NPORT-EX 2 ISCG.htm IVY SMALL CAP GROWTH SOI HTML
   SCHEDULE OF INVESTMENTS   
 
        Ivy Small Cap Growth Fund (in thousands)    DECEMBER 31, 2019 (UNAUDITED)
     
     

 

COMMON STOCKS   Shares   Value  

Communication Services

Broadcasting – 2.8%

Gray Television, Inc.(A)

   342   $7,326

Nexstar Broadcasting Group, Inc.

   545   63,913
    71,239
Total Communication Services - 2.8%   71,239

Consumer Discretionary

Apparel Retail – 0.6%

Boot Barn Holdings, Inc.(A)

   332   14,789

Auto Parts & Equipment – 0.9%

Fox Factory Holding Corp.(A)

   345   23,988

Casinos & Gaming – 1.6%

Churchill Downs, Inc.

   213   29,190

PlayAGS, Inc.(A)

   1,009   12,237
    41,427

Distributors – 1.0%

Pool Corp.

   125   26,503

Education Services – 1.8%

Grand Canyon Education,
Inc.(A)

   484   46,372

General Merchandise Stores – 0.5%

Ollie’s Bargain Outlet Holdings, Inc.(A)

   213   13,911

Homebuilding – 2.5%

Installed Building Products, Inc.(A)

   630   43,415

TopBuild Corp.(A)

   188   19,377
    62,792

Hotels, Resorts & Cruise Lines – 1.2%

Hilton Grand Vacations,
Inc.(A)

   872   30,000

Leisure Facilities – 1.5%

SeaWorld Entertainment,
Inc.(A)

   1,177   37,326

Leisure Products – 0.7%

Malibu Boats, Inc., Class A(A)

   464   19,010

Restaurants – 1.8%

Wingstop, Inc.

   531   45,790
Total Consumer Discretionary - 14.1%   361,908

Consumer Staples

Packaged Foods & Meats – 2.5%

J&J Snack Foods Corp.

   177   32,576

Nomad Foods Ltd.(A)

   1,495   33,437
    66,013
Total Consumer Staples - 2.5%   66,013

Energy

Oil & Gas Equipment & Services – 0.9%

Cactus, Inc., Class A

   367   12,604

Dril-Quip, Inc.(A)

   241   11,294
    23,898

Oil & Gas Exploration & Production – 0.8%

Matador Resources Co.(A)

   1,069   19,212
Total Energy - 1.7%   43,110

Financials

Asset Management & Custody Banks – 0.7%

Hamilton Lane, Inc., Class A

   317   18,888

Insurance Brokers – 1.2%

eHealth, Inc.(A)

   328   31,491

Investment Banking & Brokerage – 2.2%

Houlihan Lokey, Inc.

   238   11,638

LPL Investment Holdings, Inc.

   489   45,073
    56,711

Regional Banks – 1.2%

Seacoast Banking Corp. of Florida(A)

   976   29,822

Thrifts & Mortgage Finance – 1.1%

Essent Group Ltd.

   538   27,995
Total Financials - 6.4%   164,907

Health Care

Biotechnology – 1.3%

Vericel Corp.(A)

   1,988   34,585

Health Care Distributors – 1.3%

PetIQ, Inc.(A)

   1,342   33,621

Health Care Equipment – 6.9%

Insulet Corp.(A)

   306   52,444

iRhythm Technologies, Inc.(A)

   198   13,507

NovoCure Ltd.(A)

   220   18,541

Penumbra, Inc.(A)

   196   32,171

Tactile Systems Technology,
Inc.(A)

   694   46,852

Veracyte, Inc.(A)

   511   14,263
    177,778

Health Care Services – 6.4%

AMN Healthcare Services,
Inc.(A)

   605   37,675

LHC Group, Inc.(A)

   283   39,041

Teladoc Health, Inc.(A)(B)

   1,038   86,893
    163,609

Health Care Supplies – 1.2%

STAAR Surgical Co.(A)

   883   31,062

Health Care Technology – 4.3%

CareDx, Inc.(A)

   2,065   44,534

HMS Holdings Corp.(A)

   1,094   32,396

Omnicell, Inc.(A)

   402   32,824
    109,754

Managed Health Care – 1.2%

HealthEquity, Inc.(A)

   433   32,074
Total Health Care - 22.6%   582,483

Industrials

Aerospace & Defense – 2.2%

Mercury Computer Systems,
Inc.(A)

   807   55,798

Air Freight & Logistics – 1.4%

Air Transport Services Group, Inc.(A)

   1,542   36,186

Building Products – 1.3%

PGT Innovations, Inc.(A)

   1,312   19,568

Trex Co., Inc.(A)

   155   13,923
    33,491

Electrical Components & Equipment – 1.3%

EnerSys

   443   33,123

Environmental & Facilities Services – 1.9%

Clean Harbors, Inc.(A)

   572   49,066

Industrial Machinery – 7.6%

Crane Co.

   368   31,783

John Bean Technologies Corp.

   411   46,290

RBC Bearings, Inc.(A)

   190   30,161

Timken Co. (The)

   728   40,973

Woodward, Inc.

   396   46,914
    196,121

Security & Alarm Services – 1.8%

Brink’s Co. (The)

   513   46,514

Trading Companies & Distributors – 0.6%

GMS, Inc.(A)

   510   13,819

Trucking – 1.3%

Knight Transportation, Inc.

   954   34,198
Total Industrials - 19.4%   498,316

Information Technology

Application Software – 12.4%

Envestnet, Inc.(A)

   464   32,294

Five9, Inc.(A)

   864   56,691

Globant S.A.(A)

   390   41,307

HubSpot, Inc.(A)

   184   29,217

Mimecast Ltd.(A)

   1,014   43,999

Paycom Software, Inc.(A)

   95   25,032

Pluralsight, Inc., Class A(A)

   1,426   24,548

Q2 Holdings, Inc.(A)

   515   41,781

Smartsheet, Inc., Class A(A)

   548   24,608
    319,477

Communications Equipment – 1.2%

Viavi Solutions, Inc.(A)

   1,995   29,924

Data Processing & Outsourced Services – 1.0%

EVO Payments, Inc.,
Class A(A)

   1,014   26,787

Electronic Equipment & Instruments – 1.2%

Coherent, Inc.(A)

   189   31,521

Internet Services & Infrastructure – 1.1%

8x8, Inc.(A)

   1,473   26,963

IT Consulting & Other Services – 3.1%

Booz Allen Hamilton Holding Corp.

   424   30,182

InterXion Holding N.V.(A)

   577   48,369
    78,551

Semiconductor Equipment – 0.8%

Enphase Energy, Inc.(A)(B)

   807   21,083

Semiconductors – 1.9%

Monolithic Power Systems, Inc.

   272   48,337

Systems Software – 3.7%

Proofpoint, Inc.(A)

   441   50,668
 

Varonis Systems, Inc.(A)

   579   44,982
    95,650
Total Information Technology - 26.4%   678,293

Real Estate

Health Care REITs – 0.3%

Community Healthcare Trust, Inc.

   168   7,211
Total Real Estate - 0.3%   7,211

TOTAL COMMON STOCKS – 96.2%

   $2,473,480

(Cost: $1,754,880)

SHORT-TERM

SECURITIES

   Shares    

Money Market Funds (D) - 4.9%

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares,

    

1.550% (C)

   34,537   34,537

State Street Institutional U.S. Government Money Market Fund - Premier Class,

    

1.550%

   91,350   91,350
    125,887

TOTAL SHORT-TERM SECURITIES – 4.9%

   $125,887

(Cost: $125,887)

TOTAL INVESTMENT SECURITIES – 101.1%

   $2,599,367

(Cost: $1,880,767)

LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.1)%

   (27,041)

NET ASSETS – 100.0%

   $2,572,326

        

        

 

 

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 $47,888 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.

The following total return swap agreements were outstanding at December 31, 2019:

 

Underlying Security

  

Long/Short

    Counterparty    Maturity Date     
 Notional
Amount		  
 		    Financing
Fee(1)(2)		    Value    Upfront
Payments/
(Receipts)		     
 Unrealized
Appreciation		  
 

Biotech Custom Index

  

Long

    Goldman Sachs International    07/02/2020      $74,075      1-Month
LIBOR plus 25
bps		    $4,076    $—      $4,076  

 

(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 December 31, 2019:

Reference Entity   Shares   Notional
Amount		    Value      % of Value  
Global Blood Therapeutics, Inc.   3   $4,429      $243        5.9%  
Arrowhead Pharmaceuticals, Inc.   3   3,156      173        4.2  
ACADIA Pharmaceuticals, Inc.   3   2,435      133        3.3  
Repligen Corp.   1   2,375      130        3.2  
Blueprint Medicines Corp.   1   2,116      115        2.9  
Immunomedics, Inc.   5   1,828      101        2.5  
Mirati Therapeutics, Inc.   1   1,752      96        2.4  
MyoKardia, Inc.   1   1,730      95        2.3  
Iovance Biotherapeutics, Inc.   3   1,718      95        2.3  
Intercept Pharmaceuticals, Inc.   1   1,638      90        2.2  
FibroGen, Inc.   2   1,617      89        2.2  
PTC Therapeutics, Inc.   2   1,485      82        2.0  
Audentes Therapeutics, Inc.   1   1,396      77        1.9  
Halozyme Therapeutics, Inc.   4   1,373      76        1.9  
Emergent BioSolutions, Inc.   1   1,345      74        1.8  
Axsome Therapeutics, Inc.   1   1,319      73        1.8  
Ultragenyx Pharmaceutical, Inc.   2   1,258      69        1.7  
Amicus Therapeutics, Inc.   7   1,214      67        1.6  
Zogenix, Inc.   1   1,208      66        1.6  
Ironwood Pharmaceuticals, Inc.   5   1,090      60        1.5  
Medicines Co.(The)   1   1,068      59        1.4  
Acceleron Pharma, Inc.   1   1,048      58        1.4  
Momenta Pharmaceuticals, Inc.   3   1,048      58        1.4  
Natera, Inc.   2   1,008      55        1.4  
Insmed, Inc.   2   1,004      55        1.4  
Biohaven Pharmaceutical Holding Co. Ltd   1   992      55        1.3  
Pacira BioSciences, Inc.   1   991      55        1.3  
ArQule, Inc.   3   984      54        1.3  
Arena Pharmaceuticals, Inc.   1   984      54        1.3  
Heron Therapeutics, Inc.   2   932      51        1.3  
Reata Pharmaceuticals, Inc.   -*   931      51        1.3  
Allakos, Inc.   1   886      49        1.2  
Portola Pharmaceuticals, Inc.   2   858      47        1.2  
XenCor, Inc.   1   840      46        1.1  
Esperion Therapeutics, Inc.   1   806      44        1.1  
Editas Medicine, Inc.   1   801      44        1.1  
Apellis Pharmaceuticals, Inc.   1   797      44        1.1  

Aimmune Therapeutics, Inc.

   1   794            44        1.1  

Ra Pharmaceuticals, Inc.

   1   785      43        1.1  

Epizyme, Inc.

   2   764      42        1.0  

Invitae Corp.

   3   756      42        1.0  

REGENXBIO, Inc.

   1   737      41        1.0  

Veracyte, Inc.

   1   719      40        1.0  

Corcept Therapeutics, Inc.

   3   643      35        0.9  

Supernus Pharmaceuticals, Inc.

   1   633      35        0.9  

Theravance Biopharma, Inc.

   1   616      34        0.8  

Dicerna Pharmaceuticals, Inc.

   2   613      34        0.8  

Exact Sciences Corp.

   -*   607      33        0.8  

Enanta Pharmaceuticals, Inc.

   1   576      32        0.8  

Aerie Pharmaceuticals, Inc.

   1   558      31        0.8  

Fate Therapeutics, Inc.

   2   548      30        0.7  

Allogene Therapeutics, Inc.

   1   546      30        0.7  

Athenex, Inc.

   2   494      27        0.7  

Innoviva, Inc.

   2   489      27        0.7  

Radius Health, Inc.

   1   489      27        0.7  

Vanda Pharmaceuticals, Inc.

   2   464      26        0.6  

NanoString Technologies, Inc.

   1   461      25        0.6  

Codexis, Inc.

   2   451      25        0.6  

Denali Therapeutics, Inc.

   1   449      25        0.6  

Tricida, Inc.

   1   441      24        0.6  

TG Therapeutics, Inc.

   2   421      23        0.6  

Vericel Corp.

   1   413      23        0.6  

ZIOPHARM OnCology, Inc.

   5   411      23        0.6  

Atara Biotherapeutics, Inc.

   1   394      22        0.5  

Madrigal Pharmaceuticals, Inc.

   -*   383      21        0.5  

Amphastar Pharmaceuticals, Inc.

   1   373      21        0.5  

Sangamo Therapeutics, Inc.

   2   365      20        0.5  

Heska Corp.

   -*   364      20        0.5  

Pacific Biosciences of California, Inc.

   4   360      20        0.5  

Omeros Corp.

   1   355      20        0.5  

UroGen Pharma Ltd

   1   342      19        0.5  

Adverum Biotechnologies, Inc.

             2   328      18        0.4  

Retrophin, Inc.

   1   310      17        0.4  

ANI Pharmaceuticals, Inc.

   -*   307      17        0.4  

G1 Therapeutics, Inc.

   1   287      16        0.4  

Clovis OnCology, Inc.

   1       271      15                      0.4  

Phibro Animal Health Corp.

             1   260      14        0.4  

Cara Therapeutics, Inc.

   1   258      14        0.3  

PetIQ, Inc.

   1   254      14        0.3  

Accelerate Diagnostics, Inc.

   1   248      14        0.3  

Amneal Pharmaceuticals, Inc.

   3   242      13        0.3  

Twist Bioscience Corp.

   1   240      13        0.3  

Stemline Therapeutics, Inc.

   1   231      13        0.3  

Spectrum Pharmaceuticals, Inc.

   3   201      11        0.3  

AnaptysBio, Inc.

   1   182      10        0.2  

Voyager Therapeutics, Inc.

   1       182      10                      0.2  
           $ 4,076     

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

    $ 2,473,480      $ —      $ —    

Short-Term Securities

      125,887        —        —    

Total

    $ 2,599,367      $ —      $ —    

Total Return Swaps

    $ —      $ 4,076      $ —    

 

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

              $1,880,767  

Gross unrealized appreciation

      781,942  

Gross unrealized depreciation

      (63,342)  

Net unrealized appreciation

      $718,600