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

COMMON STOCKS	Shares	Value
Communication Services
Alternative Carriers – 3.1%
Cogent Communications Group, Inc.	290	$19,098
Vonage Holdings Corp.(A)	572	4,241
		23,339
Total Communication Services - 3.1%		23,339
Consumer Discretionary
Auto Parts & Equipment – 3.5%
Visteon Corp.(A)	300	26,007
Casinos & Gaming – 0.6%
Red Rock Resorts, Inc., Class A	193	4,631
Education Services – 1.4%
Grand Canyon Education, Inc.(A)	107	10,258
Footwear – 1.4%
Skechers USA, Inc.(A)	240	10,363
Homebuilding – 0.8%
TopBuild Corp.(A)	55	5,693
Leisure Products – 3.1%
Polaris, Inc.	133	13,555
YETI Holdings, Inc.(A)(B)	271	9,435
		22,990
Specialized Consumer Services – 0.5%
OneSpaWorld Holdings Ltd.(B)	231	3,895
Total Consumer Discretionary - 11.3%		83,837
Consumer Staples
Packaged Foods & Meats – 6.5%
Nomad Foods Ltd.(A)	1,472	32,927
Sanderson Farms, Inc.	40	6,964
TreeHouse Foods, Inc.(A)	173	8,376
		48,267
Total Consumer Staples - 6.5%		48,267
Energy
Oil & Gas Exploration & Production – 2.4%
Magnolia Oil & Gas Corp.(A)	1,395	17,549
Oil & Gas Refining & Marketing – 0.9%
PBF Energy, Inc., Class A	212	6,662
Oil & Gas Storage & Transportation – 1.1%
Scorpio Tankers, Inc.	211	8,310
Total Energy - 4.4%		32,521
Financials
Consumer Finance – 1.7%
Encore Capital Group, Inc.(A)	367	12,972
Financial Exchanges & Data – 1.8%
Morningstar, Inc.	91	13,754
Multi-Line Insurance – 2.5%
Assurant, Inc.	56	7,383
Kemper Corp.	140	10,876
		18,259

Property & Casualty Insurance – 2.1%
Argo Group International Holdings Ltd.	181	11,886
Old Republic International Corp.	163	3,653
		15,539
Regional Banks – 6.2%
First Horizon National Corp.	627	10,381
TCF Financial Corp.	257	12,047
Webster Financial Corp.	442	23,599
		46,027
Thrifts & Mortgage Finance – 3.1%
MGIC Investment Corp.	1,602	22,701
Total Financials - 17.4%		129,252
Health Care
Health Care Equipment – 5.1%
Envista Holdings Corp.(A)	395	11,711
Integer Holdings Corp.(A)	74	5,978
NuVasive, Inc.(A)	125	9,649
Tandem Diabetes Care, Inc.(A)	183	10,880
		38,218
Health Care Facilities – 3.3%
Encompass Health Corp.	353	24,425
Health Care Services – 4.1%
Chemed Corp.	69	30,394
Pharmaceuticals – 0.8%
Intersect ENT, Inc.(A)	231	5,750
Total Health Care - 13.3%		98,787
Industrials
Building Products – 1.0%
Trex Co., Inc.(A)	81	7,291
Electrical Components & Equipment – 1.0%
EnerSys	102	7,650
Environmental & Facilities Services – 1.1%
Clean Harbors, Inc.(A)	91	7,780
Industrial Machinery – 5.0%
Crane Co.	170	14,652
Gardner Denver Holdings, Inc.(A)	334	12,245
RBC Bearings, Inc.(A)	66	10,478
		37,375
Research & Consulting Services – 2.1%
ICF International, Inc.	173	15,829
Security & Alarm Services – 1.3%
Brink’s Co. (The)	109	9,926
Trucking – 1.1%
Knight Transportation, Inc.	218	7,812
Total Industrials - 12.6%		93,663
Information Technology
Application Software – 1.8%
Q2 Holdings, Inc.(A)	169	13,690
Data Processing & Outsourced Services – 5.1%
Cardtronics plc, Class A(A)	654	29,216
EVERTEC, Inc.	254	8,648
		37,864

Electronic Equipment & Instruments – 1.2%
Coherent, Inc.(A)	53	8,857
IT Consulting & Other Services – 2.5%
Switch, Inc., Class A	1,234	18,292
Semiconductor Equipment – 2.3%
Brooks Automation, Inc.	219	9,174
Enphase Energy, Inc.(A)(B)	315	8,237
		17,411
Systems Software – 1.5%
Varonis Systems, Inc.(A)	146	11,312
Total Information Technology - 14.4%		107,426
Materials
Aluminum – 1.3%
Constellium N.V., Class A(A)	715	9,581
Diversified Chemicals – 1.8%
Huntsman Corp.	566	13,665
Diversified Metals & Mining – 1.5%
Compass Minerals International, Inc.	181	11,038
Fertilizers & Agricultural Chemicals – 1.7%
Scotts Miracle-Gro Co. (The)	116	12,293
Total Materials - 6.3%		46,577
Real Estate
Diversified REITs – 0.6%
Essential Properties Realty Trust, Inc.	191	4,747
Hotel & Resort REITs – 1.5%
Ryman Hospitality Properties, Inc.	130	11,257
Industrial REITs – 2.1%
STAG Industrial, Inc.	501	15,830
Retail REITs – 1.8%
Agree Realty Corp.	187	13,136
Total Real Estate - 6.0%		44,970
Utilities
Electric Utilities – 1.2%
ALLETE, Inc.	115	9,335
Gas Utilities – 2.0%
ONE Gas, Inc.	155	14,539
Total Utilities - 3.2%		23,874
TOTAL COMMON STOCKS – 98.5%		$732,513
(Cost: $629,397)
SHORT-TERM SECURITIES
Money Market Funds (D) - 4.0%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares,
1.550% (C)	19,018	19,018

State Street Institutional U.S. Government Money Market Fund - Premier Class,
1.550%	10,620	10,620
		29,638
TOTAL SHORT-TERM SECURITIES – 4.0%		$29,638
(Cost: $29,638)
TOTAL INVESTMENT SECURITIES – 102.5%		$762,151
(Cost: $659,035)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (2.5)%		(18,742)
NET ASSETS – 100.0%		$743,409

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 $18,785 are on loan.

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

(D) 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	$	732,513	$	—	$	—
Short-Term Securities		29,638		—		—
Total	$	762,151	$	—	$	—

The following acronym is used throughout this schedule:

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	$659,035
Gross unrealized appreciation	105,599
Gross unrealized depreciation	(2,483)
Net unrealized appreciation	$103,116