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

COMMON STOCKS	Shares	Value
Australia
Consumer Discretionary – 1.1%
Ardent Leisure Group(A)	2,160	$1,971
Financials – 1.3%
Steadfast Group Ltd.	952	2,324
Materials – 0.9%
Nufarm Ltd.	397	1,612
Total Australia - 3.3%		$5,907
Austria
Real Estate – 0.8%
Immofinanz AG	54	1,458
Total Austria - 0.8%		$1,458
Belgium
Information Technology – 1.5%
Barco N.V.	11	2,603
Total Belgium - 1.5%		$2,603
Canada
Materials – 0.8%
Lundin Mining Corp.	241	1,451
Total Canada - 0.8%		$1,451
France
Consumer Discretionary – 0.4%
Faurecia S.A.	13	720
Energy – 2.4%
Rubis Group	68	4,160
Financials – 0.4%
Rothschild & Co.	22	629
Health Care – 1.0%
Orpea S.A.	14	1,749
Industrials – 3.8%
Alstom	62	2,941
Teleperformance SE	15	3,601
		6,542
Information Technology – 1.1%
Soitec S.A.(A)	8	854
Sopra Steria Group S.A.	6	977
		1,831
Total France - 9.1%		$15,631
Germany
Health Care – 0.8%
Vivoryon Therapeutics AG(A)	215	1,315
Information Technology – 0.8%
Mynaric AG(A)(B)	34	1,487
Total Germany - 1.6%		$2,802
Hong Kong
Communication Services – 1.2%
HKBN Ltd.	1,249	2,093
Industrials – 1.2%
Pacific Basin Shipping Ltd.	10,130	2,132
Total Hong Kong - 2.4%		$4,225
Ireland
Consumer Discretionary – 1.0%
Dalata Hotel Group plc	318	1,838

Consumer Staples – 0.8%
Total Produce plc	916	1,468
Financials – 1.1%
Greencoat Renewables plc	1,410	1,874
Health Care – 2.0%
UDG Healthcare plc	97	1,036
Uniphar plc(A)	1,848	2,529
		3,565
Industrials – 0.7%
Kingspan Group plc	20	1,225
Materials – 1.5%
Smurfit Kappa Group plc	67	2,570
Total Ireland - 7.1%		$12,540
Isle of Man
Consumer Discretionary – 1.3%
GVC Holdings plc	197	2,303
Information Technology – 1.6%
Strix Group plc(B)	1,049	2,710
Total Isle of Man - 2.9%		$5,013
Japan
Communication Services – 4.0%
ARTERIA Networks Corp.	219	3,522
Daiichikosho Co. Ltd.	43	2,234
Macromill, Inc.	124	1,186
		6,942
Consumer Discretionary – 6.0%
Komeda Holdings Co. Ltd.	153	2,981
NGK Spark Plug Co. Ltd.	112	2,155
Ryohin Keikaku Co. Ltd.	102	2,366
Stanley Electric Co. Ltd.	101	2,918
		10,420
Consumer Staples – 3.3%
Kobe Bussan Co. Ltd.	78	2,672
Matsumotokiyoshi Holdings Co. Ltd.	79	3,048
		5,720
Financials – 1.6%
Bank of Kyoto Ltd. (The)(B)	66	2,827
Health Care – 0.7%
Nippon Shinyaku Co. Ltd.	14	1,225
Industrials – 8.8%
MISUMI Group, Inc.	100	2,468
Okamura Corp.	263	2,669
OSG Corp.	125	2,378
SATO Holdings Corp.	62	1,931
SG Holdings Co. Ltd.	92	2,057
Takeuchi Mfg Co. Ltd.	133	1,977
Tsubaki Nakashima Co. Ltd.	140	2,040
		15,520
Information Technology – 3.4%
DISCO Corp.	11	2,642
SCSK Corp.	65	3,344
		5,986
Materials – 1.4%
Zeon Corp.	198	2,452
Real Estate – 5.7%
GLP J-REIT	1	1,775
Ichigo, Inc.	434	1,821
Kenedix Office Investment Corp.	—*	2,824

TechnoPro Holdings, Inc.(B)	50	3,454
		9,874
Total Japan - 34.9%		$60,966
Jersey
Materials – 0.3%
Breedon Group plc(A)	435	478
Total Jersey - 0.3%		$478
Luxembourg
Real Estate – 1.7%
Grand City Properties S.A.	120	2,894
Total Luxembourg - 1.7%		$2,894
Netherlands
Information Technology – 0.9%
ASM International N.V.	14	1,604
Total Netherlands - 0.9%		$1,604
Poland
Communication Services – 0.7%
CD Projekt S.A.	17	1,260
Total Poland - 0.7%		$1,260
Singapore
Industrials – 0.8%
BOC Aviation Ltd.	132	1,347
Real Estate – 3.0%
City Developments Ltd.	237	1,920
Manulife U.S. REIT	3,335	3,318
		5,238
Total Singapore - 3.8%		$6,585
South Korea
Financials – 1.2%
Hyundai Marine & Fire Insurance Co. Ltd.(A)	91	2,110
Total South Korea - 1.2%		$2,110
Spain
Health Care – 1.3%
Almirall S.A.	139	2,291
Total Spain - 1.3%		$2,291
Switzerland
Consumer Staples – 1.4%
Barry Callebaut AG, Registered Shares	1	2,470
Financials – 1.3%
Helvetia Holding AG	16	2,268
Health Care – 0.7%
Vifor Pharma AG	6	1,166
Information Technology – 2.3%
Logitech International S.A., Registered Shares	86	4,064
Total Switzerland - 5.7%		$9,968
United Kingdom
Communication Services – 3.9%
Future plc	209	4,022
Rightmove plc	327	2,744
		6,766
Consumer Discretionary – 4.8%
City Pub Group plc (The)(B)	292	840
Coats Group plc	2,134	2,109
Games Workshop Group plc	40	3,199
Gamesys Group plc(A)	102	958

Stock Spirits Group plc	415	1,136
		8,242
Energy – 0.8%
Premier Oil plc(A)(B)	1,043	1,357
Financials – 2.3%
Draper Esprit plc(A)	117	745
St. James’s Place plc	133	2,056
TP ICAP plc	219	1,187
		3,988
Health Care – 0.3%
Sensyne Health plc(A)(B)	660	604
Industrials – 2.7%
Diploma plc	91	2,443
National Express Group plc	354	2,200
		4,643
Information Technology – 1.8%
Avast plc	511	3,066
Real Estate – 0.7%
Great Portland Estates plc	104	1,189
Total United Kingdom - 17.3%		$29,855
TOTAL COMMON STOCKS – 97.3%		$169,641
(Cost: $147,880)
PREFERRED STOCKS
Germany
Industrials – 1.9%
Sixt SE	45	3,302
Total Germany - 1.9%		$3,302
TOTAL PREFERRED STOCKS – 1.9%		$3,302
(Cost: $2,747)
SHORT-TERM SECURITIES
Money Market Funds (C) – 3.0%
State Street Institutional U.S. Government Money Market Fund - Premier Class
1.550%	642	642
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares
1.550% (D)	4,638	4,638
		5,280
TOTAL SHORT-TERM SECURITIES – 3.0%		$5,280
(Cost: $5,280)
TOTAL INVESTMENT SECURITIES – 102.2%		$178,223
(Cost: $155,907)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (2.2)%		(3,905)
NET ASSETS – 100.0%		$174,318

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 $6,555 are on loan.

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

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

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
Communication Services	$	8,859	$	8,202	$	—
Consumer Discretionary		15,074		10,420		—
Consumer Staples		1,468		8,190		—
Energy		5,517		—		—
Financials		8,815		7,205		—
Health Care		9,524		2,391		—
Industrials		15,889		15,520		—
Information Technology		11,814		11,537		—
Materials		4,660		3,903		—
Real Estate		2,964		17,689		—
Total Common Stocks	$	84,584	$	85,057	$	—
Preferred Stocks		—		3,302		—
Short-Term Securities		5,280		—		—
Total	$	89,864	$	88,359	$	—

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	$155,907
Gross unrealized appreciation	29,445
Gross unrealized depreciation	(7,129)
Net unrealized appreciation	$22,316