SCHEDULE OF INVESTMENTS
Ivy Managed International Opportunities Fund (in thousands)	DECEMBER 31, 2019 (UNAUDITED)

AFFILIATED MUTUAL FUNDS	Shares	Value
Ivy Emerging Markets Equity Fund, Class N	1,357	$28,912
Ivy Global Equity Income Fund, Class N	1,449	18,558
Ivy Global Growth Fund, Class N	385	18,806
Ivy International Core Equity Fund, Class N	3,649	64,798
Ivy International Small Cap Fund, Class N	1,506	18,639
Ivy Pzena International Value Fund, Class N	2,285	37,404
TOTAL AFFILIATED MUTUAL FUNDS – 100.0%		$187,117
(Cost: $169,183)
SHORT-TERM SECURITIES
Money Market Funds (A) - 0.1%
State Street Institutional U.S. Government Money Market Fund - Premier Class,
1.550%	265	265
TOTAL SHORT-TERM SECURITIES – 0.1%		$265
(Cost: $265)
TOTAL INVESTMENT SECURITIES – 100.1%		$187,382
(Cost: $169,448)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.1)%		(125)
NET ASSETS – 100.0%		$187,257

Notes to Schedule of Investments

(A) 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
Affiliated Mutual Funds	$	187,117	$	—	$	—
Short-Term Securities		265		—		—
Total	$	187,382	$	—	$	—

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

Cost	$169,448
Gross unrealized appreciation	21,067
Gross unrealized depreciation	(3,133)
Net unrealized appreciation	$17,934