020	1.41%		$	157		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	10-16-2017	7-31-2020	2.29%		$	3		12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-16-2017	7-31-2020	2.11%		$	22		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-16-2017	7-31-2020	0.99%		$	120		Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2020	Not to exceed Class I		$	—	*	Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	1		12b-1 Fees and/or Shareholder Servicing
Ivy LaSalle Global Real Estate Fund	All Classes	Contractual	1-12-2017	7-31-2020	N/A		$	72	(1)	Investment Management Fee
	Class A	Contractual	4-1-2013	7-31-2020	1.51%		$	9		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	11-5-2018	7-31-2020	2.18%		$	—		N/A
	Class I	Contractual	1-12-2017	7-31-2020	1.05%		$	85		Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2020	1.05%		$	2		Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2020	Not to exceed Class I		$	—		N/A
	Class R	Contractual	11-5-2018	7-31-2020	1.80%		$	2		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	4-1-2013	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Natural Resources Fund	Class E	Contractual	8-1-2008	7-31-2020	1.27%		$	16		12b-1 Fees and/or Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Science and Technology Fund	Class B	Contractual	2-26-2018	7-31-2020	2.03%		$	4		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2020	1.28%(2)		$	13		12b-1 Fees and/or Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	87		12b-1 Fees and/or Shareholder Servicing

66 SEMIANNUAL REPORT 2019

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy Securian Real Estate Securities Fund	All Classes	Contractual	12-3-2012	7-31-2020	N/A		$	216	(3)	Investment Management Fee
	Class E	Contractual	8-1-2008	7-31-2020	1.37%(4)		$	4		12b-1 Fees and/or Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A

* Not shown due to rounding.

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

(2) Reflects the lower expense limit which went into effect July 31, 2019. Prior to July 31, 2019, the expense limit in effect was 1.30%.

(3) The Fund’s investment management fee is being reduced by 0.10% of average daily net assets until July 31, 2020.

(4) Reflects the lower expense limit which went into effect July 31, 2019. Prior to July 31, 2019, the expense limit in effect was 1.42%.

Any amounts due to the Funds as a reimbursement but not paid as of September 30, 2019 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.

7. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the SEC (“Order”), the Ivy Funds, Ivy Variable Insurance Portfolios and InvestEd Portfolios (collectively, the “Funds” only for purposes of this footnote 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. The Funds made no Interfund Loans under the Interfund Lending Program during the period ended September 30, 2019.

8. AFFILIATED COMPANY TRANSACTIONS (All amounts in thousands)

A summary of the transactions in affiliated companies during the period ended September 30, 2019 follows:

	3-31-19 Share Balance		Gross Additions		Gross Reductions		Realized Gain/(Loss)		Distributions Received		9-30-19 Share Balance		9-30-19 Value			Net Change in Unrealized Appreciation/ (Depreciation)
Ivy Asset Strategy Fund
Media Group Holdings LLC, Series H(1)(2)(3)		640	$	—	$	—	$	—	$	—		640	$	—	*	$	287
Media Group Holdings LLC, Series T(1)(2)(3)		80		—		—		—		—		80		10,055			(3,570	)
							$	—	$	—			$	10,055		$	(3,283	)

2019 SEMIANNUAL REPORT 67

	3-31-19 Share Balance		Gross Additions		Gross Reductions		Realized Gain/(Loss)		Distributions Received		9-30-19 Share Balance		9-30-19 Value			Net Change in Unrealized Appreciation/ (Depreciation)
Ivy Science and Technology Fund
ACI Worldwide, Inc.(1)		10,529	$	—	$	7,234	$	8,930	$	—		10,035	$	314,344		$	(24,518	)
Aspen Technology, Inc.(1)		3,655		—		4,031		58,630		—		N/A		N/A			(354,678	)
Cypress Semiconductor Corp.		18,856		—		214,167		206,437		2,936		N/A		N/A			(67,163	)
Euronet Worldwide, Inc.(1)		3,015		—		6,594		38,588		—		2,733		399,850			(23,491	)
Evogene Ltd.(1)		2,620		—		—		—		—		2,620		4,140			(524	)
Marrone Bio Innovations, Inc.(1)		23,285		—		—		—		—		23,285		32,833			(2,794	)
Marrone Bio Innovations, Inc., expires 12-31-20(2)		3,770		—		—		—		—		3,770		603			(452	)
Marrone Bio Innovations, Inc., expires 8-20-23(2)		3,770		—		—		—		—		3,770		–	*		—
WNS (Holdings) Ltd. ADR(1)		7,018		—		11,868		23,489		—		6,434		378,014			16,024
							$	336,074	$	2,936			$	1,129,784		$	(457,596	)
	3-31-19 Principal Balance								Interest Received		9-30-19 Principal Balance					Net Change in Unrealized Appreciation
Marrone Bio Innovations, Inc., 8.000%, 8-20-20(2)	$	4,713	$	—	$	—	$	—	$	187	$	4,713	$	4,769		$	97

* Not shown due to rounding.

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

(2) Restricted securities.

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

9. 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 September 30, 2019, were as follows:

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy Asset Strategy Fund	$	29,410	$	646,811	$	19,121	$	1,006,496
Ivy Balanced Fund		85,456		366,020		125,608		519,554
Ivy Energy Fund		—		20,666		—		70,470
Ivy LaSalle Global Real Estate Fund		—		50,015		—		60,854
Ivy Natural Resources Fund		—		62,840		—		91,154
Ivy Science and Technology Fund		—		1,068,890		—		1,736,745
Ivy Securian Real Estate Securities Fund		—		85,347		—		120,083

10. 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

68 SEMIANNUAL REPORT 2019

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 September 30, 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 September 30, 2019:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Ivy Asset Strategy Fund	$	5,346	$	5,475	$	—	$	5,475
Ivy Balanced Fund		2,078		2,140		—		2,140
Ivy Energy Fund		2,251		2,334		—		2,334
Ivy Natural Resources Fund		1,483		1,518		—		1,518
Ivy Science and Technology Fund		75,283		49,869		27,138		77,007

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 69

11. CAPITAL SHARE TRANSACTIONS (All amounts in thousands)

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

	Ivy Asset Strategy Fund												Ivy Balanced Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		7,123		$	152,255			10,853		$	245,088			3,385		$	81,916			5,852		$	142,824
Class B		4			72			41			800			17			394			84			1,952
Class C		204			4,065			1,303			25,838			335			8,015			1,086			25,545
Class E		61			1,293			132			2,928			—			—			—			—
Class I		2,087			45,084			6,309			145,591			2,299			55,449			6,238			153,310
Class N		264			5,698			170			3,897			63			1,526			353			8,553
Class R		83			1,751			313			6,756			34			809			103			2,481
Class Y		149			3,184			960			22,198			48			1,166			209			5,151
Shares issued in connection with merger of Fund:
Class A		N/A			N/A			8,453			169,700			N/A			N/A			N/A			N/A
Class B		N/A			N/A			101			1,882			N/A			N/A			N/A			N/A
Class C		N/A			N/A			1,240			23,351			N/A			N/A			N/A			N/A
Class E		N/A			N/A			153			3,079			N/A			N/A			N/A			N/A
Class I		N/A			N/A			14,981			305,053			N/A			N/A			N/A			N/A
Class N		N/A			N/A			30			611			N/A			N/A			N/A			N/A
Class R		N/A			N/A			14			272			N/A			N/A			N/A			N/A
Class Y		N/A			N/A			45			901			N/A			N/A			N/A			N/A
Shares issued in reinvestment of distributions to shareholders:
Class A		388			8,318			9,636			193,398			333			8,059			5,562			125,022
Class B		5			105			507			9,411			3			63			164			3,621
Class C		84			1,690			5,793			108,483			35			848			1,520			33,716
Class E		12			263			284			5,728			—	*		2			1			21
Class I		263			5,728			4,701			95,878			263			6,367			4,013			90,322
Class N		3			68			29			602			6			135			56			1,253
Class R		8			178			319			6,308			2			53			46			1,037
Class Y		42			908			1,241			24,983			6			131			100			2,252
Shares redeemed:
Class A		(7,781	)		(165,613	)		(19,037	)		(420,880	)		(5,337	)		(128,644	)		(12,710	)		(311,171	)
Class B		(811	)		(16,000	)		(1,999	)		(41,791	)		(483	)		(11,486	)		(881	)		(21,205	)
Class C		(9,490	)		(189,722	)		(19,268	)		(406,592	)		(2,931	)		(70,318	)		(6,663	)		(161,294	)
Class E		(193	)		(4,119	)		(313	)		(7,000	)		—			—			—			—
Class I		(6,520	)		(140,881	)		(13,033	)		(285,530	)		(5,899	)		(142,239	)		(15,353	)		(377,604	)
Class N		(42	)		(914	)		(94	)		(2,036	)		(67	)		(1,629	)		(146	)		(3,601	)
Class R		(330	)		(6,915	)		(752	)		(16,510	)		(69	)		(1,658	)		(133	)		(3,251	)
Class Y		(939	)		(20,020	)		(2,227	)		(50,123	)		(178	)		(4,289	)		(665	)		(16,593	)
Net increase (decrease)		(15,326	)	$	(313,524	)		10,885		$	172,274			(8,135	)	$	(195,330	)		(11,164	)	$	(297,659	)

* Not shown due to rounding.

70 SEMIANNUAL REPORT 2019

	Ivy Energy Fund												Ivy LaSalle Global Real Estate Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		627		$	5,408			2,421		$	27,347			91		$	1,025			199		$	2,146
Class B		—	*		2			5			57			—			—			—	*		—	*
Class C		87			672			326			3,279			3			33			8			83
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		2,517			22,078			7,218			83,147			849			9,438			3,306			35,568
Class N		111			1,018			335			3,861			93			1,027			559			6,049
Class R		509			4,192			681			7,443			9			92			11			117
Class Y		460			3,936			1,057			12,245			—	*		4			6			68
Shares issued in connection with merger of Fund:
Class A		N/A			N/A			N/A			N/A			N/A			N/A			1,196			12,042
Class B		N/A			N/A			N/A			N/A			N/A			N/A			54			537
Class C		N/A			N/A			N/A			N/A			N/A			N/A			326			3,269
Class E		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Class I		N/A			N/A			N/A			N/A			N/A			N/A			4,671			47,098
Class N		N/A			N/A			N/A			N/A			N/A			N/A			33			332
Class R		N/A			N/A			N/A			N/A			N/A			N/A			468			4,707
Class Y		N/A			N/A			N/A			N/A			N/A			N/A			456			4,641
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			—			—			20			218			48			493
Class B		—			—			—			—			—	*		1			—	*		1
Class C		—			—			—			—			1			15			3			28
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		—			—			—			—			93			1,031			181			1,860
Class N		—			—			—			—			36			401			138			1,425
Class R		—			—			—			—			3			29			3			25
Class Y		—			—			—			—			1			14			1			12
Shares redeemed:
Class A		(2,509	)		(21,428	)		(6,507	)		(72,432	)		(342	)		(3,773	)		(469	)		(4,930	)
Class B		(35	)		(264	)		(87	)		(864	)		(2	)		(22	)		(1	)		(8	)
Class C		(645	)		(5,061	)		(1,662	)		(16,774	)		(26	)		(282	)		(29	)		(299	)
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		(4,736	)		(42,239	)		(13,192	)		(154,950	)		(1,478	)		(16,406	)		(2,995	)		(31,472	)
Class N		(157	)		(1,446	)		(189	)		(2,246	)		(308	)		(3,422	)		(926	)		(9,904	)
Class R		(660	)		(5,146	)		(617	)		(6,897	)		(23	)		(256	)		(24	)		(253	)
Class Y		(1,384	)		(11,479	)		(2,397	)		(28,138	)		(4	)		(45	)		(55	)		(581	)
Net increase (decrease)		(5,815	)	$	(49,757	)		(12,608	)	$	(144,922	)		(984	)	$	(10,878	)		7,168		$	73,054

* Not shown due to rounding.

2019 SEMIANNUAL REPORT 71

	Ivy Natural Resources Fund												Ivy Science and Technology Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		676		$	8,622			1,549		$	22,209			1,974		$	138,052			3,906		$	257,677
Class B		—	*		2			2			25			1			88			26			1,378
Class C		35			369			103			1,174			210			12,152			680			37,146
Class E		11			140			30			447			29			2,006			60			3,920
Class I		535			7,088			1,610			23,971			2,128			165,476			6,443			475,340
Class N		59			796			127			1,878			280			21,985			1,103			81,372
Class R		105			1,309			188			2,646			216			14,579			451			29,347
Class Y		135			1,729			178			2,588			576			42,658			1,345			94,959
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			—			—			—			—			7,045			397,365
Class B		—			—			—			—			—			—			105			4,758
Class C		—			—			—			—			—			—			1,307			61,673
Class E		—			—			1			17			—			—			66			3,711
Class I		—			—			43			572			—			—			3,182			200,115
Class N		—			—			3			34			—			—			132			8,335
Class R		—			—			—			—			—			—			241			13,161
Class Y		—			—			4			47			—			—			759			45,444
Shares redeemed:
Class A		(2,164	)		(27,563	)		(4,867	)		(69,693	)		(5,327	)		(370,917	)		(11,607	)		(767,937	)
Class B		(57	)		(604	)		(122	)		(1,480	)		(138	)		(7,601	)		(317	)		(16,912	)
Class C		(782	)		(8,137	)		(1,457	)		(17,206	)		(1,490	)		(86,885	)		(3,001	)		(166,985	)
Class E		(40	)		(528	)		(57	)		(845	)		(45	)		(3,094	)		(58	)		(3,792	)
Class I		(1,238	)		(16,501	)		(3,962	)		(59,112	)		(4,735	)		(368,047	)		(10,336	)		(747,602	)
Class N		(56	)		(757	)		(194	)		(2,879	)		(399	)		(30,220	)		(856	)		(61,946	)
Class R		(184	)		(2,295	)		(481	)		(6,735	)		(400	)		(26,985	)		(706	)		(45,227	)
Class Y		(234	)		(3,019	)		(527	)		(7,850	)		(1,437	)		(106,318	)		(3,725	)		(258,085	)
Net decrease		(3,199	)	$	(39,349	)		(7,829	)	$	(110,192	)		(8,557	)	$	(603,071	)		(3,755	)	$	(352,785	)

72 SEMIANNUAL REPORT 2019

	Ivy Securian Real Estate Securities Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		239		$	5,944			451		$	10,593
Class B		—	*		2			1			25
Class C		15			361			19			428
Class E		5			134			13			294
Class I		622			15,689			1,712			40,580
Class N		7			187			8			176
Class R		5			124			12			269
Class Y		73			1,831			153			3,562
Shares issued in reinvestment of distributions to shareholders:
Class A		36			914			488			11,166
Class B		—	*		2			4			89
Class C		—	*		9			15			339
Class E		1			18			9			215
Class I		42			1,067			464			10,708
Class N		—	*		5			2			44
Class R		—	*		3			2			41
Class Y		22			550			271			6,215
Shares redeemed:
Class A		(833	)		(20,798	)		(2,311	)		(54,122	)
Class B		(13	)		(315	)		(38	)		(858	)
Class C		(80	)		(1,944	)		(151	)		(3,487	)
Class E		(21	)		(540	)		(24	)		(565	)
Class I		(1,030	)		(25,935	)		(3,309	)		(78,360	)
Class N		(8	)		(207	)		(12	)		(278	)
Class R		(19	)		(475	)		(9	)		(206	)
Class Y		(317	)		(7,955	)		(1,133	)		(26,664	)
Net decrease		(1,254	)	$	(31,329	)		(3,363	)	$	(79,796	)

* Not shown due to rounding.

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

For Federal income tax purposes, cost of investments owned at September 30, 2019 and the related unrealized appreciation (depreciation) were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation		Net Unrealized Appreciation (Depreciation)
Ivy Asset Strategy Fund	$	3,749,486	$	430,234	$	1,283,635	$	(853,401	)
Ivy Balanced Fund		2,193,153		343,904		29,793		314,111
Ivy Energy Fund		278,082		28,451		53,017		(24,566	)
Ivy LaSalle Global Real Estate Fund		134,693		13,340		4,644		8,696
Ivy Natural Resources Fund		366,751		35,435		84,861		(49,426	)
Ivy Science and Technology Fund		3,479,406		4,048,684		155,473		3,893,211
Ivy Securian Real Estate Securities Fund		294,594		144,811		3,142		141,669

2019 SEMIANNUAL REPORT 73

For Federal income tax purposes, the Funds’ undistributed earnings and profit for the year ended March 31, 2019 and the post-October and late-year ordinary activity were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Tax Return of Capital		Post- October Capital Losses Deferred		Late-Year Ordinary Losses Deferred
Ivy Asset Strategy Fund	$	5,910	$	15,786	$	—	$	—	$	—
Ivy Balanced Fund		2,871		96,007		—		—		—
Ivy Energy Fund		—		—		—		—		—
Ivy LaSalle Global Real Estate Fund		1,910		1,835		—		1,278		—
Ivy Natural Resources Fund		3,652		—		—		—		—
Ivy Science and Technology Fund		—		288,030		—		—		8,925
Ivy Securian Real Estate Securities Fund		1,274		7,773		—		2,169		—

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 March 31, 2019 and 2018 were as follows:

	March 31, 2019				March 31, 2018
Fund	Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains		Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains
Ivy Asset Strategy Fund	$	55,786	$	426,876	$	28,544	$	67,045
Ivy Balanced Fund		44,588		227,972		36,899		48,390
Ivy Energy Fund		—		—		2,469		—
Ivy LaSalle Global Real Estate Fund		2,976		1,203		1,203		35
Ivy Natural Resources Fund		685		—		—		—
Ivy Science and Technology Fund		—		786,451		13,115		253,581
Ivy Securian Real Estate Securities Fund		7,565		22,758		7,416		56,076

(1) Includes short-term capital gains, 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 March 31, 2019 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of March 31, 2019, the capital loss carryovers were as follows:

Fund	Short-Term Capital Loss Carryover		Long-Term Capital Loss Carryover
Ivy Asset Strategy Fund	$	31,742	$	—
Ivy Balanced Fund		—		—
Ivy Energy Fund		99,775		83,578
Ivy LaSalle Global Real Estate Fund		65		—
Ivy Natural Resources Fund		288,457		330,594
Ivy Science and Technology Fund		—		—
Ivy Securian Real Estate Securities Fund		—		—

Waddell & Reed Advisors Energy Fund was merged into Ivy Energy Fund as of October 16, 2017. At the time of the merger, Waddell & Reed Advisors Energy Fund had capital loss carryovers available to offset future gains of the Ivy Energy Fund. These carryovers are annually limited to $3,780 plus any unused limitations from prior years and any built in gains realized.

Ivy Global Income Allocation Fund was merged into Ivy Asset Strategy Fund as of November 5, 2018. At the time of the merger, Ivy Global Income Allocation Fund had capital loss carryovers available to offset future gains of the Ivy Asset Strategy Fund. These carryovers are annually limited to $12,268 plus any unused limitations from prior years.

Ivy LaSalle Global Risk Managed Real Estate Fund was merged into Ivy LaSalle Global Real Estate Fund as of November 5, 2018. At the time of the merger, Ivy LaSalle Global Risk Managed Real Estate Fund had capital loss carryovers available to offset future gains of the Ivy LaSalle Global Real Estate Fund. Ivy LaSalle Global Real Estate Fund’s net gains realized in the current year ended March 31, 2019 was limited to $1,993 that could be offset with Ivy LaSalle Global Risk Managed Real Estate Fund’s capital loss carryover that was brought over.

74 SEMIANNUAL REPORT 2019

RENEWAL OF INVESTMENT MANAGEMENT AGREEMENTS IVY FUNDS (UNAUDITED)

At a meeting of the Board of Trustees (the “Board”) of Ivy Funds (the “Trust”) held on August 13^th and 14^th, 2019, the Board, including all of the trustees who are not “interested persons” (the “Independent Trustees”), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), unanimously approved the continuance of the Investment Management Agreement (the “Management Agreement”) between Ivy Investment Management Company (“IICO”) and the Trust, and the continuance of the Investment Subadvisory Agreements between IICO and:

• Apollo Credit Management, LLC (with respect to the Ivy Apollo Multi-Asset Income Fund and Ivy Apollo Strategic Income Fund)

• LaSalle Investment Management Securities, LLC and LaSalle Investment Management Securities B.V. (with respect to the Ivy LaSalle Global Real Estate Fund and the Ivy Apollo Multi-Asset Income Fund)

• Mackenzie Investments Europe Limited (Mackenzie Europe) and the investment sub-advisory agreement between Mackenzie Europe and Mackenzie Investments Asia Limited (with respect to the Ivy International Small Cap Fund)

• Pictet Asset Management Limited and Pictet Asset Management (Singapore) PTE Ltd. (with respect to the Ivy Emerging Markets Local Currency Debt Fund and Pictet Asset Management SA (with respect to the Ivy Targeted Return Bond Fund)

• PineBridge Investments, LLC (with respect to the Ivy PineBridge High Yield Fund)

• ProShare Advisors, LLC (with respect to the Ivy ProShares S&P 500 Dividend Aristocrats Index Fund, the Ivy ProShares Russell 2000 Dividend Growers Index Fund, the Ivy ProShares Interest Rate Hedged High Yield Index Fund, the Ivy ProShares S&P 500 Bond Index Fund and the Ivy ProShares MSCI ACWI Index Fund)

• Pzena Investment Management, LLC (with respect to the Ivy Pzena International Value Fund)

• Securian Asset Management, Inc. (with respect to the Ivy Securian Core Bond Fund and the Ivy Securian Real Estate Securities Fund)

• Wilshire Associates Incorporated (with respect to the Ivy Wilshire Global Allocation Fund)

Each subadviser is referred to herein as a “Subadviser,” and the Management Agreement and the Investment Subadvisory Agreements are referred to collectively herein as the “Agreements.”

The Board’s Independent Trustees were assisted in their review by independent legal counsel and met with such counsel separately from representatives of IICO and the Subadvisers. Independent legal counsel explained the factors that the Board should consider as part of its review of the Agreements, all as outlined in a memorandum it had provided to the Board prior to the meeting, including, among other things, the nature and the quality of the services provided by IICO and the Subadvisers, profitability (including any fall-out benefits) from IICO’s and the Subadvisers’ relationships with each series of the Trust (each, a “Fund” and together, the “Funds”), economies of scale, the role played by the Independent Trustees, and information on comparative fees and expenses. The Independent Trustees also considered the written responses and materials produced by IICO and each Subadviser in response to 15(c) due diligence request lists submitted by the Independent Trustees’ legal counsel prior to the meeting, as well as materials produced in response to a follow-up request list sent to IICO by independent legal counsel on behalf of the Independent Trustees. Included in those responses, which had been provided to the Board prior to the meeting, was a Fund-by-Fund profitability analysis prepared by IICO, as well as an explanation of the methodology by which the profitability analysis was calculated. The Board also received extensive materials on performance, expenses and comparable fund information from Broadridge, Inc. (“Broadridge”), an independent mutual fund rating service. Finally, the Independent Trustees received and reviewed a considerable amount of information that their independent fee consultant had provided to them. The Independent Trustees previously had reviewed and discussed these materials during a telephonic meeting in July 2019. They further reviewed these materials among themselves, with their independent legal counsel and the independent fee consultant, and with the other Board members at executive sessions of the Independent Trustees at the August 13-14, 2019 Board meeting, during which the Board considered various factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Board’s determination to approve the Agreements are discussed separately below.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided to the Funds by IICO and each Subadviser, taking into account the large amount of materials produced by IICO and the Subadvisers in response to the 15(c) due diligence requests submitted on its behalf by independent legal counsel to the Independent Trustees.

The Board also took into account the report from its Investment Oversight Committee (the “IOC”), in light of that committee’s duties to assist the Board in the 15(c) process. The IOC had reported to the Board on its review of the performance of the Funds, IICO’s investment risk management function, and the changes IICO and its affiliates have been undertaking for the Trust and the overall fund complex. As such, the Board examined all of IICO’s activities in light of

2019 SEMIANNUAL REPORT 75

performance and expense structure, as well as the overall rationalization of the fund complex (both completed and/or proposed), which is designed to provide economies of scale to the shareholders, reduce the Funds’ expenses and enhance the performance of the Funds, particularly in the context of substantial industry change and regulatory developments.

The Board likewise considered the knowledge it had received from its regular meetings, including from the materials provided in connection with those meetings, such as the resources and key personnel of IICO and each Subadviser, as well as the other services provided to the Funds by IICO and each Subadviser, as applicable (e.g., managing the quality of execution of portfolio transactions and the selection of broker-dealers for those transactions, monitoring adherence to each Fund’s investment restrictions, producing reports, providing support services for the Board and its committees, communicating with shareholders and overseeing the activities of other service providers, including monitoring compliance with various Fund policies and procedures and with applicable laws and regulations). The Board also took into account the compliance environment at IICO and each Subadviser, noting the resources that each entity has dedicated towards compliance. The Board concluded that the nature and extent of the services provided by IICO and each Subadviser were appropriate, that the quality of those services had been consistent with quality norms in the industry and that the Funds were likely to benefit from the continued provision of those services.

Benefits from the Relationship with the Funds

The Board next discussed whether IICO or any Subadviser derives any other direct or indirect benefit from serving the Funds. In that regard, the Board discussed the transfer agency and shareholder servicing fees that Waddell & Reed Services Company (“WISC”), an affiliate of IICO, has provided to the Funds. The Board took note of the caps that management previously had agreed to on shareholder servicing costs. The Board also considered the benefits that accrue to each service provider organization from its respective relationship with the Funds, including the fact that a variety of services are provided by affiliates of IICO, including distribution, administrative and Fund accounting services, and, as discussed above, shareholder servicing. The Board also considered management’s proposal to outsource the transactional processing operations of WISC to a sub-agent for the Funds, which is designed to achieve greater efficiencies and savings for Fund shareholders over time. After full consideration of these and other factors, the Board concluded that none of IICO, any Subadviser or any of their affiliates receives any additional direct or indirect benefits that would preclude the Board from approving the continuation of the Management Agreement with IICO or any Investment Subadvisory Agreement with a Subadviser.

Economies of Scale

The Board discussed whether economies of scale are being realized by the Funds and whether fee levels reflect those economies of scale for the benefit of the Funds’ shareholders. The Board considered the fact that as a Fund’s assets have grown, the expenses of that Fund generally have fallen. Additionally, in that regard, the Board considered the various initiatives that IICO has undertaken to seek to rationalize the fund complex.

Performance of the Funds and Costs of Services Provided

The Board considered the performance of each Fund and the costs of the services provided, focusing in particular on a number of Funds that the independent fee consultant had identified. Specifically, the Board examined the investment performance of each Fund, including the percentile ranking of each Fund over various periods of time. The Board also examined the performance of each Fund against its respective benchmark index and peer funds for the same periods. After extensively reviewing all of the performance information provided, the Board concluded that the Funds’ performance in each asset class was acceptable. Although the performance of some of the focus Funds identified by the independent fee consultant lagged that of their peers or respective benchmark index, the Board recognized that IICO, or the applicable Subadviser, had taken, or was taking, steps to address that underperformance, and determined to continue to monitor closely the performance of those Funds.

The Board also considered the expenses and expense ratio of each Fund, and the expense limitation and fee reduction arrangements entered into by IICO in light of the services provided by IICO and each Subadviser. The Board also compared each Fund’s expenses, including advisory, distribution and shareholder servicing fees, with the expenses and advisory fees of other investment advisers managing similarly situated funds, as well as the advisory fees that IICO (or an affiliate) charges for providing advisory services to other accounts in the same asset class for certain Funds. In that regard, the Board noted that IICO performs significant additional services for the Funds as compared to those other accounts. The Board also took into account the information on IICO’s profitability in managing the Funds, including the methodology used to calculate profitability. The Board finally considered the amount of assets in each Fund, each Fund’s average account size and how those factors affect the Funds’ expense ratios, noting that, as the Funds’ assets have increased or decreased over time, the expense ratios of the Funds generally have fallen or risen, respectively. After completing this examination, the Board concluded that each Fund’s expenses are appropriate at the current time.

76 SEMIANNUAL REPORT 2019

Independent Fee Consultant Review

Independent legal counsel, on behalf of the Independent Trustees, engaged the independent fee consultant to assist them in evaluating the reasonableness of the management fees charged by IICO to all funds within the fund complex. The independent fee consultant’s review addressed the following fee-related factors:

1. The nature, extent and quality of IICO’s services to the Funds;

2. Management fees and expenses in the context of performance;

3. Product category expenses, including peers;

4. Profit margins of IICO’s parent from supplying such services;

5. Subadviser and institutional fee analyses; and

6. Possible economies of scale as a Fund grows larger.

The following summarizes the findings of the independent fee consultant retained by the Independent Trustees.

Summary Findings

The report stated that IICO delivered reasonable levels of performance in the longer-term periods and reasonable levels of service to the Funds in relation to its management fees as compared to the investment advisers of comparable funds. For the 36 months ended March 31, 2019, approximately 17% of the Funds were in the top quartile of performance and 29% of the Funds were in the top two quartiles of performance and that short-term performance of such Funds were showing signs of improvement. Specifically, the report noted that 58% of the Funds were in the top two quartiles in the one-year period, and that 28% of all such Funds had improving performance in their one-year period. The independent fee consultant noted that the Funds’ performance appeared to be grounded in a number of institutional competitive advantages at IICO, including investment management depth, ability to attract top talent, proactive management, performance-focused culture, economic analysis and an effective trading infrastructure.

The report further indicated that total expenses of the funds in the complex, on average, were 3% over the average total expenses of their respective Broadridge Expense Group peers and 1% under the average total expenses for their Broadridge Expense Universe peers. The net management fees for the Funds were 2% over the average net management fees of their respective Broadridge Expense Group peers and 7% over the average net management fees for their Broadridge Expense Universes. The report also stated that, when compared to expenses from the prior year, net management fees deceased by 1.5%, while total expenses decreased by 1%.

The report also stated that the management fees IICO charges to the Funds are reasonable in relation to the management fees it charges to its institutional account clients. The report noted that these institutional account clients have different service and infrastructure needs and in addition, the average spread between management fees IICO charged to the Funds and those it charges to institutional account clients is reasonable relative to the average fee spreads computed from industry surveys.

The report stated that while it was difficult to confirm overall economies of scale, it was clear that the Funds’ shareholders generally are benefitting from lower expenses as the Funds’ assets grow.

The report also noted that the overall profitability of IICO’s parent relative to other complexes is reasonable.

Finally, the report also examined the fees that IICO retains on Funds that are subadvised by unaffiliated Subadvisers and indicated that those fees are reasonable relative to the industry. The report also stated that the subadvisory fees that IICO earns for serving as a subadviser to an unaffiliated fund when compared to fees of similar Funds likewise are reasonable relative to the industry.

Conclusions

The independent fee consultant’s report concluded that it believes that the services provided by IICO and its affiliates and expenses incurred by the Funds in the previous 12 months are reasonable and provide adequate justification for renewal of the Funds’ existing Agreements.

2019 SEMIANNUAL REPORT 77

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 and/or Form NPORT-EX. These holdings may be viewed in the following ways:

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

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

TO ALL TRADITIONAL IRA PLANHOLDERS: IVY FUNDS

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

78 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 Fund

Ivy International Core Equity Fund

Ivy Managed International Opportunities Fund

Ivy Pictet Emerging Markets Local Currency Debt Fund

Ivy Pzena International Value Fund

Index Funds

Ivy ProShares Interest Rate Hedged High Yield Index Fund

Ivy ProShares MSCI ACWI Index Fund

Ivy ProShares Russell 2000 Dividend Growers Index Fund

Ivy ProShares S&P 500 Bond Index Fund

Ivy ProShares S&P 500 Dividend Aristocrats Index Fund

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 Fund

Ivy Wilshire Global Allocation Fund

Fixed Income Funds

Ivy Apollo Strategic Income Fund

Ivy California Municipal High Income Fund

Ivy Corporate Bond Fund

Ivy Crossover Credit Fund

Ivy Global Bond Fund

Ivy Government Securities Fund

Ivy High Income Fund

Ivy Limited-Term Bond Fund

Ivy Municipal Bond Fund

Ivy Municipal High Income Fund

Ivy Pictet Targeted Return Bond Fund

Ivy PineBridge High Yield Fund

Ivy Securian Core Bond Fund

Money Market Funds

Ivy Cash Management Fund

Ivy Government Money Market Fund

1.888.923.3355

Visit us online at www.ivyinvestments.com

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

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

2019 SEMIANNUAL REPORT 79

SEMIANN-IVYSPEC (9-19)

  Semiannual Report   SEPTEMBER 30, 2019

Ticker

Class A

Class B

Class C

Class E

Class I

Class N

Class R

Class T

Class Y

IVY FUNDS

Ivy Core Equity Fund

WCEAX

WCEBX

WTRCX

ICFEX

ICIEX

ICEQX

IYCEX

WCEYX

Ivy Emerging Markets Equity Fund

IPOAX

IPOBX

IPOCX

IPOEX

IPOIX

IMEGX

IYPCX

IPOTX

IPOYX

Ivy Global Bond Fund

IVSAX

IVSBX

IVSCX

IVSIX

IVBDX

IYGOX

IVSYX

Ivy Global Equity Income Fund

IBIAX

IBIBX

IBICX

IBIEX

IBIIX

IICNX

IYGEX

IBIYX

Ivy Global Growth Fund

IVINX

IVIBX

IVNCX

IIGEX

IGIIX

ITGRX

IYIGX

IVIYX

Ivy Government Money Market Fund

WRAXX

WRBXX

WRCXX

IVEXX

WRNXX

Ivy High Income Fund

WHIAX

WHIBX

WRHIX

IVHEX

IVHIX

IHIFX

IYHIX

WHITX

WHIYX

Ivy International Core Equity Fund

IVIAX

IIFBX

IVIFX

IICEX

ICEIX

IINCX

IYITX

IICTX

IVVYX

Ivy Large Cap Growth Fund

WLGAX

WLGBX

WLGCX

ILCEX

IYGIX

ILGRX

WLGRX

WLGYX

Ivy Limited-Term Bond Fund

WLTAX

WLTBX

WLBCX

IVLEX

ILTIX

ILMDX

IYLTX

WLTYX

Ivy Managed International Opportunities Fund

IVTAX

IVTBX

IVTCX

IVTEX

IVTIX

IVTNX

IYMGX

IVTYX

Ivy Mid Cap Growth Fund

WMGAX

WMGBX

WMGCX

IMCEX

IYMIX

IGRFX

WMGRX

WMGYX

Ivy Mid Cap Income Opportunities Fund

IVOAX

IVOCX

IVOEX

IVOIX

IVOSX

IVORX

IVOYX

Ivy Municipal Bond Fund

WMBAX

WMBBX

WMBCX

IMBIX

IMBNX

WMBYX

Ivy Municipal High Income Fund

IYIAX

IYIBX

IYICX

WYMHX

IYINX

IYIYX

Ivy Pzena International Value Fund

ICDAX

ICDBX

ICDCX

ICVIX

ICNGX

IYCUX

ICDYX

Ivy Securian Core Bond Fund

IBOAX

IBOBX

IBOCX

IVBEX

IVBIX

IBNDX

IYBDX

IBOYX

Ivy Small Cap Core Fund

IYSAX

IYSBX

IYSCX

IYVIX

IVVIX

ISPVX

IYSMX

IYCTX

IYSYX

Ivy Small Cap Growth Fund

WSGAX

WSGBX

WRGCX

ISGEX

IYSIX

IRGFX

WSGRX

IYSTX

WSCYX

Ivy Value Fund

IYVAX

IYVBX

IYVCX

IVVEX

IYAIX

IVALX

IYVLX

IYVYX

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 Core Equity Fund	11
Ivy Emerging Markets Equity Fund	14
Ivy Global Bond Fund	18
Ivy Global Equity Income Fund	25
Ivy Global Growth Fund	29
Ivy Government Money Market Fund	33
Ivy High Income Fund	35
Ivy International Core Equity Fund	44
Ivy Large Cap Growth Fund	49
Ivy Limited-Term Bond Fund	52
Ivy Managed International Opportunities Fund	57
Ivy Mid Cap Growth Fund	59
Ivy Mid Cap Income Opportunities Fund	63
Ivy Municipal Bond Fund	66
Ivy Municipal High Income Fund	74
Ivy Pzena International Value Fund	83
Ivy Securian Core Bond Fund	87
Ivy Small Cap Core Fund	96
Ivy Small Cap Growth Fund	99
Ivy Value Fund	104
Statements of Assets and Liabilities	107
Statements of Operations	110
Statements of Changes in Net Assets	113
Financial Highlights	120
Notes to Financial Statements	160
Renewal of Investment Management Agreements	195
Proxy Voting Information	198
Quarterly Portfolio Schedule Information	198
IRA Disclosure	198

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

	SEPTEMBER 30, 2019 (UNAUDITED)
Philip J. Sanders, CFA

Dear Shareholder,

Equity markets roared back following the sharp correction at year-end 2018, with the S&P 500 Index advancing more than 20% in 2019, as of Sept. 30, and every sector posting gains. The rally had a pro-cyclical component, as information technology and real estate delivered the strongest sector returns, while energy and health care were the laggards.

The U.S. economy remains relatively healthy and remains in the longest economic expansion in U.S. history despite uncertainty about trade and signs of global weakening. We believe the underlying fundamentals — a strong job market, rising wages and low inflation — support continued growth during the rest of 2019. However, U.S. trade policy remains a wildcard and poses a major threat to the current expansion.

The U.S. Federal Reserve (Fed) held steady on interest rates for the first half of 2019, but cut the federal funds rate by 25 basis points in July and then again in September. The federal funds target range currently is 1.75-2.0%. Increasing pressures from trade turmoil and uncertainty around the strength of global growth led the Fed to become more accommodative, and we believe one additional rate cut is likely by calendar year’s end.

The pace of economic growth in Europe has weakened during the period, mainly due to the drag of global trade and Brexit uncertainty. We anticipate eurozone growth will remain weak through the rest of the year, but could see some stabilization by the end of 2019. The European Central Bank introduced a broad stimulus package in September, including lower rates, a reboot of quantitative easing and a commitment to maintain these initiatives until inflation moves toward its target of just below 2%. With core inflation currently around 1%, we expect these policies to be in place for at least the next year or two.

Emerging markets faced multiple headwinds over the period, namely a strong dollar, China’s focus on deleveraging and regulation, trade wars, volatile energy prices and increased geopolitical risks. Despite near-term concerns and likely volatility across the global equity market, we believe the long-term fundamentals in emerging markets will continue to offer opportunities. 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, we believe equities face intensifying headwinds as the pace of global growth slows and trade turmoil lingers. As we examine the investment landscape, we continue to put greater emphasis on the fundamentals and quality of asset classes and sectors. We believe it is important to stay focused on the merits of individual market sectors, industries and 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 are the ultimate drivers of long-term stock prices.

Economic Snapshot

	9/30/2019		3/31/2019
S&P 500 Index		2,976.74		2,834.40
MSCI EAFE Index		1,889.36		1,875.43
10-Year Treasury Yield		1.68%		2.41%
U.S. unemployment rate		3.5%		3.8%
30-year fixed mortgage rate		3.64%		4.06%
Oil price per barrel	$	54.07	$	60.14

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 September 30, 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 6 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 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*		Beginning Account Value 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*
Ivy Core Equity Fund
Class A	$	1,000	$	1,086.10	$	5.42	$	1,000	$	1,019.86	$	5.25		1.04%
Class B**	$	1,000	$	1,079.50	$	11.23	$	1,000	$	1,014.32	$	10.88		2.13%
Class C	$	1,000	$	1,080.50	$	9.88	$	1,000	$	1,015.55	$	9.57		1.90%
Class E	$	1,000	$	1,085.00	$	5.73	$	1,000	$	1,019.61	$	5.55		1.09%
Class I	$	1,000	$	1,086.40	$	4.38	$	1,000	$	1,020.89	$	4.24		0.83%
Class N	$	1,000	$	1,087.60	$	3.55	$	1,000	$	1,021.68	$	3.44		0.68%
Class R	$	1,000	$	1,083.10	$	7.60	$	1,000	$	1,017.80	$	7.36		1.45%
Class Y	$	1,000	$	1,086.60	$	4.49	$	1,000	$	1,020.78	$	4.34		0.84%

See footnotes on page 9.

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 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*		Beginning Account Value 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*
Ivy Emerging Markets Equity Fund
Class A	$	1,000	$	949.30	$	7.21	$	1,000	$	1,017.70	$	7.47		1.47%
Class B**	$	1,000	$	944.30	$	12.15	$	1,000	$	1,012.52	$	12.58		2.50%
Class C	$	1,000	$	946.30	$	10.51	$	1,000	$	1,014.23	$	10.88		2.16%
Class E***	$	1,000	$	950.70	$	5.95	$	1,000	$	1,018.94	$	6.16		1.22%
Class I	$	1,000	$	951.50	$	4.88	$	1,000	$	1,020.09	$	5.05		0.99%
Class N	$	1,000	$	951.70	$	4.88	$	1,000	$	1,020.10	$	5.05		0.99%
Class R	$	1,000	$	948.30	$	8.48	$	1,000	$	1,016.42	$	8.77		1.73%
Class T	$	1,000	$	951.00	$	5.95	$	1,000	$	1,018.99	$	6.16		1.21%
Class Y	$	1,000	$	949.80	$	6.73	$	1,000	$	1,018.19	$	6.96		1.37%
Ivy Global Bond Fund
Class A	$	1,000	$	1,026.50	$	5.07	$	1,000	$	1,020.06	$	5.05		0.99%
Class B**	$	1,000	$	1,022.60	$	8.90	$	1,000	$	1,016.30	$	8.87		1.74%
Class C	$	1,000	$	1,021.60	$	8.90	$	1,000	$	1,016.29	$	8.87		1.74%
Class I	$	1,000	$	1,026.80	$	3.85	$	1,000	$	1,021.31	$	3.84		0.74%
Class N	$	1,000	$	1,027.80	$	3.75	$	1,000	$	1,021.40	$	3.74		0.73%
Class R	$	1,000	$	1,024.10	$	7.49	$	1,000	$	1,017.67	$	7.47		1.48%
Class Y	$	1,000	$	1,026.50	$	5.07	$	1,000	$	1,020.06	$	5.05		0.99%
Ivy Global Equity Income Fund
Class A	$	1,000	$	1,028.00	$	6.29	$	1,000	$	1,018.83	$	6.26		1.24%
Class B**	$	1,000	$	1,024.30	$	9.92	$	1,000	$	1,015.27	$	9.87		1.95%
Class C	$	1,000	$	1,023.40	$	10.12	$	1,000	$	1,015.03	$	10.08		2.00%
Class E	$	1,000	$	1,028.60	$	5.78	$	1,000	$	1,019.38	$	5.76		1.13%
Class I	$	1,000	$	1,029.70	$	4.67	$	1,000	$	1,020.43	$	4.65		0.92%
Class N	$	1,000	$	1,030.40	$	4.06	$	1,000	$	1,021.09	$	4.04		0.79%
Class R	$	1,000	$	1,026.50	$	7.80	$	1,000	$	1,017.39	$	7.77		1.53%
Class Y	$	1,000	$	1,028.40	$	6.09	$	1,000	$	1,019.08	$	6.06		1.19%
Ivy Global Growth Fund
Class A	$	1,000	$	1,028.50	$	7.00	$	1,000	$	1,018.20	$	6.96		1.37%
Class B**	$	1,000	$	1,022.10	$	13.14	$	1,000	$	1,012.07	$	13.08		2.58%
Class C	$	1,000	$	1,024.00	$	11.33	$	1,000	$	1,013.92	$	11.28		2.22%
Class E	$	1,000	$	1,029.40	$	6.09	$	1,000	$	1,019.08	$	6.06		1.19%
Class I	$	1,000	$	1,030.20	$	5.48	$	1,000	$	1,019.69	$	5.45		1.06%
Class N	$	1,000	$	1,030.70	$	4.77	$	1,000	$	1,020.33	$	4.75		0.94%
Class R	$	1,000	$	1,026.70	$	8.51	$	1,000	$	1,016.62	$	8.47		1.68%
Class Y	$	1,000	$	1,028.40	$	7.00	$	1,000	$	1,018.20	$	6.96		1.37%

See footnotes on page 9.

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 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*		Beginning Account Value 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*
Ivy Government Money Market Fund
Class A	$	1,000	$	1,007.70	$	4.02	$	1,000	$	1,021.04	$	4.04		0.80%
Class B**	$	1,000	$	1,003.50	$	8.21	$	1,000	$	1,016.86	$	8.27		1.64%
Class C	$	1,000	$	1,003.10	$	8.61	$	1,000	$	1,016.48	$	8.67		1.71%
Class E	$	1,000	$	1,009.00	$	2.71	$	1,000	$	1,022.33	$	2.73		0.55%
Class N	$	1,000	$	1,009.10	$	2.71	$	1,000	$	1,022.41	$	2.73		0.53%
Ivy High Income Fund
Class A	$	1,000	$	1,022.60	$	4.85	$	1,000	$	1,020.25	$	4.85		0.96%
Class B**	$	1,000	$	1,018.80	$	8.68	$	1,000	$	1,016.47	$	8.67		1.71%
Class C	$	1,000	$	1,019.10	$	8.38	$	1,000	$	1,016.72	$	8.37		1.66%
Class E	$	1,000	$	1,022.00	$	5.46	$	1,000	$	1,019.63	$	5.45		1.08%
Class I	$	1,000	$	1,023.80	$	3.74	$	1,000	$	1,021.38	$	3.74		0.74%
Class N	$	1,000	$	1,024.60	$	2.94	$	1,000	$	1,022.14	$	2.93		0.58%
Class R	$	1,000	$	1,020.80	$	6.67	$	1,000	$	1,018.42	$	6.66		1.33%
Class T	$	1,000	$	1,023.30	$	4.25	$	1,000	$	1,020.88	$	4.24		0.84%
Class Y	$	1,000	$	1,022.70	$	4.85	$	1,000	$	1,020.25	$	4.85		0.96%
Ivy International Core Equity Fund
Class A	$	1,000	$	1,010.10	$	6.33	$	1,000	$	1,018.79	$	6.36		1.25%
Class B**	$	1,000	$	1,006.10	$	10.63	$	1,000	$	1,014.48	$	10.68		2.11%
Class C	$	1,000	$	1,006.80	$	9.73	$	1,000	$	1,015.39	$	9.77		1.93%
Class E	$	1,000	$	1,010.10	$	6.33	$	1,000	$	1,018.73	$	6.36		1.26%
Class I	$	1,000	$	1,013.00	$	4.03	$	1,000	$	1,021.10	$	4.04		0.79%
Class N	$	1,000	$	1,012.40	$	4.02	$	1,000	$	1,021.10	$	4.04		0.79%
Class R	$	1,000	$	1,008.40	$	7.73	$	1,000	$	1,017.39	$	7.77		1.53%
Class T	$	1,000	$	1,011.30	$	4.93	$	1,000	$	1,020.13	$	4.95		0.99%
Class Y	$	1,000	$	1,010.70	$	5.93	$	1,000	$	1,019.14	$	5.96		1.18%
Ivy Large Cap Growth Fund
Class A	$	1,000	$	1,088.90	$	5.33	$	1,000	$	1,019.96	$	5.15		1.02%
Class B**	$	1,000	$	1,084.50	$	9.69	$	1,000	$	1,015.77	$	9.37		1.85%
Class C	$	1,000	$	1,084.70	$	9.59	$	1,000	$	1,015.92	$	9.27		1.83%
Class E	$	1,000	$	1,088.20	$	6.06	$	1,000	$	1,019.31	$	5.86		1.15%
Class I	$	1,000	$	1,090.50	$	3.66	$	1,000	$	1,021.58	$	3.54		0.69%
Class N	$	1,000	$	1,090.70	$	3.45	$	1,000	$	1,021.76	$	3.34		0.66%
Class R	$	1,000	$	1,086.60	$	7.41	$	1,000	$	1,018.00	$	7.16		1.41%
Class Y	$	1,000	$	1,089.00	$	5.33	$	1,000	$	1,019.96	$	5.15		1.02%

See footnotes on page 9.

6 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 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*		Beginning Account Value 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*
Ivy Limited-Term Bond Fund
Class A	$	1,000	$	1,024.30	$	4.66	$	1,000	$	1,020.45	$	4.65		0.92%
Class B**	$	1,000	$	1,019.70	$	9.19	$	1,000	$	1,015.99	$	9.17		1.81%
Class C	$	1,000	$	1,020.50	$	8.49	$	1,000	$	1,016.72	$	8.47		1.67%
Class E	$	1,000	$	1,024.20	$	4.86	$	1,000	$	1,020.29	$	4.85		0.95%
Class I	$	1,000	$	1,025.50	$	3.54	$	1,000	$	1,021.61	$	3.54		0.69%
Class N	$	1,000	$	1,026.30	$	2.74	$	1,000	$	1,022.40	$	2.73		0.53%
Class R	$	1,000	$	1,022.40	$	6.47	$	1,000	$	1,018.62	$	6.46		1.29%
Class Y	$	1,000	$	1,024.30	$	4.66	$	1,000	$	1,020.45	$	4.65		0.92%
Ivy Managed International Opportunities Fund(3)
Class A	$	1,000	$	1,002.00	$	2.50	$	1,000	$	1,022.60	$	2.53		0.49%
Class B**	$	1,000	$	998.00	$	7.09	$	1,000	$	1,018.01	$	7.16		1.40%
Class C	$	1,000	$	999.00	$	6.50	$	1,000	$	1,018.56	$	6.56		1.29%
Class E***	$	1,000	$	1,002.00	$	2.10	$	1,000	$	1,022.98	$	2.12		0.42%
Class I	$	1,000	$	1,003.90	$	0.80	$	1,000	$	1,024.26	$	0.81		0.16%
Class N	$	1,000	$	1,003.90	$	0.80	$	1,000	$	1,024.26	$	0.81		0.16%
Class R	$	1,000	$	1,001.00	$	3.40	$	1,000	$	1,021.71	$	3.44		0.67%
Class Y	$	1,000	$	1,002.90	$	1.90	$	1,000	$	1,023.15	$	1.92		0.38%
Ivy Mid Cap Growth Fund
Class A	$	1,000	$	1,050.20	$	6.25	$	1,000	$	1,019.01	$	6.16		1.21%
Class B**	$	1,000	$	1,045.70	$	10.74	$	1,000	$	1,014.57	$	10.58		2.09%
Class C	$	1,000	$	1,046.20	$	10.03	$	1,000	$	1,015.29	$	9.87		1.96%
Class E	$	1,000	$	1,050.40	$	6.56	$	1,000	$	1,018.63	$	6.46		1.28%
Class I	$	1,000	$	1,052.70	$	4.11	$	1,000	$	1,021.09	$	4.04		0.79%
Class N	$	1,000	$	1,052.60	$	4.11	$	1,000	$	1,021.09	$	4.04		0.79%
Class R	$	1,000	$	1,048.60	$	7.99	$	1,000	$	1,017.26	$	7.87		1.56%
Class Y	$	1,000	$	1,050.50	$	6.15	$	1,000	$	1,019.03	$	6.06		1.21%
Ivy Mid Cap Income Opportunities Fund
Class A	$	1,000	$	1,071.60	$	6.63	$	1,000	$	1,018.66	$	6.46		1.28%
Class C	$	1,000	$	1,067.30	$	10.44	$	1,000	$	1,014.94	$	10.18		2.02%
Class E	$	1,000	$	1,072.60	$	5.70	$	1,000	$	1,019.60	$	5.55		1.09%
Class I	$	1,000	$	1,073.70	$	4.35	$	1,000	$	1,020.82	$	4.24		0.85%
Class N	$	1,000	$	1,073.80	$	4.35	$	1,000	$	1,020.87	$	4.24		0.84%
Class R	$	1,000	$	1,069.40	$	8.28	$	1,000	$	1,017.10	$	8.07		1.59%
Class Y	$	1,000	$	1,071.00	$	6.63	$	1,000	$	1,018.72	$	6.46		1.27%

See footnotes on page 9.

2019 SEMIANNUAL REPORT 7

ILLUSTRATION OF FUND EXPENSES IVY FUNDS

(UNAUDITED)

	Actual(1)						Hypothetical(2)						Annualized Expense Ratio Based on the Six-Month Period
Fund	Beginning Account Value 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*		Beginning Account Value 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*
Ivy Municipal Bond Fund
Class A	$	1,000	$	1,027.20	$	4.36	$	1,000	$	1,020.80	$	4.34		0.84%
Class B**	$	1,000	$	1,022.60	$	8.90	$	1,000	$	1,016.31	$	8.87		1.75%
Class C	$	1,000	$	1,022.70	$	8.70	$	1,000	$	1,016.43	$	8.67		1.72%
Class I	$	1,000	$	1,027.90	$	3.65	$	1,000	$	1,021.50	$	3.64		0.70%
Class N	$	1,000	$	1,028.50	$	3.14	$	1,000	$	1,022.01	$	3.13		0.61%
Class Y	$	1,000	$	1,027.20	$	4.36	$	1,000	$	1,020.80	$	4.34		0.84%
Ivy Municipal High Income Fund
Class A	$	1,000	$	1,029.00	$	4.46	$	1,000	$	1,020.63	$	4.45		0.89%
Class B**	$	1,000	$	1,025.20	$	8.30	$	1,000	$	1,016.91	$	8.27		1.62%
Class C	$	1,000	$	1,025.40	$	8.10	$	1,000	$	1,017.12	$	8.07		1.58%
Class I	$	1,000	$	1,030.40	$	3.15	$	1,000	$	1,021.98	$	3.13		0.61%
Class N	$	1,000	$	1,030.60	$	3.05	$	1,000	$	1,022.08	$	3.03		0.60%
Class Y	$	1,000	$	1,029.00	$	4.46	$	1,000	$	1,020.63	$	4.45		0.89%
Ivy Pzena International Value Fund
Class A	$	1,000	$	982.60	$	7.83	$	1,000	$	1,017.12	$	7.97		1.59%
Class B**	$	1,000	$	972.60	$	17.56	$	1,000	$	1,007.30	$	17.86		3.55%
Class C	$	1,000	$	979.80	$	11.09	$	1,000	$	1,013.92	$	11.28		2.23%
Class I	$	1,000	$	985.00	$	5.66	$	1,000	$	1,019.42	$	5.76		1.13%
Class N	$	1,000	$	985.70	$	4.67	$	1,000	$	1,020.32	$	4.75		0.95%
Class R	$	1,000	$	981.90	$	8.42	$	1,000	$	1,016.61	$	8.57		1.69%
Class Y	$	1,000	$	983.50	$	7.24	$	1,000	$	1,017.73	$	7.36		1.47%
Ivy Securian Core Bond Fund
Class A	$	1,000	$	1,049.80	$	5.23	$	1,000	$	1,019.98	$	5.15		1.02%
Class B**	$	1,000	$	1,044.70	$	10.12	$	1,000	$	1,015.18	$	9.98		1.97%
Class C	$	1,000	$	1,045.80	$	9.00	$	1,000	$	1,016.23	$	8.87		1.76%
Class E	$	1,000	$	1,049.80	$	5.12	$	1,000	$	1,020.03	$	5.05		1.01%
Class I	$	1,000	$	1,052.30	$	2.77	$	1,000	$	1,022.35	$	2.73		0.54%
Class N	$	1,000	$	1,052.20	$	2.77	$	1,000	$	1,022.35	$	2.73		0.54%
Class R	$	1,000	$	1,048.20	$	6.66	$	1,000	$	1,018.55	$	6.56		1.30%
Class Y	$	1,000	$	1,050.00	$	5.02	$	1,000	$	1,020.17	$	4.95		0.98%

See footnotes on page 9.

8 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 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*		Beginning Account Value 3-31-19		Ending Account Value 9-30-19		Expenses Paid During Period*
Ivy Small Cap Core Fund
Class A	$	1,000	$	1,020.20	$	7.07	$	1,000	$	1,018.10	$	7.06		1.39%
Class B**	$	1,000	$	1,015.10	$	11.89	$	1,000	$	1,013.26	$	11.88		2.35%
Class C	$	1,000	$	1,016.80	$	10.59	$	1,000	$	1,014.57	$	10.58		2.09%
Class E	$	1,000	$	1,021.60	$	5.86	$	1,000	$	1,019.27	$	5.86		1.16%
Class I	$	1,000	$	1,022.80	$	4.55	$	1,000	$	1,020.60	$	4.55		0.89%
Class N	$	1,000	$	1,022.60	$	4.55	$	1,000	$	1,020.60	$	4.55		0.89%
Class R	$	1,000	$	1,019.10	$	8.38	$	1,000	$	1,016.73	$	8.37		1.66%
Class T	$	1,000	$	1,021.30	$	5.86	$	1,000	$	1,019.28	$	5.86		1.15%
Class Y	$	1,000	$	1,020.20	$	6.77	$	1,000	$	1,018.37	$	6.76		1.34%
Ivy Small Cap Growth Fund
Class A	$	1,000	$	966.80	$	6.39	$	1,000	$	1,018.52	$	6.56		1.31%
Class B**	$	1,000	$	961.50	$	10.98	$	1,000	$	1,013.91	$	11.28		2.22%
Class C	$	1,000	$	963.00	$	10.11	$	1,000	$	1,014.76	$	10.38		2.05%
Class E	$	1,000	$	966.50	$	6.69	$	1,000	$	1,018.27	$	6.86		1.35%
Class I	$	1,000	$	968.40	$	4.43	$	1,000	$	1,020.58	$	4.55		0.89%
Class N	$	1,000	$	968.60	$	4.43	$	1,000	$	1,020.60	$	4.55		0.89%
Class R	$	1,000	$	965.40	$	8.06	$	1,000	$	1,016.89	$	8.27		1.63%
Class T	$	1,000	$	968.10	$	5.22	$	1,000	$	1,019.81	$	5.35		1.05%
Class Y	$	1,000	$	966.70	$	6.29	$	1,000	$	1,018.64	$	6.46		1.28%
Ivy Value Fund
Class A	$	1,000	$	1,056.80	$	6.27	$	1,000	$	1,018.95	$	6.16		1.22%
Class B**	$	1,000	$	1,051.50	$	12.00	$	1,000	$	1,013.34	$	11.78		2.34%
Class C	$	1,000	$	1,053.00	$	10.16	$	1,000	$	1,015.16	$	9.98		1.98%
Class E***	$	1,000	$	1,058.00	$	5.25	$	1,000	$	1,019.94	$	5.15		1.02%
Class I	$	1,000	$	1,058.70	$	4.74	$	1,000	$	1,020.43	$	4.65		0.92%
Class N	$	1,000	$	1,059.80	$	4.02	$	1,000	$	1,021.21	$	3.94		0.77%
Class R	$	1,000	$	1,055.30	$	8.02	$	1,000	$	1,017.30	$	7.87		1.55%
Class Y	$	1,000	$	1,057.00	$	6.17	$	1,000	$	1,019.06	$	6.06		1.20%

* Fund expenses for each share class are equal to the Fund’s annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by 183 days in the six-month period ended September 30, 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.

*** Class share is closed to investment.

(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.

(3) Annualized Expense Ratio Based on the Six-Month Period does not include expenses of Underlying Ivy Funds in which Ivy Managed International Opportunities Fund invests.

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 9

PORTFOLIO HIGHLIGHTS IVY CORE EQUITY FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	98.3%
Information Technology	24.9%
Financials	16.0%
Consumer Discretionary	11.4%
Industrials	9.9%
Communication Services	9.8%
Health Care	9.1%
Consumer Staples	8.2%
Energy	3.3%
Materials	3.2%
Utilities	2.5%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.7%

Top 10 Equity Holdings

Company	Sector	Industry
Microsoft Corp.	Information Technology	Systems Software
Boeing Co. (The)	Industrials	Aerospace & Defense
TE Connectivity Ltd.	Information Technology	Electronic Manufacturing Services
Wal-Mart Stores, Inc.	Consumer Staples	Hypermarkets & Super Centers
JPMorgan Chase & Co.	Financials	Other Diversified Financial Services
Apple, Inc.	Information Technology	Technology Hardware, Storage & Peripherals
Citigroup, Inc.	Financials	Other Diversified Financial Services
Comcast Corp., Class A	Communication Services	Cable & Satellite
Amazon.com, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail
NextEra Energy, Inc.	Utilities	Electric Utilities

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.

10 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY CORE EQUITY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Cable & Satellite – 3.0%
Comcast Corp., Class A		2,776	$	125,152
Interactive Home Entertainment – 2.0%
Take-Two Interactive Software, Inc. (A)		646		81,028
Interactive Media & Services – 3.0%
Alphabet, Inc., Class A (A)		68		82,722
Facebook, Inc., Class A (A)		233		41,499
				124,221
Movies & Entertainment – 1.8%
Walt Disney Co. (The)		568		73,993
Total Communication Services – 9.8%				404,394
Consumer Discretionary
Auto Parts & Equipment – 2.3%
Aptiv plc		1,087		94,983
Automotive Retail – 2.3%
AutoZone, Inc. (A)		86		93,379
Footwear – 2.0%
NIKE, Inc., Class B		903		84,838
Internet & Direct Marketing Retail – 4.8%
Alibaba Group Holding Ltd. ADR (A)		513		85,871
Amazon.com, Inc. (A)		64		110,633
				196,504
Total Consumer Discretionary – 11.4%				469,704
Consumer Staples
Distillers & Vintners – 1.4%
Constellation Brands, Inc.		293		60,646
Household Products – 1.7%
Procter & Gamble Co. (The)		556		69,166
Hypermarkets & Super Centers – 5.1%
Costco Wholesale Corp.		248		71,571
Wal-Mart Stores, Inc.		1,177		139,647
				211,218
Total Consumer Staples – 8.2%				341,030
Energy
Oil & Gas Refining & Marketing – 1.2%
Phillips 66		488		49,973
Oil & Gas Storage & Transportation – 2.1%
Enterprise Products Partners L.P.		3,052		87,224
Total Energy – 3.3%				137,197

COMMON STOCKS (Continued)	Shares		Value
Financials
Asset Management & Custody Banks – 1.9%
Blackstone Group, Inc. (The), Class A		1,635	$	79,835
Financial Exchanges & Data – 3.2%
MSCI, Inc., Class A		172		37,500
S&P Global, Inc.		382		93,537
				131,037
Insurance Brokers – 1.6%
Aon plc		340		65,833
Other Diversified Financial Services – 7.4%
Citigroup, Inc.		1,837		126,928
Fidelity National Information Services, Inc.		312		41,462
JPMorgan Chase & Co.		1,151		135,501
				303,891
Property & Casualty Insurance – 1.9%
Progressive Corp. (The)		1,036		80,059
Total Financials – 16.0%				660,655
Health Care
Health Care Equipment – 4.3%
Danaher Corp.		540		77,967
Zimmer Holdings, Inc.		712		97,771
				175,738
Managed Health Care – 2.8%
Anthem, Inc.		205		49,105
UnitedHealth Group, Inc.		301		65,353
				114,458
Pharmaceuticals – 2.0%
Zoetis, Inc.		679		84,634
Total Health Care – 9.1%				374,830
Industrials
Aerospace & Defense – 5.9%
Boeing Co. (The)		380		144,657
Lockheed Martin Corp.		254		98,980
				243,637
Environmental & Facilities Services – 1.4%
Waste Connections, Inc.		628		57,742
Railroads – 1.2%
Norfolk Southern Corp.		282		50,596
Trading Companies & Distributors – 1.4%
United Rentals, Inc. (A)		456		56,870
Total Industrials – 9.9%				408,845

COMMON STOCKS (Continued)	Shares		Value
Information Technology
Communications Equipment – 2.7%
Cisco Systems, Inc.		1,048	$	51,778
Motorola, Inc.		345		58,709
				110,487
Data Processing & Outsourced Services – 5.8%
Fiserv, Inc. (A)		893		92,497
MasterCard, Inc., Class A		323		87,659
Visa, Inc., Class A		354		60,975
				241,131
Electronic Manufacturing Services – 3.4%
TE Connectivity Ltd.		1,510		140,735
Semiconductors – 3.5%
Analog Devices, Inc.		760		84,883
Texas Instruments, Inc.		471		60,931
				145,814
Systems Software – 6.2%
Microsoft Corp.		1,855		257,853
Technology Hardware, Storage & Peripherals – 3.3%
Apple, Inc.		599		134,174
Total Information Technology – 24.9%				1,030,194
Materials
Commodity Chemicals – 1.0%
LyondellBasell Industries N.V., Class A		467		41,748
Specialty Chemicals – 2.2%
Sherwin-Williams Co. (The)		168		92,354
Total Materials – 3.2%				134,102
Utilities
Electric Utilities – 2.5%
NextEra Energy, Inc.		440		102,630
Total Utilities – 2.5%				102,630
TOTAL COMMON STOCKS – 98.3%			$	4,063,581
(Cost: $3,189,089)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 1.8%
Army & Air Force Exchange Service,
1.901%, 10-4-19	$	7,000		6,998
Automatic Data Processing, Inc.,
1.970%, 10-2-19		15,000		14,998
Bank of New York Mellon Corp. (The),
1.900%, 10-1-19		5,000		5,000
Diageo Capital plc (GTD by Diageo plc),
2.201%, 10-4-19		4,000		3,999

2019 SEMIANNUAL REPORT 11

SCHEDULE OF INVESTMENTS IVY CORE EQUITY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Commercial Paper (B) (Continued)
International Paper Co.,
2.211%, 10-7-19	$	10,000	$	9,995
Kroger Co. (The),
2.151%, 10-7-19		10,000		9,995
Malayan Banking Berhad (GTD by Wells Fargo Bank N.A.),
2.060%, 10-22-19		5,000		4,994
McCormick & Co., Inc.,
2.430%, 10-11-19		10,000		9,993
Sysco Corp.,
2.180%, 10-1-19		5,741		5,741
Wisconsin Electric Power Co.,
2.100%, 10-1-19		5,000		5,000
				76,713

SHORT-TERM SECURITIES (Continued)	Principal		Value
Master Note – 0.1%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (C)	$	2,790	$	2,790
TOTAL SHORT-TERM SECURITIES – 1.9%			$	79,503
(Cost: $79,509)
TOTAL INVESTMENT SECURITIES – 100.2%			$	4,143,084
(Cost: $3,268,598)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2)%				(7,896	)
NET ASSETS – 100.0%			$	4,135,188

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2019.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 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	$	4,063,581	$	—	$	—
Short-Term Securities		—		79,503		—
Total	$	4,063,581	$	79,503	$	—

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

See Accompanying Notes to Financial Statements.

12 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY EMERGING MARKETS EQUITY FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	98.6%
Consumer Discretionary	21.5%
Financials	19.5%
Information Technology	15.2%
Communication Services	14.2%
Energy	9.4%
Industrials	5.2%
Consumer Staples	4.2%
Real Estate	4.0%
Health Care	2.9%
Materials	2.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.4%

Country Weightings

Pacific Basin	68.5%
China	28.8%
South Korea	13.1%
India	11.2%
Taiwan	7.9%
Other Pacific Basin	7.5%
South America	15.5%
Brazil	15.5%
Europe	9.0%
Russia	8.0%
Other Europe	1.0%
Other	4.1%
South Africa	4.1%
North America	1.5%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	1.4%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Samsung Electronics Co. Ltd.	South Korea	Information Technology	Technology Hardware, Storage & Peripherals
Alibaba Group Holding Ltd. ADR	China	Consumer Discretionary	Internet & Direct Marketing Retail
Tencent Holdings Ltd.	China	Communication Services	Interactive Media & Services
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	Information Technology	Semiconductors
Petroleo Brasileiro S.A.	Brazil	Energy	Integrated Oil & Gas
Reliance Industries Ltd.	India	Energy	Oil & Gas Refining & Marketing
MercadoLibre, Inc.	Brazil	Consumer Discretionary	Internet & Direct Marketing Retail
Hyundai Motor Co.	South Korea	Consumer Discretionary	Automobile Manufacturers
Yandex N.V., Class A	Russia	Communication Services	Interactive Media & Services
Banco do Brasil S.A.	Brazil	Financials	Diversified Banks

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

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

2019 SEMIANNUAL REPORT 13

CONSOLIDATEDSCHEDULE OF INVESTMENTS IVY EMERGING MARKETS EQUITY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Brazil
Consumer Discretionary – 4.4%
Lojas Renner S.A.		1,641	$	19,896
MercadoLibre, Inc. (A)		101		55,553
				75,449
Energy – 3.5%
Petroleo Brasileiro S.A.		9,104		60,279
Financials – 5.4%
B3 S.A. - Brasil, Bolsa, Balcao		2,260		23,838
Banco Bradesco S.A.		3,652		29,851
Banco do Brasil S.A.		3,675		40,338
				94,027
Industrials – 1.2%
Rumo S.A. (A)		3,533		20,886
Materials – 1.0%
Vale S.A.		1,511		17,433
Total Brazil – 15.5%			$	268,074
China
Communication Services – 7.3%
NetEase.com, Inc. ADR		99		26,251
Tencent Holdings Ltd.		2,388		99,903
				126,154
Consumer Discretionary – 10.8%
Alibaba Group Holding Ltd. ADR (A)		646		108,010
JD.com, Inc. ADR (A)		1,283		36,198
Midea Group Co. Ltd., Class A		3,181		22,804
New Oriental Education & Technology Group, Inc. ADR (A)		177		19,569
				186,581
Consumer Staples – 1.8%
Kweichow Moutai Co. Ltd., A Shares		191		30,764
Financials – 3.5%
China International Capital Corp. Ltd., H Shares (B)		10,775		20,913
Ping An Insurance (Group) Co. of China Ltd., H Shares		3,390		38,964
				59,877
Health Care – 2.9%
3SBio, Inc. (A)		5,379		8,894
BeiGene Ltd. ADR (A)		197		24,065
Yunnan Baiyao Group Co. Ltd., A Shares		1,588		16,931
				49,890
Industrials – 1.2%
Hefei Meiya Optoelectronic Technology, Inc., A Shares		4,242		19,682

COMMON STOCKS (Continued)	Shares		Value
Real Estate – 1.3%
Logan Property Holdings Co. Ltd.		15,646	$	22,276
Total China – 28.8%			$	495,224
Hong Kong
Consumer Discretionary – 0.5%
Galaxy Entertainment Group		1,445		8,960
Consumer Staples – 1.2%
China Resources Beer (Holdings) Co. Ltd.		3,790		20,080
Financials – 1.1%
Hong Kong Exchanges and Clearing Ltd.		631		18,508
Total Hong Kong – 2.8%			$	47,548
India
Communication Services – 2.1%
Bharti Airtel Ltd.		3,590		18,611
Zee Entertainment Enterprises Ltd.		4,683		17,555
				36,166
Consumer Discretionary – 1.2%
Maruti Suzuki India Ltd.		211		20,048
Energy – 3.3%
Reliance Industries Ltd.		2,996		56,404
Financials – 3.6%
HDFC Bank Ltd.		1,644		28,487
ICICI Bank Ltd.		5,267		32,099
				60,586
Industrials – 1.0%
Larsen & Toubro Ltd.		854		17,777
Total India – 11.2%			$	190,981
Indonesia
Financials – 1.7%
PT Bank Mandiri (Persero) Tbk		30,257		14,882
PT Bank Rakyat Indonesia		46,992		13,645
				28,527
Total Indonesia – 1.7%			$	28,527
Macau
Consumer Discretionary – 0.8%
Sands China Ltd.		2,820		12,745
Total Macau – 0.8%			$	12,745

COMMON STOCKS (Continued)	Shares		Value
Mexico
Materials – 1.5%
Orbia Advance Corp. S.A.B. de C.V.		12,765	$	25,021
Total Mexico – 1.5%			$	25,021
Netherlands
Consumer Discretionary – 1.0%
Prosus N.V. (A)		221		16,226
Total Netherlands – 1.0%			$	16,226
Russia
Communication Services – 2.8%
Yandex N.V., Class A (A)		1,349		47,235
Energy – 2.6%
PJSC LUKOIL		418		34,680
PJSC LUKOIL ADR		119		9,859
				44,539
Financials – 2.1%
Sberbank of Russia PJSC ADR		2,611		37,039
Real Estate – 0.5%
Etalon Group Ltd. GDR		3,915		7,438
Total Russia – 8.0%			$	136,251
South Africa
Communication Services – 2.0%
Naspers Ltd., Class N		221		33,466
Financials – 2.1%
Capitec Bank Holdings Ltd.		424		36,057
Total South Africa – 4.1%			$	69,523
South Korea
Consumer Discretionary – 2.8%
Hyundai Motor Co.		431		48,250
Consumer Staples – 1.2%
LG Household & Health Care Ltd.		20		21,561
Industrials – 1.8%
Korea Shipbuilding & Offshore Engineering Co. Ltd. (A)		293		30,363
Information Technology – 7.3%
Samsung Electronics Co. Ltd.		2,786		114,061
SK hynix, Inc.		158		10,882
				124,943
Total South Korea – 13.1%			$	225,117

14 SEMIANNUAL REPORT 2019

CONSOLIDATEDSCHEDULE OF INVESTMENTS IVY EMERGING MARKETS EQUITY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Taiwan
Information Technology – 7.9%
Delta Electronics, Inc.		4,553	$	19,452
MediaTek, Inc.		1,461		17,383
Taiwan Semiconductor Manufacturing Co. Ltd. (A)		11,073		98,349
				135,184
Total Taiwan – 7.9%			$	135,184
Vietnam
Real Estate – 2.2%
Vinhomes JSC		9,873		38,032
Total Vietnam – 2.2%			$	38,032
TOTAL COMMON STOCKS – 98.6%			$	1,688,453
(Cost: $1,422,129)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (C) – 0.8%
Army & Air Force Exchange Service
1.901%, 10-4-19	$	10,000	$	9,997
Sonoco Products Co.
2.150%, 10-1-19		4,231		4,231
				14,228
Master Note – 0.2%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps)
2.170%, 10-7-19 (D)		3,723		3,723

SHORT-TERM SECURITIES (Continued)	Principal		Value
Money Market Funds – 0.2%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares 1.900%, (E)(F)	$	3,464	$	3,464
TOTAL SHORT-TERM SECURITIES – 1.2%			$	21,415
(Cost: $21,416)
TOTAL INVESTMENT SECURITIES – 99.8%			$	1,709,868
(Cost: $1,443,545)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				2,884
NET ASSETS – 100.0%			$	1,712,752

Notes to Consolidated Schedule of Investments

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

(B) All or a portion of securities with an aggregate value of $10,908 are on loan.

(C) Rate shown is the yield to maturity at September 30, 2019.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 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 September 30, 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	$	73,486	$	169,535	$	—
Consumer Discretionary		255,452		112,807		—
Consumer Staples		—		72,405		—
Energy		70,138		91,084		—
Financials		130,084		204,537		—
Health Care		24,065		25,825		—
Industrials		20,886		67,822		—
Information Technology		—		260,127		—
Materials		42,454		—		—
Real Estate		7,438		60,308		—
Total Common Stocks	$	624,003	$	1,064,450	$	—
Short-Term Securities		3,464		17,951		—
Total	$	627,467	$	1,082,401	$	—

2019 SEMIANNUAL REPORT 15

CONSOLIDATEDSCHEDULE OF INVESTMENTS IVY EMERGING MARKETS EQUITY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GDR = Global Depositary Receipts

LIBOR = London Interbank Offered Rate

Market Sector Diversification
(as a % of net assets)
Consumer Discretionary	21.5%
Financials	19.5%
Information Technology	15.2%
Communication Services	14.2%
Energy	9.4%
Industrials	5.2%
Consumer Staples	4.2%
Real Estate	4.0%
Health Care	2.9%
Materials	2.5%
Other+	1.4%

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

See Accompanying Notes to Financial Statements.

16 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY GLOBAL BOND FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Bonds	98.9%
Corporate Debt Securities	67.8%
United States Government and Government Agency Obligations	17.7%
Other Government Securities	13.4%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.1%

Quality Weightings

Investment Grade	72.6%
AAA	17.4%
AA	5.2%
A	11.6%
BBB	38.4%
Non-Investment Grade	26.3%
BB	13.7%
B	7.5%
CCC	2.5%
Non-rated	2.6%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.1%

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

Country Weightings

North America	42.6%
United States	34.2%
Mexico	5.8%
Other North America	2.6%
Pacific Basin	17.1%
Indonesia	4.1%
Other Pacific Basin	13.0%
Europe	16.7%
Netherlands	5.1%
United Kingdom	4.2%
Other Europe	7.4%
South America	14.5%
Columbia	3.7%
Other South America	10.8%
Middle East	4.3%
Bahamas/Carribean	2.2%
Africa	1.5%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.1%

+ 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 17

SCHEDULE OF INVESTMENTS IVY GLOBAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal		Value
Argentina
Energy – 1.0%
Pampa Energia S.A.
7.500%, 1-24-27 (A)	$	2,850	$	2,152
Pan American Energy LLC
7.875%, 5-7-21 (A)		2,000		1,990
YPF Sociedad Anonima
8.500%, 3-23-21 (A)(B)		1,000		872
				5,014
Industrials – 0.2%
Aeropuertos Argentina 2000 S.A.
6.875%, 2-1-27 (A)		1,008		927
Total Argentina – 1.2%			$	5,941
Australia
Financials – 0.7%
Australia and New Zealand Banking Group Ltd.
4.400%, 5-19-26 (A)		3,000		3,214
Utilities – 1.0%
Ausgrid Finance Pty Ltd.
3.850%, 5-1-23 (A)		4,400		4,586
Total Australia – 1.7%			$	7,800
Austria
Consumer Staples – 0.8%
ESAL GmbH (GTD by JBS S.A. and JBS Hungary Holdings Kft.)
6.250%, 2-5-23 (A)		2,025		2,060
JBS Investments II GmbH (GTD by JBS S.A.)
7.000%, 1-15-26 (A)		1,500		1,619
				3,679
Total Austria – 0.8%			$	3,679
Bermuda
Consumer Staples – 0.6%
Bacardi Ltd.
4.450%, 5-15-25 (A)		2,800		2,995
Total Bermuda – 0.6%			$	2,995
Brazil
Energy – 0.0%
Lancer Finance Co. (SPV) Ltd.
5.850%, 12-12-16 (A)(C)		987		—	*
Financials – 0.0%
Banco Cruzeiro do Sul S.A.
8.500%, 2-20-15 (A)(C)		9,000		45
Industrials – 0.4%
Cosan Ltd.
5.500%, 9-20-29 (A)		1,650		1,694

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Materials – 2.2%
Fibria Overseas Finance Ltd.
4.000%, 1-14-25	$	2,000	$	2,030
Suzano Austria GmbH
6.000%, 1-15-29		2,000		2,174
Unigel Luxembourg S.A.
8.750%, 10-1-26 (A)		1,350		1,347
Vale Overseas Ltd.
6.250%, 8-10-26		3,850		4,437
				9,988
Utilities – 0.5%
Aegea Finance S.a.r.l.
5.750%, 10-10-24 (A)		2,300		2,389
Total Brazil – 3.1%			$	14,116
Canada
Energy – 0.5%
TransCanada PipeLines Ltd.
4.250%, 5-15-28		2,000		2,211
Financials – 1.6%
Canadian Imperial Bank of Commerce
3.500%, 9-13-23		5,000		5,261
Royal Bank of Canada:
3.700%, 10-5-23		750		793
4.650%, 1-27-26		1,500		1,657
				7,711
Materials – 0.5%
First Quantum Minerals Ltd.:
7.250%, 5-15-22 (A)(B)		1,200		1,188
6.500%, 3-1-24 (A)		1,350		1,288
				2,476
Total Canada – 2.6%			$	12,398
Cayman Islands
Industrials – 1.3%
Guanay Finance Ltd.:
6.000%, 12-15-20 (A)		1,685		1,702
6.000%, 12-15-20		121		122
LATAM Finance Ltd.
7.000%, 3-1-26 (A)		3,900		4,156
				5,980
Materials – 0.3%
Braskem Finance Ltd. (GTD by Braskem S.A.)
5.750%, 4-15-21 (A)		1,200		1,242
Total Cayman Islands – 1.6%			$	7,222
Chile
Financials – 0.3%
Banco Santander Chile
2.500%, 12-15-20 (A)		1,600		1,603

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Materials – 1.1%
Celulosa Arauco y Constitucion S.A.
4.500%, 8-1-24	$	4,800	$	5,058
Utilities – 0.5%
Enel Chile S.A.
4.875%, 6-12-28		2,080		2,339
Total Chile – 1.9%			$	9,000
China
Communication Services – 0.8%
Tencent Holdings Ltd.
2.985%, 1-19-23 (A)		1,800		1,828
Weibo Corp.
3.500%, 7-5-24		1,900		1,930
				3,758
Consumer Discretionary – 1.0%
Alibaba Group Holding Ltd.:
2.800%, 6-6-23		1,600		1,624
3.400%, 12-6-27		3,000		3,116
				4,740
Energy – 0.5%
Sinopec Group Overseas Development (2018) Ltd.
4.125%, 9-12-25 (A)		2,000		2,158
Total China – 2.3%			$	10,656
Columbia
Financials – 0.5%
Banco de Bogota S.A.
5.375%, 2-19-23 (A)		2,000		2,130
Utilities – 1.7%
Emgesa S.A. E.S.P.
8.750%, 1-25-21 (D)	COP	10,066,000		3,001
Empresas Publicas de Medellin E.S.P.:
8.375%, 2-1-21 (D)		10,238,000		3,018
4.250%, 7-18-29 (A)	$	1,900		1,998
				8,017
Total Columbia – 2.2%			$	10,147
Denmark
Financials – 0.7%
Danske Bank A.S.:
5.000%, 1-12-22 (A)		1,150		1,209
2.700%, 3-2-22 (A)		2,000		2,009
				3,218
Total Denmark – 0.7%			$	3,218

18 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY GLOBAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
France
Consumer Staples – 0.2%
Pernod Ricard S.A.
4.250%, 7-15-22 (A)	$	750	$	790
Financials – 0.7%
BNP Paribas S.A.
7.625%, 12-29-49 (A)		3,000		3,161
Total France – 0.9%			$	3,951
Hong Kong
Financials – 0.3%
Bangkok Bank Public Co. Ltd.
4.050%, 3-19-24 (A)		1,200		1,279
Total Hong Kong – 0.3%			$	1,279
India
Materials – 0.4%
Vedanta Resources plc
6.375%, 7-30-22 (A)		1,600		1,570
Utilities – 0.7%
Adani Green Energy (UP) Ltd., Parampujya Solar Energy Private Ltd. and Prayatna Developers Private Ltd.
6.250%, 12-10-24 (A)		1,900		1,984
Greenko Mauritius Ltd.
6.250%, 2-21-23 (A)		1,350		1,368
				3,352
Total India – 1.1%			$	4,922
Indonesia
Utilities – 0.3%
Perusahaan Listrik Negara
5.450%, 5-21-28 (A)		1,100		1,267
Total Indonesia – 0.3%			$	1,267
Isle Of Man
Consumer Discretionary – 0.9%
GOHL Capital Ltd.
4.250%, 1-24-27		4,000		4,180
Total Isle Of Man – 0.9%			$	4,180
Japan
Financials – 1.7%
Mitsubishi UFJ Financial Group, Inc.
3.287%, 7-25-27		1,500		1,569
Mizuho Financial Group, Inc.
3.170%, 9-11-27		1,500		1,557

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Financials (Continued)
Sumitomo Mitsui Financial Group, Inc.:
3.748%, 7-19-23	$	2,650	$	2,786
3.936%, 10-16-23		2,000		2,126
				8,038
Total Japan – 1.7%			$	8,038
Luxembourg
Consumer Staples – 0.2%
Minerva Luxembourg S.A.
5.875%, 1-19-28 (A)		900		902
Industrials – 0.8%
Rumo Luxembourg S.a.r.l.
7.375%, 2-9-24 (A)(B)		3,550		3,821
Information Technology – 0.6%
Atento Luxco 1 S.A.
6.125%, 8-10-22 (A)		2,700		2,737
Total Luxembourg – 1.6%			$	7,460
Macau
Consumer Discretionary – 0.3%
Sands China Ltd.
5.125%, 8-8-25		1,400		1,537
Total Macau – 0.3%			$	1,537
Mauritius
Industrials – 0.3%
HTA Group Ltd.
9.125%, 3-8-22 (A)		1,200		1,249
Total Mauritius – 0.3%			$	1,249
Mexico
Communication Services – 0.3%
Axtel S.A.B. de C.V.
6.375%, 11-14-24 (A)		1,350		1,389
Consumer Staples – 0.6%
Grupo Bimbo S.A.B. de C.V.
4.875%, 6-30-20 (A)		2,950		3,001
Energy – 1.0%
Petroleos Mexicanos:
3.500%, 1-30-23		1,300		1,296
6.490%, 1-23-27 (A)(B)		2,600		2,710
5.350%, 2-12-28		500		478
				4,484
Financials – 1.3%
Banco Santander (Mexico) S.A.
5.950%, 10-1-28 (A)		850		910
Banco Santander S.A.
4.125%, 11-9-22 (A)		5,100		5,285
				6,195

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials – 0.3%
Alfa S.A.B. de C.V.
5.250%, 3-25-24 (A)	$	1,400	$	1,509
Materials – 1.2%
CEMEX S.A.B. de C.V.:
6.125%, 5-5-25 (A)		3,000		3,120
7.750%, 4-16-26 (A)		500		542
Grupo Cementos de Chihuahua S.A.B. de C.V.
5.250%, 6-23-24 (A)		2,000		2,070
				5,732
Total Mexico – 4.7%			$	22,310
Netherlands
Communication Services – 1.6%
Myriad International Holdings B.V.
6.000%, 7-18-20 (A)		1,150		1,178
VTR Finance B.V.
6.875%, 1-15-24 (A)		5,885		6,054
				7,232
Consumer Staples – 1.4%
MARB BondCo plc (GTD by Marfrig Global Foods S.A., Marfrig Overseas Ltd. and Marfrig Holdings (Europe) B.V.)
7.000%, 3-15-24 (A)		3,850		4,014
Marfrig Holdings (Europe) B.V.
8.000%, 6-8-23 (A)		2,350		2,441
				6,455
Financials – 1.2%
Enel Finance International N.V.
4.625%, 9-14-25 (A)		3,350		3,659
Syngenta Finance N.V.
5.182%, 4-24-28 (A)		1,725		1,834
				5,493
Health Care – 0.7%
Teva Pharmaceutical Finance Netherlands III B.V. (GTD by Teva Pharmaceutical Industries Ltd.):
2.800%, 7-21-23		1,400		1,132
6.750%, 3-1-28 (B)		1,200		984
4.100%, 10-1-46		1,700		1,067
				3,183
Materials – 0.2%
Braskem Netherlands B.V.
4.500%, 1-10-28 (A)		1,000		1,001
Total Netherlands – 5.1%			$	23,364
Nigeria
Financials – 0.5%
Africa Finance Corp.
4.375%, 4-17-26 (A)		1,900		2,006
Total Nigeria – 0.5%			$	2,006

2019 SEMIANNUAL REPORT 19

SCHEDULE OF INVESTMENTS IVY GLOBAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Norway
Energy – 0.9%
Aker BP ASA:
6.000%, 7-1-22 (A)	$	1,900	$	1,962
4.750%, 6-15-24 (A)		1,950		2,037
				3,999
Total Norway – 0.9%			$	3,999
Peru
Financials – 1.2%
Banco de Credito del Peru
4.250%, 4-1-23 (A)(B)		1,350		1,421
Banco Internacional del Peru S.A.
3.250%, 10-4-26 (A)		3,000		2,995
Corporacion Financiera de Desarrolla S.A.
4.750%, 2-8-22 (A)		1,350		1,409
				5,825
Utilities – 0.4%
Fenix Power Peru S.A.
4.317%, 9-20-27 (B)		1,662		1,665
Total Peru – 1.6%			$	7,490
Qatar
Energy – 0.1%
Ras Laffan Liquefied Natural Gas Co. Ltd. II
5.298%, 9-30-20 (A)		420		425
Total Qatar – 0.1%			$	425
Singapore
Consumer Staples – 2.6%
Olam International Ltd.
7.500%, 8-12-20		11,650		12,028
Total Singapore – 2.6%			$	12,028
South Korea
Communication Services – 0.1%
SK Telecom Co. Ltd.
3.750%, 4-16-23 (A)		500		522
Financials – 1.0%
Hyundai Capital Services, Inc.
2.983%, 8-29-22 (A)		2,100		2,119
Korea Development Bank
3.250%, 2-19-24 (B)		2,300		2,416
				4,535
Total South Korea – 1.1%			$	5,057

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Spain
Financials – 0.9%
Banco Santander S.A.
2.706%, 6-27-24	$	4,000	$	4,044
Total Spain – 0.9%			$	4,044
Switzerland
Financials – 0.4%
Credit Suisse Group AG
4.282%, 1-9-28 (A)		1,800		1,936
Total Switzerland – 0.4%			$	1,936
Turkey
Industrials – 0.6%
Koc Holding A.S.
6.500%, 3-11-25 (A)		2,800		2,863
Total Turkey – 0.6%			$	2,863
United Arab Emirates
Energy – 0.1%
Abu Dhabi National Energy Co.
4.375%, 4-23-25 (A)		600		642
Financials – 1.4%
ICICI Bank Ltd.:
3.500%, 3-18-20 (A)		4,275		4,290
4.000%, 3-18-26 (A)		2,000		2,086
				6,376
Total United Arab Emirates – 1.5%			$	7,018
United Kingdom
Consumer Staples – 0.5%
Imperial Tobacco Finance plc
3.750%, 7-21-22 (A)		2,300		2,368
Financials – 3.7%
ANZ New Zealand International Ltd.
3.450%, 1-21-28 (A)		1,300		1,381
Barclays plc
4.337%, 1-10-28		1,800		1,891
HSBC Holdings plc:
4.583%, 6-19-29		1,900		2,108
5.625%, 12-29-49 (B)		4,300		4,305
Royal Bank of Scotland Group plc (The)
6.000%, 12-19-23		2,000		2,199
State Bank of India:
4.375%, 1-24-24 (A)		2,500		2,644
4.875%, 4-17-24 (A)		2,300		2,491
				17,019
Total United Kingdom – 4.2%			$	19,387

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
United States
Communication Services – 2.4%
T-Mobile USA, Inc.
6.000%, 3-1-23	$	11,097	$	11,304
Consumer Discretionary – 0.6%
Volkswagen Group of America, Inc.
4.250%, 11-13-23 (A)		2,500		2,664
Consumer Staples – 2.4%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB)
4.000%, 4-13-28		2,850		3,146
Bunge Ltd. Finance Corp.
3.500%, 11-24-20		2,500		2,527
Keurig Dr Pepper, Inc.
4.597%, 5-25-28		2,800		3,145
Reynolds American, Inc.
4.450%, 6-12-25		2,000		2,134
				10,952
Financials – 5.7%
Bank of America Corp.
3.593%, 7-21-28		3,175		3,357
BBVA Bancomer S.A.:
6.500%, 3-10-21 (A)		421		439
5.875%, 9-13-34 (A)		2,500		2,484
Citigroup, Inc.
3.520%, 10-27-28		3,125		3,273
Cooperatieve Rabobank U.A.
3.125%, 4-26-21		1,750		1,780
Ford Motor Credit Co. LLC
3.096%, 5-4-23		2,500		2,454
Goldman Sachs Group, Inc. (The)
3.814%, 4-23-29		2,600		2,756
Industrial and Commercial Bank of China Ltd.
2.957%, 11-8-22		750		755
JPMorgan Chase & Co.
3.540%, 5-1-28		2,132		2,246
TerraForm Global Operating LLC (GTD by TerraForm Global LLC)
6.125%, 3-1-26 (A)		1,300		1,336
Wells Fargo & Co.
4.300%, 7-22-27		3,000		3,281
Wells Fargo & Co. (3-Month U.S. LIBOR plus 377 bps)
5.889%, 3-29-49 (B)(E)		2,271		2,299
				26,460
Health Care – 1.2%
Bayer U.S. Finance II LLC
4.250%, 12-15-25 (A)		2,000		2,135
Fresenius U.S. Finance II, Inc.:
4.250%, 2-1-21 (A)		300		306
4.500%, 1-15-23 (A)		2,925		3,065
				5,506

20 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY GLOBAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Industrials – 2.3%
Azul Investments LLP
5.875%, 10-26-24 (A)	$	2,000	$	1,995
BAE Systems Holdings, Inc.
3.800%, 10-7-24 (A)		2,225		2,337
TransDigm, Inc. (GTD by TransDigm Group, Inc.)
6.000%, 7-15-22		6,213		6,306
				10,638
Materials – 0.6%
Glencore Funding LLC
4.125%, 3-12-24 (A)		2,700		2,838
Real Estate – 1.3%
Aircastle Ltd.
4.400%, 9-25-23		2,800		2,943
Crown Castle International Corp.
4.000%, 3-1-27		3,000		3,238
				6,181
Total United States – 16.5%			$	76,543
Venezuela
Financials – 0.7%
Corporacion Andina de Fomento
3.250%, 2-11-22		3,250		3,310
Total Venezuela – 0.7%			$	3,310
Vietnam
Energy – 0.3%
Mong Duong Finance Holdings B.V.
5.125%, 5-7-29 (A)		1,350		1,376
Total Vietnam – 0.3%			$	1,376
TOTAL CORPORATE DEBT SECURITIES – 67.8%			$	314,211
(Cost: $319,840)
OTHER GOVERNMENT SECURITIES (F)
Argentina – 1.6%
Province of Buenos Aires
9.950%, 6-9-21		7,050		2,820
Republic of Argentina:
6.875%, 4-22-21		6,050		2,965
5.625%, 1-26-22		3,550		1,526
				7,311
Columbia – 1.5%
Republic of Colombia:
4.375%, 7-12-21		4,300		4,451
2.625%, 3-15-23		2,400		2,409
				6,860

OTHER GOVERNMENT SECURITIES (F) (Continued)	Principal		Value
Indonesia – 3.8%
Perusahaan Listrik Negara
5.375%, 1-25-29 (A)	$	4,800	$	5,508
Republic of Indonesia:
3.750%, 4-25-22 (A)		7,000		7,217
2.950%, 1-11-23		4,800		4,859
				17,584
Mexico – 1.1%
United Mexican States:
3.625%, 3-15-22		2,930		3,024
4.150%, 3-28-27		2,000		2,119
				5,143
Panama – 0.4%
Republic of Panama
3.750%, 4-17-26		1,900		1,998
Poland – 0.3%
Republic of Poland
5.125%, 4-21-21		1,250		1,311
Qatar – 1.8%
Qatar Government Bond:
2.375%, 6-2-21 (A)		4,000		4,005
3.875%, 4-23-23		2,300		2,434
3.250%, 6-2-26 (A)		2,000		2,100
				8,539
Saudi Arabia – 0.9%
Saudi Arabia Government Bond:
2.375%, 10-26-21 (A)		2,250		2,253
2.875%, 3-4-23 (A)		2,000		2,031
				4,284
South Africa – 0.7%
Republic of South Africa
4.875%, 4-14-26		3,200		3,304
Turkey – 1.0%
Turkey Government Bond:
6.250%, 9-26-22		2,000		2,050
6.350%, 8-10-24		2,550		2,595
				4,645
Uruguay – 0.3%
Republica Orient Uruguay
4.500%, 8-14-24		1,350		1,456
TOTAL OTHER GOVERNMENT SECURITIES – 13.4%			$	62,435
(Cost: $69,741)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
United States – 0.3%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 2-year U.S. Treasury index)
3.401%, 5-25-45 (A)(E)		1,000		999

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
United States (Continued)
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates
4.500%, 10-1-35	$	317	$	343
Federal National Mortgage Association Fixed Rate Pass-Through Certificates
5.000%, 3-1-22		12		12
				1,354
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 0.3%			$	1,354
(Cost: $1,342)
UNITED STATES GOVERNMENT OBLIGATIONS
United States – 17.4%
U.S. Treasury Bonds
2.250%, 11-15-25		15,450		16,023
U.S. Treasury Notes:
1.250%, 10-31-21		1,500		1,488
1.750%, 5-15-22		2,925		2,937
1.875%, 10-31-22		1,600		1,614
1.625%, 10-31-23		1,100		1,103
2.125%, 3-31-24		8,500		8,706
2.125%, 9-30-24		11,900		12,215
2.875%, 7-31-25		1,855		1,986
1.625%, 2-15-26		3,000		3,001
1.500%, 8-15-26		5,180		5,139
2.000%, 11-15-26		4,000		4,102
2.375%, 5-15-27		5,100		5,374
2.250%, 8-15-27		4,500		4,705
2.250%, 11-15-27		4,400		4,603
2.875%, 5-15-28		7,000		7,684
				80,680
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 17.4%			$	80,680
(Cost: $77,375)
SHORT-TERM SECURITIES
Master Note – 0.6%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps)
2.170%, 10-7-19 (G)		2,758		2,758
Money Market Funds – 1.2%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares
1.900%, (H)(I)		5,570		5,570

2019 SEMIANNUAL REPORT 21

SCHEDULE OF INVESTMENTS IVY GLOBAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
United States Government Agency Obligations – 0.4%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate)
2.220%, 10-7-19 (G)	$	2,000	$	2,000
TOTAL SHORT-TERM SECURITIES — 2.2%			$	10,328
(Cost: $10,328)
TOTAL INVESTMENT SECURITIES — 101.1%			$	469,008
(Cost: $478,626)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.1)%				(5,230	)
NET ASSETS – 100.0%			$	463,778

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 September 30, 2019 the total value of these securities amounted to $189,931 or 41.0% of net assets.

(B) All or a portion of securities with an aggregate value of $7,044 are on loan.

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

(D) Principal amounts are denominated in the indicated foreign currency, where applicable (COP - Columbian Peso).

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

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

(G) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

(H) Rate shown is the annualized 7-day yield at September 30, 2019.

(I) 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 September 30, 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	$	—	$	314,211	$	—
Other Government Securities		—		62,435		—
United States Government Agency Obligations		—		1,354		—
United States Government Obligations		—		80,680		—
Short-Term Securities		5,570		4,758		—
Total	$	5,570	$	463,438	$	—

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

REMIC = Real Estate Mortgage Investment Conduit

TB = Treasury Bill

22 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY GLOBAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

Market Sector Diversification
(as a % of net assets)
Financials	24.5%
United States Government and Government Agency Obligations	17.7%
Other Government Securities	13.4%
Consumer Staples	9.3%
Materials	6.5%
Industrials	6.2%
Communication Services	5.2%
Utilities	5.1%
Energy	4.4%
Consumer Discretionary	2.8%
Health Care	1.9%
Real Estate	1.3%
Information Technology	0.6%
Other+	1.1%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 23

PORTFOLIO HIGHTLIGHTS IVY GLOBAL EQUITY INCOME FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	97.7%
Financials	20.5%
Consumer Staples	15.9%
Energy	12.9%
Industrials	11.0%
Information Technology	10.1%
Health Care	9.6%
Utilities	7.3%
Communication Services	4.3%
Materials	3.9%
Consumer Discretionary	2.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.3%

Country Weightings

Europe	42.4%
France	12.9%
United Kingdom	9.5%
Netherlands	5.9%
Switzerland	5.4%
Other Europe	8.7%
North America	38.1%
United States	34.4%
Canada	3.7%
Pacific Basin	17.2%
Taiwan	4.0%
Other Pacific Basin	13.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.3%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	Information Technology	Semiconductors
Lockheed Martin Corp.	United States	Industrials	Aerospace & Defense
Nestle S.A., Registered Shares	Switzerland	Consumer Staples	Packaged Foods & Meats
AstraZeneca plc	United Kingdom	Health Care	Pharmaceuticals
Philip Morris International, Inc.	United States	Consumer Staples	Tobacco
Verizon Communications, Inc.	United States	Communication Services	Integrated Telecommunication Services
Tokio Marine Holdings, Inc.	Japan	Financials	Property & Casualty Insurance
Royal Dutch Shell plc, Class A	Netherlands	Energy	Integrated Oil & Gas
Samsung Electronics Co. Ltd.	South Korea	Information Technology	Technology Hardware, Storage & Peripherals
Procter & Gamble Co. (The)	United States	Consumer Staples	Household Products

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.

24 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY GLOBAL EQUITY INCOME FUND(in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Canada
Energy – 1.7%
Suncor Energy, Inc.		407	$	12,846
Financials – 2.0%
Bank of Montreal		206		15,165
Total Canada – 3.7%			$	28,011
China
Energy – 1.9%
CNOOC Ltd.		9,305		14,247
Total China – 1.9%			$	14,247
France
Communication Services – 1.2%
Orange S.A.		575		9,008
Consumer Staples – 2.0%
Danone S.A.		168		14,820
Energy – 2.5%
Total S.A.		359		18,666
Financials – 3.4%
Axa S.A.		606		15,469
BNP Paribas S.A.		203		9,884
				25,353
Health Care – 1.7%
Sanofi-Aventis		133		12,283
Industrials – 2.1%
Vinci		148		15,939
Total France – 12.9%			$	96,069
Germany
Utilities – 1.2%
E.ON AG		883		8,585
Total Germany – 1.2%			$	8,585
Hong Kong
Financials – 1.7%
BOC Hong Kong (Holdings) Ltd.		3,834		13,010
Utilities – 1.4%
Guangdong Investment Ltd.		5,433		10,632
Total Hong Kong – 3.1%			$	23,642
Ireland
Materials – 1.2%
CRH plc		267		9,157
Total Ireland – 1.2%			$	9,157

COMMON STOCKS (Continued)	Shares		Value
Italy
Utilities – 2.5%
ENEL S.p.A.		2,555	$	19,085
Total Italy – 2.5%			$	19,085
Japan
Financials – 3.1%
Tokio Marine Holdings, Inc.		429		23,020
Total Japan – 3.1%			$	23,020
Macau
Consumer Discretionary – 1.0%
Sands China Ltd.		1,609		7,270
Total Macau – 1.0%			$	7,270
Netherlands
Energy – 2.9%
Royal Dutch Shell plc, Class A		748		21,950
Financials – 1.2%
ING Groep N.V., Certicaaten Van Aandelen		831		8,683
Industrials – 1.8%
Koninklijke Philips Electronics N.V., Ordinary Shares		285		13,155
Total Netherlands – 5.9%			$	43,788
Norway
Consumer Staples – 1.0%
Mowi ASA		345		7,979
Total Norway – 1.0%			$	7,979
Russia
Energy – 1.4%
PJSC LUKOIL ADR		130		10,774
Total Russia – 1.4%			$	10,774
Singapore
Financials – 1.2%
DBS Group Holdings Ltd.		482		8,727
Total Singapore – 1.2%			$	8,727
South Korea
Information Technology – 2.9%
Samsung Electronics Co. Ltd.		535		21,918
Total South Korea – 2.9%			$	21,918

COMMON STOCKS (Continued)	Shares		Value
Spain
Financials – 1.4%
Banco Santander S.A.		2,605	$	10,598
Total Spain – 1.4%			$	10,598
Switzerland
Consumer Staples – 3.3%
Nestle S.A., Registered Shares		229		24,827
Health Care – 2.1%
Roche Holdings AG, Genusscheine		54		15,665
Total Switzerland – 5.4%			$	40,492
Taiwan
Information Technology – 4.0%
Taiwan Semiconductor Manufacturing Co. Ltd.		3,351		29,762
Total Taiwan – 4.0%			$	29,762
United Kingdom
Consumer Staples – 1.7%
Unilever plc		214		12,846
Financials – 1.5%
3i Group plc		794		11,361
Health Care – 3.2%
AstraZeneca plc		271		24,170
Industrials – 1.4%
BAE Systems plc		1,461		10,229
Materials – 1.7%
Anglo American plc		545		12,523
Total United Kingdom – 9.5%			$	71,129
United States
Communication Services – 3.1%
Verizon Communications, Inc.		390		23,528
Consumer Discretionary – 1.2%
Home Depot, Inc. (The)		39		9,095
Consumer Staples – 7.9%
Philip Morris International, Inc.		314		23,837
Procter & Gamble Co. (The)		170		21,107
Wal-Mart Stores, Inc.		120		14,182
				59,126
Energy – 2.5%
Chevron Corp.		157		18,638

2019 SEMIANNUAL REPORT 25

SCHEDULE OF INVESTMENTS IVY GLOBAL EQUITY INCOME FUND(in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Financials – 5.0%
Citigroup, Inc.		277	$	19,163
JPMorgan Chase & Co.		80		9,431
KeyCorp		527		9,402
				37,996
Health Care – 2.6%
Pfizer, Inc.		547		19,646
Industrials – 5.7%
Caterpillar, Inc.		63		7,894
Eaton Corp.		110		9,176
Lockheed Martin Corp.		66		25,748
				42,818
Information Technology – 3.2%
Intel Corp.		163		8,377
QUALCOMM, Inc.		211		16,067
				24,444
Materials – 1.0%
Eastman Chemical Co.		104		7,660

COMMON STOCKS (Continued)	Shares		Value
Utilities – 2.2%
Exelon Corp.		339	$	16,358
Total United States – 34.4%			$	259,309
TOTAL COMMON STOCKS – 97.7%			$	733,562
(Cost: $635,904)
SHORT-TERM SECURITIES	Principal
Commercial Paper (A) – 1.8%
J.M. Smucker Co. (The)
2.152%, 10-7-19	$	5,000		4,998
Sysco Corp.
2.180%, 10-1-19		3,686		3,686
Wisconsin Electric Power Co.
2.100%, 10-1-19		5,000		4,999
				13,683

SHORT-TERM SECURITIES (Continued)	Principal		Value
Master Note – 0.3%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps)
2.170%, 10-7-19 (B)	$	2,187	$	2,187
TOTAL SHORT-TERM SECURITIES – 2.1%			$	15,870
(Cost: $15,871)
TOTAL INVESTMENT SECURITIES – 99.8%			$	749,432
(Cost: $651,775)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.2%				1,138
NET ASSETS – 100.0%			$	750,570

Notes to Schedule of Investments

(A) Rate shown is the yield to maturity at September 30, 2019.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 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	$	23,528	$	9,008	$	—
Consumer Discretionary		9,095		7,270		—
Consumer Staples		59,126		60,472		—
Energy		31,484		65,637		—
Financials		53,161		100,752		—
Health Care		19,646		52,118		—
Industrials		42,818		39,323		—
Information Technology		24,444		51,680		—
Materials		7,660		21,680		—
Utilities		16,358		38,302		—
Total Common Stocks	$	287,320	$	446,242	$	—
Short-Term Securities		—		15,870		—
Total	$	287,320	$	462,112	$	—

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

LIBOR = London Interbank Offered Rate

26 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY GLOBAL EQUITY INCOME FUND(in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

Market Sector Diversification
(as a % of net assets)
Financials	20.5%
Consumer Staples	15.9%
Energy	12.9%
Industrials	11.0%
Information Technology	10.1%
Health Care	9.6%
Utilities	7.3%
Communication Services	4.3%
Materials	3.9%
Consumer Discretionary	2.2%
Other+	2.3%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 27

PORTFOLIO HIGHTLIGHTS IVY GLOBAL GROWTH FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	99.1%
Information Technology	20.4%
Financials	17.6%
Consumer Discretionary	16.0%
Industrials	15.2%
Health Care	11.7%
Consumer Staples	9.2%
Energy	4.7%
Communication Services	4.3%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.9%

Country Weightings

North America	50.9%
United States	46.9%
Canada	4.0%
Europe	34.1%
France	10.7%
United Kingdom	8.6%
Netherlands	5.7%
Other Europe	9.1%
Pacific Basin	14.1%
China	5.2%
Other Pacific Basin	8.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.9%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Airbus SE	France	Industrials	Aerospace & Defense
Amazon.com, Inc.	United States	Consumer Discretionary	Internet & Direct Marketing Retail
Microsoft Corp.	United States	Information Technology	Systems Software
Visa, Inc., Class A	United States	Information Technology	Data Processing & Outsourced Services
CME Group, Inc.	United States	Financials	Financial Exchanges & Data
Dollar General Corp.	United States	Consumer Discretionary	General Merchandise Stores
Thermo Fisher Scientific, Inc.	United States	Health Care	Life Sciences Tools & Services
Ping An Insurance (Group) Co. of China Ltd., H Shares	China	Financials	Life & Health Insurance
Alimentation Couche-Tard, Inc., Class B	Canada	Consumer Staples	Food Retail
Ferrari N.V.	Italy	Consumer Discretionary	Automobile Manufacturers

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.

28 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY GLOBAL GROWTH FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Canada
Consumer Staples – 2.6%
Alimentation Couche-Tard, Inc., Class B		779	$	23,885
Energy – 1.4%
Canadian Natural Resources Ltd.		461		12,271
Total Canada – 4.0%			$	36,156
China
Communication Services – 1.2%
Tencent Holdings Ltd.		217		9,089
Tencent Music Entertainment Group ADR (A)		108		1,384
				10,473
Consumer Discretionary – 1.4%
Alibaba Group Holding Ltd. ADR (A)		76		12,638
Financials – 2.6%
Ping An Insurance (Group) Co. of China Ltd., H Shares		2,093		24,051
Total China – 5.2%			$	47,162
France
Communication Services – 1.8%
Ubisoft Entertainment S.A. (A)		228		16,430
Consumer Discretionary – 0.5%
LVMH Moet Hennessy - Louis Vuitton		13		5,059
Energy – 1.8%
Total S.A. ADR		314		16,311
Industrials – 6.6%
Airbus SE		356		46,247
Schneider Electric S.A.		167		14,594
				60,841
Total France – 10.7%			$	98,641
Germany
Financials – 1.3%
Deutsche Boerse AG		75		11,745
Information Technology – 2.1%
Infineon Technologies AG		1,074		19,293
Total Germany – 3.4%			$	31,038
Hong Kong
Consumer Discretionary – 0.8%
Galaxy Entertainment Group		1,244		7,712

COMMON STOCKS (Continued)	Shares		Value
Financials – 2.2%
AIA Group Ltd.		2,106	$	19,865
Total Hong Kong – 3.0%			$	27,577
India
Financials – 1.2%
HDFC Bank Ltd.		622		10,782
Total India – 1.2%			$	10,782
Italy
Consumer Discretionary – 2.4%
Ferrari N.V.		144		22,235
Total Italy – 2.4%			$	22,235
Japan
Consumer Discretionary – 1.1%
Isuzu Motors Ltd.		870		9,633
Industrials – 2.4%
Daikin Industries Ltd.		47		6,172
Recruit Holdings Co. Ltd.		521		15,903
				22,075
Total Japan – 3.5%			$	31,708
Netherlands
Consumer Staples – 1.5%
Heineken N.V.		125		13,512
Energy – 0.9%
Royal Dutch Shell plc, Class B		299		8,845
Health Care – 0.9%
Qiagen N.V. (A)		245		8,077
Industrials – 1.7%
Koninklijke Philips Electronics N.V., Ordinary Shares		340		15,690
Information Technology – 0.7%
ASML Holding N.V., NY Registry Shares		26		6,491
Total Netherlands – 5.7%			$	52,615
Switzerland
Consumer Staples – 1.3%
Nestle S.A., Registered Shares		107		11,559
Health Care – 1.0%
Alcon, Inc. (A)		153		8,918
Industrials – 1.0%
Ferguson plc		131		9,533
Total Switzerland – 3.3%			$	30,010

COMMON STOCKS (Continued)	Shares		Value
Taiwan
Information Technology – 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		233	$	10,820
Total Taiwan – 1.2%			$	10,820
United Kingdom
Consumer Discretionary – 1.1%
Compass Group plc		378		9,726
Consumer Staples – 3.8%
British American Tobacco plc		278		10,266
Diageo plc		318		12,998
Imperial Tobacco Group plc		550		12,356
				35,620
Financials – 2.1%
Prudential plc		1,086		19,679
Health Care – 1.6%
AstraZeneca plc		107		9,516
AstraZeneca plc ADR		121		5,398
				14,914
Total United Kingdom – 8.6%			$	79,939
United States
Communication Services – 1.3%
Facebook, Inc., Class A (A)		70		12,458
Consumer Discretionary – 8.7%
Amazon.com, Inc. (A)		25		42,676
Dollar General Corp.		180		28,541
Home Depot, Inc. (The)		41		9,532
				80,749
Energy – 0.6%
ConocoPhillips		69		3,950
Schlumberger Ltd.		66		2,257
				6,207
Financials – 8.2%
CME Group, Inc.		141		29,818
Fidelity National Information Services, Inc.		125		16,652
Goldman Sachs Group, Inc. (The)		58		12,115
KeyCorp		564		10,061
SVB Financial Group (A)		36		7,528
				76,174
Health Care – 8.2%
Abbott Laboratories		224		18,731
HCA Holdings, Inc.		82		9,918
Johnson & Johnson		167		21,634
Thermo Fisher Scientific, Inc.		89		25,975
				76,258

2019 SEMIANNUAL REPORT 29

SCHEDULE OF INVESTMENTS IVY GLOBAL GROWTH FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Industrials – 3.5%
Eaton Corp.		139	$	11,561
Lyft, Inc., Class A (A)		45		1,855
Northrop Grumman Corp.		49		18,360
				31,776
Information Technology – 16.4%
Adobe, Inc. (A)		61		16,926
Ambarella, Inc. (A)		233		14,638
Arista Networks, Inc. (A)		21		5,075
Garter, Inc., Class A (A)		68		9,663
MasterCard, Inc., Class A		60		16,251
Microsoft Corp.		261		36,270
PayPal, Inc. (A)		156		16,178
Visa, Inc., Class A		191		32,770
Western Digital Corp.		61		3,666
				151,437
Total United States – 46.9%			$	435,059
TOTAL COMMON STOCKS – 99.1%			$	913,742
(Cost: $705,091)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (B) – 0.4%
Sonoco Products Co.
2.150%, 10-1-19	$	3,613	$	3,613
Master Note – 0.3%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps)
2.170%, 10-7-19 (C)		3,208		3,208
United States Government Agency Obligations – 0.2%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate)
2.200%, 10-7-19 (C)		1,395		1,395
TOTAL SHORT-TERM SECURITIES – 0.9%			$	8,216
(Cost: $8,216)
TOTAL INVESTMENT SECURITIES – 100.0%			$	921,958
(Cost: $713,307)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				47
NET ASSETS – 100.0%			$	922,005

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2019.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 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	$	13,842	$	25,519	$	—
Consumer Discretionary		93,387		54,365		—
Consumer Staples		23,885		60,691		—
Energy		34,789		8,845		—
Financials		76,174		86,122		—
Health Care		89,733		18,434		—
Industrials		31,776		108,139		—
Information Technology		168,748		19,293		—
Total Common Stocks	$	532,334	$	381,408	$	—
Short-Term Securities		—		8,216		—
Total	$	532,334	$	389,624	$	—

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

TB = Treasury Bill

30 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY GLOBAL GROWTH FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

Market Sector Diversification
(as a % of net assets)
Information Technology	20.4%
Financials	17.6%
Consumer Discretionary	16.0%
Industrials	15.2%
Health Care	11.7%
Consumer Staples	9.2%
Energy	4.7%
Communication Services	4.3%
Other+	0.9%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 31

PORTFOLIO HIGHLIGHTS IVY GOVERNMENT MONEY MARKET FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Corporate Obligations	0.5%
Master Note	0.5%
United States Government and Government Agency Obligations	98.7%
Cash and Other Assets (Net of Liabilities)	0.8%

32 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY GOVERNMENT MONEY MARKET FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Master Note
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (A)	$	760	$	760
Total Master Note – 0.5%				760
TOTAL CORPORATE OBLIGATIONS – 0.5%			$	760
(Cost: $760)
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
Treasury Notes – 1.9%
U.S. Treasury Notes (3-Month USTMMR plus 11.5 bps),
2.030%, 10-3-19 (A)		2,000		1,998
U.S. Treasury Notes (3-Month USTMMR plus 4.8 bps),
1.960%, 10-1-19 (A)		1,000		1,000
				2,998
Treasury Bills (B) – 20.9%
U.S. Treasury Bills:
2.157%, 10-3-19		2,000		2,000
1.990%, 10-10-19		3,000		2,998
1.820%, 10-15-19		3,000		2,998
1.860%, 10-22-19		7,000		6,992
1.960%, 10-24-19		5,000		4,993
2.010%, 10-31-19		6,800		6,788
1.940%, 11-7-19		6,000		5,988
				32,757

UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
United States Government Agency Obligations – 75.9%
Federal Home Loan Bank,
2.000%, 8-21-20	$	3,000	$	3,000
Federal National Mortgage Association:
1.690%, 10-1-19		1,439		1,439
2.000%, 1-27-20		500		500
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
2.200%, 10-2-19 (A)		21,000		21,000
2.200%, 10-7-19 (A)		58,291		58,291
2.220%, 10-7-19 (A)		26,659		26,659
2.230%, 10-7-19 (A)		4,700		4,700
2.530%, 11-17-19 (A)		2,000		2,000
2.790%, 2-19-20 (A)		1,000		1,000
				118,589
TOTAL UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS – 98.7%			$	154,344
(Cost: $154,344)
TOTAL INVESTMENT SECURITIES – 99.2%			$	155,104
(Cost: $155,104)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.8%				1,182
NET ASSETS – 100.0%			$	156,286

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	—	$	760	$	—
United States Government and Government Agency Obligations		—		154,344		—
Total	$	—	$	155,104	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

TB = Treasury Bill

USTMMR = U.S. Treasury Money Market Rate

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 33

PORTFOLIO HIGHLIGHTS IVY HIGH INCOME FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	4.2%
Consumer Discretionary	2.7%
Energy	1.1%
Financials	0.3%
Health Care	0.1%
Consumer Staples	0.0%
Industrials	0.0%
Warrants	0.0%
Bonds	90.8%
Corporate Debt Securities	67.6%
Loans	23.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	5.0%

Quality Weightings

Non-Investment Grade	90.8%
BB	10.2%
B	48.3%
CCC	27.4%
Below CCC	1.6%
Non-rated	3.3%
Cash and Other Assets (Net of Liabilities), Cash Equivalents+ and Equities	9.2%

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.

34 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY HIGH INCOME FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares			Value
Consumer Discretionary
Apparel Retail – 0.0%
True Religion Apparel, Inc. (A)(C)(D)		219		$	—	*
Casinos & Gaming – 0.0%
New Cotai Participation Corp., Class B (A)(D)(E)		—	*		—
Education Services – 1.8%
Laureate Education, Inc., Class A (A)		5,108			84,664
Hotels, Resorts & Cruise Lines – 0.9%
Studio City International Holdings Ltd. (A)		2,268			45,584
Total Consumer Discretionary – 2.7%					130,248
Consumer Staples
Agricultural Products – 0.0%
ASG Warrant Corp. (A)(C)(D)		20			—	*
Total Consumer Staples – 0.0%					—	*
Energy
Coal & Consumable Fuels – 0.0%
Westmoreland Coal Co. (A)		212			2,649
Oil & Gas Equipment & Services – 0.1%
Larchmont Resources LLC (A)(B)(C)(D)(E)		18			4,585
Oil & Gas Exploration & Production – 0.0%
Bellatrix Exploration Ltd. (A)(B)(C)		2,856			862
Sabine Oil & Gas Corp. (A)(D)(E)		5			283
					1,145
Total Energy – 0.1%					8,379
Financials
Specialized Finance – 0.3%
Maritime Finance Co. Ltd. (A)(C)(D)(E)		1,750			14,222
Total Financials – 0.3%					14,222
Health Care
Pharmaceuticals – 0.1%
Advanz Pharma Corp. (A)(B)(F)		297			3,565
Total Health Care – 0.1%					3,565
Industrials
Air Freight & Logistics – 0.0%
BIS Industries Ltd. (A)(C)(D)(E)		19,683			785
Total Industrials – 0.0%					785
TOTAL COMMON STOCKS – 3.2%				$	157,199
(Cost: $158,112)

PREFERRED STOCKS	Shares		Value
Consumer Staples
Agricultural Products – 0.0%
Pinnacle Agriculture Enterprises LLC (A)(D)(E)		49,044	$	2,044
St. John Knits International, Inc. (A)(D)		48		—	*
				2,044
Total Consumer Staples – 0.0%				2,044
Energy
Oil & Gas Exploration & Production – 1.0%
Targa Resources Corp., 9.500% (A)(E)		47		50,717
Total Energy – 1.0%				50,717
TOTAL PREFERRED STOCKS – 1.0%			$	52,761
(Cost: $74,746)
WARRANTS
Oil & Gas Exploration & Production – 0.0%
Sabine Oil & Gas Corp., expires 12-29-29 (D)(E)(G)		20		246
Ultra Resources, Inc., expires 7-14-25 (D)(G)		133		5
				251
TOTAL WARRANTS – 0.0%			$	251
(Cost: $182)
CORPORATE DEBT SECURITIES	Principal
Communication Services
Alternative Carriers – 0.1%
Consolidated Communications Finance II Co.,
6.500%, 10-1-22 (F)	$	3,299		3,052
Broadcasting – 1.1%
Clear Channel Outdoor Holdings, Inc.,
5.125%, 8-15-27 (H)		30,428		31,702
Clear Channel Worldwide Holdings, Inc.,
9.250%, 2-15-24 (H)		22,859		25,114
				56,816
Cable & Satellite – 8.9%
Altice Financing S.A.:
6.625%, 2-15-23 (H)		9,283		9,527
7.500%, 5-15-26 (H)		29,379		31,215
Altice France S.A.:
7.375%, 5-1-26 (H)		35,587		38,201
8.125%, 2-1-27 (H)		36,628		40,428
Altice Luxembourg S.A.,
10.500%, 5-15-27 (H)		63,656		71,740
Altice S.A.,
7.625%, 2-15-25 (H)		37,539		39,134

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Cable & Satellite (Continued)
Altice U.S. Finance I Corp.:
5.375%, 7-15-23 (H)	$	19,883	$	20,405
5.500%, 5-15-26 (H)		21,539		22,668
CCO Holdings LLC and CCO Holdings Capital Corp.:
5.500%, 5-1-26 (H)		8,288		8,681
5.000%, 2-1-28 (H)		27,490		28,418
CSC Holdings LLC:
5.375%, 2-1-28 (H)		30,790		32,445
5.750%, 1-15-30 (H)		7,623		7,967
DISH DBS Corp.:
5.875%, 7-15-22		13,090		13,613
5.875%, 11-15-24		11,998		11,893
7.750%, 7-1-26		17,979		18,321
Neptune Finco Corp.,
6.625%, 10-15-25 (H)		8,618		9,224
VTR Finance B.V.,
6.875%, 1-15-24 (H)		28,053		28,859
				432,739
Integrated Telecommunication Services – 4.4%
Frontier Communications Corp.:
6.875%, 1-15-25		33,503		14,825
11.000%, 9-15-25 (F)		51,015		23,052
8.500%, 4-1-26 (H)		64,051		64,045
GCI, Inc.,
6.875%, 4-15-25		29,696		31,255
West Corp.,
8.500%, 10-15-25 (H)		96,596		77,639
				210,816
Publishing – 0.5%
MDC Partners, Inc.,
6.500%, 5-1-24 (H)		26,290		23,957
Wireless Telecommunication Service – 1.5%
Digicel Group Ltd.:
6.000%, 4-15-21 (H)		11,390		8,030
8.250%, 9-30-22 (H)		4,813		986
8.250%, 12-30-22 (H)		17,364		10,245
Digicel Group Ltd. (7.125% Cash or 2.000% PIK),
9.125%, 4-1-24 (H)(I)		18,365		1,745
Digicel International Finance Ltd.,
8.750%, 5-25-24 (F)(H)		47,517		45,141
Digicel Ltd.,
6.750%, 3-1-23 (H)		16,149		7,691
				73,838
Total Communication Services – 16.5%				801,218
Consumer Discretionary
Auto Parts & Equipment – 0.1%
Panther BF Aggregator 2 L.P.,
6.250%, 5-15-26 (H)		3,836		4,038
Automotive Retail – 0.8%
Allison Transmission, Inc.,
5.000%, 10-1-24 (H)		5,787		5,913

2019 SEMIANNUAL REPORT 35

SCHEDULE OF INVESTMENTS IVY HIGH INCOME FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Automotive Retail (Continued)
Sonic Automotive, Inc.:
5.000%, 5-15-23	$	24,238	$	24,541
6.125%, 3-15-27		6,881		6,993
				37,447
Casinos & Gaming – 2.0%
Everi Payments, Inc.,
7.500%, 12-15-25 (H)		25,914		27,307
Gateway Casinos & Entertainment Ltd.,
8.250%, 3-1-24 (H)		16,434		17,050
Golden Nugget, Inc.,
6.750%, 10-15-24 (H)		34,265		35,122
Wynn Macau Ltd.:
4.875%, 10-1-24 (H)		5,405		5,385
5.500%, 10-1-27 (H)		13,880		14,053
				98,917
Education Services – 1.8%
Laureate Education, Inc.,
8.250%, 5-1-25 (H)		81,155		88,256
Hotels, Resorts & Cruise Lines – 0.4%
Boyne USA, Inc.,
7.250%, 5-1-25 (H)		15,111		16,465
Leisure Facilities – 0.3%
Cedar Fair L.P., Magnum Management Corp., Canada’s Wonderland Co. and Millennium Operations LLC,
5.375%, 4-15-27		12,760		13,657
Specialized Consumer Services – 0.3%
Nielsen Co. (Luxembourg) S.a.r.l. (The),
5.500%, 10-1-21 (H)		10,087		10,125
Nielsen Finance LLC and Nielsen Finance Co.,
5.000%, 4-15-22 (H)		5,409		5,424
				15,549
Specialty Stores – 3.7%
Cumberland Farms, Inc.,
6.750%, 5-1-25 (H)		12,736		13,640
Party City Holdings, Inc.,
6.625%, 8-1-26 (F)(H)		11,596		11,480
Staples, Inc.:
7.500%, 4-15-26 (H)		95,592		98,489
10.750%, 4-15-27 (H)		57,356		58,933
				182,542
Total Consumer Discretionary – 9.4%				456,871
Consumer Staples
Food Distributors – 0.8%
Performance Food Group, Inc.:
5.500%, 6-1-24 (H)		17,758		18,135
5.500%, 10-15-27 (H)		2,657		2,790

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Food Distributors (Continued)
U.S. Foods, Inc.,
5.875%, 6-15-24 (H)	$	18,320	$	18,870
				39,795
Packaged Foods & Meats – 5.5%
JBS USA LLC and JBS USA Finance, Inc.:
5.875%, 7-15-24 (H)		37,276		38,396
5.750%, 6-15-25 (H)		30,529		31,806
JBS USA Lux S.A. and JBS USA Finance, Inc.,
6.750%, 2-15-28 (H)		19,445		21,535
JBS USA, JBS USA Food Co. and JBS USA Finance, Inc. (GTD by JBS S.A.):
6.500%, 4-15-29 (H)		3,056		3,392
5.500%, 1-15-30 (H)		11,404		12,088
Pilgrim’s Pride Corp.:
5.750%, 3-15-25 (H)		5,439		5,629
5.875%, 9-30-27 (H)		19,457		20,897
Post Holdings, Inc.:
5.500%, 3-1-25 (H)		6,059		6,347
5.000%, 8-15-26 (H)		8,493		8,808
5.750%, 3-1-27 (H)		37,477		39,733
Simmons Foods, Inc.:
7.750%, 1-15-24 (H)		10,083		10,915
5.750%, 11-1-24 (H)		67,921		66,223
				265,769
Total Consumer Staples – 6.3%				305,564
Energy
Oil & Gas Drilling – 1.0%
KCA Deutag UK Finance plc,
7.250%, 5-15-21 (F)(H)		31,548		19,796
Offshore Drilling Holding S.A.,
8.375%, 9-20-20 (H)(J)		64,569		19,856
Offshore Group Investment Ltd.,
0.000%, 11-1-19 (D)(K)		20,035		—	*
Valaris plc,
7.750%, 2-1-26 (F)		15,502		8,297
				47,949
Oil & Gas Equipment & Services – 0.3%
Nine Energy Service, Inc.,
8.750%, 11-1-23 (H)		11,591		9,389
SESI LLC,
7.125%, 12-15-21 (F)		7,092		4,831
				14,220
Oil & Gas Exploration & Production – 3.8%
Bellatrix Exploration Ltd.,
8.500%, 9-11-23 (C)		6,693		6,802
Bellatrix Exploration Ltd. (3.000% Cash or 9.500% PIK),
9.500%, 12-15-23 (C)(I)		7,293		7,396
Brazos Valley Longhorn LLC and Brazos Valley Longhorn Finance Corp.,
6.875%, 2-1-25		3,836		3,299

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Exploration & Production (Continued)
Chesapeake Energy Corp.:
7.000%, 10-1-24 (F)	$	27,050	$	19,409
8.000%, 1-15-25 (F)		2,525		1,824
Crownrock L.P.,
5.625%, 10-15-25 (H)		46,856		47,148
Endeavor Energy Resources L.P.:
5.500%, 1-30-26 (H)		15,582		16,205
5.750%, 1-30-28 (H)		11,167		11,865
Extraction Oil & Gas, Inc.,
5.625%, 2-1-26 (H)		22,519		13,793
Laredo Petroleum, Inc.,
6.250%, 3-15-23 (F)		5,489		4,817
Sanchez Energy Corp.,
7.250%, 2-15-23 (F)(H)(L)		3,888		2,799
Seven Generations Energy Ltd.:
6.750%, 5-1-23 (H)		33,902		34,241
5.375%, 9-30-25 (H)		11,912		11,793
Ultra Resources, Inc. (9.000% Cash or 2.000% PIK),
11.000%, 7-12-24 (I)		6,917		968
				182,359
Oil & Gas Refining & Marketing – 1.7%
Callon Petroleum Co. (GTD by Callon Petroleum Operating Co.):
6.125%, 10-1-24		8,071		7,950
6.375%, 7-1-26		2,319		2,263
Comstock Escrow Corp.,
9.750%, 8-15-26		65,736		54,890
EP Energy LLC and Everest Acquisition Finance, Inc.:
9.375%, 5-1-24 (H)		7,688		211
8.000%, 2-15-25 (H)(L)		8,197		205
7.750%, 5-15-26 (H)		11,584		8,688
QEP Resources, Inc.,
5.625%, 3-1-26 (F)		9,650		8,299
				82,506
Total Energy – 6.8%				327,034
Financials
Consumer Finance – 1.0%
CURO Group Holdings Corp.,
8.250%, 9-1-25 (H)		17,817		15,545
Quicken Loans, Inc.,
5.750%, 5-1-25 (H)		32,851		33,878
				49,423
Financial Exchanges & Data – 1.0%
Refinitiv U.S. Holdings, Inc.:
6.250%, 5-15-26 (H)		15,454		16,574
8.250%, 11-15-26 (H)		30,546		33,715
				50,289
Insurance Brokers – 1.6%
NFP Corp.,
6.875%, 7-15-25 (H)		75,728		75,160

36 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY HIGH INCOME FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Other Diversified Financial Services – 1.9%
New Cotai LLC and New Cotai Capital Corp. (10.625% Cash or 10.625% PIK),
10.625%, 5-1-19 (H)(I)(L)	$	172,547	$	91,450
Property & Casualty Insurance – 1.0%
Amwins Group, Inc.,
7.750%, 7-1-26 (H)		19,386		20,840
Hub International Ltd.,
7.000%, 5-1-26 (H)		29,589		30,440
				51,280
Specialized Finance – 1.5%
BCPE Cycle Merger Sub II, Inc.,
10.625%, 7-15-27 (H)		30,481		29,414
Compass Group Diversified Holdings LLC,
8.000%, 5-1-26 (H)		15,494		16,385
Tervita Escrow Corp.,
7.625%, 12-1-21 (H)		7,723		7,848
TMX Finance LLC and TitleMax Finance Corp.,
11.125%, 4-1-23 (H)		22,380		20,702
				74,349
Thrifts & Mortgage Finance – 0.4%
Provident Funding Associates L.P. and PFG Finance Corp.,
6.375%, 6-15-25 (H)		19,671		19,130
Total Financials – 8.4%				411,081
Health Care
Health Care Facilities – 2.1%
Regional Care Hospital Partners Holdings, Inc. and Legend Merger Sub, Inc.,
9.750%, 12-1-26 (H)		62,859		67,253
Surgery Center Holdings, Inc.,
10.000%, 4-15-27 (H)		34,483		35,000
				102,253
Health Care Services – 0.6%
Heartland Dental LLC,
8.500%, 5-1-26 (F)(H)		28,417		27,600
Health Care Technology – 1.3%
Verscend Holding Corp.,
9.750%, 8-15-26 (H)		57,280		60,996
Life Sciences Tools & Services – 0.7%
Avantor, Inc.,
9.000%, 10-1-25 (H)		30,765		34,572
Pharmaceuticals – 2.2%
Advanz Pharma Corp.,
8.000%, 9-6-24		2,610		2,542
Bausch Health Cos., Inc.:
6.125%, 4-15-25 (H)		6,848		7,105
9.000%, 12-15-25 (H)		5,419		6,083

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Pharmaceuticals (Continued)
Eagle Holding Co. II LLC (7.750% Cash or 7.750% PIK),
7.750%, 5-15-22 (H)(I)	$	34,432	$	34,690
Par Pharmaceutical, Inc.,
7.500%, 4-1-27 (H)		20,717		18,852
Valeant Pharmaceuticals International, Inc.:
9.250%, 4-1-26 (H)		15,514		17,628
8.500%, 1-31-27 (H)		19,261		21,616
				108,516
Total Health Care – 6.9%				333,937
Industrials
Aerospace & Defense – 2.2%
TransDigm UK Holdings plc,
6.875%, 5-15-26		13,157		14,144
TransDigm, Inc. (GTD by TransDigm Group, Inc.):
6.500%, 7-15-24		24,794		25,569
6.500%, 5-15-25		7,918		8,215
6.250%, 3-15-26 (H)		21,492		23,077
6.375%, 6-15-26		16,934		17,802
7.500%, 3-15-27		15,351		16,694
				105,501
Air Freight & Logistics – 0.6%
XPO Logistics, Inc.,
6.750%, 8-15-24 (H)		27,513		29,783
Diversified Support Services – 0.5%
Ahern Rentals, Inc.,
7.375%, 5-15-23 (H)		25,226		21,473
United Rentals (North America), Inc. (GTD by United Rentals, Inc.),
5.875%, 9-15-26		2,710		2,890
				24,363
Environmental & Facilities Services – 1.1%
GFL Environmental, Inc.:
5.625%, 5-1-22 (H)		5,520		5,644
5.375%, 3-1-23 (H)		16,348		16,549
7.000%, 6-1-26 (H)		23,211		24,430
8.500%, 5-1-27 (H)		5,350		5,932
Waste Pro USA, Inc.,
5.500%, 2-15-26 (H)		2,140		2,206
				54,761
Industrial Machinery – 0.1%
Apex Tool Group LLC and BC Mountain Finance, Inc.,
9.000%, 2-15-23 (H)		4,219		3,744
Total Industrials – 4.5%				218,152
Information Technology
Application Software – 1.3%
Kronos Acquisition Holdings, Inc.,
9.000%, 8-15-23 (H)		71,958		63,503

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Data Processing & Outsourced Services – 1.7%
Italics Merger Sub, Inc.,
7.125%, 7-15-23 (H)	$	69,763	$	70,984
j2 Cloud Services LLC and j2 Global, Inc.,
6.000%, 7-15-25 (H)		7,864		8,303
				79,287
Electronic Equipment & Instruments – 0.3%
NCR Corp.:
5.750%, 9-1-27 (H)		5,323		5,509
6.125%, 9-1-29 (H)		5,323		5,611
				11,120
IT Consulting & Other Services – 1.2%
Cardtronics, Inc. and Cardtronics USA, Inc.,
5.500%, 5-1-25 (H)		4,761		4,833
NCR Escrow Corp.,
6.375%, 12-15-23		29,376		30,184
Pioneer Holding Corp.,
9.000%, 11-1-22 (H)		23,446		24,618
				59,635
Total Information Technology – 4.5%				213,545
Materials
Aluminum – 1.9%
Constellium N.V.:
5.750%, 5-15-24 (H)		21,281		21,866
6.625%, 3-1-25 (H)		32,160		33,527
5.875%, 2-15-26 (H)		14,677		15,301
Novelis Corp. (GTD by Novelis, Inc.):
6.250%, 8-15-24 (H)		12,449		13,009
5.875%, 9-30-26 (H)		8,281		8,685
				92,388
Commodity Chemicals – 0.6%
NOVA Chemicals Corp.:
4.875%, 6-1-24 (H)		19,673		20,231
5.250%, 6-1-27 (H)		7,869		8,190
				28,421
Construction Materials – 0.6%
Hillman Group, Inc. (The),
6.375%, 7-15-22 (H)		32,232		30,218
Fertilizers & Agricultural Chemicals – 0.5%
Pinnacle Operating Corp.,
9.000%, 5-15-23 (H)		70,641		24,724
Metal & Glass Containers – 0.5%
ARD Finance S.A. (7.125% Cash or 7.875% PIK),
7.125%, 9-15-23 (I)		4,604		4,742
ARD Securities Finance S.a.r.l. (8.750% Cash or 8.750% PIK),
8.750%, 1-31-23 (F)(H)(I)		10,424		10,789

2019 SEMIANNUAL REPORT 37

SCHEDULE OF INVESTMENTS IVY HIGH INCOME FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

(CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Metal & Glass Containers (Continued)
HudBay Minerals, Inc.:
7.250%, 1-15-23 (H)	$	3,257	$	3,363
7.625%, 1-15-25 (H)		4,887		4,954
				23,848
Specialty Chemicals – 0.2%
Kraton Polymers LLC and Kraton Polymers Capital Corp.,
7.000%, 4-15-25 (F)(H)		7,999		8,339
TPC Group, Inc.,
10.500%, 8-1-24 (H)		1,520		1,584
				9,923
Total Materials – 4.3%				209,522
TOTAL CORPORATE DEBT SECURITIES – 67.6%			$	3,276,924
(Cost: $3,481,337)
LOANS(M)
Communication Services
Advertising – 0.4%
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 325 bps),
5.294%, 7-25-21		3,498		3,240
Advantage Sales & Marketing, Inc. (ICE LIBOR plus 650 bps),
8.544%, 7-25-22		16,170		13,924
				17,164
Broadcasting – 0.8%
Clear Channel Outdoor Holdings, Inc. (ICE LIBOR plus 350 bps),
5.544%, 8-23-26		36,514		36,592
Cable & Satellite – 0.0%
Liberty Cablevision of Puerto Rico LLC (ICE LIBOR plus 350 bps),
5.528%, 1-7-22 (D)		581		579
Integrated Telecommunication Services – 1.2%
West Corp. (3-Month ICE LIBOR plus 400 bps),
6.044%, 10-10-24		65,636		58,521
Publishing – 0.1%
Recorded Books, Inc. (ICE LIBOR plus 450 bps),
6.544%, 8-31-25		6,891		6,895
Wireless Telecommunication Service – 0.1%
Digicel International Finance Ltd. (ICE LIBOR plus 325 bps),
5.340%, 5-27-24		5,335		4,611
Total Communication Services – 2.6%				124,362

LOANS(M) (Continued)	Principal		Value
Consumer Discretionary
Apparel Retail – 1.1%
Talbots, Inc. (The) (ICE LIBOR plus 700 bps),
9.044%, 11-28-22 (D)	$	31,689	$	30,977
TRLG Intermediate Holdings LLC,
10.000%, 10-27-22 (C)(D)		26,250		24,675
				55,652
Department Stores – 0.2%
Belk, Inc. (ICE LIBOR plus 475 bps),
6.803%, 12-10-22		12,918		9,365
Housewares & Specialties – 0.4%
KIK Custom Products, Inc. (ICE LIBOR plus 400 bps),
6.256%, 5-15-23		22,374		21,174
Leisure Facilities – 0.3%
United PF Holdings LLC (ICE LIBOR plus 450 bps):
0.000%, 6-14-26 (N)		1,707		1,699
6.544%, 6-14-26		15,018		14,943
				16,642
Restaurants – 0.6%
CEC Entertainment, Inc. (ICE LIBOR plus 650 bps),
8.544%, 8-30-26		22,805		22,292
NPC International, Inc. (ICE LIBOR plus 750 bps),
9.544%, 4-18-25		22,640		6,452
				28,744
Specialized Consumer Services – 0.3%
Asurion LLC (ICE LIBOR plus 600 bps),
8.544%, 8-4-25		11,666		11,847
Specialty Stores – 1.1%
Jo-Ann Stores, Inc. (ICE LIBOR plus 500 bps):
7.046%, 10-16-23		631		431
7.259%, 10-16-23		16,659		11,369
Jo-Ann Stores, Inc. (ICE LIBOR plus 925 bps),
11.511%, 5-21-24		24,512		7,599
Staples, Inc. (ICE LIBOR plus 500 bps),
7.123%, 4-12-26		34,329		33,821
				53,220
Textiles – 0.5%
SIWF Holdings, Inc. (ICE LIBOR plus 425 bps),
6.304%, 6-15-25		25,154		24,714
Total Consumer Discretionary – 4.5%				221,358

LOANS(M) (Continued)	Principal		Value
Energy
Coal & Consumable Fuels – 0.8%
Foresight Energy LLC (ICE LIBOR plus 725 bps),
7.874%, 3-28-22	$	41,864	$	22,188
Westmoreland Coal Co. (ICE LIBOR plus 650 bps),
10.389%, 3-15-22		4,895		4,895
Westmoreland Mining Holdings LLC (15.000% Cash or 15.000% PIK),
15.000%, 3-15-29 (I)		13,331		9,799
				36,882
Oil & Gas Drilling – 0.0%
KCA Deutag U.S. Finance LLC (ICE LIBOR plus 675 bps),
8.794%, 2-28-23		433		269
Oil & Gas Equipment & Services – 0.2%
Larchmont Resources LLC (9.140% Cash or 9.140% PIK),
9.140%, 8-7-20 (C)(D)(I)		13,792		12,689
Oil & Gas Exploration & Production – 0.5%
California Resources Corp. (ICE LIBOR plus 1,037.50 bps),
12.419%, 12-31-21		15,000		13,022
California Resources Corp. (ICE LIBOR plus 475 bps),
6.794%, 12-31-22		11,612		10,286
				23,308
Oil & Gas Storage & Transportation – 1.6%
Bowie Resources Holdings LLC (ICE LIBOR plus 1,075 bps),
12.874%, 2-16-21		15,494		14,539
Bowie Resources Holdings LLC (ICE LIBOR plus 575 bps),
7.874%, 8-12-20		27,321		26,638
EPIC Crude Services L.P. (ICE LIBOR plus 500 bps),
7.040%, 3-1-26		34,400		32,551
Lower Cadence Holdings LLC (ICE LIBOR plus 400 bps),
6.054%, 5-8-26		3,802		3,700
				77,428
Total Energy – 3.1%				150,576
Financials
Asset Management & Custody Banks – 0.5%
Edelman Financial Holdings II, Inc. (ICE LIBOR plus 675 bps),
8.807%, 7-20-26		24,780		24,718
Financial Exchanges & Data – 0.4%
Hudson River Trading LLC (3-Month U.S. LIBOR plus 350 bps),
5.544%, 4-3-25		20,231		20,223

38 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY HIGH INCOME FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

LOANS(M) (Continued)	Principal		Value
Insurance Brokers – 0.3%
NFP Corp. (ICE LIBOR plus 300 bps),
5.044%, 1-8-24	$	15,569	$	15,287
Investment Banking & Brokerage – 0.4%
Jane Street Group LLC (ICE LIBOR plus 300 bps),
5.044%, 8-25-22		20,722		20,644
Other Diversified Financial Services – 0.0%
New Cotai LLC,
0.000%, 7-20-20 (N)		764		764
New Cotai LLC (U.S. Prime Rate plus 25 bps),
5.250%, 7-20-20		472		472
				1,236
Property & Casualty Insurance – 0.8%
Amynta Agency Borrower, Inc. (ICE LIBOR plus 400 bps),
6.544%, 2-28-25		37,328		36,177
Specialized Finance – 0.8%
Amynta Agency Borrower, Inc. (ICE LIBOR plus 850 bps),
10.544%, 2-28-26		12,493		12,571
Gulf Finance LLC (ICE LIBOR plus 525 bps),
7.360%, 8-25-23		31,182		23,562
				36,133
Total Financials – 3.2%				154,418
Health Care
Health Care Equipment – 0.1%
LifeScan Global Corp. (3-Month ICE LIBOR plus 950 bps),
12.160%, 10-1-25		3,873		3,357
Health Care Facilities – 1.3%
Gentiva Health Services, Inc. (3-Month ICE LIBOR plus 375 bps),
5.813%, 7-2-25		25,066		25,192
Regional Care Hospital Partners Holdings, Inc. (ICE LIBOR plus 450 bps),
6.554%, 11-16-25		38,327		38,333
				63,525
Health Care Services – 1.7%
Heartland Dental LLC,
0.000%, 4-30-25 (N)		547		535
Heartland Dental LLC (ICE LIBOR plus 375 bps),
5.794%, 4-30-25		24,391		23,842

LOANS(M) (Continued)	Principal		Value
Health Care Services (Continued)
U.S. Renal Care, Inc. (3-Month ICE LIBOR plus 500 bps),
7.063%, 6-14-26	$	60,958	$	57,453
				81,830
Health Care Technology – 1.1%
Verscend Holding Corp. (ICE LIBOR plus 450 bps),
6.544%, 8-27-25		54,618		54,755
Pharmaceuticals – 0.1%
Concordia International Corp. (ICE LIBOR plus 550 bps),
7.528%, 9-6-24		7,051		6,633
Total Health Care – 4.3%				210,100
Industrials
Building Products – 0.4%
Hampton Rubber Co. & SEI Holding Corp. (ICE LIBOR plus 800 bps),
10.044%, 3-27-22		19,651		19,258
Construction & Engineering – 0.8%
McDermott Technology (Americas), Inc. (ICE LIBOR plus 500 bps),
7.104%, 5-10-25		33,921		21,328
Tensar International Corp. (ICE LIBOR plus 850 bps),
10.604%, 7-10-22		18,232		16,227
				37,555
Industrial Conglomerates – 0.8%
PAE Holding Corp. (ICE LIBOR plus 550 bps),
7.604%, 10-20-22		32,994		32,994
PAE Holding Corp. (ICE LIBOR plus 950 bps),
11.604%, 10-20-23		6,112		5,990
				38,984
Industrial Machinery – 1.7%
Dynacast International LLC (ICE LIBOR plus 850 bps),
10.604%, 1-30-23 (D)		75,652		73,004
Form Technologies LLC (ICE LIBOR plus 325 bps),
5.354%, 1-28-22		9,240		8,859
				81,863
Total Industrials – 3.7%				177,660
Information Technology
Application Software – 0.3%
Applied Systems, Inc. (ICE LIBOR plus 700 bps),
9.104%, 9-19-25		12,484		12,583
Kronos Acquisition Holdings, Inc. (ICE LIBOR plus 700 bps),
9.256%, 5-15-23 (D)		3,054		3,023
				15,606

LOANS(M) (Continued)	Principal		Value
Communications Equipment – 0.4%
MLN U.S. Holdco LLC (ICE LIBOR plus 450 bps),
6.612%, 11-30-25	$	11,525	$	10,660
MLN U.S. Holdco LLC (ICE LIBOR plus 875 bps),
10.862%, 11-30-26		10,963		9,282
				19,942
Data Processing & Outsourced Services – 0.6%
Commerce Hub, Inc. (ICE LIBOR plus 375 bps),
5.544%, 5-21-25		19,106		18,795
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 300 bps),
9.300%, 5-1-25		14,224		11,581
Cyxtera DC Holdings, Inc. (ICE LIBOR plus 325 bps),
5.040%, 5-1-24		1,521		1,367
				31,743
Total Information Technology – 1.3%				67,291
Materials
Construction Materials – 0.5%
Hillman Group, Inc. (The) (ICE LIBOR plus 350 bps),
6.044%, 5-31-25		26,006		25,197
Total Materials—0.5%				25,197
TOTAL LOANS – 23.2%			$	1,130,962
(Cost: $1,251,791)
SHORT-TERM SECURITIES
Commercial Paper(O) – 2.5%
Clorox Co. (The),
2.266%, 10-1-19		8,907		8,907
Diageo Capital plc (GTD by Diageo plc):
2.151%, 10-3-19		10,000		9,998
2.201%, 10-4-19		16,000		15,996
2.151%, 10-7-19		5,500		5,497
DTE Gas Co.,
2.194%, 10-3-19		22,000		21,996
General Mills, Inc.,
2.260%, 10-15-19		5,000		4,995
International Paper Co.,
2.402%, 10-2-19		15,000		14,998
Kroger Co. (The),
2.151%, 10-7-19		5,000		4,998
Mondelez International, Inc.,
2.214%, 10-9-19		5,000		4,997
Sysco Corp.,
2.180%, 10-1-19		5,259		5,259
UnitedHealth Group, Inc.,
2.020%, 10-16-19		5,000		4,995
Walgreens Boots Alliance, Inc.,
2.270%, 10-29-19		19,000		18,965
				121,601

2019 SEMIANNUAL REPORT 39

SCHEDULE OF INVESTMENTS IVY HIGH INCOME FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Master Note – 0.3%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (P)	$	12,667	$	12,667
Money Market Funds – 0.4%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares,
1.900%, (Q)(R)		21,133		21,133

	Value
TOTAL SHORT-TERM SECURITIES – 3.2%	$	155,401
(Cost: $155,410)
TOTAL INVESTMENT SECURITIES – 98.2%	$	4,773,498
(Cost: $5,121,578)
CASH AND OTHER ASSETS, NET OF LIABILITIES(S) – 1.8%		85,519
NET ASSETS – 100.0%	$	4,859,017

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.

(C) Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities.

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

(E) Restricted securities. At September 30, 2019, the Fund owned the following restricted securities:

Security	Acquisition Date(s)		Shares			Cost		Market Value
BIS Industries Ltd.		12-22-17		19,683		$	1,852	$	785
Larchmont Resources LLC		12-8-16		18			6,190		4,585
Maritime Finance Co. Ltd.		9-19-13		1,750			27,370		14,222
New Cotai Participation Corp., Class B		4-12-13		—	*		810		—
Sabine Oil & Gas Corp.		12-7-16		5			232		283
Pinnacle Agriculture Enterprises LLC		3-10-17		49,044			22,291		2,044
Targa Resources Corp., 9.500%		10-24-17		47			52,454		50,717
Sabine Oil & Gas Corp., expires 12-29-29		12-7-16		20			145		246
						$	111,344	$	72,882

    The total value of these securities represented 1.5% of net assets at September 30, 2019.

(F) All or a portion of securities with an aggregate value of $26,090 are on loan.

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

(H) Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2019 the total value of these securities amounted to $2,861,895 or 58.9% of net assets.

(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 September 30, 2019.

(K) Zero coupon bond.

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

(M) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

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

40 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY HIGH INCOME FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

(O) Rate shown is the yield to maturity at September 30, 2019.

(P) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

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

(R) Rate shown is the annualized 7-day yield at September 30, 2019.

(S) Cash of $90 has been pledged as collateral on OTC forward foreign currency contracts.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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
Consumer Discretionary	$	130,248	$	—	$	—	*
Consumer Staples		—		—		—	*
Energy		862		2,649		4,868
Financials		—		—		14,222
Health Care		3,565		—		—
Industrials		—		—		785
Total Common Stocks	$	134,675	$	2,649	$	19,875
Preferred Stocks		—		50,717		2,044
Warrants		—		—		251
Corporate Debt Securities		—		3,276,924		—	*
Loans		—		986,015		144,947
Short-Term Securities		21,133		134,268		—
Total	$	155,808	$	4,450,573	$	167,117

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

	Common Stocks			Preferred Stocks			Warrants		Corporate Debt			Loans
Beginning Balance 4-1-19	$	29,298		$	9,991		$	—	$	—	*	$	305,037
Net realized gain (loss)		—			—			—		—			130
Net change in unrealized appreciation (depreciation)		(4,888	)		(7,947	)		152		—			(39	)
Purchases		—			—			—		—			—
Sales		(2.037	)		—			—		—			(32,511	)
Amortization/Accretion of premium/discount		—			—			—		—			503
Transfers into Level 3 during the period		151			—			99		—			25,442
Transfers out of Level 3 during the period		(2,649	)		—			—		—			(153,615	)
Ending Balance 9-30-19	$	19,875		$	2,044		$	251	$	—	*	$	144,947
Net change in unrealized appreciation (depreciation) for all Level 3 investments still held as of 9-30-19	$	(4,888	)	$	(7,947	)	$	152	$	—		$	(160	)

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.

2019 SEMIANNUAL REPORT 41

SCHEDULE OF INVESTMENTS IVY HIGH INCOME FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

Information about Level 3 fair value measurements:

	Fair Value at 9-30-19			Valuation Technique(s)	Unobservable Input(s)	Input value(s)
Assets
Common Stocks		785		Market comparable approach	Adjusted EBITDA multiple		5.67x and 9.82x
		4,868		Third-party valuation service	Broker quotes		N/A
		14,222		Net Asset approach	Adjusted book value multiple		1.00x
Preferred Stocks		2,044		Market comparable approach	Adjusted EBITDA multiple		9.82x
				Option Pricing Model	Volatility		9.88%
					Illiquidity discount		10%
Warrants		251		Third-party valuation service	Broker quotes		N/A
Corporate Debt		—	*	Cost approach	Cost of position		0
Loans		144,947		Third-party valuation 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:

GTD = Guaranteed

ICE = Intercontinental Exchange

LIBOR = London Interbank Offered Rate

PIK = Payment in Kind

OTC = Over the Counter

See Accompanying Notes to Financial Statements.

42 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY INTERNATIONAL CORE EQUITY FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	91.1%
Consumer Discretionary	15.1%
Health Care	12.4%
Industrials	12.1%
Financials	11.3%
Consumer Staples	10.7%
Energy	10.4%
Materials	6.5%
Information Technology	6.0%
Communication Services	4.2%
Real Estate	1.4%
Utilities	1.0%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	8.9%

Country Weightings

Europe	58.8%
United Kingdom	13.4%
Germany	11.7%
France	9.9%
Switzerland	7.8%
Netherlands	4.5%
Other Europe	11.5%
Pacific Basin	24.9%
Japan	13.7%
China	5.9%
Other Pacific Basin	5.3%
North America	6.8%
Canada	4.2%
Other North America	2.6%
South America	0.6%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	8.9%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Nestle S.A., Registered Shares	Switzerland	Consumer Staples	Packaged Foods & Meats
Total S.A.	France	Energy	Integrated Oil & Gas
Airbus SE	France	Industrials	Aerospace & Defense
Tokio Marine Holdings, Inc.	Japan	Financials	Property & Casualty Insurance
Subaru Corp.	Japan	Consumer Discretionary	Automobile Manufacturers
SAP AG	Germany	Information Technology	Application Software
DNB ASA	Norway	Financials	Diversified Banks
Orange S.A.	France	Communication Services	Integrated Telecommunication Services
Zozo, Inc.	Japan	Consumer Discretionary	Internet & Direct Marketing Retail
Merck KGaA	Germany	Health Care	Pharmaceuticals

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 43

SCHEDULE OF INVESTMENTS IVY INTERNATIONAL CORE EQUITY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Australia
Materials – 2.6%
BHP Group plc		1,749	$	37,353
BHP Group plc ADR		585		25,079
Newcrest Mining Ltd.		2,742		63,277
				125,709
Total Australia – 2.6%				125,709
Brazil
Consumer Staples – 0.6%
BRF S.A. (A)		1,992		18,343
BRF S.A. ADR (A)		791		7,243
				25,586
Total Brazil – 0.6%				25,586
Canada
Consumer Discretionary – 0.6%
Dollarama, Inc.		770		27,569
Energy – 3.6%
Canadian Natural Resources Ltd.		2,127		56,608
Seven Generations Energy Ltd., Class A (A)		7,250		46,078
Suncor Energy, Inc.		2,136		67,371
				170,057
Total Canada – 4.2%				197,626
China
Consumer Discretionary – 2.6%
Alibaba Group Holding Ltd. ADR (A)(B)		315		52,629
Gree Electric Appliances, Inc. of Zhuhai, A Shares		3,266		26,235
Huayu Automotive Systems Co. Ltd., A Shares		12,978		42,768
				121,632
Consumer Staples – 0.5%
Wens Foodstuffs Group Co. Ltd., Class A (A)		4,977		25,932
Financials – 1.3%
China Construction Bank Corp.		80,086		61,022
Health Care – 1.0%
Yunnan Baiyao Group Co. Ltd., A Shares		4,392		46,828
Industrials – 0.5%
Han’s Laser Technology Industry Group Co. Ltd., A Shares		5,080		25,313
Total China – 5.9%				280,727

COMMON STOCKS (Continued)	Shares		Value
Denmark
Industrials – 0.4%
A.P. Moller – Maersk A/S		13	$	14,369
A.P. Moller – Maersk A/S, Class A		3		3,520
				17,889
Total Denmark – 0.4%				17,889
Finland
Information Technology – 1.2%
Nokia Corp., Series A ADR (C)		5,219		26,408
Nokia OYJ		5,479		27,670
				54,078
Total Finland – 1.2%				54,078
France
Communication Services – 1.8%
Orange S.A.		5,434		85,057
Consumer Staples – 1.7%
Danone S.A.		894		78,752
Energy – 2.7%
Total S.A.		2,445		127,288
Industrials – 3.7%
Airbus SE		810		105,126
Schneider Electric S.A.		743		65,012
				170,138
Total France – 9.9%				461,235
Germany
Consumer Discretionary – 1.2%
Continental AG		446		57,240
Consumer Staples – 0.8%
Beiersdorf Aktiengesellschaft		308		36,366
Financials – 0.6%
Commerzbank AG (C)		4,826		27,939
Health Care – 4.6%
Bayer AG		1,102		77,632
Fresenius Medical Care AG & Co. KGaA		876		58,875
Merck KGaA		700		78,869
				215,376
Information Technology – 2.1%
SAP AG		842		99,061
Real Estate – 1.4%
Deutsche Wohnen AG		1,777		64,878
Utilities – 1.0%
E.ON AG		4,877		47,416
Total Germany – 11.7%				548,276

COMMON STOCKS (Continued)	Shares		Value
Hong Kong
Financials – 1.5%
Hong Kong Exchanges and Clearing Ltd. (C)		2,400	$	70,356
Total Hong Kong – 1.5%				70,356
Ireland
Materials – 1.5%
CRH plc		1,983		68,010
Total Ireland – 1.5%				68,010
Italy
Financials – 1.5%
UniCredit S.p.A.		5,927		69,857
Total Italy – 1.5%				69,857
Japan
Consumer Discretionary – 6.6%
Isuzu Motors Ltd.		5,502		60,950
Subaru Corp.		3,603		101,885
Suzuki Motor Corp.		1,553		66,148
Zozo, Inc. (C)		3,569		82,679
				311,662
Consumer Staples – 1.5%
Seven & i Holdings Co. Ltd.		1,811		69,388
Energy – 1.1%
Inpex Corp.		5,925		54,605
Financials – 3.0%
ORIX Corp.		2,587		38,691
Tokio Marine Holdings, Inc.		1,929		103,475
				142,166
Industrials – 1.5%
SMC Corp.		164		70,694
Total Japan – 13.7%				648,515
Luxembourg
Energy – 1.0%
Tenaris S.A.		2,301		24,405
Tenaris S.A. ADR (C)		1,063		22,515
				46,920
Total Luxembourg – 1.0%				46,920
Netherlands
Consumer Discretionary – 1.0%
Prosus N.V. (A)		643		47,215
Health Care – 1.0%
Qiagen N.V. (A)		1,494		49,095

44 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY INTERNATIONAL CORE EQUITY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Industrials – 2.5%
Koninklijke Philips Electronics N.V., Ordinary Shares		1,227	$	56,690
Randstad Holding N.V. (C)		1,201		58,966
				115,656
Total Netherlands – 4.5%				211,966
Norway
Communication Services – 1.1%
Telenor ASA		2,599		52,137
Consumer Staples – 0.3%
Mowi ASA		717		16,569
Financials – 1.8%
DNB ASA		4,836		85,248
Total Norway – 3.2%				153,954
South Korea
Information Technology – 1.2%
Samsung Electronics Co. Ltd.		1,412		57,826
Total South Korea – 1.2%				57,826
Spain
Consumer Discretionary – 1.1%
Industria de Diseno Textil S.A.		1,679		51,973
Total Spain–1.1%				51,973
Sweden
Financials – 1.6%
Swedbank AB		5,055		72,795
Total Sweden – 1.6%				72,795
Switzerland
Consumer Staples – 2.8%
Nestle S.A., Registered Shares		1,217		131,997
Health Care – 2.6%
Alcon, Inc. (A)		636		37,116
Novartis AG ADR (A)(C)		249		14,519
Roche Holdings AG, Genusscheine		238		69,326
				120,961
Industrials – 1.5%
Ferguson plc		974		71,086
Materials – 0.9%
Glencore International plc		14,327		43,174
Total Switzerland–7.8%				367,218

COMMON STOCKS (Continued)	Shares		Value
United Kingdom
Communication Services – 1.3%
BT Group plc		27,546	$	60,419
Consumer Discretionary – 0.9%
Whitbread plc		797		42,053
Consumer Staples – 2.5%
British American Tobacco plc		1,855		68,499
Imperial Tobacco Group plc		2,278		51,154
				119,653
Energy – 2.0%
BP plc		7,150		45,265
BP plc ADR		620		23,551
TechnipFMC plc (A)		923		22,284
				91,100
Health Care – 3.2%
AstraZeneca plc		330		29,460
AstraZeneca plc ADR		691		30,817
GlaxoSmithKline plc		3,192		68,409
GlaxoSmithKline plc ADR		568		24,225
				152,911
Industrials – 2.0%
Babcock International Group plc		6,443		44,188
BAE Systems plc		7,519		52,660
				96,848
Information Technology – 1.5%
Amdocs Ltd.		1,099		72,649
Total United Kingdom–13.4%				635,633
United States
Consumer Discretionary – 1.1%
Booking Holdings, Inc. (A)		25		49,950
Total United States – 1.1%				49,950
TOTAL COMMON STOCKS – 89.6%				4,216,099
(Cost: $4,290,346)
INVESTMENT FUNDS
United States – 1.5%
SPDR Gold Trust (A)		498		69,176
TOTAL INVESTMENT FUNDS – 1.5%				69,176
(Cost: $61,080)
SHORT-TERM SECURITIES	Principal
Commercial Paper (D) – 4.8%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB)
2.204%, 10-8-19	$	3,522		3,520

SHORT-TERM SECURITIES (Continued)	Principal		Value
Commercial Paper (Continued)
Clorox Co. (The):
2.260%, 10-25-19	$	8,700	$	8,686
2.280%, 11-1-19		1,650		1,647
Diageo Capital plc (GTD by Diageo plc):
2.201%, 10-4-19		15,070		15,066
2.151%, 10-7-19		15,000		14,993
DTE Energy Co. (GTD by Detroit Edison Co.)
2.182%, 10-1-19		5,063		5,063
DTE Gas Co.
2.194%, 10-3-19		16,036		16,033
Florida Power & Light Co.
2.112%, 10-7-19		12,000		11,995
General Mills, Inc.
2.183%, 10-2-19		10,000		9,999
Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.)
2.303%, 10-7-19		15,000		14,993
International Paper Co.
2.202%, 10-8-19		15,000		14,992
J.M. Smucker Co. (The):
2.151%, 10-3-19		10,000		9,998
2.152%, 10-7-19		10,000		9,995
Malayan Banking Berhad (GTD by Wells Fargo Bank N.A.)
2.060%, 10-22-19		15,000		14,981
McCormick & Co., Inc.:
2.131%, 10-4-19		5,000		4,999
2.430%, 10-11-19		10,000		9,992
Mondelez International, Inc.:
2.203%, 10-1-19		5,000		5,000
2.252%, 10-4-19		5,500		5,499
2.214%, 10-9-19		5,000		4,997
UnitedHealth Group, Inc.:
2.141%, 10-2-19		1,982		1,982
2.252%, 10-4-19		15,000		14,996
2.020%, 10-16-19		5,820		5,814
2.030%, 10-17-19		15,000		14,985
Walt Disney Co. (The)
2.153%, 10-8-19		4,540		4,538
				224,763
Master Note – 0.0%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps)
2.170%, 10-7-19(E)		638		638
Money Market Funds – 1.8%
Dreyfus Institutional Preferred Government Money Market Fund – Institutional Shares
1.900%, (F)(G)		82,796		82,796
Municipal Obligations – 0.3%
CO Hsng and Fin Auth, Multifam Hsng Rev Bonds (Greentree Vlg Apts Proj), Ser 2007 (GTD by U.S. Bank N.A.) (BVAL plus 24 bps)
1.580%, 10-7-19 (E)		4,500		4,500

2019 SEMIANNUAL REPORT 45

SCHEDULE OF INVESTMENTS IVY INTERNATIONAL CORE EQUITY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
Trap Rock Industries, Inc., Var Demand Bonds, Ser 2005 (GTD by Wachovia Bank N.A.) (1-Week U.S. LIBOR plus 10 bps)
2.100%, 10-7-19 (E)	$	6,285	$	6,285
University of California (1-Month U.S. LIBOR plus 8 bps)
2.070%, 10-7-19 (E)		2,995		2,995
				13,780
United States Government Agency Obligations – 2.2%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
2.200%, 10-7-19 (E)		74,939		74,939
2.230%, 10-7-19 (E)		17,200		17,200
2.220%, 10-7-19 (E)		9,991		9,991
				102,130
TOTAL SHORT-TERM SECURITIES – 9.1%			$	424,107
(Cost: $424,124)

	Value
TOTAL INVESTMENT SECURITIES – 100.2%	$	4,709,382
(Cost: $4,775,550)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.2)%		(9,531	)
NET ASSETS – 100.0%	$	4,699,851

Notes to Schedule of Investments

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

(B) All or a portion of securities with an aggregate value of $25,377 are held in collateralized accounts for OTC foreign forward currency contracts collateral.

(C) All or a portion of securities with an aggregate value of $157,924 are on loan.

(D) Rate shown is the yield to maturity at September 30, 2019.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

(F) Rate shown is the annualized 7-day yield at September 30, 2019.

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

The following forward foreign currency contracts were outstanding at September 30, 2019:

	Currency to be Delivered			Currency to be Received		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized Depreciation
U.S. Dollar		446,594	Japanese Yen		48,034,764	10–4–19	Deutsche Bank AG	$	—	$	2,276
Chinese Yuan Renminbi Offshore		1,312,078	U.S. Dollar		184,329	10–16–19	Deutsche Bank AG		637		—
Chinese Yuan Renminbi Offshore		1,442,677	U.S. Dollar		202,912	11–15–19	Deutsche Bank AG		1,103		—
								$	1,740	$	2,276

46 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY INTERNATIONAL CORE EQUITY FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	—	$	197,613	$	—
Consumer Discretionary		177,363		531,931		—
Consumer Staples		25,586		478,657		—
Energy		238,407		251,563		—
Financials		—		529,383		—
Health Care		96,698		488,473		—
Industrials		—		567,624		—
Information Technology		99,057		184,557		—
Materials		25,079		211,814		—
Real Estate		—		64,878		—
Utilities		—		47,416		—
Total Common Stocks	$	662,190	$	3,553,909	$	—
Investment Funds		69,176		—		—
Short-Term Securities		82,796		341,311		—
Total	$	814,162	$	3,895,220	$	—
Forward Foreign Currency Contracts	$	—	$	1,740	$	—
Liabilities
Forward Foreign Currency Contracts	$	—	$	2,276	$	—

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

BVAL = Bloomberg Valuation Municipal AAA Benchmark

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

TB = Treasury Bill

Market Sector Diversification
(as a % of net assets)
Consumer Discretionary	15.1%
Health Care	12.4%
Industrials	12.1%
Financials	11.3%
Consumer Staples	10.7%
Energy	10.4%
Materials	6.5%
Information Technology	6.0%
Communication Services	4.2%
Real Estate	1.4%
Utilities	1.0%
Other+	8.9%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 47

PORTFOLIO HIGHLIGHTS IVY LARGE CAP GROWTH FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	98.8%
Information Technology	36.1%
Consumer Discretionary	17.3%
Communication Services	12.5%
Industrials	12.2%
Health Care	11.8%
Financials	4.0%
Real Estate	2.8%
Consumer Staples	2.1%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.2%

Top 10 Equity Holdings

Company	Sector	Industry
Microsoft Corp.	Information Technology	Systems Software
Apple, Inc.	Information Technology	Technology Hardware, Storage & Peripherals
Alphabet, Inc., Class A	Communication Services	Interactive Media & Services
Visa, Inc., Class A	Information Technology	Data Processing & Outsourced Services
Amazon.com, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail
Verisk Analytics, Inc., Class A	Industrials	Research & Consulting Services
Facebook, Inc., Class A	Communication Services	Interactive Media & Services
Zoetis, Inc.	Health Care	Pharmaceuticals
Booking Holdings, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail
NIKE, Inc., Class B	Consumer Discretionary	Footwear

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.

48 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY LARGE CAP GROWTH FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Cable & Satellite – 0.8%
Comcast Corp., Class A		755	$	34,018
Interactive Home Entertainment – 1.5%
Electronic Arts, Inc. (A)		666		65,099
Interactive Media & Services – 9.0%
Alphabet, Inc., Class A (A)		181		220,631
Alphabet, Inc., Class C (A)		40		48,503
Facebook, Inc., Class A (A)		774		137,905
				407,039
Movies & Entertainment – 1.2%
Walt Disney Co. (The)		425		55,373
Total Communication Services – 12.5%				561,529
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 2.7%
V.F. Corp.		1,376		122,415
Automobile Manufacturers – 1.9%
Ferrari N.V.		551		84,975
Footwear – 2.8%
NIKE, Inc., Class B		1,322		124,163
Home Improvement Retail – 2.5%
Home Depot, Inc. (The)		495		114,898
Internet & Direct Marketing Retail – 7.4%
Amazon.com, Inc. (A)		119		205,763
Booking Holdings, Inc. (A)		65		127,738
				333,501
Total Consumer Discretionary – 17.3%				779,952
Consumer Staples
Personal Products – 2.1%
Estee Lauder Co., Inc. (The), Class A		466		92,714
Total Consumer Staples – 2.1%				92,714
Financials
Financial Exchanges & Data – 4.0%
CME Group, Inc.		528		111,640
S&P Global, Inc.		282		69,098
				180,738
Total Financials – 4.0%				180,738
Health Care
Health Care Equipment – 3.7%
Danaher Corp.		714		103,076
Intuitive Surgical, Inc. (A)		121		65,251
				168,327
Health Care Technology – 2.2%
Cerner Corp.		1,432		97,588

COMMON STOCKS (Continued)	Shares		Value
Life Sciences Tools & Services – 1.1%
Illumina, Inc. (A)		172	$	52,204
Managed Health Care – 1.5%
UnitedHealth Group, Inc.		305		66,261
Pharmaceuticals – 3.3%
Pfizer, Inc.		310		11,123
Zoetis, Inc.		1,106		137,838
				148,961
Total Health Care – 11.8%				533,341
Industrials
Aerospace & Defense – 3.2%
Boeing Co. (The)		171		64,908
Northrop Grumman Corp.		210		78,856
				143,764
Construction Machinery & Heavy Trucks – 0.8%
Caterpillar, Inc.		286		36,175
Industrial Machinery – 0.7%
Stanley Black & Decker, Inc.		221		31,929
Railroads – 1.1%
Union Pacific Corp.		296		47,993
Research & Consulting Services – 5.4%
CoStar Group, Inc. (A)		166		98,620
Verisk Analytics, Inc., Class A		902		142,666
				241,286
Trucking – 1.0%
J.B. Hunt Transport Services, Inc.		430		47,592
Total Industrials – 12.2%				548,739
Information Technology
Application Software – 6.4%
Adobe, Inc. (A)		391		108,062
Intuit, Inc.		366		97,440
NVIDIA Corp.		462		80,490
				285,992
Communications Equipment – 2.3%
Motorola, Inc.		599		102,098
Data Processing & Outsourced Services – 11.9%
Broadridge Financial Solutions, Inc.		519		64,616
FleetCor Technologies, Inc. (A)		214		61,261
MasterCard, Inc., Class A		410		111,233
PayPal, Inc. (A)		863		89,430
Visa, Inc., Class A		1,228		211,195
				537,735
Internet Services & Infrastructure – 1.1%
VeriSign, Inc. (A)		274		51,704
IT Consulting & Other Services – 0.6%
Garter, Inc., Class A (A)		189		27,033

COMMON STOCKS (Continued)	Shares		Value
Systems Software – 8.7%
Microsoft Corp.		2,824	$	392,688
Technology Hardware, Storage & Peripherals – 5.1%
Apple, Inc.		1,019		228,254
Total Information Technology – 36.1%				1,625,504
Real Estate
Specialized REITs – 2.8%
American Tower Corp., Class A		277		61,275
Equinix, Inc.		113		65,121
				126,396
Total Real Estate – 2.8%				126,396
TOTAL COMMON STOCKS – 98.8%			$	4,448,913
(Cost: $2,539,043)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) – 1.1%
DTE Gas Co.,
2.194%, 10-3-19	$	5,000		4,999
General Mills, Inc.,
2.183%, 10-2-19		10,000		9,999
International Paper Co.,
2.310%, 10-11-19		5,000		4,997
J.M. Smucker Co. (The):
2.150%, 10-1-19		5,661		5,660
2.152%, 10-7-19		5,000		4,998
Mondelez International, Inc.:
2.252%, 10-4-19		7,000		6,998
2.214%, 10-9-19		5,000		4,997
UnitedHealth Group, Inc.,
2.252%, 10-4-19		3,000		2,999
Wisconsin Electric Power Co.,
2.100%, 10-1-19		5,000		5,000
				50,647
Master Note – 0.1%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (C)		4,667		4,667
Notes – 0.1%
Osprey Properties Ltd. (1-Month U.S. LIBOR),
2.100%, 10-1-19 (C)		3,000		3,000
TOTAL SHORT-TERM SECURITIES – 1.3%			$	58,314
(Cost: $58,318)
TOTAL INVESTMENT SECURITIES – 100.1%			$	4,507,227
(Cost: $2,597,361)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1)%				(3,010	)
NET ASSETS – 100.0%			$	4,504,217

2019 SEMIANNUAL REPORT 49

SCHEDULE OF INVESTMENTS IVY LARGE CAP GROWTH FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

Notes to Schedule of Investments

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

(B) Rate shown is the yield to maturity at September 30, 2019.

(C) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 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	$	4,448,913	$	—	$	—
Short-Term Securities		—		58,314		—
Total	$	4,448,913	$	58,314	$	—

The following acronyms are used throughout this schedule:

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

50 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY LIMITED-TERM BOND FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Bonds	96.2%
United States Government and Government Agency Obligations	59.5%
Corporate Debt Securities	35.3%
Asset-Backed Securities	0.8%
Mortgage-Backed Securities	0.6%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.8%

Quality Weightings

Investment Grade	93.2%
AAA	38.0%
AA	12.0%
A	14.2%
BBB	29.0%
Non-Investment Grade	3.0%
BB	0.7%
Non-rated	2.3%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	3.8%

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

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

2019 SEMIANNUAL REPORT 51

SCHEDULE OF INVESTMENTS IVY LIMITED-TERM BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
American Airlines Class AA Pass-Through Certificates, Series 2016-2,
3.200%, 6-15-28	$	2,631	$	2,700
SBA Tower Trust, Series 2016-1 (GTD by SBA Guarantor LLC and SBA Holdings LLC),
2.877%, 7-9-21 (A)		6,500		6,522
TOTAL ASSET-BACKED SECURITIES – 0.8%			$	9,222
(Cost: $9,133)
CORPORATE DEBT SECURITIES
Communication Services
Cable & Satellite – 0.5%
Comcast Corp. (GTD by Comcast Cable Communications and NBC Universal),
3.700%, 4-15-24		5,000		5,331
Integrated Telecommunication Services – 0.7%
AT&T, Inc.,
3.400%, 5-15-25		4,550		4,751
Verizon Communications, Inc.,
3.376%, 2-15-25		3,750		3,961
				8,712
Wireless Telecommunication Service – 0.9%
Crown Castle Towers LLC:
3.222%, 5-15-22 (A)		7,830		7,910
3.663%, 5-15-25 (A)		2,050		2,147
				10,057
Total Communication Services – 2.1%				24,100
Consumer Discretionary
Automobile Manufacturers – 0.3%
Volkswagen Group of America, Inc.,
2.500%, 9-24-21 (A)		3,400		3,408
Casinos & Gaming – 0.4%
Las Vegas Sands Corp.,
3.200%, 8-8-24		4,100		4,177
General Merchandise Stores – 1.2%
Dollar General Corp.,
3.250%, 4-15-23		4,771		4,929
Family Dollar Stores, Inc.,
5.000%, 2-1-21		8,509		8,774
				13,703
Total Consumer Discretionary – 1.9%				21,288
Consumer Staples
Brewers – 0.2%
Molson Coors Brewing Co.,
2.250%, 3-15-20		1,750		1,749

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Distillers & Vintners – 1.2%
Constellation Brands, Inc.:
2.250%, 11-6-20	$	7,000	$	7,002
3.200%, 2-15-23		3,500		3,608
4.250%, 5-1-23		2,500		2,673
4.750%, 11-15-24		725		801
				14,084
Drug Retail – 0.6%
CVS Health Corp.:
3.500%, 7-20-22		3,325		3,433
2.750%, 12-1-22		3,030		3,067
				6,500
Packaged Foods & Meats – 0.4%
Smithfield Foods, Inc.,
2.700%, 1-31-20 (A)		5,000		4,997
Soft Drinks – 0.2%
Keurig Dr Pepper, Inc.,
4.057%, 5-25-23		2,675		2,830
Total Consumer Staples – 2.6%				30,160
Energy
Oil & Gas Equipment & Services – 0.7%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.):
2.800%, 2-15-21		2,500		2,523
3.500%, 2-1-22		5,000		5,163
				7,686
Oil & Gas Exploration & Production – 0.2%
Aker BP ASA,
6.000%, 7-1-22 (A)		2,360		2,437
Oil & Gas Storage & Transportation – 2.6%
Enbridge, Inc.,
2.900%, 7-15-22		2,913		2,968
EQT Midstream Partners L.P.,
4.750%, 7-15-23		3,500		3,513
Kinder Morgan Energy Partners L.P.:
3.500%, 3-1-21		4,500		4,568
3.450%, 2-15-23		4,090		4,218
Midwest Connector Capital Co. LLC,
3.625%, 4-1-22 (A)		2,000		2,052
Plains All American Pipeline L.P. and PAA Finance Corp.,
3.850%, 10-15-23		6,200		6,423
Sunoco Logistics Partners Operations L.P. (GTD by Sunoco Logistics Partners L.P.),
4.400%, 4-1-21		5,700		5,855
				29,597
Total Energy – 3.5%				39,720
Financials
Consumer Finance – 3.9%
Ally Financial, Inc.,
4.125%, 3-30-20		3,396		3,417

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Consumer Finance (Continued)
American Express Co.,
2.500%, 7-30-24	$	5,000	$	5,041
American Honda Finance Corp.,
2.150%, 9-10-24		3,400		3,381
Discover Bank:
3.100%, 6-4-20		3,025		3,041
3.350%, 2-6-23		3,650		3,763
Ford Motor Credit Co. LLC:
2.681%, 1-9-20		3,700		3,700
2.459%, 3-27-20		7,415		7,406
3.470%, 4-5-21		1,000		1,005
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.):
3.200%, 7-6-21		5,000		5,051
4.200%, 11-6-21		5,260		5,427
Hyundai Capital America,
2.550%, 4-3-20 (A)		3,600		3,599
				44,831
Diversified Banks – 4.1%
Bank of America Corp.:
4.100%, 7-24-23		2,850		3,043
4.125%, 1-22-24		4,800		5,171
BB&T Corp.,
2.500%, 8-1-24		3,400		3,427
Citizens Bank N.A.,
3.250%, 2-14-22		3,250		3,329
Huntington Bancshares, Inc.,
4.000%, 5-15-25		5,250		5,629
Korea Development Bank,
3.250%, 2-19-24		1,750		1,838
Mitsubishi UFJ Financial Group, Inc.:
2.998%, 2-22-22		2,000		2,035
2.801%, 7-18-24		3,400		3,459
Mizuho Financial Group, Inc.,
2.953%, 2-28-22		4,400		4,463
Sumitomo Mitsui Financial Group, Inc.,
2.696%, 7-16-24		3,400		3,439
Synchrony Bank,
3.000%, 6-15-22		3,500		3,548
U.S. Bancorp,
5.125%, 1-15-67		8,000		8,224
				47,605
Investment Banking & Brokerage – 2.7%
E*TRADE Financial Corp.,
2.950%, 8-24-22		3,515		3,571
Goldman Sachs Group, Inc. (The):
3.000%, 4-26-22		6,388		6,459
3.500%, 1-23-25		6,459		6,739
Goldman Sachs Group, Inc. (The) (3-Month U.S. LIBOR plus 388.4 bps),
6.607%, 12-29-49 (B)		2,558		2,567
Morgan Stanley,
4.875%, 11-1-22		9,450		10,134
Morgan Stanley (3-Month U.S. LIBOR plus 110 bps),
3.232%, 5-31-23 (B)		1,700		1,731
				31,201

52 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY LIMITED-TERM BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Other Diversified Financial Services – 1.8%
Citigroup, Inc.:
2.700%, 3-30-21	$	4,893	$	4,941
3.750%, 6-16-24		4,500		4,769
JPMorgan Chase & Co.:
2.972%, 1-15-23		4,087		4,160
3.125%, 1-23-25		3,165		3,279
3.000%, 2-27-30 (C)		3,390		3,339
				20,488
Property & Casualty Insurance – 0.5%
ACE INA Holdings, Inc. (GTD by ACE Ltd.),
2.300%, 11-3-20		5,500		5,518
Regional Banks – 1.4%
PNC Bank N.A.,
2.550%, 12-9-21		4,000		4,039
PNC Financial Services Group, Inc. (The),
3.500%, 1-23-24		6,238		6,591
SunTrust Banks, Inc.,
3.200%, 4-1-24		4,900		5,094
				15,724
Specialized Finance – 0.2%
Syngenta Finance N.V.,
3.698%, 4-24-20 (A)		2,250		2,257
Total Financials – 14.6%				167,624
Health Care
Health Care Equipment – 0.4%
Becton Dickinson & Co.,
2.894%, 6-6-22		4,100		4,163
Pharmaceuticals – 0.6%
Zoetis, Inc.:
3.450%, 11-13-20		995		1,008
3.250%, 2-1-23		5,635		5,784
				6,792
Total Health Care – 1.0%				10,955
Industrials
Aerospace & Defense – 0.9%
BAE Systems plc,
4.750%, 10-11-21 (A)		2,727		2,846
L3Harris Technologies, Inc.,
3.950%, 5-28-24 (A)		4,280		4,542
Northrop Grumman Corp.,
3.250%, 8-1-23		2,957		3,081
				10,469
Airlines – 0.4%
Delta Air Lines, Inc.,
3.400%, 4-19-21		4,550		4,613
Environmental & Facilities Services – 0.8%
Republic Services, Inc.,
2.500%, 8-15-24		6,900		6,976

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Environmental & Facilities Services (Continued)
Waste Management, Inc. (GTD by Waste Management Holdings, Inc.),
2.400%, 5-15-23	$	2,305	$	2,330
				9,306
Industrial Conglomerates – 0.4%
General Electric Capital Corp.,
5.012%, 1-1-24		4,811		4,888
Total Industrials – 2.5%				29,276
Information Technology
Data Processing & Outsourced Services – 0.3%
PayPal Holdings, Inc.,
2.400%, 10-1-24		3,400		3,411
Semiconductors – 0.3%
Broadcom Corp. and Broadcom Cayman Finance Ltd. (GTD by Broadcom Ltd.),
2.375%, 1-15-20		3,624		3,624
Systems Software – 0.7%
CA, Inc.,
5.375%, 12-1-19		8,297		8,337
Technology Hardware, Storage & Peripherals – 0.2%
NetApp, Inc.,
3.375%, 6-15-21		2,000		2,035
Total Information Technology – 1.5%				17,407
Materials
Specialty Chemicals – 0.9%
Methanex Corp.,
3.250%, 12-15-19		10,632		10,653
Total Materials—0.9%				10,653
Real Estate
Specialized REITs – 2.4%
American Tower Corp.:
5.900%, 11-1-21		7,200		7,737
2.250%, 1-15-22		3,975		3,980
3.070%, 3-15-23 (A)		6,165		6,264
Crown Castle International Corp.:
2.250%, 9-1-21		3,000		3,002
4.875%, 4-15-22		3,099		3,295
5.250%, 1-15-23		2,745		2,995
				27,273
Total Real Estate—2.4%				27,273
Utilities
Electric Utilities – 2.3%
CenterPoint Energy, Inc.,
2.500%, 9-1-22		4,000		4,028
Entergy Texas, Inc.,
2.550%, 6-1-21		7,225		7,213

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Electric Utilities (Continued)
Evergy, Inc.,
2.450%, 9-15-24	$	3,400	$	3,394
MidAmerican Energy Co.,
3.700%, 9-15-23		3,000		3,167
National Rural Utilities Cooperative Finance Corp.,
2.400%, 4-25-22		4,975		5,024
Virginia Electric and Power Co., Series C,
2.750%, 3-15-23		3,940		4,022
				26,848
Total Utilities – 2.3%				26,848
TOTAL CORPORATE DEBT SECURITIES – 35.3%			$	405,304
(Cost: $398,352)
MORTGAGE-BACKED SECURITIES
Non-Agency REMIC/CMO – 0.6%
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2014-FRR1, Class A-K10,
4.286%, 11-27-49 (A)		6,500		6,493
TOTAL MORTGAGE-BACKED SECURITIES – 0.6%			$	6,493
(Cost: $6,430)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations – 0.5%
U.S. Department of Transportation,
6.001%, 12-7-21 (A)		5,670		6,166
Mortgage-Backed Obligations – 13.8%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 185 bps),
3.939%, 8-25-25 (A)(B)		6,089		6,033
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 250 bps),
4.589%, 11-25-24 (A)(B)		4,131		4,146
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 255 bps),
4.639%, 6-25-27 (A)(B)		1,518		1,538
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 1-Month U.S. LIBOR):
5.339%, 6-25-21 (A)(B)		3,115		3,126
6.089%, 9-25-22 (A)(B)		1,436		1,450

2019 SEMIANNUAL REPORT 53

SCHEDULE OF INVESTMENTS IVY LIMITED-TERM BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 2-year U.S. Treasury index),
3.754%, 11-25-47 (A)(B)	$	3,500	$	3,562
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 3-year U.S. Treasury index):
5.688%, 4-25-20 (A)(B)		4,950		5,011
3.507%, 7-25-22 (A)(B)		3,000		3,076
4.112%, 2-25-46 (A)(B)		390		398
3.743%, 7-25-46 (A)(B)		3,000		3,077
3.663%, 2-25-48 (A)(B)		3,745		3,811
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 5-year U.S. Treasury index):
3.599%, 11-25-23 (A)(B)		1,500		1,517
3.702%, 11-25-23 (A)(B)		15,799		16,272
4.478%, 12-25-44 (A)(B)		17,000		17,746
4.006%, 5-25-45 (A)(B)		6,500		6,730
3.669%, 6-25-45 (A)(B)		1,000		1,033
4.762%, 11-25-46 (A)(B)		8,000		8,357
3.681%, 11-25-47 (A)(B)		2,050		2,108
3.663%, 2-25-48 (A)(B)		4,000		4,102
3.710%, 6-25-48 (A)(B)		2,500		2,594
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 7-year U.S. Treasury index):
4.194%, 5-25-25 (A)(B)		985		1,041
3.908%, 10-25-48 (A)(B)		5,825		6,117
3.800%, 11-25-49 (A)(B)		5,050		5,238
3.764%, 11-25-50 (A)(B)		12,000		12,456
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates,
5.500%, 4-1-20		6		6
Federal National Mortgage Association Agency REMIC/CMO:
2.000%, 6-25-39		8,669		8,672
2.000%, 10-25-41		9,407		9,371
2.000%, 12-25-42		996		994

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
4.478%, 12-1-19	$	2,562	$	2,560
4.646%, 7-1-20		1,713		1,730
4.381%, 6-1-21		6,810		7,017
5.500%, 2-1-22		115		117
Government National Mortgage Association Agency REMIC/CMO,
2.000%, 3-16-42		4,222		4,211
Government National Mortgage Association Fixed Rate Pass-Through Certificates,
3.500%, 4-20-34		3,441		3,528
				158,745
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 14.3%			$	164,911
(Cost: $162,765)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 45.2%
U.S. Treasury Notes:
2.875%, 10-31-20		29,150		29,477
2.500%, 12-31-20		8,000		8,069
2.000%, 1-15-21		11,500		11,531
2.500%, 1-31-21		15,500		15,647
2.500%, 2-28-21		6,000		6,061
2.250%, 4-30-21		14,000		14,112
2.625%, 5-15-21		20,000		20,287
2.250%, 7-31-21		27,000		27,271
2.750%, 8-15-21		25,000		25,488
2.750%, 9-15-21		3,600		3,677
2.875%, 10-15-21		18,700		19,157
2.000%, 10-31-21		5,000		5,035
2.000%, 12-31-21		5,000		5,041
1.875%, 1-31-22		6,500		6,536
2.000%, 2-15-22		11,000		11,101
1.750%, 5-31-22		16,000		16,061
1.750%, 7-15-22		34,000		34,138
2.000%, 7-31-22		16,500		16,692

UNITED STATES GOVERNMENT OBLIGATIONS (Continued)	Principal		Value
Treasury Obligations (Continued)
2.000%, 10-31-22	$	42,500	$	43,026
2.125%, 12-31-22		25,000		25,430
2.500%, 3-31-23		30,950		31,927
2.750%, 4-30-23		24,500		25,495
1.375%, 9-30-23		10,000		9,927
2.875%, 9-30-23		31,250		32,823
2.875%, 10-31-23		21,000		22,080
2.125%, 2-29-24		5,250		5,375
2.125%, 3-31-24		7,500		7,682
1.750%, 6-30-24		40,500		40,850
				519,996
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 45.2%			$	519,996
(Cost: $508,794)
SHORT-TERM SECURITIES
Commercial Paper (D) – 2.9%
Energy Transfer L.P.,
2.600%, 10-1-19		33,000		32,998
Master Note – 0.2%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (E)		2,102		2,102
TOTAL SHORT-TERM SECURITIES – 3.1%			$	35,100
(Cost: $35,102)
TOTAL INVESTMENT SECURITIES – 99.3%			$	1,141,026
(Cost: $1,120,576)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.7%				8,080
NET ASSETS – 100.0%			$	1,149,106

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 September 30, 2019 the total value of these securities amounted to $182,179 or 15.9% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

(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 September 30, 2019.

(D) Rate shown is the yield to maturity at September 30, 2019.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

54 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY LIMITED-TERM BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	—	$	9,222	$	—
Corporate Debt Securities		—		405,304		—
Mortgage-Backed Securities		—		6,493		—
United States Government Agency Obligations		—		164,911		—
United States Government Obligations		—		519,996		—
Short-Term Securities		—		35,100		—
Total	$	—	$	1,141,026	$	—

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

REMIC = Real Estate Mortgage Investment Conduit

REIT = Real Estate Investment Trust

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 55

PORTFOLIO HIGHLIGHTS IVY MANAGED INTERNATIONAL OPPORTUNITIES FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Ivy Managed International Opportunities Fund – Asset Allocation

Ivy International Core Equity Fund, Class N	35.4%
Ivy Pzena International Value Fund, Class N	19.8%
Ivy Emerging Markets Equity Fund, Class N	14.6%
Ivy International Small Cap Fund, Class N	10.2%
Ivy Global Equity Income Fund, Class N	10.1%
Ivy Global Growth Fund, Class N	9.8%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	0.1%

The percentages of investments in the underlying funds may not currently be within the target allocation ranges disclosed in the Fund’s prospectus due to market movements; these percentages are expected to change over time, and deviation from the target allocation ranges due to market movements is permitted by the prospectus.

+ 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 MANAGED INTERNATIONAL OPPORTUNITIES FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares		Value
Ivy Emerging Markets Equity Fund, Class N		1,364	$	25,799
Ivy Global Equity Income Fund, Class N		1,479		17,831
Ivy Global Growth Fund, Class N		379		17,333
Ivy International Core Equity Fund, Class N		3,667		62,786
Ivy International Small Cap Fund, Class N		1,580		18,045
Ivy Pzena International Value Fund, Class N		2,325		35,151
TOTAL AFFILIATED MUTUAL FUNDS – 99.9%			$	176,945
(Cost: $171,653)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 0.1%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (A)	$	221	$	221
TOTAL SHORT-TERM SECURITIES – 0.1%			$	221
(Cost: $221)
TOTAL INVESTMENT SECURITIES – 100.0%			$	177,166
(Cost: $171,874)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%				30
NET ASSETS – 100.0%			$	177,196

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 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
Affiliated Mutual Funds	$	176,945	$	—	$	—
Short-Term Securities		—		221		—
Total	$	176,945	$	221	$	—

The following acronym is used throughout this schedule:

LIBOR = London Interbank Offered Rate

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 57

PORTFOLIO HIGHLIGHTS IVY MID CAP GROWTH FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	98.0%
Information Technology	26.6%
Consumer Discretionary	20.2%
Health Care	18.1%
Industrials	17.7%
Financials	5.6%
Materials	4.5%
Communication Services	3.9%
Consumer Staples	1.4%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	2.0%

Top 10 Equity Holdings

Company	Sector	Industry
CoStar Group, Inc.	Industrials	Research & Consulting Services
Chipotle Mexican Grill, Inc., Class A	Consumer Discretionary	Restaurants
Electronic Arts, Inc.	Communication Services	Interactive Home Entertainment
Zoetis, Inc.	Health Care	Pharmaceuticals
TransUnion	Industrials	Research & Consulting Services
Keysight Technologies, Inc.	Information Technology	Electronic Equipment & Instruments
Tractor Supply Co.	Consumer Discretionary	Specialty Stores
Teradyne, Inc.	Information Technology	Semiconductor Equipment
Edwards Lifesciences Corp.	Health Care	Health Care Equipment
ServiceNow, Inc.	Information Technology	Systems Software

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.

58 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY MID CAP GROWTH FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Interactive Home Entertainment – 2.7%
Electronic Arts, Inc. (A)		1,327	$	129,848
Interactive Media & Services – 1.2%
Twitter, Inc. (A)		1,379		56,796
Total Communication Services – 3.9%				186,644
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 3.2%
Burberry Group plc (B)		2,229		59,533
lululemon athletica, Inc. (A)		483		92,916
				152,449
Auto Parts & Equipment – 1.5%
BorgWarner, Inc.		1,988		72,920
Automotive Retail – 1.5%
O’Reilly Automotive, Inc. (A)		185		73,771
Department Stores – 0.6%
Nordstrom, Inc. (C)		832		28,012
Internet & Direct Marketing Retail – 2.9%
Grubhub, Inc. (A)(C)		1,027		57,738
MercadoLibre, Inc. (A)		145		80,008
				137,746
Restaurants – 4.9%
Chipotle Mexican Grill, Inc., Class A (A)		178		149,421
Dunkin Brands Group, Inc.		1,075		85,339
				234,760
Specialty Stores – 5.6%
Tiffany & Co. (C)		746		69,086
Tractor Supply Co.		1,292		116,819
Ulta Beauty, Inc. (A)		338		84,712
				270,617
Total Consumer Discretionary – 20.2%				970,275
Consumer Staples
Packaged Foods & Meats – 1.4%
Hershey Foods Corp.		430		66,576
Total Consumer Staples – 1.4%				66,576
Financials
Financial Exchanges & Data – 2.8%
Chicago Board Options Exchange, Inc.		242		27,841
MarketAxess Holdings, Inc.		324		106,081
				133,922
Regional Banks – 2.8%
First Republic Bank		821		79,435
SVB Financial Group (A)		256		53,518
				132,953
Total Financials – 5.6%				266,875

COMMON STOCKS (Continued)	Shares		Value
Health Care
Biotechnology – 1.3%
Seattle Genetics, Inc. (A)		730	$	62,363
Health Care Equipment – 8.0%
Abiomed, Inc. (A)		326		57,930
DexCom, Inc. (A)		560		83,623
Edwards Lifesciences Corp. (A)		490		107,653
Glaukos Corp. (A)		808		50,507
Intuitive Surgical, Inc. (A)		155		83,523
				383,236
Health Care Services – 1.9%
Laboratory Corp. of America Holdings (A)		393		66,084
Teladoc Health, Inc. (A)(C)		405		27,431
				93,515
Health Care Supplies – 0.8%
National Vision Holdings, Inc. (A)		1,508		36,307
Health Care Technology – 1.7%
Cerner Corp.		1,213		82,684
Life Sciences Tools & Services – 1.7%
10x Genomics, Inc., Class A (A)(C)		88		4,460
Agilent Technologies, Inc.		754		57,813
TECHNE Corp.		97		18,907
				81,180
Pharmaceuticals – 2.7%
Zoetis, Inc.		1,023		127,434
Total Health Care – 18.1%				866,719
Industrials
Aerospace & Defense – 1.8%
L3Harris Technologies, Inc.		412		85,882
Building Products – 3.1%
A. O. Smith Corp.		1,591		75,928
Trex Co., Inc. (A)		795		72,281
				148,209
Industrial Conglomerates – 0.6%
Fortive Corp.		421		28,866
Industrial Machinery – 4.2%
Gardner Denver Holdings, Inc. (A)		1,255		35,511
IDEX Corp.		526		86,205
Middleby Corp. (A)		697		81,475
				203,191
Research & Consulting Services – 5.9%
CoStar Group, Inc. (A)		281		166,702
TransUnion		1,453		117,838
				284,540

COMMON STOCKS (Continued)	Shares		Value
Trading Companies & Distributors – 2.1%
Fastenal Co. (C)		2,996	$	97,880
Total Industrials – 17.7%				848,568
Information Technology
Application Software – 4.6%
DocuSign, Inc. (A)		812		50,293
Guidewire Software, Inc. (A)		974		102,665
Tyler Technologies, Inc. (A)		253		66,540
				219,498
Communications Equipment – 1.6%
Arista Networks, Inc. (A)		321		76,683
Data Processing & Outsourced Services – 1.8%
Square, Inc., Class A (A)		1,355		83,952
Electronic Components – 1.7%
Maxim Integrated Products, Inc.		1,429		82,759
Electronic Equipment & Instruments – 3.7%
Coherent, Inc. (A)		253		38,822
Keysight Technologies, Inc. (A)		1,204		117,089
Novanta, Inc. (A)		292		23,859
				179,770
Internet Services & Infrastructure – 1.2%
Twilio, Inc., Class A (A)		527		57,942
Semiconductor Equipment – 2.4%
Teradyne, Inc.		1,967		113,885
Semiconductors – 6.0%
Advanced Micro Devices, Inc. (A)(C)		1,896		54,956
Microchip Technology, Inc. (C)		976		90,658
Monolithic Power Systems, Inc.		552		85,880
Universal Display Corp.		324		54,393
				285,887
Systems Software – 3.6%
Palo Alto Networks, Inc. (A)		327		66,739
ServiceNow, Inc. (A)		419		106,321
				173,060
Total Information Technology – 26.6%				1,273,436
Materials
Fertilizers & Agricultural Chemicals – 1.3%
Scotts Miracle-Gro Co. (The)		607		61,782
Specialty Chemicals – 3.2%
Axalta Coating Systems Ltd. (A)		2,832		85,373
RPM International, Inc.		978		67,277
				152,650
Total Materials—4.5%				214,432
TOTAL COMMON STOCKS – 98.0%			$	4,693,525
(Cost: $2,976,631)

2019 SEMIANNUAL REPORT 59

SCHEDULE OF INVESTMENTS IVY MID CAP GROWTH FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (D) – 1.8%
Diageo Capital plc (GTD by Diageo plc),
2.201%, 10-4-19	$	8,000	$	7,998
DTE Energy Co. (GTD by Detroit Edison Co.),
2.182%, 10-1-19		3,509		3,509
DTE Gas Co.,
2.194%, 10-3-19		10,000		9,998
Exxon Mobil Corp.,
2.052%, 10-3-19		5,000		4,999
Florida Power & Light Co.,
2.092%, 10-8-19		5,000		4,997
J.M. Smucker Co. (The),
2.152%, 10-7-19		5,000		4,998
Kroger Co. (The),
2.151%, 10-7-19		6,400		6,397

SHORT-TERM SECURITIES (Continued)	Principal		Value
Commercial Paper (D) (Continued)
Mondelez International, Inc.:
2.252%, 10-4-19	$	7,000	$	6,998
2.333%, 10-7-19		8,000		7,997
Sonoco Products Co.,
2.150%, 10-1-19		3,876		3,876
UnitedHealth Group, Inc.:
2.252%, 10-3-19		10,000		9,998
2.152%, 10-7-19		10,000		9,996
2.162%, 10-9-19		7,000		6,996
				88,757
Master Note – 0.0%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19(E)		1,650		1,650

SHORT-TERM SECURITIES (Continued)	Principal		Value
Money Market Funds – 1.1%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares,
1.900%, (F)(G)	$	51,232	$	51,232
TOTAL SHORT-TERM SECURITIES – 2.9%			$	141,639
(Cost: $141,645)
TOTAL INVESTMENT SECURITIES – 100.9%			$	4,835,164
(Cost: $3,118,276)
LIABILITIES, NET OF CASH AND OTHER ASSETS (H) – (0.9)%				(43,385	)
NET ASSETS – 100.0%			$	4,791,779

Notes to Schedule of Investments

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

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

(C) All or a portion of securities with an aggregate value of $164,477 are on loan.

(D) Rate shown is the yield to maturity at September 30, 2019.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

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

(G) Rate shown is the annualized 7-day yield at September 30, 2019.

(H) Cash of $850 has been pledged as collateral on OTC written option contracts.

The following written options were outstanding at September 30, 2019 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC		Type	Number of Contracts		Notional Amount	Expiration Month	Exercise Price		Premium Received		Value
Cerner Corp.		UBS AG	Put		2,834	283	October 2019	$	70.00	$	1,074	$	(652	)

60 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY MID CAP GROWTH FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	186,644	$	—	$	—
Consumer Discretionary		910,742		59,533		—
Consumer Staples		66,576		—		—
Financials		266,875		—		—
Health Care		866,719		—		—
Industrials		848,568		—		—
Information Technology		1,273,436		—		—
Materials		214,432		—		—
Total Common Stocks	$	4,633,992	$	59,533	$	—
Short-Term Securities		51,232		90,407		—
Total	$	4,685,224	$	149,940	$	—
Liabilities
Written Options	$	—	$	652	$	—

The following acronyms are used throughout this schedule:

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 61

PORTFOLIO HIGHLIGHTS IVY MID CAP INCOME OPPORTUNITIES FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	96.8%
Consumer Discretionary	19.8%
Information Technology	13.8%
Industrials	13.8%
Materials	13.7%
Financials	13.5%
Energy	5.7%
Health Care	5.6%
Real Estate	2.9%
Communication Services	2.7%
Utilities	2.7%
Consumer Staples	2.6%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	3.2%

Top 10 Equity Holdings

Company	Sector	Industry
Targa Resources Corp.	Energy	Oil & Gas Storage & Transportation
Garmin Ltd.	Consumer Discretionary	Consumer Electronics
Polaris, Inc.	Consumer Discretionary	Leisure Products
nVent Electric plc	Industrials	Electrical Components & Equipment
American Campus Communities, Inc.	Real Estate	Residential REITs
Encompass Health Corp.	Health Care	Health Care Facilities
V.F. Corp.	Consumer Discretionary	Apparel, Accessories & Luxury Goods
First American Financial Corp.	Financials	Property & Casualty Insurance
Hasbro, Inc.	Consumer Discretionary	Leisure Products
Rockwell Automation, Inc.	Industrials	Electrical Components & Equipment

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

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

62 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY MID CAP INCOME OPPORTUNITIES FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Movies & Entertainment – 2.7%
Cinemark Holdings, Inc.		559	$	21,586
Total Communication Services – 2.7%				21,586
Consumer Discretionary
Apparel, Accessories & Luxury Goods – 2.9%
V.F. Corp.		256		22,793
Consumer Electronics – 3.0%
Garmin Ltd.		279		23,642
Home Furnishings – 2.7%
Leggett & Platt, Inc.		525		21,482
Leisure Products – 5.8%
Hasbro, Inc.		192		22,744
Polaris, Inc.		267		23,471
				46,215
Restaurants – 2.6%
Cracker Barrel Old Country Store, Inc. (A)		130		21,125
Specialized Consumer Services – 2.8%
Service Corp. International		460		21,998
Total Consumer Discretionary – 19.8%				157,255
Consumer Staples
Household Products – 2.6%
Clorox Co. (The)		134		20,338
Total Consumer Staples – 2.6%				20,338
Energy
Oil & Gas Storage & Transportation – 5.7%
Rattler Midstream L.P. (B)		1,136		20,248
Targa Resources Corp.		621		24,941
				45,189
Total Energy – 5.7%				45,189
Financials
Asset Management & Custody Banks – 2.6%
Ares Management Corp., Class A		760		20,369
Insurance Brokers – 2.6%
Arthur J. Gallagher & Co.		236		21,163
Property & Casualty Insurance – 2.9%
First American Financial Corp.		386		22,781
Regional Banks – 5.4%
Glacier Bancorp, Inc.		529		21,385
Umpqua Holdings Corp.		1,304		21,465
				42,850
Total Financials – 13.5%				107,163

COMMON STOCKS (Continued)	Shares		Value
Health Care
Health Care Facilities – 2.9%
Encompass Health Corp.		360	$	22,809
Health Care Services – 2.7%
Quest Diagnostics, Inc.		203		21,678
Total Health Care – 5.6%				44,487
Industrials
Aerospace & Defense – 2.8%
L3Harris Technologies, Inc.		107		22,374
Air Freight & Logistics – 2.6%
C.H. Robinson Worldwide, Inc.		240		20,306
Electrical Components & Equipment – 5.8%
nVent Electric plc		1,060		23,369
Rockwell Automation, Inc.		137		22,507
				45,876
Industrial Machinery – 2.6%
Snap-on, Inc.		134		20,955
Total Industrials – 13.8%				109,511
Information Technology
Data Processing & Outsourced Services – 5.5%
Broadridge Financial Solutions, Inc.		178		22,161
Paychex, Inc.		262		21,651
				43,812
Electronic Components – 2.7%
Maxim Integrated Products, Inc.		367		21,281
Electronic Equipment & Instruments – 2.8%
National Instruments Corp.		533		22,401
Semiconductors – 2.8%
Microchip Technology, Inc.		237		21,975
Total Information Technology –13.8%				109,469
Materials
Fertilizers & Agricultural Chemicals – 2.8%
Scotts Miracle-Gro Co. (The)		220		22,450
Paper Packaging – 8.1%
Avery Dennison Corp.		194		22,001
Packaging Corp. of America		203		21,577
Sonoco Products Co.		356		20,743
				64,321
Specialty Chemicals – 2.8%
RPM International, Inc.		321		22,102
Total Materials – 13.7%				108,873

COMMON STOCKS (Continued)	Shares		Value
Real Estate
Residential REITs – 2.9%
American Campus Communities, Inc.		480	$	23,067
Total Real Estate – 2.9%				23,067
Utilities
Electric Utilities – 2.7%
OGE Energy Corp.		466		21,147
Total Utilities – 2.7%				21,147
TOTAL COMMON STOCKS – 96.8%			$	768,085
(Cost: $650,659)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) – 2.2%
Harley-Davidson Financial Services (GTD by Harley-Davidson Credit Corp.),
2.303%, 10-7-19	$	5,000		4,998
J.M. Smucker Co. (The),
2.150%, 10-1-19		5,000		5,000
Sysco Corp.,
2.180%, 10-1-19		2,942		2,942
Wisconsin Electric Power Co.,
2.100%, 10-1-19		5,000		4,999
				17,939
Master Note – 0.6%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19(D)		5,041		5,041
Money Market Funds – 1.0%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 1.900%, (E)(F)		8,206		8,206
Municipal Obligations – 0.4%
University of California (1-Month U.S. LIBOR plus 8 bps),
2.070%, 10-7-19 (D)		3,115		3,115
TOTAL SHORT-TERM SECURITIES – 4.2%			$	34,301
(Cost: $34,302)
TOTAL INVESTMENT SECURITIES – 101.0%			$	802,386
(Cost: $684,961)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.0)%				(7,704	)
NET ASSETS – 100.0%			$	794,682

2019 SEMIANNUAL REPORT 63

SCHEDULE OF INVESTMENTS IVY MID CAP INCOME OPPORTUNITIES FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $8,034 are on loan.

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

(C) Rate shown is the yield to maturity at September 30, 2019.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	768,085	$	—	$	—
Short-Term Securities		8,206		26,095		—
Total	$	776,291	$	26,095	$	—

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.

64 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY MUNICIPAL BOND FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	3.2%
Financials	3.2%
Bonds	93.0%
Municipal Bonds	93.0%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	3.8%

Quality Weightings

Investment Grade	85.1%
AAA	7.2%
AA	38.0%
A	31.8%
BBB	8.1%
Non-Investment Grade	7.9%
BB	2.8%
Non-rated	5.1%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ and Equities	7.0%

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 65

SCHEDULE OF INVESTMENTS IVY MUNICIPAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

INVESTMENT FUNDS	Shares		Value
Registered Investment Companies – 3.2%
iShares National AMT-Free Muni Bond ETF		227	$	25,844
TOTAL INVESTMENT FUNDS – 3.2%			$	25,844
(Cost: $24,542)
MUNICIPAL BONDS	Principal
Alabama – 1.2%
The Indl Dev Board of Selma, AL, Gulf Opp Zone Bonds, Ser 2009A,
6.250%, 11-1-33	$	2,000		2,008
Water Works Board of the City of Birmingham, Water Rev Rfdg Bonds, Ser 2015-A,
5.000%, 1-1-35		6,555		7,586
				9,594
Alaska – 0.2%
AK Intl Arpt, Sys Rev and Rfdg Bonds, Ser 2010A,
5.000%, 10-1-21		1,735		1,795
Arizona – 1.6%
AZ Cert of Part, Ser 2010A (Insured by AGM),
5.250%, 10-1-26		3,000		3,000
Maricopa Cnty Indl Dev Auth, Rev Bonds (Banner Hlth), Ser 2016A,
4.000%, 1-1-38		8,500		9,409
				12,409
Arkansas – 0.1%
Board of Trustees of the Univ of AR, Var Fac Rev Bonds (Fayetteville Campus), Rfdg and Impvt Ser 2016A,
5.000%, 11-1-37		745		895
California – 15.1%
Bay Area Toll Auth, San Francisco Bay Area Toll Bridge Rev Bonds, Ser 2008 G-1 (SIFMA Municipal Swap Index plus 110 bps),
2.680%, 4-1-45 (A)		10,000		10,293
CA (School Facilities) GO Bonds,
5.000%, 11-1-30		3,000		3,439
CA Cmnty Trans Rev (Installment Sale), Cert of Part (T.R.I.P. - Total Road Impvt Prog), Ser 2012B,
5.250%, 6-1-42		2,245		2,454
CA Hlth Fac Fin Auth, Rev Bonds (Children’s Hosp of Orange Cnty), Ser 2009A,
6.500%, 11-1-38		2,000		2,009
CA Muni Fin Auth, Edu Fac Rev Bonds (King/Chavez Academies Proj), Ser 2009A,
8.500%, 10-1-29		1,000		1,000
CA Muni Fin Auth, Edu Rev Bonds (American Heritage Edu Fndtn Proj), Ser 2016A,
5.000%, 6-1-36		1,000		1,155

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
CA Sch Fin Auth, Charter Sch Rev Bonds (Coastal Academy Proj), Ser 2013A:
5.000%, 10-1-22	$	250	$	261
5.000%, 10-1-33		1,000		1,078
CA Statewide Cmnty Dev Auth, Student Hsng Rev Bonds (Univ of CA, Irvine East Campus Apt, Phase I Rfdg-CHF-Irvine LLC), Ser 2011,
5.000%, 5-15-21		1,365		1,445
CA Various Purp GO Bonds:
5.250%, 9-1-26		5,000		5,384
5.500%, 4-1-28		5		5
5.250%, 10-1-29		3,000		3,010
6.000%, 3-1-33		1,000		1,019
5.000%, 4-1-37		5,000		5,593
6.000%, 11-1-39		5,000		5,019
CA Various Purp GO Rfdg Bonds,
5.000%, 2-1-33		10,000		11,176
Carson Redev Agy Redev Proj Area No. 1, Tax Alloc Bonds, Ser 2009A,
7.000%, 10-1-36		750		750
City of Los Angeles, Wastewater Sys Rev Bonds, Rfdg Ser 2015-D,
5.000%, 6-1-34		6,190		7,354
Cmnty Redev Agy of Santa Ana, Merged Proj Area Bonds, Ser 2011A,
6.250%, 9-1-24		2,000		2,144
Cnty of Sacramento, 2010 Rfdg Cert of Part, Sacramento Cnty Pub Fac Fin Corp.,
5.750%, 2-1-30		2,000		2,028
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2013A:
5.000%, 6-1-29		1,500		1,700
5.000%, 6-1-30		1,000		1,131
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2015A:
5.000%, 6-1-33		3,165		3,747
5.000%, 6-1-34		2,840		3,355
La Quinta Redev Proj Areas No. 1 and 2, Tax Alloc Rfdg Bonds, Ser 2014A,
5.000%, 9-1-34		750		878
Los Angeles, Wastewater Sys Rev Bonds, Ser 2015-A,
5.000%, 6-1-35		1,000		1,185
Modesto, CA, Irrigation Dist Fin Auth, Elec Sys Rev Bonds, Ser 2015A,
5.000%, 10-1-36		4,270		5,094
Mountain View Shoreline Reg Park Comnty (Santa Clara Cnty, CA), Rev Bonds, Ser 2011A,
5.000%, 8-1-21		250		268
Palamar Hlth, Rfdg Rev Bonds, Ser 2016,
5.000%, 11-1-39		3,500		4,008
Palomar Hlth, GO Rfdg Bonds, Ser 2016B,
4.000%, 8-1-37		1,000		1,100

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
Palomar Pomerado Hlth, GO Bonds, Election of 2004, Ser 2009A:
0.000%, 8-1-31 (B)	$	3,315	$	2,469
0.000%, 8-1-32 (B)		5,000		3,602
0.000%, 8-1-33 (B)		5,000		3,492
Palomar Pomerado Hlth, San Diego Cnty, CA, Cert of Part,
6.750%, 11-1-39		3,000		3,013
Redev Agy for Riverside, Interstate 215 Corridor Redev Proj Area, 2010 Tax Alloc Bonds, Ser E:
5.250%, 10-1-20		570		593
6.000%, 10-1-25		445		467
6.500%, 10-1-40		1,500		1,580
Redev Agy of San Diego, Naval Training Ctr Redev Proj, Tax Alloc Bonds, Ser 2010A,
5.750%, 9-1-40		1,000		1,042
San Jose Merged Area Redev Proj, Hsng Set-Aside Tax Alloc Bonds, Ser 2010A-1,
5.500%, 8-1-35		1,000		1,036
San Jose, CA, Arpt Rev Bonds, Ser 2011A-1,
5.250%, 3-1-21		3,685		3,882
Santa Ana Unif Sch Dist (Orange County, CA), Election of 2008 GO Bond, Series B,
0.000%, 8-1-37 (B)		1,455		904
State Pub Works Board of CA, Lease Rev Bonds (Various Cap Proj), Ser 2011A:
5.250%, 10-1-24		500		539
5.000%, 12-1-24		500		540
State Pub Works Board of CA, Lease Rev Bonds (Various Cap Proj), Ser 2009I,
6.375%, 11-1-34		500		502
State Pub Works Board of CA, Lease Rev Bonds (Various Cap Proj), Ser 2009G-1,
5.750%, 10-1-30		1,000		1,000
Successor Agy to the Redev Agy of the City of Stockton, Tax Alloc Rfdg Bonds, Ser 2016A,
5.000%, 9-1-37		2,000		2,371
The Regents of the Univ of CA, Gen Rev Bonds, Ser 2013AI,
5.000%, 5-15-34		3,500		3,942
Trustees of the CA State Univ, Systemwide Rev Bonds, Ser 2015A,
5.000%, 11-1-38		500		595
Upland Unif Sch Dist (San Bernardino Cnty, CA), Election of 2008 GO Bonds, Ser A,
0.000%, 8-1-31 (B)		150		116
				120,767

66 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY MUNICIPAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Colorado – 2.2%
City and Cnty of Broomfield, CO, Rfdg Cert of Part, Ser 2010,
5.000%, 12-1-23	$	2,565	$	2,677
CO Edu and Cultural Fac Auth, Independent Sch Rev Rfdg Bonds (Vail Mountain Sch Proj), Ser 2010,
6.125%, 5-1-40		2,975		3,057
CO Hlth Fac Auth, Rev Rfdg Bonds (SCL Hlth Sys), Ser 2019A,
4.000%, 1-1-37		750		854
CO Hlth Fac Auth, Rev Rfdg Bonds (SCL Hlth Sys), Ser 2019B,
4.000%, 1-1-40		5,000		5,628
Denver Hlth and Hosp Auth, Hlthcare Recovery Zone, Fac Rev Bonds, Ser 2010,
5.625%, 12-1-40		3,250		3,409
Platte Vly Fire Protection Dist, Weld Cnty, CO, Cert of Part, Ser 2012,
5.000%, 12-1-36		300		319
Rgnl Trans Dist of CO, Cert of Part, Ser 2015A,
5.000%, 6-1-35		1,435		1,666
				17,610
District Of Columbia – 1.8%
DC Hosp Rev Bonds (Sibley Mem Hosp Issue), Ser 2009,
6.375%, 10-1-39		3,000		3,000
DC Water and Sewer Auth, Pub Util Sub Lien Rev Bonds, Ser 2015A,
5.000%, 10-1-45		1,565		1,831
Metro WA DC Arpt Auth, Dulles Toll Road, Second Sr Lien Rev Bonds, Ser 2009C,
0.000%, 10-1-41 (B)		7,000		9,112
				13,943
Florida – 6.4%
Brevard Cnty, FL, Indl Dev Rev Bonds (TUFF FL Tech Proj), Ser 2009,
6.750%, 11-1-39		3,000		3,008
Citizens Ppty Ins Corp., Coastal Account Sr Secured Bonds, Ser 2011A-1,
5.000%, 6-1-20		1,000		1,023
Hillsborough Cnty Aviation Auth, FL Intl Arpt, Sub Rev Bonds, Ser 2015B,
5.000%, 10-1-35		2,000		2,301
Miami-Dade Cnty, FL, Aviation Rev Bonds, Miami Intl Arpt (Hub of the Americas), Ser 2009A,
5.500%, 10-1-36		3,000		3,000
Miami-Dade Cnty, FL, Aviation Rev Bonds, Ser 2010A,
5.500%, 10-1-41		2,885		3,007
Miami-Dade Cnty, FL, Aviation Rev Bonds, Ser 2010B,
5.000%, 10-1-23		2,000		2,074
Miami-Dade Cnty, FL, Aviation Rev Bonds, Ser 2019A,
4.000%, 10-1-44		1,500		1,659

MUNICIPAL BONDS (Continued)	Principal		Value
Florida (Continued)
Miami-Dade Cnty, FL, Water and Sewer Sys Rev Rfdg Bonds, Ser 2008B (Insured by AGM),
5.250%, 10-1-22	$	5,500	$	6,150
Mid-Bay Bridge Auth, Springing Lien Rev Bonds, Ser 2011A,
7.250%, 10-1-34		3,500		3,900
Orange Cnty Hlth Fac Auth, Rev Bonds (Presbyterian Ret Cmnty Proj), Ser 2016,
5.000%, 8-1-36		4,125		4,604
Orlando, FL, Greater Orlando Aviation Auth, Arpt Fac Rev Bonds, Ser 2019A:
4.000%, 10-1-37		5,000		5,652
4.000%, 10-1-39		3,000		3,369
Osceola Cnty, FL, Sales Tax Rev Rfdg Bonds, Ser 2016A,
5.000%, 10-1-37		2,005		2,356
South Lake Cnty Hosp Dist, Rev Bonds (South Lake Hosp, Inc.), Ser 2009A,
6.250%, 4-1-39		1,000		1,002
St. Johns Cnty Indl Dev Auth, Rev Bonds (Presbyterian Ret Cmnty Proj), Ser 2010A,
5.875%, 8-1-40		4,000		4,148
St. Lucie, FL, Util Sys Rfdg Rev Bonds, Ser 2016,
4.000%, 9-1-34		1,000		1,119
Volusia Cnty Edu Fac Auth, Edu Fac Rev Rfdg Bonds (Embry-Riddle Aeronautical Univ, Inc. Proj), Ser 2011,
5.250%, 10-15-22		2,750		2,967
				51,339
Georgia – 3.6%
Atlanta Arpt, Gen Rev Rfdg Bonds, Ser 2010C,
5.750%, 1-1-23		2,000		2,112
Atlanta, GA, Water and Wastewater Rev Bonds, Ser 2009B:
5.375%, 11-1-39		3,000		3,010
Atlanta, GA, Water and Wastewater Rev Rfdg Bonds, Ser 2019,
4.000%, 11-1-38		4,000		4,656
Brookhaven Dev Auth, Rev Bonds (Children’s Hlthcare of Atlanta, Inc.), Ser 2019A,
4.000%, 7-1-44		8,000		8,964
Metro Atlanta Rapid Transit Auth, Sales Tax Rev Bonds, Ser 2015B,
5.000%, 7-1-43		8,325		9,872
				28,614
Hawaii – 0.4%
HI Arpt Sys Rev Bond, Rfdg Ser 2011,
5.000%, 7-1-21		1,000		1,059
HI Dept of Budget and Fin, Spl Purp Rev Bonds (The Queen’s Hlth Sys), Ser 2015A,
5.000%, 7-1-35		1,500		1,731
				2,790

MUNICIPAL BONDS (Continued)	Principal		Value
Idaho – 0.1%
Boise City, ID, Arpt Rev Rfdg Bonds (Air Terminal Fac Proj), Ser 2011,
5.750%, 9-1-20	$	1,000	$	1,039
Illinois – 4.0%
Belleville, IL, Tax Incr Rfdg Rev Bonds (Frank Scott Pkwy Redev Proj), Ser 2007A:
5.000%, 5-1-26		105		105
5.700%, 5-1-36		1,750		1,750
Build IL Sales Tax Rev Bonds, Ser 2011,
5.000%, 6-15-27		500		525
Chicago O’Hare Intl Arpt, Gen Arpt Sr Lien Rev Bonds, Ser 2016D (Insured by BAMAC),
5.250%, 1-1-37		2,500		3,042
Chicago O’Hare Intl Arpt, Gen Arpt Sr Lien Rev Rfdg Bonds, Ser 2015B,
5.000%, 1-1-34		1,000		1,157
Chicago O’Hare Intl Arpt, Gen Arpt Sr Lien Rev Rfdg Bonds, Ser 2016C,
5.000%, 1-1-34		1,500		1,773
City of Chicago, Gen Arpt Sr Lien Rev and Rev Rfdg Bonds (Chicago O’Hare Intl Arpt), Ser 2018A (Insured by AGM),
5.000%, 1-1-38		605		735
IL Fin Auth, DePaul Univ Rev Bonds, Ser 2016,
5.000%, 10-1-41		2,410		2,832
IL Fin Auth, Rev Rfdg Bonds (DePaul Univ), Ser 2016A,
4.000%, 10-1-34		2,000		2,227
IL Metro Pier and Exposition Auth, McCormick Place Expansion Proj Rfdg Bonds, Ser 2010B-1,
0.000%, 6-15-43 (B)		2,000		894
IL Muni Elec Agy, Power Supply Sys Rev Rfdg Bonds, Ser 2015A,
5.000%, 2-1-32		3,695		4,317
IL Sales Tax Rev Bonds (Jr Oblig), Ser 2013,
5.000%, 6-15-26		2,000		2,182
IL State Toll Hwy Auth, Toll Hwy Sr Rev Bonds, Ser 2013A,
5.000%, 1-1-35		4,100		4,534
IL State Toll Hwy Auth, Toll Hwy Sr Rev Bonds, Ser 2015B,
5.000%, 1-1-37		2,000		2,332
Rgnl Trans Auth, Cook, DuPage, Kane, Lake, McHenry and Will Cnty, IL, GO Bonds, Ser 2002A,
6.000%, 7-1-24		3,080		3,702
				32,107
Indiana – 0.3%
IN Muni Power Agy, Power Supply Sys Rfdg Rev Bonds, Ser 2016A,
5.000%, 1-1-37		1,000		1,191
IN Muni Power Agy, Power Supply Sys Rfdg Rev Bonds, Ser 2016C,
5.000%, 1-1-39		1,000		1,185
				2,376

2019 SEMIANNUAL REPORT 67

SCHEDULE OF INVESTMENTS IVY MUNICIPAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Iowa – 0.7%
Ames, IA, Hosp Rev Rfdg Bonds (Mary Greeley Med Ctr), Ser 2016,
4.000%, 6-15-35	$	1,510	$	1,663
IA Higher Edu Loan Auth, Private College Fac Rev and Rfdg Bonds (Upper IA Univ Proj), Ser 2010,
6.000%, 9-1-39		2,145		2,236
IA Higher Edu Loan Auth, Private College Fac Rev Bonds (Upper IA Univ Proj), Ser 2012,
5.000%, 9-1-33		1,750		2,001
				5,900
Kansas – 0.4%
Overland Park, KS, Trans Dev Dist, Sales Tax Rev Bonds (Oak Park Mall Proj), Ser 2010,
5.900%, 4-1-32		2,175		2,208
Shawnee Cnty, KS, Cert of Part (First Responders Comm Proj), Ser 2012,
5.000%, 9-1-24		1,050		1,086
				3,294
Kentucky – 1.0%
KY Econ Dev Fin Auth, Hosp Rev Bonds, Ser 2010A:
5.500%, 6-1-21		500		514
6.375%, 6-1-40		4,500		4,646
6.500%, 3-1-45		2,675		2,764
				7,924
Louisiana – 3.6%
Jefferson Parish Hosp Dist No. 1, Parish of Jefferson, LA, Hosp Rev Bonds, Ser 1998B,
5.250%, 1-1-28		1,000		1,030
Jefferson Sales Tax Dist., Parish of Jefferson, LA, Spl Sales Tax Rev Bonds, Ser 2017B (Insured by AGM),
5.000%, 12-1-42		5,000		6,010
LA Citizens Prop Ins Corp., Assmt Rev Rfdg Bonds, Ser 2012,
5.000%, 6-1-24		500		549
LA Gasoline and Fuels Tax, Rev Rfdg Bonds, Ser 2015A,
5.000%, 5-1-41		4,000		4,659
LA Local Govt Envirnmt Fac and Cmnty Dev Auth, Hosp Rev Bonds (Women’s Hosp Fndtn Gulf Opp Zone Proj), Ser 2010B,
6.000%, 10-1-44		6,000		6,280
Lafayette Pub Trust Fin Auth, Rev Bonds (Ragin’ Cajun Fac, Inc. Hsng and Prkg Proj), Ser 2010,
5.250%, 10-1-20		2,040		2,112
New Orleans, LA, GO Rfdg Bonds, Ser 2012 (Insured by AGM):
5.000%, 12-1-25		1,500		1,655
5.000%, 12-1-26		3,500		3,874
5.000%, 12-1-27		1,500		1,660

MUNICIPAL BONDS (Continued)	Principal		Value
Louisiana (Continued)
Rgnl Transit Auth, New Orleans, LA, Sales Tax Rev Bonds, Ser 2010 (Insured by AGM),
5.000%, 12-1-22	$	1,000	$	1,041
				28,870
Maine – 0.3%
ME Tpk Auth, Tpk Rev Rfdg Bonds, Ser 2015,
5.000%, 7-1-34		2,255		2,651
Maryland – 2.4%
Baltimore, MD, Proj Rev Bonds (Stormwater Proj), Ser 2019A,
4.000%, 7-1-44		5,000		5,648
Baltimore, MD, Proj Rev Bonds (Wastewater Proj), Ser 2019A,
4.000%, 7-1-44		3,500		3,954
Baltimore, MD, Proj Rev Bonds (Water Proj), Ser 2019A,
4.000%, 7-1-44		6,500		7,337
MD Econ Dev Corp., Econ Dev Rev Bonds (Terminal Proj), Ser B,
5.750%, 6-1-35		1,750		1,801
				18,740
Massachusetts – 0.4%
MA Dev Fin Agy, Rev Bonds, Foxborough Rgnl Charter Sch Issue, Ser 2010,
6.375%, 7-1-30		2,215		2,297
MA Edu Fin Auth, Edu Loan Rev Bonds, Issue I, Ser 2009,
6.000%, 1-1-28		230		232
MA Hlth and Edu Fac Auth, Rev Bonds, Springfield College Issue, Ser 2010,
5.625%, 10-15-40		1,000		1,002
				3,531
Michigan – 2.3%
Lincoln Consolidated Sch Dist, Cnty of Washtenaw and Wayne, MI, Rfdg Bonds, Ser 2016A,
5.000%, 5-1-35		500		592
MI Fin Auth, Hosp Rev and Rfdg Bonds (Trinity Hlth Credit Group), Ser 2015MI,
5.000%, 12-1-35		3,000		3,256
MI State Bldg Auth, Rev and Rfdg Bonds (Fac Prog), Ser 2015I,
5.000%, 4-15-34		3,000		3,545
MI State Bldg Auth, Rev and Rfdg Bonds (Fac Prog), Ser 2016I,
4.000%, 10-15-36		1,000		1,110
MI State Hosp Fin Auth, Hosp Rev and Rfdg Bonds (Henry Ford Hlth Sys), Ser 2009,
5.750%, 11-15-39		5,000		5,026
MI State Hosp Fin Auth, Var Rate Rev Bonds (Ascension Hlth Credit Group), Ser 1999B-4,
5.000%, 11-15-32		2,000		2,351

MUNICIPAL BONDS (Continued)	Principal		Value
Michigan (Continued)
Sparta Area Sch, 2016 Sch Bldg and Site Bonds (Kent and Ottawa Cnty, MI), Ser I,
5.000%, 5-1-46	$	2,000	$	2,330
				18,210
Minnesota – 0.3%
Minneapolis-St. Paul Metro Arpt Comsn, Sub Arpt Rev Rfdg Bonds, Ser 2010D,
5.000%, 1-1-20		2,500		2,522
Missouri – 2.5%
Broadway-Fairview Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A,
6.125%, 12-1-36		175		114
Hlth and Edu Fac Auth, Hlth Fac Rev Bonds (Mosaic Hlth Sys), Ser 2019A,
4.000%, 2-15-44		600		667
Indl Dev Auth of Joplin, MO, Hlth Fac Rev Bonds (Freeman Hlth Sys), Ser 2011,
5.500%, 2-15-31		750		785
Kansas City, MO, Spl Oblig Impvt and Rfdg Bonds (Downtown Arena Proj), Ser 2016E,
5.000%, 4-1-40		2,000		2,289
MO Joint Muni Elec Util Comsn, Power Proj Rev Rfdg Bonds (Prairie State Proj), Ser 2015A:
5.000%, 12-1-29		1,550		1,830
5.000%, 12-1-30		1,200		1,412
5.000%, 12-1-31		1,000		1,174
MO Joint Muni Elec Util Comsn, Power Proj Rev Rfdg Bonds (Iatan 2 Proj), Ser 2015A:
5.000%, 12-1-36		5,650		6,569
5.000%, 12-1-37		1,000		1,160
MO Joint Muni Elec Util Comsn, Power Proj Rev Rfdg Bonds (Prairie State Proj), Ser 2016A,
5.000%, 12-1-40		1,000		1,169
St. Louis Cnty, MO, Indl Dev Auth, Sr Living Fac Rev Bonds (Friendship Vlg Sunset Hills), Ser 2012,
5.000%, 9-1-32		1,120		1,199
St. Louis Muni Fin Corp., Compound Int Leasehold Rev Bonds (Convention Ctr Cap Impvt Proj), Ser 2010A (Insured by AGM),
0.000%, 7-15-36 (B)		2,350		1,446
				19,814
Montana – 0.1%
MT Fac Fin Auth, Rev Rfdg Bonds (SCL Hlth Sys), Ser 2019A,
4.000%, 1-1-37		500		571
Nebraska – 0.9%
Hall Cnty Sch Dist 0002, GO Bonds (Grand Island Pub Sch), Ser 2014,
5.000%, 12-15-39		3,270		3,870

68 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY MUNICIPAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Nebraska (Continued)
Hosp Auth No. 1 of Sarpy Cnty, NE, Hlth Fac Rev Bonds (Immanuel Oblig Group), Ser 2010,
5.625%, 1-1-40	$	1,000	$	1,009
Omaha, NE, Pub Power Dist, Separate Elec Sys Rev Bonds (NE City 2), Ser 2015A,
5.000%, 2-1-33		1,000		1,164
Omaha, NE, Pub Power Dist, Separate Elec Sys Rev Bonds (NE City 2), Ser 2016A,
5.000%, 2-1-41		1,000		1,160
				7,203
Nevada – 0.7%
Las Vegas Vly Water Dist., Water Impvt and Rfdg GO Bonds, Ser 2016A,
5.000%, 6-1-41		5,000		5,939
New Hampshire – 0.7%
Business Fin Auth, Rev Bonds, Elliot Hosp Oblig Group Issue, Ser 2009A,
6.125%, 10-1-39		1,635		1,635
NH Hlth and Edu Fac Auth, Rev Bonds, Rivermead Issue, Ser 2011A,
6.875%, 7-1-41		1,150		1,217
NH Hlth and Edu Fac Auth, FHA Insd Mtg Rev Bonds, LRG Hlthcare Issue, Ser 2009 (Insured by FHA),
7.000%, 4-1-38		2,485		2,485
				5,337
New Jersey – 3.4%
Hudson Cnty Impvt Auth (Hudson Cnty, NJ), Fac Lease Rev Rfdg Bonds (Hudson Cnty Lease Proj), Ser 2010,
5.375%, 10-1-21		2,500		2,697
NJ Econ Dev Auth, Rev Bonds (Provident Group-Montclair Ppty LLC - Montclair St Univ Student Hsng Proj), Ser 2010A,
5.750%, 6-1-31		3,750		3,862
NJ Econ Dev Auth, Sch Fac Constr Rfdg Bonds, Ser 2011EE,
5.250%, 9-1-24		3,045		3,201
NJ Higher Edu Student Assistance Auth, Student Loan Rev Bonds, Ser 2011-1:
5.000%, 12-1-19		1,885		1,896
5.500%, 12-1-21		1,145		1,239
NJ Hlth Care Fac Fin Auth, Rev and Rfdg Bonds, Barnabas Hlth Issue, Ser 2011A,
5.625%, 7-1-37		500		537
NJ Trans Trust Fund Auth, Trans Sys Bonds (Cap Apprec Bonds), Ser 2010A,
0.000%, 12-15-40 (B)		10,000		4,879
NJ Trans Trust Fund Auth, Trans Sys Bonds, Ser 2005B,
5.250%, 12-15-22		3,500		3,891

MUNICIPAL BONDS (Continued)	Principal		Value
New Jersey (Continued)
NJ Trans Trust Fund Auth, Trans Sys Bonds, Ser 2006A (Insured by AGM/CR),
5.500%, 12-15-22	$	1,500	$	1,686
Passaic Vly Sewerage Commissioners (NJ), Sewer Sys Bonds, Ser G,
5.750%, 12-1-21		2,935		3,193
				27,081
New York – 11.8%
Buffalo and Erie Cnty Indl Land Dev Corp., Oblig Group Rev Bonds (Catholic Hlth Sys, Inc. Proj), Ser 2015,
5.250%, 7-1-35		750		881
Dormitory Auth of the State of NY, State Personal Income Tax Rev Bonds (Gen Purp), Ser 2015C (Tax-Exempt),
5.000%, 2-15-38		5,000		5,794
Long Island Power Auth, Elec Sys Gen Rev Bonds, Ser 2014A (Insured by AGM),
5.000%, 9-1-39		1,500		1,725
Metro Trans Auth, Trans Rev Bonds, Ser 2014C,
5.000%, 11-15-36		2,625		3,020
Metro Trans Auth, Trans Rev Bonds, Ser 2015A-2 (SIFMA Municipal Swap Index plus 58 bps),
2.160%, 11-15-39 (A)		6,000		6,003
Metro Trans Auth, Trans Rev Green Bonds, Ser 2016A-1,
5.000%, 11-15-41		2,105		2,469
Metro Trans Auth, Trans Rev Rfdg Bonds, Ser 2015C-1,
5.000%, 11-15-35		2,500		2,931
NY Convention Ctr Dev Corp., Rev Rfdg Bonds (Hotel Unit Fee Secured), Ser 2015,
5.000%, 11-15-34		6,000		7,155
NY Dormitory Auth, Mercy Med Ctr Rev Bonds (Catholic Hlth of Long Island Oblig Group), Ser 1999B (Auction rate),
3.901%, 7-1-29 (A)		7,650		7,650
NYC GO Bonds, Fiscal 2014 Ser G,
5.000%, 8-1-30		1,000		1,148
NYC GO Bonds, Ser 2014D-1,
5.000%, 8-1-30		2,000		2,270
NYC Indl Dev Agy, Pilot Rev Bonds (Yankee Stadium Proj), Ser 2009A:
0.000%, 3-1-25 (B)		3,175		2,873
0.000%, 3-1-26 (B)		3,185		2,817
0.000%, 3-1-27 (B)		3,000		2,587
NYC Muni Water Fin Auth, Water and Sewer Sys Second Gen Resolution Rev Bonds, Ser 2015HH,
5.000%, 6-15-37		10,000		11,762
NYC Muni Water Fin Auth, Water and Sewer Sys Second Gen Resolution Rev Bonds, Fiscal 2020 Ser AA,
4.000%, 6-15-40		1,000		1,151

MUNICIPAL BONDS (Continued)	Principal		Value
New York (Continued)
NYC Transitional Fin Auth, Bldg Aid Rev Bonds, Ser S-3,
5.000%, 7-15-36	$	2,000	$	2,493
NYC Transitional Fin Auth, Bldg Aid Rev Bonds, Ser 2016S-1,
5.000%, 7-15-37		1,000		1,186
NYC Transitional Fin Auth, Future Tax Secured Sub Bonds, Ser 2015B-1,
5.000%, 8-1-39		6,000		6,929
NYC Transitional Fin Auth, Future Tax Secured Tax-Exempt Sub Bonds, Ser 2013I,
5.000%, 5-1-29		3,000		3,368
NYC Transitional Fin Auth, Future Tax Secured Tax-Exempt Sub Bonds, Ser 2018A-2,
5.000%, 8-1-37		5,360		6,530
Util Debt Securitization Auth, Restructuring Bonds, Ser 2013TE,
5.000%, 12-15-31		10,000		11,475
				94,217
North Carolina – 1.1%
NC Tpk Auth, Triangle Expressway Sys Rev Bonds, Ser 2009B (Insured by Assured Guaranty Corp.),
0.000%, 1-1-34 (B)		10,000		6,778
NC Tpk Auth, Triangle Expressway Sys Rev Bonds, Ser 2009A,
0.000%, 1-1-37 (B)		3,500		2,135
				8,913
Ohio – 1.4%
Greene Cnty Port Auth, Adult Svc Fac Rev Bonds (Greene, Inc. Proj), Ser 2009,
7.500%, 12-1-33		1,000		1,010
OH Air Quality Dev Auth, Air Quality Rev Bonds (OH Vly Elec Corp. Proj), Ser 2009E,
5.625%, 10-1-19		2,000		2,000
OH Air Quality Dev Auth, Envirnmt Impvt Rev Bonds (Buckeye Power, Inc. Proj), Ser 2010,
5.750%, 12-1-30		5,000		5,243
OH Hosp Fac Rev Bonds (Summa Hlth Sys 2010 Proj):
5.750%, 11-15-40		1,000		1,026
OH Hosp Rev Bonds (Cleveland Clinic Hlth Sys Oblig Group), Ser 2019B,
4.000%, 1-1-42 (C)		2,000		2,254
				11,533
Oregon – 1.0%
Port of Portland, OR, Portland Intl Arpt Rfdg Rev Bonds, Ser Twenty-Three:
5.000%, 7-1-33		5,000		5,888
5.000%, 7-1-34		1,000		1,175
Port of Portland, Portland Intl Arpt, Rev Bonds, Subser 20C,
5.000%, 7-1-22		1,000		1,026
				8,089

2019 SEMIANNUAL REPORT 69

SCHEDULE OF INVESTMENTS IVY MUNICIPAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Pennsylvania – 4.0%
PA Auth for Indl Dev, Rev Bonds (MaST Charter Sch Proj), Ser 2010,
6.000%, 8-1-35	$	750	$	778
PA Higher Edu Fac Auth, Rev Bonds (Shippensburg Univ Student Svc, Inc. Student Hsng Proj at Shippensburg Univ of PA), Ser 2011,
6.000%, 10-1-26		3,000		3,278
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2009C,
6.250%, 6-1-33		4,000		5,102
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2009D,
5.500%, 12-1-41		3,000		3,021
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2010 B-2:
5.750%, 12-1-28		10,000		10,516
PA Tpk Comsn, Tpk Sub Rev Rfdg Bonds, Ser 2016,
5.000%, 6-1-38		1,000		1,153
Philadelphia Auth Indl Dev, Rev Bonds (Mariana Bracetti Academy Charter Sch Proj), Ser 2011,
7.250%, 12-15-31		3,000		3,258
Philadelphia, PA, Arpt Rev Bonds, Ser 2010D,
5.250%, 6-15-22		5,000		5,129
				32,235
Puerto Rico – 0.1%
PR Aqueduct and Sewer Auth, Rev Bonds, Ser A,
5.000%, 7-1-28		1,000		1,027
South Carolina – 0.5%
SC Jobs - Econ Dev Auth, Student Hsng Rev Bonds (Coastal Hsng Fndtn LLC Proj), Ser 2009A,
6.500%, 4-1-42		4,015		4,118
Tennessee – 1.2%
Memphis-Shelby Cnty Arpt Auth, Arpt Rfdg Rev Bonds, Ser 2010B,
5.750%, 7-1-25		750		774
Memphis-Shelby Cnty Arpt Auth, Arpt Rfdg Rev Bonds, Ser 2011A-1,
5.750%, 7-1-20		1,330		1,371
Metro Nashville Arpt Auth, Arpt Impvt Rev Bonds, Ser 2015B,
5.000%, 7-1-40		4,200		4,805
The Hlth and Edu Fac Board of Johnson City, TN, Hosp Rfdg Rev Bonds (Mountain States Hlth Alliance), Ser 2010A,
6.500%, 7-1-38		2,500		2,596
				9,546
Texas – 12.7%
Alamo Cmnty College Dist, Ltd. Tax and Rfdg Bonds, Ser 2017,
5.000%, 8-15-38		6,040		7,421

MUNICIPAL BONDS (Continued)	Principal		Value
Texas (Continued)
Austin, TX, Arpt Sys Rev Bonds (Travis, Williamson and Hays Cntys), Ser 2014,
5.000%, 11-15-39	$	1,000	$	1,136
Bexar Cnty Hlth Fac Dev Corp., Rev Bonds (Army Ret Residence Fndtn Proj), Ser 2010,
6.200%, 7-1-45		3,250		3,366
Cap Area Cultural Edu Fac Fin Corp., Rev Bonds (The Roman Catholic Diocese of Austin), Ser 2005B,
6.125%, 4-1-45		1,000		1,021
Clifton Higher Edu Fin Corp., Edu Rev Bonds (IDEA Pub Sch), Ser 2011,
5.750%, 8-15-41		500		540
Clifton Higher Edu Fin Corp., Edu Rev Bonds (Uplift Edu), Ser 2014A,
4.250%, 12-1-34		3,000		3,173
Clint Independent Sch Dist, Unlimited Tax Sch Bldg Bonds (El Paso Cnty, TX), Ser 2015,
5.000%, 8-15-39		1,960		2,298
Houston Higher Edu Fin Corp., Edu Rev Bonds (Cosmos Fndtn, Inc.), Ser 2011A:
6.500%, 5-15-31		1,000		1,080
Houston, TX, Arpt Sys, Sub Lien Rev Rfdg Bonds, Ser 2012A,
5.000%, 7-1-32		500		540
Houston, TX, Combined Util Sys, First Lien Rev Rfdg Bonds, Ser 2019B:
4.000%, 11-15-38		1,000		1,161
4.000%, 11-15-39		2,000		2,317
North Harris Cnty Rgnl Water Auth, Sr Lien Rev and Rfdg Bonds, Ser 2016,
4.000%, 12-15-35		3,090		3,460
North TX Twy Auth, Sys Rev Rfdg Bonds, Ser 2008D,
0.000%, 1-1-30 (B)		26,000		20,904
San Antonio, TX, Water Sys Jr Lien Rev and Rfdg Bonds, Ser 2015B,
5.000%, 5-15-39		1,805		2,099
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (North Tarrant Express Managed Lanes Proj), Ser 2009,
6.875%, 12-31-39		2,500		2,536
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (LBJ Infra Group LLC IH-635 Managed Lanes Proj), Ser 2010:
7.500%, 6-30-33		3,000		3,146
7.000%, 6-30-40		5,000		5,214
TX Pub Fin Auth Charter Sch Fin Corp., Edu Rev Bonds (Cosmos Fndtn, Inc.), Ser 2010A,
6.200%, 2-15-40		2,500		2,543
TX Pub Fin Auth, TX Southn Univ Rev Fin Sys Bonds, Ser 2016 (Insured by BAMAC),
4.000%, 5-1-33		500		544

MUNICIPAL BONDS (Continued)	Principal		Value
Texas (Continued)
TX Pub Fin Auth, TX Southn Univ Rev Fin Sys Bonds, Ser 2011,
6.750%, 5-1-26	$	3,740	$	3,990
TX Tpk Auth, Cent TX Tpk Sys, First Tier Rev Bonds, Ser 2002A (Insured by BHAC):
0.000%, 8-15-26 (B)		24,500		21,654
TX Trans Comsn, Cent TX Tpk Sys Rev Bonds (First Tier Rev Rfdg Bonds), Ser 2015-B,
5.000%, 8-15-37		1,000		1,138
TX Water Dev Board, State Water Implementation Rev Fund for TX Rev Bonds, Ser 2018B,
5.000%, 10-15-38		8,000		9,991
				101,272
Utah – 0.2%
UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (Syracuse Arts Acadamy Proj), Ser 2017,
5.000%, 4-15-37		1,000		1,157
Washington – 1.2%
Port of Seattle, Intermediate Lien Rev Rfdg Bonds, Ser 2015B,
5.000%, 3-1-35		2,000		2,294
Snohomish Cnty, WA, Pub Util Dist No. 1, Elec SysRev Bonds, Ser 2015,
5.000%, 12-1-40		1,000		1,172
WA Hlth Care Fac Auth, Rev Bonds (Providence Hlth & Svc), Ser 2014D,
5.000%, 10-1-38		5,000		5,726
				9,192
Wisconsin – 1.1%
Milwaukee Cnty, WI, Arpt Rev Rfdg Bonds, Ser 2010B,
5.000%, 12-1-19		1,000		1,006
WI Hlth and Edu Fac Auth, Rev Bonds (Ascension Sr Credit Group), Ser 2016A,
4.000%, 11-15-33		1,000		1,111
WI Hlth and Edu Fac Auth, Rev Bonds (Aurora Hlth Care, Inc.), Ser 2010A,
5.625%, 4-15-39		1,500		1,534
WI Hlth and Edu Fac Auth, Rev Bonds (Med College of WI, Inc.), Ser 2016,
5.000%, 12-1-41		4,000		4,707
				8,358
TOTAL MUNICIPAL BONDS – 93.0%			$	742,522
(Cost: $679,691)

70 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY MUNICIPAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

SHORT-TERM SECURITIES	Principal		Value
Master Note – 0.0%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (D)	$	274	$	274
Municipal Obligations – 4.7%
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by FNMA) (BVAL plus 10 bps),
1.520%, 10-7-19 (D)		1,050		1,050
CO Hsng and Fin Auth, Multifam Hsng Rev Bonds (Greentree Vlg Apts Proj), Ser 2007 (GTD by U.S. Bank N.A.) (BVAL plus 24 bps),
1.580%, 10-7-19 (D)		4,990		4,990
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2006 (GTD by U.S. Bank N.A.) (BVAL plus 13 bps),
1.570%, 10-7-19 (D)		4,900		4,900
FL Muni Power Agy, All-Requirements Power Supply Proj Var Rate Demand Rfdg Rev Bonds, Ser 2008C (GTD by Bank of America N.A.) (BVAL plus 25 bps),
1.840%, 10-1-19 (D)		2,660		2,660

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
LA Pub Fac Auth, Var Rate Rev Rfdg Bonds (CHRISTUS Hlth), Ser 2009B-1 (GTD by Bank of New York Mellon (The)) (BVAL plus 25 bps),
1.600%, 10-7-19 (D)	$	4,505	$	4,505
MI Strategic Fund, Var Rate Demand Ltd. Oblig Rev Bonds, Ser 2007 (GTD by Air Prods and Chemicals, Inc.) (BVAL plus 23 bps),
1.830%, 10-1-19 (D)		3,270		3,270
SC Pub Svc Auth, Rev Commercial Paper Notes, Ser DD (GTD by Bank of America N.A.):
2.320%, 10-1-19		2,200		2,200
2.250%, 11-14-19		2,200		2,200
Sheridan Redev Agy CO Tax, Var Rfdg S Santa Fe Dr Corridor Redev PJ, Ser A-1 (GTD by JPMorgan Chase & Co.) (BVAL plus 24 bps),
1.600%, 10-7-19 (D)		6,500		6,500
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),
1.740%, 10-1-19 (D)		2,120		2,120

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
University of California (1-Month U.S. LIBOR plus 8 bps),
2.070%, 10-7-19 (D)	$	2,000	$	2,000
WI Hlth and Edu Fac Auth, Var Rate Demand Rev Bonds (Wausau Hosp, Inc.), Ser 1998B (GTD by JPMorgan Chase Bank N.A.) (BVAL plus 25 bps),
1.610%, 10-7-19 (D)		1,400		1,400
				37,795
TOTAL SHORT-TERM SECURITIES – 4.7%			$	38,069
(Cost: $38,069)
TOTAL INVESTMENT SECURITIES – 100.9%			$	806,435
(Cost: $742,302)
LIABILITIES, NET OF CASH AND OTHER ASSETS (E) – (0.9)%				(7,403	)
NET ASSETS – 100.0%			$	799,032

Notes to Schedule of Investments

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

(B) Zero coupon bond.

(C) Purchased on a when-issued basis with settlement subsequent to September 30, 2019.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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) Cash of $386 has been pledged as collateral on open futures contracts.

The following futures contracts were outstanding at September 30, 2019 (contracts unrounded):

Description	Type	Number of Contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation
U.S. 30-Year Treasury Bond	Short		117		12-31-19		11,700	$	(18,991	)	$	234

2019 SEMIANNUAL REPORT 71

SCHEDULE OF INVESTMENTS IVY MUNICIPAL BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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
Investment Funds	$	25,844	$	—	$	—
Municipal Bonds		—		742,522		—
Short-Term Securities		—		38,069		—
Total	$	25,844	$	780,591	$	—
Futures Contracts	$	234	$	—	$	—

The following acronyms are used throughout this schedule:

AGM = Assured Guaranty Municipal

BAMAC = Build America Mutual Assurance Co.

BHAC = Berkshire Hathaway Assurance Corp.

BVAL = Bloomberg Valuation Municipal AAA Benchmark

FHA = Federal Housing Administration

FNMA = Federal National Mortgage Association

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

SIFMA = Securities Industry and Financial Markets Association

See Accompanying Notes to Financial Statements.

72 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY MUNICIPAL HIGH INCOME FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Bonds	95.2%
Municipal Bonds	95.2%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	4.8%

Quality Weightings

Investment Grade	46.2%
AAA	0.9%
AA	6.4%
A	19.2%
BBB	19.7%
Non-Investment Grade	49.0%
BB	14.9%
B	9.5%
Below CCC	0.2%
Non-rated	24.4%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	4.8%

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

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

2019 SEMIANNUAL REPORT 73

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

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS	Principal		Value
Alabama – 3.6%
AL 21st Century Auth, Tob Stlmt Rev Bonds, Ser 2012-A,
5.000%, 6-1-21	$	1,000	$	1,059
AL Econ Stlmt Auth, BP Stlmt Rev Bonds, Ser 2016A,
4.000%, 9-15-33		9,000		9,876
Fairfield, AL, GO Warrants, Ser 2012,
6.000%, 6-1-37		8,485		8,506
Jefferson Cnty, AL, Swr Rev Bonds, Ser 2013-D,
6.500%, 10-1-53		10,470		12,620
Lower AL Gas Dist, Gas Proj Rev Bonds, Ser 2016A,
5.000%, 9-1-46		6,000		8,414
UAB Medicine Fin Auth, Rev Bonds, Ser 2019B,
4.000%, 9-1-48		2,500		2,774
				43,249
Alaska – 0.8%
Northn Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2006A Sr Cur Int Bonds,
5.000%, 6-1-46		10,000		10,016
Arizona – 2.9%
AZ Hlth Fac Auth, Rev Bonds (Banner Hlth), Ser 2007B (3-Month U.S. LIBOR*0.67 plus 81 bps),
0.981%, 1-1-37 (A)		10,000		9,801
AZ Indl Dev Auth, Edu Rev and Rfdg Bonds (AZ Agribusiness & Equine Ctr, Inc. Proj), Ser 2017B,
5.000%, 3-1-42		1,500		1,631
Indl Dev Auth of Pima, Edu Rev Bonds (Noah Webster Sch- Pima Proj), Tax-Exempt Ser 2014A,
7.000%, 12-15-43		1,500		1,685
Indl Dev Auth of Tempe, AZ, Rev Rfdg Bonds (Friendship Vlg of Tempe), Ser 2012A:
6.000%, 12-1-27		2,390		2,544
6.000%, 12-1-32		1,430		1,512
6.250%, 12-1-42		2,150		2,276
6.250%, 12-1-46		2,500		2,645
Indl Dev Auth of Yavapai, Edu Rev Bonds (AZ Agribusiness and Equine Ctr, Inc. Proj), Ser 2011,
7.875%, 3-1-42		5,500		5,998
Maricopa Cnty Indl Dev Auth, Rev Bonds (Banner Hlth), Ser 2019A,
4.000%, 1-1-44		5,000		5,578
Phoenix, AZ, Indl Dev Auth, Student Hsng Rfdg Rev Bonds (Downtown Phoenix Student Hsng LLC-AZ State Univ Proj), Ser 2018A,
5.000%, 7-1-42		1,000		1,169
				34,839

MUNICIPAL BONDS (Continued)	Principal		Value
California – 11.8%
CA Cnty Tob Securitization Agy, Tob Stlmt Asset-Bkd Bonds (Stanislaus Cnty Tob Funding Corp.), Ser 2006,
0.000%, 6-1-55 (B)	$	6,250	$	359
CA Muni Fin Auth, Charter Sch Rev Bonds (Palmdale Aerospace Academy Proj), Ser 2016A:
5.000%, 7-1-41		1,750		1,928
5.000%, 7-1-46		1,670		1,833
CA Muni Fin Auth, Edu Fac Rev Bonds (King/Chavez Academies Proj), Taxable Ser 2009B,
8.000%, 10-1-22		120		120
CA Muni Fin Auth, Edu Fac Rev Bonds (Literacy First Proj), Ser 2010B,
6.000%, 9-1-30		2,040		2,103
CA Muni Fin Auth, Rev Bonds (Ret Hsng Fndtn Oblig Group), Ser 2017A,
5.000%, 11-15-31		750		977
CA Muni Fin Auth, Rev Rfdg Bonds (HumanGood Oblig Group), Ser 2019A:
4.000%, 10-1-44		2,000		2,184
5.000%, 10-1-44		2,000		2,346
CA Muni Fin Auth, Sr Lien Rev Bonds (LINXS APM Proj), Ser 2018A:
4.000%, 12-31-47		6,650		7,196
5.000%, 12-31-47		1,500		1,772
CA Sch Fin Auth, Charter Sch Rev Bonds (Coastal Academy Proj), Ser 2013A,
5.000%, 10-1-42		1,200		1,280
CA Sch Fin Auth, Charter Sch Rev Bonds (Rocketship Pub Sch-Oblig Group), Ser 2017G:
5.000%, 6-1-47		675		730
5.000%, 6-1-53		675		725
CA Sch Fin Auth, Charter Sch Rev Bonds (Summit Pub Sch-Oblig Group), Ser 2017,
5.000%, 6-1-47		1,500		1,733
CA Sch Fin Auth, Charter Sch Rev Rfdg Bonds (Aspire Pub Sch-Oblig Group), Ser 2016,
5.000%, 8-1-41		1,500		1,679
CA Statewide Cmnty Dev Auth, Edu Fac Rev Bonds (Independence Support LLC Proj), Ser 2015,
7.000%, 6-1-45 (C)		4,000		2,440
CA Statewide Cmnty Dev Auth, Rev Bonds (Lancer Plaza Proj), Ser 2013:
5.625%, 11-1-33		1,400		1,589
5.875%, 11-1-43		1,890		2,135

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
CA Statewide Cmnty Dev Auth, Rev Bonds (Loma Linda Univ Med Ctr), Ser 2016A:
5.000%, 12-1-46	$	3,000	$	3,363
5.250%, 12-1-56		2,500		2,831
CA Statewide Cmnty Dev Auth, Rfdg Rev Bonds (CA Baptist Univ), Ser 2017A,
5.000%, 11-1-41		1,000		1,157
CA Statewide Cmnty Dev Auth, Sr Living Rev Bonds (Southn CA Presbyterian Homes), Ser 2009:
6.625%, 11-15-24		2,490		2,506
7.000%, 11-15-29		3,500		3,524
7.250%, 11-15-41		6,000		6,043
CA Statewide Cmnty Dev Auth, Student Hsng Rfdg Rev Bonds (Univ of CA, Irvine East Campus Apt, CHF-Irvine LLC), Ser 2016,
5.000%, 5-15-40		1,500		1,749
Cert of Part, Oro Grande Elem Sch Dist, Ser 2010,
6.125%, 9-15-40		5,000		5,219
Cert of Part, Oro Grande Elem Sch Dist, Ser 2013,
5.125%, 9-15-42		2,760		2,980
Foothill/Eastn Trans Corridor Agy, Toll Road Rfdg Rev Bonds, Ser 2013B-1 (Insured by AGM),
3.950%, 1-15-53		2,800		2,989
Foothill/Eastn Trans Corridor Agy, Toll Road Rfdg Rev Bonds, Ser 2013B-2 (Insured by AGM),
3.500%, 1-15-53		1,600		1,676
Golden State Tob Securitization Corp., Enhanced Tob Stlmt Asset-Bkd Bonds, Ser 2017A-1,
5.000%, 6-1-29		1,250		1,491
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2015A,
5.000%, 6-1-35		6,265		7,386
Golden State Tob Securitization Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2018A-1,
5.000%, 6-1-47		2,000		2,052
Palamar Hlth, Rfdg Rev Bonds, Ser 2016,
4.000%, 11-1-39		8,700		9,183
Palomar Pomerado Hlth, San Diego Cnty, CA, Cert of Part:
6.625%, 11-1-29		2,000		2,009
6.000%, 11-1-41		3,000		3,154
Redev Agy for Riverside, Interstate 215 Corridor Redev Proj Area, 2010 Tax Alloc Bonds, Ser E,
6.500%, 10-1-40		2,500		2,633

74 SEMIANNUAL REPORT 2019

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

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
California (Continued)
Redev Agy of San Buenaventura, Merged San Buenaventura Redev Proj, 2008 Tax Alloc Bonds:
7.750%, 8-1-28	$	1,000	$	1,005
8.000%, 8-1-38		1,500		1,508
San Buenaventura Rev Bonds (Cmnty Mem Hlth Sys), Ser 2011:
8.000%, 12-1-26		1,400		1,581
8.000%, 12-1-31		9,400		10,581
7.500%, 12-1-41		4,000		4,442
San Diego, CA, Tob Stlmt Rev Funding Corp., Tob Stlmt Bonds, Ser 2018C,
4.000%, 6-1-32		900		965
San Francisco City and Cnty Arpt Comsn, San Francisco Intl Arpt Second Ser Rev Bonds, Ser 2019A,
4.000%, 5-1-49		1,250		1,382
San Mateo Cmnty Fac Dist No. 2008-1 (Bay Meadows), Spl Tax Bonds, Ser 2012,
6.000%, 9-1-42		4,000		4,430
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		13,000		13,070
Tob Securitization Auth of Southn CA, Tob Stlmt Asset-Bkd Bonds (San Diego Cnty Tob Asset Securitization Corp.), Ser A-1,
5.125%, 6-1-46		6,650		6,668
				140,706
Colorado – 2.3%
AR River Power Auth, CO Power Supply Sys Rev Rfdg Bonds, Ser 2018A,
5.000%, 10-1-43		5,000		5,808
Arkansas River Power Auth, CO, Power Rev Impvt Bonds, Ser 2010,
6.125%, 10-1-40		5,000		5,179
CO High Performance Trans Enterprise, U.S. 36 and I-25 Managed Lanes Sr Rev Bonds, Ser 2014,
5.750%, 1-1-44		3,250		3,560
CO Hlth Fac Auth, Rev Bonds (Total Longterm Care Natl Oblig Group Proj), Ser 2010A,
6.250%, 11-15-40		1,250		1,317
CO Hlth Fac Auth, Rev Rfdg Bonds (SCL Hlth Sys), Ser 2019A,
4.000%, 1-1-38 (D)		1,000		1,132
Denver, CO, Dept of Aviation, Arpt Sys Sub Rev Bonds, Ser 2018A,
4.000%, 12-1-48		5,000		5,442

MUNICIPAL BONDS (Continued)	Principal		Value
Colorado (Continued)
Pub Auth for CO Enrg, Natural Gas Purchase Rev Bonds, Ser 2008,
6.500%, 11-15-38	$	3,000	$	4,582
				27,020
Connecticut – 0.2%
CT Hlth and Edu Fac Auth, Hlthcare Fac Expansion Rev Bonds (Church Home of Hartford, Inc. Proj), Ser 2016A:
5.000%, 9-1-46		1,000		1,091
5.000%, 9-1-53		1,600		1,739
				2,830
District Of Columbia – 0.4%
Metro WA DC Arpt Auth, Arpt Sys Rev and Rfdg Bonds, Ser 2019A,
5.000%, 10-1-49		3,250		3,956
Metro WA DC Arpt Auth, Dulles Toll Road, Second Sr Lien Rev Bonds, Ser 2010B,
6.500%, 10-1-44		1,000		1,340
				5,296
Florida – 6.1%
Brevard Cnty, FL, Indl Dev Rev Bonds (TUFF FL Tech Proj), Ser 2009:
6.500%, 11-1-29		3,125		3,134
6.750%, 11-1-39		4,450		4,462
Cap Trust Agy, FL, First Mtg Rev Bonds (Silver Creek St. Augustine Proj), Ser 2014A,
8.250%, 1-1-49 (C)		3,000		1,920
Cap Trust Agy, FL, First Mtg Rev Bonds (Silver Creek St. Augustine Proj), Ser 2016A,
5.750%, 1-1-50 (C)		645		645
Cap Trust Agy, FL, First Mtg Rev Bonds (Silver Creek St. Augustine Proj), Ser 2016B,
7.000%, 1-1-35 (C)		555		555
FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2010A,
6.000%, 9-15-40		8,000		8,195
FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2014A,
6.125%, 6-15-44		5,300		5,722
FL Dev Fin Corp., Edu Fac Rev Bonds (Renaissance Charter Sch, Inc. Proj), Ser 2015A,
6.000%, 6-15-35		2,000		2,220
FL Dev Fin Corp., Rev Bonds (Sculptor Charter Sch Proj), Ser 2008A,
7.250%, 10-1-38		1,860		1,866

MUNICIPAL BONDS (Continued)	Principal		Value
Florida (Continued)
Lee Cnty Indl Dev Auth, Hlthcare Fac Rfdg Rev Bonds (Cypress Cove at Health Park FL, Inc. Proj), Ser 2012,
6.500%, 10-1-47	$	9,835	$	10,967
Martin Cnty Hlth Fac Auth, Hosp Rev Bonds (Cleveland Clinic Hlth Sys Oblig Group), Ser 2019A,
4.000%, 1-1-46		21,500		24,002
Miami-Dade Cnty Indl Dev Auth, Rev Bonds (Youth Co-Op Charter Sch Proj), Ser 2015A,
6.000%, 9-15-45		2,250		2,375
Miami-Dade Cnty, FL, Aviation Rev Bonds, Ser 2019A,
4.000%, 10-1-44		1,500		1,659
Mid-Bay Bridge Auth, 1st Sr Lien Rev Bonds, Ser 2015A,
5.000%, 10-1-40		2,000		2,262
Osceola Cnty, Expressway Sys Rev Bonds (Poinciana Prkwy Proj), Ser 2014A,
5.375%, 10-1-47		2,000		2,196
				72,180
Georgia – 1.3%
Cobb Cnty, GA, Dev Auth Sr Living Rfdg Rev Bonds (Provident Vlg Creekside Proj), Ser 2016A:
6.000%, 7-1-36		750		750
6.000%, 7-1-51		4,000		3,825
Main Street Natural Gas, Inc., Gas Supply Rev Bonds, Ser 2019A,
4.000%, 5-15-39		5,500		6,021
Savannah Econ Dev Auth, Rfdg Rev Bonds (The Marshes of Skidaway Island Proj), Ser 2013,
7.250%, 1-1-49		4,000		4,503
				15,099
Guam – 0.4%
Cert of Part (JFK High Sch Proj), Dept of Edu, GU, Ser 2010A:
6.625%, 12-1-30		1,400		1,435
6.875%, 12-1-40		3,500		3,601
				5,036
Hawaii – 0.2%
Dept of Budget and Fin of HI, Spl Purp Sr Living Rev Bonds (15 Craigside Proj), Ser 2009A,
8.750%, 11-15-29		300		303
Kaua’I Cmnty Fac Dist No. 2008-1 (Kukul’ula Dev Proj), Spl Tax Rev Bonds, Ser 2012,
5.750%, 5-15-42		2,000		2,050
				2,353

2019 SEMIANNUAL REPORT 75

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

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Idaho – 0.1%
ID Hsng and Fin Assoc (Compass Pub Charter Sch, Inc. Proj), Ser 2010A:
6.250%, 7-1-40	$	1,000	$	1,018
6.250%, 7-1-45		550		560
				1,578
Illinois – 8.0%
Chicago Midway Arpt, Second Lien Rev Rfdg Bonds, Ser 2013B,
5.000%, 1-1-35		3,000		3,295
Chicago Multi-Fam Hsng, Rev Bonds (Goldblatts Supportive Living Proj), Ser 2013,
6.125%, 12-1-43		8,895		7,844
Chicago O’Hare Intl Arpt, Gen Arpt Sr Lien Rev Bonds, Ser 2018B (Insured by AGM),
4.000%, 1-1-44		5,000		5,565
Chicago O’Hare Intl Arpt, Gen Arpt Third Lien Rev Bonds, Ser 2011A:
5.750%, 1-1-39		1,000		1,055
Chicago O’Hare Intl Arpt, Sr Spl Fac Rev Bonds (Trips Oblig Group), Ser 2018,
5.000%, 7-1-48		1,000		1,170
City of Chicago, Gen Arpt Sr Lien Rev and Rev Rfdg Bonds (Chicago O’Hare Intl Arpt), Ser 2018A (Insured by AGM),
4.375%, 1-1-53		5,000		5,578
Cook Cnty, IL, Recovery Zone Fac Rev Bonds (Navistar Intl Corp. Proj), Ser 2010,
6.750%, 10-15-40		6,500		6,733
IL Fin Auth, Multi-Family Hsng Rev Bonds (St. Anthony of Lansing Proj), Ser 2012,
6.500%, 12-1-32		4,545		4,689
IL Fin Auth, Rev and Rfdg Bonds (Roosevelt Univ Proj), Ser 2009:
6.500%, 4-1-44		5,000		5,000
IL Fin Auth, Rev Bonds (Lutheran Home and Svs Oblig Group), Ser 2012,
5.625%, 5-15-42		5,300		5,489
IL Fin Auth, Rev Bonds (Navistar Intl Corp. Proj), Ser 2010,
6.750%, 10-15-40		6,500		6,733
IL Fin Auth, Rev Bonds (NW Mem Hlthcare), Ser 2017A,
4.000%, 7-15-47		5,000		5,487
IL GO Bonds, Ser 2016,
4.000%, 6-1-32		6,410		6,667
SW IL Dev Auth, Local Govt Prog Rev Bonds (City of Belleville- Carlyle/Green Mount Redev Proj-Tax Increment and Sales Tax), Ser 2011A,
7.000%, 7-1-41		6,000		6,009

MUNICIPAL BONDS (Continued)	Principal		Value
Illinois (Continued)
SW IL Dev Auth, Local Govt Prog Rev Rfdg Bonds (Granite City Proj), Ser 2012,
5.250%, 3-1-23	$	3,095	$	3,098
SW IL Dev Auth, Sr Care Fac Rev Bonds (Eden Ret Ctr, Inc. Proj), Ser 2006,
5.850%, 12-1-36		2,675		2,560
Upper IL River Vly Dev Auth (Pleasant View Luther Home Proj), Rev Bonds, Ser 2010:
7.250%, 11-15-40		1,100		1,128
7.375%, 11-15-45		1,500		1,539
Upper IL River Vly Dev Auth, Multi-Fam Hsng Rev Bonds (Deer Park of Huntley Proj), Ser 2012,
6.500%, 12-1-32		4,820		4,894
Vlg of East Dundee, Kane and Cook Cnty, IL, Ltd. Oblig Tax Incr Rev Bonds (Route 25 South Redev Proj), Ser 2012,
5.625%, 12-1-31		1,505		1,518
Vlg of Riverdale, Cook Cnty, IL, Unlimited Tax GO Bonds, Ser 2011,
8.000%, 10-1-36		7,855		8,400
				94,451
Indiana – 1.7%
City of Carmel, IN, Rev Bonds, Ser 2012A:
7.000%, 11-15-27 (C)		1,575		94
7.000%, 11-15-32 (C)		2,000		120
7.125%, 11-15-42 (C)		7,500		450
7.125%, 11-15-47 (C)		5,750		345
IN Fin Auth, Midwestn Disaster Relief Rev Bonds (OH Vly Elec Corp. Proj), Ser 2012A,
5.000%, 6-1-39		5,000		5,241
Lake Station 2008 Bldg Corp., Lake Station, IN, First Mtg Bonds, Ser 2010,
6.000%, 7-15-27		5,170		5,359
Terre Haute, IN, Rev Bonds (Westminister Vlg Proj), Ser 2012,
6.000%, 8-1-39		4,000		4,248
Westfield Redev Dist, Tax Incr Rev Bonds of 2009,
6.500%, 2-1-30		2,000		2,034
Whiting, IN, Redev Dist Tax Incr Rev Bonds, Ser 2016,
4.000%, 1-15-32		2,600		2,606
				20,497
Iowa – 0.2%
IA Fin Auth, Rev and Rfdg Bonds (Childserve Proj), Ser 2015B,
5.000%, 6-1-36		2,425		2,661

MUNICIPAL BONDS (Continued)	Principal		Value
Kansas – 1.2%
Lawrence, KS (The Bowersock Mills & Power Co. Hydroelec Proj), Indl Rev Bonds (Recovery Zone Fac Bonds), Ser 2010A,
7.625%, 8-1-37	$	7,500	$	7,823
Lenexa, KS, Hlth Care Fac Rev Bonds (Lakeview Village, Inc.), Ser 2018A:
4.000%, 5-15-34		1,000		1,056
5.000%, 5-15-39		1,500		1,688
Unif Govt of Wyandotte Cnty, Kansas City, KS, Spl Oblig Rfdg and Impvt Rev Bonds (Wyandotte Plaza Redev Proj), Ser 2016,
5.000%, 12-1-34		3,000		3,123
				13,690
Kentucky – 2.3%
Kenton Cnty Arpt Board, Cincinnati/Northn KY Intl Arpt Rev Bonds, Ser 2019:
5.000%, 1-1-44		2,250		2,763
5.000%, 1-1-49		2,250		2,744
KY Econ Dev Fin Auth, Hosp Rev Bonds, Ser 2010A:
6.375%, 6-1-40		5,500		5,679
6.500%, 3-1-45		2,500		2,583
KY Muni Power Agy, Power Sys Rev Rfdg Bonds (Prarie State Proj), Ser 2019A,
4.000%, 9-1-45		1,500		1,611
KY Pub Trans Infra Auth, First Tier Toll Rev Bonds, Ser 2013A,
5.750%, 7-1-49		4,000		4,497
Murray, KY, Hosp Fac Rev Bonds (Murray-Calloway Cnty Pub Hosp Corp. Proj), Ser 2010,
6.375%, 8-1-40		2,000		2,081
Pub Enrg Auth of KY, Gas Supply Rev Bonds, Ser 2018B,
4.000%, 1-1-49		5,000		5,528
				27,486
Louisiana – 0.4%
LA Local Govt Envirnmt Fac and Cmnty Dev Auth, Rev and Rfdg Bonds (CDF Hlthcare of LA LLC Proj), Ser 2015A,
5.625%, 6-1-45		4,875		5,112
LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj-Phase IIA), Ser 2014A,
8.375%, 7-1-39 (C)		13,547		—*
LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj), Ser 2013B,
10.500%, 7-1-39 (C)		12,202		—*
LA Pub Fac Auth, Solid Waste Disp Fac Rev Bonds (LA Pellets, Inc. Proj), Ser 2015,
7.750%, 7-1-39 (C)		1,977		—*
				5,112

76 SEMIANNUAL REPORT 2019

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

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Maine – 0.1%
ME Fin Auth, Solid Waste Disp Rev Bonds (Casella Waste Sys, Inc. Proj), Ser 2015R-2,
4.375%, 8-1-35	$	1,000	$	1,098
Maryland – 0.2%
MD Econ Dev Corp., Econ Dev Rev Bonds (Terminal Proj), Ser B,
5.750%, 6-1-35		1,750		1,801
Massachusetts – 0.4%
MA Dev Fin Agy, Rev Bonds, Foxborough Rgnl Charter Sch Issue, Ser 2010,
7.000%, 7-1-42		4,000		4,170
Michigan – 2.4%
Detroit, MI, GO Bonds, Ser 2004-A (1) (Insured by AMBAC),
5.250%, 4-1-23		220		219
Econ Dev Corp. of Oakland Cnty, Ltd. Oblig Rev Rfdg Bonds (The Roman Catholic Archdiocese of Detroit), Ser 2011,
6.500%, 12-1-20		2,110		2,139
MI Fin Auth, Hosp Rev Bonds (Henry Ford Hlth Sys), Ser 2019A,
4.000%, 11-15-50		2,000		2,206
MI Fin Auth, Pub Sch Academy Ltd. Oblig Rev Bonds (Hanley Intl Academy, Inc. Proj), Ser 2010A,
6.125%, 9-1-40		4,535		4,572
MI Fin Auth, Pub Sch Academy Ltd. Oblig Rev Bonds (Old Redford Academy Proj), Ser 2010A:
5.900%, 12-1-30		2,000		2,018
6.500%, 12-1-40		3,000		3,033
MI Pub Edu Fac Auth, Ltd. Oblig Rev Bonds (Old Redford Academy Proj), Ser 2005A,
5.875%, 12-1-30		1,720		1,721
MI Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Ser 2008A,
6.875%, 6-1-42		7,600		7,696
MI Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Sr Current Int Bonds, Ser 2007A,
5.125%, 6-1-22		2,915		2,920
The Econ Dev Corp. of Dearborn, MI, Ltd. Oblig Rev and Rfdg Rev Bonds (Henry Ford Vlg, Inc. Proj), Ser 2008,
7.000%, 11-15-38		2,400		2,310
				28,834

MUNICIPAL BONDS (Continued)	Principal		Value
Missouri – 2.5%
Belton, MO, Tax Incr Rev Bonds (Belton Marketplace Redev Proj), Ser 2012,
6.375%, 12-1-29	$	45	$	46
Branson, MO, Indl Dev Auth, Tax Incr Rfdg Rev Bonds (Branson Shoppes Redev Proj), Ser 2017A,
3.900%, 11-1-29		940		971
Broadway–Fairview Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A:
5.875%, 12-1-31		675		439
6.125%, 12-1-36		875		569
Grindstone Plaza Trans Dev Dist (Columbia, MO), Trans Sales Tax Rev Bonds, Ser 2006A:
5.250%, 10-1-21		200		200
5.400%, 10-1-26		1,145		1,145
5.500%, 10-1-31		1,925		1,899
5.550%, 10-1-36		1,725		1,661
Hlth and Edu Fac Auth, Hlth Fac Rev Bonds (Mosaic Hlth Sys), Ser 2019A,
4.000%, 2-15-54		1,695		1,853
Kirkwood, MO, Indl Dev Auth, Ret Cmnty Rev Bonds (Aberdeen Heights), Ser 2017A,
5.250%, 5-15-50		4,000		4,470
Lakeside 370 Levee Dist (St. Charles Cnty, MO), Levee Dist Impvt Bonds, Ser 2008,
0.000%, 4-1-55 (B)		3,410		597
MO Dev Fin Board, Infra Fac Rev Bonds (Branson Landing Proj), Ser 2005A,
6.000%, 6-1-20		220		226
St. Louis Muni Fin Corp., Compound Int Leasehold Rev Bonds (Convention Ctr Cap Impvt Proj), Ser 2010A (Insured by AGM):
0.000%, 7-15-36 (B)		2,250		1,384
0.000%, 7-15-37 (B)		4,000		2,349
Stone Canyon Cmnty Impvt Dist, Independence, MO, Rev Bonds (Pub Infra Impvt Proj), Ser 2007,
5.750%, 4-1-27 (C)		1,250		325
Tax Incr Fin Comsn of Kansas City, MO, Tax Incr Rev Bonds (Brywood Ctr Proj), Ser 2010A,
8.000%, 4-1-33 (C)		3,950		1,580
The Indl Dev Auth of Grandview, MO, Tax Incr Rev Bonds (Grandview Crossing Proj 1), Ser 2006,
5.750%, 12-1-28 (C)		1,000		180

MUNICIPAL BONDS (Continued)	Principal		Value
Missouri (Continued)
The Indl Dev Auth of Lee’s Summit, MO, Infra Fac Rev Bonds (Kensington Farms Impvt Proj), Ser 2007,
5.750%, 3-1-29 (C)	$	2,185	$	1,398
The Indl Dev Auth of St. Joseph, MO, Hlthcare Rev Bonds (Living Cmnty of St. Joseph Proj), Ser 2002,
7.000%, 8-15-32		8,090		8,092
				29,384
Montana – 0.1%
MT Fac Fin Auth, Rev Rfdg Bonds (SCL Hlth Sys), Ser 2019A,
4.000%, 1-1-38 (D)		1,000		1,138
Nebraska – 0.9%
Cent Plains Enrg Proj, Gas Proj Rev Bonds (Proj No. 3), Ser 2012:
5.250%, 9-1-37		8,000		8,744
5.000%, 9-1-42		2,000		2,171
				10,915
Nevada – 0.8%
Director of the State of NV, Dept of Business and Industry Charter Sch Lease Rev Bonds (Somerset Academy), Ser 2015A,
5.125%, 12-15-45		2,515		2,737
NV Dept of Business and Industry, Charter Sch Lease Rev Bonds (Somerset Academy), Ser 2018A,
5.000%, 12-15-48		500		540
Reno, NV, Cap Impvt Rev Rfdg Bonds, Ser 2019A-1:
3.750%, 6-1-39		3,165		3,378
4.000%, 6-1-46		2,000		2,168
Reno, NV, First Lien Sales Tax Rev Rfdg Bonds (Retrac-Reno Trans Rail Access Corridor Proj), Ser 2018A (Insured by AGM),
5.000%, 6-1-48		1,000		1,203
				10,026
New Hampshire – 0.2%
NH Hlth and Edu Fac Auth, Rev Bonds, Rivermead Issue, Ser 2011A,
6.875%, 7-1-41		2,300		2,434

2019 SEMIANNUAL REPORT 77

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

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
New Jersey – 1.9%
NJ Econ Dev Auth, Cigarette Tax Rev Rfdg Bonds, Ser 2012:
5.000%, 6-15-26	$	1,000	$	1,075
5.000%, 6-15-28		1,000		1,073
5.000%, 6-15-29		500		535
NJ Econ Dev Auth, Spl Fac Rev Bonds (Continental Airlines, Inc. Proj), Ser 1999,
5.125%, 9-15-23		2,000		2,153
NJ Hlth Care Fac Fin Auth, Rev and Rfdg Bonds (Univ Hosp Issue), Ser 2015A,
5.000%, 7-1-46		2,355		2,670
NJ Tpk Auth, Tpk Rev Bonds, Ser 2019A,
4.000%, 1-1-48		2,500		2,797
NJ Trans Trust Fund Auth, Trans Prog Bonds, Ser 2019AA,
4.500%, 6-15-49		5,000		5,464
Tob Stlmt Fin Corp., Tob Stlmt Bonds, Ser 2018B,
5.000%, 6-1-46		6,000		6,620
				22,387
New Mexico – 0.4%
NM Hosp Equip Loan Council, Hosp Impvt and Rfdg Rev Bonds (Gerald Champion Rgnl Med Ctr Proj), Ser 2012A,
5.500%, 7-1-42		4,750		5,142
New York – 4.0%
Dormitory Auth, Sch Dist Rev Bond Fin Prog, Ser 2010A (Insured by AGM):
5.000%, 10-1-22		1,000		1,039
Metro Trans Auth, Trans Rev Green Bonds, Ser 2019B,
4.000%, 11-15-50		5,000		5,530
MTA Hudson Rail Yards Trust Oblig, Ser 2016A,
5.000%, 11-15-56		5,000		5,572
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014A4,
6.700%, 1-1-49		8,750		8,750
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014A5,
6.700%, 1-1-49		2,875		2,875
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014B,
5.500%, 7-1-20		1,488		1,488
Nassau Cnty Indl Dev Agy, Continuing Care Ret Cmnty Rev Bonds (Amsterdam at Harborside Proj), Ser 2014C,
2.000%, 1-1-49		10,988		1,785

MUNICIPAL BONDS (Continued)	Principal		Value
New York (Continued)
Nassau Cnty Tob Stlmnt Corp., Tob Stlmnt Asset-Bkd Bonds, Ser 2006A-3 Sr Current Int Bonds,
5.125%, 6-1-46	$	10,000	$	10,000
NY Cntys Tob Trust VI, Tob Stlmt Pass-Through Bonds, Ser 2016A,
5.000%, 6-1-51		1,000		1,045
NY Trans Dev Corp., Spl Fac Rev Bonds (Delta Air Lines, Inc.-LaGuardia Arpt Terminals C&D Redev Proj), Ser 2018,
4.000%, 1-1-36		1,000		1,093
The Orange Co. Funding Corp. (NY), Assisted Living Residence Rev Bonds (The Hamlet at Wallkill Assisted Living Proj), Ser 2012,
6.500%, 1-1-46		5,000		5,187
Westchester Tob Asset Securitization Corp., Tob Stlmt Bonds, Ser 2016B,
5.000%, 6-1-41		2,500		2,751
				47,115
North Carolina – 1.0%
NC Med Care Comsn, Hlth Care Fac Rev Bonds (Novant Hlth Oblig Group), Ser 2019A,
3.125%, 11-1-49		8,500		8,653
NC Med Care Comsn, Ret Fac First Mtg Rev Bonds (Galloway Ridge Proj), Ser 2010A,
6.000%, 1-1-39		1,520		1,533
NC Tpk Auth, Monroe Expressway Toll Rev Bonds, Ser 2016C,
0.000%, 7-1-41 (B)		4,160		1,581
				11,767
Ohio – 2.2%
Buckeye Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Ser 2007,
5.125%, 6-1-24		2,835		2,835
Buckeye Tob Stlmt Fin Auth, Tob Stlmt Asset-Bkd Bonds, Ser 2007A-2,
5.875%, 6-1-47		10,000		10,044
Cleveland-Cuyahoga Cnty Port Auth, Dev Rev Bonds (Flats East Dev Proj), Ser 2010B,
7.000%, 5-15-40		2,410		2,548
Cnty of Muskingum, OH, Hosp Fac Rev Bonds (Genesis Hlth Care Sys Oblig Group Proj), Ser 2013,
5.000%, 2-15-48		5,000		5,349
Greene Cnty Port Auth, Adult Svc Fac Rev Bonds (Greene, Inc. Proj), Ser 2009,
7.500%, 12-1-33		4,000		4,040

MUNICIPAL BONDS (Continued)	Principal		Value
Ohio (Continued)
Summit Cnty Port Auth, OH (Cleveland-Flats East Dev Proj), Ser 2010B,
6.875%, 5-15-40	$	1,155	$	1,220
				26,036
Oklahoma – 0.3%
OK Dev Fin Auth, Hlth Sys Rev Bonds (OU Medicine Proj), Ser 2018B,
5.500%, 8-15-57		3,000		3,571
Oregon – 1.3%
Hosp Fac Auth of Salem, OR, Rev Rfdg Bonds (Cap Manor, Inc.), Ser 2012,
6.000%, 5-15-42		1,900		2,064
OR Fac Auth, Rev Bonds (Concordia Univ Proj), Ser 2010A:
6.125%, 9-1-30		885		923
6.375%, 9-1-40		1,750		1,829
Port of Portland, OR, Portland Intl Arpt Passenger Fac Charge Rev Bonds, Ser 2011A,
5.500%, 7-1-30		5,000		5,356
Port of Portland, OR, Portland Intl Arpt Rev Bonds, Ser Twenty – Five B,
5.000%, 7-1-49		3,000		3,644
Salem, OR, Hosp Fac Auth, Rev Bonds (Capital Manor Proj), Ser 2018,
5.000%, 5-15-53		1,895		2,176
				15,992
Pennsylvania – 6.3%
Cumberland Cnty Muni Auth, Rfdg Rev Bonds (Asbury PA Oblig Group), Ser 2010,
6.125%, 1-1-45		5,000		5,043
Cumberland Cnty Muni Auth, Rfdg Rev Bonds (Asbury PA Oblig Group), Ser 2012,
5.250%, 1-1-41		3,000		3,102
Delaware Cnty Indl Dev Auth, Charter Sch Rev Bonds (Chester Cmnty Charter Sch Proj), Ser 2010A,
6.125%, 8-15-40		14,290		14,337
Delaware Cnty Indl Dev Auth, PA, Rfdg Rev Bonds (Covanta Proj), Ser 2015A,
5.000%, 7-1-43		5,000		5,100
PA Higher Edu Fac Auth, Rev Bonds (Edinboro Univ Fndtn Student Hsng Proj at Edinboro Univ of PA), Ser 2010,
6.000%, 7-1-43		2,530		2,618

78 SEMIANNUAL REPORT 2019

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

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Pennsylvania (Continued)
PA Higher Edu Fac Auth, Student Hsng Rev Bonds (Univ Ppty, Inc. Student Hsng Proj at East Stroudsburg Univ of PA), Ser 2010,
6.000%, 7-1-21	$	1,000	$	1,030
PA Tpk Comsn, Tpk Sub Rev Bonds, Ser 2009E,
6.288%, 12-1-38		16,000		20,922
Philadelphia Auth Indl Dev, Rev Bonds (Global Leadership Academy Charter Sch Proj), Ser 2010,
6.375%, 11-15-40		1,000		1,027
Philadelphia Auth Indl Dev, Rev Bonds (Mariana Bracetti Academy Charter Sch Proj), Ser 2011:
7.150%, 12-15-36		6,000		6,503
7.625%, 12-15-41		6,925		7,560
Philadelphia Auth Indl Dev, Rev Bonds (New Foundations Charter Sch Proj), Ser 2012,
6.625%, 12-15-41		3,500		4,064
Philadelphia, PA, Gas Works Rev Bonds (1998 Gen Ordinace), Ninth Ser,
5.250%, 8-1-40		755		779
The Borough of Langhorne Manor, Higher Edu and Hlth Auth (Bucks Cnty, PA), Hosp Rev Bonds (Lower Bucks Hosp), Ser 1992:
7.300%, 7-1-12 (C)		1,920		—*
7.350%, 7-1-22 (C)		3,400		—*
Wilkes-Barre Area Sch Dist, Luzerne Cnty, PA, GO Bonds, Ser 2019,
4.000%, 4-15-54		2,500		2,749
				74,834
Rhode Island – 0.4%
Tob Stlmt Fin Corp., Tob Stlmt Asset-Bkd Bonds, Ser 2015B,
5.000%, 6-1-50		5,000		5,350
South Carolina – 0.6%
Piedmont Muni Pwr Agy, SC, Elec Rev Rfdg Bonds, Ser 2008C,
5.750%, 1-1-34		1,550		1,663
SC Jobs–Econ Dev Auth, Student Hsng Rev Bonds (Coastal Hsng Fndtn LLC Proj), Ser 2009A,
6.500%, 4-1-42		5,000		5,129
				6,792
Tennessee – 0.3%
Metro Nashville Arpt Auth, Arpt Impvt Rev Bonds, Ser 2015A,
5.000%, 7-1-40		3,000		3,469

MUNICIPAL BONDS (Continued)	Principal		Value
Texas – 16.6%
Arlington, TX, Higher Edu Fin Corp., Edu Rev Bonds (Wayside Sch), Ser 2016A:
4.375%, 8-15-36	$	640	$	651
4.625%, 8-15-46		1,250		1,270
Arlington, TX, Higher Edu Fin Corp., Rev Bonds (Newman Intl Academy), Ser 2016A,
5.375%, 8-15-36		4,585		4,886
Austin, TX, Arpt Sys Rev Rfdg Bonds, Ser 2019:
5.000%, 11-15-24		1,650		1,924
5.000%, 11-15-25		1,500		1,792
Bexar Cnty Hlth Fac Dev Corp., Rev Bonds (Army Ret Residence Fndtn Proj), Ser 2010,
6.200%, 7-1-45		1,750		1,812
Bexar Cnty Hlth Fac Dev Corp., Rev Rfdg Bonds (Army Ret Residence Fndtn Proj), Ser 2016,
5.000%, 7-15-41		5,395		6,034
Cap Area Cultural Edu Fac Fin Corp., Rev Bonds (The Roman Catholic Diocese of Austin), Ser 2005B,
6.125%, 4-1-45		3,150		3,218
Cent TX Rgnl Mobility Auth, Sr Lien Rev Bonds, Ser 2010:
0.000%, 1-1-36 (B)		2,500		1,559
0.000%, 1-1-40 (B)		2,000		1,068
Cent TX Rgnl Mobility Auth, Sr Lien Rev Bonds, Ser 2015A,
5.000%, 1-1-45		4,000		4,534
Cent TX Rgnl Mobility Auth, Sr Lien Rev Rfdg Bonds, Ser 2016,
5.000%, 1-1-46		2,000		2,284
Cent TX Rgnl Mobility Auth, Sub Lien Rev Rfdg Bonds, Ser 2013:
5.000%, 1-1-33		6,000		6,574
5.000%, 1-1-42		3,000		3,257
Dallas/Fort Worth Intl Arpt, Joint Rev Impvt Bonds, Ser 2013A,
5.000%, 11-1-45		13,500		14,016
Dallas/Fort Worth Intl Arpt, Joint Rev Impvt Bonds, Ser 2013B,
5.000%, 11-1-44		5,000		5,464
Grand Prkwy Trans Corp., First Tier Toll Rev Bonds, Ser 2013A,
5.500%, 4-1-53		15,000		16,939
Hopkins Cnty Hosp Dist, Hosp Rev Bonds, Ser 2008:
6.000%, 2-15-33		2,000		2,006
6.000%, 2-15-38		1,850		1,855
Houston Higher Edu Fin Corp., Edu Rev Bonds (Cosmos Fndtn, Inc.), Ser 2011A,
6.875%, 5-15-41		3,800		4,126

MUNICIPAL BONDS (Continued)	Principal		Value
Texas (Continued)
Houston, TX, Arpt Sys, Sub Lien Rev Rfdg Bonds, Ser 2011B:
5.000%, 7-1-25	$	1,000	$	1,064
5.000%, 7-1-26		2,680		2,851
Houston, TX, Combined Util Sys, First Lien Rev Rfdg Bonds, Ser 2019B,
4.000%, 11-15-44		3,000		3,441
Montgomery, TX, Cnty Toll Road Auth, Sr Lien Toll Road Rev Bonds, Ser 2018,
5.000%, 9-15-48		1,000		1,109
New Hope Cultural Edu Fac Fin Corp., Edu Rev Bonds (Jubilee Academic Ctr), Ser 2016A,
5.000%, 8-15-46		8,000		8,181
North TX Twy Auth, Spl Proj Sys Rev Bonds Convertible Cap Apprec Bonds, Ser 2011C,
0.000%, 9-1-43 (B)		5,000		6,275
North TX Twy Auth, Sys First Tier Rev Rfdg Bonds, Ser 2016A,
5.000%, 1-1-39		2,000		2,339
San Antonio, TX, Water Sys Jr Lien Rev and Rfdg Bonds, Ser 2019C:
4.000%, 5-15-33 (D)		1,550		1,818
4.000%, 5-15-34 (D)		1,500		1,749
Sanger, TX, Indl Dev Corp., Indl Dev Rev Bonds (TX Pellets Proj), Ser 2012B,
8.000%, 7-1-38 (C)		17,870		4,467
Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Air Force Vig Oblig Group Proj), Ser 2016,
5.000%, 5-15-45		6,650		7,221
Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Buckner Sr Living-Ventana Proj), Ser 2017A:
6.750%, 11-15-47		1,000		1,153
6.750%, 11-15-52		2,500		2,873
Tarrant Cnty Cultural Edu Fac Fin Corp., Ret Fac Rev Bonds (Mirador Proj), Ser 2010A:
4.625%, 11-15-41 (C)		1,939		19
4.875%, 11-15-48 (C)		4,459		45
5.000%, 11-15-55 (C)		5,429		54
TX Muni Gas Acquisition and Supply Corp. III, Gas Supply Rev Bonds, Ser 2012,
5.000%, 12-15-32		4,000		4,354
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (LBJ Infra Group LLC IH-635 Managed Lanes Proj), Ser 2010:
7.500%, 6-30-32		3,500		3,672
7.500%, 6-30-33		2,700		2,832
7.000%, 6-30-40		10,000		10,428

2019 SEMIANNUAL REPORT 79

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

SEPTEMBER 30, 2019 (UNAUDITED)

MUNICIPAL BONDS (Continued)	Principal		Value
Texas (Continued)
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (North Tarrant Express Managed Lanes Proj), Ser 2009,
6.875%, 12-31-39	$	10,000	$	10,142
TX Private Activity Bond Surface Trans Corp., Sr Lien Rev Bonds (NTE Mobility Partn Segments 3 LLC Segment 3C Proj), Ser 2019,
5.000%, 6-30-58		5,000		5,844
TX Pub Fin Auth Charter Sch Fin Corp., Edu Rev Bonds (Odyssey Academy, Inc.), Ser 2010A,
7.125%, 2-15-40		5,000		5,104
TX Trans Comsn, Cent TX Tpk Sys First Tier Rev Rfdg Bonds, Ser 2012-A,
5.000%, 8-15-41		16,445		17,754
TX Trans Comsn, State Hwy 249 Sys First Tier TollRev Bonds, Ser 2019A,
5.000%, 8-1-57		1,000		1,175
Wise Cnty, TX, Lease Rev Bonds (Parker Cnty Jr College Dist Proj), Ser 2011,
8.000%, 8-15-34		5,000		5,402
				196,635
Utah – 0.5%
UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (North Davis Preparatory Academy), Ser 2010,
6.250%, 7-15-30		1,015		1,042
UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (North Star Academy Proj), Ser 2010B,
7.000%, 7-15-45		2,100		2,157
UT State Charter Sch Fin Auth, Charter Sch Rev Bonds (Paradigm High Sch), Ser 2010,
6.375%, 7-15-40		2,160		2,201
				5,400
Vermont – 0.1%
Vermont Econ Dev Auth, Solid Waste Disp Rev Bonds (Casella Waste Sys, Inc. Proj), Ser 2013,
4.625%, 4-1-36		1,000		1,140
Virginia – 4.1%
Econ Dev Auth of James City Cnty, VA, Residential Care Fac Rev Bonds (VA Utd Methodist Homes of Williamsburg, Inc.), Ser 2013A,
2.000%, 10-1-48		2,248		197

MUNICIPAL BONDS (Continued)	Principal		Value
Virginia (Continued)
Marquis Cmnty Dev Auth (VA), Rev Bonds, Ser 2007B,
5.625%, 9-1-41	$	2,779	$	1,800
Marquis Cmnty Dev Auth (VA), Rev Bonds, Ser 2007C,
0.000%, 9-1-41 (B)		821		49
Marquis Cmnty Dev Auth (York Country, VA), Convertible Cap Apprec Rev Bonds, Ser 2015,
0.000%, 9-1-45 (B)		859		560
Mosaic Dist Cmnty Dev Auth, Fairfax Cnty, VA, Rev Bonds, Ser 2011A,
6.875%, 3-1-36		4,300		4,537
The Rector and Visitors of the Univ of VA, Gen Rev Pledge Rfdg Bonds, Ser 2015A-2,
3.570%, 4-1-45		10,000		10,528
VA Small Business Fin Auth, Sr Lien Rev Bonds (95 Express Lanes LLC Proj), Ser 2012,
5.000%, 7-1-34		4,590		4,917
VA Small Business Fin Auth, Sr Lien Rev Bonds (Elizabeth River Crossing Opco LLC Proj), Ser 2012:
6.000%, 1-1-37		8,265		9,162
5.500%, 1-1-42		11,000		11,977
VA Small Business Fin Auth, Tax-Exempt Sr Lien Private Activity Rev Bonds (Transform 66 P3 Proj), Ser 2017,
5.000%, 12-31-56		4,000		4,585
				48,312
Washington – 0.7%
Port of Sunnyside, Yakima Cnty, WA, Rev Bonds (Indl Wastewater Treatment Sys), Ser 2008,
6.625%, 12-1-21		1,940		1,947
WA Hlth Care Fac Auth, Rev Bonds (Cent WA Hlth Svcs Assoc), Ser 2009,
6.250%, 7-1-24		335		336
WA State Hsng Fin Comsn (Rockwood Ret Cmnty Proj), Nonprofit Hsng Rev and Rfdg Rev Bonds, Ser 2014A,
7.500%, 1-1-49		5,000		5,748
				8,031
West Virginia – 0.4%
Brooke Cnty, WV, Rev Bonds (Bethany College), Ser 2011A,
6.750%, 10-1-37		5,000		5,072

MUNICIPAL BONDS (Continued)	Principal		Value
Wisconsin – 2.6%
Pub Fin Auth, Higher Edu Fac Rev Bonds (Wittenberg Univ Proj), Ser 2016,
5.250%, 12-1-39	$	8,000	$	8,656
Pub Fin Auth, Sr Arpt Fac Rev and Rfdg Bonds (TrIps Obligated Group), Ser 2012B,
5.000%, 7-1-42		8,500		9,085
WI Hlth and Edu Fac Auth, Rev Bonds (Beloit College), Ser 2010A:
6.125%, 6-1-35		2,220		2,290
6.125%, 6-1-39		1,000		1,032
WI Pub Fin Auth, Edu Rev Bonds (Cornerstone Charter Academy Proj), Ser 2016A,
5.125%, 2-1-46		3,000		3,115
WI Pub Fin Auth, Edu Rev Bonds (Triad Edu Svc), Ser 2015A,
5.500%, 6-15-45		6,000		6,237
				30,415
TOTAL MUNICIPAL BONDS – 95.2%			$	1,131,359
(Cost: $1,138,041)
SHORT-TERM SECURITIES
Commercial Paper (E) – 1.5%
Diageo Capital plc (GTD by Diageo plc),
2.151%, 10-7-19		5,000		4,998
McCormick & Co., Inc.,
2.151%, 10-3-19		5,000		4,999
Sonoco Products Co.,
2.150%, 10-1-19		8,351		8,350
				18,347
Master Note – 0.7%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (F)		8,244		8,244
Municipal Obligations – 1.6%
CO Hsng and Fin Auth, Multifam Hsng Rev Bonds (Greentree Vlg Apts Proj), Ser 2007 (GTD by U.S. Bank N.A.) (BVAL plus 24 bps),
1.580%, 10-7-19 (F)		3,095		3,095
Columbus Rgnl Arpt Auth, Cap Funding Rev Bonds (OASBO Expanded Asset Pooled Fin Prog), Sr Ser 2006 (GTD by U.S. Bank N.A.) (BVAL plus 13 bps),
1.570%, 10-7-19 (F)		3,000		3,000

80 SEMIANNUAL REPORT 2019

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

SEPTEMBER 30, 2019 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
LA Pub Fac Auth, Var Rate Rev Rfdg Bonds (CHRISTUS Hlth), Ser 2009B-1 (GTD by Bank of New York Mellon (The)) (BVAL plus 25 bps),
1.600%, 10-7-19 (F)	$	2,500	$	2,500
MI Strategic Fund, Var Rate Demand Ltd. Oblig Rev Bonds, Ser 2007 (GTD by Air Prods and Chemicals, Inc.) (BVAL plus 23 bps),
1.830%, 10-1-19 (F)		2,000		2,000

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations (Continued)
SC Pub Svc Auth, Rev Commercial Paper Notes, Ser DD (GTD by Bank of America N.A.),
2.250%, 11-14-19	$	6,000	$	5,999
The Regents of the Univ of CA, Gen Rev Bonds, Ser AL (BVAL plus 9 bps),
1.520%, 10-1-19 (F)		1,900		1,900
				18,494

	Value
TOTAL SHORT-TERM SECURITIES – 3.8%	$	45,085
(Cost: $45,088)
TOTAL INVESTMENT SECURITIES – 99.0%	$	1,176,444
(Cost: $1,183,129)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.0%		11,297
NET ASSETS – 100.0%	$	1,187,741

Notes to Schedule of Investments

* Not shown due to rounding.

(A) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

(B) Zero coupon bond.

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

(D) Purchased on a when-issued basis with settlement subsequent to September 30, 2019.

(E) Rate shown is the yield to maturity at September 30, 2019.

(F) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 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	$	—	$	1,131,359	$	—
Short-Term Securities		—		45,085		—
Total	$	—	$	1,176,444	$	—

The following acronyms are used throughout this schedule:

AMBAC = American Municipal Bond Assurance Corp.

AGM = Assured Guaranty Municipal

BVAL = Bloomberg Valuation Municipal AAA Benchmark

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 81

PORTFOLIO HIGHLIGHTS IVY PZENA INTERNATIONAL VALUE FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	98.7%
Financials	25.6%
Industrials	14.7%
Consumer Discretionary	8.6%
Energy	8.6%
Communication Services	8.1%
Consumer Staples	7.7%
Materials	6.9%
Information Technology	6.7%
Health Care	6.6%
Utilities	5.2%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.3%

Country Weightings

Europe	65.9%
United Kingdom	24.0%
France	12.4%
Switzerland	7.9%
Germany	6.9%
Italy	4.9%
Netherlands	4.1%
Other Europe	5.7%
Pacific Basin	31.3%
Japan	19.8%
Singapore	3.8%
Other Pacific Basin	7.7%
North America	1.5%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.3%

Top 10 Equity Holdings

Company	Country	Sector	Industry
Roche Holdings AG, Genusscheine	Switzerland	Health Care	Pharmaceuticals
ENEL S.p.A.	Italy	Utilities	Electric Utilities
Tesco plc	United Kingdom	Consumer Staples	Food Retail
Volkswagen AG, 2.260%	Germany	Consumer Discretionary	Automobile Manufacturers
Honda Motor Co. Ltd.	Japan	Consumer Discretionary	Automobile Manufacturers
Schneider Electric S.A.	France	Industrials	Electrical Components & Equipment
Hitachi Metals Ltd.	Japan	Materials	Steel
Travis Perkins plc	United Kingdom	Industrials	Trading Companies & Distributors
A.P. Moller - Maersk A/S	Denmark	Industrials	Marine
Rexel S.A.	France	Industrials	Trading Companies & Distributors

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.

82 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY PZENA INTERNATIONAL VALUE FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Belgium
Financials – 0.7%
KBC Group N.V.		31	$	2,022
Total Belgium – 0.7%			$	2,022
China
Utilities – 2.0%
China Resources Power Holdings Co. Ltd.		4,352		5,280
Total China – 2.0%			$	5,280
Denmark
Financials – 0.8%
Danske Bank A.S.		152		2,110
Industrials – 2.6%
A.P. Moller - Maersk A/S		6		7,060
Total Denmark – 3.4%			$	9,170
France
Communication Services – 2.4%
Publicis Groupe S.A.		132		6,498
Energy – 0.0%
Total S.A.		3		165
Financials – 2.7%
Amundi S.A.		83		5,797
SCOR SE		30		1,248
				7,045
Health Care – 0.8%
Sanofi-Aventis		23		2,097
Industrials – 6.5%
Bouygues S.A.		74		2,944
Rexel S.A.		651		6,962
Schneider Electric S.A.		85		7,432
				17,338
Total France – 12.4%			$	33,143
Germany
Consumer Discretionary – 0.2%
Volkswagen Group		3		570
Industrials – 1.1%
Siemens AG		28		3,047
Materials – 2.7%
BASF Aktiengesellschaft		61		4,266
Covestro AG		59		2,934
				7,200
Total Germany – 4.0%			$	10,817

COMMON STOCKS (Continued)	Shares		Value
Hong Kong
Information Technology – 1.2%
Lenovo Group Ltd.		5,020	$	3,349
Total Hong Kong – 1.2%			$	3,349
Italy
Communication Services – 0.9%
Telecom Italia S.p.A. (A)		4,197		2,397
Financials – 0.8%
UniCredit S.p.A.		176		2,070
Utilities – 3.2%
ENEL S.p.A.		1,154		8,620
Total Italy – 4.9%			$	13,087
Japan
Consumer Discretionary – 5.5%
Honda Motor Co. Ltd.		291		7,625
Iida Group Holdings Co. Ltd.		140		2,292
Isuzu Motors Ltd.		303		3,358
Toyota Motor Corp.		22		1,484
				14,759
Energy – 3.6%
Inpex Corp.		668		6,160
JXTG Holdings, Inc.		738		3,373
				9,533
Financials – 4.5%
Dai-ichi Mutual Life Insurance Co. (The)		148		2,250
Fukuoka Financial Group, Inc.		77		1,454
MS&AD Insurance Group Holdings, Inc.		70		2,269
Resona Holdings, Inc.		503		2,162
Sumitomo Mitsui Financial Group, Inc.		117		4,020
				12,155
Industrials – 1.1%
Mitsui & Co. Ltd.		179		2,939
Information Technology – 2.4%
Fujitsu Ltd.		80		6,414
Materials – 2.7%
Hitachi Metals Ltd. (B)		676		7,344
Total Japan – 19.8%			$	53,144
Netherlands
Communication Services – 1.6%
Koninklijke KPN N.V.		1,345		4,192
Energy – 0.8%
Royal Dutch Shell plc, Class A		70		2,048

COMMON STOCKS (Continued)	Shares		Value
Financials – 1.7%
ING Groep N.V., Certicaaten Van Aandelen		438	$	4,573
Total Netherlands – 4.1%			$	10,813
Singapore
Consumer Staples – 2.4%
Wilmar International Ltd.		2,403		6,487
Financials – 1.4%
DBS Group Holdings Ltd.		211		3,810
Total Singapore – 3.8%			$	10,297
South Korea
Financials – 0.8%
Shinhan Financial Group Co. Ltd.		64		2,231
Materials – 1.5%
POSCO		21		3,904
Total South Korea – 2.3%			$	6,135
Spain
Financials – 0.7%
Bankia S.A.		946		1,784
Total Spain – 0.7%			$	1,784
Sweden
Information Technology – 0.9%
Telefonaktiebolaget LM Ericsson, B Shares		302		2,410
Total Sweden – 0.9%			$	2,410
Switzerland
Financials – 2.8%
Credit Suisse Group AG, Registered Shares		221		2,708
UBS Group AG		424		4,812
				7,520
Health Care – 4.3%
Novartis AG, Registered Shares		33		2,873
Roche Holdings AG, Genusscheine		30		8,704
				11,577
Industrials – 0.8%
ABB Ltd.		104		2,049
Total Switzerland – 7.9%			$	21,146
Taiwan
Information Technology – 2.2%
Catcher Technology Co. Ltd.		278		2,104

2019 SEMIANNUAL REPORT 83

SCHEDULE OF INVESTMENTS IVY PZENA INTERNATIONAL VALUE FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Information Technology (Continued)
Hon Hai Precision Industry Co. Ltd.		1,518	$	3,581
				5,685
Total Taiwan – 2.2%			$	5,685
United Kingdom
Communication Services – 3.2%
Vodafone Group plc		3,026		6,029
WPP Group plc		216		2,700
				8,729
Consumer Staples – 5.3%
British American Tobacco plc		78		2,874
J Sainsbury plc		1,305		3,522
Tesco plc		2,653		7,843
				14,239
Energy – 4.2%
John Wood Group plc		1,171		5,458
TechnipFMC plc (A)		241		5,812
				11,270
Financials – 8.7%
Aviva plc		638		3,133
Barclays plc		1,998		3,682
HSBC Holdings plc		699		5,354
Royal Bank of Scotland Group plc (The)		1,497		3,817
Standard Chartered plc		695		5,830
Willis Towers Watson plc		8		1,467
				23,283

COMMON STOCKS (Continued)	Shares		Value
Industrials – 2.6%
Travis Perkins plc		447	$	7,089
Total United Kingdom – 24.0%			$	64,610
United States
Health Care – 1.5%
Mylan, Inc. (A)		200		3,951
Total United States – 1.5%			$	3,951
TOTAL COMMON STOCKS – 95.8%			$	256,843
(Cost: $288,226)
PREFERRED STOCKS
Germany
Consumer Discretionary – 2.9%
Volkswagen AG, 2.260%		45		7,688
Total Germany – 2.9%			$	7,688
TOTAL PREFERRED STOCKS – 2.9%			$	7,688
(Cost: $7,888)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (C) – 0.7%
Sonoco Products Co. 2.150%, 10-1-19	$	2,010	$	2,010
Money Market Funds – 2.6%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares 1.900%, (D)(E)		6,901		6,901
TOTAL SHORT-TERM SECURITIES – 3.3%			$	8,911
(Cost: $8,911)
TOTAL INVESTMENT SECURITIES – 102.0%			$	273,442
(Cost: $305,025)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (2.0)%				(5,411	)
NET ASSETS – 100.0%			$	268,031

Notes to Schedule of Investments

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

(B) All or a portion of securities with an aggregate value of $6,555 are on loan.

(C) Rate shown is the yield to maturity at September 30, 2019.

(D) Rate shown is the annualized 7-day yield at September 30, 2019.

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

84 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY PZENA INTERNATIONAL VALUE FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	—	$	21,816	$	—
Consumer Discretionary		—		15,329		—
Consumer Staples		—		20,726		—
Energy		5,812		17,204		—
Financials		1,467		67,136		—
Health Care		3,951		13,674		—
Industrials		—		39,522		—
Information Technology		—		17,858		—
Materials		—		18,448		—
Utilities		—		13,900		—
Total Common Stocks	$	11,230	$	245,613	$	—
Preferred Stocks		—		7,688		—
Short-Term Securities		6,901		2,010		—
Total	$	18,131	$	255,311	$	—

Market Sector Diversification
(as a % of net assets)
Financials	25.6%
Industrials	14.7%
Energy	8.6%
Consumer Discretionary	8.6%
Communication Services	8.1%
Consumer Staples	7.7%
Materials	6.9%
Information Technology	6.7%
Health Care	6.6%
Utilities	5.2%
Other+	1.3%

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

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 85

PORTFOLIO HIGHLIGHTS IVY SECURIAN CORE BOND FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Bonds	98.1%
Corporate Debt Securities	34.8%
United States Government and Government Agency Obligations	33.2%
Mortgage-Backed Securities	15.1%
Asset-Backed Securities	13.7%
Municipal Bonds - Taxable	1.3%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.9%

Quality Weightings

Investment Grade	92.0%
AAA	16.7%
AA	26.8%
A	13.1%
BBB	35.4%
Non-Investment Grade	6.1%
BB	3.7%
B	0.1%
Below CCC	0.0%
Non-rated	2.3%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	1.9%

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

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

86 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY SECURIAN CORE BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

ASSET-BACKED SECURITIES	Principal		Value
Air Canada Enhanced Equipment Trust, Series 2015-2, Class AA,
3.550%, 1-15-30 (A)	$	5,145	$	5,246
Air Canada Pass-Through Certificates, Series 2015-1, Class C,
5.000%, 3-15-20 (A)		6,430		6,470
America West Airlines, Inc., Pass-Through Certificates, Series 2000-1,
8.057%, 7-2-20		567		590
American Airlines Class B Pass-Through Certificates, Series 2016-3,
3.750%, 10-15-25		4,519		4,590
American Airlines, Inc. Pass-Through Certificates, Series 2013-1, Class B,
5.625%, 1-15-21 (A)		3,221		3,295
American Airlines, Inc. Pass-Through Certificates, Series 2013-2, Class B,
5.600%, 7-15-20 (A)		1,450		1,474
American Airlines, Inc. Pass-Through Certificates, Series 2014-1, Class B,
3.700%, 5-1-23		1,278		1,292
American Airlines, Inc. Pass-Through Certificates, Series 2017-1, Class B,
4.950%, 2-15-25		911		961
Bank of the West Auto Trust, Series 2017-1, Class D,
3.210%, 4-15-25 (A)		4,500		4,525
British Airways Pass-Through Trust, Ser 2019-1A,
3.350%, 6-15-29 (A)		3,275		3,343
CarMax Auto Owner Trust, Series 2018-1, Class C,
2.950%, 11-15-23		3,700		3,748
CCG Receivables Trust, Series 2017-1, Class B,
2.750%, 11-14-23 (A)		3,250		3,254
Chesapeake Funding II LLC, Series 2016-2, Class D,
4.000%, 6-15-28 (A)		2,135		2,140
Chesapeake Funding II LLC, Series 2017-2A, Class D,
3.710%, 5-15-29 (A)		2,050		2,067
Chesapeake Funding II LLC, Series 2017-3, Class D,
3.380%, 8-15-29 (A)		2,500		2,527
Chesapeake Funding II LLC, Series 2017-4A, Class D,
3.260%, 11-15-29 (A)		3,375		3,399
Chesapeake Funding II LLC, Series 2018-1, Class C,
3.570%, 4-15-30 (A)		3,100		3,189
CommonBond Student Loan Trust, Series 2017-BGS, Class C,
4.440%, 9-25-42 (A)		469		467
Continental Airlines Pass-Through Certificates, Series 2009-2,
7.250%, 11-10-19		1,016		1,021
Continental Airlines, Inc. Pass-Through Certificates, Series 2000-1, Class A-1,
8.048%, 11-1-20		187		193

ASSET-BACKED SECURITIES (Continued)	Principal		Value
Continental Airlines, Inc. Pass-Through Certificates, Series 2012-1, Class B,
6.250%, 4-11-20	$	997	$	1,010
CVS Caremark Corp. Pass-Through Trust:
6.036%, 12-10-28		8,061		9,069
6.943%, 1-10-30		2,574		3,041
Delta Air Lines, Inc. Pass-Through Certificates, Series 2012-1A,
4.750%, 5-7-20		755		765
Delta Air Lines, Inc. Pass-Through Certificates, Series 2015-1, Class B,
4.250%, 7-30-23		1,777		1,900
DT Auto Owner Trust, Series 2015-3A, Class D,
4.530%, 10-17-22 (A)		3,243		3,246
Earnest Student Loan Program LLC, Series 2016-B, Class A2,
3.020%, 5-25-34 (A)		997		999
Earnest Student Loan Program LLC, Series 2017-A, Class B,
3.590%, 1-25-41 (A)		1,061		1,077
Exeter Automobile Receivables Trust, Series 2016-2, Class D,
8.250%, 4-17-23 (A)		8,200		8,652
Fan Engine Securitization Ltd., Series 2013-1X,
3.000%, 10-15-19 (A)		16		15
Flagship Credit Auto Trust, Series 2016-1, Class D,
8.590%, 5-15-23 (A)		4,200		4,440
Foursight Capital Automobile Receivables Trust, Series 2016-1, Class B,
3.710%, 1-18-22 (A)		3,202		3,219
GM Financial Securitized Term Auto Receivables Trust, Series 2018-1, Class C,
2.770%, 7-17-23		1,400		1,419
Hawaiian Airlines, Inc. Pass-Through Certificates, Series 2013-1, Class B,
4.950%, 1-15-22		4,333		4,410
Hyundai Auto Receivables Trust, Series 2016-B, Class D,
2.680%, 9-15-23		2,520		2,533
Invitation Homes Trust, Series 2018-SFR2 (1-Month U.S. LIBOR plus 128 bps),
3.308%, 6-17-37 (A)(B)		4,000		3,985
One Market Plaza Trust, Series 2017-1MKT, Class A,
3.614%, 2-10-32 (A)		4,000		4,144
Prestige Auto Receivables Trust, Series 2016-1A, Class E,
7.690%, 3-15-23 (A)		2,000		2,039
Progress Residential Trust, Series 2017-SFR1, Class D,
3.565%, 8-17-34 (A)		2,750		2,789
Progress Residential Trust, Series 2018-SFR1,
3.684%, 3-17-35 (A)		4,500		4,540

ASSET-BACKED SECURITIES (Continued)	Principal		Value
SoFi Professional Loan Program LLC, Series 2015-A, Class A-2,
2.420%, 3-25-30 (A)	$	380	$	380
SoFi Professional Loan Program LLC, Series 2017-F, Class A-2FX,
2.840%, 1-25-41 (A)		5,500		5,579
SoFi Professional Loan Program LLC, Series 2018-A, Class A-2B,
2.950%, 2-25-42 (A)		3,500		3,567
U.S. Airways, Inc. Pass-Through Certificates, Series 2012-2, Class B,
6.750%, 6-3-21		2,781		2,927
U.S. Airways, Inc., Series 2013-1, Class B,
5.375%, 11-15-21		1,376		1,435
United Airlines Pass-Through Certificates, Series 2014-1B,
4.750%, 4-11-22		730		751
United Airlines Pass-Through Certificates, Series 2014-2B,
4.625%, 9-3-22		3,158		3,255
United Airlines Pass-Through Certificates, Series 2019-2, Class B,
3.500%, 5-1-28		3,215		3,213
Volvo Financial Equipment Trust, Series 2018-1, Class C,
3.060%, 12-15-25 (A)		2,600		2,622
Westlake Automobile Receivables Trust, Series 2017-1, Class E,
5.050%, 8-15-24 (A)		1,775		1,806
Westlake Automobile Receivables Trust, Series 2017-2, Class E,
4.630%, 7-15-24 (A)		2,150		2,196
Westlake Automobile Receivables Trust, Series 2018-1, Class C,
2.920%, 5-15-23 (A)		5,500		5,518
Wheels SPV LLC, Series 2016-1A, Class A3,
1.870%, 5-20-25 (A)		275		274
TOTAL ASSET-BACKED SECURITIES – 13.7%			$	150,606
(Cost: $148,502)
CORPORATE DEBT SECURITIES
Communication Services
Broadcasting - 0.7%
NBCUniversal Media LLC,
4.375%, 4-1-21		7,500		7,765
Cable & Satellite – 0.6%
Charter Communications Operating LLC and Charter Communications Operating Capital Corp.,
3.579%, 7-23-20		5,791		5,843

2019 SEMIANNUAL REPORT 87

SCHEDULE OF INVESTMENTS IVY SECURIAN CORE BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Integrated Telecommunication Services – 1.2%
AT&T, Inc.,
5.250%, 3-1-37	$	8,030	$	9,455
Verizon Communications, Inc. (3-Month U.S. LIBOR plus 110 bps),
3.258%, 5-15-25 (B)		3,925		3,986
				13,441
Total Communication Services – 2.5%				27,049
Consumer Discretionary
Auto Parts & Equipment – 0.2%
Lear Corp.,
5.250%, 1-15-25		2,245		2,319
Total Consumer Discretionary – 0.2%				2,319
Consumer Staples
Distillers & Vintners – 0.3%
Bacardi Ltd.,
5.300%, 5-15-48 (A)		2,325		2,665
Tobacco – 0.6%
Altria Group, Inc. (GTD by Philip Morris USA, Inc.):
5.800%, 2-14-39		1,905		2,209
5.950%, 2-14-49		3,730		4,388
				6,597
Total Consumer Staples – 0.9%				9,262
Energy
Oil & Gas Exploration & Production – 1.1%
Enterprise Products Operating LLC (GTD by Enterprise Products Partners L.P.) (3-Month U.S. LIBOR plus 277.75 bps),
4.909%, 6-1-67 (B)		5,750		5,326
Occidental Petroleum Corp. (3-Month U.S. LIBOR plus 125 bps),
3.449%, 8-13-21 (B)		6,700		6,740
				12,066
Oil & Gas Refining & Marketing – 0.5%
Marathon Petroleum Corp.,
5.850%, 12-15-45		5,097		5,802
Oil & Gas Storage & Transportation – 3.2%
Boardwalk Pipelines L.P. (GTD by Boardwalk Pipeline Partners L.P.),
4.800%, 5-3-29		6,220		6,607
Cheniere Energy Partners L.P.,
5.250%, 10-1-25		3,000		3,121
EQT Midstream Partners L.P.,
6.500%, 7-15-48		2,225		2,146
MPLX L.P.,
5.500%, 2-15-49		4,125		4,805
MPLX L.P. (3-Month U.S. LIBOR plus 110 bps),
3.227%, 9-9-22 (B)		2,520		2,528

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Oil & Gas Storage & Transportation (Continued)
Sabine Pass Liquefaction LLC,
5.625%, 3-1-25	$	2,950	$	3,315
Sunoco Logistics Partners Operations L.P. (GTD by Sunoco Logistics Partners L.P.),
6.850%, 2-15-40		1,265		1,542
Tennessee Gas Pipeline Co.,
8.375%, 6-15-32 (C)		3,200		4,432
Tesoro Logistics L.P. and Tesoro Logistics Finance Corp.:
6.375%, 5-1-24 (A)		2,260		2,371
5.250%, 1-15-25 (A)		3,851		4,064
				34,931
Total Energy – 4.8%				52,799
Financials
Asset Management & Custody Banks – 0.8%
AXA Equitable Holdings, Inc.,
5.000%, 4-20-48		5,160		5,566
Pine Street Trust I,
4.572%, 2-15-29		3,000		3,209
				8,775
Consumer Finance – 2.9%
Discover Bank:
8.700%, 11-18-19		458		461
3.100%, 6-4-20		1,220		1,227
3.450%, 7-27-26		3,975		4,100
4.650%, 9-13-28		4,475		4,985
Ford Motor Credit Co. LLC:
2.459%, 3-27-20		2,138		2,136
5.750%, 2-1-21		5,361		5,542
5.875%, 8-2-21		2,560		2,681
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
4.200%, 11-6-21		5,825		6,009
General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.) (3-Month U.S. LIBOR plus 85 bps),
3.161%, 4-9-21 (B)		4,100		4,098
				31,239
Diversified Banks – 5.8%
Bank of America Corp.,
3.974%, 2-7-30		9,400		10,291
BB&T Corp.,
4.800%, 3-1-68		5,000		5,000
Citibank N.A. (3-Month U.S. LIBOR plus 60 bps),
2.736%, 5-20-22 (B)		10,000		10,016
Citizens Bank N.A. (3-Month U.S. LIBOR plus 95 bps),
3.054%, 3-29-23 (B)		10,400		10,462
Comerica, Inc.,
4.000%, 7-27-25		2,150		2,316
Compass Bank:
3.500%, 6-11-21		2,000		2,033
3.875%, 4-10-25		6,750		7,030

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Diversified Banks (Continued)
HSBC Holdings plc,
3.262%, 3-13-23	$	3,600	$	3,662
U.S. Bancorp:
3.000%, 7-30-29		2,700		2,786
5.300%, 12-29-49		1,675		1,795
Wells Fargo & Co.,
3.000%, 10-23-26		1,500		1,538
Wells Fargo N.A. (3-Month U.S. LIBOR plus 62 bps),
2.752%, 5-27-22 (B)		5,100		5,113
ZB N.A.,
3.500%, 8-27-21		1,700		1,737
				63,779
Investment Banking & Brokerage – 1.1%
Charles Schwab Corp. (The),
4.625%, 12-29-49		4,200		4,284
Goldman Sachs Group, Inc. (The) (3-Month U.S. LIBOR plus 78 bps),
3.036%, 10-31-22 (B)		5,780		5,797
Morgan Stanley:
5.500%, 7-28-21		990		1,050
3.125%, 7-27-26		1,400		1,442
				12,573
Life & Health Insurance – 1.1%
Teachers Insurance & Annuity Association of America,
4.270%, 5-15-47 (A)		5,000		5,675
Unum Group:
4.000%, 6-15-29		2,260		2,350
5.750%, 8-15-42		3,750		4,407
				12,432
Other Diversified Financial Services – 1.8%
Citigroup, Inc.,
4.400%, 6-10-25		5,000		5,376
Jefferies Group LLC and Jefferies Group Capital Finance, Inc.,
4.150%, 1-23-30		2,915		2,912
JPMorgan Chase & Co. (3-Month U.S. LIBOR plus 332 bps),
5.639%, 1-1-63 (B)		4,975		4,975
JPMorgan Chase & Co. (3-Month U.S. LIBOR plus 347 bps),
5.736%, 4-29-49 (B)		6,304		6,334
				19,597
Regional Banks – 1.7%
Regions Financial Corp.,
3.800%, 8-14-23		2,275		2,400
SunTrust Banks, Inc. (3-Month U.S. LIBOR plus 59 bps),
2.714%, 5-17-22 (B)		8,125		8,145
Synovus Financial Corp.:
3.125%, 11-1-22		5,680		5,712
5.750%, 12-15-25		2,000		2,046
				18,303

88 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY SECURIAN CORE BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Reinsurance – 0.3%
Reinsurance Group of America, Inc.,
3.900%, 5-15-29	$	2,725	$	2,900
Specialized Finance – 0.4%
Dell International LLC and EMC Corp.,
5.450%, 6-15-23 (A)		4,040		4,399
Total Financials – 15.9%				173,997
Health Care
Health Care Distributors – 0.2%
McKesson Corp.,
3.650%, 11-30-20		2,500		2,541
Health Care Equipment – 0.7%
Boston Scientific Corp.,
4.700%, 3-1-49		6,275		7,684
Health Care Facilities – 0.3%
NYU Hospitals Center,
4.428%, 7-1-42		2,315		2,733
Health Care Supplies – 0.2%
Bio-Rad Laboratories, Inc.,
4.875%, 12-15-20		1,750		1,791
Total Health Care – 1.4%				14,749
Industrials
Airlines – 0.2%
British Airways plc,
5.625%, 6-20-20 (A)		181		183
U.S. Airways Group, Inc., Class A,
6.250%, 4-22-23		2,164		2,353
				2,536
Marine – 0.4%
A.P. Moller - Maersk A/S,
4.500%, 6-20-29 (A)		4,540		4,795
Railroads – 0.3%
Westinghouse Air Brake Technologies Corp. (3-Month U.S. LIBOR plus 105 bps),
3.419%, 9-15-21 (B)		2,700		2,700
Total Industrials – 0.9%				10,031
Information Technology
Application Software – 0.5%
Block Financial LLC (GTD by H&R Block, Inc.),
4.125%, 10-1-20		5,000		5,079
IT Consulting & Other Services – 0.4%
International Business Machines Corp.,
2.800%, 5-13-21		4,280		4,337

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Technology Hardware, Storage & Peripherals – 0.3%
Dell International LLC and EMC Corp.,
5.300%, 10-1-29 (A)	$	2,950	$	3,210
Total Information Technology – 1.2%				12,626
Real Estate
Specialized REITs – 0.5%
American Tower Corp.,
3.070%, 3-15-23 (A)		3,100		3,150
Ventas Realty L.P. (GTD by Ventas, Inc.),
3.100%, 1-15-23		2,300		2,359
				5,509
Total Real Estate – 0.5%				5,509
Utilities
Electric Utilities – 4.3%
Cleco Corporate Holdings LLC,
3.743%, 5-1-26 (D)		2,200		2,267
Entergy Mississippi, Inc.,
3.250%, 12-1-27		2,750		2,853
Entergy Texas, Inc.,
3.450%, 12-1-27		3,600		3,744
Eversource Energy,
3.800%, 12-1-23		3,550		3,754
FirstEnergy Transmission LLC,
5.450%, 7-15-44 (A)		3,871		4,919
Indianapolis Power & Light Co.,
4.700%, 9-1-45 (A)		3,150		3,732
IPALCO Enterprises, Inc.:
3.450%, 7-15-20		2,300		2,313
3.700%, 9-1-24		2,650		2,745
MidAmerican Energy Co.,
4.250%, 7-15-49		3,500		4,216
Mississippi Power Co. (3-Month U.S. LIBOR plus 65 bps),
2.750%, 3-27-20 (B)		2,100		2,101
PPL Capital Funding, Inc. (GTD by PPL Corp.) (3-Month LIBOR plus 266.5 bps),
4.769%, 3-30-67 (B)		4,972		4,396
Southern Power Co., Series F,
4.950%, 12-15-46		6,190		6,847
Vistra Operations Co. LLC,
3.550%, 7-15-24 (A)		2,500		2,517
				46,404
Gas Utilities – 0.9%
AGL Capital Corp.,
3.875%, 11-15-25		7,050		7,490
El Paso Natural Gas Co. LLC,
8.375%, 6-15-32 (D)		2,000		2,764
				10,254
Multi-Utilities – 1.3%
Dominion Energy, Inc.,
2.000%, 8-15-21 (D)		9,000		9,059

CORPORATE DEBT SECURITIES (Continued)	Principal		Value
Multi-Utilities (Continued)
Public Service Enterprise Group, Inc.,
2.875%, 6-15-24	$	5,200	$	5,336
				14,395
Total Utilities – 6.5%				71,053
TOTAL CORPORATE DEBT SECURITIES – 34.8%			$	379,394
(Cost: $363,292)
MORTGAGE-BACKED SECURITIES
Commercial Mortgage-Backed Securities – 5.8%
BAMLL Commercial Mortgage Securities Trust 2014-520M, Class A (Mortgage spread to 10-year U.S. Treasury index),
4.325%, 8-15-46 (A)(B)		4,130		4,877
Citigroup Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2018-TBR, Class A (1-Month U.S. LIBOR plus 83 bps),
2.858%, 12-15-36 (A)(B)		10,000		9,975
Credit Suisse Mortgage Capital Trust, Series 2014-USA, Class A-1,
3.304%, 9-15-37 (A)		1,500		1,535
Credit Suisse Mortgage Capital Trust, Series 2017-HL1, Class A12 (Mortgage spread to 10-year U.S. Treasury index),
3.500%, 6-25-47 (A)(B)		4,775		4,971
GS Mortgage Securities Corp. Trust, Commercial Mortgage Pass-Through Certificates, Series 2012-BWTR (Mortgage spread to 5-year U.S. Treasury index),
3.440%, 11-5-34 (A)(B)		1,000		1,003
Hometown Commercial Trust, Commercial Mortgage-Backed Notes, Series 2007-1,
6.057%, 6-11-39 (A)		6		3
Invitation Homes Trust, Series 2018-SFR1 (1-Month U.S. LIBOR plus 125 bps),
3.275%, 3-17-37 (A)(B)		4,500		4,488
Invitation Homes Trust, Series 2018-SFR3, Class A (1-Month U.S. LIBOR plus 100 bps),
3.025%, 7-17-37 (A)(B)		4,814		4,807
Invitation Homes Trust, Series 2018-SFR3, Class D (1-Month U.S. LIBOR plus 165 bps),
3.675%, 7-17-37 (A)(B)		5,000		4,999
JPMorgan Chase Comm Mortgage Securities Corp., Comm Mortgage Pass-Through Certs, Series 2016-JP4, Class A-4 (10-Year U.S. Treasury index plus 110 bps),
3.648%, 12-15-49 (B)		575		623

2019 SEMIANNUAL REPORT 89

SCHEDULE OF INVESTMENTS IVY SECURIAN CORE BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

MORTGAGE-BACKED SECURITIES (Continued)	Principal		Value
Commercial Mortgage-Backed Securities (Continued)
JPMorgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2017-JP5, Class A-5,
3.723%, 3-15-50	$	1,500	$	1,636
Mellon Residential Funding Corp., Series 1998-2, Class B-1,
6.750%, 6-25-28		1		1
UBS Commercial Mortgage Trust, Series 2017-C1, Class AS,
3.724%, 6-15-50		8,000		8,548
UBS Commercial Mortgage Trust, Series 2017-C6, Class A5,
3.580%, 12-15-50		7,000		7,561
UBS Commercial Mortgage Trust, Series 2017-C7, Class AS (Mortgage spread to 10-year U.S. Treasury index),
4.061%, 12-15-50 (B)		2,300		2,518
Vornado DP LLC Trust, Commercial Mortgage Pass-Through Certificates, Series 2010-VNO, Class C,
5.280%, 9-13-28 (A)		1,200		1,217
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class AS,
2.814%, 8-15-49		4,600		4,685
				63,447
Other Mortgage-Backed Securities – 9.3%
Agate Bay Mortgage Loan Trust 2015-6, Class B1 (Mortgage spread to 10-year U.S. Treasury index),
3.611%, 9-25-45 (A)(B)		6,357		6,560
Agate Bay Mortgage Loan Trust 2016-1, Class B1 (Mortgage spread to 7-year U.S. Treasury index),
3.777%, 12-25-45 (A)(B)		6,277		6,403
Bear Stearns Mortgage Securities, Inc., Series 1996-6, Class B2,
8.000%, 11-25-29		56		35
Bellemeade Re Ltd., Series 2017-1, Class M1 (1-Month U.S. LIBOR plus 150 bps),
3.718%, 10-25-27 (A)(B)		1,966		1,973
Bellemeade Re Ltd., Series 2018-1A, Class M1B (1-Month U.S. LIBOR plus 160 bps),
3.618%, 4-25-28 (A)(B)		4,701		4,706
CHL Mortgage Pass-Through Trust 2004-J4,
5.250%, 5-25-34		50		50
Citigroup Mortgage Loan Trust, Series 2018-RP1 (3-year U.S. Treasury index plus 60 bps),
3.000%, 9-25-64 (A)(B)		3,331		3,357
COLT Funding LLC Mortgage Loan Trust, Series 2019-3, Class A1 (Mortgage spread to 2-year U.S. Treasury index),
2.764%, 8-25-49 (A)(B)		6,768		6,802

MORTGAGE-BACKED SECURITIES (Continued)	Principal			Value
Other Mortgage-Backed Securities (Continued)
Home Partners of America Trust, Series 2018-1, Class A (1-Month U.S. LIBOR plus 90 bps),
2.925%, 7-17-37 (A)(B)	$	6,338		$	6,319
Invitation Homes Trust, Series 2018-SFR4, Class C (1-Month U.S. LIBOR plus 140 bps),
3.425%, 1-17-38 (A)(B)		9,600			9,589
JPMorgan Mortgage Trust, Series 2004-A3, Class 4-A-2 (Mortgage spread to 10-year U.S. Treasury index),
4.895%, 7-25-34 (B)		23			23
JPMorgan Mortgage Trust, Series 2013-2, Class B3 (Mortgage spread to 7-year U.S. Treasury index),
3.644%, 5-25-43 (A)(B)		2,536			2,557
JPMorgan Mortgage Trust, Series 2013-2, Class B4 (Mortgage spread to 5-year U.S. Treasury index),
3.644%, 5-25-43 (A)(B)		1,580			1,586
JPMorgan Mortgage Trust, Series 2016-3, Class B3 (Mortgage spread to 7-year U.S. Treasury index),
3.368%, 10-25-46 (A)(B)		2,778			2,710
JPMorgan Mortgage Trust, Series 2017-4, Class A-13 (Mortgage spread to 10-year U.S. Treasury index),
3.500%, 11-25-48 (A)(B)		6,761			6,841
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4,
3.720%, 12-15-49		320			348
Morgan Stanley Capital I Trust, Series 2012-STAR, Class B,
3.451%, 8-5-34 (A)		930			955
Pearl Street Mortgage Co. Trust, Series 2018-1, Class A-3 (Mortgage spread to 2-year U.S. Treasury index),
3.500%, 2-25-48 (A)(B)		8,254			8,367
Progress Residential Trust, Series 2018-SFR3, Class C,
4.178%, 10-17-35 (A)		5,000			5,118
Prudential Home Mortgage Securities, Series 1994A, Class 5B (Mortgage spread to 2-year U.S. Treasury index),
6.730%, 4-28-24 (A)(B)		—	*		—	*
Prudential Home Mortgage Securities, Series 1994E, Class 5B (Mortgage spread to 2-year U.S. Treasury index),
7.670%, 9-28-24 (A)(B)		—	*		—	*
Salomon Brothers Mortgage Securities VII, Inc., Series 1997-HUD, Class B-2 (Mortgage spread to 3-year U.S. Treasury index),
4.532%, 12-25-30 (B)		742			121

MORTGAGE-BACKED SECURITIES (Continued)	Principal		Value
Other Mortgage-Backed Securities (Continued)
Sequoia Mortgage Trust, Series 2012-5, Class B2 (Mortgage spread to 3-year U.S. Treasury index),
3.897%, 11-25-42 (B)	$	4,017	$	4,108
Sequoia Mortgage Trust, Series 2015-3, Class B1 (Mortgage spread to 7-year U.S. Treasury index),
3.712%, 7-25-45 (A)(B)		3,763		3,884
Shellpoint Co-Originator Trust, Series 2015-1, Class B3 (Mortgage spread to 7-year U.S. Treasury index),
3.812%, 8-25-45 (A)(B)		4,748		4,867
Structured Asset Mortgage Investments, Inc., Series 1998-2, Class B,
0.777%, 5-2-30		4		—	*
Structured Asset Mortgage Investments, Inc., Series 1998-2, Class C,
0.778%, 5-2-30		2		—	*
Towd Point Mortgage Trust, Series 2015-2, Class 2-M2 (Mortgage spread to 7-year U.S. Treasury index),
4.553%, 11-25-57 (A)(B)		7,050		7,475
Winwater Mortgage Loan Trust 2015-B1 (Mortgage spread to 10-year U.S. Treasury index),
3.784%, 8-20-45 (A)(B)		6,426		6,705
				101,459
TOTAL MORTGAGE-BACKED SECURITIES – 15.1%			$	164,906
(Cost: $163,061)
MUNICIPAL BONDS - TAXABLE
Alabama – 0.4%
Muni Elec Auth of GA, Plant Vogtle Units 3 & 4 Proj M Bonds, Ser 2010A,
6.655%, 4-1-57		2,995		4,278
New York – 0.7%
Port Auth of NY & NJ Consolidated Bonds, 168th Ser,
4.926%, 10-1-51		2,690		3,643
Port Auth of NY & NJ Consolidated Bonds, Ser 174,
4.458%, 10-1-62		3,000		3,822
				7,465
Washington – 0.2%
Pub Util Dist No. 1, Douglas Cnty, WA, Wells Hydroelec Bonds, Ser 2010A,
5.450%, 9-1-40		1,205		1,601
TOTAL MUNICIPAL BONDS - TAXABLE – 1.3%			$	13,344
(Cost: $10,411)

90 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY SECURIAN CORE BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS	Principal		Value
Mortgage-Backed Obligations – 14.4%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO,
5.300%, 1-15-33	$	47	$	52
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 280 bps),
6.818%, 5-25-28 (B)		3,700		3,987
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 380 bps),
5.818%, 3-25-29 (B)		4,000		4,236
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 445 bps),
6.468%, 4-25-30 (B)		1,250		1,360
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 455 bps),
6.568%, 10-25-24 (B)		2,185		2,341
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 515 bps),
7.168%, 11-25-28 (B)		3,110		3,379
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 555 bps),
7.695%, 7-25-28 (B)		6,400		7,091
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (1-Month U.S. LIBOR plus 95 bps),
2.968%, 10-25-29 (B)		5,700		5,480
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 30-year U.S. Treasury index),
4.000%, 8-25-56 (A)(B)		1,466		1,472
Federal Home Loan Mortgage Corp. Agency REMIC/CMO (Mortgage spread to 7-year U.S. Treasury index),
4.000%, 7-25-56 (B)		5,830		5,956
Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates:
3.500%, 5-25-45		3,716		3,775
3.000%, 10-25-46		1,234		1,249
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 300 bps),
5.018%, 10-25-29 (B)		3,000		3,118
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 365 bps),
5.668%, 9-25-29 (B)		2,350		2,470
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 430 bps),
6.318%, 2-25-25 (B)		1,926		2,040
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 440 bps),
6.418%, 1-25-24 (B)		3,970		4,313

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 445 bps),
6.468%, 1-25-29 (B)	$	6,738	$	7,094
Federal National Mortgage Association Agency REMIC/CMO (1-Month U.S. LIBOR plus 550 bps),
7.518%, 9-25-29 (B)		2,650		3,094
Federal National Mortgage Association Fixed Rate Pass-Through Certificates:
3.000%, 9-1-22		224		229
5.000%, 7-1-23		47		50
6.000%, 8-1-23		46		47
5.500%, 2-1-24		21		23
4.500%, 4-1-25		77		81
3.500%, 11-1-25		171		176
3.500%, 6-1-26		286		297
2.500%, 11-1-27		616		622
6.000%, 8-1-29		22		25
7.500%, 5-1-31		12		14
7.000%, 9-1-31		4		4
7.000%, 11-1-31		60		68
6.500%, 12-1-31		6		7
6.500%, 2-1-32		59		68
7.000%, 2-1-32		45		53
7.000%, 3-1-32		63		75
6.500%, 4-1-32		10		12
6.500%, 5-1-32		18		20
6.500%, 7-1-32		7		8
6.500%, 8-1-32		11		12
6.000%, 9-1-32		12		14
6.500%, 9-1-32		26		29
6.000%, 10-1-32		209		240
6.500%, 10-1-32		25		29
6.000%, 11-1-32		158		181
3.500%, 12-1-32		1,119		1,165
6.000%, 3-1-33		242		276
5.500%, 4-1-33		196		220
6.000%, 4-1-33		5		6
5.500%, 5-1-33		17		19
6.000%, 6-1-33		33		36
6.500%, 8-1-33		11		12
6.000%, 10-1-33		36		40
6.000%, 12-1-33		56		64
5.500%, 1-1-34		42		48
5.500%, 1-1-34		41		46
6.000%, 1-1-34		26		30
5.000%, 3-1-34		11		12
5.500%, 3-1-34		18		20
5.500%, 4-1-34		16		18
5.000%, 5-1-34		8		8
6.000%, 8-1-34		39		43
5.500%, 9-1-34		148		164
6.000%, 9-1-34		43		48
6.500%, 9-1-34		85		95
5.500%, 11-1-34		173		190
6.000%, 11-1-34		71		79
6.500%, 11-1-34		4		5
5.000%, 12-1-34		234		258
5.500%, 1-1-35		145		163
5.500%, 1-1-35		22		23

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
5.500%, 2-1-35	$	365	$	412
5.500%, 2-1-35		36		41
6.500%, 3-1-35		97		111
5.500%, 4-1-35		98		110
4.500%, 5-1-35		145		158
5.500%, 6-1-35		4		5
4.500%, 7-1-35		121		129
5.000%, 7-1-35		258		285
5.000%, 7-1-35		54		59
5.500%, 7-1-35		41		46
5.500%, 8-1-35		5		6
5.500%, 10-1-35		181		206
5.500%, 11-1-35		86		97
5.000%, 2-1-36		23		26
5.500%, 2-1-36		28		30
6.500%, 2-1-36		24		27
5.500%, 9-1-36		126		143
5.500%, 11-1-36		48		54
6.000%, 11-1-36		31		35
6.000%, 1-1-37		24		28
6.000%, 5-1-37		61		70
5.500%, 6-1-37		33		38
6.000%, 8-1-37		39		45
7.000%, 10-1-37		16		16
5.000%, 4-1-38		126		141
6.000%, 10-1-38		93		107
4.500%, 6-1-39		89		96
5.000%, 12-1-39		235		263
5.500%, 12-1-39		127		144
5.000%, 3-1-40		524		579
4.500%, 10-1-40		432		465
4.000%, 12-1-40		648		692
3.500%, 4-1-41		1,196		1,257
4.000%, 4-1-41		855		913
4.500%, 4-1-41		1,252		1,372
5.000%, 4-1-41		127		141
4.500%, 7-1-41		647		701
4.000%, 8-1-41		530		566
4.000%, 9-1-41		765		818
3.500%, 10-1-41		10,225		10,491
4.000%, 10-1-41		4,880		5,091
3.500%, 11-1-41		2,197		2,313
3.500%, 1-1-42		598		628
3.500%, 4-1-42		4,067		4,273
3.500%, 8-1-42		1,288		1,353
3.000%, 9-1-42		1,425		1,469
3.500%, 1-1-43		719		755
3.500%, 2-1-43		955		1,012
3.000%, 5-1-43		1,954		2,014
4.000%, 1-1-44		805		872
4.000%, 4-1-44		2,040		2,161
3.500%, 5-1-45		1,556		1,621
3.500%, 6-1-45		1,071		1,121
3.500%, 7-1-45		1,139		1,175
3.500%, 8-1-45		1,850		1,929
3.500%, 9-1-45		1,284		1,341
3.000%, 1-1-46		2,776		2,847
4.000%, 2-1-47		666		696
Government National Mortgage Association Agency REMIC/CMO:
0.643%, 7-16-40 (E)		13		—	*
0.018%, 6-17-45 (E)		188		—	*

2019 SEMIANNUAL REPORT 91

SCHEDULE OF INVESTMENTS IVY SECURIAN CORE BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal			Value
Mortgage-Backed Obligations (Continued)
Government National Mortgage Association Fixed Rate Pass-Through Certificates:
6.250%, 7-15-24	$	39		$	41
4.000%, 8-20-31		474			498
5.000%, 7-15-33		93			103
5.000%, 7-15-34		73			81
5.500%, 12-15-34		94			107
5.000%, 1-15-35		103			115
3.250%, 11-20-35		518			537
5.000%, 12-15-35		168			188
4.000%, 6-20-36		734			770
5.500%, 7-15-38		85			96
5.500%, 10-15-38		127			144
5.500%, 2-15-39		22			24
5.000%, 12-15-39		92			104
5.000%, 1-15-40		595			660
4.500%, 6-15-40		271			297
5.000%, 7-15-40		121			132
4.000%, 12-20-40		369			400
4.000%, 1-15-41		418			446
4.000%, 10-15-41		239			255
3.500%, 10-20-43		1,088			1,152
4.000%, 12-20-44		365			388
3.500%, 2-20-45		1,705			1,784
3.000%, 3-15-45		2,314			2,376
3.000%, 3-20-45		1,153			1,189
3.500%, 4-20-46		728			765
U.S. Department of Veterans Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 1995-1, Class 2,
7.793%, 2-15-25		7			8
U.S. Dept of Veterans Affairs, Gtd REMIC Pass-Through Certs, Vendee Mortgage Trust, Series 1995-1, Class 1 (Mortgage spread to 3-year U.S. Treasury index),
6.381%, 2-15-25 (B)		33			36
Uniform Mortgage Back Security:
5.000%, 4-1-23		77			81
3.500%, 8-1-26		299			311
2.500%, 3-1-28		357			362
2.500%, 4-1-28		321			325
5.000%, 5-1-29		29			32
3.500%, 5-1-32		849			884
6.500%, 9-1-32		24			28
6.000%, 11-1-33		32			37
5.500%, 5-1-34		273			308
6.500%, 5-1-34		85			99
5.500%, 6-1-34		74			83
5.000%, 9-1-34		—	*		—	*
5.500%, 9-1-34		2			3
5.500%, 10-1-34		108			121
5.500%, 7-1-35		36			40
5.000%, 8-1-35		30			34
5.500%, 10-1-35		37			42
5.000%, 11-1-35		88			97

UNITED STATES GOVERNMENT AGENCY OBLIGATIONS (Continued)	Principal		Value
Mortgage-Backed Obligations (Continued)
5.000%, 12-1-35	$	18	$	20
6.500%, 7-1-36		18		20
7.000%, 12-1-37		21		24
5.500%, 3-1-38		128		145
5.500%, 2-1-39		185		208
5.000%, 11-1-39		81		90
5.000%, 1-1-40		465		514
5.000%, 4-1-40		171		189
5.000%, 8-1-40		150		165
4.000%, 10-1-40		398		426
4.000%, 11-1-40		512		552
4.500%, 1-1-41		392		425
4.000%, 2-1-41		956		1,022
4.000%, 3-1-41		313		336
4.500%, 3-1-41		217		236
4.500%, 4-1-41		637		694
4.000%, 6-1-41		359		385
4.000%, 8-1-41		186		197
4.000%, 11-1-41		2,724		2,911
3.500%, 3-1-42		1,309		1,376
3.000%, 8-1-42		823		848
3.500%, 8-1-42		2,091		2,197
3.000%, 1-1-43		1,043		1,075
3.000%, 2-1-43		1,300		1,345
3.500%, 7-1-44		1,555		1,624
3.500%, 12-1-44		3,081		3,214
				157,394
TOTAL UNITED STATES GOVERNMENT AGENCY OBLIGATIONS – 14.4%			$	157,394
(Cost: $155,776)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Obligations – 18.8%
U.S. Treasury Bonds:
5.375%, 2-15-31 (C)(F)		4,940		6,812
3.000%, 2-15-48		13,563		16,117
3.000%, 2-15-49 (C)		26,601		31,742
2.875%, 5-15-49		2,500		2,918
U.S. Treasury Notes:
1.375%, 1-15-20		2,100		2,097
1.375%, 2-15-20		21,000		20,956
1.250%, 2-29-20		15,000		14,961
1.375%, 4-30-20		20,000		19,942
1.375%, 5-31-20		18,220		18,158
2.875%, 10-31-20		1,080		1,092
2.000%, 5-31-24		10,000		10,201
1.750%, 6-30-24		10,500		10,590
1.750%, 7-31-24 (C)		8,650		8,728
1.250%, 8-31-24 (C)		530		523
2.500%, 1-31-25		4,265		4,465
2.750%, 8-31-25		820		873
3.000%, 9-30-25		5,000		5,397
2.625%, 12-31-25		3,100		3,286

UNITED STATES GOVERNMENT OBLIGATIONS (Continued)	Principal		Value
Treasury Obligations (Continued)
2.125%, 5-31-26	$	12,150	$	12,537
2.375%, 5-15-29		5,925		6,294
1.625%, 8-15-29		7,500		7,467
				205,156
TOTAL UNITED STATES GOVERNMENT OBLIGATIONS – 18.8%			$	205,156
(Cost: $195,971)
SHORT-TERM SECURITIES
Commercial Paper (G) – 2.2%
Anheuser-Busch InBev Worldwide, Inc. (GTD by AB INBEV/BBR/COB),
2.247%, 10-2-19		1,003		1,003
Federal National Mortgage Association,
1.690%, 10-1-19		5,119		5,119
McCormick & Co., Inc.,
2.131%, 10-4-19		10,000		9,997
Sysco Corp.,
2.180%, 10-1-19		7,300		7,300
				23,419
Master Note – 0.5%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (H)		5,474		5,474
Money Market Funds – 0.0%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 1.900%, (I)(J)		190		190
TOTAL SHORT-TERM SECURITIES – 2.7%			$	29,083
(Cost: $29,084)
TOTAL INVESTMENT SECURITIES – 100.8%			$	1,099,883
(Cost: $1,066,097)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.8)%				(8,556	)
NET ASSETS – 100.0%			$	1,091,327

92 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY SECURIAN CORE BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

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 September 30, 2019 the total value of these securities amounted to $280,284 or 25.7% of net assets.

(B) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2019. Description of the reference rate and spread, if applicable, are included in the security description.

(C) All or a portion of securities with an aggregate value of $10,230 are on loan.

(D) Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at September 30, 2019.

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

(F) All or a portion of securities with an aggregate value of $1,965 have been pledged as collateral on open futures contracts.

(G) Rate shown is the yield to maturity at September 30, 2019.

(H) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

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

(J) Rate shown is the annualized 7-day yield at September 30, 2019.

The following futures contracts were outstanding at September 30, 2019 (contracts unrounded):

Description	Type	Number of Contracts		Expiration Date		Notional Amount		Value			Unrealized Appreciation (Depreciation)
U.S. Treasury Ultra Long Bond	Short		68		12-19-19		6,800	$	(13,050	)	$	406
U.S. 10-Year Ultra Treasury Note	Short		344		12-31-19		34,400		(48,988	)		762
U.S. 30-Year Treasury Bond	Long		552		12-31-19		55,200		89,597			(1,886	)
U.S. 5-Year Treasury Note	Long		815		1-6-20		81,500		97,106			(670	)
								$	124,665		$	(1,388	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	—	$	150,606	$	—
Corporate Debt Securities		—		379,394		—
Mortgage-Backed Securities		—		164,906		—
Municipal Bonds		—		13,344		—
United States Government Agency Obligations		—		157,394		—
United States Government Obligations		—		205,156		—
Short-Term Securities		190		28,893		—
Total	$	190	$	1,099,693	$	—
Futures Contracts	$	1,168	$	—	$	—
Liabilities
Futures Contracts	$	2,556	$	—	$	—

2019 SEMIANNUAL REPORT 93

SCHEDULE OF INVESTMENTS IVY SECURIAN CORE BOND FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

During the period ended September 30, 2019, securities totaling $113 were transferred from Level 3 to Level 2 due to increased availability of observable market data due to increased market activity or information for these securities.

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.

94 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY SMALL CAP CORE FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	97.4%
Financials	16.9%
Industrials	15.5%
Information Technology	14.2%
Health Care	11.8%
Consumer Discretionary	8.7%
Communication Services	7.1%
Real Estate	6.5%
Consumer Staples	6.5%
Energy	3.8%
Utilities	3.5%
Materials	2.9%
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+	2.6%

Top 10 Equity Holdings

Company	Sector	Industry
Vonage Holdings Corp.	Communication Services	Alternative Carriers
Nomad Foods Ltd.	Consumer Staples	Packaged Foods & Meats
Webster Financial Corp.	Financials	Regional Banks
Cardtronics plc, Class A	Information Technology	Data Processing & Outsourced Services
Chemed Corp.	Health Care	Health Care Services
Grand Canyon Education, Inc.	Consumer Discretionary	Education Services
Switch, Inc., Class A	Information Technology	IT Consulting & Other Services
MGIC Investment Corp.	Financials	Thrifts & Mortgage Finance
Encompass Health Corp.	Health Care	Health Care Facilities
OneSpaWorld Holdings Ltd.	Consumer Discretionary	Specialized Consumer Services

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

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

2019 SEMIANNUAL REPORT 95

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

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Alternative Carriers – 6.7%
Cogent Communications Group, Inc.		293	$	16,163
Vonage Holdings Corp. (A)		2,770		31,304
				47,467
Broadcasting – 0.4%
Nexstar Broadcasting Group, Inc.		27		2,712
Total Communication Services – 7.1%				50,179
Consumer Discretionary
Casinos & Gaming – 1.0%
Red Rock Resorts, Inc., Class A		327		6,635
Education Services – 3.0%
Grand Canyon Education, Inc. (A)		213		20,915
Homebuilding – 0.7%
TopBuild Corp. (A)		54		5,190
Leisure Products – 1.5%
Polaris, Inc.		123		10,800
Specialized Consumer Services – 2.5%
OneSpaWorld Holdings Ltd. (A)		1,137		17,651
Total Consumer Discretionary – 8.7%				61,191
Consumer Staples
Packaged Foods & Meats – 6.5%
Nomad Foods Ltd. (A)		1,355		27,787
Sanderson Farms, Inc.		75		11,297
TreeHouse Foods, Inc. (A)		118		6,570
				45,654
Total Consumer Staples – 6.5%				45,654
Energy
Oil & Gas Exploration & Production – 2.1%
Magnolia Oil & Gas Corp. (A)(B)		1,311		14,552
Oil & Gas Storage & Transportation – 1.7%
Scorpio Tankers, Inc.		414		12,316
Total Energy – 3.8%				26,868
Financials
Consumer Finance – 1.6%
Encore Capital Group, Inc. (A)		332		11,058
Multi-Line Insurance – 3.0%
Assurant, Inc. (C)		84		10,551
Kemper Corp.		133		10,385
				20,936

COMMON STOCKS (Continued)	Shares		Value
Property & Casualty Insurance – 3.9%
Argo Group International Holdings Ltd.		188	$	13,210
Old Republic International Corp.		616		14,516
				27,726
Regional Banks – 5.6%
First Horizon National Corp.		446		7,225
TCF Financial Corp.		132		5,034
Webster Financial Corp.		586		27,453
				39,712
Thrifts & Mortgage Finance – 2.8%
MGIC Investment Corp.		1,561		19,641
Total Financials – 16.9%				119,073
Health Care
Health Care Equipment – 3.9%
Envista Holdings Corp. (A)		267		7,454
Glaukos Corp. (A)		69		4,299
Integer Holdings Corp. (A)		110		8,304
Tandem Diabetes Care, Inc. (A)		131		7,732
				27,789
Health Care Facilities – 2.8%
Encompass Health Corp.		308		19,486
Health Care Services – 4.1%
Chemed Corp.		62		25,865
LHC Group, Inc. (A)		25		2,820
				28,685
Life Sciences Tools & Services – 0.7%
Medpace Holdings, Inc. (A)		54		4,559
Pharmaceuticals – 0.3%
Intersect ENT, Inc. (A)		143		2,432
Total Health Care – 11.8%				82,951
Industrials
Aerospace & Defense – 1.4%
Cubic Corp.		136		9,612
Building Products – 1.1%
Trex Co., Inc. (A)		90		8,155
Electrical Components & Equipment – 0.7%
Generac Holdings, Inc. (A)		67		5,225
Environmental & Facilities Services – 0.9%
Clean Harbors, Inc. (A)		83		6,377
Industrial Machinery – 7.1%
Crane Co.		211		16,999
Gardner Denver Holdings, Inc. (A)		370		10,472
RBC Bearings, Inc. (A)		91		15,164
Woodward, Inc.		66		7,099
				49,734

COMMON STOCKS (Continued)	Shares		Value
Research & Consulting Services – 1.4%
ICF International, Inc.		114	$	9,594
Security & Alarm Services – 2.1%
Brink’s Co. (The)		139		11,540
NAPCO Security Technologies, Inc. (A)(B)		127		3,230
				14,770
Trucking – 0.8%
Knight Transportation, Inc.		156		5,658
Total Industrials – 15.5%				109,125
Information Technology
Application Software – 2.3%
Q2 Holdings, Inc. (A)		204		16,094
Data Processing & Outsourced Services – 5.7%
Cardtronics plc, Class A (A)		891		26,929
EVERTEC, Inc.		237		7,388
Repay Holdings Corp. (A)(B)		416		5,548
				39,865
IT Consulting & Other Services – 2.8%
Switch, Inc., Class A (B)		1,266		19,772
Systems Software – 2.0%
PROS Holdings, Inc. (A)		240		14,307
Technology Distributors – 1.4%
Avnet, Inc.		229		10,200
Total Information Technology – 14.2%				100,238
Materials
Aluminum – 0.7%
Constellium N.V., Class A (A)		391		4,969
Diversified Chemicals – 1.7%
Huntsman Corp.		511		11,890
Diversified Metals & Mining – 0.5%
Compass Minerals International, Inc.		64		3,599
Total Materials – 2.9%				20,458
Real Estate
Hotel & Resort REITs – 1.5%
Ryman Hospitality Properties, Inc.		127		10,357
Industrial REITs – 3.2%
Americold Realty Trust		221		8,183
STAG Industrial, Inc.		489		14,405
				22,588
Residential REITs – 0.6%
Essential Properties Realty Trust, Inc.		171		3,922

96 SEMIANNUAL REPORT 2019

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

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Retail REITs – 1.2%
Agree Realty Corp.		121	$	8,822
Total Real Estate – 6.5%				45,689
Utilities
Electric Utilities – 1.4%
ALLETE, Inc.		112		9,796
Gas Utilities – 2.1%
ONE Gas, Inc.		151		14,554
Total Utilities – 3.5%				24,350
TOTAL COMMON STOCKS – 97.4%			$	685,776
(Cost: $611,359)
SHORT-TERM SECURITIES	Principal
Commercial Paper (D) – 0.9%
Sysco Corp.,
2.180%, 10-1-19	$	2,866		2,866
UnitedHealth Group, Inc.,
2.252%, 10-4-19		3,800		3,799
				6,665

SHORT-TERM SECURITIES (Continued)	Principal		Value
Master Note – 0.1%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (E)	$	948	$	948
Money Market Funds – 0.2%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares,
1.900%, (F)(G)		1,145		1,145
TOTAL SHORT-TERM SECURITIES – 1.2%			$	8,758
(Cost: $8,758)
TOTAL INVESTMENT SECURITIES – 98.6%			$	694,534
(Cost: $620,117)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 1.4%				9,671
NET ASSETS – 100.0%			$	704,205

Notes to Schedule of Investments

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

(B) All or a portion of securities with an aggregate value of $2,108 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 September 30, 2019 the total value of these securities amounted to $10,551 or 1.5% of net assets.

(D) Rate shown is the yield to maturity at September 30, 2019.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

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

(G) Rate shown is the annualized 7-day yield at September 30, 2019.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	685,776	$	—	$	—
Short-Term Securities		1,145		7,613		—
Total	$	686,921	$	7,613	$	—

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 97

PORTFOLIO HIGHLIGHTS IVY SMALL CAP GROWTH FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	95.6%
Information Technology	25.7%
Health Care	24.0%
Industrials	18.9%
Consumer Discretionary	14.1%
Financials	6.0%
Consumer Staples	3.1%
Communication Services	2.3%
Energy	1.2%
Real Estate	0.3%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	4.4%

Top 10 Equity Holdings

Company	Sector	Industry
Teladoc Health, Inc.	Health Care	Health Care Services
Mercury Computer Systems, Inc.	Industrials	Aerospace & Defense
Insulet Corp.	Health Care	Health Care Equipment
Proofpoint, Inc.	Information Technology	Systems Software
Nexstar Broadcasting Group, Inc.	Communication Services	Broadcasting
InterXion Holding N.V.	Information Technology	IT Consulting & Other Services
Five9, Inc.	Information Technology	Application Software
Grand Canyon Education, Inc.	Consumer Discretionary	Education Services
Wingstop, Inc.	Consumer Discretionary	Restaurants
Monolithic Power Systems, Inc.	Information Technology	Semiconductors

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.

98 SEMIANNUAL REPORT 2019

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

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Broadcasting – 2.3%
Nexstar Broadcasting Group, Inc.		545	$	55,769
Total Communication Services – 2.3%				55,769
Consumer Discretionary
Auto Parts & Equipment – 0.4%
Fox Factory Holding Corp. (A)		136		8,469
Automotive Retail – 1.1%
Carvana Co. (A)(B)		411		27,133
Casinos & Gaming – 0.4%
PlayAGS, Inc. (A)		1,009		10,371
Distributors – 1.0%
Pool Corp.		125		25,170
Education Services – 2.0%
Grand Canyon Education, Inc. (A)		484		47,539
General Merchandise Stores – 0.5%
Ollie’s Bargain Outlet Holdings, Inc. (A)		213		12,490
Homebuilding – 2.1%
Installed Building Products, Inc. (A)		592		33,971
TopBuild Corp. (A)		176		16,989
				50,960
Hotels, Resorts & Cruise Lines – 1.2%
Hilton Grand Vacations, Inc. (A)		902		28,869
Internet & Direct Marketing Retail – 1.9%
Etsy, Inc. (A)		709		40,081
RealReal, Inc. (The) (A)(B)		206		4,609
				44,690
Leisure Facilities – 1.3%
SeaWorld Entertainment, Inc. (A)		1,177		30,981
Leisure Products – 0.3%
Malibu Boats, Inc., Class A (A)		268		8,229
Restaurants – 1.9%
Wingstop, Inc.		531		46,347
Total Consumer Discretionary – 14.1%				341,248
Consumer Staples
Food Retail – 0.6%
Sprouts Farmers Market, Inc. (A)		782		15,126
Packaged Foods & Meats – 2.5%
J&J Snack Foods Corp.		163		31,238
Nomad Foods Ltd. (A)		1,372		28,120
				59,358
Total Consumer Staples – 3.1%				74,484

COMMON STOCKS (Continued)	Shares		Value
Energy
Oil & Gas Equipment & Services – 0.5%
Dril-Quip, Inc. (A)		241	$	12,082
Oil & Gas Exploration & Production – 0.7%
Matador Resources Co. (A)		1,069		17,672
Total Energy – 1.2%				29,754
Financials
Asset Management & Custody Banks – 0.6%
Hamilton Lane, Inc., Class A		240		13,649
Insurance Brokers – 0.8%
eHealth, Inc. (A)		277		18,518
Investment Banking & Brokerage – 2.7%
Evercore Partners, Inc.		334		26,787
LPL Investment Holdings, Inc.		489		40,016
				66,803
Regional Banks – 0.9%
Seacoast Banking Corp. of Florida (A)		865		21,901
Thrifts & Mortgage Finance – 1.0%
Essent Group Ltd.		538		25,669
Total Financials – 6.0%				146,540
Health Care
Biotechnology – 1.2%
Vericel Corp. (A)		1,965		29,744
Health Care Distributors – 1.4%
PetIQ, Inc. (A)		1,268		34,557
Health Care Equipment – 7.5%
Insulet Corp. (A)		362		59,705
iRhythm Technologies, Inc. (A)(B)		474		35,092
NovoCure Ltd. (A)		227		16,956
Penumbra, Inc. (A)(B)		212		28,545
Tactile Systems Technology, Inc. (A)		694		29,370
Veracyte, Inc. (A)		511		12,260
				181,928
Health Care Services – 6.0%
AMN Healthcare Services, Inc. (A)		582		33,493
LHC Group, Inc. (A)		283		32,183
Teladoc Health, Inc. (A)(B)		1,200		81,241
				146,917
Health Care Supplies – 2.0%
Merit Medical Systems, Inc. (A)		814		24,803
STAAR Surgical Co. (A)		925		23,845
				48,648
Health Care Technology – 4.3%
CareDx, Inc. (A)		1,769		39,987
HMS Holdings Corp. (A)		1,012		34,884

COMMON STOCKS (Continued)	Shares		Value
Health Care Technology (Continued)
Omnicell, Inc. (A)		368	$	26,610
Phreesia, Inc. (A)		87		2,117
				103,598
Managed Health Care – 1.0%
HealthEquity, Inc. (A)		433		24,745
Pharmaceuticals – 0.6%
Aerie Pharmaceuticals, Inc. (A)		704		13,533
Total Health Care – 24.0%				583,670
Industrials
Aerospace & Defense – 2.6%
Mercury Computer Systems, Inc. (A)		786		63,831
Air Freight & Logistics – 1.4%
Air Transport Services Group, Inc. (A)		1,542		32,422
Building Products – 1.4%
PGT Innovations, Inc. (A)		1,189		20,529
Trex Co., Inc. (A)		155		14,085
				34,614
Electrical Components & Equipment – 0.8%
EnerSys		291		19,193
Environmental & Facilities Services – 1.8%
Clean Harbors, Inc. (A)		572		44,174
Industrial Machinery – 7.7%
Crane Co.		333		26,810
John Bean Technologies Corp.		400		39,812
RBC Bearings, Inc. (A)		218		36,114
Timken Co. (The)		938		40,822
Woodward, Inc.		396		42,711
				186,269
Security & Alarm Services – 1.8%
Brink’s Co. (The)		513		42,549
Trucking – 1.4%
Knight Transportation, Inc.		954		34,636
Total Industrials – 18.9%				457,688
Information Technology
Application Software – 12.6%
Coupa Software, Inc. (A)		53		6,815
Envestnet, Inc. (A)		464		26,298
Five9, Inc. (A)		912		48,984
Globant S.A. (A)		390		35,671
HubSpot, Inc. (A)		176		26,683
Mimecast Ltd. (A)		1,019		36,363
Paycom Software, Inc. (A)		107		22,349
Pluralsight, Inc., Class A (A)(B)		1,303		21,882
Q2 Holdings, Inc. (A)		515		40,642
RealPage, Inc. (A)		375		23,585

2019 SEMIANNUAL REPORT 99

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

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS (Continued)	Shares		Value
Application Software (Continued)
Smartsheet, Inc., Class A (A)		483	$	17,389
				306,661
Communications Equipment – 1.0%
Viavi Solutions, Inc. (A)		1,801		25,222
Data Processing & Outsourced Services – 1.1%
EVO Payments, Inc., Class A (A)		960		26,984
Electronic Equipment & Instruments – 0.6%
Coherent, Inc. (A)		97		14,956
Internet Services & Infrastructure – 1.3%
8x8, Inc. (A)		1,473		30,529
IT Consulting & Other Services – 3.3%
Booz Allen Hamilton Holding Corp.		424		30,135
InterXion Holding N.V. (A)		604		49,198
				79,333
Semiconductors – 1.9%
Monolithic Power Systems, Inc.		290		45,180
Systems Software – 3.9%
Proofpoint, Inc. (A)		441		56,967
Varonis Systems, Inc. (A)		633		37,848
				94,815
Total Information Technology – 25.7%				623,680
Real Estate
Health Care REITs – 0.3%
Community Healthcare Trust, Inc.		168		7,495
Total Real Estate – 0.3%				7,495
TOTAL COMMON STOCKS – 95.6%			$	2,320,328
(Cost: $1,819,406)

SHORT-TERM SECURITIES	Principal		Value
Commercial Paper (C) – 1.9%
Diageo Capital plc (GTD by Diageo plc),
2.201%, 10-4-19	$	5,000	$	4,999
Florida Power & Light Co.,
2.092%, 10-8-19		5,000		4,997
International Paper Co.:
2.202%, 10-8-19		6,000		5,997
2.310%, 10-11-19		5,000		4,996
McCormick & Co., Inc.,
2.151%, 10-3-19		5,000		4,999
Sysco Corp.,
2.180%, 10-1-19		5,070		5,070
UnitedHealth Group, Inc.:
2.152%, 10-7-19		5,000		4,998
2.030%, 10-17-19		6,000		5,994
Wisconsin Electric Power Co.,
2.100%, 10-1-19		5,000		5,000
				47,050
Master Note – 0.1%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (D)		2,048		2,048
Money Market Funds – 3.7%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares,
1.900%, (E)(F)		90,677		90,677

SHORT-TERM SECURITIES (Continued)	Principal		Value
Municipal Obligations – 0.2%
CA Statewide Cmnty Dev Auth, Multifam Hsng Rev Bonds (Wyndover Apts), Ser 2004 LL (GTD by FNMA) (BVAL plus 10 bps),
1.520%, 10-7-19 (D)	$	5,125	$	5,125
United States Government Agency Obligations – 2.0%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
2.200%, 10-7-19 (D)		35,212		35,212
2.220%, 10-7-19 (D)		13,806		13,806
				49,018
TOTAL SHORT-TERM SECURITIES – 7.9%			$	193,918
(Cost: $193,921)
TOTAL INVESTMENT SECURITIES – 103.5%			$	2,514,246
(Cost: $2,013,327)
LIABILITIES, NET OF CASH AND OTHER ASSETS (G) – (3.5)%				(85,356	)
NET ASSETS – 100.0%			$	2,428,890

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 $92,656 are on loan.

(C) Rate shown is the yield to maturity at September 30, 2019.

(D) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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 September 30, 2019.

(G) Cash of $2,080 has been pledged as collateral on open OTC swap agreements.

100 SEMIANNUAL REPORT 2019

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

SEPTEMBER 30, 2019 (UNAUDITED)

The following total return swap agreements were outstanding at September 30, 2019:

Underlying Security	Long/Short	Counterparty		Maturity Date		Notional Amount		Financing Fee(1)(2)	Value			Upfront Payments/ (Receipts)		Unrealized Depreciation
Biotech Custom Index	Long		Goldman Sachs International		07/02/2020	$	71,512	1-Month LIBOR plus 10 bps	$	(2,687	)	$	—	$	(2,687	)

(1) The Fund pays the financing fee multiplied by the notional amount if long on the swap agreement. If the Fund is short on the swap agreement, the Fund receives the financing fee multiplied by the notional amount.

(2) At the termination date, a net cash flow is exchanged where the market-linked total return is equivalent to the return of the underlying security less a financing rate, if any. If the Fund is long on the swap agreement, the Fund would receive payments on any net positive total return, and would owe payments in the event of a negative total return. If the Fund is short on the swap agreement, the Fund would owe payments on any net positive total return, and would receive payments in the event of a negative total return.

The following table represents security positions within the total return basket swap as of September 30, 2019:

Reference Entity	Shares			Notional Amount		Value			% of Value
Global Blood Therapeutics, Inc.		2		$	3,223	$	(122	)		4.5	%
ACADIA Pharmaceuticals, Inc.		3			2,443		(93	)		3.4
Repligen Corp.		1			2,348		(88	)		3.3
Blueprint Medicines Corp.		1			2,315		(87	)		3.2
Spark Therapeutics, Inc.		1			2,132		(80	)		3.0
Arrowhead Pharmaceuticals, Inc.		2			1,672		(63	)		2.3
FibroGen, Inc.		2			1,663		(62	)		2.3
Emergent BioSolutions, Inc.		1			1,554		(58	)		2.2
Ultragenyx Pharmaceutical, Inc.		1			1,503		(56	)		2.1
MyoKardia, Inc.		1			1,476		(55	)		2.1
Halozyme Therapeutics, Inc.		3			1,432		(54	)		2.0
Immunomedics, Inc.		4			1,366		(51	)		1.9
Iovance Biotherapeutics, Inc.		3			1,347		(51	)		1.9
Mirati Therapeutics, Inc.		1			1,263		(47	)		1.8
PTC Therapeutics, Inc.		1			1,247		(47	)		1.7
Amicus Therapeutics, Inc.		6			1,192		(45	)		1.7
Arena Pharmaceuticals, Inc.		1			1,183		(44	)		1.7
Genomic Health, Inc.		1			1,179		(44	)		1.6
Natera, Inc.		1			1,171		(44	)		1.6
Portola Pharmaceuticals, Inc.		2			1,149		(43	)		1.6
Zogenix, Inc.		1			1,106		(42	)		1.5
Invitae Corp.		2			1,077		(40	)		1.5
Intercept Pharmaceuticals, Inc.		1			1,046		(39	)		1.5
Pacira BioSciences, Inc.		1			993		(37	)		1.4
Xencor, Inc.		1			983		(37	)		1.4
Acceleron Pharma, Inc.		1			931		(35	)		1.3
Biohaven Pharmaceutical Holding Co. Ltd.		1			907		(34	)		1.3
Corcept Therapeutics, Inc.		2			896		(34	)		1.3
Alder Biopharmaceuticals, Inc.		2			885		(33	)		1.2
Insmed, Inc.		2			885		(33	)		1.2
Heron Therapeutics, Inc.		2			875		(33	)		1.2
Supernus Pharmaceuticals, Inc.		1			875		(33	)		1.2
Allakos, Inc.		—	*		871		(33	)		1.2
Ironwood Pharmaceuticals, Inc.		4			838		(32	)		1.2
Momenta Pharmaceuticals, Inc.		2			821		(31	)		1.1
Audentes Therapeutics, Inc.		1			782		(29	)		1.1
REGENXBIO, Inc.		1			763		(29	)		1.1

Reference Entity	Shares			Notional Amount		Value			% of Value
Medicines Co. (The)		1		$	750	$	(28	)		1.0	%
Apellis Pharmaceuticals, Inc.		1			747		(28	)		1.0
Radius Health, Inc.		1			745		(28	)		1.0
Veracyte, Inc.		1			738		(28	)		1.0
Editas Medicine, Inc.		1			733		(28	)		1.0
Allogene Therapeutics, Inc.		1			683		(26	)		1.0
Enanta Pharmaceuticals, Inc.		—	*		668		(25	)		0.9
Aimmune Therapeutics, Inc.		1			592		(22	)		0.8
Esperion Therapeutics, Inc.		1			591		(22	)		0.8
Cambrex Corp.		—	*		554		(21	)		0.8
Theravance Biopharma, Inc.		1			553		(21	)		0.8
Spectrum Pharmaceuticals, Inc.		2			547		(21	)		0.8
Aerie Pharmaceuticals, Inc.		1			529		(20	)		0.7
Fate Therapeutics, Inc.		1			519		(19	)		0.7
Omeros Corp.		1			491		(18	)		0.7
Dicerna Pharmaceuticals, Inc.		1			477		(18	)		0.7
Ra Pharmaceuticals, Inc.		1			472		(18	)		0.7
Sangamo Therapeutics, Inc.		2			471		(18	)		0.7
Denali Therapeutics, Inc.		1			471		(18	)		0.7
Athenex, Inc.		1			470		(18	)		0.7
AnaptysBio, Inc.		1			468		(18	)		0.7
Codexis, Inc.		1			461		(17	)		0.6
Amphastar Pharmaceuticals, Inc.		1			458		(17	)		0.6
Vanda Pharmaceuticals, Inc.		1			447		(17	)		0.6
ZIOPHARM Oncology, Inc.		4			444		(17	)		0.6
Reata Pharmaceuticals, Inc.		—	*		436		(16	)		0.6
Innoviva, Inc.		2			434		(16	)		0.6
ANI Pharmaceuticals, Inc.		—	*		433		(16	)		0.6
Madrigal Pharmaceuticals, Inc.		—	*		432		(16	)		0.6
Pacific Biosciences of California, Inc.		3			431		(16	)		0.6
Tricida, Inc.		1			430		(16	)		0.6
Vericel Corp.		1			428		(16	)		0.6
NanoString Technologies, Inc.		1			427		(16	)		0.6
ArQule, Inc.		2			422		(16	)		0.6
Atara Biotherapeutics, Inc.		1			403		(15	)		0.6
Epizyme, Inc.		1			382		(14	)		0.5
Cara Therapeutics, Inc.		1			349		(13	)		0.5

2019 SEMIANNUAL REPORT 101

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

SEPTEMBER 30, 2019 (UNAUDITED)

Reference Entity	Shares			Notional Amount		Value			% of Value
PetIQ, Inc.		—	*	$	330	$	(12	)		0.5	%
Twist Bioscience Corp.		1			325		(12	)		0.5
Accelerate Diagnostics, Inc.		1			325		(12	)		0.5
Heska Corp.		—	*		321		(12	)		0.4
Axsome Therapeutics, Inc.		1			308		(12	)		0.4
Retrophin, Inc.		1			302		(11	)		0.4
G1 Therapeutics, Inc.		—	*		295		(11	)		0.4
UroGen Pharma Ltd.		—	*		291		(11	)		0.4
Stemline Therapeutics, Inc.		1			269		(10	)		0.4

Reference Entity	Shares			Notional Amount		Value			% of Value
Voyager Therapeutics, Inc.		1		$	267	$	(10	)		0.4	%
Phibro Animal Health Corp.		—	*		266		(10	)		0.4
TG Therapeutics, Inc.		2			254		(10	)		0.4
Adverum Biotechnologies, Inc.		1			185		(7	)		0.3
Amneal Pharmaceuticals, Inc.		2			174		(7	)		0.2
Clovis Oncology, Inc.		1			122		(5	)		0.2
						$	(2,687	)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	2,320,328	$	—	$	—
Short-Term Securities		90,677		103,241		—
Total	$	2,411,005	$	103,241	$	—
Liabilities
Total Return Swaps	$	—	$	2,687	$	—

The following acronyms are used throughout this schedule:

BVAL = Bloomberg Valuation Municipal AAA Benchmark

FNMA = Federal National Mortgage Association

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

OTC = Over the Counter

REIT = Real Estate Investment Trust

TB = Treasury Bill

See Accompanying Notes to Financial Statements.

102 SEMIANNUAL REPORT 2019

PORTFOLIO HIGHLIGHTS IVY VALUE FUND

ALL DATA IS AS OF SEPTEMBER 30, 2019 (UNAUDITED)

Asset Allocation

Stocks	96.8%
Financials	27.2%
Consumer Staples	10.5%
Health Care	9.2%
Information Technology	9.1%
Energy	8.6%
Industrials	7.3%
Consumer Discretionary	6.8%
Communication Services	6.3%
Utilities	5.0%
Materials	4.1%
Real Estate	2.7%
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+	3.2%

Top 10 Equity Holdings

Company	Sector	Industry
Bank of America Corp.	Financials	Diversified Banks
Wal-Mart Stores, Inc.	Consumer Staples	Hypermarkets & Super Centers
Comcast Corp., Class A	Communication Services	Cable & Satellite
Citigroup, Inc.	Financials	Other Diversified Financial Services
Pfizer, Inc.	Health Care	Pharmaceuticals
Philip Morris International, Inc.	Consumer Staples	Tobacco
CVS Caremark Corp.	Consumer Staples	Drug Retail
Valero Energy Corp.	Energy	Oil & Gas Refining & Marketing
Exelon Corp.	Utilities	Electric Utilities
AGNC Investment Corp.	Financials	Mortgage REITs

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 103

SCHEDULE OF INVESTMENTS IVY VALUE FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

COMMON STOCKS	Shares		Value
Communication Services
Advertising – 2.4%
Omnicom Group, Inc.		328	$	25,651
Cable & Satellite – 3.9%
Comcast Corp., Class A (A)		924		41,659
Total Communication Services – 6.3%				67,310
Consumer Discretionary
Automotive Retail – 1.7%
AutoZone, Inc. (B)		16		17,712
General Merchandise Stores – 2.7%
Target Corp.		275		29,432
Home Improvement Retail – 2.4%
Lowe’s Co., Inc. (A)		235		25,830
Total Consumer Discretionary – 6.8%				72,974
Consumer Staples
Drug Retail – 3.2%
CVS Caremark Corp.		545		34,386
Hypermarkets & Super Centers – 4.0%
Wal-Mart Stores, Inc.		361		42,891
Tobacco – 3.3%
Philip Morris International, Inc.		455		34,563
Total Consumer Staples – 10.5%				111,840
Energy
Oil & Gas Refining & Marketing – 5.9%
Phillips 66		296		30,300
Valero Energy Corp.		389		33,167
				63,467
Oil & Gas Storage & Transportation – 2.7%
Energy Transfer L.P.		2,201		28,791
Total Energy – 8.6%				92,258
Financials
Asset Management & Custody Banks – 2.1%
Ameriprise Financial, Inc.		151		22,256
Consumer Finance – 5.5%
Capital One Financial Corp.		328		29,823
Synchrony Financial		840		28,642
				58,465
Diversified Banks – 4.3%
Bank of America Corp.		1,568		45,730

COMMON STOCKS (Continued)	Shares		Value
Mortgage REITs – 4.8%
AGNC Investment Corp.		1,914	$	30,803
Annaly Capital Management, Inc.		2,392		21,053
				51,856
Other Diversified Financial Services – 5.6%
Citigroup, Inc.		595		41,116
Fidelity National Information Services, Inc.		139		18,507
				59,623
Property & Casualty Insurance – 2.8%
Allstate Corp. (The)		276		29,985
Reinsurance – 2.1%
Reinsurance Group of America, Inc.		144		23,055
Total Financials – 27.2%				290,970
Health Care
Biotechnology – 2.4%
Amgen, Inc.		130		25,079
Health Care Facilities – 2.4%
HCA Holdings, Inc.		216		26,035
Pharmaceuticals – 4.4%
GlaxoSmithKline plc ADR		227		9,705
Pfizer, Inc. (A)		1,050		37,734
				47,439
Total Health Care – 9.2%				98,553
Industrials
Aerospace & Defense – 3.3%
Northrop Grumman Corp.		42		15,666
Spirit AeroSystems Holdings, Inc.		240		19,754
				35,420
Airlines – 2.7%
Southwest Airlines Co. (A)		532		28,755
Industrial Machinery – 1.3%
Parker Hannifin Corp.		74		13,383
Total Industrials – 7.3%				77,558
Information Technology
Application Software – 1.9%
NXP Semiconductors N.V.		183		19,936
Semiconductor Equipment – 2.8%
Lam Research Corp.		130		30,091
Semiconductors – 2.4%
Broadcom Corp., Class A (A)		94		25,868

COMMON STOCKS (Continued)	Shares		Value
Systems Software – 2.0%
Microsoft Corp.		151	$	21,007
Total Information Technology – 9.1%				96,902
Materials
Commodity Chemicals – 2.3%
LyondellBasell Industries N.V., Class A		278		24,837
Diversified Metals & Mining – 1.8%
BHP Billiton Ltd. ADR (C)		393		19,401
Total Materials – 4.1%				44,238
Real Estate
Health Care REITs – 2.7%
Welltower, Inc.		319		28,899
Total Real Estate – 2.7%				28,899
Utilities
Electric Utilities – 5.0%
Evergy, Inc.		327		21,752
Exelon Corp.		652		31,483
				53,235
Total Utilities – 5.0%				53,235
TOTAL COMMON STOCKS – 96.8%			$	1,034,737
(Cost: $870,480)
SHORT-TERM SECURITIES	Principal
Commercial Paper (D) – 0.9%
Exxon Mobil Corp.,
2.052%, 10-3-19	$	4,000		3,999
J.M. Smucker Co. (The),
2.152%, 10-7-19		5,000		4,998
				8,997
Master Note – 0.5%
Toyota Motor Credit Corp. (1-Month U.S. LIBOR plus 15 bps),
2.170%, 10-7-19 (E)		5,011		5,011
Money Market Funds – 1.5%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares,
1.900%, (F)(G)		15,701		15,701
Municipal Obligations – 0.1%
LA Pub Fac Auth, Var Rate Rev Rfdg Bonds (CHRISTUS Hlth), Ser 2009B-1 (GTD by Bank of New York Mellon (The)) (BVAL plus 25 bps),
1.600%, 10-7-19 (E)		1,500		1,500

104 SEMIANNUAL REPORT 2019

SCHEDULE OF INVESTMENTS IVY VALUE FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

SHORT-TERM SECURITIES (Continued)	Principal		Value
United States Government Agency Obligations – 1.7%
Overseas Private Investment Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate):
2.200%, 10-7-19 (E)	$	5,000	$	5,000
2.220%, 10-7-19 (E)		5,497		5,497
2.230%, 10-7-19 (E)		7,800		7,800
				18,297
TOTAL SHORT-TERM SECURITIES – 4.7%			$	49,506
(Cost: $49,507)
TOTAL INVESTMENT SECURITIES – 101.5%			$	1,084,243
(Cost: $919,987)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.5)%				(15,883	)
NET ASSETS – 100.0%			$	1,068,360

Notes to Schedule of Investments

(A) All or a portion of securities with an aggregate value of $47 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

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

(C) All or a portion of securities with an aggregate value of $15,322 are on loan.

(D) Rate shown is the yield to maturity at September 30, 2019.

(E) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 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.

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

(G) Rate shown is the annualized 7-day yield at September 30, 2019.

The following written options were outstanding at September 30, 2019 (contracts and exercise prices unrounded):

Underlying Security	Counterparty, if OTC	Type		Number of Contracts		Notional Amount		Expiration Month		Exercise Price		Premium Received		Value
AutoZone, Inc.	N/A		Put		28		3		October 2019	$	1,100.00	$	57	$	(81	)
	N/A		Put		28		3		November 2019		1,100.00		81		(120	)
Comcast Corp., Class A	N/A		Call		586		58		October 2019		44.50		147		(86	)
Lam Research Corp.	N/A		Call		113		11		October 2019		245.00		44		(20	)
Reinsurance Group of America, Inc.	Citibank N.A.		Put		299		30		October 2019		140.00		126		(7	)
	N/A		Put		178		18		January 2020		135.00		60		(20	)
	N/A		Put		178		18		January 2020		140.00		90		(20	)
	Goldman Sachs International		Put		357		36		January 2020		145.00		214		(62	)
Valero Energy Corp.	N/A		Call		376		37		November 2019		90.00		66		(65	)
												$	885	$	(481	)

2019 SEMIANNUAL REPORT 105

SCHEDULE OF INVESTMENTS IVY VALUE FUND (in thousands)

SEPTEMBER 30, 2019 (UNAUDITED)

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 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	$	1,034,737	$	—	$	—
Short-Term Securities		15,701		33,805		—
Total	$	1,050,438	$	33,805	$	—
Liabilities
Written Options	$	412	$	69	$	—

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

GTD = Guaranteed

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

TB = Treasury Bill

See Accompanying Notes to Financial Statements.

106 SEMIANNUAL REPORT 2019

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF SEPTEMBER 30, 2019 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Core Equity Fund		Ivy Emerging Markets Equity Fund(1)		Ivy Global Bond Fund			Ivy Global Equity Income Fund		Ivy Global Growth Fund			Ivy Government Money Market Fund			Ivy High Income Fund
ASSETS
Investments in unaffiliated securities at value+^	$	4,143,084	$	1,709,868	$	469,008		$	749,432	$	921,958		$	155,104		$	4,701,482
Investments in affiliated securities at value+		—		—		—			—		—			—			72,016
Investments at Value		4,143,084		1,709,868		469,008			749,432		921,958			155,104			4,773,498
Cash		1		338		2,129			1		1			987			13,996
Restricted cash		—		—		—			—		—			—			90
Investment securities sold receivable		—		5,372		1,205			—		5			—			25,899
Dividends and interest receivable		433		1,850		4,798			2,662		2,021			316			81,120
Capital shares sold receivable		634		2,020		248			138		182			2,023			5,049
Receivable from affiliates		63		832		457			97		89			7			122
Receivable from securities lending income – net		—		7		3			—		—	*		—			62
Prepaid and other assets		194		118		69			76		89			64			274
Total Assets		4,144,409		1,720,405		477,917			752,406		924,345			158,501			4,900,110
LIABILITIES
Cash collateral on securities loaned at value		—		3,464		5,570			—		—			—			21,133
Investment securities purchased payable		—		—		7,438			—		—			—			7,284
Capital shares redeemed payable		6,774		3,555		823			1,468		1,731			2,110			9,870
Distributions payable		—		—		—			—		—			6			948
Independent Trustees and Chief Compliance Officer fees payable		1,633		104		137			128		337			27			626
Distribution and service fees payable		22		4		1			3		3			—	*		33
Shareholder servicing payable		630		292		110			169		192			46			837
Investment management fee payable		70		42		8			14		21			1			70
Accounting services fee payable		23		23		12			18		20			6			23
Other liabilities		69		169		40			36		36			19			269
Total Liabilities		9,221		7,653		14,139			1,836		2,340			2,215			41,093
Commitments and Contingencies (See Note 2, Note 11 and Note 13)
Total Net Assets	$	4,135,188	$	1,712,752	$	463,778		$	750,570	$	922,005		$	156,286		$	4,859,017
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	2,855,708	$	1,704,282	$	525,643		$	654,000	$	699,665		$	156,282		$	6,262,864
Accumulated earnings gain (loss)		1,279,480		8,470		(61,865	)		96,570		222,340			4			(1,403,847	)
Total Net Assets	$	4,135,188	$	1,712,752	$	463,778		$	750,570	$	922,005		$	156,286		$	4,859,017
CAPITAL SHARES OUTSTANDING:
Class A		200,619		16,535		20,198			29,707		10,424			131,027			262,557
Class B		545		93		81			295		20			934			4,504
Class C		3,843		3,785		712			1,269		204			8,789			86,033
Class E		943		15		N/A			429		4			7,801			1,265
Class I		64,223		55,407		22,954			28,120		9,416			N/A			279,406
Class N		2,266		13,436		2,917			1,842		401			7,731			11,357
Class R		31		683		69			54		27			N/A			8,284
Class T		N/A		14		N/A			N/A		N/A			N/A			36
Class Y		1,864		2,266		77			604		91			N/A			29,337
NET ASSET VALUE PER SHARE:
Class A		$14.63		$18.18		$9.87			$12.04		$44.35			$1.00			$7.12
Class B		$11.68		$14.75		$9.86			$12.03		$36.07			$1.00			$7.12
Class C		$12.22		$15.51		$9.86			$12.03		$36.71			$1.00			$7.12
Class E		$14.55		$18.50		N/A			$12.04		$44.76			$1.00			$7.12
Class I		$16.59		$18.82		$9.86			$12.05		$45.43			N/A			$7.12
Class N		$16.64		$18.92		$9.87			$12.06		$45.72			$1.00			$7.12
Class R		$14.47		$17.97		$9.85			$12.05		$43.84			N/A			$7.12
Class T		N/A		$18.23		N/A			N/A		N/A			N/A			$7.12
Class Y		$16.06		$18.55		$9.87			$12.04		$44.59			N/A			$7.12
+COST
Investments in unaffiliated securities at cost	$	3,268,598	$	1,443,545	$	478,626		$	651,775	$	713,307		$	155,104		$	5,026,327
Investments in affiliated securities at cost		—		—		—			—		—			—			95,251
^Securities loaned at value		—		10,908		7,044			—		—			—			26,090

* Not shown due to rounding.

(1) Consolidated Statement of Assets and Liabilities (See Note 5 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 107

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF SEPTEMBER 30, 2019 (UNAUDITED)

(In thousands, except per share amounts)	Ivy International Core Equity Fund			Ivy Large Cap Growth Fund			Ivy Limited- Term Bond Fund			Ivy Managed International Opportunities Fund			Ivy Mid Cap Growth Fund		Ivy Mid Cap Income Opportunities Fund		Ivy Municipal Bond Fund
ASSETS
Investments in unaffiliated securities at value+^	$	4,709,382		$	4,507,227		$	1,141,026		$	221		$	4,835,164	$	802,386	$	806,435
Investments in affiliated securities at value+		—			—			—			176,945			—		—		—
Investments at Value		4,709,382			4,507,227			1,141,026			177,166			4,835,164		802,386		806,435
Cash		1			1			2			1			—		1		1
Cash denominated in foreign currencies at value+		76,249			—			—			—			—		—		—
Restricted cash		—			—			—			—			850		—		386
Investment securities sold receivable		25,119			—			1,854			132			17,239		—		—
Dividends and interest receivable		21,630			1,232			7,108			1			995		848		9,640
Capital shares sold receivable		4,194			2,676			1,247			98			3,565		4,103		119
Receivable from affiliates		3,028			1,212			4			40			2,973		700		248
Unrealized appreciation on forward foreign currency contracts		1,740			—			—			—			—		—		—
Receivable from securities lending income – net		102			—	*		2			—			34		5		—
Variation margin receivable		—			—			—			—			—		—		4
Prepaid and other assets		211			203			103			55			206		104		95
Total Assets		4,841,656			4,512,551			1,151,346			177,493			4,861,026		808,147		816,928
LIABILITIES
Cash collateral on securities loaned at value		82,796			—			—			—			51,232		8,206		—
Investment securities purchased payable		34,591			—			—			—			8,392		4,040		16,099
Capital shares redeemed payable		20,849			6,769			1,827			241			7,326		1,031		1,348
Distributions payable		—			—			56			—			—		—		60
Independent Trustees and Chief Compliance Officer fees payable		299			718			104			17			565		11		244
Overdraft due to custodian		—			—			—			—			16		—		—
Distribution and service fees payable		11			18			4			1			20		2		4
Shareholder servicing payable		693			654			177			20			833		116		90
Investment management fee payable		101			76			15			—	*		105		18		11
Accounting services fee payable		23			23			23			4			23		18		18
Unrealized depreciation on forward foreign currency contracts		2,276			—			—			—			—		—		—
Written options at value+		—			—			—			—			652		—		—
Other liabilities		166			76			34			14			83		23		22
Total Liabilities		141,805			8,334			2,240			297			69,247		13,465		17,896
Commitments and Contingencies (See Note 2, Note 11 and Note 13)
Total Net Assets	$	4,699,851		$	4,504,217		$	1,149,106		$	177,196		$	4,791,779	$	794,682	$	799,032
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	4,861,870		$	2,132,530		$	1,158,184		$	168,651		$	2,856,076	$	676,285	$	742,045
Accumulated earnings gain (loss)		(162,019	)		2,371,687			(9,078	)		8,545			1,935,703		118,397		56,987
Total Net Assets	$	4,699,851		$	4,504,217		$	1,149,106		$	177,196		$	4,791,779	$	794,682	$	799,032
CAPITAL SHARES OUTSTANDING:
Class A		30,589			88,673			34,240			5,982			63,031		10,469		39,651
Class B		165			444			230			25			562		N/A		82
Class C		8,280			4,061			3,295			196			8,493		1,255		1,469
Class E		419			850			487			49			499		204		N/A
Class I		141,975			77,782			55,271			10,916			78,560		35,282		26,196
Class N		69,193			3,958			11,325			29			10,084		4,749		61
Class R		5,918			752			50			62			2,381		234		N/A
Class T		13			N/A			N/A			N/A			N/A		N/A		N/A
Class Y		19,956			1,313			599			38			9,863		1,158		40
NET ASSET VALUE PER SHARE:
Class A		$16.92			$24.75			$10.89			$10.20			$26.56		$14.88		$11.84
Class B		$14.79			$18.10			$10.89			$9.87			$20.35		N/A		$11.84
Class C		$14.85			$19.85			$10.89			$9.91			$21.99		$14.81		$11.84
Class E		$17.05			$24.67			$10.89			$10.22			$25.83		$14.89		N/A
Class I		$17.08			$26.27			$10.89			$10.28			$28.97		$14.90		$11.84
Class N		$17.12			$26.45			$10.89			$10.29			$29.22		$14.91		$11.84
Class R		$16.89			$23.58			$10.89			$10.15			$25.70		$14.85		N/A
Class T		$16.93			N/A			N/A			N/A			N/A		N/A		N/A
Class Y		$17.05			$25.45			$10.89			$10.21			$27.87		$14.88		$11.84
+COST
Investments in unaffiliated securities at cost	$	4,775,550		$	2,597,361		$	1,120,576		$	221		$	3,118,276	$	684,961	$	742,302
Investments in affiliated securities at cost		—			—			—			171,653			—		—		—
Cash denominated in foreign currencies at cost		76,250			—			—			—			—		—		—
Written options premiums received at cost		—			—			—			—			1,074		—		—
^Securities loaned at value		157,924			—			—			—			164,477		8,034		—

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

108 SEMIANNUAL REPORT 2019

STATEMENTS OF ASSETS AND LIABILITIES IVY FUNDS

AS OF SEPTEMBER 30, 2019 (UNAUDITED)

(In thousands, except per share amounts)	Ivy Municipal High Income Fund			Ivy Pzena International Value Fund			Ivy Securian Core Bond Fund		Ivy Small Cap Core Fund		Ivy Small Cap Growth Fund		Ivy Value Fund
ASSETS
Investments in unaffiliated securities at value+^	$	1,176,444		$	273,442		$	1,099,883	$	694,534	$	2,514,246	$	1,084,243
Investments at Value		1,176,444			273,442			1,099,883		694,534		2,514,246		1,084,243
Cash		1			1			90		412		1		1
Cash denominated in foreign currencies at value+		—			246			—		—		—		—
Restricted cash		—			—			—		—		2,080		—
Investment securities sold receivable		—			394			—		20,387		8,451		66
Dividends and interest receivable		18,126			1,434			6,052		480		442		2,337
Capital shares sold receivable		603			43			1,265		1,414		3,652		453
Receivable from affiliates		289			—			736		506		806		—
Receivable from securities lending income – net		—			3			5		5		31		6
Variation margin receivable		—			—			11		—		—		—
Prepaid and other assets		87			52			96		83		140		80
Total Assets		1,195,550			275,615			1,108,138		717,821		2,529,849		1,087,186
LIABILITIES
Cash collateral on securities loaned at value		—			6,901			190		1,145		90,677		15,701
Investment securities purchased payable		5,875			109			14,651		11,396		2,341		—
Capital shares redeemed payable		1,342			379			1,488		826		4,095		2,234
Distributions payable		185			—			85		—		—		—
Independent Trustees and Chief Compliance Officer fees payable		211			101			86		43		418		171
Distribution and service fees payable		7			1			2		2		11		3
Shareholder servicing payable		130			56			168		143		472		189
Investment management fee payable		16			6			15		16		55		20
Accounting services fee payable		23			8			24		17		23		23
Swap agreements, at value		—			—			—		—		2,687		—
Variation margin payable		—			—			60		—		—		—
Written options at value+		—			—			—		—		—		481
Other liabilities		20			23			42		28		180		4
Total Liabilities		7,809			7,584			16,811		13,616		100,959		18,826
Commitments and Contingencies (See Note 2, Note 11 and Note 13)
Total Net Assets	$	1,187,741		$	268,031		$	1,091,327	$	704,205	$	2,428,890	$	1,068,360
NET ASSETS
Capital paid in (shares authorized – unlimited)	$	1,224,423		$	296,839		$	1,052,754	$	634,603	$	1,799,916	$	811,933
Accumulated earnings gain (loss)		(36,682	)		(28,808	)		38,573		69,602		628,974		256,427
Total Net Assets	$	1,187,741		$	268,031		$	1,091,327	$	704,205	$	2,428,890	$	1,068,360
CAPITAL SHARES OUTSTANDING:
Class A		130,904			4,449			17,819		9,603		60,051		14,770
Class B		949			14			127		97		445		65
Class C		18,418			117			1,085		2,084		5,634		540
Class E		N/A			N/A			335		12		602		8
Class I		82,561			6,410			63,959		21,350		44,259		23,627
Class N		229			6,795			14,837		3,897		6,697		5,701
Class R		N/A			19			139		1,052		3,663		14
Class T		N/A			N/A			N/A		14		14		N/A
Class Y		1,275			92			591		724		6,021		5
NET ASSET VALUE PER SHARE:
Class A		$5.07			$14.67			$11.04		$17.21		$16.62		$23.82
Class B		$5.07			$12.80			$11.04		$13.47		$11.25		$21.84
Class C		$5.07			$13.61			$11.04		$14.56		$12.74		$22.85
Class E		N/A			N/A			$11.04		$17.97		$16.43		$23.92
Class I		$5.07			$15.07			$11.04		$18.82		$22.69		$23.92
Class N		$5.07			$15.12			$11.04		$18.97		$22.84		$24.00
Class R		N/A			$14.63			$11.04		$17.10		$16.20		$23.78
Class T		N/A			N/A			N/A		$17.23		$16.67		N/A
Class Y		$5.07			$14.91			$11.04		$18.18		$21.18		$23.86
+COST
Investments in unaffiliated securities at cost	$	1,183,129		$	305,025		$	1,066,097	$	620,117	$	2,013,327	$	919,987
Cash denominated in foreign currencies at cost		—			246			—		—		—		—
Written options premiums received at cost		—			—			—		—		—		885
^Securities loaned at value		—			6,555			10,230		2,108		92,656		15,322

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 109

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)

(In thousands)	Ivy Core Equity Fund			Ivy Emerging Markets Equity Fund(1)			Ivy Global Bond Fund			Ivy Global Equity Income Fund			Ivy Global Growth Fund			Ivy Government Money Market Fund			Ivy High Income Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	28,126		$	25,798		$	75		$	18,276		$	9,237		$	—		$	2,225
Foreign dividend withholding tax		(29	)		(2,993	)		—			(1,550	)		(661	)		—			—
Interest and amortization from unaffiliated securities		590			286			10,923			198			385			1,824			188,559
Interest and amortization from affiliated securities		—			—			—			—			—			—			2,107
Foreign interest withholding tax		—			—			(1	)		—			—			—			—
Securities lending income – net		49			50			16			77			106			—			340
Total Investment Income		28,736			23,141			11,013			17,001			9,067			1,824			193,231
EXPENSES
Investment management fee		13,049			8,190			1,517			2,747			4,041			274			13,215
Distribution and service fees:
Class A		3,693			405			258			461			577			—			2,374
Class B		35			9			5			20			4			6			180
Class C		254			333			39			95			41			45			3,314
Class E		17			—	*		N/A			7			—	*		—			12
Class R		2			35			2			2			4			N/A			154
Class T		N/A			—	*		N/A			N/A			N/A			N/A			—	*
Class Y		48			54			1			9			6			N/A			292
Shareholder servicing:
Class A		1,833			426			273			426			466			185			1,378
Class B		18			5			3			8			3			—	*		38
Class C		58			69			11			22			12			5			397
Class E		22			—	*		N/A			12			—	*		8			19
Class I		911			1,035			216			306			378			N/A			1,736
Class N		3			48			2			2			2			1			7
Class R		1			19			1			1			2			N/A			81
Class T		N/A			—	*		N/A			N/A			N/A			N/A			—	*
Class Y		37			36			2			7			5			N/A			205
Registration fees		77			86			52			62			60			59			125
Custodian fees		44			268			7			30			27			5			11
Independent Trustees and Chief Compliance Officer fees		457			57			42			42			91			7			228
Accounting services fee		138			140			72			109			119			35			140
Professional fees		50			48			41			31			33			16			89
Third-party valuation service fees		—	*		14			—	*		7			5			—			—	*
Commitment and interest expense for borrowing		—			—			—			—			—			—			189
Other		141			98			26			38			56			15			180
Total Expenses		20,888			11,375			2,570			4,444			5,932			661			24,364
Less:
Expenses in excess of limit		(63	)		(833	)		(457	)		(97	)		(89	)		(7	)		(122	)
Total Net Expenses		20,825			10,542			2,113			4,347			5,843			654			24,242
Net Investment Income		7,911			12,599			8,900			12,654			3,224			1,170			168,989
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		209,952			(15,624	)		(2,557	)		3,410			2,982			3			2,967
Investments in affiliated securities		—			—			—			—			—			—			25
Forward foreign currency contracts		—			—			—			—			—			—			215
Foreign currency exchange transactions		—			(54	)		10			30			(77	)		—			10
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		128,434			(92,569	)		6,737			5,793			21,674			—			(53,163	)
Investments in affiliated securities		—			—			—			—			—			—			(9,924	)
Forward foreign currency contracts		—			—			—			—			—			—			(2	)
Foreign currency exchange transactions		—			—	*		(21	)		17			(13	)		—			3
Net Realized and Unrealized Gain (Loss)		338,386			(108,247	)		4,169			9,250			24,566			3			(59,869	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	346,297		$	(95,648	)	$	13,069		$	21,904		$	27,790		$	1,173		$	109,120

* Not shown due to rounding.

(1) Consolidated Statement of Operations (See Note 5 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

110 SEMIANNUAL REPORT 2019

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)

(In thousands)	Ivy International Core Equity Fund			Ivy Large Cap Growth Fund			Ivy Limited- Term Bond Fund			Ivy Managed International Opportunities Fund			Ivy Mid Cap Growth Fund			Ivy Mid Cap Income Opportunities Fund			Ivy Municipal Bond Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	96,374		$	20,507		$	—		$	—		$	15,295		$	10,323		$	314
Dividends from affiliated securities		—			—			—			332			—			—			—
Foreign dividend withholding tax		(9,132	)		(84	)		—			—			—			—			—
Interest and amortization from unaffiliated securities		4,300			576			17,345			4			685			259			15,340
Securities lending income – net		531			—	*		7			—			113			15			—
Total Investment Income		92,073			20,999			17,352			336			16,093			10,597			15,654
EXPENSES
Investment management fee		20,496			13,920			2,770			45			19,397			3,127			2,085
Distribution and service fees:
Class A		675			2,740			469			80			2,116			183			593
Class B		15			44			14			1			68			N/A			6
Class C		738			435			203			11			1,017			91			92
Class E		9			26			7			1			16			4			N/A
Class R		257			45			1			2			159			9			N/A
Class T		—	*		N/A			N/A			N/A			N/A			N/A			N/A
Class Y		450			48			9			1			361			20			1
Shareholder servicing:
Class A		671			1,329			282			31			1,359			137			187
Class B		7			14			4			1			20			N/A			1
Class C		128			76			29			2			155			17			12
Class E		18			27			6			—	*		23			—	*		N/A
Class I		2,406			1,686			531			15			2,058			427			253
Class N		119			8			9			—	*		49			9			—	*
Class R		132			24			1			—	*		83			4			N/A
Class T		—	*		N/A			N/A			N/A			N/A			N/A			N/A
Class Y		302			31			8			1			230			14			—	*
Registration fees		111			98			87			55			105			71			57
Custodian fees		165			29			10			3			35			9			8
Independent Trustees and Chief Compliance Officer fees		164			245			43			6			217			17			75
Accounting services fee		139			138			138			22			138			100			109
Professional fees		70			53			32			20			56			25			29
Third-party valuation service fees		15			—			—			—			—	*		—	*		—
Other		194			138			44			12			177			28			24
Total Expenses		27,281			21,154			4,697			309			27,839			4,292			3,532
Less:
Expenses in excess of limit		(3,028	)		(1,212	)		(4	)		(40	)		(2,973	)		(700	)		(248	)
Total Net Expenses		24,253			19,942			4,693			269			24,866			3,592			3,284
Net Investment Income (Loss)		67,820			1,057			12,659			67			(8,773	)		7,005			12,370
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		13,938			284,972			2,831			—			196,613			(2,506	)		1,034
Investments in affiliated securities		—			—			—			(974	)		—			—			—
Futures contracts		—			—			—			—			—			—			(2,406	)
Written options		—			—			—			—			(2,150	)		—			—
Forward foreign currency contracts		3,185			—			—			—			—			—			—
Foreign currency exchange transactions		(1,288	)		—			—			—			(39	)		—			—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(44,540	)		99,257			13,761			—	*		55,970			45,997			9,780
Investments in affiliated securities		—			—			—			1,427			—			—			—
Futures contracts		—			—			—			—			—			—			760
Written options		—			—			—			—			422			—			—
Forward foreign currency contracts		20,276			—			—			—			—			—			—
Foreign currency exchange transactions		(143	)		—			—			—			—			—			—
Net Realized and Unrealized Gain		(8,572	)		384,229			16,592			453			250,816			43,491			9,168
Net Increase in Net Assets Resulting from Operations	$	59,248		$	385,286		$	29,251		$	520		$	242,043		$	50,496		$	21,538

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 111

STATEMENTS OF OPERATIONS IVY FUNDS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (UNAUDITED)

(In thousands)	Ivy Municipal High Income Fund			Ivy Pzena International Value Fund			Ivy Securian Core Bond Fund			Ivy Small Cap Core Fund			Ivy Small Cap Growth Fund			Ivy Value Fund
INVESTMENT INCOME
Dividends from unaffiliated securities	$	43		$	7,082		$	—		$	4,211		$	4,162		$	17,464
Foreign dividend withholding tax		—			(565	)		—			—			—			(107	)
Interest and amortization from unaffiliated securities		28,231			64			18,649			345			1,480			546
Securities lending income – net		—			48			12			17			114			19
Total Investment Income		28,274			6,629			18,661			4,573			5,756			17,922
EXPENSES
Investment management fee		3,020			1,367			2,616			3,103			10,870			3,768
Distribution and service fees:
Class A		833			88			233			217			1,362			442
Class B		26			1			8			8			32			8
Class C		511			9			63			167			422			67
Class E		N/A			N/A			4			—	*		13			—	*
Class R		N/A			1			4			45			163			1
Class T		N/A			N/A			N/A			—	*		—	*		N/A
Class Y		8			2			7			19			177			—	*
Shareholder servicing:
Class A		231			137			203			211			1,010			370
Class B		4			2			4			3			15			4
Class C		45			3			13			33			80			15
Class E		N/A			N/A			8			—	*		21			—	*
Class I		348			88			551			380			919			494
Class N		—	*		6			13			17			18			9
Class R		N/A			—	*		2			24			86			1
Class T		N/A			N/A			N/A			—	*		—	*		N/A
Class Y		6			2			5			14			116			—	*
Registration fees		51			54			79			74			95			63
Custodian fees		8			19			10			11			6			10
Independent Trustees and Chief Compliance Officer fees		74			21			38			22			133			60
Accounting services fee		134			50			132			98			140			147
Professional fees		44			32			44			33			45			25
Third-party valuation service fees		—			10			4			—			—			—
Commitment and interest expense for borrowing		45			—			—			—			—			—
Other		35			20			34			34			104			43
Total Expenses		5,423			1,912			4,075			4,513			15,827			5,527
Less:
Expenses in excess of limit		(289	)		(287	)		(737	)		(507	)		(806	)		(24	)
Total Net Expenses		5,134			1,625			3,338			4,006			15,021			5,503
Net Investment Income (Loss)		23,140			5,004			15,323			567			(9,265	)		12,419
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments in unaffiliated securities		7,863			(1,731	)		3,652			15,713			77,300			58,643
Futures contracts		—			—			8,260			—			—			—
Written options		—			—			—			—			—			884
Swap agreements		—			—			—			(6	)		6,208			—
Foreign currency exchange transactions		—			(33	)		—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		3,647			(7,389	)		27,391			(650	)		(151,125	)		(10,804	)
Futures contracts		—			—			(2,879	)		—			—			—
Written options		—			—			—			—			—			351
Swap agreements		—			—			—			—			(3,473	)		—
Foreign currency exchange transactions		—			(8	)		—			—			—			—
Net Realized and Unrealized Gain (Loss)		11,510			(9,161	)		36,424			15,057			(71,090	)		49,074
Net Increase (Decrease) in Net Assets Resulting from Operations	$	34,650		$	(4,157	)	$	51,747		$	15,624		$	(80,355	)	$	61,493

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

112 SEMIANNUAL REPORT 2019

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Core Equity Fund						Ivy Emerging Markets Equity Fund(1)						Ivy Global Bond Fund
(In thousands)	Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	7,911		$	30,356		$	12,599		$	20,185		$	8,900		$	17,557
Net realized gain (loss) on investments		209,952			581,475			(15,678	)		(148,166	)		(2,547	)		(6,568	)
Net change in unrealized appreciation (depreciation)		128,434			(369,262	)		(92,569	)		(203,865	)		6,716			5,518
Net Increase (Decrease) in Net Assets Resulting from Operations		346,297			242,569			(95,648	)		(331,846	)		13,069			16,507
Distributions to Shareholders From Accumulated Earnings:
(combined net investment income and net realized gains)
Class A		—			(388,586	)		—			(2,118	)		(2,010	)		(7,065	)
Class B		—			(1,235	)		—			(2	)		(6	)		(38	)
Class C		—			(8,048	)		—			(185	)		(47	)		(236	)
Class E		—			(1,780	)		—			(2	)		N/A			N/A
Class I		—			(134,998	)		—			(12,282	)		(2,636	)		(8,253	)
Class N		—			(6,166	)		—			(3,149	)		(341	)		(431	)
Class R		—			(167	)		—			(68	)		(5	)		(19	)
Class T		N/A			N/A			—			(2	)		N/A			N/A
Class Y		—			(7,124	)		—			(292	)		(10	)		(44	)
Total Distributions to Shareholders		—			(548,104	)		—			(18,100	)		(5,055	)		(16,086	)
Capital Share Transactions		(358,874	)		(130,024	)		(178,969	)		(418,950	)		(38,065	)		(70,917	)
Net Decrease in Net Assets		(12,577	)		(435,559	)		(274,617	)		(768,896	)		(30,051	)		(70,496	)
Net Assets, Beginning of Period		4,147,765			4,583,324			1,987,369			2,756,265			493,829			564,325
Net Assets, End of Period	$	4,135,188		$	4,147,765		$	1,712,752		$	1,987,369		$	463,778		$	493,829

(1) Consolidated Statement of Changes in Net Assets (See Note 5 in Notes to Financial Statements).

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 113

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Global Equity Income Fund						Ivy Global Growth Fund						Ivy Government Money Market Fund
(In thousands)	Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	12,654		$	22,590		$	3,224		$	3,250		$	1,170		$	2,112
Net realized gain on investments		3,440			14,431			2,905			92,104			3			—	*
Net change in unrealized appreciation (depreciation)		5,810			(37,193	)		21,661			(66,340	)		—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		21,904			(172	)		27,790			29,014			1,173			2,112
Distributions to Shareholders From Accumulated Earnings:
(combined net investment income and net realized gains)
Class A		(5,792	)		(58,388	)		—			(48,926	)		(1,001	)		(1,785	)
Class B		(49	)		(734	)		—			(123	)		(4	)		(7	)
Class C		(230	)		(3,376	)		—			(1,078	)		(28	)		(89	)
Class E		(86	)		(790	)		—			(17	)		(67	)		(98	)
Class I		(6,150	)		(60,390	)		—			(45,608	)		N/A			N/A
Class N		(411	)		(2,977	)		—			(1,919	)		(70	)		(134	)
Class R		(10	)		(101	)		—			(149	)		N/A			N/A
Class Y		(120	)		(1,148	)		—			(627	)		N/A			N/A
Total Distributions to Shareholders		(12,848	)		(127,904	)		—			(98,447	)		(1,170	)		(2,113	)
Capital Share Transactions		(81,321	)		(133,600	)		(53,717	)		21,541			(1,520	)		(16,082	)
Net Decrease in Net Assets		(72,265	)		(261,676	)		(25,927	)		(47,892	)		(1,517	)		(16,083	)
Net Assets, Beginning of Period		822,835			1,084,511			947,932			995,824			157,803			173,886
Net Assets, End of Period	$	750,570		$	822,835		$	922,005		$	947,932		$	156,286		$	157,803

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

114 SEMIANNUAL REPORT 2019

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy High Income Fund						Ivy International Core Equity Fund						Ivy Large Cap Growth Fund
(In thousands)	Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	168,989		$	366,924		$	67,820		$	143,936		$	1,057		$	3,445
Net realized gain (loss) on investments		3,217			(152,413	)		15,835			70,220			284,972			476,311
Net change in unrealized appreciation (depreciation)		(63,086	)		(68,306	)		(24,407	)		(833,286	)		99,257			43,144
Net Increase (Decrease) in Net Assets Resulting from Operations		109,120			146,205			59,248			(619,130	)		385,286			522,900
Distributions to Shareholders From Accumulated Earnings:
(combined net investment income and net realized gains)
Class A		(63,697	)		(140,529	)		—			(45,275	)		—			(205,272	)
Class B		(1,075	)		(3,098	)		—			(401	)		—			(1,355	)
Class C		(19,900	)		(45,900	)		—			(16,110	)		—			(10,673	)
Class E		(304	)		(615	)		—			(608	)		—			(2,101	)
Class I		(70,588	)		(147,649	)		—			(297,839	)		—			(180,094	)
Class N		(2,607	)		(5,381	)		—			(123,699	)		—			(11,502	)
Class R		(1,949	)		(4,112	)		—			(8,350	)		—			(2,462	)
Class T		(9	)		(19	)		—			(20	)		N/A			N/A
Class Y		(7,845	)		(19,658	)		—			(31,726	)		—			(4,160	)
Total Distributions to Shareholders		(167,974	)		(366,961	)		—			(524,028	)		—			(417,619	)
Capital Share Transactions		(174,151	)		(392,244	)		(1,168,818	)		(316,659	)		(244,012	)		629,065
Net Increase (Decrease) in Net Assets		(233,005	)		(613,000	)		(1,109,570	)		(1,459,817	)		141,274			734,346
Net Assets, Beginning of Period		5,092,022			5,705,022			5,809,421			7,269,238			4,362,943			3,628,597
Net Assets, End of Period	$	4,859,017		$	5,092,022		$	4,699,851		$	5,809,421		$	4,504,217		$	4,362,943

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 115

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Limited-Term Bond Fund						Ivy Managed International Opportunities Fund						Ivy Mid Cap Growth Fund
(In thousands)	Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	12,659		$	26,315		$	67		$	2,917		$	(8,773	)	$	(16,990	)
Net realized gain (loss) on investments		2,831			(10,954	)		(974	)		18,101			194,424			207,130
Net change in unrealized appreciation (depreciation)		13,761			24,184			1,427			(36,411	)		56,392			461,516
Net Increase (Decrease) in Net Assets Resulting from Operations		29,251			39,545			520			(15,393	)		242,043			651,656
Distributions to Shareholders From Accumulated Earnings:
(combined net investment income and net realized gains)
Class A		(3,796	)		(7,781	)		—			(4,698	)		—			(133,105	)
Class B		(16	)		(48	)		—			(26	)		—			(1,821	)
Class C		(261	)		(592	)		—			(156	)		—			(20,138	)
Class E		(54	)		(86	)		—			(35	)		—			(967	)
Class I		(7,147	)		(15,335	)		—			(7,622	)		—			(154,984	)
Class N		(1,613	)		(3,275	)		—			(21	)		—			(23,643	)
Class R		(4	)		(10	)		—			(45	)		—			(5,230	)
Class Y		(73	)		(190	)		—			(40	)		—			(23,041	)
Total Distributions to Shareholders		(12,964	)		(27,317	)		—			(12,643	)		—			(362,929	)
Capital Share Transactions		(155,516	)		(27,350	)		(3,134	)		(24,785	)		(243,367	)		357,144
Net Increase (Decrease) in Net Assets		(139,229	)		(15,122	)		(2,614	)		(52,821	)		(1,324	)		645,871
Net Assets, Beginning of Period		1,288,335			1,303,457			179,810			232,631			4,793,103			4,147,232
Net Assets, End of Period	$	1,149,106		$	1,288,335		$	177,196		$	179,810		$	4,791,779		$	4,793,103

See Accompanying Notes to Financial Statements.

116 SEMIANNUAL REPORT 2019

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Mid Cap Income Opportunities Fund						Ivy Municipal Bond Fund						Ivy Municipal High Income Fund
(In thousands)	Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	7,005		$	7,483		$	12,370		$	28,414		$	23,140		$	55,469
Net realized gain (loss) on investments		(2,506	)		6,955			(1,372	)		4,038			7,863			13,908
Net change in unrealized appreciation (depreciation)		45,997			13,436			10,540			(4,750	)		3,647			(23,449	)
Net Increase in Net Assets Resulting from Operations		50,496			27,874			21,538			27,702			34,650			45,928
Distributions to Shareholders From Accumulated Earnings:
(combined net investment income and net realized gains)
Class A		(1,015	)		(4,093	)		(7,078	)		(16,645	)		(12,448	)		(29,836	)
Class B		N/A			N/A			(12	)		(42	)		(80	)		(266	)
Class C		(59	)		(362	)		(196	)		(568	)		(1,554	)		(4,478	)
Class E		(23	)		(108	)		N/A			N/A			N/A			N/A
Class I		(4,364	)		(10,097	)		(4,915	)		(11,890	)		(8,440	)		(20,736	)
Class N		(605	)		(2,093	)		(11	)		(21	)		(21	)		(31	)
Class R		(18	)		(104	)		N/A			N/A			N/A			N/A
Class Y		(111	)		(318	)		(8	)		(19	)		(125	)		(358	)
Total Distributions to Shareholders		(6,195	)		(17,175	)		(12,220	)		(29,185	)		(22,668	)		(55,705	)
Capital Share Transactions		86,944			312,281			(23,723	)		(62,167	)		(22,664	)		(206,056	)
Net Increase (Decrease) in Net Assets		131,245			322,980			(14,405	)		(63,650	)		(10,682	)		(215,833	)
Net Assets, Beginning of Period		663,437			340,457			813,437			877,087			1,198,423			1,414,256
Net Assets, End of Period	$	794,682		$	663,437		$	799,032		$	813,437		$	1,187,741		$	1,198,423

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 117

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Pzena International Value Fund						Ivy Securian Core Bond Fund						Ivy Small Cap Core Fund
(In thousands)	Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	5,004		$	3,276		$	15,323		$	30,333		$	567		$	(1,723	)
Net realized gain (loss) on investments		(1,764	)		30,740			11,912			(718	)		15,707			23,936
Net change in unrealized appreciation (depreciation)		(7,397	)		(54,559	)		24,512			8,231			(650	)		11,213
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,157	)		(20,543	)		51,747			37,846			15,624			33,426
Distributions to Shareholders From Accumulated Earnings:
(combined net investment income and net realized gains)
Class A		—			(9,253	)		(2,513	)		(5,447	)		—			(21,862	)
Class B		—			(40	)		(15	)		(56	)		—			(298	)
Class C		—			(266	)		(123	)		(317	)		—			(4,809	)
Class E		—			N/A			(49	)		(107	)		—			(25	)
Class I		—			(11,299	)		(10,423	)		(19,610	)		—			(47,361	)
Class N		—			(12,147	)		(2,506	)		(5,424	)		—			(8,664	)
Class R		—			(37	)		(18	)		(39	)		—			(1,947	)
Class T		N/A			N/A			N/A			N/A			—			(34	)
Class Y		—			(202	)		(80	)		(150	)		—			(2,040	)
Total Distributions to Shareholders		—			(33,244	)		(15,727	)		(31,150	)		—			(87,040	)
Capital Share Transactions		(6,478	)		153,086			158,054			(59,801	)		(24,591	)		139,893
Net Increase (Decrease) in Net Assets		(10,635	)		99,299			194,074			(53,105	)		(8,967	)		86,279
Net Assets, Beginning of Period		278,666			179,367			897,253			950,358			713,172			626,893
Net Assets, End of Period	$	268,031		$	278,666		$	1,091,327		$	897,253		$	704,205		$	713,172

See Accompanying Notes to Financial Statements.

118 SEMIANNUAL REPORT 2019

STATEMENTS OF CHANGES IN NET ASSETS IVY FUNDS

	Ivy Small Cap Growth Fund						Ivy Value Fund
(In thousands)	Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19			Six months ended 9-30-19 (Unaudited)			Year ended 3-31-19
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(9,265	)	$	(17,477	)	$	12,419		$	15,710
Net realized gain on investments		83,508			260,211			59,527			84,601
Net change in unrealized depreciation		(154,598	)		(72,084	)		(10,453	)		(53,725	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(80,355	)		170,650			61,493			46,586
Distributions to Shareholders From Accumulated Earnings:
(combined net investment income and net realized gains)
Class A		—			(144,998	)		(1,243	)		(21,845	)
Class B		—			(1,507	)		—			(110	)
Class C		—			(15,638	)		—	*		(931	)
Class E		—			(1,450	)		(1	)		(12	)
Class I		—			(95,402	)		(3,198	)		(37,618	)
Class N		—			(15,409	)		(926	)		(9,472	)
Class R		—			(8,958	)		—	*		(20	)
Class T		—			(38	)		N/A			N/A
Class Y		—			(16,736	)		(1	)		(36	)
Total Distributions to Shareholders		—			(300,136	)		(5,369	)		(70,044	)
Capital Share Transactions		(90,782	)		559,762			(76,805	)		(56,042	)
Net Increase (Decrease) in Net Assets		(171,137	)		430,276			(20,681	)		(79,500	)
Net Assets, Beginning of Period		2,600,027			2,169,751			1,089,041			1,168,541
Net Assets, End of Period	$	2,428,890		$	2,600,027		$	1,068,360		$	1,089,041

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 119

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY CORE EQUITY 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 9-30-2019 (unaudited)	$	13.47	$	0.02		$	1.14		$	1.16		$	—		$	—		$	—
Year ended 3-31-2019		14.78		0.09			0.60			0.69			(0.09	)		(1.91	)		(2.00	)
Year ended 3-31-2018		13.55		0.05			2.11			2.16			(0.03	)		(0.90	)		(0.93	)
Year ended 3-31-2017		12.73		0.03			1.28			1.31			(0.05	)		(0.44	)		(0.49	)
Year ended 3-31-2016		14.29		0.02			(0.60	)		(0.58	)		—	*		(0.98	)		(0.98	)
Year ended 3-31-2015		14.04		0.02			1.33			1.35			—			(1.10	)		(1.10	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		10.81		(0.04	)		0.91			0.87			—			—			—
Year ended 3-31-2019		12.21		(0.06	)		0.48			0.42			—			(1.82	)		(1.82	)
Year ended 3-31-2018		11.42		(0.09	)		1.77			1.68			—			(0.89	)		(0.89	)
Year ended 3-31-2017		10.85		(0.09	)		1.10			1.01			—			(0.44	)		(0.44	)
Year ended 3-31-2016		12.36		(0.09	)		(0.52	)		(0.61	)		—			(0.90	)		(0.90	)
Year ended 3-31-2015		12.32		(0.10	)		1.16			1.06			—			(1.02	)		(1.02	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		11.31		(0.03	)		0.94			0.91			—			—			—
Year ended 3-31-2019		12.69		(0.03	)		0.51			0.48			—			(1.86	)		(1.86	)
Year ended 3-31-2018		11.81		(0.06	)		1.83			1.77			—			(0.89	)		(0.89	)
Year ended 3-31-2017		11.19		(0.07	)		1.13			1.06			—			(0.44	)		(0.44	)
Year ended 3-31-2016		12.71		(0.07	)		(0.54	)		(0.61	)		—			(0.91	)		(0.91	)
Year ended 3-31-2015		12.63		(0.08	)		1.19			1.11			—			(1.03	)		(1.03	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		13.40		0.02			1.13			1.15			—			—			—
Year ended 3-31-2019		14.71		0.08			0.59			0.67			(0.07	)		(1.91	)		(1.98	)
Year ended 3-31-2018		13.50		0.04			2.10			2.14			(0.03	)		(0.90	)		(0.93	)
Year ended 3-31-2017		12.67		0.03			1.28			1.31			(0.04	)		(0.44	)		(0.48	)
Year ended 3-31-2016		14.23		0.00	*		(0.60	)		(0.60	)		—			(0.96	)		(0.96	)
Year ended 3-31-2015		14.00		(0.01	)		1.32			1.31			—			(1.08	)		(1.08	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		15.27		0.04			1.28			1.32			—			—			—
Year ended 3-31-2019		16.48		0.14			0.69			0.83			(0.13	)		(1.91	)		(2.04	)
Year ended 3-31-2018		15.01		0.09			2.35			2.44			(0.07	)		(0.90	)		(0.97	)
Year ended 3-31-2017		14.05		0.08			1.41			1.49			(0.09	)		(0.44	)		(0.53	)
Year ended 3-31-2016		15.67		0.07			(0.66	)		(0.59	)		(0.02	)		(1.01	)		(1.03	)
Year ended 3-31-2015		15.29		0.07			1.45			1.52			(0.03	)		(1.11	)		(1.14	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		15.30		0.06			1.28			1.34			—			—			—
Year ended 3-31-2019		16.51		0.16			0.69			0.85			(0.15	)		(1.91	)		(2.06	)
Year ended 3-31-2018		15.03		0.10			2.36			2.46			(0.08	)		(0.90	)		(0.98	)
Year ended 3-31-2017		14.07		0.08			1.43			1.51			(0.11	)		(0.44	)		(0.55	)
Year ended 3-31-2016		15.69		0.09			(0.67	)		(0.58	)		(0.02	)		(1.02	)		(1.04	)
Year ended 3-31-2015(6)		15.69		0.06			1.06			1.12			(0.01	)		(1.11	)		(1.12	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		13.36		0.00	*		1.11			1.11			—			—			—
Year ended 3-31-2019		14.67		0.03			0.60			0.63			(0.03	)		(1.91	)		(1.94	)
Year ended 3-31-2018		13.47		(0.01	)		2.11			2.10			—			(0.90	)		(0.90	)
Year ended 3-31-2017		12.67		(0.02	)		1.27			1.25			(0.01	)		(0.44	)		(0.45	)
Year ended 3-31-2016		14.23		(0.02	)		(0.60	)		(0.62	)		—			(0.94	)		(0.94	)
Year ended 3-31-2015		14.01		(0.03	)		1.31			1.28			—			(1.06	)		(1.06	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		14.78		0.04			1.24			1.28			—			—			—
Year ended 3-31-2019		16.02		0.13			0.67			0.80			(0.13	)		(1.91	)		(2.04	)
Year ended 3-31-2018		14.61		0.09			2.28			2.37			(0.06	)		(0.90	)		(0.96	)
Year ended 3-31-2017		13.69		0.07			1.38			1.45			(0.09	)		(0.44	)		(0.53	)
Year ended 3-31-2016		15.29		0.07			(0.64	)		(0.57	)		(0.02	)		(1.01	)		(1.03	)
Year ended 3-31-2015		14.94		0.07			1.42			1.49			(0.03	)		(1.11	)		(1.14	)

* 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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

120 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 9-30-2019 (unaudited)	$	14.63		8.61	%	$	2,934			1.04	%(4)		0.33	%(4)		—	%		—	%		36	%
Year ended 3-31-2019		13.47		5.56			2,895			1.02			0.64			—			—			97
Year ended 3-31-2018		14.78		16.31			3,149			1.04			0.33			1.04			0.33			51
Year ended 3-31-2017		13.55		10.42			269			1.15			0.20			1.21			0.14			90
Year ended 3-31-2016		12.73		-4.22			546			1.15			0.15			1.18			0.12			62
Year ended 3-31-2015		14.29		9.86			611			1.15			0.13			1.17			0.11			65
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		11.68		7.95			6			2.13	(4)		-0.76	(4)		2.19	(4)		-0.82	(4)		36
Year ended 3-31-2019		10.81		4.49			8			2.11			-0.47			—			—			97
Year ended 3-31-2018		12.21		15.11			11			2.11			-0.71			—			—			51
Year ended 3-31-2017		11.42		9.39			8			2.13			-0.79			—			—			90
Year ended 3-31-2016		10.85		-5.18			9			2.09			-0.79			—			—			62
Year ended 3-31-2015		12.36		8.80			11			2.08			-0.79			—			—			65
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		12.22		8.05			47			1.90	(4)		-0.52	(4)		—			—			36
Year ended 3-31-2019		11.31		4.74			52			1.85			-0.20			—			—			97
Year ended 3-31-2018		12.69		15.39			70			1.89			-0.50			—			—			51
Year ended 3-31-2017		11.81		9.60			116			1.92			-0.57			—			—			90
Year ended 3-31-2016		11.19		-5.00			129			1.91			-0.61			—			—			62
Year ended 3-31-2015		12.71		9.04			160			1.90			-0.62			—			—			65
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		14.55		8.50			14			1.09	(4)		0.28	(4)		1.24	(4)		0.13	(4)		36
Year ended 3-31-2019		13.40		5.54			13			1.10			0.56			1.22			0.44			97
Year ended 3-31-2018		14.71		16.22			14			1.13			0.25			1.31			0.07			51
Year ended 3-31-2017		13.50		10.49			12			1.16			0.19			1.42			-0.07			90
Year ended 3-31-2016		12.67		-4.39			10			1.29			0.02			1.43			-0.12			62
Year ended 3-31-2015		14.23		9.60			10			1.35			-0.06			1.43			-0.14			65
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		16.59		8.64			1,066			0.83	(4)		0.54	(4)		—			—			36
Year ended 3-31-2019		15.27		5.84			1,089			0.81			0.85			—			—			97
Year ended 3-31-2018		16.48		16.60			1,216			0.82			0.56			0.84			0.54			51
Year ended 3-31-2017		15.01		10.76			384			0.84			0.52			0.91			0.45			90
Year ended 3-31-2016		14.05		-3.93			172			0.84			0.46			0.90			0.40			62
Year ended 3-31-2015		15.67		10.14			234			0.84			0.45			0.90			0.39			65
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		16.64		8.76			38			0.68	(4)		0.68	(4)		—			—			36
Year ended 3-31-2019		15.30		6.01			45			0.65			0.97			—			—			97
Year ended 3-31-2018		16.51		16.74			71			0.73			0.64			—			—			51
Year ended 3-31-2017		15.03		10.84			112			0.76			0.58			—			—			90
Year ended 3-31-2016		14.07		-3.84			149			0.75			0.63			—			—			62
Year ended 3-31-2015(6)		15.69		7.39			4			0.75	(4)		0.60	(4)		—			—			65	(7)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		14.47		8.31			—	*		1.45	(4)		-0.04	(4)		—			—			36
Year ended 3-31-2019		13.36		5.16			1			1.40			0.22			—			—			97
Year ended 3-31-2018		14.67		15.91			2			1.46			-0.08			—			—			51
Year ended 3-31-2017		13.47		10.01			3			1.51			-0.15			—			—			90
Year ended 3-31-2016		12.67		-4.53			2			1.50			-0.18			—			—			62
Year ended 3-31-2015		14.23		9.40			2			1.50			-0.22			—			—			65
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		16.06		8.66			30			0.84	(4)		0.53	(4)		1.10	(4)		0.27	(4)		36
Year ended 3-31-2019		14.78		5.81			45			0.84			0.80			1.05			0.59			97
Year ended 3-31-2018		16.02		16.61			50			0.84			0.55			1.10			0.29			51
Year ended 3-31-2017		14.61		10.75			64			0.84			0.49			1.15			0.18			90
Year ended 3-31-2016		13.69		-3.91			113			0.84			0.46			1.15			0.15			62
Year ended 3-31-2015		15.29		10.18			105			0.84			0.45			1.15			0.14			65

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 121

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY EMERGING MARKETS EQUITY 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 9-30-2019 (unaudited)	$	19.15	$	0.10		$	(1.07	)	$	(0.97	)	$	—		$	—	$	—
Year ended 3-31-2019		21.60		0.12			(2.46	)		(2.34	)		(0.11	)		—		(0.11	)
Year ended 3-31-2018		16.95		0.01			4.64			4.65			—	*		—		—	*
Year ended 3-31-2017		13.59		(0.02	)		3.38			3.36			—			—		—
Year ended 3-31-2016		16.04		0.00	*		(2.33	)		(2.33	)		(0.12	)		—		(0.12	)
Year ended 3-31-2015		15.04		0.04			1.08			1.12			(0.12	)		—		(0.12	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		15.61		0.00	*		(0.86	)		(0.86	)		—			—		—
Year ended 3-31-2019		17.68		(0.04	)		(2.02	)		(2.06	)		(0.01	)		—		(0.01	)
Year ended 3-31-2018		14.01		(0.14	)		3.81			3.67			—			—		—
Year ended 3-31-2017		11.34		(0.14	)		2.81			2.67			—			—		—
Year ended 3-31-2016		13.48		(0.12	)		(1.95	)		(2.07	)		(0.07	)		—		(0.07	)
Year ended 3-31-2015		12.66		(0.10	)		0.92			0.82			—			—		—
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		16.39		0.03			(0.91	)		(0.88	)		—			—		—
Year ended 3-31-2019		18.54		(0.01	)		(2.10	)		(2.11	)		(0.04	)		—		(0.04	)
Year ended 3-31-2018		14.65		(0.12	)		4.01			3.89			—			—		—
Year ended 3-31-2017		11.84		(0.12	)		2.93			2.81			—			—		—
Year ended 3-31-2016		14.05		(0.11	)		(2.03	)		(2.14	)		(0.07	)		—		(0.07	)
Year ended 3-31-2015		13.20		(0.09	)		0.95			0.86			(0.01	)		—		(0.01	)
Class E Shares(6)
Six-month period ended 9-30-2019 (unaudited)		19.46		0.12			(1.08	)		(0.96	)		—			—		—
Year ended 3-31-2019		21.94		0.15			(2.48	)		(2.33	)		(0.15	)		—		(0.15	)
Year ended 3-31-2018		17.20		0.07			4.70			4.77			(0.03	)		—		(0.03	)
Year ended 3-31-2017		13.76		0.01			3.43			3.44			—			—		—
Year ended 3-31-2016		16.23		0.03			(2.37	)		(2.34	)		(0.13	)		—		(0.13	)
Year ended 3-31-2015		15.23		0.05			1.10			1.15			(0.15	)		—		(0.15	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		19.77		0.15			(1.10	)		(0.95	)		—			—		—
Year ended 3-31-2019		22.30		0.21			(2.55	)		(2.34	)		(0.19	)		—		(0.19	)
Year ended 3-31-2018		17.47		0.09			4.80			4.89			(0.06	)		—		(0.06	)
Year ended 3-31-2017		13.96		0.03			3.48			3.51			—			—		—
Year ended 3-31-2016		16.45		0.05			(2.40	)		(2.35	)		(0.14	)		—		(0.14	)
Year ended 3-31-2015		15.43		0.08			1.11			1.19			(0.17	)		—		(0.17	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		19.88		0.14			(1.10	)		(0.96	)		—			—		—
Year ended 3-31-2019		22.42		0.20			(2.54	)		(2.34	)		(0.20	)		—		(0.20	)
Year ended 3-31-2018		17.56		0.12			4.80			4.92			(0.06	)		—		(0.06	)
Year ended 3-31-2017		14.01		0.06			3.49			3.55			—			—		—
Year ended 3-31-2016		16.50		0.06			(2.41	)		(2.35	)		(0.14	)		—		(0.14	)
Year ended 3-31-2015(7)		16.41		(0.03	)		0.26			0.23			(0.14	)		—		(0.14	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		18.95		0.07			(1.05	)		(0.98	)		—			—		—
Year ended 3-31-2019		21.40		0.06			(2.43	)		(2.37	)		(0.08	)		—		(0.08	)
Year ended 3-31-2018		16.83		(0.04	)		4.61			4.57			—			—		—
Year ended 3-31-2017		13.53		(0.07	)		3.37			3.30			—			—		—
Year ended 3-31-2016		16.01		(0.05	)		(2.32	)		(2.37	)		(0.11	)		—		(0.11	)
Year ended 3-31-2015		15.02		(0.02	)		1.09			1.07			(0.08	)		—		(0.08	)
Class T Shares
Six-month period ended 9-30-2019 (unaudited)		19.17		0.12			(1.06	)		(0.94	)		—			—		—
Year ended 3-31-2019		21.63		0.15			(2.45	)		(2.30	)		(0.16	)		—		(0.16	)
Year ended 3-31-2018(8)		17.95		0.01			3.68			3.69			(0.01	)		—		(0.01	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		19.53		0.11			(1.09	)		(0.98	)		—			—		—
Year ended 3-31-2019		22.02		0.13			(2.50	)		(2.37	)		(0.12	)		—		(0.12	)
Year ended 3-31-2018		17.27		0.02			4.74			4.76			(0.01	)		—		(0.01	)
Year ended 3-31-2017		13.84		(0.02	)		3.45			3.43			—			—		—
Year ended 3-31-2016		16.33		0.05			(2.42	)		(2.37	)		(0.12	)		—		(0.12	)
Year ended 3-31-2015		15.33		0.03			1.10			1.13			(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.

122 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 9-30-2019 (unaudited)	$	18.18		-5.07	%	$	301			1.47	%(4)		1.02	%(4)		—	%		—	%		19	%
Year ended 3-31-2019		19.15		-10.75			344			1.44			0.62			—			—			59
Year ended 3-31-2018		21.60		27.44			569			1.44			0.07			—			—			38
Year ended 3-31-2017		16.95		24.72			293			1.55			-0.14			1.68			-0.27			59
Year ended 3-31-2016		13.59		-14.49			360			1.50			0.02			1.67			-0.15			98
Year ended 3-31-2015		16.04		7.48			436			1.50			0.23			1.67			0.06			103
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		14.75		-5.57			1			2.50	(4)		-0.03	(4)		2.61	(4)		-0.14	(4)		19
Year ended 3-31-2019		15.61		-11.61			2			2.39			-0.29			—			—			59
Year ended 3-31-2018		17.68		26.27			5			2.40			-0.83			—			—			38
Year ended 3-31-2017		14.01		23.54			4			2.50			-1.10			2.78			-1.38			59
Year ended 3-31-2016		11.34		-15.38			4			2.50			-0.99			2.72			-1.21			98
Year ended 3-31-2015		13.48		6.48			7			2.50			-0.75			2.71			-0.96			103
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		15.51		-5.37			59			2.16	(4)		0.33	(4)		—			—			19
Year ended 3-31-2019		16.39		-11.36			72			2.11			-0.08			—			—			59
Year ended 3-31-2018		18.54		26.55			95			2.13			-0.66			—			—			38
Year ended 3-31-2017		14.65		23.73			37			2.36			-0.96			—			—			59
Year ended 3-31-2016		11.84		-15.20			32			2.35			-0.83			—			—			98
Year ended 3-31-2015		14.05		6.56			35			2.40			-0.66			—			—			103
Class E Shares(6)
Six-month period ended 9-30-2019 (unaudited)		18.50		-4.93			—	*		1.22	(4)		1.27	(4)		—			—			19
Year ended 3-31-2019		19.46		-10.54			—	*		1.21			0.80			—			—			59
Year ended 3-31-2018		21.94		27.75			—	*		1.21			0.35			—			—			38
Year ended 3-31-2017		17.20		25.00			—	*		1.35			0.05			—			—			59
Year ended 3-31-2016		13.76		-14.40			—	*		1.35			0.17			—			—			98
Year ended 3-31-2015		16.23		7.63			—	*		1.34			0.34			—			—			103
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		18.82		-4.85			1,043			0.99	(4)		1.51	(4)		1.14	(4)		1.36	(4)		19
Year ended 3-31-2019		19.77		-10.34			1,209			0.99			1.06			1.11			0.94			59
Year ended 3-31-2018		22.30		28.03			1,689			0.99			0.44			1.10			0.33			38
Year ended 3-31-2017		17.47		25.14			465			1.19			0.20			1.23			0.16			59
Year ended 3-31-2016		13.96		-14.30			116			1.22			0.35			—			—			98
Year ended 3-31-2015		16.45		7.78			117			1.23			0.49			—			—			103
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		18.92		-4.83			255			0.99	(4)		1.45	(4)		—			—			19
Year ended 3-31-2019		19.88		-10.32			300			0.96			1.03			—			—			59
Year ended 3-31-2018		22.42		28.07			310			0.95			0.58			—			—			38
Year ended 3-31-2017		17.56		25.34			18			1.07			0.37			—			—			59
Year ended 3-31-2016		14.01		-14.20			7			1.09			0.43			—			—			98
Year ended 3-31-2015(7)		16.50		1.47			6			1.08	(4)		-0.30	(4)		—			—			103	(9)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		17.97		-5.17			12			1.73	(4)		0.80	(4)		—			—			19
Year ended 3-31-2019		18.95		-11.03			15			1.70			0.32			—			—			59
Year ended 3-31-2018		21.40		27.15			20			1.70			-0.19			—			—			38
Year ended 3-31-2017		16.83		24.39			11			1.82			-0.44			—			—			59
Year ended 3-31-2016		13.53		-14.82			5			1.85			-0.37			—			—			98
Year ended 3-31-2015		16.01		7.13			1			1.83			-0.16			—			—			103
Class T Shares
Six-month period ended 9-30-2019 (unaudited)		18.23		-4.90			—	*		1.21	(4)		1.28	(4)		—			—			19
Year ended 3-31-2019		19.17		-10.56			—	*		1.20			0.80			—			—			59
Year ended 3-31-2018(8)		21.63		20.54			—	*		1.20	(4)		0.09	(4)		—			—			38	(10)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		18.55		-5.02			42			1.37	(4)		1.11	(4)		—			—			19
Year ended 3-31-2019		19.53		-10.68			45			1.35			0.69			—			—			59
Year ended 3-31-2018		22.02		27.58			68			1.36			0.12			—			—			38
Year ended 3-31-2017		17.27		24.78			21			1.50			-0.14			—			—			59
Year ended 3-31-2016		13.84		-14.48			10			1.47			0.33			—			—			98
Year ended 3-31-2015		16.33		7.41			10			1.50			0.20			1.53			0.17			103

(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) Class share is closed to investment.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(10) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 123

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GLOBAL 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 9-30-2019 (unaudited)	$	9.71	$	0.17	$	0.09		$	0.26		$	(0.10	)	$	—		$	(0.10	)
Year ended 3-31-2019		9.68		0.32		0.01			0.33			(0.28	)		(0.02	)		(0.30	)
Year ended 3-31-2018		9.68		0.32		(0.11	)		0.21			(0.21	)		—			(0.21	)
Year ended 3-31-2017		9.17		0.34		0.37			0.71			(0.20	)		—			(0.20	)
Year ended 3-31-2016		9.59		0.34		(0.49	)		(0.15	)		(0.27	)		—			(0.27	)
Year ended 3-31-2015		10.06		0.34		(0.49	)		(0.15	)		(0.32	)		—			(0.32	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		9.71		0.14		0.07			0.21			(0.06	)		—			(0.06	)
Year ended 3-31-2019		9.68		0.25		0.01			0.26			(0.21	)		(0.02	)		(0.23	)
Year ended 3-31-2018		9.67		0.23		(0.08	)		0.15			(0.14	)		—			(0.14	)
Year ended 3-31-2017		9.16		0.26		0.38			0.64			(0.13	)		—			(0.13	)
Year ended 3-31-2016		9.58		0.27		(0.49	)		(0.22	)		(0.20	)		—			(0.20	)
Year ended 3-31-2015		10.06		0.26		(0.49	)		(0.23	)		(0.25	)		—			(0.25	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		9.71		0.14		0.07			0.21			(0.06	)		—			(0.06	)
Year ended 3-31-2019		9.68		0.25		0.01			0.26			(0.21	)		(0.02	)		(0.23	)
Year ended 3-31-2018		9.68		0.23		(0.09	)		0.14			(0.14	)		—			(0.14	)
Year ended 3-31-2017		9.16		0.26		0.39			0.65			(0.13	)		—			(0.13	)
Year ended 3-31-2016		9.59		0.27		(0.50	)		(0.23	)		(0.20	)		—			(0.20	)
Year ended 3-31-2015		10.06		0.26		(0.48	)		(0.22	)		(0.25	)		—			(0.25	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		9.71		0.19		0.07			0.26			(0.11	)		—			(0.11	)
Year ended 3-31-2019		9.68		0.34		0.01			0.35			(0.30	)		(0.02	)		(0.32	)
Year ended 3-31-2018		9.68		0.34		(0.11	)		0.23			(0.23	)		—			(0.23	)
Year ended 3-31-2017		9.16		0.34		0.40			0.74			(0.22	)		—			(0.22	)
Year ended 3-31-2016		9.59		0.36		(0.49	)		(0.13	)		(0.30	)		—			(0.30	)
Year ended 3-31-2015		10.06		0.36		(0.48	)		(0.12	)		(0.35	)		—			(0.35	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		9.71		0.19		0.08			0.27			(0.11	)		—			(0.11	)
Year ended 3-31-2019		9.69		0.34		0.01			0.35			(0.31	)		(0.02	)		(0.33	)
Year ended 3-31-2018		9.68		0.33		(0.09	)		0.24			(0.23	)		—			(0.23	)
Year ended 3-31-2017		9.17		0.33		0.40			0.73			(0.22	)		—			(0.22	)
Year ended 3-31-2016		9.59		0.36		(0.48	)		(0.12	)		(0.30	)		—			(0.30	)
Year ended 3-31-2015(6)		10.15		0.24		(0.56	)		(0.32	)		(0.24	)		—			(0.24	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		9.69		0.15		0.08			0.23			(0.07	)		—			(0.07	)
Year ended 3-31-2019		9.67		0.27		0.01			0.28			(0.24	)		(0.02	)		(0.26	)
Year ended 3-31-2018		9.66		0.26		(0.09	)		0.17			(0.16	)		—			(0.16	)
Year ended 3-31-2017		9.15		0.27		0.39			0.66			(0.15	)		—			(0.15	)
Year ended 3-31-2016		9.57		0.29		(0.48	)		(0.19	)		(0.23	)		—			(0.23	)
Year ended 3-31-2015		10.05		0.29		(0.49	)		(0.20	)		(0.28	)		—			(0.28	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		9.71		0.18		0.08			0.26			(0.10	)		—			(0.10	)
Year ended 3-31-2019		9.69		0.32		0.00	*		0.32			(0.28	)		(0.02	)		(0.30	)
Year ended 3-31-2018		9.68		0.31		(0.09	)		0.22			(0.21	)		—			(0.21	)
Year ended 3-31-2017		9.17		0.33		0.38			0.71			(0.20	)		—			(0.20	)
Year ended 3-31-2016		9.59		0.34		(0.49	)		(0.15	)		(0.27	)		—			(0.27	)
Year ended 3-31-2015		10.07		0.34		(0.50	)		(0.16	)		(0.32	)		—			(0.32	)

* 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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(8) Expense ratio based on the period excluding reorganization expenses was 0.99%.

(9) Expense ratio based on the period excluding reorganization expenses was 1.74%.

(10) Expense ratio based on the period excluding reorganization expenses was 0.74%.

124 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 9-30-2019 (unaudited)	$	9.87		2.65	%	$	199			0.99	%(4)		3.55	%(4)		1.24	%(4)		3.30	%(4)		18	%
Year ended 3-31-2019		9.71		3.47			211			0.99			3.32			1.23			3.08			35
Year ended 3-31-2018		9.68		2.16			265			1.01	(8)		3.22			1.26			2.97			56
Year ended 3-31-2017		9.68		7.81			47			0.99			3.63			1.33			3.29			20
Year ended 3-31-2016		9.17		-1.54			133			0.99			3.60			1.29			3.30			14
Year ended 3-31-2015		9.59		-1.54			177			0.99			3.39			1.22			3.16			26
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		9.86		2.26			1			1.74	(4)		2.80	(4)		2.48	(4)		2.06	(4)		18
Year ended 3-31-2019		9.71		2.67			1			1.65			2.65			2.19			2.11			35
Year ended 3-31-2018		9.68		1.51			2			1.76	(9)		2.40			2.24			1.92			56
Year ended 3-31-2017		9.67		7.01			3			1.74			2.73			2.15			2.32			20
Year ended 3-31-2016		9.16		-2.29			3			1.74			2.84			2.16			2.42			14
Year ended 3-31-2015		9.58		-2.36			5			1.74			2.64			2.10			2.28			26
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		9.86		2.16			7			1.74	(4)		2.80	(4)		1.99	(4)		2.55	(4)		18
Year ended 3-31-2019		9.71		2.71			9			1.73			2.58			1.93			2.38			35
Year ended 3-31-2018		9.68		1.40			13			1.76	(9)		2.40			1.96			2.20			56
Year ended 3-31-2017		9.68		7.13			16			1.74			2.72			1.95			2.51			20
Year ended 3-31-2016		9.16		-2.39			20			1.74			2.85			1.91			2.68			14
Year ended 3-31-2015		9.59		-2.26			31			1.74			2.64			1.87			2.51			26
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		9.86		2.68			226			0.74	(4)		3.80	(4)		0.90	(4)		3.64	(4)		18
Year ended 3-31-2019		9.71		3.73			240			0.74			3.58			0.88			3.44			35
Year ended 3-31-2018		9.68		2.43			262			0.76	(10)		3.44			0.94			3.26			56
Year ended 3-31-2017		9.68		8.19			88			0.74			3.54			0.95			3.33			20
Year ended 3-31-2016		9.16		-1.39			23			0.74			3.85			0.90			3.69			14
Year ended 3-31-2015		9.59		-1.29			53			0.74			3.65			0.87			3.52			26
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		9.87		2.78			29			0.73	(4)		3.80	(4)		—			—			18
Year ended 3-31-2019		9.71		3.75			31			0.71			3.61			—			—			35
Year ended 3-31-2018		9.69		2.43			18			0.74			3.37			0.76			3.35			56
Year ended 3-31-2017		9.68		8.06			3			0.75			3.50			0.78			3.47			20
Year ended 3-31-2016		9.17		-1.30			—	*		0.76			3.84			0.76			3.84			14
Year ended 3-31-2015(6)		9.59		-3.23			—	*		0.70	(4)		3.62	(4)		—			—			26	(7)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		9.85		2.41			1			1.48	(4)		3.06	(4)		—			—			18
Year ended 3-31-2019		9.69		2.89			1			1.45			2.86			—			—			35
Year ended 3-31-2018		9.67		1.76			1			1.49			2.66			1.51			2.64			56
Year ended 3-31-2017		9.66		7.29			1			1.50			2.90			1.53			2.87			20
Year ended 3-31-2016		9.15		-2.02			—	*		1.49			3.11			1.49			3.11			14
Year ended 3-31-2015		9.57		-2.10			—	*		1.46			2.90			—			—			26
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		9.87		2.65			1			0.99	(4)		3.57	(4)		1.31	(4)		3.25	(4)		18
Year ended 3-31-2019		9.71		3.36			1			0.99			3.29			1.11			3.17			35
Year ended 3-31-2018		9.69		2.27			3			1.02	(8)		3.13			1.16			2.99			56
Year ended 3-31-2017		9.68		7.81			3			0.99			3.43			1.18			3.24			20
Year ended 3-31-2016		9.17		-1.54			3			0.99			3.58			1.16			3.41			14
Year ended 3-31-2015		9.59		-1.63			5			0.99			3.40			1.12			3.27			26

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 125

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GLOBAL EQUITY 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 9-30-2019 (unaudited)	$	11.90	$	0.18	$	0.15		$	0.33		$	(0.19	)	$	—		$	(0.19	)
Year ended 3-31-2019		13.84		0.29		(0.34	)		(0.05	)		(0.32	)		(1.57	)		(1.89	)
Year ended 3-31-2018		12.48		0.32		1.34			1.66			(0.30	)		—			(0.30	)
Year ended 3-31-2017		11.88		0.53		0.50			1.03			(0.43	)		—			(0.43	)
Year ended 3-31-2016		13.32		0.40		(1.09	)		(0.69	)		(0.39	)		(0.36	)		(0.75	)
Year ended 3-31-2015		13.27		0.39		0.36			0.75			(0.44	)		(0.26	)		(0.70	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		11.89		0.14		0.15			0.29			(0.15	)		—			(0.15	)
Year ended 3-31-2019		13.81		0.21		(0.35	)		(0.14	)		(0.21	)		(1.57	)		(1.78	)
Year ended 3-31-2018		12.47		0.23		1.34			1.57			(0.23	)		—			(0.23	)
Year ended 3-31-2017		11.87		0.35		0.60			0.95			(0.35	)		—			(0.35	)
Year ended 3-31-2016		13.31		0.32		(1.09	)		(0.77	)		(0.31	)		(0.36	)		(0.67	)
Year ended 3-31-2015		13.27		0.32		0.34			0.66			(0.36	)		(0.26	)		(0.62	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		11.90		0.14		0.14			0.28			(0.15	)		—			(0.15	)
Year ended 3-31-2019		13.82		0.21		(0.35	)		(0.14	)		(0.21	)		(1.57	)		(1.78	)
Year ended 3-31-2018		12.47		0.23		1.35			1.58			(0.23	)		—			(0.23	)
Year ended 3-31-2017		11.87		0.36		0.59			0.95			(0.35	)		—			(0.35	)
Year ended 3-31-2016		13.31		0.31		(1.08	)		(0.77	)		(0.31	)		(0.36	)		(0.67	)
Year ended 3-31-2015		13.27		0.30		0.36			0.66			(0.36	)		(0.26	)		(0.62	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		11.90		0.19		0.15			0.34			(0.20	)		—			(0.20	)
Year ended 3-31-2019		13.84		0.31		(0.34	)		(0.03	)		(0.34	)		(1.57	)		(1.91	)
Year ended 3-31-2018(6)		14.33		0.03		(0.52	)		(0.49	)		—	*		—			—	*
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		11.91		0.20		0.15			0.35			(0.21	)		—			(0.21	)
Year ended 3-31-2019		13.85		0.34		(0.35	)		(0.01	)		(0.36	)		(1.57	)		(1.93	)
Year ended 3-31-2018		12.48		0.37		1.34			1.71			(0.34	)		—			(0.34	)
Year ended 3-31-2017		11.88		0.39		0.68			1.07			(0.47	)		—			(0.47	)
Year ended 3-31-2016		13.33		0.45		(1.10	)		(0.65	)		(0.44	)		(0.36	)		(0.80	)
Year ended 3-31-2015		13.28		0.43		0.37			0.80			(0.49	)		(0.26	)		(0.75	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		11.92		0.21		0.15			0.36			(0.22	)		—			(0.22	)
Year ended 3-31-2019		13.86		0.30		(0.29	)		0.01			(0.38	)		(1.57	)		(1.95	)
Year ended 3-31-2018		12.49		0.35		1.39			1.74			(0.37	)		—			(0.37	)
Year ended 3-31-2017		11.89		0.48		0.61			1.09			(0.49	)		—			(0.49	)
Year ended 3-31-2016		13.33		0.47		(1.09	)		(0.62	)		(0.46	)		(0.36	)		(0.82	)
Year ended 3-31-2015(7)		13.37		0.25		0.27			0.52			(0.30	)		(0.26	)		(0.56	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		11.91		0.17		0.14			0.31			(0.17	)		—			(0.17	)
Year ended 3-31-2019		13.84		0.25		(0.33	)		(0.08	)		(0.28	)		(1.57	)		(1.85	)
Year ended 3-31-2018		12.48		0.28		1.35			1.63			(0.27	)		—			(0.27	)
Year ended 3-31-2017		11.88		0.39		0.61			1.00			(0.40	)		—			(0.40	)
Year ended 3-31-2016		13.32		0.37		(1.09	)		(0.72	)		(0.36	)		(0.36	)		(0.72	)
Year ended 3-31-2015		13.28		0.36		0.35			0.71			(0.41	)		(0.26	)		(0.67	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		11.90		0.19		0.15			0.34			(0.20	)		—			(0.20	)
Year ended 3-31-2019		13.84		0.30		(0.34	)		(0.04	)		(0.33	)		(1.57	)		(1.90	)
Year ended 3-31-2018		12.48		0.33		1.35			1.68			(0.32	)		—			(0.32	)
Year ended 3-31-2017		11.87		0.44		0.61			1.05			(0.44	)		—			(0.44	)
Year ended 3-31-2016		13.32		0.42		(1.10	)		(0.68	)		(0.41	)		(0.36	)		(0.77	)
Year ended 3-31-2015		13.28		0.41		0.35			0.76			(0.46	)		(0.26	)		(0.72	)

* 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 February 26, 2018 (commencement of operations of the class) through March 31, 2018.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

126 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 9-30-2019 (unaudited)	$	12.04		2.80	%	$	358			1.24	%(4)		3.09	%(4)		1.26	%(4)		3.07	%(4)		18	%
Year ended 3-31-2019		11.90		0.47			387			1.24			2.27			1.24			2.27			28
Year ended 3-31-2018		13.84		13.44			494			1.29	(10)		2.34			—			—			55
Year ended 3-31-2017		12.48		8.87			70			1.30			4.45			1.38			4.37			103
Year ended 3-31-2016		11.88		-5.22			248			1.30			3.19			1.36			3.13			73
Year ended 3-31-2015		13.32		5.84			253			1.30			2.94			1.38			2.86			137
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		12.03		2.43			4			1.95	(4)		2.42	(4)		2.19	(4)		2.18	(4)		18
Year ended 3-31-2019		11.89		-0.30			5			1.94			1.63			2.07			1.50			28
Year ended 3-31-2018		13.81		12.81			8			1.97	(11)		1.69			—			—			55
Year ended 3-31-2017		12.47		8.17			2			1.95			2.88			—			—			103
Year ended 3-31-2016		11.87		-5.84			2			1.94			2.56			—			—			73
Year ended 3-31-2015		13.31		5.08			2			1.98			2.40			—			—			137
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		12.03		2.34			15			2.00	(4)		2.36	(4)		—			—			18
Year ended 3-31-2019		11.90		-0.21			22			1.94			1.64			—			—			28
Year ended 3-31-2018		13.82		12.80			39			1.93			1.72			—			—			55
Year ended 3-31-2017		12.47		8.17			12			1.95			2.95			—			—			103
Year ended 3-31-2016		11.87		-5.83			14			1.93			2.51			—			—			73
Year ended 3-31-2015		13.31		5.10			13			1.95			2.28			—			—			137
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		12.04		2.86			5			1.13	(4)		3.20	(4)		1.50	(4)		2.83	(4)		18
Year ended 3-31-2019		11.90		0.57			5			1.14	(12)		2.37			1.51			2.00			28
Year ended 3-31-2018(6)		13.84		-3.40			6			1.17	(4)(12)		2.32	(4)		1.32	(4)		2.17	(4)		55	(8)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		12.05		2.97			339			0.92	(4)		3.42	(4)		0.96	(4)		3.38	(4)		18
Year ended 3-31-2019		11.91		0.78			374			0.93	(14)		2.58			0.95			2.56			28
Year ended 3-31-2018		13.85		13.88			523			1.00			2.75			—			—			55
Year ended 3-31-2017		12.48		9.26			250			0.94			3.18			0.96			3.16			103
Year ended 3-31-2016		11.88		-4.96			20			0.94			3.57			0.95			3.56			73
Year ended 3-31-2015		13.33		6.22			22			0.94			3.21			0.98			3.17			137
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		12.06		3.04			22			0.79	(4)		3.53	(4)		—			—			18
Year ended 3-31-2019		11.92		0.93			22			0.78			2.40			—			—			28
Year ended 3-31-2018		13.86		14.07			5			0.86			2.58			—			—			55
Year ended 3-31-2017		12.49		9.39			1			0.81			3.99			—			—			103
Year ended 3-31-2016		11.89		-4.74			1			0.81			3.73			—			—			73
Year ended 3-31-2015(7)		13.33		4.05			1			0.83	(4)		2.94	(4)		—			—			137	(9)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		12.05		2.65			1			1.53	(4)		2.80	(4)		—			—			18
Year ended 3-31-2019		11.91		0.22			1			1.52			1.97			—			—			28
Year ended 3-31-2018		13.84		13.20			1			1.58			2.07			—			—			55
Year ended 3-31-2017		12.48		8.58			—	*		1.56			3.23			—			—			103
Year ended 3-31-2016		11.88		-5.46			—	*		1.56			2.96			—			—			73
Year ended 3-31-2015		13.32		5.47			—	*		1.58			2.75			—			—			137
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		12.04		2.84			7			1.19	(4)		3.13	(4)		1.21	(4)		3.11	(4)		18
Year ended 3-31-2019		11.90		0.49			7			1.21	(13)		2.30			—			—			28
Year ended 3-31-2018		13.84		13.57			9			1.23	(13)		2.46			1.23			2.46			55
Year ended 3-31-2017		12.48		9.08			4			1.19			3.67			1.21			3.65			103
Year ended 3-31-2016		11.87		-5.15			4			1.19			3.32			1.22			3.29			73
Year ended 3-31-2015		13.32		5.88			5			1.19			3.11			1.23			3.07			137

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(10) Expense ratio based on the period excluding reorganization expenses was 1.28%.

(11) Expense ratio based on the period excluding reorganization expenses was 1.95%.

(12) Expense ratio based on the period excluding reorganization expenses was 1.13%.

(13) Expense ratio based on the period excluding reorganization expenses was 1.19%.

(14) Expense ratio based on the period excluding reorganization expenses was 0.92%.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 127

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GLOBAL GROWTH 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 9-30-2019 (unaudited)	$	43.12	$	0.12		$	1.11		$	1.23		$	—		$	—		$	—
Year ended 3-31-2019		46.78		0.09			1.02			1.11			(0.08	)		(4.69	)		(4.77	)
Year ended 3-31-2018		42.67		0.25			7.26			7.51			(0.06	)		(3.34	)		(3.40	)
Year ended 3-31-2017		39.23		0.04			3.40			3.44			—			—			—
Year ended 3-31-2016		42.75		(0.09	)		(2.49	)		(2.58	)		(0.04	)		(0.90	)		(0.94	)
Year ended 3-31-2015		41.15		0.19			1.95			2.14			(0.03	)		(0.51	)		(0.54	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		35.29		(0.12	)		0.90			0.78			—			—			—
Year ended 3-31-2019		39.50		(0.33	)		0.81			0.48			—			(4.69	)		(4.69	)
Year ended 3-31-2018		36.62		(0.31	)		6.33			6.02			—			(3.14	)		(3.14	)
Year ended 3-31-2017		34.07		(0.45	)		3.00			2.55			—			—			—
Year ended 3-31-2016		37.61		(0.44	)		(2.20	)		(2.64	)		—			(0.90	)		(0.90	)
Year ended 3-31-2015		36.59		(0.15	)		1.68			1.53			—			(0.51	)		(0.51	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		35.84		(0.06	)		0.93			0.87			—			—			—
Year ended 3-31-2019		39.93		(0.23	)		0.83			0.60			—			(4.69	)		(4.69	)
Year ended 3-31-2018		36.98		(0.26	)		6.42			6.16			—			(3.21	)		(3.21	)
Year ended 3-31-2017		34.26		(0.29	)		3.01			2.72			—			—			—
Year ended 3-31-2016		37.68		(0.34	)		(2.18	)		(2.52	)		—			(0.90	)		(0.90	)
Year ended 3-31-2015		36.57		(0.09	)		1.71			1.62			—			(0.51	)		(0.51	)
Class E Shares(6)
Six-month period ended 9-30-2019 (unaudited)		43.48		0.16			1.12			1.28			—			—			—
Year ended 3-31-2019		47.12		0.18			1.04			1.22			(0.17	)		(4.69	)		(4.86	)
Year ended 3-31-2018		42.94		0.16			7.49			7.65			(0.13	)		(3.34	)		(3.47	)
Year ended 3-31-2017		39.38		0.07			3.49			3.56			—			—			—
Year ended 3-31-2016		42.83		0.02			(2.50	)		(2.48	)		(0.07	)		(0.90	)		(0.97	)
Year ended 3-31-2015		41.19		0.31			1.94			2.25			(0.10	)		(0.51	)		(0.61	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		44.10		0.19			1.14			1.33			—			—			—
Year ended 3-31-2019		47.72		0.24			1.05			1.29			(0.22	)		(4.69	)		(4.91	)
Year ended 3-31-2018		43.44		0.25			7.53			7.78			(0.16	)		(3.34	)		(3.50	)
Year ended 3-31-2017		39.81		0.04			3.59			3.63			—			—			—
Year ended 3-31-2016		43.24		0.05			(2.49	)		(2.44	)		(0.09	)		(0.90	)		(0.99	)
Year ended 3-31-2015		41.57		0.35			1.96			2.31			(0.13	)		(0.51	)		(0.64	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		44.35		0.22			1.15			1.37			—			—			—
Year ended 3-31-2019		47.99		0.30			1.04			1.34			(0.29	)		(4.69	)		(4.98	)
Year ended 3-31-2018		43.64		0.20			7.71			7.91			(0.22	)		(3.34	)		(3.56	)
Year ended 3-31-2017		39.92		0.10			3.62			3.72			—			—			—
Year ended 3-31-2016		43.32		0.13			(2.52	)		(2.39	)		(0.11	)		(0.90	)		(1.01	)
Year ended 3-31-2015(7)		42.56		0.15			1.22			1.37			(0.10	)		(0.51	)		(0.61	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		42.69		0.05			1.10			1.15			—			—			—
Year ended 3-31-2019		46.41		(0.05	)		1.02			0.97			—			(4.69	)		(4.69	)
Year ended 3-31-2018		42.41		(0.07	)		7.39			7.32			—			(3.32	)		(3.32	)
Year ended 3-31-2017		39.08		(0.14	)		3.47			3.33			—			—			—
Year ended 3-31-2016		42.64		(0.20	)		(2.46	)		(2.66	)		—			(0.90	)		(0.90	)
Year ended 3-31-2015		41.11		0.01			2.03			2.04			—			(0.51	)		(0.51	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		43.35		0.12			1.12			1.24			—			—			—
Year ended 3-31-2019		47.00		0.09			1.04			1.13			(0.09	)		(4.69	)		(4.78	)
Year ended 3-31-2018		42.86		0.12			7.44			7.56			(0.08	)		(3.34	)		(3.42	)
Year ended 3-31-2017		39.37		0.00	*		3.49			3.49			—			—			—
Year ended 3-31-2016		42.86		(0.05	)		(2.49	)		(2.54	)		(0.05	)		(0.90	)		(0.95	)
Year ended 3-31-2015		41.23		0.24			1.96			2.20			(0.06	)		(0.51	)		(0.57	)

* 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) Class is closed to investment.

128 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 9-30-2019 (unaudited)	$	44.35		2.85	%	$	462			1.37	%(4)		0.54	%(4)		—	%		—	%		11	%
Year ended 3-31-2019		43.12		3.12			477			1.37			0.19			—			—			54
Year ended 3-31-2018		46.78		17.92			510			1.38			0.53			—			—			46
Year ended 3-31-2017		42.67		8.77			115			1.48			0.11			—			—			66
Year ended 3-31-2016		39.23		-6.12			375			1.47			-0.22			—			—			51
Year ended 3-31-2015		42.75		5.26			409			1.45			0.47			—			—			61
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		36.07		2.21			1			2.58	(4)		-0.66	(4)		2.65	(4)		-0.73	(4)		11
Year ended 3-31-2019		35.29		2.00			1			2.40			-0.85			—			—			54
Year ended 3-31-2018		39.50		16.79			2			2.40			-0.79			—			—			46
Year ended 3-31-2017		36.62		7.48			2			2.67			-1.30			—			—			66
Year ended 3-31-2016		34.07		-7.12			3			2.52			-1.22			—			—			51
Year ended 3-31-2015		37.61		4.25			4			2.43			-0.40			—			—			61
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		36.71		2.40			8			2.22	(4)		-0.32	(4)		—			—			11
Year ended 3-31-2019		35.84		2.33			9			2.15			-0.60			—			—			54
Year ended 3-31-2018		39.93		16.99			11			2.18			-0.65			—			—			46
Year ended 3-31-2017		36.98		7.94			25			2.21			-0.84			—			—			66
Year ended 3-31-2016		34.26		-6.79			25			2.22			-0.96			—			—			51
Year ended 3-31-2015		37.68		4.51			26			2.21			-0.25			—			—			61
Class E Shares(6)
Six-month period ended 9-30-2019 (unaudited)		44.76		2.94			—	*		1.19	(4)		0.71	(4)		—			—			11
Year ended 3-31-2019		43.48		3.32			—	*		1.18			0.38			—			—			54
Year ended 3-31-2018		47.12		18.17			—	*		1.20			0.34			—			—			46
Year ended 3-31-2017		42.94		9.04			—	*		1.21			0.17			—			—			66
Year ended 3-31-2016		39.38		-5.87			—	*		1.20			0.05			—			—			51
Year ended 3-31-2015		42.83		5.55			—	*		1.21			0.74			—			—			61
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		45.43		3.02			428			1.06	(4)		0.84	(4)		1.10	(4)		0.80	(4)		11
Year ended 3-31-2019		44.10		3.43			436			1.06			0.50			1.08			0.48			54
Year ended 3-31-2018		47.72		18.27			437			1.13	(9)		0.54			—			—			46
Year ended 3-31-2017		43.44		9.12			270			1.11			0.10			—			—			66
Year ended 3-31-2016		39.81		-5.73			78			1.09			0.13			—			—			51
Year ended 3-31-2015		43.24		5.66			77			1.09			0.84			—			—			61
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		45.72		3.07			18			0.94	(4)		0.96	(4)		—			—			11
Year ended 3-31-2019		44.35		3.59			19			0.92			0.64			—			—			54
Year ended 3-31-2018		47.99		18.45			24			0.95			0.42			—			—			46
Year ended 3-31-2017		43.64		9.32			7			0.95			0.24			—			—			66
Year ended 3-31-2016		39.92		-5.61			3			0.94			0.31			—			—			51
Year ended 3-31-2015(7)		43.32		3.31			3			0.95	(4)		0.55	(4)		—			—			61	(8)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		43.84		2.67			1			1.68	(4)		0.23	(4)		—			—			11
Year ended 3-31-2019		42.69		2.82			1			1.67			-0.10			—			—			54
Year ended 3-31-2018		46.41		17.58			2			1.69			-0.15			—			—			46
Year ended 3-31-2017		42.41		8.52			2			1.69			-0.35			—			—			66
Year ended 3-31-2016		39.08		-6.32			2			1.68			-0.50			—			—			51
Year ended 3-31-2015		42.64		5.03			1			1.69			0.02			—			—			61
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		44.59		2.84			4			1.37	(4)		0.55	(4)		1.40	(4)		0.52	(4)		11
Year ended 3-31-2019		43.35		3.17			5			1.33			0.20			—			—			54
Year ended 3-31-2018		47.00		17.96			10			1.36			0.25			—			—			46
Year ended 3-31-2017		42.86		8.86			14			1.36			—	*		—			—			66
Year ended 3-31-2016		39.37		-6.00			17			1.36			-0.13			—			—			51
Year ended 3-31-2015		42.86		5.40			11			1.35			0.57			—			—			61

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(9) Expense ratio based on the period excluding reorganization expenses was 1.11%.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 129

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY GOVERNMENT MONEY MARKET 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 9-30-2019 (unaudited)	$	1.00	$	0.01		$	0.00	*	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year ended 3-31-2019		1.00		0.01			0.00	*		0.01			(0.01	)		—			(0.01	)
Year ended 3-31-2018		1.00		0.00	*		0.00	*		0.00	*		—	*		—	*		—	*
Year ended 3-31-2017		1.00		0.00	*		0.00	*		0.00	*		—	*		—	*		—	*
Year ended 3-31-2016		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Year ended 3-31-2015		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Year ended 3-31-2019		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Year ended 3-31-2018		1.00		0.00	*		0.00	*		0.00	*		—	*		—	*		—	*
Year ended 3-31-2017		1.00		0.00	*		0.00	*		0.00	*		—	*		—	*		—	*
Year ended 3-31-2016		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Year ended 3-31-2015		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Year ended 3-31-2019		1.00		0.01			0.00	*		0.01			(0.01	)		—			(0.01	)
Year ended 3-31-2018		1.00		0.00	*		0.00	*		0.00	*		—	*		—	*		—	*
Year ended 3-31-2017		1.00		0.00	*		0.00	*		0.00	*		—	*		—	*		—	*
Year ended 3-31-2016		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Year ended 3-31-2015		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		1.00		0.01			0.00	*		0.01			(0.01	)		—			(0.01	)
Year ended 3-31-2019		1.00		0.01			0.00	*		0.01			(0.01	)		—			(0.01	)
Year ended 3-31-2018		1.00		0.00	*		0.00	*		0.00	*		—	*		—	*		—	*
Year ended 3-31-2017		1.00		0.00	*		0.00	*		0.00	*		—	*		—	*		—	*
Year ended 3-31-2016		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Year ended 3-31-2015		1.00		0.00	*		0.00	*		0.00	*		—	*		—			—	*
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		1.00		0.01			0.00	*		0.01			(0.01	)		—			(0.01	)
Year ended 3-31-2019		1.00		0.02			0.00	*		0.02			(0.02	)		—			(0.02	)
Year ended 3-31-2018(6)		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.

(6) For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018.

130 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 9-30-2019 (unaudited)	$	1.00		0.77	%	$	131		0.80	%(4)		1.53	%(4)		—	%		—	%
Year ended 3-31-2019		1.00		1.40			132		0.78			1.39			—			—
Year ended 3-31-2018		1.00		0.56			135		0.66			0.55			—			—
Year ended 3-31-2017		1.00		0.03			184		0.60			0.03			0.63			—
Year ended 3-31-2016		1.00		0.02			167		0.30			0.02			0.61			-0.29
Year ended 3-31-2015		1.00		0.02			119		0.17			0.02			0.68			-0.49
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		1.00		0.35			1		1.64	(4)		0.70	(4)		—			—
Year ended 3-31-2019		1.00		0.47			1		1.70			0.42			—			—
Year ended 3-31-2018		1.00		0.01			3		1.16			0.01			1.67			-0.50
Year ended 3-31-2017		1.00		0.01			5		0.61			0.02			1.71			-1.08
Year ended 3-31-2016		1.00		0.02			6		0.30			0.02			1.65			-1.33
Year ended 3-31-2015		1.00		0.02			4		0.17			0.02			1.73			-1.54
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		1.00		0.31			9		1.71	(4)		0.62	(4)		—			—
Year ended 3-31-2019		1.00		0.63			11		1.54			0.61			—			—
Year ended 3-31-2018		1.00		0.02			22		1.18			0.02			1.61			-0.41
Year ended 3-31-2017		1.00		0.01			29		0.61			0.02			1.61			-0.98
Year ended 3-31-2016		1.00		0.02			44		0.30			0.02			1.57			-1.25
Year ended 3-31-2015		1.00		0.02			32		0.17			0.02			1.62			-1.43
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		1.00		0.90			8		0.55	(4)		1.79	(4)		0.73	(4)		1.61	(4)
Year ended 3-31-2019		1.00		1.55			7		0.62			1.56			0.72			1.46
Year ended 3-31-2018		1.00		0.51			6		0.71			0.49			—			—
Year ended 3-31-2017		1.00		0.01			6		0.61			0.02			0.70			-0.07
Year ended 3-31-2016		1.00		0.02			7		0.29			0.02			0.68			-0.37
Year ended 3-31-2015		1.00		0.02			6		0.17			0.02			0.74			-0.55
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		1.00		0.91			7		0.53	(4)		1.80	(4)		—			—
Year ended 3-31-2019		1.00		1.68			7		0.50			1.66			—			—
Year ended 3-31-2018(6)		1.00		0.65			8		0.40	(4)		1.03	(4)		—			—

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 131

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY 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 9-30-2019 (unaudited)	$	7.20	$	0.24	$	(0.08	)	$	0.16		$	(0.24	)	$	—		$	(0.24	)
Year ended 3-31-2019		7.49		0.50		(0.29	)		0.21			(0.50	)		—			(0.50	)
Year ended 3-31-2018		7.60		0.53		(0.12	)		0.41			(0.52	)		—			(0.52	)
Year ended 3-31-2017		6.91		0.55		0.68			1.23			(0.54	)		—			(0.54	)
Year ended 3-31-2016		8.09		0.58		(1.19	)		(0.61	)		(0.57	)		—			(0.57	)
Year ended 3-31-2015		8.75		0.57		(0.52	)		0.05			(0.57	)		(0.14	)		(0.71	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		7.20		0.22		(0.09	)		0.13			(0.21	)		—			(0.21	)
Year ended 3-31-2019		7.49		0.44		(0.29	)		0.15			(0.44	)		—			(0.44	)
Year ended 3-31-2018		7.60		0.45		(0.10	)		0.35			(0.46	)		—			(0.46	)
Year ended 3-31-2017		6.91		0.49		0.68			1.17			(0.48	)		—			(0.48	)
Year ended 3-31-2016		8.09		0.53		(1.19	)		(0.66	)		(0.52	)		—			(0.52	)
Year ended 3-31-2015		8.75		0.51		(0.52	)		(0.01	)		(0.51	)		(0.14	)		(0.65	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		7.20		0.22		(0.08	)		0.14			(0.22	)		—			(0.22	)
Year ended 3-31-2019		7.49		0.45		(0.29	)		0.16			(0.45	)		—			(0.45	)
Year ended 3-31-2018		7.60		0.45		(0.09	)		0.36			(0.47	)		—			(0.47	)
Year ended 3-31-2017		6.91		0.50		0.68			1.18			(0.49	)		—			(0.49	)
Year ended 3-31-2016		8.09		0.53		(1.19	)		(0.66	)		(0.52	)		—			(0.52	)
Year ended 3-31-2015		8.75		0.51		(0.52	)		(0.01	)		(0.51	)		(0.14	)		(0.65	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		7.20		0.24		(0.08	)		0.16			(0.24	)		—			(0.24	)
Year ended 3-31-2019		7.49		0.49		(0.29	)		0.20			(0.49	)		—			(0.49	)
Year ended 3-31-2018		7.60		0.48		(0.09	)		0.39			(0.50	)		—			(0.50	)
Year ended 3-31-2017		6.91		0.53		0.68			1.21			(0.52	)		—			(0.52	)
Year ended 3-31-2016		8.09		0.56		(1.19	)		(0.63	)		(0.55	)		—			(0.55	)
Year ended 3-31-2015		8.75		0.54		(0.51	)		0.03			(0.55	)		(0.14	)		(0.69	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		7.20		0.25		(0.08	)		0.17			(0.25	)		—			(0.25	)
Year ended 3-31-2019		7.49		0.52		(0.29	)		0.23			(0.52	)		—			(0.52	)
Year ended 3-31-2018		7.60		0.53		(0.10	)		0.43			(0.54	)		—			(0.54	)
Year ended 3-31-2017		6.91		0.56		0.69			1.25			(0.56	)		—			(0.56	)
Year ended 3-31-2016		8.09		0.60		(1.19	)		(0.59	)		(0.59	)		—			(0.59	)
Year ended 3-31-2015		8.75		0.59		(0.52	)		0.07			(0.59	)		(0.14	)		(0.73	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		7.20		0.26		(0.08	)		0.18			(0.26	)		—			(0.26	)
Year ended 3-31-2019		7.49		0.53		(0.29	)		0.24			(0.53	)		—			(0.53	)
Year ended 3-31-2018		7.60		0.53		(0.09	)		0.44			(0.55	)		—			(0.55	)
Year ended 3-31-2017		6.91		0.59		0.67			1.26			(0.57	)		—			(0.57	)
Year ended 3-31-2016		8.09		0.60		(1.18	)		(0.58	)		(0.60	)		—			(0.60	)
Year ended 3-31-2015(6)		8.63		0.40		(0.40	)		0.00	*		(0.40	)		(0.14	)		(0.54	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		7.20		0.23		(0.08	)		0.15			(0.23	)		—			(0.23	)
Year ended 3-31-2019		7.49		0.47		(0.29	)		0.18			(0.47	)		—			(0.47	)
Year ended 3-31-2018		7.60		0.48		(0.10	)		0.38			(0.49	)		—			(0.49	)
Year ended 3-31-2017		6.91		0.52		0.68			1.20			(0.51	)		—			(0.51	)
Year ended 3-31-2016		8.09		0.55		(1.19	)		(0.64	)		(0.54	)		—			(0.54	)
Year ended 3-31-2015		8.75		0.54		(0.52	)		0.02			(0.54	)		(0.14	)		(0.68	)
Class T Shares
Six-month period ended 9-30-2019 (unaudited)		7.20		0.25		(0.08	)		0.17			(0.25	)		—			(0.25	)
Year ended 3-31-2019		7.49		0.51		(0.29	)		0.22			(0.51	)		—			(0.51	)
Year ended 3-31-2018(7)		7.62		0.35		(0.10	)		0.25			(0.38	)		—			(0.38	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		7.20		0.24		(0.08	)		0.16			(0.24	)		—			(0.24	)
Year ended 3-31-2019		7.49		0.50		(0.29	)		0.21			(0.50	)		—			(0.50	)
Year ended 3-31-2018		7.60		0.50		(0.09	)		0.41			(0.52	)		—			(0.52	)
Year ended 3-31-2017		6.91		0.55		0.68			1.23			(0.54	)		—			(0.54	)
Year ended 3-31-2016		8.09		0.58		(1.19	)		(0.61	)		(0.57	)		—			(0.57	)
Year ended 3-31-2015		8.75		0.57		(0.52	)		0.05			(0.57	)		(0.14	)		(0.71	)

* 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.

132 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 9-30-2019 (unaudited)	$	7.12		2.26	%	$	1,869			0.96	%(4)		6.76	%(4)		—	%		—	%		15	%
Year ended 3-31-2019		7.20		2.93			1,930			0.95			6.81			—			—			41
Year ended 3-31-2018		7.49		5.54			2,221			0.95			7.02			—			—			39
Year ended 3-31-2017		7.60		18.34			1,250			0.97			7.51			—			—			35
Year ended 3-31-2016		6.91		-7.75			1,865			0.96			7.71			—			—			29
Year ended 3-31-2015		8.09		0.62			2,920			0.94			6.70			—			—			44
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		7.12		1.88			32			1.71	(4)		6.02	(4)		1.78	(4)		5.95	(4)		15
Year ended 3-31-2019		7.20		2.15			40			1.71			6.04			1.73			6.02			41
Year ended 3-31-2018		7.49		4.72			62			1.71			5.90			—			—			39
Year ended 3-31-2017		7.60		17.46			79			1.72			6.72			—			—			35
Year ended 3-31-2016		6.91		-8.43			84			1.70			6.98			—			—			29
Year ended 3-31-2015		8.09		-0.13			133			1.67			5.98			—			—			44
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		7.12		1.91			612			1.66	(4)		6.07	(4)		1.69	(4)		6.04	(4)		15
Year ended 3-31-2019		7.20		2.21			683			1.66			6.10			1.66			6.10			41
Year ended 3-31-2018		7.49		4.77			817			1.66			5.94			—			—			39
Year ended 3-31-2017		7.60		17.51			970			1.67			6.77			—			—			35
Year ended 3-31-2016		6.91		-8.40			1,025			1.66			7.02			—			—			29
Year ended 3-31-2015		8.09		-0.07			1,618			1.64			6.02			—			—			44
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		7.12		2.20			9			1.08	(4)		6.64	(4)		1.23	(4)		6.49	(4)		15
Year ended 3-31-2019		7.20		2.79			9			1.09			6.68			1.24			6.53			41
Year ended 3-31-2018		7.49		5.28			10			1.13			6.38			1.21			6.30			39
Year ended 3-31-2017		7.60		18.08			10			1.19			7.22			1.28			7.13			35
Year ended 3-31-2016		6.91		-8.01			8			1.23			7.47			1.30			7.40			29
Year ended 3-31-2015		8.09		0.30			10			1.26			6.42			—			—			44
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		7.12		2.38			1,988			0.74	(4)		6.99	(4)		—			—			15
Year ended 3-31-2019		7.20		3.18			2,058			0.72			7.05			—			—			41
Year ended 3-31-2018		7.49		5.77			2,156			0.72			6.99			—			—			39
Year ended 3-31-2017		7.60		18.64			1,737			0.71			7.69			—			—			35
Year ended 3-31-2016		6.91		-7.52			1,266			0.70			7.94			—			—			29
Year ended 3-31-2015		8.09		0.88			2,523			0.69			6.91			—			—			44
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		7.12		2.46			81			0.58	(4)		7.14	(4)		—			—			15
Year ended 3-31-2019		7.20		3.35			71			0.56			7.22			—			—			41
Year ended 3-31-2018		7.49		5.93			45			0.57			7.02			—			—			39
Year ended 3-31-2017		7.60		18.83			34			0.56			8.04			—			—			35
Year ended 3-31-2016		6.91		-7.35			55			0.56			8.36			—			—			29
Year ended 3-31-2015(6)		8.09		0.13			13			0.54	(4)		7.47	(4)		—			—			44	(8)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		7.12		2.08			59			1.33	(4)		6.40	(4)		—			—			15
Year ended 3-31-2019		7.20		2.58			62			1.30			6.47			—			—			41
Year ended 3-31-2018		7.49		5.15			65			1.30			6.26			—			—			39
Year ended 3-31-2017		7.60		17.94			70			1.31			7.05			—			—			35
Year ended 3-31-2016		6.91		-8.07			62			1.30			7.44			—			—			29
Year ended 3-31-2015		8.09		0.31			58			1.29			6.45			—			—			44
Class T Shares
Six-month period ended 9-30-2019 (unaudited)		7.12		2.33			—	*		0.84	(4)		6.89	(4)		—			—			15
Year ended 3-31-2019		7.20		3.07			—	*		0.82			6.95			—			—			41
Year ended 3-31-2018(7)		7.49		3.29			—	*		0.82	(4)		6.35	(4)		—			—			39	(9)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		7.12		2.27			209			0.96	(4)		6.77	(4)		0.99	(4)		6.74	(4)		15
Year ended 3-31-2019		7.20		2.94			239			0.95			6.80			0.96			6.79			41
Year ended 3-31-2018		7.49		5.53			329			0.95			6.63			0.96			6.62			39
Year ended 3-31-2017		7.60		18.33			396			0.96			7.46			—			—			35
Year ended 3-31-2016		6.91		-7.76			406			0.95			7.69			0.95			7.69			29
Year ended 3-31-2015		8.09		0.64			740			0.94			6.69			0.95			6.68			44

(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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 133

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY INTERNATIONAL CORE EQUITY 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 9-30-2019 (unaudited)	$	16.75	$	0.19	$	(0.02	)	$	0.17		$	—		$	—		$	—
Year ended 3-31-2019		19.98		0.35		(2.11	)		(1.76	)		(0.36	)		(1.11	)		(1.47	)
Year ended 3-31-2018		17.97		0.25		1.96			2.21			(0.20	)		—			(0.20	)
Year ended 3-31-2017		15.97		0.30		1.96			2.26			(0.26	)		—			(0.26	)
Year ended 3-31-2016		17.88		0.20		(1.97	)		(1.77	)		(0.14	)		—			(0.14	)
Year ended 3-31-2015		19.04		0.19		0.67			0.86			(0.23	)		(1.79	)		(2.02	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		14.70		0.10		(0.01	)		0.09			—			—			—
Year ended 3-31-2019		17.72		0.17		(1.86	)		(1.69	)		(0.22	)		(1.11	)		(1.33	)
Year ended 3-31-2018		15.98		0.09		1.73			1.82			(0.08	)		—			(0.08	)
Year ended 3-31-2017		14.24		0.07		1.80			1.87			(0.13	)		—			(0.13	)
Year ended 3-31-2016		15.97		0.05		(1.76	)		(1.71	)		(0.02	)		—			(0.02	)
Year ended 3-31-2015		17.23		0.03		0.59			0.62			(0.09	)		(1.79	)		(1.88	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		14.75		0.11		(0.01	)		0.10			—			—			—
Year ended 3-31-2019		17.77		0.20		(1.87	)		(1.67	)		(0.24	)		(1.11	)		(1.35	)
Year ended 3-31-2018		16.02		0.11		1.74			1.85			(0.10	)		—			(0.10	)
Year ended 3-31-2017		14.27		0.11		1.81			1.92			(0.17	)		—			(0.17	)
Year ended 3-31-2016		16.00		0.06		(1.75	)		(1.69	)		(0.04	)		—			(0.04	)
Year ended 3-31-2015		17.25		0.05		0.61			0.66			(0.12	)		(1.79	)		(1.91	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		16.88		0.18		(0.01	)		0.17			—			—			—
Year ended 3-31-2019		20.11		0.34		(2.11	)		(1.77	)		(0.35	)		(1.11	)		(1.46	)
Year ended 3-31-2018		18.09		0.24		1.98			2.22			(0.20	)		—			(0.20	)
Year ended 3-31-2017		16.08		0.22		2.04			2.26			(0.25	)		—			(0.25	)
Year ended 3-31-2016		17.99		0.17		(1.97	)		(1.80	)		(0.11	)		—			(0.11	)
Year ended 3-31-2015		19.14		0.16		0.68			0.84			(0.20	)		(1.79	)		(1.99	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		16.86		0.23		(0.01	)		0.22			—			—			—
Year ended 3-31-2019		20.10		0.42		(2.12	)		(1.70	)		(0.43	)		(1.11	)		(1.54	)
Year ended 3-31-2018		18.07		0.31		1.98			2.29			(0.26	)		—			(0.26	)
Year ended 3-31-2017		16.07		0.26		2.06			2.32			(0.32	)		—			(0.32	)
Year ended 3-31-2016		17.99		0.24		(1.97	)		(1.73	)		(0.19	)		—			(0.19	)
Year ended 3-31-2015		19.15		0.25		0.68			0.93			(0.30	)		(1.79	)		(2.09	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		16.91		0.23		(0.02	)		0.21			—			—			—
Year ended 3-31-2019		20.16		0.43		(2.12	)		(1.69	)		(0.45	)		(1.11	)		(1.56	)
Year ended 3-31-2018		18.13		0.30		2.02			2.32			(0.29	)		—			(0.29	)
Year ended 3-31-2017		16.11		0.29		2.07			2.36			(0.34	)		—			(0.34	)
Year ended 3-31-2016		18.04		0.23		(1.94	)		(1.71	)		(0.22	)		—			(0.22	)
Year ended 3-31-2015(6)		20.09		0.13		(0.12	)		0.01			(0.27	)		(1.79	)		(2.06	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		16.75		0.16		(0.02	)		0.14			—			—			—
Year ended 3-31-2019		19.97		0.29		(2.10	)		(1.81	)		(0.30	)		(1.11	)		(1.41	)
Year ended 3-31-2018		17.96		0.17		1.99			2.16			(0.15	)		—			(0.15	)
Year ended 3-31-2017		15.97		0.17		2.04			2.21			(0.22	)		—			(0.22	)
Year ended 3-31-2016		17.87		0.13		(1.94	)		(1.81	)		(0.09	)		—			(0.09	)
Year ended 3-31-2015		19.03		0.10		0.71			0.81			(0.18	)		(1.79	)		(1.97	)
Class T Shares
Six-month period ended 9-30-2019 (unaudited)		16.74		0.21		(0.02	)		0.19			—			—			—
Year ended 3-31-2019		20.01		0.38		(2.12	)		(1.74	)		(0.42	)		(1.11	)		(1.53	)
Year ended 3-31-2018(7)		18.96		0.13		1.12			1.25			(0.20	)		—			(0.20	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		16.87		0.19		(0.01	)		0.18			—			—			—
Year ended 3-31-2019		20.12		0.37		(2.14	)		(1.77	)		(0.37	)		(1.11	)		(1.48	)
Year ended 3-31-2018		18.09		0.26		1.98			2.24			(0.21	)		—			(0.21	)
Year ended 3-31-2017		16.08		0.26		2.02			2.28			(0.27	)		—			(0.27	)
Year ended 3-31-2016		18.00		0.21		(1.98	)		(1.77	)		(0.15	)		—			(0.15	)
Year ended 3-31-2015		19.16		0.18		0.70			0.88			(0.25	)		(1.79	)		(2.04	)

* Not shown due to rounding.

(1) Based on average weekly shares outstanding.

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

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

(4) 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.

134 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 9-30-2019 (unaudited)	$	16.92		1.01	%	$	518			1.25	%(4)		2.22	%(4)		1.30	%(4)		2.17	%(4)		28	%
Year ended 3-31-2019		16.75		-8.57			568			1.26	(10)		1.90			1.27			1.89			52
Year ended 3-31-2018		19.98		12.33			677			1.25			1.27			—			—			48
Year ended 3-31-2017		17.97		14.31			564			1.29			1.78			—			—			80
Year ended 3-31-2016		15.97		-9.95			1,532			1.31			1.15			—			—			62
Year ended 3-31-2015		17.88		4.98			1,383			1.35			0.99			—			—			87
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		14.79		0.61			3			2.11	(4)		1.39	(4)		2.31	(4)		1.19	(4)		28
Year ended 3-31-2019		14.70		-9.34			4			2.10			1.05			2.13			1.02			52
Year ended 3-31-2018		17.72		11.39			7			2.11			0.50			—			—			48
Year ended 3-31-2017		15.98		13.20			9			2.22			0.45			—			—			80
Year ended 3-31-2016		14.24		-10.70			10			2.20			0.31			—			—			62
Year ended 3-31-2015		15.97		4.02			13			2.20			0.17			—			—			87
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		14.85		0.68			123			1.93	(4)		1.54	(4)		1.98	(4)		1.49	(4)		28
Year ended 3-31-2019		14.75		-9.14			163			1.91			1.24			1.92			1.23			52
Year ended 3-31-2018		17.77		11.57			240			1.93			0.62			—			—			48
Year ended 3-31-2017		16.02		13.51			220			1.97			0.72			—			—			80
Year ended 3-31-2016		14.27		-10.54			253			1.98			0.40			—			—			62
Year ended 3-31-2015		16.00		4.25			168			2.02			0.32			—			—			87
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		17.05		1.01			7			1.26	(4)		2.19	(4)		1.55	(4)		1.90	(4)		28
Year ended 3-31-2019		16.88		-8.62			7			1.29			1.83			1.51			1.61			52
Year ended 3-31-2018		20.11		12.31			8			1.28			1.22			1.51			0.99			48
Year ended 3-31-2017		18.09		14.20			6			1.31			1.31			1.61			1.01			80
Year ended 3-31-2016		16.08		-10.05			5			1.45			1.01			1.69			0.77			62
Year ended 3-31-2015		17.99		4.82			5			1.53			0.84			1.74			0.63			87
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		17.08		1.30			2,424			0.79	(4)		2.69	(4)		0.98	(4)		2.50	(4)		28
Year ended 3-31-2019		16.86		-8.20			3,149			0.85			2.27			0.95			2.17			52
Year ended 3-31-2018		20.10		12.70			4,136			0.94			1.59			—			—			48
Year ended 3-31-2017		18.07		14.58			3,168			0.97			1.52			—			—			80
Year ended 3-31-2016		16.07		-9.63			1,885			0.98			1.44			—			—			62
Year ended 3-31-2015		17.99		5.32			1,347			1.02			1.30			—			—			87
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		17.12		1.24			1,185			0.79	(4)		2.66	(4)		0.82	(4)		2.63	(4)		28
Year ended 3-31-2019		16.91		-8.12			1,437			0.79			2.35			0.80			2.34			52
Year ended 3-31-2018		20.16		12.82			1,597			0.79			1.49			—			—			48
Year ended 3-31-2017		18.13		14.83			484			0.82			1.72			—			—			80
Year ended 3-31-2016		16.11		-9.52			289			0.83			1.40			—			—			62
Year ended 3-31-2015(6)		18.04		0.48			21			0.86	(4)		1.10	(4)		—			—			87	(8)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		16.89		0.83			100			1.53	(4)		1.93	(4)		1.56	(4)		1.90	(4)		28
Year ended 3-31-2019		16.75		-8.82			104			1.53			1.60			1.54			1.59			52
Year ended 3-31-2018		19.97		12.04			117			1.53			0.85			—			—			48
Year ended 3-31-2017		17.96		13.95			56			1.56			1.00			—			—			80
Year ended 3-31-2016		15.97		-10.15			36			1.58			0.80			—			—			62
Year ended 3-31-2015		17.87		4.70			19			1.61			0.54			—			—			87
Class T Shares
Six-month period ended 9-30-2019 (unaudited)		16.93		1.13			—	*		0.99	(4)		2.47	(4)		1.00	(4)		2.46	(4)		28
Year ended 3-31-2019		16.74		-8.42			—	*		1.08			2.06			1.08			2.06			52
Year ended 3-31-2018(7)		20.01		6.62			—	*		1.02	(4)		0.86	(4)		—			—			48	(9)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		17.05		1.07			340			1.18	(4)		2.29	(4)		1.22	(4)		2.25	(4)		28
Year ended 3-31-2019		16.87		-8.55			377			1.19	(11)		1.99			1.19			1.99			52
Year ended 3-31-2018		20.12		12.42			487			1.19			1.32			—			—			48
Year ended 3-31-2017		18.09		14.34			416			1.24			1.56			—			—			80
Year ended 3-31-2016		16.08		-9.88			572			1.25			1.24			—			—			62
Year ended 3-31-2015		18.00		5.04			526			1.27			0.95			—			—			87

(6) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

(10) Expense ratio based on the period excluding reorganization expenses was 1.25%.

(11) Expense ratio based on the period excluding reorganization expenses was 1.18%.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 135

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY LARGE CAP GROWTH 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 9-30-2019 (unaudited)	$	22.73	$	(0.01	)	$	2.03		$	2.02		$	—		$	—		$	—
Year ended 3-31-2019		22.65		(0.01	)		2.87			2.86			—			(2.78	)		(2.78	)
Year ended 3-31-2018		19.17		(0.01	)		4.46			4.45			—			(0.97	)		(0.97	)
Year ended 3-31-2017		17.66		0.00	*		2.42			2.42			—			(0.91	)		(0.91	)
Year ended 3-31-2016		19.19		(0.03	)		(0.32	)		(0.35	)		—			(1.18	)		(1.18	)
Year ended 3-31-2015		17.59		(0.04	)		3.03			2.99			—			(1.39	)		(1.39	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		16.69		(0.08	)		1.49			1.41			—			—			—
Year ended 3-31-2019		17.46		(0.16	)		2.14			1.98			—			(2.75	)		(2.75	)
Year ended 3-31-2018		15.09		(0.16	)		3.50			3.34			—			(0.97	)		(0.97	)
Year ended 3-31-2017		14.22		(0.14	)		1.92			1.78			—			(0.91	)		(0.91	)
Year ended 3-31-2016		15.82		(0.16	)		(0.26	)		(0.42	)		—			(1.18	)		(1.18	)
Year ended 3-31-2015		14.84		(0.16	)		2.53			2.37			—			(1.39	)		(1.39	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		18.30		(0.09	)		1.64			1.55			—			—			—
Year ended 3-31-2019		18.87		(0.15	)		2.33			2.18			—			(2.75	)		(2.75	)
Year ended 3-31-2018		16.22		(0.15	)		3.77			3.62			—			(0.97	)		(0.97	)
Year ended 3-31-2017		15.19		(0.11	)		2.05			1.94			—			(0.91	)		(0.91	)
Year ended 3-31-2016		16.78		(0.14	)		(0.27	)		(0.41	)		—			(1.18	)		(1.18	)
Year ended 3-31-2015		15.64		(0.15	)		2.68			2.53			—			(1.39	)		(1.39	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		22.67		(0.03	)		2.03			2.00			—			—			—
Year ended 3-31-2019		22.62		(0.04	)		2.87			2.83			—			(2.78	)		(2.78	)
Year ended 3-31-2018		19.15		(0.02	)		4.46			4.44			—			(0.97	)		(0.97	)
Year ended 3-31-2017		17.64		0.00	*		2.42			2.42			—			(0.91	)		(0.91	)
Year ended 3-31-2016		19.17		(0.03	)		(0.32	)		(0.35	)		—			(1.18	)		(1.18	)
Year ended 3-31-2015		17.57		(0.04	)		3.03			2.99			—			(1.39	)		(1.39	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		24.09		0.03			2.15			2.18			—			—			—
Year ended 3-31-2019		23.80		0.06			3.03			3.09			—			(2.80	)		(2.80	)
Year ended 3-31-2018		20.08		0.04			4.69			4.73			(0.04	)		(0.97	)		(1.01	)
Year ended 3-31-2017		18.41		0.05			2.53			2.58			—			(0.91	)		(0.91	)
Year ended 3-31-2016		19.90		0.02			(0.33	)		(0.31	)		—			(1.18	)		(1.18	)
Year ended 3-31-2015		18.15		0.01			3.13			3.14			—			(1.39	)		(1.39	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		24.25		0.03			2.17			2.20			—			—			—
Year ended 3-31-2019		23.91		0.08			3.04			3.12			—			(2.78	)		(2.78	)
Year ended 3-31-2018		20.18		0.07			4.72			4.79			(0.09	)		(0.97	)		(1.06	)
Year ended 3-31-2017		18.47		0.07			2.55			2.62			—			(0.91	)		(0.91	)
Year ended 3-31-2016		19.93		0.05			(0.33	)		(0.28	)		—			(1.18	)		(1.18	)
Year ended 3-31-2015(6)		18.91		0.02			2.39			2.41			—			(1.39	)		(1.39	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		21.69		(0.06	)		1.95			1.89			—			—			—
Year ended 3-31-2019		21.79		(0.09	)		2.74			2.65			—			(2.75	)		(2.75	)
Year ended 3-31-2018		18.54		(0.09	)		4.31			4.22			—			(0.97	)		(0.97	)
Year ended 3-31-2017		17.16		(0.06	)		2.35			2.29			—			(0.91	)		(0.91	)
Year ended 3-31-2016		18.74		(0.09	)		(0.31	)		(0.40	)		—			(1.18	)		(1.18	)
Year ended 3-31-2015		17.25		(0.09	)		2.97			2.88			—			(1.39	)		(1.39	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		23.37		(0.01	)		2.09			2.08			—			—			—
Year ended 3-31-2019		23.24		(0.01	)		2.94			2.93			—			(2.80	)		(2.80	)
Year ended 3-31-2018		19.63		0.00	*		4.58			4.58			—			(0.97	)		(0.97	)
Year ended 3-31-2017		18.04		0.00	*		2.50			2.50			—			(0.91	)		(0.91	)
Year ended 3-31-2016		19.57		(0.01	)		(0.34	)		(0.35	)		—			(1.18	)		(1.18	)
Year ended 3-31-2015		17.89		(0.02	)		3.09			3.07			—			(1.39	)		(1.39	)

* 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.

136 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 9-30-2019 (unaudited)	$	24.75		8.89	%	$	2,195		1.02	%(4)		-0.09	%(4)		—	%		—	%		15	%
Year ended 3-31-2019		22.73		13.65			2,113		1.04			-0.04			—			—			37
Year ended 3-31-2018		22.65		23.45			1,778		1.13			-0.05			1.13			-0.05			37
Year ended 3-31-2017		19.17		14.12			487		1.15			0.01			1.19			-0.03			43
Year ended 3-31-2016		17.66		-2.08			1,197		1.15			-0.15			1.16			-0.16			38
Year ended 3-31-2015		19.19		17.45			1,093		1.15			-0.20			1.17			-0.22			36
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		18.10		8.45			8		1.85	(4)		-0.92	(4)		1.98	(4)		-1.05	(4)		15
Year ended 3-31-2019		16.69		12.63			9		1.92			-0.91			1.97			-0.96			37
Year ended 3-31-2018		17.46		22.42			11		2.00			-0.95			—			—			37
Year ended 3-31-2017		15.09		13.01			10		2.08			-0.94			—			—			43
Year ended 3-31-2016		14.22		-2.98			11		2.07			-1.07			—			—			38
Year ended 3-31-2015		15.82		16.49			12		2.01			-1.06			—			—			36
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		19.85		8.47			80		1.83	(4)		-0.89	(4)		—			—			15
Year ended 3-31-2019		18.30		12.75			88		1.81			-0.81			—			—			37
Year ended 3-31-2018		18.87		22.59			84		1.86			-0.82			—			—			37
Year ended 3-31-2017		16.22		13.24			97		1.87			-0.73			—			—			43
Year ended 3-31-2016		15.19		-2.74			107		1.86			-0.85			—			—			38
Year ended 3-31-2015		16.78		16.67			94		1.86			-0.92			—			—			36
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		24.67		8.82			21		1.15	(4)		-0.22	(4)		1.16	(4)		-0.23	(4)		15
Year ended 3-31-2019		22.67		13.52			19		1.15			-0.16			1.19			-0.20			37
Year ended 3-31-2018		22.62		23.43			16		1.15			-0.11			1.28			-0.24			37
Year ended 3-31-2017		19.15		14.14			13		1.15			-0.01			1.36			-0.22			43
Year ended 3-31-2016		17.64		-2.08			12		1.15			-0.14			1.35			-0.34			38
Year ended 3-31-2015		19.17		17.47			9		1.15			-0.21			1.39			-0.45			36
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		26.27		9.05			2,044		0.69	(4)		0.24	(4)		0.81	(4)		0.12	(4)		15
Year ended 3-31-2019		24.09		13.99			1,970		0.73			0.27			0.82			0.18			37
Year ended 3-31-2018		23.80		23.80			1,580		0.88			0.18			—			—			37
Year ended 3-31-2017		20.08		14.42			961		0.88			0.24			0.88			0.24			43
Year ended 3-31-2016		18.41		-1.79			272		0.88			0.11			—			—			38
Year ended 3-31-2015		19.90		17.75			318		0.88			0.04			—			—			36
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		26.45		9.07			105		0.66	(4)		0.27	(4)		—			—			15
Year ended 3-31-2019		24.25		14.06			108		0.66			0.33			—			—			37
Year ended 3-31-2018		23.91		24.00			100		0.72			0.30			—			—			37
Year ended 3-31-2017		20.18		14.59			1		0.72			0.39			—			—			43
Year ended 3-31-2016		18.47		-1.64			7		0.73			0.28			—			—			38
Year ended 3-31-2015(6)		19.93		13.18			6		0.72	(4)		0.17	(4)		—			—			36	(7)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		23.58		8.66			18		1.41	(4)		-0.48	(4)		—			—			15
Year ended 3-31-2019		21.69		13.22			18		1.40			-0.40			—			—			37
Year ended 3-31-2018		21.79		23.06			23		1.46			-0.42			—			—			37
Year ended 3-31-2017		18.54		13.77			21		1.47			-0.33			—			—			43
Year ended 3-31-2016		17.16		-2.39			22		1.47			-0.48			—			—			38
Year ended 3-31-2015		18.74		17.16			26		1.47			-0.52			—			—			36
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		25.45		8.90			33		1.02	(4)		-0.09	(4)		1.06	(4)		-0.13	(4)		15
Year ended 3-31-2019		23.37		13.61			38		1.05	(8)		-0.05			1.06			-0.06			37
Year ended 3-31-2018		23.24		23.57			37		1.05			-0.01			1.11			-0.07			37
Year ended 3-31-2017		19.63		14.27			35		1.06			0.02			1.12			-0.04			43
Year ended 3-31-2016		18.04		-2.03			125		1.06			-0.07			1.11			-0.12			38
Year ended 3-31-2015		19.57		17.62			132		1.06			-0.11			1.12			-0.17			36

(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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(8) Expense ratio based on the period excluding reorganization expenses was 1.04%.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 137

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY LIMITED-TERM 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 9-30-2019 (unaudited)	$	10.74	$	0.11	$	0.15		$	0.26		$	(0.11	)	$	—	$	(0.11	)
Year ended 3-31-2019		10.64		0.21		0.10			0.31			(0.21	)		—		(0.21	)
Year ended 3-31-2018		10.80		0.18		(0.15	)		0.03			(0.19	)		—		(0.19	)
Year ended 3-31-2017		10.87		0.17		(0.06	)		0.11			(0.18	)		—		(0.18	)
Year ended 3-31-2016		10.92		0.15		(0.05	)		0.10			(0.15	)		—		(0.15	)
Year ended 3-31-2015		10.90		0.15		0.02			0.17			(0.15	)		—		(0.15	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		10.74		0.06		0.15			0.21			(0.06	)		—		(0.06	)
Year ended 3-31-2019		10.64		0.11		0.11			0.22			(0.12	)		—		(0.12	)
Year ended 3-31-2018		10.80		0.08		(0.15	)		(0.07	)		(0.09	)		—		(0.09	)
Year ended 3-31-2017		10.87		0.08		(0.07	)		0.01			(0.08	)		—		(0.08	)
Year ended 3-31-2016		10.92		0.06		(0.05	)		0.01			(0.06	)		—		(0.06	)
Year ended 3-31-2015		10.90		0.06		0.02			0.08			(0.06	)		—		(0.06	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		10.74		0.07		0.15			0.22			(0.07	)		—		(0.07	)
Year ended 3-31-2019		10.64		0.13		0.10			0.23			(0.13	)		—		(0.13	)
Year ended 3-31-2018		10.80		0.10		(0.15	)		(0.05	)		(0.11	)		—		(0.11	)
Year ended 3-31-2017		10.87		0.09		(0.06	)		0.03			(0.10	)		—		(0.10	)
Year ended 3-31-2016		10.92		0.07		(0.05	)		0.02			(0.07	)		—		(0.07	)
Year ended 3-31-2015		10.90		0.07		0.02			0.09			(0.07	)		—		(0.07	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		10.74		0.11		0.15			0.26			(0.11	)		—		(0.11	)
Year ended 3-31-2019		10.64		0.20		0.10			0.30			(0.20	)		—		(0.20	)
Year ended 3-31-2018		10.80		0.17		(0.14	)		0.03			(0.19	)		—		(0.19	)
Year ended 3-31-2017		10.87		0.16		(0.06	)		0.10			(0.17	)		—		(0.17	)
Year ended 3-31-2016		10.92		0.13		(0.04	)		0.09			(0.14	)		—		(0.14	)
Year ended 3-31-2015		10.90		0.13		0.03			0.16			(0.14	)		—		(0.14	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		10.74		0.12		0.15			0.27			(0.12	)		—		(0.12	)
Year ended 3-31-2019		10.64		0.24		0.10			0.34			(0.24	)		—		(0.24	)
Year ended 3-31-2018		10.80		0.21		(0.16	)		0.05			(0.21	)		—		(0.21	)
Year ended 3-31-2017		10.87		0.19		(0.06	)		0.13			(0.20	)		—		(0.20	)
Year ended 3-31-2016		10.92		0.17		(0.04	)		0.13			(0.18	)		—		(0.18	)
Year ended 3-31-2015		10.90		0.17		0.03			0.20			(0.18	)		—		(0.18	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		10.74		0.13		0.15			0.28			(0.13	)		—		(0.13	)
Year ended 3-31-2019		10.64		0.25		0.10			0.35			(0.25	)		—		(0.25	)
Year ended 3-31-2018		10.80		0.22		(0.15	)		0.07			(0.23	)		—		(0.23	)
Year ended 3-31-2017		10.87		0.21		(0.06	)		0.15			(0.22	)		—		(0.22	)
Year ended 3-31-2016		10.92		0.19		(0.05	)		0.14			(0.19	)		—		(0.19	)
Year ended 3-31-2015(6)		10.91		0.13		0.01			0.14			(0.13	)		—		(0.13	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		10.74		0.09		0.15			0.24			(0.09	)		—		(0.09	)
Year ended 3-31-2019		10.64		0.17		0.10			0.27			(0.17	)		—		(0.17	)
Year ended 3-31-2018		10.80		0.14		(0.15	)		(0.01	)		(0.15	)		—		(0.15	)
Year ended 3-31-2017		10.87		0.13		(0.06	)		0.07			(0.14	)		—		(0.14	)
Year ended 3-31-2016		10.92		0.11		(0.05	)		0.06			(0.11	)		—		(0.11	)
Year ended 3-31-2015		10.90		0.11		0.03			0.14			(0.12	)		—		(0.12	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		10.74		0.11		0.15			0.26			(0.11	)		—		(0.11	)
Year ended 3-31-2019		10.64		0.21		0.10			0.31			(0.21	)		—		(0.21	)
Year ended 3-31-2018		10.80		0.18		(0.15	)		0.03			(0.19	)		—		(0.19	)
Year ended 3-31-2017		10.87		0.17		(0.06	)		0.11			(0.18	)		—		(0.18	)
Year ended 3-31-2016		10.92		0.15		(0.05	)		0.10			(0.15	)		—		(0.15	)
Year ended 3-31-2015		10.90		0.15		0.02			0.17			(0.15	)		—		(0.15	)

* 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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

138 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 9-30-2019 (unaudited)	$	10.89		2.43	%	$	373			0.92	%(4)		1.97	%(4)		—	%		—	%		28	%
Year ended 3-31-2019		10.74		2.95			382			0.91			1.90			—			—			83
Year ended 3-31-2018		10.64		0.25			431			0.89			1.69			—			—			24
Year ended 3-31-2017		10.80		0.99			536			0.88			1.59			—			—			65
Year ended 3-31-2016		10.87		0.95			1,589			0.88			1.36			—			—			46
Year ended 3-31-2015		10.92		1.60			1,504			0.88			1.36			—			—			39
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		10.89		1.97			2			1.81	(4)		1.09	(4)		—			—			28
Year ended 3-31-2019		10.74		2.07			3			1.77			1.03			—			—			83
Year ended 3-31-2018		10.64		-0.65			6			1.80			0.78			—			—			24
Year ended 3-31-2017		10.80		0.12			10			1.74			0.71			—			—			65
Year ended 3-31-2016		10.87		0.12			14			1.71			0.54			—			—			46
Year ended 3-31-2015		10.92		0.75			13			1.72			0.52			—			—			39
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		10.89		2.05			36			1.67	(4)		1.23	(4)		—			—			28
Year ended 3-31-2019		10.74		2.20			45			1.65			1.16			—			—			83
Year ended 3-31-2018		10.64		-0.51			55			1.66			0.92			—			—			24
Year ended 3-31-2017		10.80		0.24			87			1.62			0.83			—			—			65
Year ended 3-31-2016		10.87		0.22			128			1.61			0.63			—			—			46
Year ended 3-31-2015		10.92		0.83			117			1.64			0.60			—			—			39
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		10.89		2.42			5			0.95	(4)		1.95	(4)		1.00	(4)		1.90	(4)		28
Year ended 3-31-2019		10.74		2.90			5			0.95			1.85			1.03			1.77			83
Year ended 3-31-2018		10.64		0.17			4			0.98			1.60			1.02			1.56			24
Year ended 3-31-2017		10.80		0.89			5			0.98			1.46			—			—			65
Year ended 3-31-2016		10.87		0.83			4			1.00			1.24			1.03			1.21			46
Year ended 3-31-2015		10.92		1.48			4			1.00			1.24			1.03			1.21			39
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		10.89		2.55			602			0.69	(4)		2.21	(4)		—			—			28
Year ended 3-31-2019		10.74		3.19			677			0.67			2.14			—			—			83
Year ended 3-31-2018		10.64		0.49			710			0.66			1.92			—			—			24
Year ended 3-31-2017		10.80		1.23			871			0.64			1.79			—			—			65
Year ended 3-31-2016		10.87		1.20			56			0.64			1.60			—			—			46
Year ended 3-31-2015		10.92		1.86			44			0.63			1.60			—			—			39
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		10.89		2.63			123			0.53	(4)		2.37	(4)		—			—			28
Year ended 3-31-2019		10.74		3.36			169			0.51			2.30			—			—			83
Year ended 3-31-2018		10.64		0.64			85			0.50			2.08			—			—			24
Year ended 3-31-2017		10.80		1.38			88			0.49			1.94			—			—			65
Year ended 3-31-2016		10.87		1.35			2			0.49			1.76			—			—			46
Year ended 3-31-2015(6)		10.92		1.31			3			0.48	(4)		1.75	(4)		—			—			39	(7)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		10.89		2.24			1			1.29	(4)		1.61	(4)		—			—			28
Year ended 3-31-2019		10.74		2.60			—	*		1.26			1.54			—			—			83
Year ended 3-31-2018		10.64		-0.12			1			1.26			1.32			—			—			24
Year ended 3-31-2017		10.80		0.62			1			1.24			1.21			—			—			65
Year ended 3-31-2016		10.87		0.59			1			1.24			0.98			—			—			46
Year ended 3-31-2015		10.92		1.24			1			1.23			1.00			—			—			39
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		10.89		2.43			7			0.92	(4)		1.98	(4)		0.98	(4)		1.92	(4)		28
Year ended 3-31-2019		10.74		2.95			7			0.91			1.89			0.91			1.89			83
Year ended 3-31-2018		10.64		0.25			11			0.89			1.69			0.91			1.67			24
Year ended 3-31-2017		10.80		0.99			16			0.88			1.57			0.89			1.56			65
Year ended 3-31-2016		10.87		0.95			16			0.88			1.35			0.89			1.34			46
Year ended 3-31-2015		10.92		1.59			21			0.88			1.35			0.89			1.34			39

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 139

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MANAGED INTERNATIONAL OPPORTUNITIES 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 9-30-2019 (unaudited)	$	10.18	$	(0.01	)	$	0.03		$	0.02		$	—		$	—		$	—
Year ended 3-31-2019		11.87		0.14			(1.08	)		(0.94	)		(0.16	)		(0.59	)		(0.75	)
Year ended 3-31-2018		10.58		0.14			1.44			1.58			(0.15	)		(0.14	)		(0.29	)
Year ended 3-31-2017		9.46		0.08			1.14			1.22			(0.10	)		—			(0.10	)
Year ended 3-31-2016		10.52		0.07			(1.06	)		(0.99	)		(0.07	)		—			(0.07	)
Year ended 3-31-2015		10.15		0.14			0.37			0.51			(0.14	)		—			(0.14	)
Class B Shares(6)
Six-month period ended 9-30-2019 (unaudited)		9.89		(0.05	)		0.03			(0.02	)		—			—			—
Year ended 3-31-2019		11.61		0.04			(1.08	)		(1.04	)		(0.09	)		(0.59	)		(0.68	)
Year ended 3-31-2018		10.35		0.03			1.44			1.47			(0.07	)		(0.14	)		(0.21	)
Year ended 3-31-2017		9.25		0.01			1.13			1.14			(0.04	)		—			(0.04	)
Year ended 3-31-2016		10.33		(0.02	)		(1.06	)		(1.08	)		—	*		—			—	*
Year ended 3-31-2015		9.99		0.06			0.36			0.42			(0.08	)		—			(0.08	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		9.92		(0.05	)		0.04			(0.01	)		—			—			—
Year ended 3-31-2019		11.64		0.06			(1.09	)		(1.03	)		(0.10	)		(0.59	)		(0.69	)
Year ended 3-31-2018		10.38		0.07			1.41			1.48			(0.08	)		(0.14	)		(0.22	)
Year ended 3-31-2017		9.28		0.02			1.13			1.15			(0.05	)		—			(0.05	)
Year ended 3-31-2016		10.36		0.00	*		(1.07	)		(1.07	)		(0.01	)		—			(0.01	)
Year ended 3-31-2015		10.02		0.07			0.36			0.43			(0.09	)		—			(0.09	)
Class E Shares(7)
Six-month period ended 9-30-2019 (unaudited)		10.19		0.00	*		0.03			0.03			—			—			—
Year ended 3-31-2019		11.89		0.16			(1.10	)		(0.94	)		(0.17	)		(0.59	)		(0.76	)
Year ended 3-31-2018		10.59		0.15			1.44			1.59			(0.15	)		(0.14	)		(0.29	)
Year ended 3-31-2017		9.47		0.11			1.12			1.23			(0.11	)		—			(0.11	)
Year ended 3-31-2016		10.53		0.08			(1.06	)		(0.98	)		(0.08	)		—			(0.08	)
Year ended 3-31-2015		10.16		0.15			0.37			0.52			(0.15	)		—			(0.15	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		10.24		0.01			0.03			0.04			—			—			—
Year ended 3-31-2019		11.93		0.18			(1.09	)		(0.91	)		(0.19	)		(0.59	)		(0.78	)
Year ended 3-31-2018		10.63		0.18			1.43			1.61			(0.17	)		(0.14	)		(0.31	)
Year ended 3-31-2017		9.50		0.16			1.10			1.26			(0.13	)		—			(0.13	)
Year ended 3-31-2016		10.54		0.13			(1.08	)		(0.95	)		(0.09	)		—			(0.09	)
Year ended 3-31-2015		10.17		0.19			0.35			0.54			(0.17	)		—			(0.17	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		10.25		0.01			0.03			0.04			—			—			—
Year ended 3-31-2019		11.94		0.19			(1.10	)		(0.91	)		(0.19	)		(0.59	)		(0.78	)
Year ended 3-31-2018(8)		11.17		0.17			0.90			1.07			(0.16	)		(0.14	)		(0.30	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		10.14		(0.01	)		0.02			0.01			—			—			—
Year ended 3-31-2019		11.83		0.13			(1.08	)		(0.95	)		(0.15	)		(0.59	)		(0.74	)
Year ended 3-31-2018		10.55		0.13			1.42			1.55			(0.13	)		(0.14	)		(0.27	)
Year ended 3-31-2017		9.44		0.09			1.11			1.20			(0.09	)		—			(0.09	)
Year ended 3-31-2016		10.50		0.06			(1.06	)		(1.00	)		(0.06	)		—			(0.06	)
Year ended 3-31-2015		10.13		0.13			0.37			0.50			(0.13	)		—			(0.13	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		10.18		0.00	*		0.03			0.03			—			—			—
Year ended 3-31-2019		11.87		0.16			(1.09	)		(0.93	)		(0.17	)		(0.59	)		(0.76	)
Year ended 3-31-2018		10.58		0.15			1.43			1.58			(0.15	)		(0.14	)		(0.29	)
Year ended 3-31-2017		9.46		0.11			1.12			1.23			(0.11	)		—			(0.11	)
Year ended 3-31-2016		10.51		0.07			(1.04	)		(0.97	)		(0.08	)		—			(0.08	)
Year ended 3-31-2015		10.14		0.17			0.35			0.52			(0.15	)		—			(0.15	)

* 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) Does not include expenses of underlying Ivy Funds in which the Fund invests.

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

140 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(3)			Ratio of Net Investment Income (Loss) to Average Net Assets Including Expense Waiver(3)			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)(4)			Ratio of Net Investment Income (Loss) to Average Net Assets Excluding Expense Waiver(3)(4)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2019 (unaudited)	$	10.20		0.20	%	$	61			0.49	%(5)		-0.12	%(5)		0.53	%(5)		-0.16	%(5)		5	%
Year ended 3-31-2019		10.18		-7.32			66			0.49			1.32			0.51			1.30			71
Year ended 3-31-2018		11.87		14.95			84			0.49			1.17			0.49			1.17			10
Year ended 3-31-2017		10.58		13.00			73			0.49			0.88			0.52			0.85			24
Year ended 3-31-2016		9.46		-9.41			188			0.46			0.71			—			—			37
Year ended 3-31-2015		10.52		5.17			228			0.48			1.36			—			—			4
Class B Shares(6)
Six-month period ended 9-30-2019 (unaudited)		9.87		-0.20			—	*		1.40	(5)		-1.03	(5)		1.77	(5)		-1.40	(5)		5
Year ended 3-31-2019		9.89		-8.43			—	*		1.40			0.34			1.59			0.15			71
Year ended 3-31-2018		11.61		14.28			1			1.40			0.24			1.47			0.17			10
Year ended 3-31-2017		10.35		12.39			1			1.40			0.12			1.47			0.05			24
Year ended 3-31-2016		9.25		-10.42			2			1.40			-0.24			1.48			-0.32			37
Year ended 3-31-2015		10.33		4.28			2			1.36			0.60			—			—			4
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		9.91		-0.10			2			1.29	(5)		-0.92	(5)		1.35	(5)		-0.98	(5)		5
Year ended 3-31-2019		9.92		-8.32			2			1.29			0.58			1.31			0.56			71
Year ended 3-31-2018		11.64		14.34			3			1.28			0.57			—			—			10
Year ended 3-31-2017		10.38		12.44			4			1.27			0.25			—			—			24
Year ended 3-31-2016		9.28		-10.30			5			1.27			-0.04			—			—			37
Year ended 3-31-2015		10.36		4.32			5			1.29			0.73			—			—			4
Class E Shares(7)
Six-month period ended 9-30-2019 (unaudited)		10.22		0.20			1			0.42	(5)		-0.04	(5)		0.44	(5)		-0.06	(5)		5
Year ended 3-31-2019		10.19		-7.24			1			0.41			1.44			0.42			1.43			71
Year ended 3-31-2018		11.89		15.11			1			0.39			1.30			0.40			1.29			10
Year ended 3-31-2017		10.59		13.07			—	*		0.39			1.16			—			—			24
Year ended 3-31-2016		9.47		-9.36			—	*		0.39			0.79			—			—			37
Year ended 3-31-2015		10.53		5.25			—	*		0.39			1.49			—			—			4
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		10.28		0.39			112			0.16	(5)		0.22	(5)		0.21	(5)		0.17	(5)		5
Year ended 3-31-2019		10.24		-7.03			109			0.16			1.59			0.19			1.56			71
Year ended 3-31-2018		11.93		15.23			142			0.16			1.55			0.18			1.53			10
Year ended 3-31-2017		10.63		13.32			109			0.16			1.56			0.16			1.56			24
Year ended 3-31-2016		9.50		-9.00			1			0.16			1.28			—			—			37
Year ended 3-31-2015		10.54		5.41			1			0.16			1.82			0.18			1.80			4
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		10.29		0.39			—	*		0.16	(5)		0.21	(5)		0.20	(5)		0.17	(5)		5
Year ended 3-31-2019		10.25		-7.03			—	*		0.16			1.71			0.17			1.70			71
Year ended 3-31-2018(8)		11.94		9.67			—	*		0.15	(5)		1.89	(5)		—			—			10	(9)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		10.15		0.10			1			0.67	(5)		-0.30	(5)		0.68	(5)		-0.31	(5)		5
Year ended 3-31-2019		10.14		-7.47			1			0.66			1.16			0.67			1.15			71
Year ended 3-31-2018		11.83		14.77			1			0.66			1.12			—			—			10
Year ended 3-31-2017		10.55		12.78			1			0.66			0.94			—			—			24
Year ended 3-31-2016		9.44		-9.55			1			0.64			0.55			—			—			37
Year ended 3-31-2015		10.50		5.07			1			0.63			1.26			—			—			4
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		10.21		0.29			—	*		0.38	(5)		-0.02	(5)		0.92	(5)		-0.56	(5)		5
Year ended 3-31-2019		10.18		-7.24			1			0.38			1.44			0.43			1.39			71
Year ended 3-31-2018		11.87		15.03			1			0.38			1.30			0.40			1.28			10
Year ended 3-31-2017		10.58		13.10			1			0.38			1.15			0.42			1.11			24
Year ended 3-31-2016		9.46		-9.28			1			0.38			0.68			0.40			0.66			37
Year ended 3-31-2015		10.51		5.26			2			0.38			1.63			0.47			1.54			4

(5) Annualized.

(6) 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.

(7) Class share is closed to investment.

(8) For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 141

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MID CAP GROWTH 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 9-30-2019 (unaudited)	$	25.28	$	(0.07	)	$	1.35		$	1.28		$	—	$	—		$	—
Year ended 3-31-2019		23.99		(0.13	)		3.56			3.43			—		(2.14	)		(2.14	)
Year ended 3-31-2018		20.81		(0.11	)		5.11			5.00			—		(1.82	)		(1.82	)
Year ended 3-31-2017		18.96		(0.08	)		2.71			2.63			—		(0.78	)		(0.78	)
Year ended 3-31-2016		23.43		(0.06	)		(2.33	)		(2.39	)		—		(2.08	)		(2.08	)
Year ended 3-31-2015		23.45		(0.12	)		2.49			2.37			—		(2.39	)		(2.39	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		19.46		(0.14	)		1.03			0.89			—		—			—
Year ended 3-31-2019		19.11		(0.27	)		2.76			2.49			—		(2.14	)		(2.14	)
Year ended 3-31-2018		17.02		(0.23	)		4.14			3.91			—		(1.82	)		(1.82	)
Year ended 3-31-2017		15.76		(0.20	)		2.24			2.04			—		(0.78	)		(0.78	)
Year ended 3-31-2016		19.84		(0.19	)		(1.96	)		(2.15	)		—		(1.93	)		(1.93	)
Year ended 3-31-2015		20.30		(0.25	)		2.13			1.88			—		(2.34	)		(2.34	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		21.02		(0.14	)		1.11			0.97			—		—			—
Year ended 3-31-2019		20.44		(0.26	)		2.98			2.72			—		(2.14	)		(2.14	)
Year ended 3-31-2018		18.09		(0.24	)		4.41			4.17			—		(1.82	)		(1.82	)
Year ended 3-31-2017		16.69		(0.20	)		2.38			2.18			—		(0.78	)		(0.78	)
Year ended 3-31-2016		20.88		(0.19	)		(2.07	)		(2.26	)		—		(1.93	)		(1.93	)
Year ended 3-31-2015		21.24		(0.26	)		2.25			1.99			—		(2.35	)		(2.35	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		24.59		(0.08	)		1.32			1.24			—		—			—
Year ended 3-31-2019		23.41		(0.14	)		3.46			3.32			—		(2.14	)		(2.14	)
Year ended 3-31-2018		20.34		(0.11	)		5.00			4.89			—		(1.82	)		(1.82	)
Year ended 3-31-2017		18.54		(0.09	)		2.67			2.58			—		(0.78	)		(0.78	)
Year ended 3-31-2016		22.92		(0.08	)		(2.29	)		(2.37	)		—		(2.01	)		(2.01	)
Year ended 3-31-2015		23.02		(0.19	)		2.46			2.27			—		(2.37	)		(2.37	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		27.52		(0.02	)		1.47			1.45			—		—			—
Year ended 3-31-2019		25.83		(0.04	)		3.87			3.83			—		(2.14	)		(2.14	)
Year ended 3-31-2018		22.23		(0.05	)		5.47			5.42			—		(1.82	)		(1.82	)
Year ended 3-31-2017		20.15		(0.03	)		2.89			2.86			—		(0.78	)		(0.78	)
Year ended 3-31-2016		24.77		0.00	*		(2.46	)		(2.46	)		—		(2.16	)		(2.16	)
Year ended 3-31-2015		24.60		(0.05	)		2.63			2.58			—		(2.41	)		(2.41	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		27.76		(0.02	)		1.48			1.46			—		—			—
Year ended 3-31-2019		26.02		(0.03	)		3.91			3.88			—		(2.14	)		(2.14	)
Year ended 3-31-2018		22.35		(0.01	)		5.50			5.49			—		(1.82	)		(1.82	)
Year ended 3-31-2017		20.22		0.00	*		2.91			2.91			—		(0.78	)		(0.78	)
Year ended 3-31-2016		24.81		0.05			(2.48	)		(2.43	)		—		(2.16	)		(2.16	)
Year ended 3-31-2015(6)		24.38		(0.02	)		2.84			2.82			—		(2.39	)		(2.39	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		24.51		(0.11	)		1.30			1.19			—		—			—
Year ended 3-31-2019		23.40		(0.21	)		3.46			3.25			—		(2.14	)		(2.14	)
Year ended 3-31-2018		20.40		(0.18	)		5.00			4.82			—		(1.82	)		(1.82	)
Year ended 3-31-2017		18.65		(0.14	)		2.67			2.53			—		(0.78	)		(0.78	)
Year ended 3-31-2016		23.08		(0.13	)		(2.29	)		(2.42	)		—		(2.01	)		(2.01	)
Year ended 3-31-2015		23.18		(0.18	)		2.45			2.27			—		(2.37	)		(2.37	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		26.53		(0.07	)		1.41			1.34			—		—			—
Year ended 3-31-2019		25.06		(0.13	)		3.74			3.61			—		(2.14	)		(2.14	)
Year ended 3-31-2018		21.66		(0.10	)		5.32			5.22			—		(1.82	)		(1.82	)
Year ended 3-31-2017		19.69		(0.08	)		2.83			2.75			—		(0.78	)		(0.78	)
Year ended 3-31-2016		24.26		(0.06	)		(2.41	)		(2.47	)		—		(2.10	)		(2.10	)
Year ended 3-31-2015		24.18		(0.11	)		2.58			2.47			—		(2.39	)		(2.39	)

* 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.

142 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 Loss to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2019 (unaudited)	$	26.56		5.02	%	$	1,674		1.21	%(4)		-0.55	%(4)		1.24	%(4)		-0.58	%(4)		9	%
Year ended 3-31-2019		25.28		15.72			1,668		1.23			-0.53			1.25			-0.55			38
Year ended 3-31-2018		23.99		24.56			1,600		1.31	(8)		-0.48			1.31			-0.48			26
Year ended 3-31-2017		20.81		13.99			428		1.31			-0.39			1.35			-0.43			14
Year ended 3-31-2016		18.96		-10.27			787		1.29			-0.30			—			—			38
Year ended 3-31-2015		23.43		10.73			1,025		1.28			-0.50			1.29			-0.51			35
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		20.35		4.57			11		2.09	(4)		-1.44	(4)		2.14	(4)		-1.49	(4)		9
Year ended 3-31-2019		19.46		14.66			16		2.08			-1.38			2.10			-1.40			38
Year ended 3-31-2018		19.11		23.66			20		2.09			-1.26			—			—			26
Year ended 3-31-2017		17.02		13.07			17		2.10			-1.24			—			—			14
Year ended 3-31-2016		15.76		-10.95			19		2.05			-1.06			—			—			38
Year ended 3-31-2015		19.84		9.94			24		2.05			-1.26			—			—			35
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		21.99		4.62			187		1.96	(4)		-1.29	(4)		1.99	(4)		-1.32	(4)		9
Year ended 3-31-2019		21.02		14.90			207		1.94			-1.25			1.96			-1.27			38
Year ended 3-31-2018		20.44		23.64			203		2.02			-1.20			—			—			26
Year ended 3-31-2017		18.09		13.19			213		2.04			-1.16			—			—			14
Year ended 3-31-2016		16.69		-10.92			264		2.01			-1.02			—			—			38
Year ended 3-31-2015		20.88		10.00			343		2.01			-1.22			—			—			35
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		25.83		5.04			13		1.28	(4)		-0.62	(4)		1.45	(4)		-0.79	(4)		9
Year ended 3-31-2019		24.59		15.59			12		1.28			-0.59			1.47			-0.78			38
Year ended 3-31-2018		23.41		24.59			11		1.30			-0.48			1.57			-0.75			26
Year ended 3-31-2017		20.34		14.04			9		1.30			-0.47			1.65			-0.82			14
Year ended 3-31-2016		18.54		-10.41			7		1.41			-0.41			1.63			-0.63			38
Year ended 3-31-2015		22.92		10.46			7		1.60			-0.82			1.63			-0.85			35
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		28.97		5.27			2,276		0.79	(4)		-0.13	(4)		1.01	(4)		-0.35	(4)		9
Year ended 3-31-2019		27.52		16.12			2,250		0.85			-0.16			1.00			-0.31			38
Year ended 3-31-2018		25.83		24.89			1,869		1.03			-0.20			—			—			26
Year ended 3-31-2017		22.23		14.31			1,112		1.04			-0.15			—			—			14
Year ended 3-31-2016		20.15		-10.00			1,423		1.00			-0.01			—			—			38
Year ended 3-31-2015		24.77		11.09			2,933		0.99			-0.19			—			—			35
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		29.22		5.26			295		0.79	(4)		-0.13	(4)		0.86	(4)		-0.20	(4)		9
Year ended 3-31-2019		27.76		16.19			282		0.80			-0.11			0.85			-0.16			38
Year ended 3-31-2018		26.02		25.07			135		0.88			-0.05			—			—			26
Year ended 3-31-2017		22.35		14.51			65		0.87			-0.02			—			—			14
Year ended 3-31-2016		20.22		-9.85			77		0.85			0.24			—			—			38
Year ended 3-31-2015(6)		24.81		12.18			27		0.84	(4)		-0.15	(4)		—			—			35	(7)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		25.70		4.86			61		1.56	(4)		-0.89	(4)		1.59	(4)		-0.92	(4)		9
Year ended 3-31-2019		24.51		15.29			63		1.55			-0.86			1.57			-0.88			38
Year ended 3-31-2018		23.40		24.17			50		1.63			-0.80			—			—			26
Year ended 3-31-2017		20.40		13.68			55		1.62			-0.75			—			—			14
Year ended 3-31-2016		18.65		-10.55			71		1.60			-0.61			—			—			38
Year ended 3-31-2015		23.08		10.40			96		1.59			-0.80			—			—			35
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		27.87		5.05			275		1.21	(4)		-0.54	(4)		1.24	(4)		-0.57	(4)		9
Year ended 3-31-2019		26.53		15.72			295		1.21			-0.51			1.23			-0.53			38
Year ended 3-31-2018		25.06		24.61			259		1.27			-0.44			—			—			26
Year ended 3-31-2017		21.66		14.08			321		1.26			-0.38			—			—			14
Year ended 3-31-2016		19.69		-10.26			471		1.24			-0.25			—			—			38
Year ended 3-31-2015		24.26		10.82			706		1.23			-0.44			—			—			35

(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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(8) Expense ratio based on the period excluding reorganization expenses was 1.30%.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 143

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MID CAP INCOME OPPORTUNITIES 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 9-30-2019 (unaudited)	$	13.98	$	0.12	$	0.88		$	1.00		$	(0.10	)	$	—		$	(0.10	)
Year ended 3-31-2019		13.76		0.21		0.51			0.72			(0.20	)		(0.30	)		(0.50	)
Year ended 3-31-2018		12.68		0.18		1.08			1.26			(0.18	)		—			(0.18	)
Year ended 3-31-2017		10.93		0.15		1.71			1.86			(0.11	)		—			(0.11	)
Year ended 3-31-2016		11.10		0.15		(0.15	)		0.00	*		(0.15	)		(0.02	)		(0.17	)
Year ended 3-31-2015(5)		10.00		0.10		1.05			1.15			(0.05	)		—	*		(0.05	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		13.92		0.06		0.88			0.94			(0.05	)		—			(0.05	)
Year ended 3-31-2019		13.70		0.11		0.51			0.62			(0.10	)		(0.30	)		(0.40	)
Year ended 3-31-2018		12.62		0.08		1.08			1.16			(0.08	)		—			(0.08	)
Year ended 3-31-2017		10.91		0.07		1.70			1.77			(0.06	)		—			(0.06	)
Year ended 3-31-2016		11.10		0.08		(0.16	)		(0.08	)		(0.09	)		(0.02	)		(0.11	)
Year ended 3-31-2015(5)		10.00		0.05		1.07			1.12			(0.02	)		—	*		(0.02	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		13.99		0.13		0.88			1.01			(0.11	)		—			(0.11	)
Year ended 3-31-2019		13.77		0.24		0.50			0.74			(0.22	)		(0.30	)		(0.52	)
Year ended 3-31-2018		12.68		0.20		1.09			1.29			(0.20	)		—			(0.20	)
Year ended 3-31-2017		10.93		0.18		1.70			1.88			(0.13	)		—			(0.13	)
Year ended 3-31-2016		11.11		0.16		(0.16	)		0.00	*		(0.16	)		(0.02	)		(0.18	)
Year ended 3-31-2015(5)		10.00		0.09		1.07			1.16			(0.05	)		—	*		(0.05	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		14.00		0.15		0.88			1.03			(0.13	)		—			(0.13	)
Year ended 3-31-2019		13.78		0.25		0.51			0.76			(0.24	)		(0.30	)		(0.54	)
Year ended 3-31-2018		12.70		0.21		1.09			1.30			(0.22	)		—			(0.22	)
Year ended 3-31-2017		10.94		0.19		1.72			1.91			(0.15	)		—			(0.15	)
Year ended 3-31-2016		11.11		0.19		(0.16	)		0.03			(0.18	)		(0.02	)		(0.20	)
Year ended 3-31-2015(5)		10.00		0.10		1.08			1.18			(0.07	)		—	*		(0.07	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		14.01		0.15		0.88			1.03			(0.13	)		—			(0.13	)
Year ended 3-31-2019		13.78		0.27		0.52			0.79			(0.26	)		(0.30	)		(0.56	)
Year ended 3-31-2018		12.70		0.23		1.09			1.32			(0.24	)		—			(0.24	)
Year ended 3-31-2017		10.94		0.20		1.71			1.91			(0.15	)		—			(0.15	)
Year ended 3-31-2016		11.11		0.19		(0.16	)		0.03			(0.18	)		(0.02	)		(0.20	)
Year ended 3-31-2015(5)		10.00		0.10		1.08			1.18			(0.07	)		—	*		(0.07	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		13.96		0.09		0.88			0.97			(0.08	)		—			(0.08	)
Year ended 3-31-2019		13.74		0.17		0.51			0.68			(0.16	)		(0.30	)		(0.46	)
Year ended 3-31-2018		12.65		0.13		1.09			1.22			(0.13	)		—			(0.13	)
Year ended 3-31-2017		10.92		0.12		1.69			1.81			(0.08	)		—			(0.08	)
Year ended 3-31-2016		11.10		0.11		(0.16	)		(0.05	)		(0.11	)		(0.02	)		(0.13	)
Year ended 3-31-2015(5)		10.00		0.06		1.07			1.13			(0.03	)		—	*		(0.03	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		13.98		0.12		0.88			1.00			(0.10	)		—			(0.10	)
Year ended 3-31-2019		13.76		0.22		0.50			0.72			(0.20	)		(0.30	)		(0.50	)
Year ended 3-31-2018		12.68		0.18		1.08			1.26			(0.18	)		—			(0.18	)
Year ended 3-31-2017		10.93		0.15		1.71			1.86			(0.11	)		—			(0.11	)
Year ended 3-31-2016		11.11		0.16		(0.17	)		(0.01	)		(0.15	)		(0.02	)		(0.17	)
Year ended 3-31-2015(5)		10.00		0.09		1.07			1.16			(0.05	)		—	*		(0.05	)

* 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, 2014 (commencement of operations of the class) through March 31, 2015.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(7) Expense ratio based on the period excluding reorganization expenses was 1.31%.

(8) Expense ratio based on the period excluding reorganization expenses was 1.16%.

(9) Expense ratio based on the period excluding reorganization expenses was 2.03%.

144 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 9-30-2019 (unaudited)	$	14.88		7.16	%	$	156		1.28	%(4)		1.60	%(4)		1.36	%(4)		1.52	%(4)		7	%
Year ended 3-31-2019		13.98		5.37			135		1.35			1.51			1.37			1.49			17
Year ended 3-31-2018		13.76		9.98			103		1.35			1.34			1.40			1.29			42
Year ended 3-31-2017		12.68		17.10			119		1.35			1.27			1.45			1.17			28
Year ended 3-31-2016		10.93		0.06			95		1.35	(7)		1.44			1.66			1.13			26
Year ended 3-31-2015(5)		11.10		11.56			43		1.35	(4)(8)		1.83	(4)		1.60	(4)		1.58	(4)		10	(6)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		14.81		6.73			19		2.02	(4)		0.86	(4)		2.10	(4)		0.78	(4)		7
Year ended 3-31-2019		13.92		4.58			17		2.07			0.79			2.12			0.74			17
Year ended 3-31-2018		13.70		9.30			11		2.07			0.63			2.17			0.53			42
Year ended 3-31-2017		12.62		16.19			15		2.07			0.51			2.13			0.45			28
Year ended 3-31-2016		10.91		-0.70			5		2.07	(9)		0.72			2.28			0.51			26
Year ended 3-31-2015(5)		11.10		11.26			3		2.07	(4)(10)		0.98	(4)		2.22	(4)		0.83	(4)		10	(6)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		14.89		7.26			3		1.09	(4)		1.78	(4)		1.17	(4)		1.70	(4)		7
Year ended 3-31-2019		13.99		5.54			3		1.18			1.69			—			—			17
Year ended 3-31-2018		13.77		10.25			3		1.18			1.50			—			—			42
Year ended 3-31-2017		12.68		17.21			3		1.23			1.47			—			—			28
Year ended 3-31-2016		10.93		0.01			2		1.30	(11)		1.50			1.41			1.39			26
Year ended 3-31-2015(5)		11.11		11.68			2		1.30	(4)(12)		1.70	(4)		1.42	(4)		1.58	(4)		10	(6)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		14.90		7.37			526		0.85	(4)		2.03	(4)		1.09	(4)		1.79	(4)		7
Year ended 3-31-2019		14.00		5.67			431		1.05			1.81			1.09			1.77			17
Year ended 3-31-2018		13.78		10.30			166		1.05			1.62			1.12			1.55			42
Year ended 3-31-2017		12.70		17.49			174		1.04			1.49			1.11			1.42			28
Year ended 3-31-2016		10.94		0.28			8		1.05	(13)		1.76			1.30			1.51			26
Year ended 3-31-2015(5)		11.11		11.81			9		1.05	(4)(14)		1.97	(4)		1.32	(4)		1.70	(4)		10	(6)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		14.91		7.38			71		0.84	(4)		2.04	(4)		0.94	(4)		1.94	(4)		7
Year ended 3-31-2019		14.01		5.85			60		0.94			1.92			—			—			17
Year ended 3-31-2018		13.78		10.43			48		0.95			1.70			—			—			42
Year ended 3-31-2017		12.70		17.54			5		0.98			1.65			—			—			28
Year ended 3-31-2016		10.94		0.28			3		1.05	(15)		1.75			1.16			1.64			26
Year ended 3-31-2015(5)		11.11		11.81			3		1.05	(4)(16)		1.97	(4)		1.18	(4)		1.84	(4)		10	(6)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		14.85		6.94			3		1.59	(4)		1.28	(4)		1.67	(4)		1.20	(4)		7
Year ended 3-31-2019		13.96		5.05			3		1.67			1.19			—			—			17
Year ended 3-31-2018		13.74		9.66			3		1.68			1.00			—			—			42
Year ended 3-31-2017		12.65		16.58			3		1.73			0.97			—			—			28
Year ended 3-31-2016		10.92		-0.41			2		1.80	(17)		1.00			1.91			0.89			26
Year ended 3-31-2015(5)		11.10		11.38			2		1.80	(4)(18)		1.20	(4)		1.92	(4)		1.08	(4)		10	(6)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		14.88		7.10			17		1.27	(4)		1.61	(4)		1.35	(4)		1.53	(4)		7
Year ended 3-31-2019		13.98		5.45			14		1.33			1.54			—			—			17
Year ended 3-31-2018		13.76		9.99			6		1.35			1.33			1.36			1.32			42
Year ended 3-31-2017		12.68		17.10			8		1.35			1.28			1.37			1.26			28
Year ended 3-31-2016		10.93		-0.03			5		1.35	(19)		1.46			1.58			1.23			26
Year ended 3-31-2015(5)		11.11		11.66			4		1.35	(4)(20)		1.73	(4)		1.57	(4)		1.51	(4)		10	(6)

(10) Expense ratio based on the period excluding reorganization expenses was 1.88%.

(11) Expense ratio based on the period excluding reorganization expenses was 1.26%.

(12) Expense ratio based on the period excluding reorganization expenses was 1.11%.

(13) Expense ratio based on the period excluding reorganization expenses was 1.01%.

(14) Expense ratio based on the period excluding reorganization expenses was 0.86%.

(15) Expense ratio based on the period excluding reorganization expenses was 1.76%.

(16) Expense ratio based on the period excluding reorganization expenses was 1.61%.

(17) Expense ratio based on the period excluding reorganization expenses was 1.01%.

(18) Expense ratio based on the period excluding reorganization expenses was 0.86%.

(19) Expense ratio based on the period excluding reorganization expenses was 1.31%.

(20) Expense ratio based on the period excluding reorganization expenses was 1.16%.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 145

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY MUNICIPAL 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 9-30-2019 (unaudited)	$	11.70	$	0.18	$	0.14		$	0.32		$	(0.18	)	$	—	$	(0.18	)
Year ended 3-31-2019		11.72		0.40		(0.03	)		0.37			(0.39	)		—		(0.39	)
Year ended 3-31-2018		11.82		0.42		(0.15	)		0.27			(0.37	)		—		(0.37	)
Year ended 3-31-2017		12.13		0.28		(0.31	)		(0.03	)		(0.28	)		—		(0.28	)
Year ended 3-31-2016		12.07		0.28		0.06			0.34			(0.28	)		—		(0.28	)
Year ended 3-31-2015		11.74		0.31		0.33			0.64			(0.31	)		—		(0.31	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		11.70		0.13		0.13			0.26			(0.12	)		—		(0.12	)
Year ended 3-31-2019		11.72		0.31		(0.02	)		0.29			(0.31	)		—		(0.31	)
Year ended 3-31-2018		11.82		0.29		(0.13	)		0.16			(0.26	)		—		(0.26	)
Year ended 3-31-2017		12.13		0.19		(0.31	)		(0.12	)		(0.19	)		—		(0.19	)
Year ended 3-31-2016		12.07		0.19		0.06			0.25			(0.19	)		—		(0.19	)
Year ended 3-31-2015		11.74		0.22		0.33			0.55			(0.22	)		—		(0.22	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		11.70		0.13		0.13			0.26			(0.12	)		—		(0.12	)
Year ended 3-31-2019		11.72		0.30		(0.01	)		0.29			(0.31	)		—		(0.31	)
Year ended 3-31-2018		11.82		0.29		(0.13	)		0.16			(0.26	)		—		(0.26	)
Year ended 3-31-2017		12.13		0.19		(0.31	)		(0.12	)		(0.19	)		—		(0.19	)
Year ended 3-31-2016		12.07		0.19		0.06			0.25			(0.19	)		—		(0.19	)
Year ended 3-31-2015		11.74		0.22		0.33			0.55			(0.22	)		—		(0.22	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		11.70		0.19		0.13			0.32			(0.18	)		—		(0.18	)
Year ended 3-31-2019		11.72		0.42		(0.02	)		0.40			(0.42	)		—		(0.42	)
Year ended 3-31-2018		11.82		0.43		(0.15	)		0.28			(0.38	)		—		(0.38	)
Year ended 3-31-2017		12.13		0.31		(0.32	)		(0.01	)		(0.30	)		—		(0.30	)
Year ended 3-31-2016		12.07		0.31		0.05			0.36			(0.30	)		—		(0.30	)
Year ended 3-31-2015		11.74		0.33		0.34			0.67			(0.34	)		—		(0.34	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		11.70		0.19		0.14			0.33			(0.19	)		—		(0.19	)
Year ended 3-31-2019		11.72		0.43		(0.02	)		0.41			(0.43	)		—		(0.43	)
Year ended 3-31-2018(6)		11.90		0.33		(0.21	)		0.12			(0.30	)		—		(0.30	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		11.70		0.18		0.14			0.32			(0.18	)		—		(0.18	)
Year ended 3-31-2019		11.72		0.40		(0.02	)		0.38			(0.40	)		—		(0.40	)
Year ended 3-31-2018		11.82		0.38		(0.12	)		0.26			(0.36	)		—		(0.36	)
Year ended 3-31-2017		12.13		0.28		(0.31	)		(0.03	)		(0.28	)		—		(0.28	)
Year ended 3-31-2016		12.07		0.28		0.06			0.34			(0.28	)		—		(0.28	)
Year ended 3-31-2015		11.74		0.31		0.33			0.64			(0.31	)		—		(0.31	)

* 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.

146 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 9-30-2019 (unaudited)	$	11.84		2.72	%	$	469		0.84	%(4)		3.03	%(4)		0.92	%(4)		2.95	%(4)		10	%
Year ended 3-31-2019		11.70		3.28			476		0.84			3.38			0.90			3.32			7
Year ended 3-31-2018		11.72		2.28			523		0.87	(8)		3.52			0.92			3.47			0
Year ended 3-31-2017		11.82		-0.26			68		0.98			2.28			—			—			14
Year ended 3-31-2016		12.13		2.87			184		0.99			2.35			—			—			4
Year ended 3-31-2015		12.07		5.51			148		1.01			2.60			—			—			8
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		11.84		2.26			1		1.75	(4)		2.13	(4)		—			—			10
Year ended 3-31-2019		11.70		2.56			1		1.64			2.60			—			—			7
Year ended 3-31-2018		11.72		1.38			2		1.74			2.44			—			—			0
Year ended 3-31-2017		11.82		-1.02			2		1.74			1.56			—			—			14
Year ended 3-31-2016		12.13		2.11			2		1.73			1.62			—			—			4
Year ended 3-31-2015		12.07		4.71			2		1.77			1.87			—			—			8
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		11.84		2.27			17		1.72	(4)		2.15	(4)		—			—			10
Year ended 3-31-2019		11.70		2.50			19		1.70			2.53			—			—			7
Year ended 3-31-2018		11.72		1.39			24		1.74			2.46			—			—			0
Year ended 3-31-2017		11.82		-1.01			25		1.73			1.57			—			—			14
Year ended 3-31-2016		12.13		2.12			31		1.73			1.61			—			—			4
Year ended 3-31-2015		12.07		4.72			24		1.76			1.86			—			—			8
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		11.84		2.79			310		0.70	(4)		3.17	(4)		0.75	(4)		3.12	(4)		10
Year ended 3-31-2019		11.70		3.53			315		0.70			3.52			0.73			3.49			7
Year ended 3-31-2018		11.72		2.36			326		0.75	(9)		3.58			0.75			3.58			0
Year ended 3-31-2017		11.82		-0.08			96		0.79			2.56			—			—			14
Year ended 3-31-2016		12.13		3.09			9		0.78			2.55			—			—			4
Year ended 3-31-2015		12.07		5.73			5		0.80			2.75			—			—			8
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		11.84		2.85			1		0.61	(4)		3.25	(4)		—			—			10
Year ended 3-31-2019		11.70		3.62			1		0.59			3.62			—			—			7
Year ended 3-31-2018(6)		11.72		1.09			1		0.60	(4)		3.74	(4)		—			—			0	(7)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		11.84		2.72			1		0.84	(4)		3.04	(4)		1.00	(4)		2.88	(4)		10
Year ended 3-31-2019		11.70		3.35			1		0.84			3.37			0.97			3.24			7
Year ended 3-31-2018		11.72		2.23			1		0.90	(8)		3.22			1.02			3.10			0
Year ended 3-31-2017		11.82		-0.26			1		0.98			2.33			1.03			2.28			14
Year ended 3-31-2016		12.13		2.87			1		0.99			2.35			1.03			2.31			4
Year ended 3-31-2015		12.07		5.52			1		1.01			2.60			1.05			2.56			8

(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 July 5, 2017 (commencement of operations of the class) through March 31, 2018.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

(8) Expense ratio based on the period excluding reorganization expenses was 0.86%.

(9) Expense ratio based on the period excluding reorganization expenses was 0.74%.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 147

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY 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 9-30-2019 (unaudited)	$	5.02	$	0.10	$	0.04		$	0.14		$	(0.09	)	$	—		$	(0.09	)
Year ended 3-31-2019		5.05		0.22		(0.03	)		0.19			(0.22	)		—			(0.22	)
Year ended 3-31-2018		5.09		0.16		0.00	*		0.16			(0.20	)		—	*		(0.20	)
Year ended 3-31-2017		5.28		0.23		(0.19	)		0.04			(0.23	)		—			(0.23	)
Year ended 3-31-2016		5.31		0.22		(0.03	)		0.19			(0.22	)		—			(0.22	)
Year ended 3-31-2015		5.03		0.23		0.28			0.51			(0.23	)		—			(0.23	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		5.02		0.08		0.05			0.13			(0.08	)		—			(0.08	)
Year ended 3-31-2019		5.05		0.18		(0.03	)		0.15			(0.18	)		—			(0.18	)
Year ended 3-31-2018		5.09		0.18		(0.05	)		0.13			(0.17	)		—	*		(0.17	)
Year ended 3-31-2017		5.28		0.19		(0.19	)		0.00	*		(0.19	)		—			(0.19	)
Year ended 3-31-2016		5.31		0.18		(0.03	)		0.15			(0.18	)		—			(0.18	)
Year ended 3-31-2015		5.03		0.19		0.28			0.47			(0.19	)		—			(0.19	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		5.02		0.08		0.05			0.13			(0.08	)		—			(0.08	)
Year ended 3-31-2019		5.05		0.18		(0.03	)		0.15			(0.18	)		—			(0.18	)
Year ended 3-31-2018		5.09		0.19		(0.06	)		0.13			(0.17	)		—	*		(0.17	)
Year ended 3-31-2017		5.28		0.19		(0.19	)		0.00	*		(0.19	)		—			(0.19	)
Year ended 3-31-2016		5.31		0.18		(0.03	)		0.15			(0.18	)		—			(0.18	)
Year ended 3-31-2015		5.03		0.19		0.28			0.47			(0.19	)		—			(0.19	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		5.02		0.10		0.05			0.15			(0.10	)		—			(0.10	)
Year ended 3-31-2019		5.05		0.23		(0.03	)		0.20			(0.23	)		—			(0.23	)
Year ended 3-31-2018		5.09		0.23		(0.06	)		0.17			(0.21	)		—	*		(0.21	)
Year ended 3-31-2017		5.28		0.24		(0.19	)		0.05			(0.24	)		—			(0.24	)
Year ended 3-31-2016		5.31		0.23		(0.03	)		0.20			(0.23	)		—			(0.23	)
Year ended 3-31-2015		5.03		0.24		0.28			0.52			(0.24	)		—			(0.24	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		5.02		0.10		0.05			0.15			(0.10	)		—			(0.10	)
Year ended 3-31-2019		5.05		0.23		(0.03	)		0.20			(0.23	)		—			(0.23	)
Year ended 3-31-2018(6)		5.11		0.17		(0.07	)		0.10			(0.16	)		—	*		(0.16	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		5.02		0.10		0.04			0.14			(0.09	)		—			(0.09	)
Year ended 3-31-2019		5.05		0.22		(0.03	)		0.19			(0.22	)		—			(0.22	)
Year ended 3-31-2018		5.09		0.23		(0.07	)		0.16			(0.20	)		—	*		(0.20	)
Year ended 3-31-2017		5.28		0.23		(0.19	)		0.04			(0.23	)		—			(0.23	)
Year ended 3-31-2016		5.31		0.22		(0.03	)		0.19			(0.22	)		—			(0.22	)
Year ended 3-31-2015		5.03		0.23		0.28			0.51			(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.

148 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 9-30-2019 (unaudited)	$	5.07		2.90	%	$	664			0.89	%(4)		3.82	%(4)		—	%		—	%		8	%
Year ended 3-31-2019		5.02		3.76			665			0.87			4.32			—			—			10
Year ended 3-31-2018		5.05		3.35			732			0.88			3.17			—			—			3
Year ended 3-31-2017		5.09		0.65			235			0.87			4.27			—			—			8
Year ended 3-31-2016		5.28		3.61			389			0.86			4.19			0.88			4.17			4
Year ended 3-31-2015		5.31		10.29			377			0.85			4.46			0.87			4.44			9
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		5.07		2.52			5			1.62	(4)		3.10	(4)		1.74	(4)		2.98	(4)		8
Year ended 3-31-2019		5.02		3.06			6			1.58			3.64			1.58			3.64			10
Year ended 3-31-2018		5.05		2.57			9			1.62			3.63			1.72			3.53			3
Year ended 3-31-2017		5.09		-0.11			11			1.62			3.52			1.63			3.51			8
Year ended 3-31-2016		5.28		2.84			14			1.62			3.43			1.64			3.41			4
Year ended 3-31-2015		5.31		9.44			15			1.62			3.69			1.64			3.67			9
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		5.07		2.54			93			1.58	(4)		3.14	(4)		1.66	(4)		3.06	(4)		8
Year ended 3-31-2019		5.02		3.06			106			1.58			3.63			1.63			3.58			10
Year ended 3-31-2018		5.05		2.61			143			1.58			3.67			1.64			3.61			3
Year ended 3-31-2017		5.09		-0.07			182			1.58			3.56			1.60			3.54			8
Year ended 3-31-2016		5.28		2.87			237			1.58			3.47			1.60			3.45			4
Year ended 3-31-2015		5.31		9.50			238			1.58			3.72			1.60			3.70			9
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		5.07		3.04			419			0.61	(4)		4.10	(4)		0.73	(4)		3.98	(4)		8
Year ended 3-31-2019		5.02		4.04			413			0.64			4.57			0.71			4.50			10
Year ended 3-31-2018		5.05		3.56			520			0.68	(8)		4.49			0.72			4.45			3
Year ended 3-31-2017		5.09		0.84			617			0.68			4.46			0.69			4.45			8
Year ended 3-31-2016		5.28		3.80			701			0.67			4.38			0.69			4.36			4
Year ended 3-31-2015		5.31		10.50			703			0.68			4.62			0.70			4.60			9
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		5.07		3.06			1			0.60	(4)		4.09	(4)		—			—			8
Year ended 3-31-2019		5.02		4.13			1			0.57			4.56			—			—			10
Year ended 3-31-2018(6)		5.05		2.07			—	*		0.58	(4)		4.55	(4)		—			—			3	(7)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		5.07		2.90			6			0.89	(4)		3.80	(4)		0.99	(4)		3.70	(4)		8
Year ended 3-31-2019		5.02		3.79			7			0.87			4.36			0.96			4.27			10
Year ended 3-31-2018		5.05		3.35			10			0.88			4.44			0.98			4.34			3
Year ended 3-31-2017		5.09		0.65			15			0.86			4.28			0.95			4.19			8
Year ended 3-31-2016		5.28		3.60			21			0.86			4.19			0.95			4.10			4
Year ended 3-31-2015		5.31		10.35			21			0.85			4.39			0.95			4.29			9

(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 July 5, 2017 (commencement of operations of the class) through March 31, 2018.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

(8) Expense ratio based on the period excluding reorganization expenses was 0.67%.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 149

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY PZENA INTERNATIONAL VALUE 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 9-30-2019 (unaudited)	$	14.93	$	0.24		$	(0.50	)	$	(0.26	)	$	—		$	—		$	—
Year ended 3-31-2019		18.08		0.16			(1.33	)		(1.17	)		(0.07	)		(1.91	)		(1.98	)
Year ended 3-31-2018		17.15		0.08			1.00			1.08			(0.15	)		—			(0.15	)
Year ended 3-31-2017		14.33		0.14			2.74			2.88			(0.06	)		—			(0.06	)
Year ended 3-31-2016		16.52		0.13			(2.19	)		(2.06	)		(0.13	)		—			(0.13	)
Year ended 3-31-2015		17.96		0.04			(1.48	)		(1.44	)		—			—			—
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		13.16		0.09			(0.45	)		(0.36	)		—			—			—
Year ended 3-31-2019		16.34		(0.11	)		(1.20	)		(1.31	)		—			(1.87	)		(1.87	)
Year ended 3-31-2018		15.58		(0.14	)		0.90			0.76			—			—			—
Year ended 3-31-2017		13.15		(0.07	)		2.50			2.43			—			—			—
Year ended 3-31-2016		15.20		(0.04	)		(2.01	)		(2.05	)		—			—			—
Year ended 3-31-2015		16.72		(0.15	)		(1.37	)		(1.52	)		—			—			—
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		13.89		0.18			(0.46	)		(0.28	)		—			—			—
Year ended 3-31-2019		16.99		0.06			(1.25	)		(1.19	)		—			(1.91	)		(1.91	)
Year ended 3-31-2018		16.12		(0.03	)		0.94			0.91			(0.04	)		—			(0.04	)
Year ended 3-31-2017		13.50		0.03			2.59			2.62			—			—			—
Year ended 3-31-2016		15.56		0.04			(2.06	)		(2.02	)		(0.04	)		—			(0.04	)
Year ended 3-31-2015		17.03		(0.07	)		(1.40	)		(1.47	)		—			—			—
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		15.30		0.28			(0.51	)		(0.23	)		—			—			—
Year ended 3-31-2019		18.48		0.24			(1.37	)		(1.13	)		(0.14	)		(1.91	)		(2.05	)
Year ended 3-31-2018		17.53		0.17			1.01			1.18			(0.23	)		—			(0.23	)
Year ended 3-31-2017		14.64		0.16			2.87			3.03			(0.14	)		—			(0.14	)
Year ended 3-31-2016		16.94		0.21			(2.25	)		(2.04	)		(0.26	)		—			(0.26	)
Year ended 3-31-2015		18.33		0.12			(1.51	)		(1.39	)		—			—			—
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		15.34		0.30			(0.52	)		(0.22	)		—			—			—
Year ended 3-31-2019		18.53		0.28			(1.39	)		(1.11	)		(0.17	)		(1.91	)		(2.08	)
Year ended 3-31-2018		17.57		0.21			1.01			1.22			(0.26	)		—			(0.26	)
Year ended 3-31-2017		14.68		0.22			2.83			3.05			(0.16	)		—			(0.16	)
Year ended 3-31-2016		16.95		0.24			(2.25	)		(2.01	)		(0.26	)		—			(0.26	)
Year ended 3-31-2015(6)		18.57		0.08			(1.70	)		(1.62	)		—			—			—
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		14.90		0.23			(0.50	)		(0.27	)		—			—			—
Year ended 3-31-2019		18.05		0.14			(1.33	)		(1.19	)		(0.05	)		(1.91	)		(1.96	)
Year ended 3-31-2018		17.13		0.06			0.99			1.05			(0.13	)		—			(0.13	)
Year ended 3-31-2017		14.32		0.10			2.76			2.86			(0.05	)		—			(0.05	)
Year ended 3-31-2016		16.47		0.11			(2.17	)		(2.06	)		(0.09	)		—			(0.09	)
Year ended 3-31-2015		17.94		0.02			(1.49	)		(1.47	)		—			—			—
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		15.16		0.26			(0.51	)		(0.25	)		—			—			—
Year ended 3-31-2019		18.33		0.20			(1.36	)		(1.16	)		(0.10	)		(1.91	)		(2.01	)
Year ended 3-31-2018		17.39		0.12			1.01			1.13			(0.19	)		—			(0.19	)
Year ended 3-31-2017		14.53		0.16			2.80			2.96			(0.10	)		—			(0.10	)
Year ended 3-31-2016		16.77		0.17			(2.23	)		(2.06	)		(0.18	)		—			(0.18	)
Year ended 3-31-2015		18.20		0.07			(1.50	)		(1.43	)		—			—			—

* 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) 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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

150 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 9-30-2019 (unaudited)	$	14.67		-1.74	%	$	65			1.59	%(4)		3.31	%(4)		1.80	%(4)		3.10	%(4)		13	%
Year ended 3-31-2019		14.93		-6.19			75			1.55			0.99			1.75			0.79			85
Year ended 3-31-2018		18.08		6.30			96			1.59			0.47			1.75			0.31			33
Year ended 3-31-2017		17.15		20.10			98			1.65			0.91			1.81			0.75			51
Year ended 3-31-2016		14.33		-12.51			192			1.60			0.86			1.75			0.71			18
Year ended 3-31-2015		16.52		-8.02			288			1.56			0.24			1.70			0.10			28
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		12.80		-2.74			—	*		3.55	(4)		1.41	(4)		3.76	(4)		1.20	(4)		13
Year ended 3-31-2019		13.16		-7.75			—	*		3.19			-0.68			3.39			-0.88			85
Year ended 3-31-2018		16.34		4.88			1			2.96			-0.86			3.12			-1.02			33
Year ended 3-31-2017		15.58		18.48			1			2.94			-0.53			3.10			-0.69			51
Year ended 3-31-2016		13.15		-13.49			1			2.77			-0.30			2.92			-0.45			18
Year ended 3-31-2015		15.20		-9.09			2			2.73			-0.91			2.87			-1.05			28
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		13.61		-2.02			2			2.23	(4)		2.68	(4)		2.44	(4)		2.47	(4)		13
Year ended 3-31-2019		13.89		-6.74			2			2.13			0.39			2.33			0.19			85
Year ended 3-31-2018		16.99		5.65			3			2.19			-0.18			2.35			-0.34			33
Year ended 3-31-2017		16.12		19.41			14			2.21			0.19			2.37			0.03			51
Year ended 3-31-2016		13.50		-12.98			15			2.20			0.25			2.35			0.10			18
Year ended 3-31-2015		15.56		-8.63			19			2.19			-0.39			2.33			-0.53			28
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		15.07		-1.50			97			1.13	(4)		3.70	(4)		1.34	(4)		3.49	(4)		13
Year ended 3-31-2019		15.30		-5.79			95			1.12			1.43			1.32			1.23			85
Year ended 3-31-2018		18.48		6.73			77			1.16			0.91			1.32			0.75			33
Year ended 3-31-2017		17.53		20.70			96			1.17			0.96			1.33			0.80			51
Year ended 3-31-2016		14.64		-12.11			4			1.14			1.32			1.29			1.17			18
Year ended 3-31-2015		16.94		-7.58			5			1.12			0.64			1.26			0.50			28
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		15.12		-1.43			103			0.95	(4)		3.91	(4)		1.16	(4)		3.70	(4)		13
Year ended 3-31-2019		15.34		-5.66			105			0.91			1.72			1.11			1.52			85
Year ended 3-31-2018		18.53		6.94			—	*		0.99			1.18			1.15			1.02			33
Year ended 3-31-2017		17.57		20.81			1			1.00			1.41			1.16			1.25			51
Year ended 3-31-2016		14.68		-11.92			1			0.98			1.48			1.13			1.33			18
Year ended 3-31-2015(6)		16.95		-8.72			1			0.95	(4)		0.72	(4)		1.09	(4)		0.58	(4)		28	(7)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		14.63		-1.81			—	*		1.69	(4)		3.18	(4)		1.90	(4)		2.97	(4)		13
Year ended 3-31-2019		14.90		-6.33			—	*		1.69			0.85			1.89			0.65			85
Year ended 3-31-2018		18.05		6.13			—	*		1.72			0.32			1.88			0.16			33
Year ended 3-31-2017		17.13		19.96			—	*		1.75			0.64			1.91			0.48			51
Year ended 3-31-2016		14.32		-12.53			—	*		1.73			0.73			1.88			0.58			18
Year ended 3-31-2015		16.47		-8.19			—	*		1.72			0.09			1.86			-0.05			28
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		14.91		-1.65			1			1.47	(4)		3.46	(4)		1.68	(4)		3.25	(4)		13
Year ended 3-31-2019		15.16		-6.04			2			1.36			1.17			1.56			0.97			85
Year ended 3-31-2018		18.33		6.48			2			1.39			0.66			1.55			0.50			33
Year ended 3-31-2017		17.39		20.38			2			1.41			1.00			1.57			0.84			51
Year ended 3-31-2016		14.53		-12.32			2			1.40			1.13			1.55			0.98			18
Year ended 3-31-2015		16.77		-7.86			3			1.38			0.41			1.52			0.27			28

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 151

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY SECURIAN CORE 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 9-30-2019 (unaudited)	$	10.66	$	0.14	$	0.39		$	0.53		$	(0.15	)	$	—	$	(0.15	)
Year ended 3-31-2019		10.57		0.32		0.09			0.41			(0.32	)		—		(0.32	)
Year ended 3-31-2018		10.62		0.28		(0.04	)		0.24			(0.29	)		—		(0.29	)
Year ended 3-31-2017		10.54		0.24		0.11			0.35			(0.27	)		—		(0.27	)
Year ended 3-31-2016		10.78		0.24		(0.22	)		0.02			(0.26	)		—		(0.26	)
Year ended 3-31-2015		10.46		0.23		0.35			0.58			(0.26	)		—		(0.26	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		10.66		0.09		0.38			0.47			(0.09	)		—		(0.09	)
Year ended 3-31-2019		10.57		0.23		0.09			0.32			(0.23	)		—		(0.23	)
Year ended 3-31-2018		10.62		0.18		(0.04	)		0.14			(0.19	)		—		(0.19	)
Year ended 3-31-2017		10.54		0.14		0.10			0.24			(0.16	)		—		(0.16	)
Year ended 3-31-2016		10.78		0.14		(0.22	)		(0.08	)		(0.16	)		—		(0.16	)
Year ended 3-31-2015		10.46		0.13		0.35			0.48			(0.16	)		—		(0.16	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		10.66		0.10		0.39			0.49			(0.11	)		—		(0.11	)
Year ended 3-31-2019		10.57		0.25		0.09			0.34			(0.25	)		—		(0.25	)
Year ended 3-31-2018		10.62		0.20		(0.04	)		0.16			(0.21	)		—		(0.21	)
Year ended 3-31-2017		10.54		0.17		0.10			0.27			(0.19	)		—		(0.19	)
Year ended 3-31-2016		10.78		0.16		(0.22	)		(0.06	)		(0.18	)		—		(0.18	)
Year ended 3-31-2015		10.46		0.15		0.35			0.50			(0.18	)		—		(0.18	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		10.66		0.14		0.39			0.53			(0.15	)		—		(0.15	)
Year ended 3-31-2019		10.57		0.32		0.09			0.41			(0.32	)		—		(0.32	)
Year ended 3-31-2018		10.62		0.28		(0.04	)		0.24			(0.29	)		—		(0.29	)
Year ended 3-31-2017		10.54		0.25		0.10			0.35			(0.27	)		—		(0.27	)
Year ended 3-31-2016		10.78		0.24		(0.23	)		0.01			(0.25	)		—		(0.25	)
Year ended 3-31-2015		10.46		0.22		0.35			0.57			(0.25	)		—		(0.25	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		10.66		0.17		0.38			0.55			(0.17	)		—		(0.17	)
Year ended 3-31-2019		10.57		0.37		0.09			0.46			(0.37	)		—		(0.37	)
Year ended 3-31-2018		10.62		0.33		(0.04	)		0.29			(0.34	)		—		(0.34	)
Year ended 3-31-2017		10.54		0.29		0.09			0.38			(0.30	)		—		(0.30	)
Year ended 3-31-2016		10.78		0.27		(0.22	)		0.05			(0.29	)		—		(0.29	)
Year ended 3-31-2015		10.46		0.26		0.35			0.61			(0.29	)		—		(0.29	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		10.66		0.17		0.38			0.55			(0.17	)		—		(0.17	)
Year ended 3-31-2019		10.57		0.37		0.09			0.46			(0.37	)		—		(0.37	)
Year ended 3-31-2018		10.62		0.33		(0.04	)		0.29			(0.34	)		—		(0.34	)
Year ended 3-31-2017		10.54		0.30		0.10			0.40			(0.32	)		—		(0.32	)
Year ended 3-31-2016		10.78		0.29		(0.23	)		0.06			(0.30	)		—		(0.30	)
Year ended 3-31-2015(6)		10.58		0.18		0.22			0.40			(0.20	)		—		(0.20	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		10.66		0.13		0.38			0.51			(0.13	)		—		(0.13	)
Year ended 3-31-2019		10.57		0.29		0.09			0.38			(0.29	)		—		(0.29	)
Year ended 3-31-2018		10.62		0.25		(0.03	)		0.22			(0.27	)		—		(0.27	)
Year ended 3-31-2017		10.54		0.22		0.10			0.32			(0.24	)		—		(0.24	)
Year ended 3-31-2016		10.78		0.20		(0.21	)		(0.02	)		(0.22	)		—		(0.22	)
Year ended 3-31-2015		10.46		0.20		0.35			0.55			(0.23	)		—		(0.23	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		10.66		0.14		0.39			0.53			(0.15	)		—		(0.15	)
Year ended 3-31-2019		10.57		0.33		0.09			0.42			(0.33	)		—		(0.33	)
Year ended 3-31-2018		10.62		0.29		(0.04	)		0.25			(0.30	)		—		(0.30	)
Year ended 3-31-2017		10.54		0.26		0.10			0.36			(0.28	)		—		(0.28	)
Year ended 3-31-2016		10.78		0.25		(0.23	)		0.02			(0.26	)		—		(0.26	)
Year ended 3-31-2015		10.46		0.23		0.35			0.58			(0.26	)		—		(0.26	)

* 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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

152 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 9-30-2019 (unaudited)	$	11.04		4.98	%	$	197			1.02	%(4)		2.63	%(4)		1.05	%(4)		2.60	%(4)		41	%
Year ended 3-31-2019		10.66		3.96			177			1.02			2.95			1.05			2.92			91
Year ended 3-31-2018		10.57		2.26			200			1.04			2.60			1.07			2.57			163
Year ended 3-31-2017		10.62		3.30			206			1.05			2.28			1.06			2.27			190
Year ended 3-31-2016		10.54		0.21			704			1.02			2.32			—			—			213
Year ended 3-31-2015		10.78		5.58			695			1.02			2.17			—			—			182
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		11.04		4.47			1			1.97	(4)		1.69	(4)		2.00	(4)		1.66	(4)		41
Year ended 3-31-2019		10.66		3.12			2			1.83			2.13			1.86			2.10			91
Year ended 3-31-2018		10.57		1.33			3			1.96			1.68			1.99			1.65			163
Year ended 3-31-2017		10.62		2.32			5			2.02			1.33			2.03			1.32			190
Year ended 3-31-2016		10.54		-0.73			7			1.96			1.37			—			—			213
Year ended 3-31-2015		10.78		4.56			6			2.00			1.19			—			—			182
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		11.04		4.58			12			1.76	(4)		1.89	(4)		1.80	(4)		1.85	(4)		41
Year ended 3-31-2019		10.66		3.25			13			1.71			2.26			1.74			2.23			91
Year ended 3-31-2018		10.57		1.51			16			1.77			1.87			1.80			1.84			163
Year ended 3-31-2017		10.62		2.59			26			1.76			1.60			1.77			1.59			190
Year ended 3-31-2016		10.54		-0.55			33			1.78			1.56			—			—			213
Year ended 3-31-2015		10.78		4.76			28			1.80			1.38			—			—			182
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		11.04		4.98			3			1.01	(4)		2.64	(4)		1.26	(4)		2.39	(4)		41
Year ended 3-31-2019		10.66		3.96			3			1.02			2.95			1.27			2.70			91
Year ended 3-31-2018		10.57		2.27			4			1.03			2.61			1.24			2.40			163
Year ended 3-31-2017		10.62		3.31			4			1.05			2.31			1.23			2.13			190
Year ended 3-31-2016		10.54		0.15			4			1.08			2.26			1.32			2.02			213
Year ended 3-31-2015		10.78		5.45			4			1.14			2.05			1.35			1.84			182
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		11.04		5.23			706			0.54	(4)		3.10	(4)		0.75	(4)		2.89	(4)		41
Year ended 3-31-2019		10.66		4.46			586			0.54			3.43			0.74			3.23			91
Year ended 3-31-2018		10.57		2.77			525			0.54			3.10			0.74			2.90			163
Year ended 3-31-2017		10.62		3.68			458			0.69			2.70			0.74			2.65			190
Year ended 3-31-2016		10.54		0.49			14			0.74			2.58			—			—			213
Year ended 3-31-2015		10.78		5.90			7			0.74			2.44			—			—			182
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		11.04		5.22			164			0.54	(4)		3.09	(4)		0.59	(4)		3.04	(4)		41
Year ended 3-31-2019		10.66		4.46			110			0.54			3.41			0.58			3.37			91
Year ended 3-31-2018		10.57		2.77			195			0.54			3.10			0.58			3.06			163
Year ended 3-31-2017		10.62		3.80			2			0.58			2.77			0.59			2.76			190
Year ended 3-31-2016		10.54		0.64			2			0.59			2.75			—			—			213
Year ended 3-31-2015(6)		10.78		3.81			1			0.58	(4)		2.54	(4)		—			—			182	(7)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		11.04		4.82			1			1.30	(4)		2.35	(4)		1.33	(4)		2.32	(4)		41
Year ended 3-31-2019		10.66		3.67			1			1.30			2.67			1.33			2.64			91
Year ended 3-31-2018		10.57		2.04			2			1.29			2.31			1.32			2.28			163
Year ended 3-31-2017		10.62		3.04			8			1.32			2.07			1.33			2.06			190
Year ended 3-31-2016		10.54		-0.11			3			1.34			1.89			—			—			213
Year ended 3-31-2015		10.78		5.27			—	*		1.32			1.87			—			—			182
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		11.04		5.00			7			0.98	(4)		2.67	(4)		1.01	(4)		2.64	(4)		41
Year ended 3-31-2019		10.66		4.04			5			0.95			3.03			0.98			3.00			91
Year ended 3-31-2018		10.57		2.35			5			0.95			2.69			0.98			2.66			163
Year ended 3-31-2017		10.62		3.39			5			0.97			2.39			0.98			2.38			190
Year ended 3-31-2016		10.54		0.26			3			0.98			2.35			—			—			213
Year ended 3-31-2015		10.78		5.62			3			0.99			2.20			—			—			182

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 153

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY SMALL CAP CORE 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 9-30-2019 (unaudited)	$	16.87	$	(0.01	)	$	0.35		$	0.34		$	—	$	—		$	—
Year ended 3-31-2019		18.29		(0.09	)		1.04			0.95			—		(2.37	)		(2.37	)
Year ended 3-31-2018		17.66		(0.04	)		1.09			1.05			—		(0.42	)		(0.42	)
Year ended 3-31-2017		14.38		(0.05	)		4.14			4.09			—		(0.81	)		(0.81	)
Year ended 3-31-2016		17.47		(0.07	)		(0.87	)		(0.94	)		—		(2.15	)		(2.15	)
Year ended 3-31-2015		18.32		(0.04	)		0.99			0.95			—		(1.80	)		(1.80	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		13.27		(0.08	)		0.28			0.20			—		—			—
Year ended 3-31-2019		14.79		(0.20	)		0.82			0.62			—		(2.14	)		(2.14	)
Year ended 3-31-2018		14.45		(0.16	)		0.88			0.72			—		(0.38	)		(0.38	)
Year ended 3-31-2017		11.92		(0.17	)		3.43			3.26			—		(0.73	)		(0.73	)
Year ended 3-31-2016		15.01		(0.19	)		(0.75	)		(0.94	)		—		(2.15	)		(2.15	)
Year ended 3-31-2015		16.10		(0.18	)		0.84			0.66			—		(1.75	)		(1.75	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		14.32		(0.06	)		0.30			0.24			—		—			—
Year ended 3-31-2019		15.81		(0.19	)		0.89			0.70			—		(2.19	)		(2.19	)
Year ended 3-31-2018		15.39		(0.16	)		0.97			0.81			—		(0.39	)		(0.39	)
Year ended 3-31-2017		12.64		(0.14	)		3.64			3.50			—		(0.75	)		(0.75	)
Year ended 3-31-2016		15.74		(0.16	)		(0.79	)		(0.95	)		—		(2.15	)		(2.15	)
Year ended 3-31-2015		16.76		(0.14	)		0.89			0.75			—		(1.77	)		(1.77	)
Class E Shares(6)
Six-month period ended 9-30-2019 (unaudited)		17.59		0.01			0.37			0.38			—		—			—
Year ended 3-31-2019		19.02		(0.05	)		1.08			1.03			—		(2.46	)		(2.46	)
Year ended 3-31-2018		18.32		0.00	*		1.14			1.14			—		(0.44	)		(0.44	)
Year ended 3-31-2017		14.87		0.00	*		4.30			4.30			—		(0.85	)		(0.85	)
Year ended 3-31-2016		17.93		(0.02	)		(0.89	)		(0.91	)		—		(2.15	)		(2.15	)
Year ended 3-31-2015		18.76		0.03			1.01			1.04			—		(1.87	)		(1.87	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		18.40		0.03			0.39			0.42			—		—			—
Year ended 3-31-2019		19.79		(0.01	)		1.13			1.12			—		(2.51	)		(2.51	)
Year ended 3-31-2018		19.03		0.00	*		1.20			1.20			—		(0.44	)		(0.44	)
Year ended 3-31-2017		15.42		0.01			4.46			4.47			—		(0.86	)		(0.86	)
Year ended 3-31-2016		18.49		0.00	*		(0.92	)		(0.92	)		—		(2.15	)		(2.15	)
Year ended 3-31-2015		19.29		0.05			1.04			1.09			—		(1.89	)		(1.89	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		18.55		0.03			0.39			0.42			—		—			—
Year ended 3-31-2019		19.96		0.01			1.13			1.14			—		(2.55	)		(2.55	)
Year ended 3-31-2018		19.17		0.03			1.21			1.24			—		(0.45	)		(0.45	)
Year ended 3-31-2017		15.52		0.04			4.49			4.53			—		(0.88	)		(0.88	)
Year ended 3-31-2016		18.56		0.02			(0.91	)		(0.89	)		—		(2.15	)		(2.15	)
Year ended 3-31-2015(7)		18.96		0.08			1.36			1.44			—		(1.84	)		(1.84	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		16.78		(0.03	)		0.35			0.32			—		—			—
Year ended 3-31-2019		18.18		(0.13	)		1.03			0.90			—		(2.30	)		(2.30	)
Year ended 3-31-2018		17.58		(0.11	)		1.12			1.01			—		(0.41	)		(0.41	)
Year ended 3-31-2017		14.33		(0.09	)		4.13			4.04			—		(0.79	)		(0.79	)
Year ended 3-31-2016		17.44		(0.10	)		(0.86	)		(0.96	)		—		(2.15	)		(2.15	)
Year ended 3-31-2015		18.31		(0.06	)		0.98			0.92			—		(1.79	)		(1.79	)
Class T Shares
Six-month period ended 9-30-2019 (unaudited)		16.87		0.01			0.35			0.36			—		—			—
Year ended 3-31-2019		18.33		(0.05	)		1.04			0.99			—		(2.45	)		(2.45	)
Year ended 3-31-2018(8)		17.97		(0.08	)		0.86			0.78			—		(0.42	)		(0.42	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		17.81		(0.01	)		0.38			0.37			—		—			—
Year ended 3-31-2019		19.20		(0.08	)		1.10			1.02			—		(2.41	)		(2.41	)
Year ended 3-31-2018		18.51		(0.03	)		1.15			1.12			—		(0.43	)		(0.43	)
Year ended 3-31-2017		15.03		(0.03	)		4.34			4.31			—		(0.83	)		(0.83	)
Year ended 3-31-2016		18.12		(0.05	)		(0.89	)		(0.94	)		—		(2.15	)		(2.15	)
Year ended 3-31-2015		18.94		(0.02	)		1.04			1.02			—		(1.84	)		(1.84	)

* 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.

154 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 9-30-2019 (unaudited)	$	17.21		2.02	%	$	165			1.39	%(4)		-0.14	%(4)		1.42	%(4)		-0.17	%(4)		61	%
Year ended 3-31-2019		16.87		6.30			174			1.40			-0.48			1.42			-0.50			119
Year ended 3-31-2018		18.29		5.97			186			1.46			-0.24			—			—			119
Year ended 3-31-2017		17.66		28.52			200			1.50			-0.28			—			—			133
Year ended 3-31-2016		14.38		-5.11			193			1.56			-0.45			—			—			135
Year ended 3-31-2015		17.47		5.74			240			1.54			-0.20			—			—			106
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		13.47		1.51			1			2.35	(4)		-1.15	(4)		2.38	(4)		-1.18	(4)		61
Year ended 3-31-2019		13.27		5.43			2			2.25			-1.33			2.27			-1.35			119
Year ended 3-31-2018		14.79		4.91			3			2.39			-1.06			—			—			119
Year ended 3-31-2017		14.45		27.39			5			2.44			-1.26			—			—			133
Year ended 3-31-2016		11.92		-5.99			2			2.51			-1.39			—			—			135
Year ended 3-31-2015		15.01		4.68			3			2.50			-1.17			—			—			106
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		14.56		1.68			30			2.09	(4)		-0.86	(4)		2.12	(4)		-0.89	(4)		61
Year ended 3-31-2019		14.32		5.59			35			2.07			-1.15			2.09			-1.17			119
Year ended 3-31-2018		15.81		5.21			33			2.14			-0.97			—			—			119
Year ended 3-31-2017		15.39		27.72			33			2.17			-0.99			—			—			133
Year ended 3-31-2016		12.64		-5.77			14			2.23			-1.11			—			—			135
Year ended 3-31-2015		15.74		5.02			18			2.21			-0.89			—			—			106
Class E Shares(6)
Six-month period ended 9-30-2019 (unaudited)		17.97		2.16			—	*		1.16	(4)		0.10	(4)		1.18	(4)		0.08	(4)		61
Year ended 3-31-2019		17.59		6.56			—	*		1.16			-0.24			1.18			-0.26			119
Year ended 3-31-2018		19.02		6.17			—	*		1.19			-0.01			—			—			119
Year ended 3-31-2017		18.32		28.97			—	*		1.21			—			—			—			133
Year ended 3-31-2016		14.87		-4.80			—	*		1.22			-0.12			—			—			135
Year ended 3-31-2015		17.93		6.08			—	*		1.21			0.14			—			—			106
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		18.82		2.28			403			0.89	(4)		0.36	(4)		1.11	(4)		0.14	(4)		61
Year ended 3-31-2019		18.40		6.79			393			0.95			-0.03			1.09			-0.17			119
Year ended 3-31-2018		19.79		6.29			333			1.10			-0.02			—			—			119
Year ended 3-31-2017		19.03		29.05			253			1.10			0.03			—			—			133
Year ended 3-31-2016		15.42		-4.71			25			1.12			—			—			—			135
Year ended 3-31-2015		18.49		6.20			29			1.10			0.26			—			—			106
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		18.97		2.26			74			0.89	(4)		0.36	(4)		0.97	(4)		0.28	(4)		61
Year ended 3-31-2019		18.55		6.87			77			0.90			0.04			0.94			—			119
Year ended 3-31-2018		19.96		6.45			43			0.94			0.16			—			—			119
Year ended 3-31-2017		19.17		29.25			9			0.95			0.22			—			—			133
Year ended 3-31-2016		15.52		-4.52			4			0.96			0.13			—			—			135
Year ended 3-31-2015(7)		18.56		8.17			3			0.96	(4)		0.70	(4)		—			—			106	(9)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		17.10		1.91			18			1.66	(4)		-0.40	(4)		1.69	(4)		-0.43	(4)		61
Year ended 3-31-2019		16.78		6.04			16			1.65			-0.73			1.67			-0.75			119
Year ended 3-31-2018		18.18		5.69			11			1.68			-0.62			—			—			119
Year ended 3-31-2017		17.58		28.27			6			1.69			-0.51			—			—			133
Year ended 3-31-2016		14.33		-5.24			3			1.72			-0.66			—			—			135
Year ended 3-31-2015		17.44		5.57			2			1.70			-0.32			—			—			106
Class T Shares
Six-month period ended 9-30-2019 (unaudited)		17.23		2.13			—	*		1.15	(4)		0.10	(4)		1.18	(4)		0.07	(4)		61
Year ended 3-31-2019		16.87		6.57			—	*		1.17			-0.25			1.19			-0.27			119
Year ended 3-31-2018(8)		18.33		4.31			—	*		1.19	(4)		-0.57	(4)		—			—			119	(10)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		18.18		2.02			13			1.34	(4)		-0.12	(4)		1.37	(4)		-0.15	(4)		61
Year ended 3-31-2019		17.81		6.45			16			1.31			-0.41			1.33			-0.43			119
Year ended 3-31-2018		19.20		6.00			18			1.36			-0.16			—			—			119
Year ended 3-31-2017		18.51		28.74			22			1.35			-0.20			—			—			133
Year ended 3-31-2016		15.03		-4.92			7			1.37			-0.30			—			—			135
Year ended 3-31-2015		18.12		5.93			10			1.36			-0.09			—			—			106

(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) Class is closed to investment.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(8) For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(10) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 155

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY SMALL CAP GROWTH FUND

	Net Asset Value, Beginning of Period		Net Investment 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 9-30-2019 (unaudited)	$	17.19	$	(0.08	)	$	(0.49	)	$	(0.57	)	$	—		$	—		$	—
Year ended 3-31-2019		18.63		(0.15	)		1.44			1.29			—			(2.73	)		(2.73	)
Year ended 3-31-2018		17.23		(0.15	)		3.56			3.41			—			(2.01	)		(2.01	)
Year ended 3-31-2017		14.81		(0.13	)		3.58			3.45			—			(1.03	)		(1.03	)
Year ended 3-31-2016		18.71		(0.14	)		(1.43	)		(1.57	)		—			(2.33	)		(2.33	)
Year ended 3-31-2015		18.51		(0.14	)		1.52			1.38			—			(1.18	)		(1.18	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		11.70		(0.11	)		(0.34	)		(0.45	)		—			—			—
Year ended 3-31-2019		13.55		(0.23	)		1.01			0.78			—			(2.63	)		(2.63	)
Year ended 3-31-2018		13.11		(0.23	)		2.66			2.43			—			(1.99	)		(1.99	)
Year ended 3-31-2017		11.57		(0.21	)		2.78			2.57			—			(1.03	)		(1.03	)
Year ended 3-31-2016		15.28		(0.23	)		(1.15	)		(1.38	)		—			(2.33	)		(2.33	)
Year ended 3-31-2015		15.47		(0.25	)		1.24			0.99			—			(1.18	)		(1.18	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		13.23		(0.11	)		(0.38	)		(0.49	)		—			—			—
Year ended 3-31-2019		14.97		(0.23	)		1.14			0.91			—			(2.65	)		(2.65	)
Year ended 3-31-2018		14.28		(0.24	)		2.92			2.68			—			(1.99	)		(1.99	)
Year ended 3-31-2017		12.50		(0.20	)		3.01			2.81			—			(1.03	)		(1.03	)
Year ended 3-31-2016		16.27		(0.21	)		(1.23	)		(1.44	)		—			(2.33	)		(2.33	)
Year ended 3-31-2015		16.35		(0.23	)		1.33			1.10			—			(1.18	)		(1.18	)
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		17.00		(0.08	)		(0.49	)		(0.57	)		—			—			—
Year ended 3-31-2019		18.46		(0.16	)		1.43			1.27			—			(2.73	)		(2.73	)
Year ended 3-31-2018		17.09		(0.15	)		3.53			3.38			—			(2.01	)		(2.01	)
Year ended 3-31-2017		14.70		(0.14	)		3.56			3.42			—			(1.03	)		(1.03	)
Year ended 3-31-2016		18.60		(0.14	)		(1.43	)		(1.57	)		—			(2.33	)		(2.33	)
Year ended 3-31-2015		18.43		(0.16	)		1.51			1.35			—			(1.18	)		(1.18	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		23.43		(0.05	)		(0.69	)		(0.74	)		—			—			—
Year ended 3-31-2019		24.36		(0.11	)		1.93			1.82			—			(2.75	)		(2.75	)
Year ended 3-31-2018		21.96		(0.12	)		4.58			4.46			—			(2.06	)		(2.06	)
Year ended 3-31-2017		18.57		(0.10	)		4.52			4.42			—			(1.03	)		(1.03	)
Year ended 3-31-2016		22.77		(0.09	)		(1.77	)		(1.86	)		(0.01	)		(2.33	)		(2.34	)
Year ended 3-31-2015		22.19		(0.09	)		1.85			1.76			—			(1.18	)		(1.18	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		23.58		(0.05	)		(0.69	)		(0.74	)		—			—			—
Year ended 3-31-2019		24.49		(0.10	)		1.96			1.86			—			(2.77	)		(2.77	)
Year ended 3-31-2018		22.06		(0.09	)		4.60			4.51			—			(2.08	)		(2.08	)
Year ended 3-31-2017		18.62		(0.07	)		4.54			4.47			—			(1.03	)		(1.03	)
Year ended 3-31-2016		22.79		(0.06	)		(1.77	)		(1.83	)		(0.01	)		(2.33	)		(2.34	)
Year ended 3-31-2015(6)		20.97		(0.02	)		3.02			3.00			—			(1.18	)		(1.18	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		16.78		(0.10	)		(0.48	)		(0.58	)		—			—			—
Year ended 3-31-2019		18.27		(0.20	)		1.41			1.21			—			(2.70	)		(2.70	)
Year ended 3-31-2018		16.97		(0.20	)		3.49			3.29			—			(1.99	)		(1.99	)
Year ended 3-31-2017		14.63		(0.17	)		3.54			3.37			—			(1.03	)		(1.03	)
Year ended 3-31-2016		18.55		(0.17	)		(1.42	)		(1.59	)		—			(2.33	)		(2.33	)
Year ended 3-31-2015		18.41		(0.18	)		1.50			1.32			—			(1.18	)		(1.18	)
Class T Shares
Six-month period ended 9-30-2019 (unaudited)		17.22		(0.05	)		(0.50	)		(0.55	)		—			—			—
Year ended 3-31-2019		18.63		(0.12	)		1.45			1.33			—			(2.74	)		(2.74	)
Year ended 3-31-2018(7)		18.21		(0.08	)		2.52			2.44			—			(2.02	)		(2.02	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		21.90		(0.09	)		(0.63	)		(0.72	)		—			—			—
Year ended 3-31-2019		23.00		(0.18	)		1.82			1.64			—			(2.74	)		(2.74	)
Year ended 3-31-2018		20.85		(0.17	)		4.34			4.17			—			(2.02	)		(2.02	)
Year ended 3-31-2017		17.72		(0.14	)		4.30			4.16			—			(1.03	)		(1.03	)
Year ended 3-31-2016		21.88		(0.13	)		(1.70	)		(1.83	)		—			(2.33	)		(2.33	)
Year ended 3-31-2015		21.42		(0.14	)		1.78			1.64			—			(1.18	)		(1.18	)

* 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.

156 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 Loss to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average  Net Assets Excluding Expense Waiver(3)			Ratio of Net Investment Loss to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2019 (unaudited)	$	16.62		-3.32	%	$	998			1.31	%(4)		-0.87	%(4)		—	%		—	%		20	%
Year ended 3-31-2019		17.19		7.76			1,099			1.32			-0.84			—			—			42
Year ended 3-31-2018		18.63		20.69			1,026			1.35			-0.80			—			—			43
Year ended 3-31-2017		17.23		23.58			236			1.41			-0.81			—			—			53
Year ended 3-31-2016		14.81		-8.91			325			1.44			-0.80			—			—			43
Year ended 3-31-2015		18.71		8.03			384			1.43			-0.80			—			—			43
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		11.25		-3.85			5			2.22	(4)		-1.79	(4)		2.36	(4)		-1.93	(4)		20
Year ended 3-31-2019		11.70		6.80			7			2.22			-1.73			2.33			-1.84			42
Year ended 3-31-2018		13.55		19.67			10			2.23			-1.70			—			—			43
Year ended 3-31-2017		13.11		22.55			8			2.24			-1.66			—			—			53
Year ended 3-31-2016		11.57		-9.71			8			2.32			-1.69			—			—			43
Year ended 3-31-2015		15.28		7.07			11			2.31			-1.69			—			—			43
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		12.74		-3.70			72			2.05	(4)		-1.62	(4)		2.06	(4)		-1.63	(4)		20
Year ended 3-31-2019		13.23		6.99			88			2.05			-1.56			2.06			-1.57			42
Year ended 3-31-2018		14.97		19.82			99			2.06			-1.57			—			—			43
Year ended 3-31-2017		14.28		22.80			176			2.07			-1.49			—			—			53
Year ended 3-31-2016		12.50		-9.48			166			2.07			-1.43			—			—			43
Year ended 3-31-2015		16.27		7.36			207			2.07			-1.44			—			—			43
Class E Shares
Six-month period ended 9-30-2019 (unaudited)		16.43		-3.35			10			1.35	(4)		-0.91	(4)		1.53	(4)		-1.09	(4)		20
Year ended 3-31-2019		17.00		7.71			10			1.35			-0.87			1.53			-1.05			42
Year ended 3-31-2018		18.46		20.68			10			1.37	(10)		-0.83			1.61			-1.07			43
Year ended 3-31-2017		17.09		23.55			8			1.43			-0.85			1.71			-1.13			53
Year ended 3-31-2016		14.70		-8.96			6			1.49			-0.86			1.73			-1.10			43
Year ended 3-31-2015		18.60		7.90			6			1.56			-0.92			1.79			-1.15			43
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		22.69		-3.16			1,005			0.89	(4)		-0.45	(4)		1.05	(4)		-0.61	(4)		20
Year ended 3-31-2019		23.43		8.14			1,034			0.94			-0.47			1.04			-0.57			42
Year ended 3-31-2018		24.36		21.04			717			1.07			-0.53			—			—			43
Year ended 3-31-2017		21.96		24.03			313			1.07			-0.51			—			—			53
Year ended 3-31-2016		18.57		-8.59			169			1.06			-0.43			—			—			43
Year ended 3-31-2015		22.77		8.42			214			1.06			-0.43			—			—			43
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		22.84		-3.14			153			0.89	(4)		-0.45	(4)		—			—			20
Year ended 3-31-2019		23.58		8.19			155			0.89			-0.42			—			—			42
Year ended 3-31-2018		24.49		21.25			110			0.91			-0.38			—			—			43
Year ended 3-31-2017		22.06		24.24			69			0.91			-0.34			—			—			53
Year ended 3-31-2016		18.62		-8.46			23			0.91			-0.28			—			—			43
Year ended 3-31-2015(6)		22.79		14.83			22			0.90	(4)		-0.12	(4)		—			—			43	(8)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		16.20		-3.46			59			1.63	(4)		-1.19	(4)		—			—			20
Year ended 3-31-2019		16.78		7.42			66			1.62			-1.14			—			—			42
Year ended 3-31-2018		18.27		20.29			57			1.66			-1.11			—			—			43
Year ended 3-31-2017		16.97		23.32			48			1.66			-1.08			—			—			53
Year ended 3-31-2016		14.63		-9.10			42			1.66			-1.03			—			—			43
Year ended 3-31-2015		18.55		7.74			45			1.66			-1.02			—			—			43
Class T Shares
Six-month period ended 9-30-2019 (unaudited)		16.67		-3.19			—	*		1.05	(4)		-0.61	(4)		—			—			20
Year ended 3-31-2019		17.22		7.97			—	*		1.14			-0.67			—			—			42
Year ended 3-31-2018(7)		18.63		14.29			—	*		1.19	(4)		-0.61	(4)		—			—			43	(9)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		21.18		-3.33			127			1.28	(4)		-0.84	(4)		—			—			20
Year ended 3-31-2019		21.90		7.83			141			1.27			-0.79			—			—			42
Year ended 3-31-2018		23.00		20.75			141			1.31			-0.77			—			—			43
Year ended 3-31-2017		20.85		23.71			135			1.31			-0.71			—			—			53
Year ended 3-31-2016		17.72		-8.80			205			1.31			-0.67			—			—			43
Year ended 3-31-2015		21.88		8.16			262			1.30			-0.68			—			—			43

(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 July 31, 2014 (commencement of operations of the class) through March 31, 2015.

(7) For the period from July 5, 2017 (commencement of operations of the class) through March 31, 2018.

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(9) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2018.

(10) Expense ratio based on the period excluding reorganization expenses was 1.36%.

See Accompanying Notes to Financial Statements.

2019 SEMIANNUAL REPORT 157

FINANCIAL HIGHLIGHTS IVY FUNDS

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

IVY VALUE 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 9-30-2019 (unaudited)	$	22.61	$	0.24		$	1.05		$	1.29		$	(0.08	)	$	—		$	(0.08	)
Year ended 3-31-2019		23.27		0.28			0.50			0.78			(0.20	)		(1.24	)		(1.44	)
Year ended 3-31-2018		22.69		0.16			1.23			1.39			(0.26	)		(0.55	)		(0.81	)
Year ended 3-31-2017		19.72		0.20			3.25			3.45			(0.33	)		(0.15	)		(0.48	)
Year ended 3-31-2016		23.40		0.14			(1.14	)		(1.00	)		(0.03	)		(2.65	)		(2.68	)
Year ended 3-31-2015		23.82		0.12			1.25			1.37			(0.06	)		(1.73	)		(1.79	)
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		20.77		0.10			0.97			1.07			—			—			—
Year ended 3-31-2019		21.53		0.07			0.43			0.50			(0.02	)		(1.24	)		(1.26	)
Year ended 3-31-2018		21.12		0.06			1.02			1.08			(0.12	)		(0.55	)		(0.67	)
Year ended 3-31-2017		18.39		0.00	*		3.02			3.02			(0.14	)		(0.15	)		(0.29	)
Year ended 3-31-2016		22.04		(0.08	)		(1.06	)		(1.14	)		—			(2.51	)		(2.51	)
Year ended 3-31-2015		22.53		(0.10	)		1.19			1.09			—			(1.58	)		(1.58	)
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		21.69		0.15			1.01			1.16			—			—			—
Year ended 3-31-2019		22.40		0.13			0.45			0.58			(0.05	)		(1.24	)		(1.29	)
Year ended 3-31-2018		21.92		0.15			1.04			1.19			(0.16	)		(0.55	)		(0.71	)
Year ended 3-31-2017		19.07		0.08			3.13			3.21			(0.21	)		(0.15	)		(0.36	)
Year ended 3-31-2016		22.73		(0.01	)		(1.11	)		(1.12	)		—			(2.54	)		(2.54	)
Year ended 3-31-2015		23.18		(0.05	)		1.22			1.17			—			(1.62	)		(1.62	)
Class E Shares(6)
Six-month period ended 9-30-2019 (unaudited)		22.72		0.27			1.05			1.32			(0.12	)		—			(0.12	)
Year ended 3-31-2019		23.37		0.34			0.51			0.85			(0.26	)		(1.24	)		(1.50	)
Year ended 3-31-2018		22.79		0.37			1.07			1.44			(0.31	)		(0.55	)		(0.86	)
Year ended 3-31-2017		19.81		0.27			3.24			3.51			(0.38	)		(0.15	)		(0.53	)
Year ended 3-31-2016		23.49		0.19			(1.14	)		(0.95	)		(0.04	)		(2.69	)		(2.73	)
Year ended 3-31-2015		23.90		0.17			1.27			1.44			(0.10	)		(1.75	)		(1.85	)
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		22.72		0.28			1.05			1.33			(0.13	)		—			(0.13	)
Year ended 3-31-2019		23.38		0.36			0.50			0.86			(0.28	)		(1.24	)		(1.52	)
Year ended 3-31-2018		22.80		0.24			1.22			1.46			(0.33	)		(0.55	)		(0.88	)
Year ended 3-31-2017		19.81		0.31			3.23			3.54			(0.40	)		(0.15	)		(0.55	)
Year ended 3-31-2016		23.50		0.20			(1.13	)		(0.93	)		(0.05	)		(2.71	)		(2.76	)
Year ended 3-31-2015		23.90		0.19			1.28			1.47			(0.11	)		(1.76	)		(1.87	)
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		22.80		0.30			1.06			1.36			(0.16	)		—			(0.16	)
Year ended 3-31-2019		23.45		0.41			0.50			0.91			(0.32	)		(1.24	)		(1.56	)
Year ended 3-31-2018		22.86		0.41			1.10			1.51			(0.37	)		(0.55	)		(0.92	)
Year ended 3-31-2017		19.87		0.33			3.25			3.58			(0.44	)		(0.15	)		(0.59	)
Year ended 3-31-2016		23.56		0.25			(1.15	)		(0.90	)		(0.06	)		(2.73	)		(2.79	)
Year ended 3-31-2015(7)		24.96		0.18			0.25			0.43			(0.10	)		(1.73	)		(1.83	)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		22.56		0.20			1.05			1.25			(0.03	)		—			(0.03	)
Year ended 3-31-2019		23.22		0.22			0.49			0.71			(0.13	)		(1.24	)		(1.37	)
Year ended 3-31-2018		22.66		0.26			1.06			1.32			(0.21	)		(0.55	)		(0.76	)
Year ended 3-31-2017		19.70		0.17			3.23			3.40			(0.29	)		(0.15	)		(0.44	)
Year ended 3-31-2016		23.37		0.08			(1.13	)		(1.05	)		(0.01	)		(2.61	)		(2.62	)
Year ended 3-31-2015		23.79		0.05			1.26			1.31			(0.01	)		(1.72	)		(1.73	)
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		22.65		0.25			1.05			1.30			(0.09	)		—			(0.09	)
Year ended 3-31-2019		23.31		0.33			0.47			0.80			(0.22	)		(1.24	)		(1.46	)
Year ended 3-31-2018		22.73		0.34			1.05			1.39			(0.26	)		(0.55	)		(0.81	)
Year ended 3-31-2017		19.77		0.26			3.21			3.47			(0.36	)		(0.15	)		(0.51	)
Year ended 3-31-2016		23.45		0.15			(1.13	)		(0.98	)		(0.03	)		(2.67	)		(2.70	)
Year ended 3-31-2015		23.86		0.14			1.26			1.40			(0.07	)		(1.74	)		(1.81	)

* 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) Class share is closed to investment.

(7) For the period from July 31, 2014 (commencement of operations of the class) through March 31, 2015.

158 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 to Average Net Assets Excluding Expense Waiver(3)			Portfolio Turnover Rate
Class A Shares
Six-month period ended 9-30-2019 (unaudited)	$	23.82		5.68	%	$	352			1.22	%(4)		2.10	%(4)		—	%		—	%		42	%
Year ended 3-31-2019		22.61		3.69			354			1.21			1.21			—			—			51
Year ended 3-31-2018		23.27		6.13			398			1.23	(9)		0.65			—			—			72
Year ended 3-31-2017		22.69		17.76			103			1.33			0.99			—			—			53
Year ended 3-31-2016		19.72		-4.60			247			1.30			0.61			—			—			55
Year ended 3-31-2015		23.40		5.71			295			1.27			0.48			—			—			82
Class B Shares(5)
Six-month period ended 9-30-2019 (unaudited)		21.84		5.15			1			2.34	(4)		0.96	(4)		—			—			42
Year ended 3-31-2019		20.77		2.60			2			2.22			0.32			—			—			51
Year ended 3-31-2018		21.53		5.12			3			2.25	(10)		0.26			—			—			72
Year ended 3-31-2017		21.12		16.57			3			2.36			—			—			—			53
Year ended 3-31-2016		18.39		-5.54			3			2.27			-0.38			—			—			55
Year ended 3-31-2015		22.04		4.80			4			2.18			-0.43			—			—			82
Class C Shares
Six-month period ended 9-30-2019 (unaudited)		22.85		5.30			12			1.98	(4)		1.33	(4)		—			—			42
Year ended 3-31-2019		21.69		2.94			14			1.94			0.59			—			—			51
Year ended 3-31-2018		22.40		5.41			18			1.95	(11)		0.68			—			—			72
Year ended 3-31-2017		21.92		17.02			20			1.97			0.39			—			—			53
Year ended 3-31-2016		19.07		-5.25			18			1.98			-0.06			—			—			55
Year ended 3-31-2015		22.73		5.00			22			1.97			-0.22			—			—			82
Class E Shares(6)
Six-month period ended 9-30-2019 (unaudited)		23.92		5.80			—	*		1.02	(4)		2.30	(4)		—			—			42
Year ended 3-31-2019		22.72		3.90			—	*		1.01			1.45			—			—			51
Year ended 3-31-2018		23.37		6.34			—	*		1.03	(12)		1.57			—			—			72
Year ended 3-31-2017		22.79		18.03			—	*		1.08			1.29			—			—			53
Year ended 3-31-2016		19.81		-4.34			—	*		1.06			0.86			—			—			55
Year ended 3-31-2015		23.49		5.98			—	*		1.05			0.70			—			—			82
Class I Shares
Six-month period ended 9-30-2019 (unaudited)		23.92		5.87			566			0.92	(4)		2.39	(4)		0.93	(4)		2.38	(4)		42
Year ended 3-31-2019		22.72		3.95			579			0.91			1.51			—			—			51
Year ended 3-31-2018		23.38		6.45			600			0.94	(13)		1.01			—			—			72
Year ended 3-31-2017		22.80		18.18			186			0.97			1.44			—			—			53
Year ended 3-31-2016		19.81		-4.28			7			0.97			0.90			—			—			55
Year ended 3-31-2015		23.50		6.13			15			0.94			0.79			—			—			82
Class N Shares
Six-month period ended 9-30-2019 (unaudited)		24.00		5.98			137			0.77	(4)		2.54	(4)		—			—			42
Year ended 3-31-2019		22.80		4.15			140			0.76			1.72			—			—			51
Year ended 3-31-2018		23.45		6.65			149			0.78	(14)		1.72			—			—			72
Year ended 3-31-2017		22.86		18.32			9			0.82			1.55			—			—			53
Year ended 3-31-2016		19.87		-4.12			2			0.81			1.14			—			—			55
Year ended 3-31-2015(7)		23.56		1.72			1			0.79	(4)		1.11	(4)		—			—			82	(8)
Class R Shares
Six-month period ended 9-30-2019 (unaudited)		23.78		5.53			—	*		1.55	(4)		1.76	(4)		—			—			42
Year ended 3-31-2019		22.56		3.35			—	*		1.52			0.95			—			—			51
Year ended 3-31-2018		23.22		5.85			—	*		1.53	(15)		1.13			—			—			72
Year ended 3-31-2017		22.66		17.45			—	*		1.57			0.80			—			—			53
Year ended 3-31-2016		19.70		-4.82			—	*		1.56			0.36			—			—			55
Year ended 3-31-2015		23.37		5.45			—	*		1.54			0.21			—			—			82
Class Y Shares
Six-month period ended 9-30-2019 (unaudited)		23.86		5.70			—	*		1.20	(4)		2.13	(4)		—			—			42
Year ended 3-31-2019		22.65		3.76			—	*		1.15			1.37			—			—			51
Year ended 3-31-2018		23.31		6.12			1			1.22	(16)		1.43			—			—			72
Year ended 3-31-2017		22.73		17.81			1			1.21			1.24			—			—			53
Year ended 3-31-2016		19.77		-4.51			2			1.22			0.65			—			—			55
Year ended 3-31-2015		23.45		5.84			3			1.20			0.58			—			—			82

(8) Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended March 31, 2015.

(9) Expense ratio based on the period excluding reorganization expenses was 1.21%.

(10) Expense ratio based on the period excluding reorganization expenses was 2.23%.

(11) Expense ratio based on the period excluding reorganization expenses was 1.94%.

(12) Expense ratio based on the period excluding reorganization expenses was 1.02%.

(13) Expense ratio based on the period excluding reorganization expenses was 0.92%.

(14) Expense ratio based on the period excluding reorganization expenses was 0.77%.

(15) Expense ratio based on the period excluding reorganization expenses was 1.52%.

(16) Expense ratio based on the period excluding reorganization expenses was 1.21%.

See Accompanying Notes to Financial Statements.

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NOTES TO FINANCIAL STATMENTS IVY FUNDS

SEPTEMBER 30, 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 Core Equity Fund, Ivy Emerging Markets Equity Fund, Ivy Global Bond Fund, Ivy Global Equity Income Fund, Ivy Global Growth Fund, Ivy Government Money Market Fund, Ivy High Income Fund, Ivy International Core Equity Fund, Ivy Large Cap Growth Fund, Ivy Limited-Term Bond Fund, Ivy Managed International Opportunities Fund, Ivy Mid Cap Growth Fund, Ivy Mid Cap Income Opportunities Fund, Ivy Municipal Bond Fund, Ivy Municipal High Income Fund, Ivy Pzena International Value Fund, Ivy Securian Core Bond Fund, Ivy Small Cap Core Fund, Ivy Small Cap Growth Fund and Ivy Value Fund (each, a “Fund”) are 20 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 C and Class N shares. Each Fund (excluding Ivy Mid Cap Income Opportunities Fund) offers Class B shares. The Funds’ Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges from Class B shares of another fund within Ivy Funds. Class C shares are not available for direct investment in the Ivy Government Money Market Fund. Class C shares of Ivy Government Money Market Fund will continue to be available for dividend reinvestment and exchanges from Class C shares of another fund within Ivy Funds. Certain Funds may also offer Class E, Class I, Class R, Class T and/or Class Y shares. Class E shares are closed for all investments in the Ivy Emerging Markets Equity Fund, Ivy Global Growth Fund, Ivy Managed International Opportunities Fund, Ivy Small Cap Core Fund and Ivy Value Fund. Class A, Class E and Class T 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, T and Y have a distribution and service plan. Class I shares 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.

160 SEMIANNUAL REPORT 2019

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.

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.

The London Interbank Offered Rate “LIBOR” is an indicative measure of the average interest rate at which major global banks could borrow from one another. LIBOR is quoted in multiple currencies and multiple time frames using data reported

2019 SEMIANNUAL REPORT 161

by private-sector banks. LIBOR is used extensively in the United States and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds and loans, floating rate mortgages, asset-backed securities, consumer loans, and interest rate swaps and other derivatives.

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

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

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

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

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

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

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

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

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

162 SEMIANNUAL REPORT 2019

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.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

Investments in Ivy Government Money Market 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 Government Money Market 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.

2019 SEMIANNUAL REPORT 163

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

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

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

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

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

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

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

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

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

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

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

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

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

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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.

Bullion. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded and are categorized in Level 1 of the fair value hierarchy.

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

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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.

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.

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 September 30, 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 High Income Fund and Ivy International Core Equity 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 Municipal Bond Fund and Ivy Securian Core 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).

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 Mid Cap Growth Fund and Ivy Value Fund purchase and write call and put options to increase or decrease hedging exposure to underlying instruments (which include credit risk, equity risk, foreign currency exchange rate risk, event risk and/or interest rate risk), increase exposure to various equity markets or certain sectors, gain exposure to or facilitate trading in certain securities and/or, in the case of options written, to generate returns from options premiums.

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

Swaps are marked to market daily and changes in value are recorded as unrealized appreciation (depreciation) on the Statement of Operations. 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 a 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.

2019 SEMIANNUAL REPORT 167

Total return swaps involve a commitment of one party to pay periodic interest payments in exchange for a market-linked return based on a security or a basket of securities including a variety of securities or representing a particular index. To the extent the total return of the security, a basket of securities, or an index exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Ivy Small Cap Core Fund and Ivy Small Cap Growth Fund enter into total return swaps to hedge exposure to a security or market.

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 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 September 30, 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 High Income Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	250	$	—	$	250	$	—		$	—	$	(250	)	$	—
Ivy International Core Equity Fund
Unrealized appreciation on forward foreign currency contracts(1)	$	2,676	$	—	$	2,676	$	(2,676	)	$	—	$	—		$	—

(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.

168 SEMIANNUAL REPORT 2019

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 High Income Fund
Unrealized depreciation on forward foreign currency contracts(1)	$	187	$	—	$	187	$	—		$	—		$	(90	)	$	97
Ivy International Core Equity Fund
Unrealized depreciation on forward foreign currency contracts(1)	$	26,711	$	—	$	26,711	$	(2,676	)	$	(24,035	)	$	—		$	—
Ivy Mid Cap Growth Fund
Written options at value	$	652	$	—	$	652	$	—		$	—		$	(652	)	$	—
Ivy Small Cap Growth Fund
Swap agreements, at value	$	2,687	$	—	$	2,687	$	—		$	—		$	(2,080	)	$	607
Ivy Value Fund
Written options at value	$	69	$	—	$	69	$	—		$	(47	)	$	—		$	22

(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 purchased payable.

Additional Disclosure Related to Derivative Instruments

Fair values of derivative instruments as of September 30, 2019:

		Assets			Liabilities
Fund	Type of Risk Exposure	Statement of Assets & Liabilities Location	Value		Statement of Assets & Liabilities Location	Value
Ivy International Core Equity Fund	Foreign currency	Unrealized appreciation on forward foreign currency contracts	$	1,740	Unrealized depreciation on forward foreign currency contracts	$	2,276
Ivy Mid Cap Growth Fund	Equity			—	Written options at value		652
Ivy Municipal Bond Fund	Interest rate	Unrealized appreciation on futures contracts*		234			—
Ivy Securian Core Bond Fund	Interest rate	Unrealized appreciation on futures contracts*		1,168	Unrealized depreciation on futures contracts*		2,556
Ivy Small Cap Growth Fund	Equity			—	Swap agreements, at value		2,687
Ivy Value Fund	Equity			—	Written options at value		481

* 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 September 30, 2019.

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Amount of realized gain (loss) on derivatives recognized on the Statement of Operations for the period ended September 30, 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 High Income Fund	Foreign currency	$	—	$	—		$	—		$	—		$	215	$	215
Ivy International Core Equity Fund	Foreign currency		—		—			—			—			3,185		3,185
Ivy Mid Cap Growth Fund	Equity		25,176		—			—			(2,150	)		—		23,026
Ivy Municipal Bond Fund	Interest rate		—		—			(2,406	)		—			—		(2,406	)
Ivy Securian Core Bond Fund	Interest rate		—		—			8,260			—			—		8,260
Ivy Small Cap Core Fund	Equity		—		(6	)		—			—			—		(6	)
Ivy Small Cap Growth Fund	Equity		—		6,208			—			—			—		6,208
Ivy Value Fund	Equity		—		—			—			884			—		884

* 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 September 30, 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 High Income Fund	Foreign currency	$	—	$	—		$	—		$	—	$	(2	)	$	(2	)
Ivy International Core Equity Fund	Foreign currency		—		—			—			—		20,276			20,276
Ivy Mid Cap Growth Fund	Equity		—		—			—			422		—			422
Ivy Municipal Bond Fund	Interest rate		—		—			760			—		—			760
Ivy Securian Core Bond Fund	Interest rate		—		—			(2,879	)		—		—			(2,879	)
Ivy Small Cap Growth Fund	Equity		—		(3,473	)		—			—		—			(3,473	)
Ivy Value Fund	Equity		—		—			—			351		—			351

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

During the period ended September 30, 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 High Income Fund	$	69	$	—	$	—	$	—	$	—	$	—
Ivy International Core Equity Fund		2,263		—		—		—		—		—
Ivy Mid Cap Growth Fund		—		—		—		—		799		311
Ivy Municipal Bond Fund		—		—		18,212		—		—		—
Ivy Securian Core Bond Fund		—		178,741		62,048		—		—		—
Ivy Small Cap Growth Fund		—		—		—		75,780		—		—
Ivy Value Fund		—		—		—		—		—		499

(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. BASIS FOR CONSOLIDATION OF THE IVY EMERGING MARKETS EQUITY FUND

Ivy EME, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the Ivy Emerging Markets Equity Fund (referred to as “the Fund” in this subsection). The Subsidiary acts as an investment vehicle for the Fund, in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies as specified in its prospectus and SAI. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its Subsidiary. The consolidated financial

170 SEMIANNUAL REPORT 2019

statements include the accounts of the Fund and its Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary comprising the entire issued share capital of the Subsidiary with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary.

See the table below for details regarding the structure, incorporation and relationship as of September 30, 2019 of the Subsidiary to the Fund (amounts in thousands).

Subsidiary	Date of Incorporation		Subscription Agreement		Fund Net Assets		Subsidiary Net Assets		Percentage of Fund Net Assets
Ivy EME, Ltd.		1-31-13		4-10-13	$	1,712,752	$	336		0.02	%

6. 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 $250M			$250 to $500M			$500 to $1,000M			$1,000 to $1,500M			$1,500 to $2,000M			$2,000 to $3,000M			$3,000 to $5,000M			$5,000 to $6,000M			$6,000 to $10,000M			$10,000 to $15,000M			$15,000 to $20,000M			Over $20,000M
Ivy Core Equity Fund		0.700	%		0.700	%		0.700	%		0.650	%		0.650	%		0.600	%		0.550	%		0.525	%		0.500	%		0.490	%		0.490	%		0.490	%
Ivy Emerging Markets Equity Fund		1.000			1.000			0.850			0.830			0.830			0.800			0.760			0.755			0.755			0.750			0.750			0.750
Ivy Global Bond Fund		0.625			0.625			0.600			0.550			0.500			0.500			0.500			0.490			0.490			0.480			0.480			0.480
Ivy Global Equity Income Fund		0.700			0.700			0.700			0.650			0.650			0.600			0.550			0.545			0.545			0.540			0.540			0.540
Ivy Global Growth Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.700			0.695			0.695			0.690			0.690			0.690
Ivy Government Money Market Fund		0.350			0.350			0.350			0.300			0.300			0.300			0.300			0.300			0.300			0.300			0.300			0.300
Ivy High Income Fund		0.625			0.625			0.600			0.550			0.500			0.500			0.500			0.500			0.500			0.490			0.490			0.480
Ivy International Core Equity Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.700			0.690			0.690			0.680			0.680			0.680
Ivy Large Cap Growth Fund		0.700			0.700			0.700			0.650			0.650			0.600			0.550			0.545			0.545			0.540			0.540			0.540
Ivy Limited-Term Bond Fund		0.500			0.500			0.450			0.400			0.350			0.350			0.350			0.340			0.340			0.330			0.330			0.330
Ivy Managed International Opportunities Fund		0.050			0.050			0.050			0.050			0.050			0.050			0.050			0.050			0.050			0.050			0.050			0.050
Ivy Mid Cap Growth Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.760			0.730			0.730			0.700			0.670			0.670
Ivy Mid Cap Income Opportunities Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.760			0.730			0.730			0.700			0.670			0.670
Ivy Municipal Bond Fund		0.525			0.525			0.500			0.450			0.400			0.400			0.400			0.395			0.395			0.390			0.385			0.385
Ivy Municipal High Income Fund		0.525			0.525			0.500			0.450			0.400			0.400			0.400			0.395			0.395			0.390			0.385			0.385
Ivy Pzena International Value Fund		1.000			1.000			0.850			0.830			0.830			0.800			0.760			0.730			0.730			0.700			0.700			0.700
Ivy Securian Core Bond Fund		0.525			0.525			0.500			0.450			0.400			0.400			0.400			0.395			0.395			0.390			0.390			0.390
Ivy Small Cap Core Fund		0.850			0.850			0.850			0.830			0.830			0.800			0.760			0.730			0.730			0.720			0.720			0.720

2019 SEMIANNUAL REPORT 171

Fund (M - Millions)	$0 to $250M			$250 to $500M			$500 to $1,000M			$1,000 to $1,500M			$1,500 to $2,000M			$2,000 to $3,000M			$3,000 to $5,000M			$5,000 to $6,000M			$6,000 to $10,000M			$10,000 to $15,000M			$15,000 to $20,000M			Over $20,000M
Ivy Small Cap Growth Fund		0.850	%		0.850	%		0.850	%		0.830	%		0.830	%		0.800	%		0.760	%		0.730	%		0.730	%		0.720	%		0.720	%		0.720	%
Ivy Value Fund		0.700			0.700			0.700			0.650			0.650			0.600			0.550			0.545			0.545			0.540			0.540			0.540

For the period from May 18, 2009 to September 30, 2016, IICO voluntarily agreed to reduce the management fee paid to 0.485%, on an annual basis, of net assets for any day that Ivy Municipal High Income Fund’s net assets are below $500 million.

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 September 30, 2019.

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

Under an agreement between IICO and Pzena Investment Management, LLC (“Pzena”), Pzena serves as subadviser to Ivy Pzena International Value Fund. Under an agreement between IICO and Securian Asset Management, Inc. (“Securian AM”), Securian AM serves as subadviser to Ivy Securian Core Bond 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, other than Ivy Managed International Opportunities 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.

Under the Accounting and Administrative Services Agreement for the Ivy Managed International Opportunities Fund, the Fund pays WISC a monthly fee of one-twelfth of the annual fee 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	$	0.000	$	5.748	$	11.550	$	17.748	$	24.198	$	31.602	$	41.250	$	48.150	$	60.798	$	74.250

In addition, for each class of shares in excess of one, the Ivy Managed International Opportunities Fund pays WISC a monthly per-class fee equal to 1.25% 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, Class E and Class T 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. Ivy Government Money Market Fund pays a monthly fee of $1.75 for each shareholder account that was in existence at any time during the prior month plus, for Class A shareholder accounts, $0.75 for each shareholder check processed in the prior month. Ivy Limited-Term Bond Fund Class A, which also has check writing privileges, pays $0.75 for each shareholder check processed in the prior month. For Class R shares, each Fund pays a monthly fee equal to one-twelfth

172 SEMIANNUAL REPORT 2019

of 0.25 of 1% of the average daily net assets of the class for the preceding month. For Class I and Class Y shares, each Fund pays a monthly fee equal to one-twelfth of 0.15 of 1% of the average daily net assets of the class for the preceding month. For Class N shares, each Fund pays WISC a monthly fee equal to one-twelfth of 0.01 of 1% of the average daily net assets of the class for the preceding month. Each Fund also reimburses WISC for certain out-of-pocket costs for all classes.

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

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

Distribution and Service Plan. Class A, Class E and Class T 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, other than Ivy Government Money Market Fund, may pay a distribution and/or service fee to Ivy Distributors, Inc. (“IDI”) for Class A, Class E and Class T 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, Class E and Class T 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, Class E and Class T 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 September 30, 2019, IDI received the following amounts in sales commissions and CDSCs:

	Gross Sales Commissions		CDSC											Commissions Paid(1)
			Class A			Class B			Class C			Class E
Ivy Core Equity Fund	$	753	$	1		$	1		$	2		$	—	$	643
Ivy Emerging Markets Equity Fund		108		—	*		—	*		3			—		104
Ivy Global Bond Fund		31		—	*		—	*		—	*		N/A		29
Ivy Global Equity Income Fund		70		—	*		—	*		—	*		—		59
Ivy Global Growth Fund		114		—	*		—	*		1			—		96
Ivy Government Money Market Fund		—		—	*		—	*		—	*		—		—
Ivy High Income Fund		791		3			6			18			—		743
Ivy International Core Equity Fund		105		—	*		—	*		5			—		102
Ivy Large Cap Growth Fund		726		1			—	*		5			—		620
Ivy Limited-Term Bond Fund		293		16			—	*		1			—		272
Ivy Managed International Opportunities Fund		22		—	*		—	*		—	*		—		19
Ivy Mid Cap Growth Fund		560		1			1			9			—		520
Ivy Mid Cap Income Opportunities Fund		85		—	*		N/A			5			—		75
Ivy Municipal Bond Fund		99		1			—			—	*		N/A		91
Ivy Municipal High Income Fund		209		3			—	*		2			N/A		191
Ivy Pzena International Value Fund		13		—	*		—	*		—	*		N/A		11

2019 SEMIANNUAL REPORT 173

	Gross Sales Commissions		CDSC											Commissions Paid(1)
			Class A			Class B			Class C			Class E
Ivy Securian Core Bond Fund	$	81	$	—	*	$	—	*	$	2		$	—	$	74
Ivy Small Cap Core Fund		63		—	*		—	*		2			—		54
Ivy Small Cap Growth Fund		389		—	*		—	*		7			—		344
Ivy Value Fund		87		—	*		—	*		—	*		—		74

* 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 September 30, 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 Core Equity Fund	Class A	Contractual	1-11-2013	7-31-2020	1.04%		$	—	N/A
	Class B	Contractual	10-16-2017	7-31-2020	2.13%		$	2	12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2020	1.02%(1)		$	10	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	1-11-2013	7-31-2020	0.84%		$	—	N/A
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—	N/A
	Class Y	Contractual	1-11-2013	7-31-2020	0.84%		$	51	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—	N/A
Ivy Emerging Markets Equity Fund	Class A	Contractual	3-17-2014	7-31-2020	1.58%		$	—	N/A
	Class B	Contractual	3-17-2014	7-31-2020	2.50%		$	1	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	3-17-2014	7-31-2020	0.99%		$	832	Shareholder Servicing
	Class N	Contractual	3-17-2014	7-31-2020	0.99%		$	—	N/A
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—	N/A
	Class T	Contractual	7-5-2017	7-31-2020	Not to exceed Class A		$	—	N/A
	Class Y	Contractual	3-17-2014	7-31-2020	Not to exceed Class A		$	—	N/A
Ivy Global Bond Fund	Class A	Contractual	6-2-2008	7-31-2020	0.99%		$	250	12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	6-2-2008	7-31-2020	1.74%		$	3	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	6-2-2008	7-31-2020	1.74%		$	10	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	6-2-2008	7-31-2020	0.74%		$	192	Shareholder Servicing
	Class N	Contractual	4-1-2017	7-31-2020	0.74%		$	—	N/A
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—	N/A
	Class Y	Contractual	6-2-2008	7-31-2020	0.99%		$	2	12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—	N/A

174 SEMIANNUAL REPORT 2019

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy Global Equity Income Fund	Class A	Contractual	6-4-2012	7-31-2020	1.24%		$	30		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	6-4-2012	7-31-2020	1.95%		$	5		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	2-26-2018	7-31-2020	1.13%		$	9		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	6-4-2012	7-31-2020	0.92%		$	52		Shareholder Servicing
	Class N	Contractual	8-15-2015	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	6-4-2012	7-31-2020	1.19%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Global Growth Fund	Class B	Contractual	2-26-2018	7-31-2020	2.58%		$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	8-1-2011	7-31-2020	1.06%		$	88		Shareholder Servicing
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	1		12b-1 Fees and/or Shareholder Servicing
Ivy Government Money Market Fund	Class E	Contractual	7-31-2018	7-31-2020	0.51%(2)		$	7		12b-1 Fees and/or Shareholder Servicing
Ivy High Income Fund	Class B	Contractual	2-26-2018	7-31-2020	1.71%		$	12		12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	2-26-2018	7-31-2020	1.66%		$	68		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2020	1.08%		$	7		12b-1 Fees and/or Shareholder Servicing
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class T	Contractual	7-5-2017	7-31-2020	Not to exceed Class A		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	35		12b-1 Fees and/or Shareholder Servicing
Ivy International Core Equity Fund	All Classes	Contractual	8-1-2008	7-31-2020	N/A		$	237	(3)	Investment Management Fee
	Class A	Contractual	11-5-2018	7-31-2020	1.25%		$	115		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	11-5-2018	7-31-2020	2.11%		$	3		12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	11-5-2018	7-31-2020	1.93%		$	29		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2020	1.23%(4)		$	10		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	7-31-2018	7-31-2020	0.79%		$	2,452		Shareholder Servicing
	Class N	Contractual	7-31-2018	7-31-2020	0.79%		$	122		Shareholder Servicing
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class R	Contractual	11-5-2018	7-31-2020	1.53%		$	8		12b-1 Fees and/or Shareholder Servicing
	Class T	Contractual	7-5-2017	7-31-2020	Not to exceed Class A		$	—		N/A
	Class Y	Contractual	8-15-2018	7-31-2020	1.18%		$	52		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A

2019 SEMIANNUAL REPORT 175

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy Large Cap Growth Fund	Class A	Contractual	6-1-2006	7-31-2020	1.05%		$	—		N/A
	Class B	Contractual	2-26-2018	7-31-2020	1.85%		$	6		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2020	1.13%(5)		$	1		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	6-13-2011	7-31-2020	0.69%		$	1,198		Shareholder Servicing
	Class N	Contractual	7-31-2018	7-31-2020	0.69%		$	—		N/A
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	6-1-2006	7-31-2020	1.05%		$	7		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Limited-Term Bond Fund	Class E	Contractual	8-1-2010	7-31-2020	0.95%		$	2		12b-1 Fees and/or Shareholder Servicing
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	2		12b-1 Fees and/or Shareholder Servicing
Ivy Managed International Opportunities Fund	All Classes	Contractual	3-17-2014	7-31-2020	N/A		$	10	(6)	Investment Management Fee
	Class A	Contractual	3-17-2014	7-31-2020	0.49%		$	8		12b-1 Fees and/or Shareholder Servicing
	Class B	Contractual	3-17-2014	7-31-2020	1.40%		$	—	*	12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	3-17-2014	7-31-2020	1.29%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	3-17-2014	7-31-2020	0.16%		$	20		Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2020	Not to exceed Class I		$	—	*	Shareholder Servicing
	Class R	Contractual	3-17-2014	7-31-2020	0.72%		$	—		N/A
	Class Y	Contractual	3-17-2014	7-31-2020	0.38%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class Y	Contractual	3-17-2014	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Mid Cap Growth Fund	All Classes	Contractual	8-1-2008	7-31-2020	N/A		$	799	(7)	Investment Management Fee
	Class A	Contractual	8-1-2014	7-31-2020	1.31%		$	—		N/A
	Class B	Contractual	2-26-2018	7-31-2020	2.09%		$	1		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2020	1.28%		$	8		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	7-31-2018	7-31-2020	0.79%		$	2,113		Shareholder Servicing
	Class N	Contractual	7-31-2018	7-31-2020	0.79%		$	52		Shareholder Servicing
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A

176 SEMIANNUAL REPORT 2019

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy Mid Cap Income Opportunities Fund	All Classes	Contractual	10-1-2014	7-31-2020	N/A		$	279	(8)	Investment Management Fee
	Class A	Contractual	10-1-2014	7-31-2020	1.35%		$	—		N/A
	Class C	Contractual	10-1-2014	7-31-2020	2.07%		$	—		N/A
	Class E	Contractual	10-1-2014	7-31-2020	1.30%		$	—		N/A
	Class I	Contractual	10-1-2014	7-31-2021	0.83%(9)		$	412		Shareholder Servicing
	Class N	Contractual	10-1-2014	7-31-2021	0.83%(9)		$	9		Shareholder Servicing
	Class N	Contractual	8-15-2018	7-31-2021	Not to exceed Class I		$	—		N/A
	Class R	Contractual	10-1-2014	7-31-2020	1.80%		$	—		N/A
	Class Y	Contractual	10-1-2014	7-31-2020	1.35%		$	—		N/A
	Class Y	Contractual	10-1-2014	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Municipal Bond Fund	Class A	Contractual	10-16-2017	7-31-2020	0.84%		$	174		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	10-16-2017	7-31-2020	0.70%		$	74		Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—	*	12b-1 Fees and/or Shareholder Servicing
Ivy Municipal High Income Fund	Class B	Contractual	10-1-2016	7-31-2020	1.62%		$	3		12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	10-1-2016	7-31-2020	1.58%		$	36		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	8-1-2011	7-31-2020	0.61%		$	247		Shareholder Servicing
	Class N	Contractual	7-5-2017	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	10-1-2016	7-31-2020	0.94%		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	3		12b-1 Fees and/or Shareholder Servicing
Ivy Pzena International Value Fund	All Classes	Contractual	12-3-2012	7-31-2020	N/A		$	287	(10)	Investment Management Fee
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Securian Core Bond Fund	All Classes	Contractual	8-1-2011	7-31-2020	N/A		$	156	(11)	Investment Management Fee
	Class E	Contractual	1-31-2011	7-31-2020	0.99%(12)		$	4		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	8-1-2011	7-31-2020	0.54%		$	564		Shareholder Servicing
	Class N	Contractual	8-1-2011	7-31-2020	0.54%		$	13		Shareholder Servicing
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A

2019 SEMIANNUAL REPORT 177

Fund Name	Share Class Name	Type of Expense Limit	Commencement Date	End Date	Expense Limit	Amount of Expense Waiver/ Reimbursement				Expense Reduced
Ivy Small Cap Core Fund	All Classes	Contractual	8-1-2008	7-31-2020	N/A		$	96	(13)	Investment Management Fee
	Class I	Contractual	7-31-2018	7-31-2020	0.89%		$	392		Shareholder Servicing
	Class N	Contractual	7-31-2018	7-31-2020	0.89%		$	19		Shareholder Servicing
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class T	Contractual	7-5-2017	7-31-2020	Not to exceed Class A		$	—		N/A
	Class Y	Contractual	8-1-2008	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Small Cap Growth Fund	Class B	Contractual	2-26-2018	7-31-2020	2.22%		$	4		12b-1 Fees and/or Shareholder Servicing
	Class C	Contractual	11-5-2018	7-31-2020	2.05%		$	3		12b-1 Fees and/or Shareholder Servicing
	Class E	Contractual	8-1-2008	7-31-2020	1.35%		$	9		12b-1 Fees and/or Shareholder Servicing
	Class I	Contractual	7-31-2018	7-31-2020	0.89%		$	790		Shareholder Servicing
	Class N	Contractual	7-31-2018	7-31-2020	0.89%		$	—		N/A
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class T	Contractual	7-5-2017	7-31-2020	Not to exceed Class A		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A
Ivy Value Fund	Class A	Contractual	10-16-2017	7-31-2020	1.22%		$	—		N/A
	Class B	Contractual	10-16-2017	7-31-2020	2.36%		$	—		N/A
	Class I	Contractual	10-16-2017	7-31-2020	0.92%		$	24		Shareholder Servicing
	Class N	Contractual	8-15-2018	7-31-2020	Not to exceed Class I		$	—		N/A
	Class Y	Contractual	8-1-2011	7-31-2020	Not to exceed Class A		$	—		N/A

* Not shown due to rounding.

(1) Reflects the lower expense limit which went into effect July 31, 2019. Prior to July 31, 2019, the expense limit in effect was 1.10%.

(2) Reflects the lower expense limit which went into effect July 31, 2019. Prior to July 31, 2019, the expense limit in effect was 0.56%.

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

(4) Reflects the lower expense limit which went into effect July 31, 2019. Prior to July 31, 2019, the expense limit in effect was 1.28%.

(5) Reflects the lower expense limit which went into effect July 31, 2019. Prior to July 31, 2019, the expense limit in effect was 1.15%.

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

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

(8) 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.

(9) Reflects the lower expense limit which went into effect July 31, 2019. Prior to July 31, 2019, the expense limit in effect was 1.05%.

(10) The Fund’s management fee is being reduced by 0.21% of average daily net assets.

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

(12) Reflects the lower expense limit which went into effect July 31, 2019. Prior to July 31, 2019, the expense limit in effect was 1.01%.

(13) Due to Class I, Class N, Class T and/or Class Y 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 September 30, 2019 are shown as a receivable from affiliates on the Statement of Assets and Liabilities.

7. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the SEC (“Order”), the Ivy Funds, Ivy Variable Insurance Portfolios and InvestEd Portfolios (collectively, the “Funds” only for purposes of this footnote 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund

178 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 September 30, 2019.

8. AFFILIATED COMPANY TRANSACTIONS (All amounts in thousands)

A summary of the transactions in affiliated companies during the period ended September 30, 2019 follows:

	3-31-19 Share Balance		Gross Additions		Gross Reductions		Realized Gain/(Loss)			Distributions Received		9-30-19 Share Balance		9-30-19 Value			Net Change in Unrealized Appreciation/ (Depreciation)
Ivy High Income Fund
ASG Warrant Corp.(1)(2)		20	$	—	$	—	$	—		$	—		20	$	—	*	$	—
Bellatrix Exploration Ltd.(1)		N/A		4,350		—		—			—		2,856		862			(3,487	)
BIS Industries Ltd.(1)(2)(3)		19,683		—		—		—			—		19,683		785			(470	)
Larchmont Resources LLC(1)(2)(3)		18		—		—		—			—		18		4,585			—
Maritime Finance Co. Ltd.(1)(2)(3)		1,750		—		—		—			—		1,750		14,222			1,349
True Religion Apparel, Inc.(1)(2)		219		—		—		—			—		219		—	*		(5,899	)
							$	—		$	—			$	20,454		$	(8,507	)
	3-31-19 Principal Balance		Gross Additions		Gross Reductions		Realized Gain/(Loss)			Interest Received		9-30-19 Principal Balance		9-30-19 Value			Net Change in Unrealized Appreciation/ (Depreciation)
Bellatrix Exploration Ltd., 8.500%, 9-11-23		N/A	$	14,932	$	—	$	—		$	42	$	6,693	$	6,802		$	(7,216	)
Bellatrix Exploration Ltd. (3.000% Cash or 9.500% PIK), 9.500%, 12-15-23(4)		N/A		650		—		—			—		7,293		7,396			6,732
Larchmont Resources LLC (9.140% Cash or 9.140% PIK), 9.140%, 8-7-20(2)(4)	$	14,873		—		1,039		15			713		13,792		12,689			(638	)
TRLG Intermediate Holdings LLC, 10.000%, 10-27-22(2)		26,384		—		120		10			1,352		26,250		24,675			(295	)
							$	25		$	2,107			$	51,562		$	(1,417	)
	3-31-19 Share Balance		Gross Additions		Gross Reductions		Realized Gain/(Loss)(5)			Distributions Received		9-30-19 Share Balance		9-30-19 Value			Net Change in Unrealized Appreciation/ (Depreciation)
Ivy Managed International Opportunities Fund
Ivy Emerging Markets Equity Fund, Class N		1,394	$	994	$	1,552	$	12		$	—		1,364	$	25,799		$	(1,347	)
Ivy Global Equity Income Fund, Class N		1,534		995		1,938		(262	)		332		1,479		17,831			487
Ivy Global Growth Fund, Class N		414		663		2,240		74			—		379		17,333			543
Ivy International Core Equity Fund, Class N		3,716		2,661		3,639		(157	)		—		3,667		62,786			924
Ivy International Small Cap Fund, Class N		1,604		725		1,109		(114	)		—		1,580		18,045			848
Ivy Pzena International Value Fund, Class N		2,262		2,992		2,516		(527	)		—		2,325		35,151			(28	)
							$	(974	)	$	332			$	176,945		$	1,427

* Not shown due to rounding.

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

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

(3) Restricted securities.

(4) Payment-in-kind bond.

(5) Included in Realized Gain/Loss, if applicable, are distributions from capital gains from the underlying securities.

2019 SEMIANNUAL REPORT 179

9. 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 September 30, 2019, were as follows:

	Purchases				Sales
	U.S. Government		Other Issuers		U.S. Government		Other Issuers
Ivy Core Equity Fund	$	—	$	1,496,124	$	—	$	1,898,209
Ivy Emerging Markets Equity Fund		—		349,988		—		521,659
Ivy Global Bond Fund		—		84,682		15,653		97,360
Ivy Global Equity Income Fund		—		136,570		—		219,945
Ivy Global Growth Fund		—		101,280		—		141,665
Ivy Government Money Market Fund		—		—		—		—
Ivy High Income Fund		—		725,598		—		987,563
Ivy International Core Equity Fund		—		1,339,349		—		2,593,331
Ivy Large Cap Growth Fund		—		648,360		—		933,028
Ivy Limited-Term Bond Fund		172,664		144,469		166,404		233,131
Ivy Managed International Opportunities Fund		—		9,030		—		12,021
Ivy Mid Cap Growth Fund		—		440,602		—		642,772
Ivy Mid Cap Income Opportunities Fund		—		137,991		—		52,765
Ivy Municipal Bond Fund		—		107,492		—		71,807
Ivy Municipal High Income Fund		—		101,832		—		93,749
Ivy Pzena International Value Fund		—		34,057		—		33,418
Ivy Securian Core Bond Fund		359,095		169,930		291,986		110,395
Ivy Small Cap Core Fund		—		429,978		—		462,943
Ivy Small Cap Growth Fund		—		505,048		—		604,606
Ivy Value Fund		—		378,561		—		433,799

10. 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 September 30, 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.

180 SEMIANNUAL REPORT 2019

The following is a summary of each Fund’s securities lending positions and related cash and non-cash collateral received as of September 30, 2019:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Ivy Emerging Markets Equity Fund	$	10,908	$	3,464	$	8,119	$	11,583
Ivy Global Bond Fund		7,044		5,570		1,657		7,227
Ivy High Income Fund		26,090		21,133		5,616		26,749
Ivy International Core Equity Fund		157,924		82,796		82,800		165,596
Ivy Mid Cap Growth Fund		164,477		51,232		116,796		168,028
Ivy Mid Cap Income Opportunities Fund		8,034		8,206		—		8,206
Ivy Pzena International Value Fund		6,555		6,901		—		6,901
Ivy Securian Core Bond Fund		10,230		190		10,250		10,440
Ivy Small Cap Core Fund		2,108		1,145		1,020		2,165
Ivy Small Cap Growth Fund		92,656		90,677		4,018		94,695
Ivy Value Fund		15,322		15,701		—		15,701

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.

11. BORROWINGS

On May 24, 2019 the Trust, on behalf of the Ivy High Income Fund and Ivy Municipal High Income Fund, along with certain other funds managed by the Manager (“Participating Funds”), entered into a 364-day senior unsecured revolving credit facility with Bank of New York Mellon and a group of financial institutions to be utilized to temporarily finance the repurchase or redemption of Fund shares and for other temporary or emergency purposes. The Participating Funds can borrow up to an aggregate commitment amount of $130 million at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit facility has the following terms: a commitment fee of 0.15% per annum of the daily amount of unused commitment amounts and interest at a rate equal to the higher of (a) the federal funds effective rate (but not below 0.0%) plus 1.00% per annum or (b) the one-month LIBOR rate (but not below 0.0%) plus 1.00% per annum on amounts borrowed. The agreement expires in May 2020 unless extended or renewed. As of September 30, 2019, if applicable, any outstanding borrowings would be disclosed as a payable for borrowing on the Statement of Assets and Liabilities. Commitment and interest fees, if any, paid by the Participating Funds are disclosed as part of commitment and interest expense for borrowing on the Statement of Operations. During the year ended September 30, 2019, the Participating Funds did not borrow under the credit facility.

2019 SEMIANNUAL REPORT 181

12. 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 Core Equity Fund												Ivy Emerging Markets Equity Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		3,998		$	56,756			10,344		$	150,881			1,106		$	20,727			4,030		$	75,590
Class B		8			95			41			461			—	*		7			14			232
Class C		170			2,023			707			8,407			247			3,995			1,172			18,929
Class E		53			741			104			1,513			—			—			—			—
Class I		3,760			60,598			10,783			178,205			8,002			154,657			36,280			705,570
Class N		107			1,738			622			10,357			1,615			30,900			5,992			113,777
Class R		1			14			26			379			115			2,125			300			5,530
Class T		N/A			N/A			N/A			N/A			—			—			—			—
Class Y		72			1,113			1,438			24,081			402			7,544			1,397			26,863
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			29,488			372,435			—			—			119			2,044
Class B		—			—			112			1,143			—			—			—	*		2
Class C		—			—			691			7,340			—			—			12			170
Class E		—			—			142			1,780			—			—			—	*		1
Class I		—			—			9,242			132,166			—			—			613			10,847
Class N		—			—			430			6,163			—			—			177			3,149
Class R		—			—			4			47			—			—			2			35
Class T		N/A			N/A			N/A			N/A			—			—			—			—
Class Y		—			—			459			6,357			—			—			7			129
Shares redeemed:
Class A		(18,330	)		(260,010	)		(38,012	)		(554,673	)		(2,554	)		(47,379	)		(12,512	)		(234,720	)
Class B		(170	)		(1,919	)		(348	)		(4,186	)		(41	)		(618	)		(143	)		(2,150	)
Class C		(913	)		(10,954	)		(2,341	)		(29,249	)		(845	)		(13,390	)		(1,951	)		(30,612	)
Class E		(110	)		(1,558	)		(163	)		(2,326	)		—			—			—			—
Class I		(10,884	)		(175,354	)		(22,500	)		(368,757	)		(13,742	)		(262,255	)		(51,473	)		(970,251	)
Class N		(773	)		(12,338	)		(2,401	)		(40,983	)		(3,267	)		(63,295	)		(4,897	)		(93,793	)
Class R		(26	)		(366	)		(109	)		(1,515	)		(217	)		(3,993	)		(454	)		(8,393	)
Class T		N/A			N/A			N/A			N/A			—			—			—			—
Class Y		(1,226	)		(19,453	)		(2,003	)		(30,050	)		(421	)		(7,994	)		(2,210	)		(41,899	)
Net decrease		(24,263	)	$	(358,874	)		(3,244	)	$	(130,024	)		(9,600	)	$	(178,969	)		(23,525	)	$	(418,950	)

* Not shown due to rounding.

182 SEMIANNUAL REPORT 2019

	Ivy Global Bond Fund												Ivy Global Equity Income Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		973		$	9,558			1,842		$	17,633			992		$	11,842			2,161		$	28,034
Class B		1			13			2			16			3			33			3			40
Class C		78			770			47			449			26			315			290			3,463
Class E		N/A			N/A			N/A			N/A			17			200			40			504
Class I		2,542			24,877			6,053			57,890			1,356			16,204			3,560			46,690
Class N		160			1,565			3,038			29,161			109			1,294			1,592			21,752
Class R		5			53			9			84			1			5			8			103
Class Y		7			64			25			242			11			131			34			429
Shares issued in reinvestment of distributions to shareholders:
Class A		198			1,945			719			6,835			472			5,608			4,921			56,287
Class B		—	*		5			3			33			3			31			45			505
Class C		4			41			21			204			18			215			274			3,112
Class E		N/A			N/A			N/A			N/A			7			86			69			790
Class I		262			2,568			836			7,944			509			6,049			5,051			57,909
Class N		35			341			44			423			35			411			264			2,977
Class R		—	*		3			1			12			—	*		2			2			23
Class Y		1			8			4			35			4			49			41			474
Shares redeemed:
Class A		(2,686	)		(26,394	)		(8,244	)		(78,850	)		(4,240	)		(50,623	)		(10,287	)		(133,129	)
Class B		(35	)		(341	)		(115	)		(1,102	)		(105	)		(1,253	)		(245	)		(3,228	)
Class C		(291	)		(2,853	)		(439	)		(4,200	)		(617	)		(7,351	)		(1,551	)		(20,225	)
Class E		N/A			N/A			N/A			N/A			(48	)		(576	)		(114	)		(1,490	)
Class I		(4,537	)		(44,656	)		(9,323	)		(89,154	)		(5,116	)		(61,088	)		(14,943	)		(193,159	)
Class N		(507	)		(5,010	)		(1,720	)		(16,481	)		(195	)		(2,327	)		(311	)		(3,903	)
Class R		(9	)		(87	)		(14	)		(137	)		(4	)		(46	)		(3	)		(43	)
Class Y		(54	)		(535	)		(204	)		(1,954	)		(45	)		(532	)		(115	)		(1,515	)
Net decrease		(3,853	)	$	(38,065	)		(7,415	)	$	(70,917	)		(6,807	)	$	(81,321	)		(9,214	)	$	(133,600	)

* Not shown due to rounding.

2019 SEMIANNUAL REPORT 183

	Ivy Global Growth Fund												Ivy Government Money Market Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		310		$	13,744			774		$	35,766			153,334		$	153,334			463,581		$	463,581
Class B		—	*		9			3			107			47			47			535			535
Class C		14			512			44			1,657			7,456			7,456			19,477			19,477
Class E		—			—			—			—			2,969			2,969			4,162			4,162
Class I		843			38,200			2,377			113,398			N/A			N/A			N/A			N/A
Class N		21			923			66			3,122			1,093			1,093			7,126			7,126
Class R		1			57			3			120			N/A			N/A			N/A			N/A
Class Y		10			449			46			2,051			N/A			N/A			N/A			N/A
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			1,158			46,541			1,001			1,001			1,734			1,734
Class B		—			—			4			121			4			4			5			5
Class C		—			—			31			1,029			27			27			83			83
Class E		—			—			—	*		17			67			67			96			96
Class I		—			—			1,099			45,125			N/A			N/A			N/A			N/A
Class N		—			—			46			1,919			70			70			130			130
Class R		—			—			3			126			N/A			N/A			N/A			N/A
Class Y		—			—			10			384			N/A			N/A			N/A			N/A
Shares redeemed:
Class A		(933	)		(41,300	)		(1,773	)		(81,119	)		(154,246	)		(154,246	)		(469,879	)		(469,879	)
Class B		(6	)		(223	)		(24	)		(943	)		(422	)		(422	)		(1,901	)		(1,901	)
Class C		(43	)		(1,580	)		(120	)		(4,569	)		(9,669	)		(9,669	)		(30,474	)		(30,474	)
Class E		—			—			—			—			(2,361	)		(2,361	)		(2,912	)		(2,912	)
Class I		(1,317	)		(59,882	)		(2,744	)		(126,483	)		N/A			N/A			N/A			N/A
Class N		(53	)		(2,455	)		(186	)		(9,225	)		(890	)		(890	)		(7,845	)		(7,845	)
Class R		(7	)		(306	)		(15	)		(705	)		N/A			N/A			N/A			N/A
Class Y		(43	)		(1,866	)		(149	)		(6,898	)		N/A			N/A			N/A			N/A
Net increase (decrease)		(1,203	)	$	(53,717	)		653		$	21,541			(1,520	)	$	(1,520	)		(16,082	)	$	(16,082	)

* Not shown due to rounding.

184 SEMIANNUAL REPORT 2019

	Ivy High Income Fund												Ivy International Core Equity Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		24,123		$	173,930			50,920		$	371,701			2,588		$	43,563			6,681		$	121,198
Class B		22			158			75			546			1			13			11			191
Class C		4,332			31,243			10,703			78,540			190			2,810			1,396			22,550
Class E		99			718			133			963			25			417			55			989
Class I		38,263			276,029			108,860			798,686			14,963			253,760			60,825			1,104,288
Class N		3,555			25,643			10,768			79,737			7,765			131,275			26,506			486,765
Class R		368			2,650			1,074			7,886			418			7,028			1,235			22,490
Class T		—			—			—			—			—			—			—			—
Class Y		7,793			56,321			21,245			155,817			2,350			39,510			6,152			109,751
Shares issued in connection with merger ofFund:
Class A		N/A			N/A			N/A			N/A			N/A			N/A			3,864			64,417
Class B		N/A			N/A			N/A			N/A			N/A			N/A			24			358
Class C		N/A			N/A			N/A			N/A			N/A			N/A			183			2,688
Class E		N/A			N/A			N/A			N/A			N/A			N/A			6			105
Class I		N/A			N/A			N/A			N/A			N/A			N/A			3,470			58,171
Class N		N/A			N/A			N/A			N/A			N/A			N/A			114			1,917
Class R		N/A			N/A			N/A			N/A			N/A			N/A			32			531
Class T		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Class Y		N/A			N/A			N/A			N/A			N/A			N/A			42			703
Shares issued in reinvestment of distributions to shareholders:
Class A		8,096			58,308			17,198			125,295			—			—			2,558			41,776
Class B		133			958			366			2,670			—			—			26			373
Class C		2,375			17,107			5,275			38,425			—			—			984			14,198
Class E		43			307			84			613			—			—			37			608
Class I		9,404			67,724			18,895			137,533			—			—			16,492			270,969
Class N		340			2,447			572			4,164			—			—			7,102			116,960
Class R		263			1,895			535			3,893			—			—			456			7,463
Class T		—			—			—			—			—			—			—			—
Class Y		901			6,489			2,070			15,101			—			—			1,687			27,770
Shares redeemed:
Class A		(37,585	)		(270,940	)		(96,716	)		(706,574	)		(5,902	)		(98,918	)		(13,037	)		(236,648	)
Class B		(1,225	)		(8,840	)		(3,161	)		(23,128	)		(85	)		(1,245	)		(204	)		(3,196	)
Class C		(15,505	)		(111,706	)		(30,214	)		(220,327	)		(2,958	)		(43,827	)		(5,017	)		(78,992	)
Class E		(135	)		(969	)		(241	)		(1,759	)		(37	)		(620	)		(88	)		(1,555	)
Class I		(53,996	)		(389,020	)		(129,770	)		(947,757	)		(59,708	)		(1,010,135	)		(99,805	)		(1,762,950	)
Class N		(2,367	)		(16,967	)		(7,480	)		(53,693	)		(23,583	)		(400,301	)		(27,992	)		(509,050	)
Class R		(1,008	)		(7,249	)		(1,659	)		(12,123	)		(719	)		(12,041	)		(1,351	)		(24,122	)
Class T		—			—			—	*		(4	)		—			—			—			—
Class Y		(12,575	)		(90,387	)		(33,984	)		(248,449	)		(4,750	)		(80,107	)		(9,717	)		(177,375	)
Net decrease		(24,286	)	$	(174,151	)		(54,452	)	$	(392,244	)		(69,442	)	$	(1,168,818	)		(17,273	)	$	(316,659	)

* Not shown due to rounding.

2019 SEMIANNUAL REPORT 185

	Ivy Large Cap Growth Fund												Ivy Limited-Term Bond Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		3,340		$	80,463			7,807		$	176,336			6,800		$	73,568			14,529		$	154,373
Class B		15			269			45			787			14			156			38			406
Class C		295			5,706			1,149			20,528			243			2,633			1,450			15,389
Class E		65			1,566			149			3,432			65			696			176			1,866
Class I		6,692			171,097			16,333			391,708			4,363			47,194			16,719			177,591
Class N		249			6,386			1,128			27,161			1,191			12,886			11,452			121,500
Class R		95			2,203			209			4,618			11			117			43			455
Class Y		117			2,898			315			7,319			89			969			163			1,729
Shares issued in connection with merger of Fund:
Class A		N/A			N/A			14,324			302,323			N/A			N/A			N/A			N/A
Class B		N/A			N/A			108			1,685			N/A			N/A			N/A			N/A
Class C		N/A			N/A			596			10,173			N/A			N/A			N/A			N/A
Class E		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Class I		N/A			N/A			12,617			281,794			N/A			N/A			N/A			N/A
Class N		N/A			N/A			23			506			N/A			N/A			N/A			N/A
Class R		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Class Y		N/A			N/A			33			717			N/A			N/A			N/A			N/A
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			9,424			197,998			337			3,652			692			7,352
Class B		—			—			83			1,291			1			15			4			45
Class C		—			—			549			9,324			21			230			48			510
Class E		—			—			100			2,101			5			54			8			86
Class I		—			—			7,724			171,701			647			7,013			1,405			14,934
Class N		—			—			513			11,482			149			1,617			306			3,256
Class R		—			—			112			2,251			—	*		1			—	*		2
Class Y		—			—			171			3,687			6			70			17			178
Shares redeemed:
Class A		(7,626	)		(183,486	)		(17,100	)		(387,492	)		(8,324	)		(90,022	)		(20,296	)		(215,666	)
Class B		(129	)		(2,274	)		(298	)		(5,127	)		(93	)		(1,010	)		(259	)		(2,757	)
Class C		(1,018	)		(19,740	)		(1,949	)		(36,373	)		(1,124	)		(12,177	)		(2,503	)		(26,601	)
Class E		(68	)		(1,637	)		(126	)		(2,857	)		(61	)		(663	)		(125	)		(1,324	)
Class I		(10,717	)		(274,259	)		(21,261	)		(510,891	)		(12,772	)		(138,078	)		(21,853	)		(232,212	)
Class N		(739	)		(18,811	)		(1,409	)		(34,700	)		(5,788	)		(62,314	)		(4,006	)		(42,538	)
Class R		(155	)		(3,592	)		(540	)		(11,431	)		(5	)		(53	)		(61	)		(644	)
Class Y		(430	)		(10,801	)		(467	)		(10,986	)		(190	)		(2,070	)		(499	)		(5,280	)
Net increase (decrease)		(10,014	)	$	(244,012	)		30,362		$	629,065			(14,415	)	$	(155,516	)		(2,552	)	$	(27,350	)

* Not shown due to rounding.

186 SEMIANNUAL REPORT 2019

	Ivy Managed International Opportunities Fund												Ivy Mid Cap Growth Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		344		$	3,499			754		$	8,126			3,402		$	89,407			7,192		$	178,788
Class B		—	*		5			2			26			9			191			56			1,133
Class C		14			137			49			503			557			12,082			1,895			39,349
Class E		—			—			—			—			41			1,031			70			1,689
Class I		1,610			16,467			3,429			38,299			8,904			254,049			30,715			816,068
Class N		4			37			5			58			1,443			41,482			10,416			277,816
Class R		—	*		2			1			8			338			8,531			1,050			25,819
Class Y		2			19			8			77			823			22,595			3,997			103,113
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			492			4,567			—			—			5,930			130,163
Class B		—			—			3			26			—			—			104			1,768
Class C		—			—			17			150			—			—			1,016			18,578
Class E		—			—			4			35			—			—			45			967
Class I		—			—			802			7,484			—			—			6,057			144,516
Class N		—			—			—	*		4			—			—			977			23,511
Class R		—			—			—	*		3			—			—			214			4,555
Class Y		—			—			4			40			—			—			888			20,443
Shares redeemed:
Class A		(866	)		(8,771	)		(1,818	)		(19,652	)		(6,349	)		(166,297	)		(13,832	)		(342,931	)
Class B		(10	)		(102	)		(33	)		(362	)		(259	)		(5,214	)		(379	)		(7,308	)
Class C		(60	)		(585	)		(95	)		(1,001	)		(1,923	)		(41,955	)		(3,081	)		(63,665	)
Class E		—			—			—			—			(30	)		(764	)		(77	)		(1,850	)
Class I		(1,331	)		(13,633	)		(5,535	)		(62,865	)		(12,109	)		(344,677	)		(27,373	)		(723,405	)
Class N		(4	)		(37	)		(1	)		(15	)		(1,526	)		(43,909	)		(6,412	)		(166,841	)
Class R		—	*		—	*		(12	)		(141	)		(512	)		(12,936	)		(865	)		(20,403	)
Class Y		(17	)		(172	)		(14	)		(155	)		(2,078	)		(56,983	)		(4,044	)		(104,729	)
Net increase (decrease)		(314	)	$	(3,134	)		(1,938	)	$	(24,785	)		(9,269	)	$	(243,367	)		14,559		$	357,144

* Not shown due to rounding.

2019 SEMIANNUAL REPORT 187

	Ivy Mid Cap Income Opportunities Fund												Ivy Municipal Bond Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		1,683		$	24,512			3,906		$	54,037			1,537		$	18,164			3,116		$	35,662
Class B		N/A			N/A			N/A			N/A			—	*		3			4			49
Class C		307			4,437			676			9,231			132			1,560			284			3,302
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		9,323			135,833			23,959			331,249			2,061			24,309			5,681			66,487
Class N		1,151			16,609			1,562			22,072			33			386			16			191
Class R		3			41			29			398			N/A			N/A			N/A			N/A
Class Y		287			4,158			765			10,603			—	*		—	*		6			71
Shares issued in reinvestment of distributions to shareholders:
Class A		67			998			295			4,010			539			6,359			1,274			14,795
Class B		N/A			N/A			N/A			N/A			1			9			3			32
Class C		4			57			25			340			15			183			45			517
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		284			4,209			700			9,538			408			4,813			957			11,118
Class N		41			605			153			2,093			1			7			1			12
Class R		—	*		2			1			10			N/A			N/A			N/A			N/A
Class Y		5			78			12			159			—	*		2			—	*		4
Shares redeemed:
Class A		(973	)		(14,152	)		(2,027	)		(28,304	)		(3,119	)		(36,784	)		(8,433	)		(97,957	)
Class B		N/A			N/A			N/A			N/A			(18	)		(219	)		(70	)		(819	)
Class C		(258	)		(3,722	)		(310	)		(4,314	)		(327	)		(3,862	)		(749	)		(8,699	)
Class E		—			—			—			—			N/A			N/A			N/A			N/A
Class I		(5,126	)		(74,417	)		(5,947	)		(82,987	)		(3,242	)		(38,252	)		(7,464	)		(86,759	)
Class N		(707	)		(10,283	)		(923	)		(13,061	)		(25	)		(297	)		(9	)		(105	)
Class R		(1	)		(17	)		(3	)		(35	)		N/A			N/A			N/A			N/A
Class Y		(137	)		(2,004	)		(197	)		(2,758	)		(9	)		(104	)		(6	)		(68	)
Net increase (decrease)		5,953		$	86,944			22,676		$	312,281			(2,013	)	$	(23,723	)		(5,344	)	$	(62,167	)

* Not shown due to rounding.

188 SEMIANNUAL REPORT 2019

	Ivy Municipal High Income Fund												Ivy Pzena International Value Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		8,834		$	44,646			12,343		$	61,636			128		$	1,872			254		$	4,400
Class B		31			156			35			174			—	*		3			—	*		4
Class C		577			2,912			1,113			5,565			3			42			12			182
Class I		11,132			56,154			22,827			114,232			1,113			16,636			2,828			51,189
Class N		94			475			107			538			567			8,501			7,264			133,832
Class R		N/A			N/A			N/A			N/A			—	*		—	*		—	*		4
Class Y		258			1,301			218			1,100			5			82			14			237
Shares issued in reinvestment of distributions to shareholders:
Class A		1,965			9,930			4,664			23,344			—			—			619			8,990
Class B		9			47			33			165			—			—			3			40
Class C		249			1,259			703			3,517			—			—			13			176
Class I		1,541			7,789			3,640			18,218			—			—			751			11,166
Class N		3			15			3			17			—			—			815			12,147
Class R		N/A			N/A			N/A			N/A			—			—			—	*		1
Class Y		25			125			69			346			—			—			14			202
Shares redeemed:
Class A		(12,382	)		(62,575	)		(29,415	)		(147,203	)		(717	)		(10,488	)		(1,164	)		(19,794	)
Class B		(269	)		(1,358	)		(653	)		(3,271	)		(8	)		(102	)		(16	)		(245	)
Class C		(3,693	)		(18,668	)		(8,872	)		(44,418	)		(31	)		(428	)		(58	)		(925	)
Class I		(12,478	)		(63,024	)		(46,878	)		(234,771	)		(856	)		(12,911	)		(1,585	)		(27,207	)
Class N		(37	)		(186	)		(30	)		(149	)		(617	)		(9,328	)		(1,244	)		(20,850	)
Class R		N/A			N/A			N/A			N/A			—	*		(1	)		—	*		(4	)
Class Y		(328	)		(1,662	)		(1,014	)		(5,096	)		(25	)		(356	)		(27	)		(459	)
Net increase (decrease)		(4,469	)	$	(22,664	)		(41,107	)	$	(206,056	)		(438	)	$	(6,478	)		8,493		$	153,086

* Not shown due to rounding.

2019 SEMIANNUAL REPORT 189

	Ivy Securian Core Bond Fund												Ivy Small Cap Core Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		3,032		$	32,918			4,143		$	43,270			657		$	11,482			1,974		$	37,540
Class B		9			98			15			157			1			15			28			437
Class C		242			2,633			286			2,971			112			1,654			609			10,089
Class E		57			618			39			408			—			—			—			—
Class I		17,992			195,031			23,876			249,518			4,035			77,249			10,079			206,426
Class N		6,706			71,715			2,355			24,608			546			10,488			2,408			51,136
Class R		8			86			33			342			205			3,563			483			9,199
Class T		N/A			N/A			N/A			N/A			—			—			—			—
Class Y		119			1,292			137			1,428			57			1,044			442			9,132
Shares issued in reinvestment of distributions to shareholders:
Class A		225			2,452			496			5,181			—			—			1,379			21,381
Class B		1			15			5			53			—			—			24			292
Class C		11			116			27			282			—			—			354			4,669
Class E		4			49			10			107			—			—			2			25
Class I		923			10,039			1,729			18,068			—			—			2,471			41,739
Class N		233			2,534			522			5,454			—			—			509			8,662
Class R		1			17			3			35			—			—			123			1,896
Class T		N/A			N/A			N/A			N/A			—			—			—			—
Class Y		7			74			14			141			—			—			106			1,737
Shares redeemed:
Class A		(1,989	)		(21,562	)		(7,048	)		(73,603	)		(1,355	)		(23,645	)		(3,196	)		(60,730	)
Class B		(65	)		(704	)		(142	)		(1,487	)		(35	)		(477	)		(101	)		(1,491	)
Class C		(371	)		(4,036	)		(619	)		(6,465	)		(440	)		(6,511	)		(652	)		(10,266	)
Class E		(47	)		(507	)		(89	)		(931	)		—			—			—			—
Class I		(9,908	)		(107,826	)		(20,371	)		(212,552	)		(4,016	)		(76,811	)		(8,053	)		(158,857	)
Class N		(2,437	)		(26,592	)		(11,016	)		(114,967	)		(817	)		(15,615	)		(881	)		(17,488	)
Class R		(9	)		(100	)		(67	)		(707	)		(135	)		(2,349	)		(209	)		(3,565	)
Class T		N/A			N/A			N/A			N/A			—			—			—			—
Class Y		(28	)		(306	)		(106	)		(1,112	)		(251	)		(4,678	)		(599	)		(12,070	)
Net increase (decrease)		14,716		$	158,054			(5,768	)	$	(59,801	)		(1,436	)	$	(24,591	)		7,300		$	139,893

190 SEMIANNUAL REPORT 2019

	Ivy Small Cap Growth Fund												Ivy Value Fund
	Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19						Six months ended 9-30-19 (Unaudited)						Year ended 3-31-19
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares issued from sale of shares:
Class A		2,665		$	46,697			7,776		$	144,337			499		$	11,621			1,715		$	40,059
Class B		6			69			26			349			—	*		6			3			74
Class C		326			4,398			1,434			20,999			18			405			131			2,861
Class E		30			513			87			1,553			—			—			—			—
Class I		6,107			146,294			19,183			462,205			2,004			46,758			5,757			136,936
Class N		1,474			35,354			3,129			78,612			265			6,167			1,411			33,430
Class R		382			6,575			1,132			20,406			—			—			—	*		—	*
Class T		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		596			13,371			2,268			52,864			1			13			7			166
Shares issued in connection with merger of Fund:
Class A		N/A			N/A			5,485			91,848			N/A			N/A			N/A			N/A
Class B		N/A			N/A			103			1,174			N/A			N/A			N/A			N/A
Class C		N/A			N/A			574			7,421			N/A			N/A			N/A			N/A
Class E		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Class I		N/A			N/A			3,479			79,173			N/A			N/A			N/A			N/A
Class N		N/A			N/A			215			4,925			N/A			N/A			N/A			N/A
Class R		N/A			N/A			35			580			N/A			N/A			N/A			N/A
Class T		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Class Y		N/A			N/A			53			1,125			N/A			N/A			N/A			N/A
Shares issued in reinvestment of distributions to shareholders:
Class A		—			—			8,709			142,319			51			1,202			972			21,040
Class B		—			—			131			1,466			—			—			5			103
Class C		—			—			1,183			14,937			—	*		—	*		41			849
Class E		—			—			90			1,449			—	*		1			1			12
Class I		—			—			3,991			88,598			134			3,163			1,705			37,213
Class N		—			—			685			15,313			39			926			431			9,472
Class R		—			—			528			8,432			—	*		—	*		—	*		1
Class T		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		—			—			761			15,825			—	*		—	*		1			11
Shares redeemed:
Class A		(6,521	)		(114,334	)		(13,154	)		(238,411	)		(1,425	)		(33,071	)		(4,166	)		(98,487	)
Class B		(191	)		(2,279	)		(345	)		(4,385	)		(16	)		(347	)		(50	)		(1,092	)
Class C		(1,377	)		(18,505	)		(3,132	)		(45,447	)		(127	)		(2,808	)		(312	)		(6,866	)
Class E		(43	)		(741	)		(78	)		(1,397	)		—			—			—			—
Class I		(5,966	)		(142,749	)		(12,007	)		(281,732	)		(3,968	)		(93,031	)		(7,645	)		(181,430	)
Class N		(1,334	)		(31,970	)		(1,960	)		(46,770	)		(749	)		(17,528	)		(2,054	)		(49,910	)
Class R		(631	)		(10,783	)		(883	)		(15,558	)		(1	)		(12	)		—	*		—	*
Class T		—			—			—			—			N/A			N/A			N/A			N/A
Class Y		(1,018	)		(22,692	)		(2,743	)		(62,448	)		(12	)		(270	)		(24	)		(484	)
Net increase (decrease)		(5,495	)	$	(90,782	)		26,755		$	559,762			(3,287	)	$	(76,805	)		(2,071	)	$	(56,042	)

* Not shown due to rounding.

13. 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 September 30, 2019, there were no outstanding bridge loan commitments.

2019 SEMIANNUAL REPORT 191

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

For Federal income tax purposes, cost of investments owned at September 30, 2019 and the related unrealized appreciation (depreciation) were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation		Net Unrealized Appreciation (Depreciation)
Ivy Core Equity Fund	$	3,300,344	$	864,276	$	21,536	$	842,740
Ivy Emerging Markets Equity Fund		1,454,252		330,195		74,242		255,953
Ivy Global Bond Fund		478,626		16,296		25,914		(9,618	)
Ivy Global Equity Income Fund		654,333		121,129		26,030		95,099
Ivy Global Growth Fund		713,381		244,618		36,041		208,577
Ivy Government Money Market Fund		155,104		—		—		—
Ivy High Income Fund		5,265,517		154,286		646,305		(492,019	)
Ivy International Core Equity Fund		4,828,540		387,345		506,503		(119,158	)
Ivy Large Cap Growth Fund		2,599,625		1,932,769		25,167		1,907,602
Ivy Limited-Term Bond Fund		1,120,624		21,214		812		20,402
Ivy Managed International Opportunities Fund		176,467		10,890		10,191		699
Ivy Mid Cap Growth Fund		3,148,626		1,767,711		81,173		1,686,538
Ivy Mid Cap Income Opportunities Fund		686,034		122,698		6,346		116,352
Ivy Municipal Bond Fund		741,877		64,776		218		64,558
Ivy Municipal High Income Fund		1,180,367		83,460		87,383		(3,923	)
Ivy Pzena International Value Fund		305,160		11,131		42,849		(31,718	)
Ivy Securian Core Bond Fund		1,068,199		34,964		3,280		31,684
Ivy Small Cap Core Fund		626,065		78,484		10,015		68,469
Ivy Small Cap Growth Fund		2,016,808		638,595		141,157		497,438
Ivy Value Fund		926,281		169,701		11,894		157,807

For Federal income tax purposes, the Funds’ undistributed earnings and profit for the year ended March 31, 2019 and the post-October and late-year ordinary activity were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Tax Return of Capital		Post- October Capital Losses Deferred		Late-Year Ordinary Losses Deferred
Ivy Core Equity Fund	$	11,315	$	256,852	$	—	$	37,825	$	—
Ivy Emerging Markets Equity Fund		2,949		—		—		—		—
Ivy Global Bond Fund		1,913		—		—		—		—
Ivy Global Equity Income Fund		1,713		—		—		3,374		—
Ivy Global Growth Fund		797		7,161		—		—		—
Ivy Government Money Market Fund		52		—		—		—		—
Ivy High Income Fund		2,861		—		—		—		—
Ivy International Core Equity Fund		35,412		—		—		191,702		—
Ivy Large Cap Growth Fund		3,574		174,674		—		—		—
Ivy Limited-Term Bond Fund		363		—		—		—		—
Ivy Managed International Opportunities Fund		3		8,122		—		—		50
Ivy Mid Cap Growth Fund		—		67,443		—		—		4,484
Ivy Mid Cap Income Opportunities Fund		950		2,617		—		—		—
Ivy Municipal Bond Fund		474		—		—		—		—
Ivy Municipal High Income Fund		—		—		—		—		—
Ivy Pzena International Value Fund		1,476		—		—		1,537		—
Ivy Securian Core Bond Fund		395		—		—		—		—
Ivy Small Cap Core Fund		514		150		—		16,111		232
Ivy Small Cap Growth Fund		—		61,288		—		—		—
Ivy Value Fund		2,191		29,148		—		—		—

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.

192 SEMIANNUAL REPORT 2019

The tax character of dividends and distributions paid during the two fiscal years ended March 31, 2019 and 2018 were as follows:

	March 31, 2019				March 31, 2018
Fund	Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains		Distributed Ordinary Income(1)		Distributed Long-Term Capital Gains
Ivy Core Equity Fund	$	95,825	$	452,279	$	10,796	$	101,785
Ivy Emerging Markets Equity Fund		18,100		—		4,504		—
Ivy Global Bond Fund		15,333		753		8,396		—
Ivy Global Equity Income Fund		25,953		101,951		8,225		—
Ivy Global Growth Fund		2,944		95,503		6,405		24,711
Ivy Government Money Market Fund		2,100		—		803		—
Ivy High Income Fund		367,093		—		304,606		—
Ivy International Core Equity Fund		142,547		381,481		87,256		—
Ivy Large Cap Growth Fund		4,822		412,797		2,210		79,235
Ivy Limited-Term Bond Fund		27,338		—		26,915		—
Ivy Managed International Opportunities Fund		2,892		9,751		2,880		2,606
Ivy Mid Cap Growth Fund		—		362,929		—		171,744
Ivy Mid Cap Income Opportunities Fund		9,626		7,549		5,099		—
Ivy Municipal Bond Fund		28,969		—		16,895		—
Ivy Municipal High Income Fund		55,561		—		38,731		719
Ivy Pzena International Value Fund		2,697		30,547		1,875		—
Ivy Securian Core Bond Fund		31,153		—		27,301		—
Ivy Small Cap Core Fund		17,069		69,971		8,479		5,332
Ivy Small Cap Growth Fund		13,018		287,118		1,864		107,552
Ivy Value Fund		12,119		57,925		12,710		20,651

(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 March 31, 2019 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of March 31, 2019, the capital loss carryovers were as follows:

Fund	Short-Term Capital Loss Carryover		Long-Term Capital Loss Carryover
Ivy Core Equity Fund	$	—	$	—
Ivy Emerging Markets Equity Fund		252,521		—
Ivy Global Bond Fund		43,439		11,882
Ivy Global Equity Income Fund		—		—
Ivy Global Growth Fund		—		—
Ivy Government Money Market Fund		—		—
Ivy High Income Fund		171,094		743,802
Ivy International Core Equity Fund		—		—
Ivy Large Cap Growth Fund		—		—
Ivy Limited-Term Bond Fund		13,043		18,963
Ivy Managed International Opportunities Fund		—		—
Ivy Mid Cap Growth Fund		—		—
Ivy Mid Cap Income Opportunities Fund		—		—
Ivy Municipal Bond Fund		6,985		—
Ivy Municipal High Income Fund		20,963		19,663
Ivy Pzena International Value Fund		—		—
Ivy Securian Core Bond Fund		1,547		393
Ivy Small Cap Core Fund		—		—
Ivy Small Cap Growth Fund		—		—
Ivy Value Fund		—		—

2019 SEMIANNUAL REPORT 193

Ivy Asset Strategy New Opportunities Fund was merged into Ivy Emerging Markets Equity Fund as of March 17, 2014. At the time of the merger, Ivy Asset Strategy New Opportunities Fund had capital loss carryovers available to offset future gains of the Ivy Emerging Markets Equity Fund. These carryovers are annually limited to $7,827 plus any unused limitations from prior years.

Waddell & Reed Advisors Global Bond Fund was merged into Ivy Global Bond Fund as of October 16, 2017. Due to the merger, Ivy Global Bond Fund’s capital loss carryovers available to offset future gains are annually limited to $3,530 plus any unused limitations from prior years.

Waddell & Reed Advisors High Income Fund was merged into Ivy High Income Fund as of February 26, 2018. At the time of the merger, Waddell & Reed Advisors High Income Fund had capital loss carryovers available to offset future gains of the Ivy High Income Fund. These carryovers are annually limited to $32,329 plus any unused limitations from prior years.

Waddell & Reed Advisors Municipal High Income Fund was merged into Ivy Municipal High Income Fund as of February 26, 2018. At the time of the merger, Waddell & Reed Advisors Municipal High Income Fund had capital loss carryovers available to offset future gains of the Ivy Municipal High Income Fund. These carryovers are annually limited to $13,740 plus any unused limitations from prior years.

194 SEMIANNUAL REPORT 2019

RENEWAL OF INVESTMENT MANAGEMENT AGREEMENTS IVY FUNDS (UNAUDITED)

At a meeting of the Board of Trustees (the “Board”) of Ivy Funds (the “Trust”) held on August 13^th and 14^th, 2019, the Board, including all of the trustees who are not “interested persons” (the “Independent Trustees”), as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), unanimously approved the continuance of the Investment Management Agreement (the “Management Agreement”) between Ivy Investment Management Company (“IICO”) and the Trust, and the continuance of the Investment Subadvisory Agreements between IICO and:

• Apollo Credit Management, LLC (with respect to the Ivy Apollo Multi-Asset Income Fund and Ivy Apollo Strategic Income Fund)

• LaSalle Investment Management Securities, LLC and LaSalle Investment Management Securities B.V. (with respect to the Ivy LaSalle Global Real Estate Fund and the Ivy Apollo Multi-Asset Income Fund)

• Mackenzie Investments Europe Limited (Mackenzie Europe) and the investment sub-advisory agreement between Mackenzie Europe and Mackenzie Investments Asia Limited (with respect to the Ivy International Small Cap Fund)

• Pictet Asset Management Limited and Pictet Asset Management (Singapore) PTE Ltd. (with respect to the Ivy Emerging Markets Local Currency Debt Fund and Pictet Asset Management SA (with respect to the Ivy Targeted Return Bond Fund)

• PineBridge Investments, LLC (with respect to the Ivy PineBridge High Yield Fund)

• ProShare Advisors, LLC (with respect to the Ivy ProShares S&P 500 Dividend Aristocrats Index Fund, the Ivy ProShares Russell 2000 Dividend Growers Index Fund, the Ivy ProShares Interest Rate Hedged High Yield Index Fund, the Ivy ProShares S&P 500 Bond Index Fund and the Ivy ProShares MSCI ACWI Index Fund)

• Pzena Investment Management, LLC (with respect to the Ivy Pzena International Value Fund)

• Securian Asset Management, Inc. (with respect to the Ivy Securian Core Bond Fund and the Ivy Securian Real Estate Securities Fund)

• Wilshire Associates Incorporated (with respect to the Ivy Wilshire Global Allocation Fund)

Each subadviser is referred to herein as a “Subadviser,” and the Management Agreement and the Investment Subadvisory Agreements are referred to collectively herein as the “Agreements.”

The Board’s Independent Trustees were assisted in their review by independent legal counsel and met with such counsel separately from representatives of IICO and the Subadvisers. Independent legal counsel explained the factors that the Board should consider as part of its review of the Agreements, all as outlined in a memorandum it had provided to the Board prior to the meeting, including, among other things, the nature and the quality of the services provided by IICO and the Subadvisers, profitability (including any fall-out benefits) from IICO’s and the Subadvisers’ relationships with each series of the Trust (each, a “Fund” and together, the “Funds”), economies of scale, the role played by the Independent Trustees, and information on comparative fees and expenses. The Independent Trustees also considered the written responses and materials produced by IICO and each Subadviser in response to 15(c) due diligence request lists submitted by the Independent Trustees’ legal counsel prior to the meeting, as well as materials produced in response to a follow-up request list sent to IICO by independent legal counsel on behalf of the Independent Trustees. Included in those responses, which had been provided to the Board prior to the meeting, was a Fund-by-Fund profitability analysis prepared by IICO, as well as an explanation of the methodology by which the profitability analysis was calculated. The Board also received extensive materials on performance, expenses and comparable fund information from Broadridge, Inc. (“Broadridge”), an independent mutual fund rating service. Finally, the Independent Trustees received and reviewed a considerable amount of information that their independent fee consultant had provided to them. The Independent Trustees previously had reviewed and discussed these materials during a telephonic meeting in July 2019. They further reviewed these materials among themselves, with their independent legal counsel and the independent fee consultant, and with the other Board members at executive sessions of the Independent Trustees at the August 13-14, 2019 Board meeting, during which the Board considered various factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Board’s determination to approve the Agreements are discussed separately below.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided to the Funds by IICO and each Subadviser, taking into account the large amount of materials produced by IICO and the Subadvisers in response to the 15(c) due diligence requests submitted on its behalf by independent legal counsel to the Independent Trustees.

The Board also took into account the report from its Investment Oversight Committee (the “IOC”), in light of that committee’s duties to assist the Board in the 15(c) process. The IOC had reported to the Board on its review of the performance of the Funds, IICO’s investment risk management function, and the changes IICO and its affiliates have been

2019 SEMIANNUAL REPORT 195

undertaking for the Trust and the overall fund complex. As such, the Board examined all of IICO’s activities in light of performance and expense structure, as well as the overall rationalization of the fund complex (both completed and/or proposed), which is designed to provide economies of scale to the shareholders, reduce the Funds’ expenses and enhance the performance of the Funds, particularly in the context of substantial industry change and regulatory developments.

The Board likewise considered the knowledge it had received from its regular meetings, including from the materials provided in connection with those meetings, such as the resources and key personnel of IICO and each Subadviser, as well as the other services provided to the Funds by IICO and each Subadviser, as applicable (e.g., managing the quality of execution of portfolio transactions and the selection of broker-dealers for those transactions, monitoring adherence to each Fund’s investment restrictions, producing reports, providing support services for the Board and its committees, communicating with shareholders and overseeing the activities of other service providers, including monitoring compliance with various Fund policies and procedures and with applicable laws and regulations). The Board also took into account the compliance environment at IICO and each Subadviser, noting the resources that each entity has dedicated towards compliance. The Board concluded that the nature and extent of the services provided by IICO and each Subadviser were appropriate, that the quality of those services had been consistent with quality norms in the industry and that the Funds were likely to benefit from the continued provision of those services.

Benefits from the Relationship with the Funds

The Board next discussed whether IICO or any Subadviser derives any other direct or indirect benefit from serving the Funds. In that regard, the Board discussed the transfer agency and shareholder servicing fees that Waddell & Reed Services Company (“WISC”), an affiliate of IICO, has provided to the Funds. The Board took note of the caps that management previously had agreed to on shareholder servicing costs. The Board also considered the benefits that accrue to each service provider organization from its respective relationship with the Funds, including the fact that a variety of services are provided by affiliates of IICO, including distribution, administrative and Fund accounting services, and, as discussed above, shareholder servicing. The Board also considered management’s proposal to outsource the transactional processing operations of WISC to a sub-agent for the Funds, which is designed to achieve greater efficiencies and savings for Fund shareholders over time. After full consideration of these and other factors, the Board concluded that none of IICO, any Subadviser or any of their affiliates receives any additional direct or indirect benefits that would preclude the Board from approving the continuation of the Management Agreement with IICO or any Investment Subadvisory Agreement with a Subadviser.

Economies of Scale

The Board discussed whether economies of scale are being realized by the Funds and whether fee levels reflect those economies of scale for the benefit of the Funds’ shareholders. The Board considered the fact that as a Fund’s assets have grown, the expenses of that Fund generally have fallen. Additionally, in that regard, the Board considered the various initiatives that IICO has undertaken to seek to rationalize the fund complex.

Performance of the Funds and Costs of Services Provided

The Board considered the performance of each Fund and the costs of the services provided, focusing in particular on a number of Funds that the independent fee consultant had identified. Specifically, the Board examined the investment performance of each Fund, including the percentile ranking of each Fund over various periods of time. The Board also examined the performance of each Fund against its respective benchmark index and peer funds for the same periods. After extensively reviewing all of the performance information provided, the Board concluded that the Funds’ performance in each asset class was acceptable. Although the performance of some of the focus Funds identified by the independent fee consultant lagged that of their peers or respective benchmark index, the Board recognized that IICO, or the applicable Subadviser, had taken, or was taking, steps to address that underperformance, and determined to continue to monitor closely the performance of those Funds.

The Board also considered the expenses and expense ratio of each Fund, and the expense limitation and fee reduction arrangements entered into by IICO in light of the services provided by IICO and each Subadviser. The Board also compared each Fund’s expenses, including advisory, distribution and shareholder servicing fees, with the expenses and advisory fees of other investment advisers managing similarly situated funds, as well as the advisory fees that IICO (or an affiliate) charges for providing advisory services to other accounts in the same asset class for certain Funds. In that regard, the Board noted that IICO performs significant additional services for the Funds as compared to those other accounts. The Board also took into account the information on IICO’s profitability in managing the Funds, including the methodology used to calculate profitability. The Board finally considered the amount of assets in each Fund, each Fund’s average account size and how those factors affect the Funds’ expense ratios, noting that, as the Funds’ assets have increased or decreased over time, the expense ratios of the Funds generally have fallen or risen, respectively. After completing this examination, the Board concluded that each Fund’s expenses are appropriate at the current time.

196 SEMIANNUAL REPORT 2019

Independent Fee Consultant Review

Independent legal counsel, on behalf of the Independent Trustees, engaged the independent fee consultant to assist them in evaluating the reasonableness of the management fees charged by IICO to all funds within the fund complex. The independent fee consultant’s review addressed the following fee-related factors:

1. The nature, extent and quality of IICO’s services to the Funds;

2. Management fees and expenses in the context of performance;

3. Product category expenses, including peers;

4. Profit margins of IICO’s parent from supplying such services;

5. Subadviser and institutional fee analyses; and

6. Possible economies of scale as a Fund grows larger.

The following summarizes the findings of the independent fee consultant retained by the Independent Trustees.

Summary Findings

The report stated that IICO delivered reasonable levels of performance in the longer-term periods and reasonable levels of service to the Funds in relation to its management fees as compared to the investment advisers of comparable funds. For the 36 months ended March 31, 2019, approximately 17% of the Funds were in the top quartile of performance and 29% of the Funds were in the top two quartiles of performance and that short-term performance of such Funds were showing signs of improvement. Specifically, the report noted that 58% of the Funds were in the top two quartiles in the one-year period, and that 28% of all such Funds had improving performance in their one-year period. The independent fee consultant noted that the Funds’ performance appeared to be grounded in a number of institutional competitive advantages at IICO, including investment management depth, ability to attract top talent, proactive management, performance-focused culture, economic analysis and an effective trading infrastructure.

The report further indicated that total expenses of the funds in the complex, on average, were 3% over the average total expenses of their respective Broadridge Expense Group peers and 1% under the average total expenses for their Broadridge Expense Universe peers. The net management fees for the Funds were 2% over the average net management fees of their respective Broadridge Expense Group peers and 7% over the average net management fees for their Broadridge Expense Universes. The report also stated that, when compared to expenses from the prior year, net management fees deceased by 1.5%, while total expenses decreased by 1%.

The report also stated that the management fees IICO charges to the Funds are reasonable in relation to the management fees it charges to its institutional account clients. The report noted that these institutional account clients have different service and infrastructure needs and in addition, the average spread between management fees IICO charged to the Funds and those it charges to institutional account clients is reasonable relative to the average fee spreads computed from industry surveys.

The report stated that while it was difficult to confirm overall economies of scale, it was clear that the Funds’ shareholders generally are benefitting from lower expenses as the Funds’ assets grow.

The report also noted that the overall profitability of IICO’s parent relative to other complexes is reasonable.

Finally, the report also examined the fees that IICO retains on Funds that are subadvised by unaffiliated Subadvisers and indicated that those fees are reasonable relative to the industry. The report also stated that the subadvisory fees that IICO earns for serving as a subadviser to an unaffiliated fund when compared to fees of similar Funds likewise are reasonable relative to the industry.

Conclusions

The independent fee consultant’s report concluded that it believes that the services provided by IICO and its affiliates and expenses incurred by the Funds in the previous 12 months are reasonable and provide adequate justification for renewal of the Funds’ existing Agreements.

2019 SEMIANNUAL REPORT 197

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 and/or Form NPORT-EX. These holdings may be viewed in the following ways:

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

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

TO ALL TRADITIONAL IRA PLANHOLDERS: IVY FUNDS

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

198 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 Fund

Ivy International Core Equity Fund

Ivy Managed International Opportunities Fund

Ivy Pictet Emerging Markets Local Currency Debt Fund

Ivy Pzena International Value Fund

Index Funds

Ivy ProShares Interest Rate Hedged High Yield Index Fund

Ivy ProShares MSCI ACWI Index Fund

Ivy ProShares Russell 2000 Dividend Growers Index Fund

Ivy ProShares S&P 500 Bond Index Fund

Ivy ProShares S&P 500 Dividend Aristocrats Index Fund

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 Fund

Ivy Wilshire Global Allocation Fund

Fixed Income Funds

Ivy Apollo Strategic Income Fund

Ivy California Municipal High Income Fund

Ivy Corporate Bond Fund

Ivy Crossover Credit Fund

Ivy Global Bond Fund

Ivy Government Securities Fund

Ivy High Income Fund

Ivy Limited-Term Bond Fund

Ivy Municipal Bond Fund

Ivy Municipal High Income Fund

Ivy Pictet Targeted Return Bond Fund

Ivy PineBridge High Yield Fund

Ivy Securian Core Bond Fund

Money Market Funds

Ivy Cash Management Fund

Ivy Government Money Market Fund

1.888.923.3355

Visit us online at www.ivyinvestments.com

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

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

2019 SEMIANNUAL REPORT 199

SEMIANN-IVYFUNDS (9-19)

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 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

2

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.  DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.   EXHIBITS.

(a)  (1) Required in annual report only.

(a)  (2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).

Attached hereto as Exhibit 99.CERT.

(b)  A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)).

Attached hereto as Exhibit 99.906CERT.

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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:    December 6, 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:    December 6, 2019

By	/s/ Joseph W. Kauten
	Joseph W. Kauten, Vice President and Principal Financial Officer

Date:    December 6, 2019