SCHEDULE OF INVESTMENTS
Ivy Core Equity Fund (in thousands)	DECEMBER 31, 2019 (UNAUDITED)

COMMON STOCKS	Shares	Value
Communication Services
Cable & Satellite – 3.1%
Charter Communications, Inc., Class A(A)	43	$21,029
Comcast Corp., Class A	2,450	110,175
		131,204
Interactive Home Entertainment – 1.7%
Take-Two Interactive Software, Inc.(A)	594	72,709
Interactive Media & Services – 4.5%
Alphabet, Inc., Class A(A)	82	109,471
Facebook, Inc., Class A(A)	405	83,138
		192,609
Movies & Entertainment – 1.9%
Walt Disney Co. (The)	568	82,189
Total Communication Services - 11.2%		478,711
Consumer Discretionary
Auto Parts & Equipment – 2.0%
Aptiv plc	890	84,478
Automotive Retail – 1.9%
AutoZone, Inc.(A)	66	78,401
Footwear – 2.0%
NIKE, Inc., Class B	853	86,468
Internet & Direct Marketing Retail – 4.9%
Alibaba Group Holding Ltd. ADR(A)	428	90,769
Amazon.com, Inc.(A)	65	119,719
		210,488
Total Consumer Discretionary - 10.8%		459,835
Consumer Staples
Drug Retail – 0.9%
CVS Caremark Corp.	532	39,517
Household Products – 1.6%
Procter & Gamble Co. (The)	525	65,626
Hypermarkets & Super Centers – 4.3%
Costco Wholesale Corp.	235	68,989
Wal-Mart Stores, Inc.	963	114,398
		183,387
Total Consumer Staples - 6.8%		288,530
Energy
Oil & Gas Refining & Marketing – 1.2%
Phillips 66	461	51,372
Oil & Gas Storage & Transportation – 1.7%
Enterprise Products Partners L.P.	2,525	71,106
Total Energy - 2.9%		122,478
Financials
Asset Management & Custody Banks – 2.4%
Blackstone Group, Inc. (The), Class A	1,211	67,739
KKR & Co.	1,230	35,884
		103,623
Financial Exchanges & Data – 2.0%
S&P Global, Inc.	315	86,134

Insurance Brokers – 1.6%
Aon plc	335	69,740
Investment Banking & Brokerage – 1.9%
Morgan Stanley	1,553	79,408
Other Diversified Financial Services – 8.0%
Citigroup, Inc.	1,736	138,697
Fidelity National Information Services, Inc.	457	63,585
JPMorgan Chase & Co.	986	137,460
		339,742
Property & Casualty Insurance – 1.7%
Progressive Corp. (The)	1,013	73,339
Total Financials - 17.6%		751,986
Health Care
Health Care Equipment – 4.2%
Danaher Corp.	510	78,284
Zimmer Holdings, Inc.	673	100,732
		179,016
Managed Health Care – 4.1%
Anthem, Inc.	250	75,542
UnitedHealth Group, Inc.	336	98,781
		174,323
Pharmaceuticals – 2.7%
Eli Lilly and Co.	392	51,566
Zoetis, Inc.	486	64,266
		115,832
Total Health Care - 11.0%		469,171
Industrials
Aerospace & Defense – 4.8%
Boeing Co. (The)	359	117,027
Lockheed Martin Corp.	231	89,856
		206,883
Environmental & Facilities Services – 1.5%
Waste Connections, Inc.	683	62,047
Railroads – 2.2%
Norfolk Southern Corp.	310	60,273
Union Pacific Corp.	176	31,811
		92,084
Trading Companies & Distributors – 1.6%
United Rentals, Inc.(A)	418	69,670
Total Industrials - 10.1%		430,684
Information Technology
Communications Equipment – 3.2%
Cisco Systems, Inc.	1,483	71,106
Motorola Solutions, Inc.	404	65,033
		136,139
Data Processing & Outsourced Services – 4.3%
Fiserv, Inc.(A)	798	92,301
MasterCard, Inc., Class A	305	91,066
		183,367
Electronic Manufacturing Services – 2.7%
TE Connectivity Ltd.	1,205	115,527
Semiconductors – 3.5%
Analog Devices, Inc.	718	85,307
Texas Instruments, Inc.	511	65,550
		150,857
Systems Software – 6.5%
Microsoft Corp.	1,752	276,353

Technology Hardware, Storage & Peripherals – 3.7%
Apple, Inc.	540	158,666
Total Information Technology - 23.9%		1,020,909
Materials
Commodity Chemicals – 1.4%
LyondellBasell Industries N.V., Class A	630	59,517
Specialty Chemicals – 1.5%
Sherwin-Williams Co. (The)	110	64,273
Total Materials - 2.9%		123,790
Utilities
Electric Utilities – 2.1%
NextEra Energy, Inc.	370	89,566
Total Utilities - 2.1%		89,566
TOTAL COMMON STOCKS – 99.3%		$4,235,660
(Cost: $3,153,303)
SHORT-TERM SECURITIES
Money Market Funds (B) - 0.4%
State Street Institutional U.S. Government Money Market Fund - Premier Class,
1.550%	18,396	18,396
TOTAL SHORT-TERM SECURITIES – 0.4%		$18,396
(Cost: $18,396)
TOTAL INVESTMENT SECURITIES – 99.7%		$4,254,056
(Cost: $3,171,699)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.3%		14,606
NET ASSETS – 100.0%		$4,268,662

Notes to Schedule of Investments

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

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

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.

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.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

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 their direction that are used in determining the fair market value of investments.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of December 31, 2019:

		Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	4,235,660	$	—	$	—
Short-Term Securities		18,396		—		—
Total	$	4,254,056	$	—	$	—

The following acronym is used throughout this schedule:

ADR = American Depositary Receipts

For Federal income tax purposes, cost of investments owned at December 31, 2019 and the related unrealized appreciation (depreciation) were as follows:

Cost	$3,171,699
Gross unrealized appreciation	1,100,652
Gross unrealized depreciation	(18,295)
Net unrealized appreciation	$1,082,357