SCHEDULE OF INVESTMENTS
Ivy Pzena International Value Fund (in thousands)	DECEMBER 31, 2019 (UNAUDITED)

COMMON STOCKS	Shares	Value
Belgium
Financials – 0.8%
KBC Group N.V.	29	$2,208
Total Belgium - 0.8%		$2,208
China
Utilities – 2.2%
China Resources Power Holdings Co. Ltd.	4,352	6,110
Total China - 2.2%		$6,110
Denmark
Financials – 0.9%
Danske Bank A.S.	152	2,453
Industrials – 3.3%
A.P. Moller - Maersk A/S	6	9,007
Total Denmark - 4.2%		$11,460
France
Communication Services – 2.1%
Publicis Groupe S.A.	132	5,978
Consumer Discretionary – 1.0%
Compagnie Generale des Etablissements Michelin, Class B	22	2,717
Financials – 2.4%
Amundi S.A.	72	5,675
SCOR SE	30	1,269
		6,944
Health Care – 0.8%
Sanofi-Aventis	23	2,275
Industrials – 7.3%
Bouygues S.A.	74	3,124
Rexel S.A.	651	8,649
Schneider Electric S.A.	85	8,723
		20,496
Total France - 13.6%		$38,410
Germany
Consumer Discretionary – 0.2%
Volkswagen Group	3	638
Industrials – 1.3%
Siemens AG	28	3,693
Materials – 3.2%
BASF Aktiengesellschaft	81	6,034
Covestro AG	59	2,721
		8,755
Total Germany - 4.7%		$13,086
Hong Kong
Information Technology – 1.3%
Lenovo Group Ltd.	5,458	3,663
Total Hong Kong - 1.3%		$3,663
Italy
Communication Services – 0.8%
Telecom Italia S.p.A.(A)	3,401	2,119
Financials – 0.8%
UniCredit S.p.A.	148	2,155
Utilities – 3.3%
ENEL S.p.A.	1,154	9,156
Total Italy - 4.9%		$13,430

Japan
Consumer Discretionary – 4.9%
Honda Motor Co. Ltd.	291	8,225
Iida Group Holdings Co. Ltd.	140	2,455
Isuzu Motors Ltd.	119	1,407
Toyota Motor Corp.	22	1,557
		13,644
Energy – 4.3%
Inpex Corp.	668	6,884
JXTG Holdings, Inc.	1,177	5,323
		12,207
Financials – 4.1%
Dai-ichi Mutual Life Insurance Co. (The)	131	2,147
Fukuoka Financial Group, Inc.	77	1,460
MS&AD Insurance Group Holdings, Inc.	41	1,357
Resona Holdings, Inc.	503	2,186
Sumitomo Mitsui Financial Group, Inc.	117	4,325
		11,475
Industrials – 1.1%
Mitsui & Co. Ltd.	179	3,176
Information Technology – 1.9%
Fujitsu Ltd.	58	5,398
Materials – 3.5%
Hitachi Metals Ltd.	676	9,930
Total Japan - 19.8%		$55,830
Netherlands
Communication Services – 0.9%
Koninklijke KPN N.V.	888	2,619
Energy – 0.5%
Royal Dutch Shell plc, Class A	47	1,380
Financials – 1.9%
ING Groep N.V., Certicaaten Van Aandelen	438	5,248
Total Netherlands - 3.3%		$9,247
Singapore
Consumer Staples – 2.2%
Wilmar International Ltd.	2,024	6,196
Financials – 1.4%
DBS Group Holdings Ltd.	211	4,029
Total Singapore - 3.6%		$10,225
South Korea
Financials – 0.9%
Shinhan Financial Group Co. Ltd.	64	2,387
Materials – 1.5%
POSCO	21	4,184
Total South Korea - 2.4%		$6,571
Spain
Financials – 0.7%
Bankia S.A.	946	2,018
Total Spain - 0.7%		$2,018

Sweden
Information Technology – 0.8%
Telefonaktiebolaget LM Ericsson, B Shares	240	2,096
Total Sweden - 0.8%		$2,096
Switzerland
Financials – 3.0%
Credit Suisse Group AG, Registered Shares	221	2,988
UBS Group AG	424	5,336
		8,324
Health Care – 4.1%
Novartis AG, Registered Shares	29	2,788
Roche Holdings AG, Genusscheine	27	8,660
		11,448
Industrials – 0.9%
ABB Ltd.	104	2,512
Total Switzerland - 8.0%		$22,284
Taiwan
Information Technology – 3.0%
Catcher Technology Co. Ltd.	485	3,673
Hon Hai Precision Industry Co. Ltd.	1,518	4,597
		8,270
Total Taiwan - 3.0%		$8,270
United Kingdom
Communication Services – 2.4%
Vodafone Group plc	2,622	5,098
WPP Group plc	107	1,512
		6,610
Consumer Staples – 4.4%
J Sainsbury plc	2,113	6,434
Tesco plc	1,714	5,793
		12,227
Energy – 4.4%
John Wood Group plc	1,171	6,180
TechnipFMC plc(A)	282	6,048
		12,228
Financials – 8.8%
Aviva plc	638	3,540
Barclays plc	1,568	3,730
HSBC Holdings plc	699	5,478
Royal Bank of Scotland Group plc (The)	1,497	4,766
Standard Chartered plc	608	5,735
Willis Towers Watson plc	7	1,411
		24,660
Industrials – 2.1%
Travis Perkins plc	272	5,782
Total United Kingdom - 22.1%		$61,507
United States
Health Care – 1.1%
Mylan, Inc.(A)	149	2,990
Total United States - 1.1%		$2,990
TOTAL COMMON STOCKS – 96.5%		$269,405
(Cost: $272,140)

PREFERRED STOCKS
Germany
Consumer Discretionary – 2.5%
Volkswagen AG, 2.260%	36	6,996
Total Germany - 2.5%		$6,996
TOTAL PREFERRED STOCKS – 2.5%		$6,996
(Cost: $6,218)
SHORT-TERM SECURITIES
Money Market Funds (B) – 0.6%
State Street Institutional U.S. Government Money Market Fund - Premier Class
1.550%	1,679	1,679
TOTAL SHORT-TERM SECURITIES – 0.6%		$1,679
(Cost: $1,679)
TOTAL INVESTMENT SECURITIES – 99.6%		$278,080
(Cost: $280,037)
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.4%		1,091
NET ASSETS – 100.0%		$279,171

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) 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
Communication Services	$	15,207	$	2,119	$	—
Consumer Discretionary		2,717		14,282		—
Consumer Staples		12,227		6,196		—

Energy		13,608		12,207		—
Financials		41,078		30,823		—
Health Care		5,265		11,448		—
Industrials		26,278		18,388		—
Information Technology		11,933		7,494		—
Materials		—		22,869		—
Utilities		6,110		9,156		—
Total Common Stocks	$	134,423	$	134,982	$	—
Preferred Stocks		—		6,996		—
Short-Term Securities		1,679		—		—
Total	$	136,102	$	141,978	$	—

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

Cost	$280,037
Gross unrealized appreciation	23,180
Gross unrealized depreciation	(25,137)
Net unrealized depreciation	$(1,957)