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COMMON STOCKS	Shares	Value

Communication Services

Interactive Home Entertainment – 2.3%
Electronic Arts, Inc.(A)	833	$89,524
Take-Two Interactive Software, Inc.(A)	808	98,911

		188,435


Interactive Media & Services – 11.4%
Alphabet, Inc., Class A(A)	165	220,330
Alphabet, Inc., Class C(A)	196	262,074
Facebook, Inc., Class A(A)	2,186	448,738

		931,142


Movies & Entertainment – 1.0%
Walt Disney Co. (The)	538	77,880


Total Communication Services - 14.7%		1,197,457

Consumer Discretionary

Internet & Direct Marketing Retail – 7.4%
Alibaba Group Holding Ltd. ADR(A)	1,818	385,598
Amazon.com, Inc.(A)	82	150,784
Booking Holdings, Inc.(A)	32	65,025

		601,407

Total Consumer Discretionary - 7.4%		601,407

Health Care

Biotechnology – 9.1%
CRISPR Therapeutics AG(A)	961	58,513
Evogene Ltd.(A)(B)	2,620	3,930
Ionis Pharmaceuticals, Inc.(A)	2,046	123,596
Moderna, Inc.(A)(C)	1,589	31,089
Sage Therapeutics, Inc.(A)(C)	424	30,623
Sarepta Therapeutics, Inc.(A)(C)	887	114,497
Vertex Pharmaceuticals, Inc.(A)	1,750	383,062

		745,310


Health Care Services – 0.7%
Teladoc Health, Inc.(A)(C)	643	53,807


Health Care Technology – 3.7%
Cerner Corp.	4,132	303,282


Total Health Care - 13.5%		1,102,399

Industrials

Trucking – 0.4%
Lyft, Inc., Class A(A)	809	34,813


Total Industrials - 0.4%		34,813

Information Technology

Application Software – 11.3%
ACI Worldwide, Inc.(A)(B)	9,685	366,902
Aspen Technology, Inc.(A)	3,163	382,525
NVIDIA Corp.	378	88,960
salesforce.com, Inc.(A)	486	78,987

		917,374


Data Processing & Outsourced Services – 10.4%
Euronet Worldwide, Inc.(A)	2,247	354,078
Fiserv, Inc.(A)	1,207	139,573
WNS (Holdings) Ltd. ADR(A)(B)	5,355	354,231

		847,882


Semiconductor Equipment – 3.1%
ASML Holding N.V., NY Registry Shares	854	252,644


Semiconductors – 17.5%
Infineon Technologies AG(D)	9,113	203,863
Microchip Technology, Inc.(C)	1,204	126,104
Micron Technology, Inc.(A)	7,570	407,123
QUALCOMM, Inc.	1,934	170,627
Semtech Corp.(A)	1,985	105,019
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	1,710	99,322
Universal Display Corp.	1,531	315,449

		1,427,507


Systems Software – 11.3%
Microsoft Corp.	5,301	835,964
ServiceNow, Inc.(A)	307	86,776

		922,740

Technology Hardware, Storage & Peripherals – 7.4%
Apple, Inc.	1,718	504,428
Samsung Electronics Co. Ltd.(D)	2,035	97,414

		601,842

Total Information Technology - 61.0%		4,969,989

Materials

Fertilizers & Agricultural Chemicals – 0.3%
Marrone Bio Innovations, Inc.(A)(B)	23,285	23,518


Total Materials - 0.3%		23,518

Real Estate

Specialized REITs – 1.5%
QTS Realty Trust, Inc., Class A	2,285	123,991


Total Real Estate - 1.5%		123,991

TOTAL COMMON STOCKS – 98.8%		$8,053,574
(Cost: $3,390,385)

WARRANTS

Fertilizers & Agricultural Chemicals – 0.0%
Marrone Bio Innovations, Inc., expires 12-31-20(B)(E)(F)	3,770	—^*
Marrone Bio Innovations, Inc., expires 8-20-23(B)(E)(F)	3,770	—^*

		—^*


TOTAL WARRANTS – 0.0%		$ —*
(Cost: $—)


CORPORATE DEBT SECURITIES	Principal

Materials

Fertilizers & Agricultural Chemicals – 0.1%
Marrone Bio Innovations, Inc.,
8.000%, 8-20-20(B)(E)	$4,713	4,794


Total Materials - 0.1%		4,794

TOTAL CORPORATE DEBT SECURITIES – 0.1%		$4,794
(Cost: $4,713)

SHORT-TERM SECURITIES	Shares

Money Market Funds (H) - 1.4%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares,
1.550% (G)	27,880	27,880
State Street Institutional U.S. Government Money Market Fund - Premier Class,
1.550%	87,163	87,163

		115,043


TOTAL SHORT-TERM SECURITIES – 1.4%		$115,043
(Cost: $115,043)

TOTAL INVESTMENT SECURITIES – 100.3%		$8,173,411
(Cost: $3,510,141)

LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.3)%		(23,274)

NET ASSETS – 100.0%		$8,150,137

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

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

The total value of these securities represented 0.1% of net assets 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:

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

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



Cost			$3,510,141


Gross unrealized appreciation			4,803,644

Gross unrealized depreciation			(140,374)

Net unrealized appreciation			$4,663,270


		SCHEDULE OF INVESTMENTS

		Ivy Science and Technology Fund (in thousands)		DECEMBER 31, 2019 (UNAUDITED)


Security	Acquisition Date(s)		Principal		Cost		Value
Marrone Bio Innovations, Inc., 8.000%, 08-20-20		8-20-15		$4,713	$	4,713	$	4,794
			Shares
Marrone Bio Innovations, Inc., expires 12-31-20		2-6-18		3,770		–		–*
Marrone Bio Innovations, Inc., expires 8-20-23		8-20-15		3,770		–		–*
					$	4,713	$	4,794


	Level 1		Level 2			Level 3
Assets
Investments in Securities
Common Stocks
Communication Services	$	1,197,457	$	—		$	—
Consumer Discretionary		601,407		—			—
Health Care		1,102,399		—			—
Industrials		34,813		—			—
Information Technology		4,668,712		301,277			—
Materials		23,518		—			—
Real Estate		123,991		—			—

Total Common Stocks	$	7,752,297	$	301,277		$	—
Warrants		—		—	^*		—
Corporate Debt Securities		—		4,794			—
Short-Term Securities		115,043		—			—

Total	$	7,867,340	$	306,071		$	—