UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-1028

Ivy Funds

(Exact name of registrant as specified in charter)

6300 Lamar Avenue, Overland Park, Kansas 66202

(Address of principal executive offices) (Zip code)

Kristen A. Richards

6300 Lamar Avenue

Overland Park, Kansas 66202

(Name and address of agent for service)

Registrant's telephone number, including area code: 913-236-2000

Date of fiscal year end: March 31

Date of reporting period: December 31, 2009

ITEM 1. SCHEDULE OF INVESTMENTS.

SCHEDULE OF INVESTMENTS

Ivy Balanced Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS			Shares	Value
Aerospace & Defense - 1.34%
Honeywell International Inc.			56	$	2,183
Apparel Retail - 0.79%
Urban Outfitters, Inc. (A)			37		1,288
Apparel, Accessories & Luxury Goods - 1.21%
V.F. Corporation			27		1,970
Auto Parts & Equipment - 1.02%
BorgWarner Inc.			50		1,671
Automobile Manufacturers - 0.87%
Ford Motor Company (A)			141		1,412
Biotechnology - 1.67%
Gilead Sciences, Inc. (A)			63		2,731
Casinos & Gaming - 1.11%
Wynn Resorts, Limited (A)			31		1,817
Communications Equipment - 3.87%
Cisco Systems, Inc. (A)			162		3,874
QUALCOMM Incorporated			53		2,447
					6,321
Computer Hardware - 4.99%
Apple Inc. (A)			21		4,450
Hewlett-Packard Company			72		3,693
					8,143
Data Processing & Outsourced Services - 0.98%
Paychex, Inc.			52		1,593
Department Stores - 1.18%
Macy's Inc.			115		1,926
Distillers & Vintners - 1.44%
Brown-Forman Corporation, Class B			44		2,354
Diversified Chemicals - 1.41%
Dow Chemical Company (The)			84		2,307
Electric Utilities - 1.60%
Exelon Corporation			53		2,605
Electrical Components & Equipment - 2.25%
Emerson Electric Co.			86		3,672
Footwear - 0.92%
NIKE, Inc., Class B			23		1,493
General Merchandise Stores - 0.95%
Target Corporation			32		1,548
Health Care Supplies - 2.03%
DENTSPLY International Inc.			94		3,320
Home Improvement Retail - 1.55%
Home Depot, Inc. (The)			88		2,545
Hotels, Resorts & Cruise Lines - 1.23%
Carnival Corporation (A)			29		906
Hyatt Hotels Corporation, Class A (A)			37		1,100
					2,006
Household Products - 2.39%
Colgate-Palmolive Company			48		3,902
Industrial Conglomerates - 0.89%
Textron Inc.			78		1,458
Industrial Machinery - 1.26%
Illinois Tool Works Inc.			43		2,049
Integrated Oil & Gas - 2.13%
ConocoPhillips			34		1,747
Exxon Mobil Corporation			25		1,732
					3,479
Investment Banking & Brokerage - 0.58%
Lazard Group LLC			25		953
Oil & Gas Equipment & Services - 3.42%
Halliburton Company			72		2,179
National Oilwell Varco, Inc.			26		1,146
Schlumberger Limited			35		2,252
					5,577
Oil & Gas Exploration & Production - 0.89%
XTO Energy Inc.			31		1,456
Other Diversified Financial Services - 3.98%
Bank of America Corporation			155		2,339
JPMorgan Chase & Co.			99		4,133
					6,472
Packaged Foods & Meats - 0.68%
Hershey Foods Corporation			31		1,106
Personal Products - 1.59%
Estee Lauder Companies Inc. (The), Class A			54		2,602
Pharmaceuticals - 4.73%
Abbott Laboratories			63		3,380
Allergan, Inc.			40		2,495
Johnson & Johnson			28		1,829
					7,704
Property & Casualty Insurance - 3.42%
Berkshire Hathaway Inc., Class B (A)			1		2,724
Travelers Companies, Inc. (The)			57		2,857
					5,581
Railroads - 1.40%
Union Pacific Corporation			36		2,288
Real Estate Management & Development - 0.38%
CB Richard Ellis Group, Inc., Class A (A)			46		626
Regional Banks - 1.70%
PNC Financial Services Group, Inc. (The)			53		2,777
Semiconductors - 2.41%
Microchip Technology Incorporated			135		3,929
Soft Drinks - 3.79%
Coca-Cola Company (The)			41		2,309
PepsiCo, Inc.			63		3,855
					6,164
Systems Software - 1.89%
Microsoft Corporation			101		3,084
Tobacco - 1.23%
Philip Morris International Inc.			42		2,014
TOTAL COMMON STOCKS - 71.17%				$	116,126
(Cost: $91,146)
CORPORATE DEBT SECURITIES	Principal
Agricultural Products - 0.49%
Archer-Daniels-Midland Company,
7.000%, 2-1-31		$	700		798
Airlines - 0.33%
Southwest Airlines Co.,
6.500%, 3-1-12			500		532
Automobile Manufacturers - 0.76%
Ford Motor Company, Convertible,
4.250%, 11-15-16			1,000		1,254
Banking - 1.60%
JPMorgan Chase & Co.:
4.650%, 6-1-14			1,000		1,053
7.900%, 4-29-49 (B)			500		516
U.S. BANCORP,
4.200%, 5-15-14			1,000		1,038
					2,607
Beverage / Bottling - 0.95%
Anheuser-Busch InBev Worldwide Inc.:
3.000%, 10-15-12 (C)			500		502
5.375%, 11-15-14 (D)			1,000		1,058
					1,560
Communications Equipment - 0.64%
Cisco Systems, Inc.,
5.250%, 2-22-11			1,000		1,050
Construction & Farm Machinery & Heavy Trucks - 0.33%
John Deere Capital Corporation,
5.250%, 10-1-12			500		540
Consumer Finance - 0.13%
American Express Credit Corporation,
5.125%, 8-25-14			200		211
Department Stores - 0.64%
Kohl's Corporation,
6.300%, 3-1-11			1,000		1,051
Distillers & Vintners - 0.62%
Diageo Capital plc,
4.375%, 5-3-10			1,000		1,013
Diversified Banks - 0.16%
Wells Fargo Bank, N.A.,
7.550%, 6-21-10			250		258
Electric - 0.35%
Hydro-Quebec,
8.000%, 2-1-13			500		572
Food Processors - 0.58%
Cargill, Inc.,
6.375%, 6-1-12 (D)			400		436
Kellogg Company,
4.450%, 5-30-16			500		515
					951
Food Retail - 0.67%
Kroger Co. (The),
6.200%, 6-15-12			1,000		1,089
Home Improvement Retail - 0.64%
Home Depot, Inc. (The),
5.200%, 3-1-11			1,000		1,038
Industrial Conglomerates - 0.10%
Textron Inc.,
6.200%, 3-15-15			150		156
Industrial Gases - 0.65%
Praxair, Inc.,
4.375%, 3-31-14			1,000		1,054
Industrial Machinery - 0.67%
Illinois Tool Works Inc.,
5.150%, 4-1-14			1,000		1,089
Integrated Oil & Gas - 0.98%
Chevron Corporation,
3.450%, 3-3-12			500		520
ConocoPhillips,
4.750%, 2-1-14			1,000		1,073
					1,593
Integrated Telecommunication Services - 0.65%
AT&T Inc.,
4.850%, 2-15-14			1,000		1,063
Life Insurance - 0.31%
Prudential Financial, Inc.,
4.750%, 9-17-15			500		507
Metals / Mining - 1.29%
Newmont Mining Corporation, Convertible,
3.000%, 2-15-12			1,200		1,513
Rio Tinto Finance (USA) Limited,
8.950%, 5-1-14			500		599
					2,112
Movies & Entertainment - 0.32%
Viacom Inc.,
4.375%, 9-15-14			500		516
Oil & Gas - 0.16%
Cenovus Energy Inc.,
4.500%, 9-15-14 (D)			250		258
Oil & Gas Exploration & Production - 0.34%
XTO Energy Inc.,
7.500%, 4-15-12			500		558
Other Non-Agency REMIC/CMO - 0.00%
Banco Hipotecario Nacional:
7.916%, 7-25-09 (C)			7		––	*
8.000%, 3-31-11 (C)			1		––	*
					––	*
Packaged Foods & Meats - 0.23%
Unilever Capital Corporation,
5.900%, 11-15-32			350		373
Pharmaceuticals - 1.94%
Abbott Laboratories,
3.750%, 3-15-11			1,000		1,033
Pfizer Inc.,
4.450%, 3-15-12			1,000		1,058
Roche Holdings Ltd,
5.000%, 3-1-14 (D)			1,000		1,070
					3,161
Property & Casualty Insurance - 0.64%
Berkshire Hathaway Finance Corporation,
4.000%, 4-15-12 (D)			1,000		1,048
Restaurants - 0.15%
YUM! Brands, Inc.,
4.250%, 9-15-15			250		251
Soft Drinks - 0.32%
PepsiCo, Inc.,
3.750%, 3-1-14			500		517
Systems Software - 0.31%
Microsoft Corporation,
2.950%, 6-1-14			500		505
Telecommunications - 0.31%
American Tower Corporation,
4.625%, 4-1-15 (C)			500		506
TOTAL CORPORATE DEBT SECURITIES - 18.26%				$	29,791
(Cost: $27,760)
OTHER GOVERNMENT SECURITIES - 0.46%
Qatar
State of Qatar,
4.000%, 1-20-15 (D)			750	$	752
(Cost: $749)
UNITED STATES GOVERNMENT AGENCY       OBLIGATIONS - 1.79%
Mortgage-Backed Obligations
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.000%, 9-1-17			230		248
5.000%, 1-1-18			250		264
5.500%, 4-1-18			109		116
6.500%, 10-1-28			109		118
6.500%, 2-1-29			19		21
7.000%, 5-1-31			21		23
7.500%, 5-1-31			32		36
7.000%, 7-1-31			31		35
7.000%, 9-1-31			43		48
7.000%, 9-1-31			31		35
7.000%, 11-1-31			103		115
6.500%, 2-1-32			117		128
7.000%, 2-1-32			109		122
7.000%, 2-1-32			66		74
6.500%, 3-1-32			26		29
7.000%, 3-1-32			72		81
7.000%, 6-1-32			23		26
7.000%, 7-1-32			122		137
6.500%, 8-1-32			53		58
6.000%, 9-1-32			450		481
6.500%, 9-1-32			106		116
5.500%, 5-1-33			202		212
5.500%, 5-1-33			109		115
5.500%, 5-1-33			89		94
5.500%, 6-1-33			186		196
(Cost: $2,778)				$	2,928
UNITED STATES GOVERNMENT OBLIGATIONS - 6.01%
Treasury Obligations
United States Treasury Bonds,
7.500%, 11-15-16			500		630
United States Treasury Notes:
4.000%, 3-15-10			800		806
4.250%, 10-15-10			2,000		2,060
3.875%, 2-15-13			1,250		1,331
3.625%, 5-15-13			750		794
4.250%, 8-15-13			900		971
4.250%, 8-15-15			3,000		3,211
(Cost: $9,225)				$	9,803
SHORT-TERM SECURITIES - 2.14%
Master Note
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (E)			3,484	$	3,484
(Cost: $3,484)
TOTAL INVESTMENT SECURITIES - 99.83%				$	162,884
(Cost: $135,142)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.17%					279
NET ASSETS - 100.00%				$	163,163

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	116,126	$	––		$   ––
Corporate Debt Securities		––		29,791		––	*
Other Government Securities		––		752		––
United States Government Agency Obligations		––		2,928		––
United States Government Obligations		––		9,803		––
Short-Term Securities		––		3,484		––
Total Investments in Securities	$	116,126	$	46,758		$   ––	*

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Corporate Debt Securities
Beginning Balance 4-1-09		$	––	*
Net realized gain (loss)			7
Net unrealized appreciation (depreciation)			4
Net purchases (sales)			(11	)
Transfers in and/or (out) of Level 3 during the period			––	*
Ending Balance 12-31-09		$	––	*
Net change in unrealized appreciation (depreciation)       for all Level 3 investments still held as of 12-31-09		$	4

*Not shown due to rounding.

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

(B)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.

(C)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $1,008 or 0.62% of net assets.

(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $4,622 or 2.83% of net assets.

(E)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

Securities with an aggregate market value of $--* representing less than 0.005% of net assets, have been valued in good faith by the Valuation Committee subject to the supervision of the Board of Trustees.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

REMIC = Real Estate Mortgage Investment Conduit

SCHEDULE OF INVESTMENTS

Ivy Bond Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

PREFERRED STOCKS		Shares		Value
Diversified REITs - 0.13%
PS Business Parks, Inc., 7.0% Cumulative (A)			11	$	229
Specialized REITs - 0.03%
Public Storage, Inc., 6.25% Cumulative (A)			2		49
TOTAL PREFERRED STOCKS - 0.16%				$	278
(Cost: $315)
CORPORATE DEBT SECURITIES	Principal
Airlines - 1.12%
Continental Airlines Pass Through Certificates, Series 2009-2,
7.250%, 11-10-19		$	760		773
United Air Lines, Inc.,
10.400%, 11-1-16			1,140		1,202
					1,975
Asset-Backed Security - 0.10%
Ford Credit Auto Owner Trust 2007-A,
7.050%, 12-15-13 (B)			175		183
Banking - 2.26%
Citigroup Inc.:
6.500%, 8-19-13			375		399
6.010%, 1-15-15			1,080		1,102
HSBC Finance Corporation,
5.700%, 6-1-11			400		418
JPMorgan Chase & Co. (Federal Deposit Insurance Corporation),
2.625%, 12-1-10 (C)			400		408
Morgan Stanley,
4.200%, 11-20-14			300		300
PNC Funding Corp (Federal Deposit Insurance Corporation),
2.300%, 6-22-12 (C)			625		636
Sovereign Bank (Federal Deposit Insurance Corporation),
2.750%, 1-17-12 (C)			705		724
					3,987
Beverage / Bottling - 1.31%
Bottling Group, LLC,
6.950%, 3-15-14			630		725
Miller Brewing Company,
5.500%, 8-15-13 (D)			1,500		1,597
					2,322
Building Products - 0.87%
CRH America, Inc.,
6.000%, 9-30-16			545		569
Masco Corporation,
6.125%, 10-3-16			1,000		953
					1,522
Cable & Satellite - 1.48%
Cox Communications, Inc.,
7.125%, 10-1-12			450		500
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.,
5.875%, 10-1-19 (D)			615		626
Time Warner Cable Inc.:
7.500%, 4-1-14			605		697
5.000%, 2-1-20			830		804
					2,627
Car Loan - 0.89%
Capital Auto Receivables Asset Trust 2007-1,
6.570%, 9-16-13 (B)			625		608
Capital Auto Receivables Asset Trust 2007-3,
8.000%, 3-17-14 (B)			480		476
Ford Credit Auto Owner Trust 2009-B A3,
2.790%, 8-15-13			350		357
JPMorgan Auto Receivables Trust 2007-A,
7.090%, 2-15-14 (B)			148		135
					1,576
Communications Equipment - 0.57%
Cisco Systems, Inc.,
5.500%, 1-15-40			1,050		1,004
Construction & Engineering - 0.20%
USG Corporation,
6.300%, 11-15-16			400		358
Consumer Finance - 0.30%
American Express Bank, FSB (Federal Deposit Insurance       Corporation),
3.150%, 12-9-11 (C)			250		258
Green Tree Financial Corporation,
6.400%, 10-15-18			81		81
Origen Manufactured Housing Contract Trust 2004-A,
5.700%, 1-15-35			100		91
Origen Manufactured Housing Contract Trust 2005-B,
5.605%, 5-15-22			100		97
					527
Consumer Products - 0.83%
Fortune Brands, Inc.,
6.375%, 6-15-14			1,365		1,462
Containers - 0.29%
Ball Corporation,
7.375%, 9-1-19			500		514
Electric - 0.85%
Exelon Generation Company, LLC,
6.250%, 10-1-39			410		418
FirstEnergy Generation Corp.,
6.850%, 6-1-34			293		288
ITC Holdings Corp.,
5.500%, 1-15-20 (B)			820		798
					1,504
Electrical Components & Equipment - 0.50%
Roper Industries, Inc.,
6.250%, 9-1-19			845		880
Finance - Other - 5.09%
Allied Capital Corporation,
6.625%, 7-15-11			685		649
Ameriprise Financial, Inc.,
7.300%, 6-28-19			240		267
GE Capital Credit Card Master Note Trust, Series 2009-3       Asset Backed Notes,
2.540%, 9-15-14			485		485
General Electric Capital Corporation (Federal Deposit       Insurance Corporation):
1.625%, 1-7-11 (C)			1,415		1,431
3.000%, 12-9-11 (C)			305		314
John Deere Capital Corporation (Federal Deposit Insurance       Corporation),
2.875%, 6-19-12 (C)			705		726
Lazard Group LLC,
6.850%, 6-15-17			800		805
Merrill Lynch & Co., Inc.,
6.875%, 4-25-18			960		1,035
Symetra Financial Corporation,
8.300%, 10-15-37 (B)(E)			885		668
Tyco International Finance S.A.:
4.125%, 10-15-14			305		312
8.500%, 1-15-19			845		1,021
Westfield Capital Corporation Limited, WT Finance (Aust)       Pty Limited and WEA Finance LLC,
4.375%, 11-15-10 (D)			335		344
XL Capital Finance (Europe) plc,
6.500%, 1-15-12			180		186
XL Capital Ltd,
5.250%, 9-15-14			770		754
					8,997
Food Processors - 0.44%
Cargill, Incorporated,
5.200%, 1-22-13 (D)			725		769
Gas Pipe Lines - 0.24%
Williams Partners L.P. and Williams Partners Finance       Corporation,
7.250%, 2-1-17			420		424
Health Care Supply - 1.88%
Boston Scientific Corporation:
5.450%, 6-15-14			650		683
6.000%, 1-15-20			1,200		1,226
Medco Health Solutions, Inc.,
7.125%, 3-15-18			1,030		1,158
Quest Diagnostics Incorporated,
5.450%, 11-1-15			240		259
					3,326
Independent Power Producers & Energy Traders - 0.29%
NRG Energy, Inc.,
8.500%, 6-15-19			500		513
Information / Data Technology - 0.18%
Intuit Inc.,
5.750%, 3-15-17			310		321
Integrated Telecommunication Services - 0.51%
CenturyTel, Inc.,
7.600%, 9-15-39			885		907
Investment Banking & Brokerage - 2.48%
Goldman Sachs Group, Inc. (The):
5.700%, 9-1-12			610		656
5.150%, 1-15-14			485		513
Morgan Stanley:
5.300%, 3-1-13			635		669
4.750%, 4-1-14			165		166
6.250%, 8-28-17			300		313
Morgan Stanley (Federal Deposit Insurance Corporation),
2.900%, 12-1-10 (C)			1,150		1,176
TD AMERITRADE Holding Corporation,
4.150%, 12-1-14			900		887
					4,380
Life Insurance - 1.71%
Liberty Mutual Group, Inc.,
7.300%, 6-15-14 (D)			1,000		1,024
Liberty Mutual Holding Company Inc.,
7.800%, 3-15-37 (B)			360		297
StanCorp Financial Group, Inc.:
6.875%, 10-1-12			450		481
6.900%, 6-1-67 (E)			300		227
Unum Group,
7.125%, 9-30-16			965		1,000
					3,029
Machinery - 0.53%
Xerox Corporation:
4.250%, 2-15-15			455		452
6.750%, 12-15-39			485		488
					940
Metals / Mining - 0.47%
Rio Tinto Finance (USA) Limited,
8.950%, 5-1-14			700		839
Office REITs - 0.47%
Mack-Cali Realty, L.P.,
7.750%, 8-15-19			800		828
Oil & Gas - 0.56%
Hess Corporation,
6.000%, 1-15-40			1,000		990
Oil & Gas Equipment & Services - 0.33%
Smith International, Inc.,
8.625%, 3-15-14			500		578
Oil & Gas Storage & Transportation - 2.67%
Energy Transfer Partners, L.P.,
9.700%, 3-15-19			650		803
Kinder Morgan Energy Partners, L.P.,
9.000%, 2-1-19			1,150		1,416
NuStar Logistics, L.P.,
7.650%, 4-15-18			1,200		1,316
Williams Companies, Inc. (The),
8.750%, 1-15-20			1,000		1,193
					4,728
Other Diversified Financial Services - 0.35%
Bank of America Corporation,
7.375%, 5-15-14			540		613
Other Mortgage-Backed Securities - 10.85%
Asset Securitization Corporation,
7.489%, 2-14-43 (E)			170		151
Asset Securitization Corporation (Interest Only),
1.479%, 10-13-26 (D)(E)(F)			702		14
Associates Manufactured Housing Contract Pass-Through       Certificates,
7.725%, 6-15-28 (E)			36		36
Banc of America Alternative Loan Trust 2005-10:
5.662%, 11-25-35 (E)			266		30
5.662%, 11-25-35 (E)			128		10
Banc of America Alternative Loan Trust 2005-12:
5.801%, 1-25-36 (E)			283		30
5.801%, 1-25-36 (E)			208		6
Banc of America Alternative Loan Trust 2006-4,
6.210%, 5-25-46 (E)			310		53
Banc of America Alternative Loan Trust 2006-8,
6.281%, 11-25-46 (E)			140		––	*
Banc of America Commercial Mortgage Trust 2007-1,
5.451%, 1-15-49			705		622
Banc of America Large Loan Trust 2009-FDG,       Commercial Mortgage Pass-Through Certificates,       Series 2009-FDG,
5.204%, 1-25-42 (B)(E)			1,000		977
Banc of America Mortgage 2007-1 Trust,
6.000%, 3-25-37			164		16
Bear Stearns Commercial Mortgage Securities Trust       2002-TOP6,
6.000%, 10-15-36 (D)			320		113
Bear Stearns Commercial Mortgage Securities Trust       2004-PWR4,
5.468%, 6-11-41 (E)			1,500		1,515
BlackRock Capital Finance,
7.750%, 9-25-26 (D)			89		18
CarMax Auto Owner Trust 2007-3,
7.580%, 3-17-14			380		385
C-Bass 2006-CB2 Trust,
5.860%, 12-25-36			530		167
C-Bass 2006-MH1 Trust:
6.240%, 10-25-36 (D)(E)			93		92
6.250%, 10-25-36 (D)(E)			170		163
CD 2006-CD2 Mortgage Trust,
5.618%, 1-15-46 (B)(E)			710		518
Cendant Mortgage Corporation and Bishop's Gate       Residential Mortgage Trust,
6.250%, 6-25-32			78		48
Centex Home Equity Loan Trust 2005-C,
5.048%, 6-25-35 (E)			370		336
CHL Mortgage Pass-Through Trust 2004-J4,
5.250%, 5-25-34			632		367
Citibank Omni Master Trust Class 2009-A17,
4.900%, 11-15-18 (D)			1,160		1,155
CitiMortgage Alternative Loan Trust, Series 2007-A7:
6.234%, 7-25-37 (E)			42		––
6.250%, 7-25-37			386		62
COMM 2006-CNL2,
5.570%, 2-5-19 (D)(E)			95		57
CountryPlace Manufactured Housing Contract Trust 2005-1,
5.200%, 12-15-35 (B)(E)			300		165
CSFB Commercial Mortgage Trust 2003-C4,
5.322%, 8-15-36 (D)(E)			500		278
CWHEQ Home Equity Loan Trust, Series 2006-S3,
6.085%, 6-25-21 (E)			581		260
CWHEQ Home Equity Loan Trust, Series 2006-S6,
5.962%, 3-25-34 (E)			185		61
CWHEQ Home Equity Loan Trust, Series 2007-S2,
5.934%, 5-25-37 (E)			482		171
First Horizon Mortgage Pass-Through Trust 2003-8,
5.137%, 10-25-33 (E)			82		33
Flagstar Home Equity Loan Trust 2007-1,
5.997%, 1-25-35 (D)(E)			415		108
GE Capital Commercial Mortgage Corp. 2002-2,
6.039%, 8-11-36 (D)			965		904
Global Mortgage Securitization 2005-A Ltd. and Global       Mortgage Securitization 2005-A LLC:
5.250%, 4-25-32			159		114
5.409%, 4-25-32 (E)			235		128
Global Mortgage Securitization Ltd. and Global Mortgage       Securitization, LLC:
5.250%, 11-25-32 (B)			238		173
5.250%, 11-25-32 (B)			204		163
GMACM Home Equity Loan Trust 2006-HE3,
6.088%, 10-25-36 (E)			474		220
GMACM Home Equity Loan Trust 2007-HE1,
5.952%, 8-25-37 (E)			570		253
Harley-Davidson Motorcycle Trust 2009-4,
1.160%, 10-15-12			525		525
Hometown Commercial Capital, LLC Hometown       Commercial Mortgage Pass-Through Notes 2006-1,
5.506%, 11-11-38 (B)			428		192
Hometown Commercial Trust 2007-1, Commercial       Mortgage-Backed Notes, Series 2007-1,
6.057%, 6-11-39 (B)			451		144
J.P. Morgan Chase Commercial Mortgage Securities Corp.,       Commercial Mortgage Pass-Through Certificates,       Series 2005-LDP2,
4.625%, 3-15-46			561		561
J.P. Morgan Chase Commercial Mortgage Securities       Trust 2009-IWST, Commercial Mortgage       Pass-Through Certificates, Series 2009-IWST,
7.443%, 12-5-27 (D)(E)			1,500		1,448
J.P. Morgan Mortgage Acquisition Trust 2006-CW2,
6.337%, 8-25-36 (E)			590		337
LB-UBS Westfield Trust, Commercial Mortgage       Pass-Through Certificates, Series 2001-WM,
6.647%, 7-14-16 (D)			750		774
Morgan Stanley Capital I Trust 2004-TOP15,
5.030%, 6-13-41			1,000		1,015
Morgan Stanley Capital I Trust 2007-HQ12,
5.632%, 4-12-49 (E)			1,160		1,172
Multi Security Asset Trust LP, Commercial       Mortgage-Backed Securities Pass-Through       Certificates, Series 2005-RR4:
5.880%, 11-28-35 (B)(E)			155		10
5.880%, 11-28-35 (B)(E)			105		7
Multi Security Asset Trust LP, Commercial       Mortgage-Backed Securities Pass-Through       Certificates, Series 2005-RR4 (Interest Only),
1.150%, 11-28-35 (B)(E)(F)			1,932		35
National Collegiate Trust 1997-S2 (The),
7.240%, 9-20-14			72		24
Nomura Asset Securities Corporation, Commercial       Mortgage Pass-Through Certificates,       Series 1998-D6,
6.000%, 3-15-30 (D)			500		418
Origen Manufactured Housing Contract Trust 2004-B,
5.730%, 11-15-35 (E)			44		41
Origen Manufactured Housing Contract Trust 2005-A:
4.490%, 5-15-18			26		26
5.860%, 6-15-36 (E)			118		93
RALI Series 2003-QS10 Trust,
5.750%, 5-25-33			216		152
RASC Series 2003-KS10 Trust,
6.410%, 12-25-33			76		16
RESI Finance Limited Partnership 2003-C and       RESI Finance DE Corporation 2003-C,
1.631%, 9-10-35 (B)(E)			829		535
TIAA Seasoned Commercial Mortgage Trust 2007-C4,
5.669%, 8-15-39 (E)			1,113		1,151
TimberStar Trust I,
6.208%, 10-15-36 (D)			460		423
Wells Fargo Mortgage Backed Securities 2003-9 Trust,
5.250%, 8-25-33 (D)			233		107
					19,178
Other Non-Agency REMIC/CMO - 0.01%
Banco Hipotecario Nacional,
7.916%, 7-25-09 (B)			7		––	*
Mellon Residential Funding,
6.750%, 6-25-28			18		15
					15
Pharmaceuticals - 0.59%
Laboratory Corporation of America Holdings,
5.500%, 2-1-13			215		224
Pfizer Inc.,
2.204%, 3-15-11 (E)			500		511
Watson Pharmaceuticals, Inc.,
6.125%, 8-15-19			300		310
					1,045
Property & Casualty Insurance - 0.32%
Fund American Companies, Inc.,
5.875%, 5-15-13			560		559
REITs - 1.47%
DEXUS Property Group,
7.125%, 10-15-14 (B)			720		740
Healthcare Realty Trust Incorporated,
6.500%, 1-17-17			570		565
Nationwide Health Properties, Inc.,
6.250%, 2-1-13			600		611
Westfield Group,
7.500%, 6-2-14 (D)			600		675
					2,591
Retail Propane Distributors - 0.30%
Ferrellgas, L.P. and Ferrellgas Finance Corp.,
9.125%, 10-1-17 (D)			500		529
Retail REITs - 0.35%
Simon Property Group, L.P.,
6.750%, 5-15-14			575		613
Securities - 0.71%
Jefferies Group, Inc.:
6.450%, 6-8-27			1,090		929
6.250%, 1-15-36			400		319
					1,248
Service - Other - 0.59%
CA, Inc.,
5.375%, 12-1-19			505		508
ERAC USA Finance Company,
5.900%, 11-15-15 (B)			265		274
WMG Acquisition Corp.,
9.500%, 6-15-16 (D)			250		268
					1,050
Specialized REITs - 0.36%
Healthcare Realty Trust Incorporated,
5.125%, 4-1-14			660		637
Steel - 0.49%
Allegheny Technologies Incorporated,
9.375%, 6-1-19			750		863
Telecommunications - 0.85%
Verizon Wireless Capital LLC,
5.550%, 2-1-14			1,375		1,492
Tobacco - 1.44%
Altria Group, Inc.,
10.200%, 2-6-39			1,200		1,601
Reynolds American Inc.:
7.250%, 6-1-12			320		352
7.625%, 6-1-16			380		414
6.750%, 6-15-17			170		176
					2,543
TOTAL CORPORATE DEBT SECURITIES - 48.10%				$	84,986
(Cost: $87,754)
UNITED STATES GOVERNMENT AGENCY       OBLIGATIONS
Agency Obligations - 3.28%
Federal Home Loan Mortgage Corporation,
3.750%, 6-28-13			420		443
Federal National Mortgage Association:
4.750%, 12-15-10			750		780
0.875%, 1-12-12			4,600		4,564
					5,787
Mortgage-Backed Obligations - 32.15%
Federal Home Loan Mortgage Corporation Fixed Rate       Participation Certificates:
6.500%, 9-1-32			147		161
6.000%, 11-1-33			299		320
5.500%, 5-1-34			139		149
5.500%, 5-1-34			85		91
5.500%, 6-1-34			1,007		1,059
5.000%, 9-1-34			27		28
5.500%, 9-1-34			82		86
5.500%, 10-1-34			254		270
5.500%, 1-1-35 TBA			2,995		3,136
5.500%, 7-1-35			283		298
5.500%, 7-1-35			150		157
5.500%, 10-1-35			408		432
5.000%, 11-1-35			2,664		2,737
5.000%, 12-1-35 TBA			1,150		1,179
6.000%, 1-1-36 TBA			3,000		3,180
7.000%, 12-1-37			427		466
4.500%, 1-1-38 TBA			340		339
Federal Home Loan Mortgage Corporation Structured       Pass-Through Certificates, Series K-004,
3.413%, 5-25-19			397		395
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
5.500%, 1-1-17			90		95
6.000%, 9-1-17			60		65
5.500%, 3-1-18			63		67
5.000%, 6-1-18			236		249
5.000%, 7-1-18			87		92
4.500%, 1-1-20 TBA			2,500		2,571
5.000%, 1-1-20 TBA			500		523
7.500%, 5-1-31			73		82
7.000%, 9-1-31			29		32
7.000%, 11-1-31			57		64
6.500%, 12-1-31			32		35
7.000%, 2-1-32			50		55
7.000%, 3-1-32			61		68
6.500%, 4-1-32			16		17
6.500%, 5-1-32			16		18
6.500%, 7-1-32			46		50
6.500%, 8-1-32			39		42
6.500%, 8-1-32			37		40
6.500%, 9-1-32			67		73
6.500%, 9-1-32			26		28
6.000%, 10-1-32			88		95
6.500%, 10-1-32			77		84
6.000%, 11-1-32			82		88
6.000%, 3-1-33			70		76
5.500%, 4-1-33			114		121
6.000%, 4-1-33			127		136
5.500%, 5-1-33			88		94
6.000%, 10-1-33			131		140
5.500%, 1-1-34			78		82
5.500%, 1-1-34			77		81
6.000%, 1-1-34 TBA			9,085		9,622
6.000%, 1-1-34			304		325
5.500%, 3-1-34			119		127
5.500%, 3-1-34			47		49
5.500%, 4-1-34			126		134
5.500%, 4-1-34			34		36
5.000%, 5-1-34			51		52
5.500%, 5-1-34			97		102
5.500%, 11-1-34			1,176		1,236
6.000%, 11-1-34			402		428
5.000%, 12-1-34			2,907		2,996
4.500%, 1-1-35 TBA			1,000		998
5.500%, 1-1-35 TBA			1,515		1,586
5.500%, 1-1-35			461		485
5.500%, 2-1-35			136		143
5.500%, 4-1-35			878		923
5.000%, 7-1-35			156		160
5.000%, 7-1-35			82		84
5.000%, 7-1-35			70		72
5.000%, 7-1-35			36		37
5.500%, 8-1-35			80		84
5.500%, 10-1-35			694		737
5.500%, 11-1-35			885		929
5.000%, 2-1-36			465		478
5.500%, 9-1-36			491		516
5.000%, 1-1-37 TBA			1,500		1,539
6.500%, 1-1-37 TBA			185		198
6.000%, 7-1-37			291		309
6.000%, 9-1-37			509		540
5.500%, 3-1-38			848		890
5.000%, 4-1-38			930		955
5.500%, 5-1-38			1,241		1,300
6.000%, 7-1-38			941		997
6.000%, 12-1-38			962		1,021
Government National Mortgage Association Agency       REMIC/CMO,
4.408%, 1-16-25			500		517
Government National Mortgage Association Agency       REMIC/CMO (Interest Only), (F)
0.862%, 6-17-45 (E)			4,304		155
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
5.000%, 1-1-35 TBA			2,000		2,057
5.500%, 1-1-35 TBA			1,635		1,713
5.500%, 7-15-38			809		848
5.500%, 10-15-38			626		657
4.500%, 1-1-39 TBA			500		500
5.500%, 2-15-39			503		528
					56,809
TOTAL UNITED STATES GOVERNMENT AGENCY       OBLIGATIONS - 35.43%				$	62,596
(Cost: $61,990)
UNITED STATES GOVERNMENT OBLIGATIONS
Treasury Inflation Protected Obligations - 0.77%
United States Treasury Notes,
1.875%, 7-15-13 (G)			1,295		1,364
Treasury Obligations - 11.98%
United States Treasury Bonds:
5.375%, 2-15-31 (H)			1,775		1,961
4.500%, 8-15-39			6,855		6,700
United States Treasury Notes:
1.000%, 12-31-11			1,040		1,037
1.375%, 3-15-12			180		180
2.625%, 12-31-14			7,305		7,284
3.375%, 11-15-19			4,155		3,997
					21,159
TOTAL UNITED STATES GOVERNMENT       OBLIGATIONS - 12.75%				$	22,523
(Cost: $22,776)
SHORT-TERM SECURITIES
Commercial Paper (I) - 17.54%
Citigroup Funding Inc.,
0.160%, 1-25-10			7,000		6,999
COFCO Capital Corp. (Rabobank Nederland),
0.300%, 1-7-10			7,000		7,000
CVS Caremark Corporation,
0.230%, 1-13-10			7,000		6,999
Straight-A Funding, LLC (Federal Financing Bank),
0.120%, 1-5-10			6,000		6,000
Toyota Motor Credit Corporation,
0.130%, 2-16-10			4,000		3,999
					30,997
Master Note - 0.54%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (J)			957		957
Municipal Obligations - 1.70%
Wisconsin Health and Educational Facilities Authority,       Revenue Bonds, Series 2008-A (U.S. Bank N.A.),
0.250%, 1-5-10			3,000		3,000
TOTAL SHORT-TERM SECURITIES - 19.78%				$	34,954
(Cost: $34,954)
TOTAL INVESTMENT SECURITIES - 116.22%				$	205,337
(Cost: $207,789)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (16.22%)					(28,655	)
NET ASSETS - 100.00%				$	176,682

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Preferred Stocks	$	––	$	278	$	––
Corporate Debt Securities		––		80,059		4,927
United States Government Agency Obligations		––		62,596		––
United States Government Obligations		––		22,523		––
Short-Term Securities		––		34,954		––
Total Investments in Securities	$	––	$	200,410	$	4,927
Futures Contracts	$	362	$	––	$	––
Liabilities
Futures Contracts	$	145	$	––	$	––

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Corporate Debt Securities
Beginning Balance 4-1-09		$	792
Net realized gain (loss)			63
Net unrealized appreciation (depreciation)			471
Net purchases (sales)			2,153
Transfers in and/or (out) of Level 3 during the period			1,448
Ending Balance 12-31-09		$	4,927
Net change in unrealized appreciation (depreciation)       for all Level 3 investments still held as of 12-31-09		$	471

*Not shown due to rounding.

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

(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $7,098 or 4.02% of net assets.

(C)Security is fully guaranteed by the Federal Deposit Insurance Corporation for both interest and principal under the Debt Guarantee Program of the Temporary Liquidity Guarantee Program. The guarantee expires at the earlier of the security's maturity date or December 31, 2012.

(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $11,904 or 6.74% of net assets.

(E)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.

(F)Amount shown in principal column represents notional amount for computation of interest.

(G)The interest rate for this security is a stated rate, but the interest payments are determined by multiplying the inflation-adjusted principal by one half of the stated rate for each semiannual interest payment date.

(H)Securities serve as collateral for the following open futures contracts at December 31, 2009:

Description	Type	Expiration Date	Number of Contracts	Market Value		Unrealized Appreciation (Depreciation)
U.S. 30 Year Treasury Bond	Short	3-22-10	––*		$(7,383	)	$315
U.S. 10 Year Treasury Note	Long	3-22-10	––*		5,657		(145	)
U.S. 5 Year Treasury Note	Short	3-31-10	––*		(2,860	)	47
					$(4,586	)	$217

(I)Rate shown is the yield to maturity at December 31, 2009.

(J)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

Securities with an aggregate market value of $24, representing 0.01% of net assets, have been valued in good faith by the Valuation Committee subject to the supervision of the Board of Trustees.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

REIT = Real Estate Investment Trust

REMIC = Real Estate Mortgage Investment Conduit

TBA = To Be Announced

SCHEDULE OF INVESTMENTS

Ivy Cundill Global Value Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS		Shares		Value
Canada - 4.89%
Fairfax Financial Holdings Limited (A)			42	$	16,630
Finland - 1.98%
Nokia OYJ (A)			520		6,724
Germany - 7.32%
Deutsche Telekom AG, Registered Shares (A)			660		9,724
Munchener Ruckversicherungs-Gesellschaft       Aktiengesellschaft, Registered Shares (A)			97		15,167
					24,891
Hong Kong - 3.70%
First Pacific Company Limited (A)	20,691				12,575
Italy - 13.88%
EXOR S.p.A. (A)			587		11,434
Italmobiliare S.p.A., Non-Convertible Savings Shares (A)			197		6,261
Mediaset S.p.A. (A)			1,826		15,015
Parmalat SpA (A)			5,178		14,475
					47,185
Japan - 13.25%
Daiwa Securities Group Inc. (A)			597		3,004
FamilyMart Co., Ltd. (A)			323		9,535
Kirin Brewery Company, Limited (A)			669		10,729
NIPPONKOA Insurance Company, Limited (A)			799		4,549
Sega Sammy Holdings Inc. (A)			962		11,508
Sekisui House, Ltd. (A)			630		5,719
					45,044
South Korea - 3.48%
SK Telecom Co., Ltd. (A)			67		9,714
SK Telecom Co., Ltd., ADR			131		2,128
					11,842
Spain - 1.10%
Corporacion Financiera Alba, S.A. (A)			71		3,730
Thailand - 0.05%
Thai Beverage Public Company Limited (A)			901		157
United Kingdom - 1.49%
Willis Group Holdings Limited			192		5,057
United States - 39.12%
Dell Inc. (B)			983		14,110
DIRECTV Group, Inc. (The) (B)			455		15,187
FedEx Corporation			205		17,066
Louisiana-Pacific Corporation (B)			1,000		6,980
Microsoft Corporation			570		17,367
Montpelier Re Holdings Ltd.			695		12,034
Pfizer Inc.			791		14,386
StanCorp Financial Group, Inc.			225		9,005
U.S. Bancorp			507		11,415
Viacom Inc., Class B (B)			518		15,388
					132,938
TOTAL COMMON STOCKS - 90.26%				$	306,773
(Cost: $270,045)
PREFERRED STOCKS - 4.67%
South Korea
Samsung Electronics Co., Ltd. (A)			35	$	15,887
(Cost: $15,019)
WARRANTS - 0.85%
United States
JPMorgan Chase & Co., Warrants (B)			216	$	2,883
(Cost: $2,593)
TOTAL INVESTMENT SECURITIES - 95.78%				$	325,543
(Cost: $287,657)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 4.22%					14,354
NET ASSETS - 100.00%				$	339,897

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks		$156,753		$150,020		$   ––
Preferred Stocks		––		15,887		––
Warrants		2,883		––		––
Total Investments in Securities		$159,636		$165,907		$   ––
Forward Foreign Currency Contracts		$   ––		$    3,092		$   ––

The following forward foreign currency contracts were outstanding at December 31, 2009:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
Sell	Euro	Scotia Capital Inc. (USA)		3,731	1-29-10		$	225		$	––
Sell	Euro	State Street Global Markets		3,741	2-5-10			206			––
Sell	Euro	Scotia Capital Inc. (USA)		24,578	5-7-10			993			––
Sell	Euro	State Street Global Markets		18,533	5-14-10			432			––
Sell	Japanese    Yen	Royal Bank of Canada		2,090,246	2-24-10			591			––
Sell	Japanese    Yen	Toronto-Dominion    Bank (The)		1,469,753	3-17-10			454			––
Sell	South    Korean    Won	Toronto-Dominion    Bank (The)		15,477,422	4-23-10			122			––
Sell	South    Korean    Won	Royal Bank of Canada		11,854,077	4-30-10			69			––
							$	3,092		$	––

(A)Listed on an exchange outside the United States.

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

Securities with an aggregate market value of $165,908, representing 48.81% of net assets, have been valued in good faith by the Valuation Committee subject to the supervision of the Board of Trustees.

The following acronym is used throughout this schedule:
ADR = American Depositary Receipt

SCHEDULE OF INVESTMENTS

Ivy Dividend Opportunities Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS			Shares	Value
Apparel, Accessories & Luxury Goods - 0.72%
V.F. Corporation			25	$	1,849
Asset Management & Custody Banks - 1.34%
T. Rowe Price Group, Inc.			64		3,432
Brewers - 1.62%
Molson Coors Brewing Company, Class B			91		4,128
Communications Equipment - 2.16%
QUALCOMM Incorporated			119		5,517
Computer Hardware - 2.15%
Hewlett-Packard Company			107		5,488
Construction & Engineering - 1.89%
Fluor Corporation			107		4,815
Construction & Farm Machinery & Heavy Trucks - 2.80%
Deere & Company			132		7,164
Consumer Finance - 2.58%
Capital One Financial Corporation			172		6,577
Data Processing & Outsourced Services - 1.42%
Visa Inc., Class A			42		3,638
Department Stores - 2.17%
Macy's Inc.			330		5,532
Distillers & Vintners - 1.12%
Diageo plc, ADR			41		2,863
Diversified Banks - 0.95%
Barclays PLC, ADR			51		894
Wells Fargo & Company			57		1,537
					2,431
Diversified Capital Markets - 0.40%
UBS AG			67		1,031
Diversified Chemicals - 1.96%
Dow Chemical Company (The)			47		1,290
PPG Industries, Inc.			64		3,726
					5,016
Diversified Metals & Mining - 1.86%
Rio Tinto plc, ADR			22		4,760
Electrical Components & Equipment - 1.84%
Emerson Electric Co.			110		4,697
Fertilizers & Agricultural Chemicals - 1.88%
Monsanto Company			59		4,807
Health Care Equipment - 2.83%
Baxter International Inc.			17		1,000
Medtronic, Inc.			101		4,420
Stryker Corporation			36		1,816
					7,236
Home Improvement Retail - 0.95%
Lowe's Companies, Inc.			103		2,419
Homebuilding - 0.83%
D.R. Horton, Inc.			195		2,122
Hotels, Resorts & Cruise Lines - 0.96%
Starwood Hotels & Resorts Worldwide, Inc.			67		2,445
Household Products - 4.20%
Colgate-Palmolive Company			100		8,199
Procter & Gamble Company (The)			42		2,531
					10,730
Industrial Gases - 2.92%
Air Products and Chemicals, Inc.			61		4,982
Praxair, Inc.			31		2,449
					7,431
Industrial Machinery - 1.95%
Illinois Tool Works Inc.			104		4,969
Integrated Oil & Gas - 4.19%
BP p.l.c., ADR			47		2,725
Exxon Mobil Corporation			117		7,982
					10,707
Integrated Telecommunication Services - 1.66%
AT&T Inc.			151		4,238
Multi-Utilities - 1.09%
Dominion Resources, Inc.			72		2,794
Oil & Gas Equipment & Services - 10.92%
Halliburton Company			289		8,691
National Oilwell Varco, Inc.			90		3,953
Schlumberger Limited			149		9,667
Smith International, Inc.			120		3,260
Weatherford International Ltd. (A)			129		2,316
					27,887
Oil & Gas Exploration & Production - 3.55%
Apache Corporation			52		5,344
XTO Energy Inc.			80		3,734
					9,078
Other Diversified Financial Services - 4.24%
Bank of America Corporation			272		4,098
JPMorgan Chase & Co.			162		6,730
					10,828
Pharmaceuticals - 2.14%
Abbott Laboratories			101		5,453
Property & Casualty Insurance - 2.67%
ACE Limited			72		3,618
Travelers Companies, Inc. (The)			64		3,194
					6,812
Railroads - 4.06%
Burlington Northern Santa Fe Corporation			37		3,654
Union Pacific Corporation			105		6,732
					10,386
Restaurants - 1.67%
McDonald's Corporation			68		4,265
Semiconductors - 3.81%
Microchip Technology Incorporated			334		9,703
Soft Drinks - 1.86%
Coca-Cola Company (The)			83		4,754
Specialized Finance - 1.54%
CME Group Inc.			12		3,931
Steel - 1.08%
Nucor Corporation			59		2,750
Systems Software - 2.09%
Microsoft Corporation			175		5,348
Tobacco - 7.02%
Altria Group, Inc.			115		2,265
Lorillard, Inc.			101		8,063
Philip Morris International Inc.			158		7,600
					17,928
TOTAL COMMON STOCKS - 97.09%				$	247,959
(Cost: $215,752)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) - 1.18%
Straight-A Funding, LLC (Federal Financing Bank),
0.120%, 1-5-10		$	3,000		3,000
Master Note - 1.72%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (C)			4,401		4,401
TOTAL SHORT-TERM SECURITIES - 2.90%				$	7,401
(Cost: $7,401)
TOTAL INVESTMENT SECURITIES - 99.99%				$	255,360
(Cost: $223,153)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.01%					26
NET ASSETS - 100.00%				$	255,386

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	247,959	$	––		$   ––
Short-Term Securities		––		7,401		––
Total Investments in Securities	$	247,959	$	7,401		$   ––

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

(B)Rate shown is the yield to maturity at December 31, 2009.

(C)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipt

SCHEDULE OF INVESTMENTS

Ivy European Opportunities Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS			Shares	Value
Cayman Islands - 1.71%
Subsea 7 Inc. (A)(B)			272	$	4,498
Cyprus - 0.59%
Prosafe Production (A)(B)			727		1,557
France - 12.32%
ALSTOM (B)			67		4,672
AXA S.A. (B)			100		2,348
BNP Paribas (B)			62		4,903
Sanofi-Aventis (B)			100		7,864
Societe Generale (B)			50		3,474
TOTAL S.A. (B)			80		5,138
VINCI (B)			70		3,939
					32,338
Germany - 12.31%
adidas AG (B)			50		2,720
Bayer Aktiengesellschaft (B)			95		7,594
DaimlerChrysler AG, Registered Shares (B)			50		2,659
Deutsche Boerse AG (B)			50		4,127
E.ON AG (B)			50		2,090
GEA Group Aktiengesellschaft, Bochum (B)			100		2,225
HeidelbergCement AG (B)(C)			23		1,602
HeidelbergCement AG (B)			30		2,054
Siemens AG (B)			32		2,913
Wacker Chemie AG (B)			25		4,333
					32,317
Greece - 2.14%
Coca-Cola Hellenic Bottling Company S.A. (B)			111		2,530
National Bank of Greece S.A. (B)			120		3,083
					5,613
Ireland - 3.77%
CRH plc (B)			139		3,780
Grafton Group plc, Units (A)(B)			873		3,641
Paddy Power plc (B)			70		2,474
					9,895
Italy - 2.96%
AZIMUT HOLDING S.P.A. (B)			100		1,337
Saipem S.p.A. (B)			150		5,177
TREVI-Finanziaria Industriale S.p.A. (B)			80		1,266
					7,780
Luxembourg - 3.32%
ARCELORMITTAL (B)			99		4,539
SES GLOBAL S.A., Fiduciary Deposit Receipts (B)			186		4,183
					8,722
Netherlands - 3.81%
ASML Holding N.V., Ordinary Shares (B)			164		5,610
Koninklijke KPN N.V. (B)			258		4,382
					9,992
Norway - 3.02%
StatoilHydro ASA (B)			318		7,922
Portugal - 0.79%
Galp Energia, SGPS, S.A., Class B (B)			120		2,073
Spain - 4.14%
Banco Santander Central Hispano, S.A. (B)			150		2,479
Industria de Diseno Textil, S.A. (B)			50		3,123
Telefonica, S.A. (B)			188		5,264
					10,866
Switzerland - 17.83%
ABB Ltd (B)			70		1,349
ARYZTA AG (B)			76		2,826
Credit Suisse Group, Registered Shares (B)			100		4,954
Nestle S.A., Registered Shares (B)			120		5,824
Novartis AG, Registered Shares (B)			113		6,192
Roche Holdings AG, Genusscheine (B)			40		6,840
Sonova Holding AG (B)			15		1,823
Synthes, Inc. (B)			23		2,950
Tecan Group Ltd., Registered Shares (B)			25		1,878
TEMENOS Group AG (A)(B)			140		3,608
UBS AG (B)			200		3,114
Zurich Financial Services, Registered Shares (B)			25		5,466
					46,824
United Kingdom - 28.29%
Ashtead Group plc (B)			1,317		1,726
Aurora Russia Limited (A)(B)			1,557		919
Barclays PLC (B)			702		3,095
BG Group plc (B)			100		1,806
BP p.l.c. (B)			269		2,597
British Sky Broadcasting Group plc (B)			424		3,829
Capita Group Plc (The) (B)			70		846
GlaxoSmithKline plc (B)			200		4,241
HSBC Holdings plc (B)			700		7,987
Imperial Tobacco Group PLC (B)			249		7,847
MAXjet Airways, Inc. (A)(B)			150		––	*
MAXjet Airways, Inc. (A)(B)(D)			1,129		––	*
Prudential plc (B)			400		4,094
Reckitt Benckiser Group plc (B)			100		5,413
Rio Tinto plc (B)			75		4,050
tesco plc (B)			981		6,766
Vodafone Group Plc (B)			4,775		11,057
Xstrata plc (B)			450		8,027
					74,300
TOTAL COMMON STOCKS - 97.00%				$	254,697
(Cost: $228,332)
SHORT-TERM SECURITIES	Principal
Commercial Paper (E) - 2.42%
Abbott Laboratories,
0.010%, 1-4-10		$	6,365		6,365
Master Note - 0.40%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (F)			1,043		1,043
TOTAL SHORT-TERM SECURITIES - 2.82%				$	7,408
(Cost: $7,408)
TOTAL INVESTMENT SECURITIES - 99.82%				$	262,105
(Cost: $235,740)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.18%					476
NET ASSETS - 100.00%				$	262,581

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	––	$	254,697	$	––
Short-Term Securities		––		7,408		––
Total Investments in Securities	$	––	$	262,105	$	––
Liabilities
Forward Foreign Currency Contracts	$	––	$	203	$	––

The following forward foreign currency contracts were outstanding at December 31, 2009:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
Buy	British Pound	Citibank, N.A.	1,500	2-12-10		$  ––		$	90
Buy	Euro	Citibank, N.A.	1,700	2-12-10		––			113
						$  ––		$	203

*Not shown due to rounding.

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

(B)Listed on an exchange outside the United States.

(C)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $1,602 or 0.61% of net assets.

(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $––* or 0.00% of net assets.

(E)Rate shown is the yield to maturity at December 31, 2009.

(F)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

Securities with an aggregate market value of $254,687, representing 96.99% of net assets, have been valued in good faith by the Valuation Committee subject to the supervision of the Board of Trustees.

SCHEDULE OF INVESTMENTS

Ivy Global Bond Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

CORPORATE DEBT SECURITIES		Principal		Value
Aerospace & Defense - 0.39%
BAE Systems Holdings Inc.,
4.750%, 8-15-10 (A)			$500	$	508
Agricultural Products - 0.44%
Bunge Limited Finance Corp.:
7.800%, 10-15-12			250		273
5.350%, 4-15-14			300		307
					580
Agriculture - 0.75%
Ciliandra Perkasa Finance Company Pte. Ltd.,
10.750%, 12-8-11			500		513
COSAN FINANCE LIMITED,
7.000%, 2-1-17			128		124
Cosan S.A. Industria e Comercio,
8.250%, 11-15-19			175		156
IOI Resources (L) Berhad, Convertible,
0.000%, 1-15-13 (B)			200		200
					993
Air Freight & Logistics - 0.43%
FedEx Corporation,
7.375%, 1-15-14			500		567
Banking - 2.27%
Banco BMG S.A.:
8.750%, 7-1-10			183		187
9.150%, 1-15-16			990		1,019
Banco Cruzeiro do Sul S.A.,
7.375%, 4-30-10			500		503
Bank of Tokyo-Mitsubishi, Ltd. (The),
8.400%, 4-15-10			500		508
SB Capital S.A.,
5.930%, 11-14-11			500		521
VTB Capital S.A.,
6.609%, 10-31-12			250		255
					2,993
Beverage / Bottling - 1.73%
AmBev International Finance Co. Ltd.,
9.500%, 7-24-17 (C)	BRL450				255
Anheuser-Busch InBev Worldwide Inc.,
3.000%, 10-15-12 (A)			$750		754
Miller Brewing Company,
5.500%, 8-15-13			500		532
Molson Coors Capital Finance,
4.850%, 9-22-10			500		515
PepsiAmericas, Inc.,
5.750%, 7-31-12			200		217
					2,273
Building Products - 0.43%
Desarrolladora Homex, S.A. de C.V.,
7.500%, 9-28-15			600		570
Cable / Media - 0.12%
Grupo Televisa, S.A.,
8.000%, 9-13-11			150		163
Coal & Consumable Fuels - 0.77%
Peabody Energy Corporation,
6.875%, 3-15-13			1,000		1,011
Communications Equipment - 1.02%
Reliance Communications Limited, Convertible,
0.000%, 3-1-12 (B)			1,300		1,332
Conglomerate / Diversified Mfg - 0.79%
Bombardier Inc.,
6.750%, 5-1-12			750		774
Ingersoll-Rand Global Holding Company Limited,
6.000%, 8-15-13			250		270
					1,044
Construction Business - 0.79%
Odebrecht Finance Ltd.:
7.500%, 10-18-17			500		519
7.500%, 10-18-17 (A)			500		519
					1,038
Consumer Products - 1.37%
Clorox Company (The),
5.450%, 10-15-12			700		753
Xinyu Hengdeli Holdings Limited,
0.000%, 8-24-12 (B)(C)	CNY7,000				1,050
					1,803
Distillers & Vintners - 0.22%
Diageo Capital plc,
7.375%, 1-15-14			$250		289
Diversified Banks - 0.78%
ICICI Bank Limited:
5.750%, 1-12-12 (D)			500		516
5.750%, 1-12-12			250		256
6.625%, 10-3-12			250		262
					1,034
Diversified Chemicals - 0.86%
Dow Chemical Company (The),
7.600%, 5-15-14			1,000		1,138
Diversified Telecom - 0.20%
Telefonica de Argentina S.A.,
9.125%, 11-7-10			250		261
Electric - 8.02%
Abu Dhabi National Energy Company PJSC,
5.620%, 10-25-12			1,000		1,018
Allegheny Energy, Inc.,
8.250%, 4-15-12 (D)			1,000		1,094
Aquila, Inc.,
11.875%, 7-1-12 (E)			500		579
DPL Inc.,
6.875%, 9-1-11			500		534
EDP Finance B.V.,
5.375%, 11-2-12			500		538
ENEL Finance International S.A.,
3.875%, 10-7-14 (A)			500		506
FirstEnergy Corp.,
6.450%, 11-15-11			275		295
HQI Transelec Chile S.A.,
7.875%, 4-15-11			112		116
Monongahela Power Company,
7.950%, 12-15-13 (A)			1,000		1,099
NorthWestern Corporation,
5.875%, 11-1-14			500		519
Oncor Electric Delivery Company,
6.375%, 5-1-12			1,000		1,080
PPL Energy Supply, LLC:
6.400%, 11-1-11			500		537
6.300%, 7-15-13			500		538
Southern Power Company,
6.250%, 7-15-12			500		545
TransAlta Corporation,
5.750%, 12-15-13			1,000		1,054
UtiliCorp United Inc.,
7.950%, 2-1-11			500		523
					10,575
Electronics - 0.38%
STATS ChipPAC Ltd.,
7.500%, 7-19-10			500		506
Energy - 0.99%
China Petroleum & Chemical Corporation, Convertible,
0.000%, 4-24-14 (B)(C)	HKD800				114
CITIC Resources Holdings Limited,
6.750%, 5-15-14			$400		390
Subsea 7 Inc., Convertible,
0.000%, 6-29-17 (B)			800		798
					1,302
Environmental & Facilities Services - 0.78%
Allied Waste Industries, Inc.,
6.500%, 11-15-10			250		260
Allied Waste North America, Inc.,
6.125%, 2-15-14			750		763
					1,023
Finance Companies - 2.29%
C5 Capital (SPV) Limited,
6.196%, 12-31-49 (E)			250		171
Central European Distribution Corporation,
9.125%, 12-1-16 (D)			2,000		2,061
Diageo Finance B.V.,
5.500%, 4-1-13			250		269
ISA Capital do Brasil S.A.,
7.875%, 1-30-12			500		521
					3,022
Food Processors - 1.61%
Cadbury Schweppes US Finance LLC,
5.125%, 10-1-13			1,000		1,040
Cargill, Inc.,
6.375%, 6-1-12 (D)			1,000		1,089
					2,129
Forest Products - 0.62%
Sino-Forest Corporation,
10.250%, 7-28-14 (D)			750		818
Gas - Local Distribution - 2.45%
AGL Capital Corporation,
7.125%, 1-14-11			1,000		1,055
DCP Midstream, LLC,
9.700%, 12-1-13 (D)			500		590
Duke Energy Field Services, LLC,
7.875%, 8-16-10			500		520
National Fuel Gas Company,
6.700%, 11-21-11			1,000		1,070
					3,235
Gas Pipe Lines - 3.41%
KeySpan Corporation,
7.625%, 11-15-10			1,000		1,054
Maritimes & Northeast Pipeline, L.L.C.:
7.500%, 5-31-14			981		1,074
7.500%, 5-31-14 (D)			490		537
Plains All American Pipeline, L.P., PAA Finance Corp.,
7.750%, 10-15-12			1,000		1,124
Transneft,
6.103%, 6-27-12			500		519
Transportadora de Gas del Sur S.A.,
7.875%, 5-14-17			227		201
					4,509
Health Care Facilities - 0.80%
HCA Inc.:
6.750%, 7-15-13			300		296
9.125%, 11-15-14			225		237
HealthSouth Corporation,
10.750%, 6-15-16			475		516
					1,049
Health Care Facilities / Supplies - 0.21%
DASA Finance Corporation,
8.750%, 5-29-18			270		280
Hotels, Resorts & Cruise Lines - 0.20%
Royal Caribbean Cruises Ltd.,
8.750%, 2-2-11			250		262
Industrial - Other - 0.41%
CCL Finance Limited,
9.500%, 8-15-14 (D)			500		538
Integrated Oil & Gas - 0.29%
Gazstream S.A.,
5.625%, 7-22-13			370		376
Metals / Mining - 5.04%
ALROSA Finance S.A.,
8.875%, 11-17-14			500		514
Anglo American plc,
9.375%, 4-8-14			500		600
Indo Integrated Energy B.V.,
8.500%, 6-1-12			500		505
PT Adaro Indonesia,
7.625%, 10-22-19			500		494
Raspadskaya Securities Limited,
7.500%, 5-22-12			1,000		1,009
Rio Tinto Finance (USA) Limited,
8.950%, 5-1-14			750		899
Teck Cominco Limited,
7.000%, 9-15-12			500		528
Teck Resources Limited,
9.750%, 5-15-14			500		577
Vedanta Resources plc,
6.625%, 2-22-10			450		451
Xstrata plc,
8.375%, 2-15-11			1,000		1,072
					6,649
Multi-Utilities - 0.79%
Black Hills Corporation,
6.500%, 5-15-13			1,000		1,046
Office Electronics - 0.39%
Xerox Corporation:
7.125%, 6-15-10			250		256
5.500%, 5-15-12			250		264
					520
Oil & Gas - 3.26%
Cenovus Energy Inc.,
4.500%, 9-15-14 (D)			500		516
Empresa Nacional del Petroleo,
6.750%, 11-15-12 (A)			750		813
Petro-Canada,
4.000%, 7-15-13			500		516
Petroleum Geo-Services ASA, Convertible,
2.700%, 12-3-12			1,000		846
Ras Laffan Liquefied Natural Gas Co. Ltd.,
5.832%, 9-30-16			1,000		1,047
Sunoco Logistics Partners Operations L.P.,
8.750%, 2-15-14			500		556
					4,294
Oil & Gas Drilling - 0.30%
Seadrill Ltd., Convertible,
3.625%, 11-8-12			400		398
Oil & Gas Equipment & Services - 0.44%
Smith International, Inc.,
8.625%, 3-15-14			500		578
Oil & Gas Exploration & Production - 0.41%
Anadarko Petroleum Corporation,
5.750%, 6-15-14			500		542
Oil & Gas Storage & Transportation - 1.60%
Energy Transfer Partners, L.P.,
5.650%, 8-1-12			1,000		1,063
Northern Border Partners, L.P.,
8.875%, 6-15-10			500		517
ONEOK Partners, L.P.,
5.900%, 4-1-12			500		530
					2,110
Oilfield Machinery & Service - 1.58%
Frontier Oil Corporation,
6.625%, 10-1-11			492		495
Pride International, Inc.,
7.375%, 7-15-14			500		516
Weatherford International, Inc.,
5.950%, 6-15-12			1,000		1,071
					2,082
Packaged Foods & Meats - 0.20%
Kraft Foods Inc.,
6.000%, 2-11-13			250		268
Paper / Forest Products - 3.07%
Celulosa Arauco y Constitucion S.A.:
8.625%, 8-15-10			500		524
7.750%, 9-13-11			500		542
Fibria Overseas Finance Ltd.,
9.250%, 10-30-19 (A)			1,000		1,123
International Paper Company,
7.400%, 6-15-14			400		446
Stora Enso Oyj,
7.375%, 5-15-11			275		281
Weyerhaeuser Company,
6.750%, 3-15-12			1,074		1,137
					4,053
Pharmaceuticals - 0.40%
Novartis Capital Corporation,
4.125%, 2-10-14			500		526
Publishing - 0.28%
Pearson Dollar Finance Two plc,
5.500%, 5-6-13			350		367
Railroads - 1.81%
Burlington Northern Santa Fe Corporation,
5.900%, 7-1-12			300		325
TFM, S.A. de C.V.,
9.375%, 5-1-12			2,000		2,075
					2,400
Restaurants - 0.56%
Arcos Dorados B.V.,
7.500%, 10-1-19 (D)			750		743
Retail Stores - Other - 0.77%
Parkson Retail Group Limited,
7.125%, 5-30-12			1,000		1,017
Service - Other - 0.79%
Waste Management, Inc.,
7.375%, 8-1-10			1,000		1,036
Steel - 0.45%
ArcelorMittal,
9.000%, 2-15-15			500		591
Telecommunications - 0.50%
Global Village Telecom,
12.000%, 6-30-11			650		666
Tobacco - 0.44%
B.A.T. International Finance p.l.c,
8.125%, 11-15-13			500		578
Trading Companies & Distributors - 0.68%
Noble Group Limited,
8.500%, 5-30-13			800		894
Transportation - 0.36%
PB Issuer Limited, Convertible,
3.300%, 2-1-13			500		480
Transportation - Other - 0.10%
Ultrapetrol (Bahamas) Limited,
9.000%, 11-24-14			150		138
Utilities - 2.24%
CESP - Companhia Energetica de Sao Paulo:
10.000%, 3-2-11			350		378
9.750%, 1-15-15 (C)	BRL1,000				673
Compania de Transporte de Energia Electrica       en Alta Tension TRANSENER S.A.,
8.875%, 12-15-16			$400		326
NiSource Finance Corp.,
7.875%, 11-15-10			1,250		1,311
Veolia Environment,
5.250%, 6-3-13			250		264
					2,952
Wireless Telecommunication Service - 1.11%
America Movil, S.A. de C.V.,
5.500%, 3-1-14			500		532
Mobile TeleSystems Finance S.A.,
8.375%, 10-14-10			200		207
Mobile TeleSystems OJSC,
8.700%, 6-12-18 (C)(E)	RUB6,000				197
Open Joint Stock Company "Vimpel-Communications",
8.375%, 10-22-11			$250		265
VIP Finance Ireland Limited,
8.375%, 4-30-13			250		264
					1,465
TOTAL CORPORATE DEBT SECURITIES - 63.39%				$	83,614
(Cost: $78,803)
OTHER GOVERNMENT SECURITIES
Germany - 0.55%
Bundesobligation,
3.250%, 4-9-10 (C)	EUR500				722
Norway - 0.44%
Norway Government Bonds,
6.000%, 5-16-11 (C)	NOK3,200				579
Russia - 0.25%
Open Joint Stock Company "Russian Railroads",
8.500%, 7-6-11 (C)	RUB10,000				329
Supranational - 1.97%
CENTRAL AMERICAN BANK FOR       ECONOMIC INTEGRATION:
4.875%, 1-15-12			$500		506
4.875%, 1-15-12 (A)			500		506
Corporacion Andina de Fomento:
7.375%, 1-18-11			500		527
6.875%, 3-15-12			1,000		1,072
					2,611
TOTAL OTHER GOVERNMENT SECURITIES - 3.21%				$	4,241
(Cost: $4,440)
UNITED STATES GOVERNMENT AGENCY       OBLIGATIONS - 6.23%
Mortgage-Backed Obligations
Federal Home Loan Mortgage Corporation Adjustable       Rate Participation Certificates:
4.000%, 5-15-24			526		544
4.000%, 11-15-36			508		521
Federal Home Loan Mortgage Corporation Agency       REMIC/CMO (Interest Only), (F)
5.500%, 1-15-38			3,098		362
Federal National Mortgage Association Agency       REMIC/CMO:
4.000%, 1-25-19			483		500
4.000%, 9-25-24			484		501
5.000%, 2-25-35			373		389
3.500%, 9-25-39			526		531
Federal National Mortgage Association Agency       REMIC/CMO (Interest Only): (F)
5.000%, 6-25-22			830		84
4.000%, 7-15-23			6,964		1,021
5.000%, 7-25-23			700		91
4.000%, 12-15-23			2,081		297
4.000%, 2-15-24			2,990		422
4.000%, 4-15-24			3,383		481
5.500%, 1-25-33			1,057		144
6.000%, 4-23-33			2,678		517
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
5.000%, 3-1-22			499		522
5.000%, 8-1-23			262		274
Government National Mortgage Association Agency       REMIC/CMO (Interest Only): (F)
5.000%, 7-16-22			790		89
6.000%, 9-16-33			1,999		240
4.500%, 11-20-36			2,436		340
Government National Mortgage Association Fixed       Rate Pass-Through Certificates,
4.500%, 6-15-23			331		344
(Cost: $8,359)				$	8,214
UNITED STATES GOVERNMENT OBLIGATIONS - 7.58%
Treasury Obligations
United States Treasury Notes,
1.125%, 12-15-11	10,000			$	10,004
(Cost: $9,954)
SHORT-TERM SECURITIES
Commercial Paper (G) - 16.40%
Citigroup Funding Inc.,
0.160%, 1-22-10			2,625		2,624
CVS Caremark Corporation,
0.230%, 1-13-10			2,500		2,500
Danaher Corporation,
0.110%, 1-4-10			2,600		2,600
GlaxoSmithKline Finance plc,
0.110%, 1-13-10			2,500		2,500
ITT Corporation,
0.090%, 1-4-10			1,006		1,006
Kitty Hawk Funding Corp.,
0.140%, 1-6-10			2,500		2,500
Procter & Gamble International Funding S.C.A.       (Procter & Gamble Company (The)),
0.100%, 2-1-10			908		908
Straight-A Funding, LLC (Federal Financing Bank):
0.120%, 1-5-10			2,500		2,500
0.120%, 1-5-10			2,000		2,000
Walt Disney Company (The),
0.040%, 1-7-10			2,500		2,500
					21,638
Master Note - 1.99%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (H)			2,623		2,623
TOTAL SHORT-TERM SECURITIES - 18.39%				$	24,261
(Cost: $24,261)
TOTAL INVESTMENT SECURITIES - 98.80%				$	130,334
(Cost: $125,817)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.20%					1,582
NET ASSETS - 100.00%				$	131,916

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities	$	––	$	83,417	$	197
Other Government Securities		––		3,912		329
United States Government Agency Obligations		––		8,214		––
United States Government Obligations		––		10,004		––
Short-Term Securities		––		24,261		––
Total Investments in Securities	$	––	$	129,808	$	526
Liabilities
Forward Foreign Currency Contracts	$	––	$	360	$	––

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Corporate Debt Securities			Other Government Securities
Beginning Balance 4-1-09		$	––		$	256
Net realized gain (loss)			––			––
Net unrealized appreciation (depreciation)			––			73
Net purchases (sales)			––			––
Transfers in and/or (out) of Level 3 during the period			197			––
Ending Balance 12-31-09		$	197		$	329
Net change in unrealized appreciation (depreciation)       for all Level 3 investments still held as of 12-31-09		$	––		$	73

The following forward foreign currency contracts were outstanding at December 31, 2009:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
Buy	Chinese Yuan    Renminbi	Citibank, N.A.		27,500	9-19-11		$  ––		$	13
Buy	Chinese Yuan    Renminbi	Citibank, N.A.		10,100	12-7-11		––			61
Sell	Swedish Krona	Bank of America    NT & SA		37,100	6-9-10		––			286
							$  ––		$	360

(A)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $5,828 or 4.42% of net assets.

(B)Zero coupon bond.

(C)Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real, CNY - Chinese Yuan Renminbi, EUR - Euro, HKD - Hong Kong Dollar, NOK - Norwegian Krone and RUB - Russian Ruble).

(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $8,502 or 6.45% of net assets.

(E)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.

(F)Amount shown in principal column represents notional amount for computation of interest.

(G)Rate shown is the yield to maturity at December 31, 2009.

(H)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

The following acronyms are used throughout this schedule:
CMO = Collateralized Mortgage Obligation

REMIC = Real Estate Mortgage Investment Conduit

SCHEDULE OF INVESTMENTS

Ivy Global Natural Resources Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS			Shares	Value
Australia - 0.33%
Coal & Allied Industries Limited (A)			267	$	19,035
Bermuda - 0.84%
Bunge Limited			750		47,873
Brazil - 5.11%
Companhia de Saneamento de Minas Gerais (A)			4,196		80,130
Companhia Energetica de Minas Gerais - CEMIG, ADR			3,500		63,210
Gerdau S.A., ADR			750		12,773
Light S.A. (A)			1,000		14,922
Suzano Bahia Sul Papel E Celulose S.A. (A)			8,950		105,386
Tractebel Energia S.A. (A)			1,300		16,076
					292,497
Canada - 10.35%
Agnico-Eagle Mines Limited			400		21,600
Agrium Inc.			900		55,350
ARISE Technologies Corporation (A)(B)			3,446		890
Atacama Minerals Corp. (A)(B)(C)			5,880		3,317
Barrick Gold Corporation			1,000		39,380
Canadian Natural Resources Limited (A)			2,250		163,503
First Quantum Minerals Ltd. (A)			1,250		95,927
MGM Energy Corp. (A)(B)			12,543		3,418
Migao Corporation (A)(B)(D)			1,550		10,330
Migao Corporation (A)(B)			140		935
Potash Corporation of Saskatchewan Inc.			1,500		162,750
Suncor Energy Inc. (A)			1,000		35,579
					592,979
Cayman Islands - 1.37%
China High Speed Transmission Equipment Group       Co., Ltd. (A)			12,100		29,378
Subsea 7 Inc. (A)(B)			2,500		41,396
Vinda International Holdings Limited (A)			10,000		7,078
Yingde Gases Group Company Limited (A)(B)			945		974
					78,826
Chile - 0.21%
Sociedad Quimica y Minera de Chile S.A., ADR			325		12,210
China - 3.07%
Sino-Forest Corporation, Class A (A)(B)			3,110		57,629
Yingli Green Energy Holding Company Limited,       ADR (B)(E)			7,500		118,575
					176,204
Cyprus - 0.11%
Buried Hill Energy (Cyprus) Public Company       Limited (A)(B)(C)			3,630		6,534
Germany - 0.49%
Phoenix Solar Aktiengesellschaft, Sulzemoos (A)			100		6,055
SGL Carbon SE (A)(B)			750		22,202
					28,257
Hong Kong - 0.22%
Guangdong Investment Limited (A)			22,000		12,785
Indonesia - 0.57%
PT Tambang Batubara Bukit Asam (Persero) Tbk (A)			18,000		32,776
Israel - 1.15%
Israel Chemicals Ltd. (A)			5,000		65,655
Japan - 3.26%
Mitsubishi Corporation (A)			7,500		186,814
Kazakhstan - 0.43%
Joint Stock Company KazMunaiGas Exploration       Production, GDR (A)			1,000		24,759
Norway - 0.40%
SeaDrill Limited (A)			900		22,899
Panama - 1.26%
McDermott International, Inc. (B)			3,000		72,030
Russia - 5.47%
Mechel Steel Group OAO, ADR			1,500		28,230
OJSC Oil Company Rosneft, GDR (A)			3,000		25,605
Open Joint Stock Company "RusHydro", ADR (A)(B)			2,000		7,569
Open Joint Stock Company Gazprom, ADR (A)			7,500		189,391
Uralkali Group, GDR (A)			3,000		62,375
					313,170
Singapore - 0.96%
Golden Agri-Resources Ltd (A)			25,000		9,009
Straits Asia Resources Limited (A)			25,000		46,052
					55,061
South Africa - 1.73%
AngloGold Ashanti Limited, ADR			900		36,162
Gold Fields Limited, ADR			2,000		26,220
Impala Platinum Holdings Limited (A)			1,000		27,334
Northam Platinum Limited (A)			1,500		9,712
					99,428
South Korea - 0.73%
LG Chem, Ltd. (A)(B)			150		29,400
Samsung SDI Co., Ltd. (A)(B)			100		12,733
					42,133
Switzerland - 2.84%
Noble Corporation			4,000		162,800
Thailand - 1.13%
Banpu Public Company Limited (A)			2,875		49,694
Banpu Public Company Limited, Registered Shares (A)			885		15,330
					65,024
United Kingdom - 4.26%
Antofagasta plc (A)			2,361		37,551
BG Group plc (A)			500		9,028
Randgold Resources Limited, ADR			2,500		197,800
					244,379
United States - 41.47%
Alpha Natural Resources, Inc. (B)			5,500		238,590
Cabot Oil & Gas Corporation			1,500		65,385
Cameron International Corporation (B)			4,750		198,549
Celanese Corporation, Series A			1,000		32,100
Chesapeake Energy Corporation			5,500		142,340
Cobalt International Energy, Inc. (B)			3,000		41,520
Comstock Resources, Inc. (B)			750		30,428
Dril-Quip, Inc. (B)			800		45,184
El Paso Corporation			17,500		172,025
Energy Recovery, Inc. (B)			1,000		6,880
Energy Transfer Partners, L.P.			485		21,806
EXCO Resources, Inc.			1,750		37,153
Foster Wheeler Ltd. (B)			750		22,080
GrafTech International Ltd. (B)			4,000		62,200
Halliburton Company			6,000		180,540
Occidental Petroleum Corporation			1,000		81,350
Oceaneering International, Inc. (B)			1,350		79,002
Owens-Illinois, Inc. (B)			2,400		78,888
Peabody Energy Corporation			1,750		79,118
Petrohawk Energy Corporation (B)			8,750		209,912
Plains Exploration and Production Company (B)			1,750		48,405
Questar Corporation			1,000		41,570
Regency Energy Partners LP			1,500		31,425
SandRidge Energy, Inc. (B)			4,192		39,533
Schlumberger Limited			250		16,273
Southwestern Energy Company (B)			500		24,100
Superior Energy Services, Inc. (B)			2,750		66,798
Swift Energy Company (B)			650		15,574
Transocean Inc. (B)			2,000		165,600
Weatherford International Ltd. (B)			1,000		17,910
Williams Companies, Inc. (The)			4,000		84,320
					2,376,558
TOTAL COMMON STOCKS - 87.76%				$	5,030,686
(Cost: $4,169,808)
PREFERRED STOCKS
Brazil - 3.53%
Bradespar S.A. (A)			3,120		69,048
CESP - Companhia Energetica de Sao Paulo (A)			4,000		55,210
Companhia Energetica de Minas Gerais - CEMIG (A)			2,750		49,914
Usinas Siderurgicas de Minas Gerais S.A. -       USIMINAS (A)			1,000		28,369
					202,541
United States - 0.28%
Konarka Technologies, Inc., 8.0% Cumulative (B)(C)			3,500		15,855
TOTAL PREFERRED STOCKS - 3.81%				$	218,396
(Cost: $160,733)
CALL OPTIONS		Number of Contracts
Barrick Gold Corporation,
Apr $30.00, Expires 4-20-10			75		76,875
Chesapeake Energy Corporation,
Apr $20.00, Expires 4-19-10			70		45,150
El Paso Corporation:
Jan $5.00, Expires 1-19-10			50		24,000
Apr $5.00, Expires 4-19-10			17		8,391
Occidental Petroleum Corporation,
Feb $60.00, Expires 2-22-10			25		53,750
Petrohawk Energy Corporation,
Mar $20.00, Expires 3-22-10			10		5,400
Transocean Inc.,
Feb $70.00, Expires 2-22-10			15		20,220
Weatherford International Ltd.,
Feb $14.00, Expires 2-22-10			85		36,550
Williams Companies, Inc. (The),
Feb $10.00, Expires 2-22-10			50		55,500
TOTAL CALL OPTIONS - 5.68%				$	325,836
(Cost: $341,501)
CORPORATE DEBT SECURITIES - 0.13%		Principal
Brazil
Bahia Sul Celulose S.A.,
8.614%, 12-1-12 (D)(F)(G)	BRL10,692			$	7,277
(Cost: $5,082)
SHORT-TERM SECURITIES
Commercial Paper (H) - 2.37%
Abbott Laboratories,
0.010%, 1-4-10		$	21,065		21,064
American Honda Finance Corp.:
0.150%, 1-13-10			5,000		5,000
0.130%, 1-22-10			4,000		4,000
Danaher Corporation,
0.100%, 1-4-10			19,000		19,000
Walt Disney Company (The):
0.050%, 1-12-10			10,000		10,000
0.100%, 1-15-10			25,000		24,998
Kitty Hawk Funding Corp.,
0.160%, 1-27-10			10,440		10,439
Nestle Finance International Ltd.,
0.100%, 1-20-10			11,923		11,922
Procter & Gamble International Funding S.C.A.       (Procter & Gamble Company (The)),
0.100%, 2-1-10			5,000		5,000
Straight-A Funding, LLC (Federal Financing Bank),
0.130%, 1-26-10			7,443		7,442
Toyota Motor Credit Corporation,
0.130%, 2-16-10			7,000		6,999
Wisconsin Electric Power Co.,
0.110%, 1-4-10			10,346		10,346
					136,210
Commercial Paper (backed by irrevocable       bank letter of credit) (H) - 0.13%
River Fuel Company #2, Inc.       (Bank of New York (The)),
0.220%, 1-29-10			7,263		7,262
Master Note - 0.04%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (I)			2,292		2,292
Municipal Obligations - 0.09%
New York State Housing Finance Agency,       Related-Caroline Apartments Housing       Revenue Bonds, 2008 Series A (Federal       Home Loan Mortgage Corporation),
0.300%, 1-1-10 (I)			3,500		3,500
Wisconsin Health and Educational Facilities       Authority Variable Rate, Demand Revenue       Bonds, Series 1998B (Wausau Hospital, Inc.)       (JPMorgan Chase Bank, N.A.),
0.250%, 1-4-10 (I)			1,730		1,730
					5,230
United States Government Agency Obligations - 0.13%
Overseas Private Investment Corporation,
0.160%, 1-6-10 (I)			7,400		7,400
TOTAL SHORT-TERM SECURITIES - 2.76%				$	158,394
(Cost: $158,394)
TOTAL INVESTMENT SECURITIES - 100.14%				$	5,740,589
(Cost: $4,835,518)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.14%)					(7,787	)
NET ASSETS - 100.00%				$	5,732,802

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	4,332,234	$	691,918	$	6,534
Preferred Stocks		202,541		––		15,855
Call Options		325,836		––		––
Corporate Debt Securities		––		––		7,277
Short-Term Securities		––		158,394		––
Total Investments in Securities	$	4,860,611	$	850,312	$	29,666
Forward Foreign Currency Contracts	$	––	$	756	$	––
Liabilities
Forward Foreign Currency Contracts	$	––	$	2,679	$	––

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Common Stocks				Preferred Stocks				Corporate Debt Securities
Beginning Balance 4-1-09		$	8,712			$	17,920			$	3,826
Net realized gain (loss)			––				––				––
Net unrealized appreciation (depreciation)			(2,178	)			(2,065	)			3,451
Net purchases (sales)			––				––				––
Transfers in and/or (out) of Level 3 during       the period			––				––				––
Ending Balance 12-31-09		$	6,534			$	15,855			$	7,277
Net change in unrealized appreciation       (depreciation) for all Level 3 investments       still held as of 12-31-09		$	(2,178	)		$	(2,065	)		$	3,451

The following forward foreign currency contracts were outstanding at December 31, 2009:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
Sell	Brazilian Real	Toronto-Dominion    Bank (The)		43,000	3-5-10		$	––		$	46
Sell	Brazilian Real	Mellon Bank N.A.		43,000	3-12-10			––			76
Sell	Brazilian Real	Royal Bank of Canada		43,000	3-19-10			––			32
Sell	Brazilian Real	Toronto-Dominion    Bank (The)		42,600	3-26-10			––			9
Sell	British Pound	Royal Bank of Canada		11,945	1-15-10			229			––
Sell	British Pound	Royal Bank of Canada		1,600	1-15-10			––			31
Sell	Canadian Dollar	Toronto-Dominion    Bank (The)		90,000	3-5-10			––			913
Sell	Canadian Dollar	Mellon Bank N.A.		88,400	3-12-10			––			840
Sell	Euro	Toronto-Dominion    Bank (The)		5,860	1-8-10			296			––
Sell	Euro	Canadian Imperial    Bank of Commerce		4,400	2-5-10			231			––
Sell	South African    Rand	Toronto-Dominion    Bank (The)		42,100	1-6-10			––			165
Sell	South African    Rand	Scotia Capital Inc.    (USA)		52,900	1-27-10			––			143
Sell	South African    Rand	Royal Bank of Canada		40,800	2-3-10			––			424
							$	756		$	2,679

(A)Listed on an exchange outside the United States.

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

(C)lliquid restricted securities. At December 31, 2009, the following restricted securities were owned:

Security	Acquisition Date(s)	Shares	Cost	Market Value
Atacama Minerals Corp.	8-19-08	5,880	$5,541	$3,317
Buried Hill Energy (Cyprus)    Public Company Limited	5-1-07 to 4-17-08	3,630	6,183	6,534
Konarka Technologies, Inc.,    8.0% Cumulative	8-31-07	3,500	10,850	15,855
			$22,574	$25,706

     The total value of these securities represented approximately 0.45% of net assets at December 31, 2009.

(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $17,607 or 0.31% of net assets.

(E)Deemed to be an affiliate due to the Fund having at least 5% of the voting securities.

(F)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.

(G)Principal amounts are denominated in the indicated foreign currency, where applicable (BRL - Brazilian Real).

(H)Rate shown is the yield to maturity at December 31, 2009.

(I)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

Securities with an aggregate market value of $1,031,335, representing 17.99% of net assets, have been valued in good faith by the Valuation Committee subject to the supervision of the Board of Trustees.

The following acronyms are used throughout this schedule:
ADR = American Depositary Receipt
GDR = Global Depositary Receipt

SCHEDULE OF INVESTMENTS

Ivy International Balanced Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS		Shares		Value
Australia - 6.78%
Amcor Limited (A)			516	$	2,871
Crown Limited (A)			342		2,449
Foster's Group Limited (A)			851		4,187
Oxiana Limited (A)			2,001		2,133
Telstra Corporation Limited (A)(B)			80		246
Telstra Corporation Limited (A)			1,205		3,706
Toll Holdings Limited (A)			282		2,204
					17,796
Canada - 1.50%
Canadian Natural Resources Limited (A)			36		2,580
Research In Motion Limited (C)			20		1,352
					3,932
China - 2.98%
Industrial and Commercial Bank of China Limited,       H Shares (A)(B)			3,712		3,058
Renhe Commercial Holdings Company Limited (A)			2,558		579
Renhe Commercial Holdings Company Limited (A)(B)			6,984		1,579
Shanda Interactive Entertainment Limited, ADR (C)			50		2,613
					7,829
France - 9.81%
ALSTOM (A)			48		3,323
AXA S.A. (A)			119		2,787
Sanofi-Aventis (A)(B)			19		1,501
Sanofi-Aventis (A)			61		4,836
Societe Generale (A)			39		2,690
Technip-Coflexip (A)			34		2,390
TOTAL S.A. (A)			71		4,528
Vivendi Universal (A)			125		3,712
					25,767
Germany - 3.93%
Bayer Aktiengesellschaft (A)			37		2,979
Deutsche Boerse AG (A)			32		2,659
Deutsche Lufthansa Aktiengesellschaft (A)			168		2,837
SAP Aktiengesellschaft (A)			39		1,847
					10,322
Greece - 0.88%
Coca-Cola Hellenic Bottling Company S.A. (A)			101		2,305
Hong Kong - 3.12%
Cheung Kong (Holdings) Limited (A)			288		3,701
CNOOC Limited (A)			1,554		2,421
New World Development Company Limited (A)			1,021		2,080
					8,202
India - 0.83%
Infosys Technologies Limited, ADR			39		2,171
Italy - 0.96%
Tenaris S.A. (A)			117		2,520
Japan - 10.48%
East Japan Railway Company (A)			37		2,329
Japan Steel Works, Ltd., (The) (A)			78		995
JTEKT Corporation (A)			161		2,068
KONAMI CORPORATION (A)			140		2,496
Mitsubishi Electric Corporation (A)			413		3,068
Mitsui & Co., Ltd. (A)			286		4,055
Nintendo Co., Ltd. (A)			8		1,982
Nissin Kogyo Co., Ltd. (A)			220		3,425
NTT DoCoMo, Inc. (A)			2		2,522
Sumitomo Corporation (A)			260		2,649
Toyota Motor Corporation (A)			47		1,965
					27,554
Mexico - 0.76%
Grupo Modelo, S.A.B. de C.V., Series C (A)			359		1,991
Netherlands - 0.96%
Fugro N.V. (A)			44		2,518
Singapore - 2.64%
CapitaCommercial Trust (A)			2,343		1,940
DBS Group Holdings Ltd (A)			258		2,800
Singapore Telecommunications Limited (A)			993		2,187
					6,927
Spain - 1.64%
Banco Santander Central Hispano, S.A. (A)			133		2,199
Tecnicas Reunidas, S.A. (A)			36		2,099
					4,298
Sweden - 0.95%
Telefonaktiebolaget LM Ericsson, B Shares (A)			270		2,488
Switzerland - 3.88%
Nestle S.A., Registered Shares (A)			87		4,245
Roche Holdings AG, Genusscheine (A)			22		3,802
TEMENOS Group AG (A)(C)			83		2,138
					10,185
Taiwan - 1.14%
Taiwan Semiconductor Manufacturing Company Ltd. (A)			1,488		2,998
United Kingdom - 14.41%
BAE Systems plc (A)			600		3,470
Barclays PLC (A)			795		3,501
BP p.l.c. (A)			429		4,147
Home Retail Group plc (A)			508		2,306
Informa plc (A)			455		2,337
International Power plc (A)			536		2,672
Prudential plc (A)			293		3,001
Reckitt Benckiser Group plc (A)			38		2,035
Serco Group plc (A)			287		2,446
Unilever PLC (A)			139		4,448
Vodafone Group Plc (A)			1,679		3,887
Xstrata plc (A)			204		3,632
					37,882
TOTAL COMMON STOCKS - 67.65%				$	177,685
(Cost: $159,115)
CORPORATE DEBT SECURITIES		Principal
Argentina - 1.13%
Arcos Dorados B.V.,
7.500%, 10-1-19 (B)		$	3,000		2,974
Australia - 2.88%
Coles Myer Finance Limited,
6.000%, 7-25-12 (D)	AUD1,250				1,103
Fairfax Media Group Finance Pty Limited,
5.250%, 6-15-12 (D)	EUR2,000				2,853
Fosters Group Limited,
6.250%, 3-17-10 (D)	AUD2,000				1,799
Vodafone Group Plc,
6.750%, 1-10-13 (D)			2,000		1,794
					7,549
Brazil - 1.62%
AmBev International Finance Co. Ltd.,
9.500%, 7-24-17 (D)	BRL7,500				4,254
Canada - 1.32%
Teck Resources Limited,
9.750%, 5-15-14		$	3,000		3,461
Denmark - 1.31%
Carlsberg Finans A/S,
7.000%, 2-26-13 (D)	GBP2,000				3,444
France - 2.38%
Vivendi,
7.750%, 1-23-14 (D)	EUR2,000				3,305
WPP Finance S.A.,
5.250%, 1-30-15 (D)			2,000		2,946
					6,251
Luxembourg - 1.19%
Wind Acquisition Finance S.A.:
9.750%, 12-1-15 (D)			1,500		2,312
11.750%, 7-15-17 (B)		$	750		819
					3,131
Netherlands - 1.22%
Heineken N.V.,
7.125%, 4-7-14 (D)	EUR2,000				3,198
United Kingdom - 0.91%
Rio Tinto Finance (USA) Limited,
8.950%, 5-1-14		$	2,000		2,397
TOTAL CORPORATE DEBT SECURITIES - 13.96%				$	36,659
(Cost: $33,733)
OTHER GOVERNMENT SECURITIES
Australia - 1.61%
New South Wales Treasury Corporation,
6.000%, 5-1-12 (D)	AUD4,600				4,216
France - 4.03%
French Treasury Bond (OAT),
4.250%, 10-25-17 (D)	EUR6,920				10,572
Malaysia - 2.35%
Malaysian Government Bonds:
3.756%, 4-28-11 (D)	MYR8,550				2,541
3.461%, 7-31-13 (D)	12,435				3,641
					6,182
Netherlands - 1.18%
Netherlands Government Bonds,
4.500%, 7-15-17 (D)	EUR2,000				3,104
New Zealand - 1.11%
New Zealand Government Bonds,
6.000%, 11-15-11 (D)	NZD3,910				2,924
Poland - 0.44%
Poland Government Bonds,
6.250%, 10-24-15 (D)	PLN3,250				1,150
South Korea - 2.63%
Republic of Korea (The),
7.125%, 4-16-19		$	2,890		3,308
South Korea Treasury Bonds,
5.250%, 9-10-12 (D)	KRW4,100,000				3,592
					6,900
Sweden - 2.65%
Kingdom of Sweden (The),
5.250%, 3-15-11 (D)	SEK47,170				6,970
TOTAL OTHER GOVERNMENT SECURITIES - 16.00%				$	42,018
(Cost: $40,828)
SHORT-TERM SECURITIES - 1.75%
Master Note
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (E)		$	4,606	$	4,606
(Cost: $4,606)
TOTAL INVESTMENT SECURITIES - 99.36%				$	260,968
(Cost: $238,282)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.64%					1,683
NET ASSETS - 100.00%				$	262,651

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	10,707	$	166,978	$	––
Corporate Debt Securities		––		36,659		––
Other Government Securities		––		42,018		––
Short-Term Securities		––		4,606		––
Total Investments in Securities	$	10,707	$	250,261	$	––

(A)Listed on an exchange outside the United States.

(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $10,177 or 3.87% of net assets.

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

(D)Principal amounts are denominated in the indicated foreign currency, where applicable (AUD - Australian Dollar, BRL - Brazilian Real, EUR - Euro, GBP - British Pound, KRW - South Korean Won, MYR - Malaysian Ringgit, NZD - New Zealand Dollar, PLN - Polish Zloty and SEK - Swedish Krona).

(E)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

Securities with an aggregate market value of $166,978, representing 63.57% of net assets, have been valued in good faith by the Valuation Committee subject to the supervision of the Board of Trustees.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipt

SCHEDULE OF INVESTMENTS

Ivy International Core Equity Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS		Shares		Value
Australia - 9.67%
Amcor Limited (A)			1,865	$	10,384
Crown Limited (A)			1,281		9,166
Foster's Group Limited (A)			3,011		14,811
Oxiana Limited (A)			7,111		7,579
Telstra Corporation Limited (A)(B)			146		449
Telstra Corporation Limited (A)			4,150		12,758
Toll Holdings Limited (A)			1,012		7,905
					63,052
Canada - 2.22%
Canadian Natural Resources Limited (A)			134		9,738
Research In Motion Limited (C)			70		4,721
					14,459
China - 4.45%
Industrial and Commercial Bank of China (Asia) Limited (A)			6,363		5,240
Industrial and Commercial Bank of China Limited,       H Shares (A)(B)			7,027		5,787
Renhe Commercial Holdings Company Limited (A)	20,978				4,745
Renhe Commercial Holdings Company Limited (A)(B)	15,738				3,560
Shanda Interactive Entertainment Limited, ADR (C)			184		9,662
					28,994
France - 14.35%
ALSTOM (A)			172		12,029
AXA S.A. (A)			437		10,263
Sanofi-Aventis (A)			286		22,518
Societe Generale (A)			144		10,019
Technip-Coflexip (A)			120		8,429
TOTAL S.A. (A)			258		16,598
Vivendi Universal (A)			463		13,756
					93,612
Germany - 5.47%
Bayer Aktiengesellschaft (A)			128		10,276
Deutsche Boerse AG (A)			111		9,203
Deutsche Lufthansa Aktiengesellschaft (A)			596		10,077
SAP Aktiengesellschaft (A)			128		6,103
					35,659
Greece - 1.30%
Coca-Cola Hellenic Bottling Company S.A. (A)			371		8,452
Hong Kong - 4.29%
Cheung Kong (Holdings) Limited (A)			1,020		13,107
CNOOC Limited (A)			4,853		7,561
New World Development Company Limited (A)			3,574		7,282
					27,950
India - 1.35%
Tata Consultancy Services Limited (A)			547		8,815
Italy - 1.46%
Tenaris S.A. (A)			443		9,548
Japan - 15.25%
East Japan Railway Company (A)			126		7,980
Japan Steel Works, Ltd., (The) (A)			261		3,328
JTEKT Corporation (A)			572		7,354
KONAMI CORPORATION (A)			484		8,642
Mitsubishi Electric Corporation (A)			1,556		11,559
Mitsui & Co., Ltd. (A)			1,075		15,242
Nintendo Co., Ltd. (A)			27		6,544
Nissin Kogyo Co., Ltd. (A)			792		12,339
NTT DoCoMo, Inc. (A)			6		8,829
Sumitomo Corporation (A)			967		9,845
Toyota Motor Corporation (A)			185		7,796
					99,458
Mexico - 1.06%
Grupo Modelo, S.A.B. de C.V., Series C (A)			1,250		6,937
Netherlands - 1.41%
Fugro N.V. (A)			160		9,216
Singapore - 4.02%
CapitaCommercial Trust (A)			8,451		6,998
DBS Group Holdings Ltd (A)			1,003		10,903
Singapore Telecommunications Limited (A)			3,786		8,339
					26,240
Spain - 2.45%
Banco Santander Central Hispano, S.A. (A)			495		8,182
Tecnicas Reunidas, S.A. (A)			136		7,827
					16,009
Sweden - 1.37%
Telefonaktiebolaget LM Ericsson, B Shares (A)			974		8,968
Switzerland - 5.50%
Nestle S.A., Registered Shares (A)			310		15,060
Roche Holdings AG, Genusscheine (A)			77		13,158
TEMENOS Group AG (A)(C)			298		7,677
					35,895
Taiwan - 1.67%
Taiwan Semiconductor Manufacturing Company Ltd., ADR			952		10,888
United Kingdom - 20.79%
BAE Systems plc (A)			2,176		12,596
Barclays PLC (A)			2,868		12,637
BP p.l.c. (A)			1,518		14,658
Home Retail Group plc (A)			1,806		8,191
Informa plc (A)			1,642		8,443
International Power plc (A)			2,048		10,207
Prudential plc (A)			1,069		10,939
Reckitt Benckiser Group plc (A)			133		7,208
Serco Group plc (A)			1,041		8,881
Unilever PLC (A)			485		15,557
Vodafone Group Plc (A)			5,568		12,893
Xstrata plc (A)			749		13,361
					135,571
TOTAL COMMON STOCKS - 98.08%				$	639,723
(Cost: $578,817)
SHORT-TERM SECURITIES	Principal
Commercial Paper (D) - 3.07%
Abbott Laboratories,
0.010%, 1-4-10		$	5,060		5,060
American Honda Finance Corp.,
0.150%, 1-13-10			5,000		5,000
Walt Disney Company (The),
0.100%, 1-8-10			3,000		3,000
Toyota Motor Credit Corporation,
0.130%, 2-16-10			4,000		3,999
Wisconsin Electric Power Co.,
0.110%, 1-4-10			3,000		3,000
					20,059
Master Note - 0.24%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (E)			1,533		1,533
TOTAL SHORT-TERM SECURITIES - 3.31%				$	21,592
(Cost: $21,592)
TOTAL INVESTMENT SECURITIES - 101.39%				$	661,315
(Cost: $600,409)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (1.39%)					(9,058	)
NET ASSETS - 100.00%				$	652,257

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	41,946	$	597,777		$   ––
Short-Term Securities		––		21,592		––
Total Investments in Securities	$	41,946	$	619,369		$   ––

(A) Listed on an exchange outside the United States.

(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $9,796 or 1.50% of net assets.

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

(D)Rate shown is the yield to maturity at December 31, 2009.

(E)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

Securities with an aggregate market value of $597,777, representing 91.65% of net assets, have been valued in good faith by the Valuation Committee subject to the supervision of the Board of Trustees.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipt

SCHEDULE OF INVESTMENTS

Ivy International Growth Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS		Shares		Value
Australia - 3.74%
Foster's Group Limited (A)			749	$	3,686
Telstra Corporation Limited (A)(B)			113		348
Telstra Corporation Limited (A)			1,003		3,084
					7,118
Belgium - 1.95%
InBev NV (A)			72		3,710
Brazil - 2.87%
Banco Santander (Brasil) S.A., Units (A)(B)			139		1,904
Petroleo Brasileiro S.A. - Petrobras, ADR			75		3,568
					5,472
Canada - 1.60%
Canadian Natural Resources Limited (A)			29		2,071
Research In Motion Limited (C)			15		981
					3,052
China - 8.07%
China Construction Bank Corporation (A)(B)			2,006		1,713
China Construction Bank Corporation (A)			2,245		1,918
China Life Insurance Company Limited, ADR			47		3,474
Industrial and Commercial Bank of China (Asia)       Limited (A)			348		287
Industrial and Commercial Bank of China Limited,       H Shares (A)(B)			3,334		2,745
Shanda Games Limited, ADR (C)			183		1,868
Shanda Interactive Entertainment Limited, ADR (C)			31		1,645
Wynn Macau, Limited (A)(C)			1,398		1,722
					15,372
France - 7.63%
ALSTOM (A)			28		1,953
Pinault-Printemps-Redoute SA (A)			26		3,132
Technip-Coflexip (A)			44		3,118
VINCI (A)			113		6,336
					14,539
Germany - 5.43%
adidas AG (A)			39		2,111
Bayer Aktiengesellschaft (A)			35		2,838
Deutsche Boerse AG (A)			33		2,763
SAP Aktiengesellschaft (A)			55		2,631
					10,343
Hong Kong - 2.42%
Cheung Kong (Holdings) Limited (A)			250		3,212
Henderson Land Development Company Limited (A)			188		1,405
					4,617
Italy - 4.56%
Banca Intesa S.p.A. (A)			441		1,986
Saipem S.p.A. (A)			91		3,125
Tenaris S.A. (A)			166		3,577
					8,688
Japan - 11.30%
Honda Motor Co., Ltd. (A)			59		2,005
KONAMI CORPORATION (A)			127		2,273
Mitsubishi Corporation (A)			138		3,440
Mitsubishi Electric Corporation (A)			404		3,001
Nissin Kogyo Co., Ltd. (A)			124		1,934
Shin-Etsu Chemical Co., Ltd. (A)			51		2,862
Tokyo Electron Limited (A)			94		6,009
					21,524
Mexico - 1.22%
Grupo Modelo, S.A.B. de C.V., Series C (A)			418		2,320
Netherlands - 2.58%
ASML Holding N.V., Ordinary Shares (A)			32		1,088
Koninklijke KPN N.V. (A)			164		2,792
QIAGEN N.V. (A)(C)			46		1,034
					4,914
Spain - 2.48%
Tecnicas Reunidas, S.A. (A)			36		2,043
Telefonica, S.A. (A)			96		2,689
					4,732
Sweden - 0.90%
Telefonaktiebolaget LM Ericsson, B Shares (A)			187		1,719
Switzerland - 9.09%
Nestle S.A., Registered Shares (A)			148		7,177
Roche Holdings AG, Genusscheine (A)			30		5,055
TEMENOS Group AG (A)(C)			130		3,359
UBS AG (A)(B)(C)			18		277
UBS AG (A)			93		1,442
					17,310
United Kingdom - 27.33%
BAE Systems plc (A)			531		3,074
Barclays PLC (A)			717		3,160
British American Tobacco p.l.c. (A)			179		5,823
Capita Group Plc (The) (A)			300		3,628
IG Group Holdings plc (A)(B)			272		1,664
Informa plc (A)			507		2,605
International Power plc (A)			588		2,930
National Grid plc (A)			263		2,873
Prudential plc (A)			404		4,140
Reckitt Benckiser Group plc (A)			96		5,175
Rio Tinto plc (A)			39		2,118
Serco Group plc (A)			402		3,432
tesco plc (A)			343		2,368
Vodafone Group Plc (A)			1,950		4,516
Xstrata plc (A)			254		4,534
					52,040
TOTAL COMMON STOCKS - 93.17%				$	177,470
(Cost: $157,857)
PREFERRED STOCKS - 2.92%
Germany
Fresenius AG (A)			60		4,289
Henkel AG & Co. KGaA (A)			25		1,279
(Cost: $4,157)				$	5,568
SHORT-TERM SECURITIES	Principal
Commercial Paper (D) - 2.53%
Abbott Laboratories,
0.010%, 1-4-10		$	4,810		4,810
Master Note - 0.65%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (E)			1,240		1,240
TOTAL SHORT-TERM SECURITIES - 3.18%				$	6,050
(Cost: $6,050)
TOTAL INVESTMENT SECURITIES - 99.27%				$	189,088
(Cost: $168,064)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.73%					1,397
NET ASSETS - 100.00%				$	190,485

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	19,554	$	157,916	$	––
Preferred Stocks		––		5,568		––
Short-Term Securities		––		6,050		––
Total Investments in Securities	$	19,554	$	169,534	$	––
Forward Foreign Currency Contracts	$	––	$	682	$	––

The following forward foreign currency contracts were outstanding at December 31, 2009:

Type	Currency	Counterparty	Principal Amount of Contract (Denominated in Indicated Currency)	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
Sell	Japanese Yen	Citibank, N.A.	1,687,000	12-20-10		$682		$  ––

(A)Listed on an exchange outside the United States.

(B)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $8,651 or 4.54% of net assets.

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

(D)Rate shown is the yield to maturity at December 31, 2009.

(E)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

Securities with an aggregate market value of $163,484, representing 85.83% of net assets, have been valued in good faith by the Valuation Committee subject to the supervision of the Board of Trustees.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipt

SCHEDULE OF INVESTMENTS

Ivy Managed European/Pacific Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

AFFILIATED MUTUAL FUNDS		Shares		Value
Ivy European Opportunities Fund, Class I			722	$	15,774
Ivy Pacific Opportunities Fund, Class I			4,061		61,733
TOTAL AFFILIATED MUTUAL FUNDS - 100.17%				$	77,507
(Cost: $70,467)
SHORT-TERM SECURITIES - 0.22%	Principal
Master Note
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (A)		$	168	$	168
(Cost: $168)
TOTAL INVESTMENT SECURITIES - 100.39%				$	77,675
(Cost: $70,635)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.39%)					(302	)
NET ASSETS - 100.00%				$	77,373

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	77,507	$	––		$   ––
Short-Term Securities		––		168		––
Total Investments in Securities	$	77,507	$	168		$   ––

(A)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

SCHEDULE OF INVESTMENTS

Ivy Managed International Opportunities Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

AFFILIATED MUTUAL FUNDS		Shares		Value
Ivy European Opportunities Fund, Class I			710	$	15,523
Ivy International Balanced Fund, Class I			2,807		38,088
Ivy International Core Equity Fund, Class I			2,630		38,925
Ivy International Growth Fund, Class I			1,073		30,790
Ivy Pacific Opportunities Fund, Class I			1,997		30,352
TOTAL AFFILIATED MUTUAL FUNDS - 100.04%				$	153,678
(Cost: $157,174)
SHORT-TERM SECURITIES - 0.30%	Principal
Master Note
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (A)		$	454	$	454
(Cost: $454)
TOTAL INVESTMENT SECURITIES - 100.34%				$	154,132
(Cost: $157,628)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.34%)					(516	)
NET ASSETS - 100.00%				$	153,616

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Affiliated Mutual Funds	$	153,678	$	––		$   ––
Short-Term Securities		––		454		––
Total Investments in Securities	$	153,678	$	454		$   ––

(A)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

SCHEDULE OF INVESTMENTS

Ivy Micro Cap Growth Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS		Shares	Value
Advertising - 1.10%
MDC Partners Inc., Class A (A)		29	$	243
Aerospace & Defense - 1.65%
Global Defense Technology & Systems, Inc. (A)		22		364
Apparel Retail - 2.47%
Citi Trends Inc. (A)		12		337
New York & Company, Inc. (A)		48		208
				545
Apparel, Accessories & Luxury Goods - 2.43%
True Religion Apparel, Inc. (A)		17		314
Volcom, Inc. (A)		13		223
				537
Application Software - 5.66%
NetScout Systems, Inc. (A)		30		431
OPNET Technologies, Inc.		11		138
SolarWinds, Inc. (A)		11		253
Ultimate Software Group, Inc. (The) (A)		7		200
VanceInfo Technologies Inc. (A)		12		229
				1,251
Auto Parts & Equipment - 2.19%
Westport Innovations Inc. (A)		32		369
Wonder Auto Technology, Inc. (A)		10		114
				483
Biotechnology - 6.14%
Allos Therapeutics, Inc. (A)		46		303
Dyax Corp. (A)		41		139
Idenix Pharmaceuticals, Inc. (A)		32		69
InterMune, Inc. (A)		24		309
Nanosphere, Inc. (A)		32		204
Pharmasset, Inc. (A)		16		333
				1,357
Broadcasting - 0.64%
Global Traffic Network, Inc. (A)		34		142
Communications Equipment - 3.52%
Aruba Networks, Inc. (A)		23		243
Blue Coat Systems, Inc. (A)		11		320
Neutral Tandem, Inc. (A)		10		216
				779
Computer Hardware - 1.44%
3PAR Inc. (A)		16		183
Super Micro Computer, Inc. (A)		12		135
				318
Computer Storage & Peripherals - 3.77%
Compellent Technologies, Inc. (A)		10		229
Isilon Systems, Inc. (A)		57		392
Netezza Corporation (A)		22		212
				833
Construction & Engineering - 1.39%
Orion Marine Group, Inc. (A)		15		307
Data Processing & Outsourced Services - 0.46%
Echo Global Logisitics, Inc. (A)		8		102
Distributors - 1.25%
DXP Enterprises, Inc. (A)		21		277
Education Services - 3.59%
ChinaCast Education Corporation (A)		29		216
Grand Canyon Education, Inc. (A)		30		576
				792
Electrical Components & Equipment - 1.07%
Harbin Electric, Inc. (A)		12		236
Electronic Manufacturing Services - 0.73%
Maxwell Technologies, Inc. (A)		9		161
Fertilizers & Agricultural Chemicals - 0.90%
Yongye Biotechnology International, Inc. (A)		24		198
Food Retail - 0.71%
QKL Stores Inc. (A)		24		157
Health Care Equipment - 7.61%
ABIOMED, Inc. (A)		25		219
Greatbatch, Inc. (A)		6		117
Micrus Endovascular Corporation (A)		14		210
NuVasive, Inc. (A)		4		131
Quidel Corporation (A)		17		233
Somanetics Corporation (A)		15		256
Spectranetics Corporation (The) (A)		59		413
Synovis Life Technologies, Inc. (A)		8		103
				1,682
Health Care Services - 3.90%
Genoptix, Inc. (A)		11		402
Health Grades, Inc. (A)		80		345
Sharps Compliance Corp. (A)		12		115
				862
Health Care Supplies - 0.75%
Rochester Medical Corporation (A)		15		165
Health Care Technology - 2.17%
Phase Forward Incorporated (A)		31		480
Household Appliances - 0.91%
Deer Consumer Products, Inc. (A)		18		201
Internet Software & Services - 1.05%
Terremark Worldwide, Inc. (A)		34		233
Life Sciences Tools & Services - 1.06%
Bruker Corporation (A)		19		234
Managed Health Care - 0.88%
Molina Healthcare, Inc. (A)		9		194
Movies & Entertainment - 1.58%
Rentrak Corporation (A)		20		350
Oil & Gas Drilling - 1.05%
Pioneer Drilling Company (A)		29		231
Oil & Gas Equipment & Services - 3.32%
Natural Gas Services Group, Inc. (A)		14		256
T-3 Energy Services, Inc. (A)		19		480
				736
Oil & Gas Exploration & Production - 1.79%
Brigham Exploration Company (A)		29		396
Oil & Gas Refining & Marketing - 1.03%
China Integrated Energy, Inc. (A)		32		227
Personal Products - 1.19%
China-Biotics, Inc. (A)		17		262
Pharmaceuticals - 6.07%
Auxilium Pharmaceuticals, Inc. (A)		8		243
Biodel Inc. (A)		18		76
BioMimetic Therapeutics, Inc. (A)		15		174
Obagi Medical Products, Inc. (A)		26		314
Questcor Pharmaceuticals, Inc. (A)		72		344
SuperGen, Inc. (A)		73		191
				1,342
Research & Consulting Services - 1.72%
ICF International, Inc. (A)		5		142
Mistras Group, Inc. (A)		16		238
				380
Restaurants - 2.06%
BJ's Restaurants, Inc. (A)		12		217
McCormick & Schmick's Seafood Restaurants, Inc. (A)		14		96
Red Robin Gourmet Burgers, Inc. (A)		8		143
				456
Semiconductor Equipment - 0.62%
Nanometrics Incorporated (A)		12		137
Semiconductors - 7.94%
Cavium Networks, Inc. (A)		8		193
Diodes Incorporated (A)		14		288
Mellanox Technologies, Ltd. (A)		12		224
Monolithic Power Systems, Inc. (A)		13		302
NetLogic Microsystems, Inc. (A)		10		467
Pericom Semiconductor Corporation (A)		24		278
				1,752
Specialty Chemicals - 0.89%
Chemspec International Limited, ADR (A)		27		179
Flotek Industries, Inc. (A)		15		20
				199
Steel - 0.48%
China Gerui Advanced Materials Group Limited (A)		19		105
Systems Software - 5.31%
CommVault Systems, Inc. (A)		24		571
DemandTec, Inc. (A)		16		137
Fortinet, Inc. (A)		15		265
TeleCommunication Systems, Inc. (A)		21		201
				1,174
Trucking - 2.75%
Celadon Group, Inc. (A)		23		245
Marten Transport, Ltd. (A)		10		181
Vitran Corporation Inc., Class A (A)		17		184
				610
TOTAL COMMON STOCKS - 97.24%			$	21,490
(Cost: $17,809)
SHORT-TERM SECURITIES - 1.63%	Principal
Master Note
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (B)		$360	$	360
(Cost: $360)
TOTAL INVESTMENT SECURITIES - 98.87%			$	21,850
(Cost: $18,169)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.13%				249
NET ASSETS - 100.00%			$	22,099

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	21,490	$	––		$   ––
Short-Term Securities		––		360		––
Total Investments in Securities	$	21,490	$	360		$   ––

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

(B)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

The following acronym is used throughout this schedule:

ADR = American Depositary Receipt

SCHEDULE OF INVESTMENTS

Ivy Mortgage Securities Fund(in thousands)

DECEMBER 31, 2009 (UNAUDITED)

CORPORATE DEBT SECURITIES	Principal			Value
Asset-Backed Security - 0.29%
Ford Credit Auto Owner Trust 2007-A,
7.050%, 12-15-13 (A)		$	390	$	408
Consumer Finance - 1.61%
Green Tree Financial Corporation,
8.300%, 11-15-19			263		256
Origen Manufactured Housing Contract Trust 2004-A,
5.700%, 1-15-35			643		584
Origen Manufactured Housing Contract Trust 2004-B,
4.750%, 8-15-21			455		453
Origen Manufactured Housing Contract Trust 2005-B:
5.605%, 5-15-22			360		350
5.910%, 1-15-37			700		622
					2,265
Other Mortgage-Backed Securities - 24.98%
Aames Mortgage Trust 2001-4,
6.650%, 1-25-32 (B)			386		184
ABFS Mortgage Loan Trust 2001-2,
7.490%, 12-25-31 (B)			741		303
Asset Securitization Corporation (Interest Only):
1.479%, 10-13-26 (B)(C)(D)			3,037		62
8.621%, 8-13-29 (B)(D)			957		144
Associates Manufactured Housing Contract Pass-Through       Certificates,
7.900%, 3-15-27			9		9
Banc of America Alternative Loan Trust 2005-10,
5.662%, 11-25-35 (B)			1,097		49
Banc of America Alternative Loan Trust 2005-12,
5.801%, 1-25-36 (B)			1,549		59
Banc of America Alternative Loan Trust 2005-6,
6.000%, 7-25-35			739		413
Banc of America Alternative Loan Trust 2005-8:
5.562%, 9-25-35 (B)			1,904		205
5.562%, 9-25-35 (B)			383		13
Banc of America Alternative Loan Trust 2006-4:
6.210%, 5-25-46 (B)			616		106
6.210%, 5-25-46 (B)			868		32
Banc of America Funding 2004-2 Trust,
6.500%, 7-20-32			1,106		891
Banc of America Large Loan Trust 2009-FDG, Commercial       Mortgage Pass-Through Certificates, Series 2009-FDG,
5.204%, 1-25-42 (A)(B)			500		489
Banc of America Mortgage 2007-1 Trust,
6.000%, 3-25-37			3,504		499
Banc of America Mortgage Alternative Loan Trust 2003-5,
5.500%, 7-25-33			1,165		190
Banc of America Mortgage Trust 2003-9,
5.500%, 12-25-33			719		297
Banc of America Mortgage Trust 2004-2:
5.000%, 3-25-19			233		159
5.000%, 3-25-19			182		121
Banc of America Mortgage Trust 2004-3:
4.875%, 4-25-19			320		195
4.875%, 4-25-19			171		82
Banc of America Structured Securities Trust 2002-X1 F,
6.274%, 10-11-33 (A)			1,750		1,749
BankAmerica Manufactured Housing Contract Trust:
7.800%, 10-10-26			842		839
7.015%, 1-10-28			255		255
Bear Stearns Commercial Mortgage Securities Inc.,       Series 2000-WF1 Trust Fund,
6.500%, 2-15-32			1,015		877
Bear Stearns Commercial Mortgage Securities Trust 2002-TOP6,
6.000%, 10-15-36 (C)			938		331
BlackRock Capital Finance,
7.750%, 9-25-26 (C)			474		95
C-Bass 2005-CB3 Trust,
5.109%, 5-25-35 (B)			285		279
C-Bass 2006-MH1 Trust,
5.970%, 10-25-36 (B)(C)			1,283		1,297
C-Bass Mortgage Loan Trust 2007-CB2,
5.681%, 2-25-37 (B)			143		136
Centex Home Equity Loan Trust 2005-C,
5.048%, 6-25-35 (B)			1,801		1,635
CHL Mortgage Pass-Through Trust 2002-32,
5.553%, 1-25-33 (A)(B)			1,001		710
CitiMortgage Alternative Loan Trust, Series 2007-A7,
6.234%, 7-25-37 (B)			174		––
Collateralized Mortgage Obligation Trust,
5.000%, 7-1-18			22		23
COMM 2006-CNL2,
5.570%, 2-5-19 (B)(C)			475		285
Commercial Mortgage Asset Trust,
7.800%, 11-17-32 (B)			1,000		1,101
Commercial Mortgage Asset Trust, Commercial Mortgage       Pass-Through Certificates, Series 1999-C1,
6.640%, 1-17-32			198		198
CountryPlace Manufactured Housing Contract Trust 2005-1,
4.800%, 12-15-35 (A)(B)			1,275		932
CSFB Commercial Mortgage Trust 2003-C4,
5.322%, 8-15-36 (B)(C)			1,000		556
CWHEQ Home Equity Loan Trust, Series 2006-S3,
6.518%, 1-25-29 (B)			977		272
FFCA Secured Lending Corporation:
1.333%, 2-18-22 (A)(B)			1,500		1,223
1.583%, 2-18-22 (A)(B)			1,000		776
First Horizon Mortgage Pass-Through Trust 2003-8,
5.137%, 10-25-33 (B)			315		127
First Horizon Mortgage Pass-Through Trust 2007-4,
5.500%, 8-25-22			694		491
Flagstar Home Equity Loan Trust 2007-1,
5.997%, 1-25-35 (B)(C)			1,130		293
GE Capital Commercial Mortgage Corp. 2002-2,
6.039%, 8-11-36 (C)			150		141
Global Mortgage Securitization 2005-A Ltd. and Global       Mortgage Securitization 2005-A LLC:
5.250%, 4-25-32			652		467
5.409%, 4-25-32 (B)			1,014		552
Global Mortgage Securitization Ltd. and Global Mortgage       Securitization, LLC:
5.250%, 11-25-32 (A)			877		638
5.250%, 11-25-32 (A)			409		326
GMAC Commercial Mortgage Corporation, Series 2005-C1       Mortgage Pass-Through Certificates,
4.471%, 5-10-43			92		92
GMAC Commercial Mortgage Securities,
5.940%, 7-1-13 (A)			48		42
Harley-Davidson Motorcycle Trust 2009-4,
1.160%, 10-15-12			525		525
Hometown Commercial Capital, LLC Hometown       Commercial Mortgage Pass-Through Notes 2006-1,
5.506%, 11-11-38 (A)			1,929		866
Impac CMB Trust Series 2003-2F,
6.000%, 1-25-33 (B)			567		250
J.P. Morgan Chase Commercial Mortgage Securities Corp.,       Commercial Mortgage Pass-Through Certificates,       Series 2005-LDP2,
4.625%, 3-15-46			161		161
J.P. Morgan Mortgage Trust 2004-A3,
4.279%, 7-25-34 (B)			736		485
J.P. Morgan Mortgage Trust 2006-A2:
3.445%, 11-25-33 (B)			632		385
3.733%, 8-25-34 (B)			2,018		498
J.P. Morgan Mortgage Trust 2006-S3,
6.187%, 8-25-36			1,142		39
J.P. Morgan Mortgage Trust 2007-A1,
4.475%, 7-25-35 (B)			2,141		115
LB-UBS Commercial Mortgage Trust 2003-C3,
4.846%, 2-15-37 (B)(C)			300		172
LB-UBS Westfield Trust, Commercial Mortgage       Pass-Through Certificates, Series 2001-WM,
6.647%, 7-14-16 (C)			1,000		1,031
Mid-State Capital Corporation 2004-1 Trust:
6.005%, 8-15-37			325		305
6.497%, 8-15-37			1,023		928
Morgan Stanley Capital I Trust 2004-TOP15,
4.690%, 6-13-41			285		287
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-WL1,
6.489%, 4-25-17 (B)			169		146
Multi Security Asset Trust LP, Commercial       Mortgage-Backed Securities Pass-Through       Certificates, Series 2005-RR4:
5.880%, 11-28-35 (A)(B)			680		44
5.880%, 11-28-35 (A)(B)			340		22
Multi Security Asset Trust LP, Commercial       Mortgage-Backed Securities Pass-Through       Certificates, Series 2005-RR4 (Interest Only),
1.150%, 11-28-35 (A)(B)(D)			9,915		178
Multi Security Asset Trust, Commercial Mortgage       Pass-Through Certificates, Series 2005-RR4,
5.000%, 11-28-35 (A)			2,000		1,671
Oakwood Mortgage Investors, Inc.:
8.100%, 10-15-21 (A)			22		22
7.375%, 8-15-27			31		31
PHH Alternative Mortgage Trust, Series 2007-1,       Class II-B-2,
6.000%, 2-25-37			1,533		89
PNC Mortgage Acceptance Corp.,
7.300%, 10-12-33			225		229
Prudential Home Mortgage Securities:
6.730%, 4-28-24 (A)(B)			2		1
8.000%, 9-28-24 (B)(C)			12		8
RALI Series 2003-QS11 Trust,
5.750%, 6-25-33			2,254		1,338
RAMP Series 2005-RS1 Trust,
5.145%, 1-25-35 (B)			1,013		221
RASC Series 2003-KS10 Trust,
6.410%, 12-25-33			236		50
RESI Finance Limited Partnership 2003-C and RESI       Finance DE Corporation 2003-C,
1.631%, 9-10-35 (A)(B)			754		486
RFMSI Series 2004-S5 Trust:
4.500%, 5-25-19			270		206
4.500%, 5-25-19			135		94
Salomon Brothers Mortgage Securities VII, Inc., Mortgage       Pass-Through Certificates, Series 1997-HUD1,
7.750%, 12-25-30 (B)			942		167
Structured Asset Mortgage Investments, Inc.:
5.292%, 4-30-30 (B)			14		9
5.292%, 4-30-30 (B)			6		4
Structured Asset Securities Corporation:
6.290%, 11-25-32 (B)			221		70
5.250%, 8-25-33			1,114		669
5.250%, 8-25-33			491		231
6.000%, 6-25-34 (B)			2,019		763
Washington Mutual MSC Mortgage Pass-Through       Certificates Series 2002-MS11 Trust,
5.625%, 12-25-32 (B)			707		437
Wells Fargo Alternative Loan 2007-PA3 Trust,
5.750%, 7-25-37			1,079		96
Wells Fargo Mortgage Backed Securities 2003-2 Trust,
5.250%, 2-25-18 (A)			187		125
Wells Fargo Mortgage Backed Securities 2003-9 Trust,
5.250%, 8-25-33 (C)			971		446
					35,140
Other Non-Agency REMIC/CMO - 0.40%
Banco Hipotecario Nacional:
7.916%, 7-25-09 (A)			23		––	*
1.681%, 3-25-11 (A)(B)			10		––	*
7.540%, 5-31-17 (A)			––		––	*
Bear Stearns Mortgage Securities Inc.,
8.000%, 11-25-29			299		277
Structured Adjustable Rate Mortgage Loan Trust,       Series 2005-21,
5.400%, 11-25-35 (B)			1,575		284
					561
TOTAL CORPORATE DEBT SECURITIES - 27.28%				$	38,374
(Cost: $74,003)
UNITED STATES GOVERNMENT AGENCY OBLIGATIONS
Agency Obligations - 0.30%
Federal National Mortgage Association,
4.750%, 12-15-10 (E)			400		416
Mortgage-Backed Obligations - 66.63%
Federal Home Loan Mortgage Corporation Fixed Rate       Participation Certificates:
5.500%, 12-1-17			431		462
5.500%, 9-1-19			757		807
5.000%, 4-1-23			2,789		2,918
5.300%, 1-15-33			206		214
5.500%, 5-1-34			989		1,053
5.500%, 5-1-34			596		635
6.500%, 5-1-34			548		590
5.500%, 10-1-34			767		813
5.500%, 1-1-35 TBA			4,000		4,189
5.000%, 8-1-35			679		698
5.500%, 10-1-35			1,209		1,281
5.000%, 12-1-35 TBA			2,010		2,061
5.000%, 12-1-35			548		563
6.000%, 1-1-36 TBA			2,000		2,121
6.500%, 7-1-36			792		848
7.000%, 12-1-37			541		590
4.500%, 1-1-38 TBA			265		264
Federal Home Loan Mortgage Corporation Structured       Pass-Through Certificates, Series K-004,
3.413%, 5-25-19			198		198
Federal National Mortgage Association,
5.500%, 2-1-35			496		522
Federal National Mortgage Association Fixed Rate       Pass-Through Certificates:
6.000%, 1-1-18			242		259
5.500%, 2-1-18			264		283
5.000%, 5-1-18			873		923
5.000%, 10-1-18			783		825
5.500%, 9-1-19			205		218
4.500%, 1-1-20 TBA			2,500		2,571
6.000%, 8-1-23			896		957
5.500%, 2-1-24			346		366
6.000%, 8-1-29			275		294
7.000%, 11-1-31			144		160
6.500%, 2-1-32			135		148
6.500%, 2-1-32			103		113
6.500%, 2-1-32			87		95
7.000%, 2-1-32			186		208
7.000%, 3-1-32			261		293
6.500%, 4-1-32			53		58
6.500%, 5-1-32			98		107
6.500%, 5-1-32			60		65
6.000%, 9-1-32			105		113
6.500%, 9-1-32			54		58
6.000%, 10-1-32			719		779
6.000%, 10-1-32			710		769
6.500%, 10-1-32			47		51
6.000%, 11-1-32			544		590
6.000%, 11-1-32			337		365
6.000%, 3-1-33			873		946
6.000%, 3-1-33			604		647
6.000%, 3-1-33			192		209
5.500%, 4-1-33			1,234		1,308
5.500%, 5-1-33			350		368
5.500%, 5-1-33			221		234
6.000%, 6-1-33			1,453		1,552
6.000%, 6-1-33			528		564
6.500%, 8-1-33			39		43
5.500%, 10-1-33			2,863		3,008
6.000%, 10-1-33			197		211
6.000%, 12-1-33			377		407
5.500%, 1-1-34			610		641
5.500%, 1-1-34			473		497
6.000%, 1-1-34 TBA			4,585		4,855
5.000%, 3-1-34			721		743
5.000%, 3-1-34			286		295
5.500%, 4-1-34			413		434
5.000%, 5-1-34			136		140
6.000%, 8-1-34			473		505
5.500%, 9-1-34			813		862
6.000%, 9-1-34			575		613
6.500%, 9-1-34			710		765
5.500%, 11-1-34			468		496
6.000%, 11-1-34			201		214
6.500%, 11-1-34			47		51
5.000%, 12-1-34			917		945
4.500%, 1-1-35 TBA			1,000		998
5.500%, 1-1-35 TBA			2,604		2,726
5.500%, 1-1-35			919		966
5.500%, 1-1-35			429		451
5.500%, 2-1-35			1,811		1,918
6.500%, 3-1-35			822		888
5.000%, 7-1-35			1,977		2,035
5.000%, 7-1-35			608		626
5.000%, 7-1-35			494		509
5.500%, 7-1-35			512		538
5.500%, 10-1-35			1,206		1,281
5.500%, 10-1-35			709		753
5.500%, 11-1-35			439		461
5.500%, 2-1-36			1,276		1,334
6.500%, 2-1-36			532		574
6.500%, 6-1-36			915		982
5.500%, 9-1-36			1,473		1,548
5.500%, 11-1-36			1,164		1,221
6.000%, 11-1-36			1,387		1,473
6.000%, 11-1-36			694		737
5.000%, 1-1-37 TBA			2,575		2,642
6.000%, 5-1-37			753		798
5.500%, 6-1-37			222		232
6.500%, 8-1-37			1,530		1,640
6.000%, 9-1-37			77		82
6.500%, 9-1-37			1,280		1,372
7.000%, 10-1-37			156		171
7.000%, 10-1-37			131		144
5.500%, 3-1-38			195		204
5.500%, 5-1-38			282		295
Government National Mortgage Association Agency       REMIC/CMO (Interest Only): (D)
0.816%, 3-16-34 (B)			5,997		158
0.718%, 7-16-40 (B)			2,996		79
0.081%, 3-16-42 (B)			9,390		27
0.862%, 6-17-45 (B)	16,883				608
Government National Mortgage Association Fixed Rate       Pass-Through Certificates:
7.875%, 5-15-17			517		526
6.250%, 7-15-24			152		163
5.000%, 7-15-33			725		751
5.000%, 7-15-34			622		644
5.500%, 12-15-34			590		622
5.500%, 12-15-34			375		395
5.000%, 1-1-35 TBA			1,000		1,028
5.500%, 1-1-35 TBA			3,000		3,143
5.000%, 1-15-35			1,167		1,206
5.000%, 12-15-35			1,449		1,495
United States Department of Veterans Affairs, Guaranteed       REMIC Pass-Through Certificates, Vendee Mortgage       Trust, 1995-1 Class 1,
7.212%, 2-15-25 (B)			180		197
United States Department of Veterans Affairs, Guaranteed       REMIC Pass-Through Certificates, Vendee Mortgage       Trust, 1995-1 Class 2,
7.793%, 2-15-25			56		61
					93,750
TOTAL UNITED STATES GOVERNMENT AGENCY       OBLIGATIONS - 66.93%				$	94,166
(Cost: $93,240)
UNITED STATES GOVERNMENT OBLIGATIONS - 0.38%
Treasury Obligations
United States Treasury Notes,
4.500%, 3-31-12 (E)			500	$	535
(Cost: $510)
SHORT-TERM SECURITIES
Commercial Paper (F) - 16.69%
CVS Caremark Corporation,
0.230%, 1-13-10			5,000		5,000
GlaxoSmithKline Finance plc,
0.110%, 1-13-10			5,000		5,000
McCormick & Co. Inc.,
0.070%, 1-4-10			6,975		6,974
PACCAR Financial Corp.,
0.080%, 1-6-10			6,500		6,500
					23,474
Master Note - 5.03%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (G)			7,074		7,074
Municipal Obligations - 2.13%
Wisconsin Health and Educational Facilities Authority,       Revenue Bonds, Series 2008-A (U.S. Bank N.A.),
0.250%, 1-5-10			3,000		3,000
United States Government Agency Obligations - 2.84%
Overseas Private Investment Corporation,
0.160%, 3-15-10 (G)			4,000		4,000
TOTAL SHORT-TERM SECURITIES - 26.69%				$	37,548
(Cost: $37,548)
TOTAL INVESTMENT SECURITIES - 121.28%				$	170,623
(Cost: $205,301)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (21.28%)					(29,943	)
NET ASSETS - 100.00%				$	140,680

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Corporate Debt Securities		$  ––		$  34,460		$3,914
United States Government Agency Obligations		––		94,166		––
United States Government Obligations		––		535		––
Short-Term Securities		––		37,548		––
Total Investments in Securities		$  ––		$166,709		$3,914
Future Contracts		$292		$         ––		$     ––

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Corporate Debt Securities
Beginning Balance 4-1-09		$	3,610
Net realized gain (loss)			(277	)
Net unrealized appreciation (depreciation)			819
Net purchases (sales)			(538	)
Transfers in and/or (out) of Level 3 during the period			300
Ending Balance 12-31-09		$	3,914
Net change in unrealized appreciation (depreciation)       for all Level 3 investments still held as of 12-31-09		$	1,107

*Not shown due to rounding.

(A)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $10,708 or 7.61% of net assets.

(B)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009.

(C)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $4,717 or 3.35% of net assets.

(D)Amount shown in principal column represents notional amount for computation of interest.

(E)Securities serve as collateral for the following open futures contracts at December 31, 2009:

Description	Type	Expiration Date	Number of Contracts		Market Value	Unrealized Appreciation
U.S. 30 Year Treasury Bond	Short	3-22-10	––*	$	(3,346)		$142
U.S. 10 Year Treasury Note	Short	3-22-10	––*		(3,348)		84
U.S. 5 Year Treasury Note	Short	3-31-10	––*		(4,003)		66
				$	(10,697)		$292

(F)Rate shown is the yield to maturity at December 31, 2009.

(G)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

The following acronyms are used throughout this schedule:

CMO = Collateralized Mortgage Obligation

REMIC = Real Estate Mortgage Investment Conduit

TBA = To Be Announced

SCHEDULE OF INVESTMENTS

Ivy Pacific Opportunities Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS	Shares		Value
Cayman Islands - 0.38%
Yingde Gases Group Company Limited (A)(B)		2,536	$	2,613
China - 30.18%
BaWang International (Group) Holding Limited (A)(B)		17,028		11,791
China BlueChemical Ltd., H Shares (B)		4,474		2,733
China CITIC Bank Corporation Limited, H Shares (B)		11,513		9,745
China Coal Energy Company Limited (B)		4,385		7,957
China Distance Education Holdings Limited, ADR (A)		125		799
China Life Insurance Company Limited, H Shares (B)		4,837		23,669
China Merchants Bank Co., Limited, H Shares (B)(C)		2,600		6,765
China Oilfield Services Limited (B)		8,482		10,060
China Petroleum & Chemical Corporation, H Shares (B)		8,104		7,140
China Resources Power Holdings Company Limited (B)		3,575		7,081
China South Locomotive & Rolling Stock Corporation Limited,       H Shares (B)		6,000		4,382
China South Locomotive & Rolling Stock Corporation Limited,       H Shares (B)(C)		9,629		7,031
China Yurun Food Group Limited (B)(C)		3,800		11,273
China Yurun Food Group Limited (B)		647		1,919
CNinsure Inc., ADR		188		3,768
Industrial and Commercial Bank of China Limited,       H Shares (B)(C)		21,666		17,844
NetEase.com, Inc., ADR (A)		182		6,851
PetroChina Company Limited, H Shares (B)		16,204		19,264
Renhe Commercial Holdings Company Limited (B)(C)		33,334		7,540
REXLot Holdings Limited (B)		52,975		5,903
Shanda Games Limited, ADR (A)		800		8,152
Shanda Interactive Entertainment Limited, ADR (A)		61		3,208
Shimao Property Holdings Limited (B)		1,628		3,051
Simcere Pharmaceutical Group, ADR (A)		74		687
Yingde Gases Group Company Limited (A)(B)(D)		4,000		4,122
Yingli Green Energy Holding Company Limited, ADR (A)		227		3,583
Zhuzhou CSR Times Electric Co., Ltd., H Shares (B)		5,537		11,298
				207,616
Hong Kong - 11.85%
Beijing Enterprises Holdings Limited (B)		2,040		14,775
BOC Hong Kong (Holdings) Limited (B)		2,933		6,588
Cheung Kong (Holdings) Limited (B)		776		9,972
China Longyuan Power Group Corporation Limited,       H Shares (A)(B)		7,500		9,712
China Metal Recycling (Holdings) Limited (A)(B)		2,000		2,166
China Metal Recycling (Holdings) Limited (A)(B)(C)		4,800		5,198
Fosun International Limited (B)		8,904		6,173
Metallurgical Corporation of China Ltd., H Shares (A)(B)(C)		10,498		6,215
Pan Asia Environmental Protection Group Limited (B)(C)		9,632		1,491
Sinopharm Group Co. Ltd., H Shares (A)(B)(C)		2,900		10,305
Sinopharm Group Co. Ltd., H Shares (A)(B)		364		1,293
Want Want China Holdings Limited (B)		11,009		7,688
				81,576
India - 7.44%
Axis Bank Limited (B)		660		13,942
Bharti Airtel Limited (B)		545		3,850
HDFC Bank Limited (B)		76		2,772
Indiabulls Real Estate Limited (B)		607		2,947
Lanco Infratech Limited (A)(B)		500		6,158
Maruti Suzuki India Limited (B)		200		6,676
Nagarjuna Construction Company Limited (B)		3,208		11,370
TATA POWER COMPANY LIMITED (THE) (B)		117		3,449
				51,164
Indonesia - 1.29%
Perusahaan Perseroan (Persero) PT Telekomunikasi       Indonesia Tbk		142		5,654
PT Tambang Batubara Bukit Asam (Persero) Tbk (B)		1,776		3,234
				8,888
Malaysia - 2.04%
Gamuda Berhad (B)		6,355		4,814
Genting Berhad (B)		2,068		4,408
Sime Darby Berhad (B)		1,848		4,827
				14,049
Singapore - 6.07%
Cambridge Industrial Trust (B)(C)		9,500		3,023
DBS Group Holdings Ltd (B)		670		7,284
Keppel Corporation Limited (B)		1,576		9,181
SembCorp Industries Ltd (B)		2,647		6,917
Straits Asia Resources Limited (B)		4,328		7,973
United Overseas Bank Limited (B)		530		7,377
				41,755
South Korea - 15.32%
Daelim Industrial Co., Ltd. (A)(B)		126		8,947
Hyundai Motor Company (A)(B)		113		11,680
KB Financial Group Inc. (A)(B)		369		18,775
KCC Corporation (B)		11		3,424
Korea Investment Holdings Co., Ltd. (B)		215		6,175
Kyeryong Construction Industrial Co. Ltd (A)(B)		165		3,049
LG Corp. (A)(B)		165		10,289
LG Electronics Inc. (B)		64		6,622
NHN Corporation (A)(B)		65		10,713
Samsung C&T Corporation (A)(B)		137		6,572
Samsung Electronics Co., Ltd. (B)		21		14,305
SK Telecom Co., Ltd. (B)		34		4,903
				105,454
Taiwan - 14.16%
Acer Incorporated (B)		4,906		14,720
Asustek Computer Inc. (B)		3,656		7,042
First Commercial Bank Co., Ltd. (B)		11,846		7,343
Fubon Financial Holding Co., Ltd. (B)		9,723		11,954
Hon Hai Precision Ind. Co., Ltd. (B)		3,160		14,780
Shin Kong Financial Holdings, Co., Ltd (A)(B)		23,650		9,800
Taiwan Cement Corporation (B)		10,752		11,417
Taiwan Semiconductor Manufacturing Company Ltd. (B)		4,254		8,574
Yuanta Financial Holdings Co., Ltd. (B)		16,150		11,817
				97,447
Thailand - 1.84%
Advanced Info Service Public Company Limited (B)		962		2,459
Banpu Public Company Limited, Registered Shares (B)		452		7,824
PTT Public Company Limited (B)		315		2,362
				12,645
United Kingdom - 3.70%
HSBC Holdings plc (B)		1,402		15,946
Standard Chartered PLC (B)		384		9,539
				25,485
TOTAL COMMON STOCKS - 94.27%			$	648,692
(Cost: $515,931)
INVESTMENT FUNDS
India - 0.31%
iPath MSCI India Index ETN (A)		33		2,100
United States - 0.96%
iShares MSCI Taiwan Index Fund		516		6,689
Vietnam - 0.34%
Vietnam Azalea Fund Limited (A)(E)(F)		500		2,320
TOTAL INVESTMENT FUNDS - 1.61%			$	11,109
(Cost: $9,740)
SHORT-TERM SECURITIES	Principal
Commercial Paper (G) - 2.08%
Abbott Laboratories,
0.010%, 1-4-10		$4,540		4,540
Procter & Gamble International Funding S.C.A.       (Procter & Gamble Company (The)),
0.100%, 2-1-10		1,800		1,800
Toyota Motor Credit Corporation,
0.130%, 2-16-10		5,000		4,999
Wisconsin Electric Power Co.,
0.110%, 1-4-10		3,000		3,000
				14,339
Master Note - 0.30%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (H)		2,057		2,057
Municipal Obligations - 0.44%
Wisconsin Health and Educational Facilities Authority,       Revenue Bonds, Series 2008-A (U.S. Bank N.A.),
0.250%, 1-5-10		3,000		3,000
TOTAL SHORT-TERM SECURITIES - 2.82%			$	19,396
(Cost: $19,396)
TOTAL INVESTMENT SECURITIES - 98.70%			$	679,197
(Cost: $545,067)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.30%				8,950
NET ASSETS - 100.00%			$	688,147

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	73,937	$	574,755	$	––
Investment Funds		8,789		––		2,320
Short-Term Securities		––		19,396		––
Total Investments in Securities	$	82,726	$	594,151	$	2,320

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Investment Funds			Written Options
Beginning Balance 4-1-09		$	1,290		$	(585	)
Net realized gain (loss)			––			122
Net unrealized appreciation (depreciation)			1,030			34
Net purchases (sales)			––			429
Transfers in and/or (out) of Level 3 during the period			––			––
Ending Balance 12-31-09		$	2,320		$	––
Net change in unrealized appreciation (depreciation)       for all Level 3 investments still held as of 12-31-09		$	1,030		$	––

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

(B)Listed on an exchange outside the United States.

(C)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $76,685 or 11.14% of net assets.

(D)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be illiquid under guidelines established by the Board of Trustees. At December 31, 2009, the total value of these securities amounted to $4,122 or 0.60% of net assets.

(E)lliquid restricted security. At December 31, 2009, the following restricted security was owned:

Security	Acquisition Date(s)	Shares	Cost	Market Value
Vietnam Azalea Fund Limited	6-14-07 to 1-28-09	500	$3,304		$2,320

      The total value of this security represented approximately 0.34% of net assets at December 31, 2009.

(F)Deemed to be an affiliate due to the Fund owning at least 5% of the voting securities. The Fund and other mutual funds managed by its investment manager, Ivy Investment Management Company, or other related parties together own 30% of the outstanding shares of this security at December 31, 2009.

(G)Rate shown is the yield to maturity at December 31, 2009.

(H)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

Securities with an aggregate market value of $563,719, representing 81.92% of net assets, have been valued in good faith by the Valuation Committee subject to the supervision of the Board of Trustees.

The following acronym is used throughout this schedule:
ADR = American Depositary Receipt

SCHEDULE OF INVESTMENTS

Ivy Real Estate Securities Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS			Shares	Value
Diversified REITs - 8.65%
Colonial Properties Trust			111	$	1,304
Colony Financial, Inc.			85		1,727
Liberty Property Trust			152		4,850
Vornado Realty Trust			172		12,030
Washington Real Estate Investment Trust			146		4,009
					23,920
Health Care Facilities - 1.01%
Brookdale Senior Living, Inc. (A)			154		2,793
Hotels, Resorts & Cruise Lines - 1.44%
Gaylord Entertainment Company (A)			48		942
Marriott International, Inc., Class A			63		1,717
Starwood Hotels & Resorts Worldwide, Inc.			36		1,313
					3,972
Industrial REITs - 4.73%
AMB Property Corporation			156		3,996
EastGroup Properties, Inc.			95		3,640
First Potomac Realty Trust			62		782
ProLogis			340		4,657
					13,075
Mortgage REITs - 1.02%
Starwood Property Trust, Inc.			149		2,815
Office REITs - 20.22%
Alexandria Real Estate Equities, Inc.			40		2,597
BioMed Realty Trust, Inc.			247		3,898
Boston Properties, Inc.			180		12,093
Brandywine Realty Trust			379		4,317
Corporate Office Properties Trust			113		4,131
Digital Realty Trust, Inc.			177		8,895
Douglas Emmett, Inc.			368		5,238
Duke Realty Corporation			237		2,884
Franklin Street Properties Corp.			71		1,030
Highwoods Properties, Inc.			94		3,122
Mack-Cali Realty Corporation			127		4,397
SL Green Realty Corp.			67		3,356
					55,958
Real Estate Management & Development - 1.82%
Brookfield Properties Corporation			334		4,048
CB Richard Ellis Group, Inc., Class A (A)			72		980
					5,028
Real Estate Operating Companies - 0.38%
Forest City Enterprises, Inc., Class A (A)			88		1,041
Residential REITs - 12.11%
Associated Estates Realty Corporation			28		313
AvalonBay Communities, Inc.			81		6,627
BRE Properties, Inc., Class A			64		2,130
Camden Property Trust			66		2,792
Equity Lifestyle Properties, Inc.			13		651
Equity Residential			301		10,155
Essex Property Trust, Inc.			53		4,398
Home Properties, Inc.			84		3,998
Mid-America Apartment Communities, Inc.			51		2,443
					33,507
Retail REITs - 21.63%
Acadia Realty Trust			181		3,047
CBL & Associates Properties, Inc.			383		3,701
Federal Realty Investment Trust			65		4,415
Kimco Realty Corporation			475		6,428
Macerich Company (The)			151		5,430
National Retail Properties, Inc.			127		2,697
Regency Centers Corporation			119		4,183
Simon Property Group, Inc.			335		26,724
Tanger Factory Outlet Centers, Inc.			37		1,431
Taubman Centers, Inc.			50		1,796
					59,852
Specialized REITs - 20.00%
DiamondRock Hospitality Company			177		1,503
Extra Space Storage Inc.			26		305
Health Care Property Investors, Inc.			400		12,203
Health Care REIT, Inc.			136		6,041
Host Hotels & Resorts, Inc.			860		10,036
Nationwide Health Properties, Inc.			141		4,967
Public Storage, Inc.			139		11,289
Ventas, Inc.			205		8,971
					55,315
Wireless Telecommunication Service - 0.72%
American Tower Corporation, Class A (A)			15		648
Crown Castle International Corp. (A)			34		1,335
					1,983
TOTAL COMMON STOCKS - 93.73%				$	259,259
(Cost: $216,527)
SHORT-TERM SECURITIES	Principal
Commercial Paper (B) - 3.81%
Citigroup Funding Inc.,
0.160%, 1-25-10		$	2,000		2,000
ITT Corporation,
0.090%, 1-4-10			3,525		3,525
Toyota Motor Credit Corporation,
0.130%, 2-16-10			5,000		4,999
					10,524
Master Note - 0.83%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (C)			2,298		2,298
TOTAL SHORT-TERM SECURITIES - 4.64%				$	12,822
(Cost: $12,822)
TOTAL INVESTMENT SECURITIES - 98.37%				$	272,081
(Cost: $229,349)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.63%					4,517
NET ASSETS - 100.00%				$	276,598

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	259,259	$	––		$   ––
Short-Term Securities		––		12,822		––
Total Investments in Securities	$	259,259	$	12,822		$   ––

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

(B)Rate shown is the yield to maturity at December 31, 2009.

(C)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

SCHEDULE OF INVESTMENTS

Ivy Small Cap Value Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS			Shares	Value
Advertising - 0.97%
MDC Partners Inc., Class A (A)			233	$	1,946
Aerospace & Defense - 4.09%
AAR CORP. (A)			113		2,594
BE Aerospace, Inc. (A)			146		3,441
Triumph Group, Inc.			46		2,210
					8,245
Apparel, Accessories & Luxury Goods - 2.49%
Jones Apparel Group, Inc.			168		2,701
Warnaco Group, Inc. (The) (A)			55		2,308
					5,009
Application Software - 2.33%
Quest Software, Inc. (A)			126		2,313
TIBCO Software Inc. (A)			248		2,390
					4,703
Asset Management & Custody Banks - 2.76%
Ares Capital Corporation			244		3,033
Hercules Technology Growth Capital, Inc.			243		2,524
					5,557
Auto Parts & Equipment - 3.67%
Modine Manufacturing Company			238		2,814
Superior Industries International, Inc.			143		2,180
Tenneco Automotive Inc. (A)			136		2,417
					7,411
Broadcasting - 2.16%
E. W. Scripps Company (The) (A)			270		1,878
Liberty Media Corporation, Liberty Capital Series A (A)			103		2,467
					4,345
Casinos & Gaming - 2.41%
Bally Technologies, Inc. (A)			67		2,766
WMS Industries Inc. (A)			52		2,096
					4,862
Communications Equipment - 0.75%
Tellabs, Inc. (A)			265		1,503
Computer Hardware - 0.78%
Silicon Graphics, Inc. (A)			223		1,563
Consumer Finance - 1.20%
First Cash Financial Services, Inc. (A)			109		2,412
Data Processing & Outsourced Services - 1.89%
Global Cash Access, Inc. (A)			263		1,968
Lender Processing Services, Inc.			45		1,842
					3,810
Diversified Chemicals - 2.12%
Ashland Inc.			55		2,176
FMC Corporation			37		2,085
					4,261
Diversified Metals & Mining - 0.88%
Thompson Creek Metals Company Inc. (A)			151		1,774
Electric Utilities - 1.55%
NV Energy, Inc.			252		3,116
Electronic Manufacturing Services - 2.58%
Celestica Inc. (A)			341		3,224
Sanmina-SCI Corporation (A)			178		1,964
					5,188
Food Distributors - 0.71%
Dole Food Company, Inc. (A)			115		1,431
Gas Utilities - 1.91%
Southwest Gas Corporation			135		3,848
Gold - 1.20%
Red Back Mining Inc. (A)(B)			168		2,412
Health Care Facilities - 1.23%
AmSurg Corp. (A)			113		2,480
Homebuilding - 1.48%
M.D.C. Holdings, Inc.			66		2,049
M/I Homes, Inc. (A)			91		942
					2,991
Human Resource & Employment Services - 1.59%
TrueBlue, Inc. (A)			217		3,212
Hypermarkets & Super Centers - 1.37%
BJ's Wholesale Club, Inc. (A)			85		2,767
Industrial Machinery - 2.24%
Chart Industries, Inc. (A)			103		1,705
IDEX Corporation			90		2,800
					4,505
Investment Banking & Brokerage - 3.89%
KBW, Inc. (A)			88		2,413
Piper Jaffray Companies (A)			52		2,608
Stifel Financial Corp. (A)			48		2,820
					7,841
Managed Health Care - 1.20%
Coventry Health Care, Inc. (A)			99		2,414
Metal & Glass Containers - 1.61%
Silgan Holdings Inc.			56		3,244
Movies & Entertainment - 1.59%
Regal Entertainment Group			221		3,194
Office REITs - 2.40%
Alexandria Real Estate Equities, Inc.			41		2,616
Mack-Cali Realty Corporation			64		2,223
					4,839
Oil & Gas Exploration & Production - 0.52%
Whiting Petroleum Corporation (A)			15		1,051
Regional Banks - 12.82%
Bank of Marin Bancorp			57		1,869
Columbia Banking System, Inc.			107		1,725
East West Bancorp, Inc.			261		4,125
First Horizon National Corporation (A)			172		2,303
Home BancShares, Inc.			82		1,979
IBERIABANK Corporation			69		3,708
Nara Bancorp, Inc.			121		1,377
Pacific Continental Corporation			148		1,695
PacWest Bancorp			94		1,888
Texas Capital Bancshares, Inc. (A)			123		1,720
Wintrust Financial Corporation			112		3,445
					25,834
Reinsurance - 4.14%
Platinum Underwriters Holdings, Ltd.			55		2,094
RenaissanceRe Holdings Ltd.			53		2,801
Validus Holdings, Ltd.			128		3,443
					8,338
Residential REITs - 1.60%
American Campus Communities, Inc.			115		3,232
Retail REITs - 0.98%
CBL & Associates Properties, Inc.			203		1,966
Security & Alarm Services - 1.43%
GEO Group, Inc. (The) (A)			131		2,873
Semiconductor Equipment - 2.05%
Lam Research Corporation (A)			56		2,187
Verigy Ltd. (A)			151		1,940
					4,127
Semiconductors - 3.22%
Applied Micro Circuits Corporation (A)			256		1,912
Atmel Corporation (A)			552		2,547
Cirrus Logic, Inc. (A)			296		2,021
					6,480
Specialty Chemicals - 1.42%
Sensient Technologies Corporation			109		2,864
Systems Software - 1.78%
Sybase, Inc. (A)			82		3,577
Technology Distributors - 4.21%
Arrow Electronics, Inc. (A)			74		2,176
Avnet, Inc. (A)			109		3,293
Tech Data Corporation (A)			65		3,033
					8,502
Thrifts & Mortgage Finance - 1.52%
First Niagara Financial Group, Inc.			220		3,057
Trucking - 2.35%
Marten Transport, Ltd. (A)			122		2,190
Werner Enterprises, Inc.			128		2,541
					4,731
TOTAL COMMON STOCKS - 93.09%				$	187,515
(Cost: $154,193)
SHORT-TERM SECURITIES	Principal
Commercial Paper (C) - 5.20%
Citigroup Funding Inc.,
0.160%, 1-22-10		$	2,500		2,500
ITT Corporation,
0.090%, 1-4-10			3,505		3,504
Kitty Hawk Funding Corp.,
0.160%, 1-27-10			1,560		1,560
Wisconsin Electric Power Co.,
0.110%, 1-4-10			2,900		2,900
					10,464
Master Note - 1.98%
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (D)			3,995		3,995
TOTAL SHORT-TERM SECURITIES - 7.18%				$	14,459
(Cost: $14,459)
TOTAL INVESTMENT SECURITIES - 100.27%				$	201,974
(Cost: $168,652)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.27%)					(546	)
NET ASSETS - 100.00%				$	201,428

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	187,515	$	––		$   ––
Short-Term Securities		––		14,459		––
Total Investments in Securities	$	187,515	$	14,459		$   ––

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

(B)Listed on an exchange outside the United States.

(C)Rate shown is the yield to maturity at December 31, 2009.

(D)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

SCHEDULE OF INVESTMENTS

Ivy Value Fund (in thousands)

DECEMBER 31, 2009 (UNAUDITED)

COMMON STOCKS			Shares	Value
Advertising - 1.95%
Omnicom Group Inc.			30	$	1,190
Aerospace & Defense - 1.83%
Honeywell International Inc.			29		1,121
Apparel, Accessories & Luxury Goods - 1.75%
V.F. Corporation			15		1,069
Brewers - 2.63%
Molson Coors Brewing Company, Class B			36		1,608
Computer Hardware - 6.53%
Hewlett-Packard Company			54		2,756
International Business Machines Corporation			9		1,230
					3,986
Consumer Finance - 2.23%
Capital One Financial Corporation			36		1,365
Department Stores - 2.01%
Macy's Inc.			73		1,229
Diversified Chemicals - 4.19%
Dow Chemical Company (The)			56		1,545
Solutia Inc. (A)			80		1,016
					2,561
Health Care Distributors - 6.05%
AmerisourceBergen Corporation			47		1,233
McKesson Corporation			40		2,469
					3,702
Home Improvement Retail - 3.38%
Lowe's Companies, Inc.			89		2,072
Hotels, Resorts & Cruise Lines - 2.97%
Carnival Corporation (A)			57		1,816
Industrial Machinery - 0.88%
Illinois Tool Works Inc.			11		537
Integrated Oil & Gas - 14.18%
Chevron Corporation			40		3,056
Exxon Mobil Corporation			9		628
Marathon Oil Corporation			47		1,474
Occidental Petroleum Corporation			32		2,636
Targa Resources Partners LP			36		880
					8,674
Integrated Telecommunication Services - 2.69%
AT&T Inc.			59		1,643
Investment Banking & Brokerage - 2.64%
Morgan Stanley			55		1,616
IT Consulting & Other Services - 0.81%
Accenture plc, Class A			12		498
Managed Health Care - 1.57%
UnitedHealth Group Incorporated (B)			31		957
Mortgage REITs - 1.50%
Annaly Capital Management, Inc.			53		918
Office Electronics - 2.33%
Xerox Corporation (B)			169		1,427
Oil & Gas Storage & Transportation - 6.85%
Energy Transfer Equity, L.P.			38		1,171
Enterprise Products Partners L.P.			39		1,215
MarkWest Energy Partners, L.P.			27		776
Regency Energy Partners LP			49		1,027
					4,189
Other Diversified Financial Services - 5.20%
Bank of America Corporation			211		3,182
Pharmaceuticals - 0.50%
Johnson & Johnson			5		303
Property & Casualty Insurance - 7.48%
ACE Limited			37		1,875
Travelers Companies, Inc. (The)			54		2,699
					4,574
Railroads - 3.21%
Union Pacific Corporation			31		1,961
Regional Banks - 3.08%
PNC Financial Services Group, Inc. (The)			29		1,515
Zions Bancorporation			29		368
					1,883
Reinsurance - 1.63%
RenaissanceRe Holdings Ltd.			19		994
Specialty Stores - 0.91%
Office Depot, Inc. (A)			86		556
Systems Software - 1.00%
Symantec Corporation (A)			34		612
Tobacco - 3.94%
Altria Group, Inc.			42		822
Lorillard, Inc.			13		1,027
Philip Morris International Inc.			12		559
					2,408
TOTAL COMMON STOCKS - 95.92%				$	58,651
(Cost: $51,341)
SHORT-TERM SECURITIES - 4.85%	Principal
Master Note
Toyota Motor Credit Corporation,
0.117%, 1-1-10 (C)		$	2,967	$	2,967
(Cost: $2,967)
TOTAL INVESTMENT SECURITIES - 100.77%				$	61,618
(Cost: $54,308)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.77%)					(473	)
NET ASSETS - 100.00%				$	61,145

Notes to Schedule of Investments

Fair value is defined as the price that the 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. 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 below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2009:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	58,651	$	––		$   ––
Short-Term Securities		––		2,967		––
Total Investments in Securities	$	58,651	$	2,967		$   ––
Liabilities
Written Options	$	58	$	––		$   ––

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

(B)Securities serve as cover or collateral for the following written options outstanding at December 31, 2009:

Underlying Security	Counterparty	Contracts Subject to Call			Expiration Month	Exercise Price	Premium Received			Market Value
UnitedHealth Group    Incorporated	Morgan Stanley    Smith Barney LLC		––	*	January 2010	$34.00		$	15		$	(2	)
Xerox Corporation	UBS Securities LLC		1		January 2010	10.00			8			(2	)
								$	23		$	(4	)
Underlying Security	Counterparty	Contracts Subject to Put			Expiration Month	Exercise Price	Premium Received			Market Value
Energy Transfer    Equity, L.P.	Morgan Stanley    Smith Barney LLC		––	*	January 2010	$25.00			3		$	––	*
	Morgan Stanley    Smith Barney LLC		––	*	February 2010	30.00			16			(17	)
Everest Re Group,    Ltd.	Morgan Stanley    Smith Barney LLC		––	*	April 2010	80.00			24			(14	)
MarkWest Energy    Partners, L.P.	Morgan Stanley    Smith Barney LLC		––	*	February 2010	27.50			7			(8	)
Morgan Stanley	UBS Securities LLC		––	*	January 2010	26.00			18			(5	)
Regency Energy    Partners LP	Morgan Stanley    Smith Barney LLC		––	*	February 2010	20.00			11			(10	)
								$	79		$	(54	)

*Not shown due to rounding.

(C)Variable rate security. Interest rate disclosed is that which is in effect at December 31, 2009. Date shown represents reset date.

The following acronym is used throughout this schedule:
REIT = Real Estate Investment Trust

ITEM 2. CONTROLS AND PROCEDURES.
(a)	The Registrant's Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, have concluded that such controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective and adequately designed to ensure that information required to be disclosed by the Registrant in its reports that it files or submits is accumulated and communicated to the Registrant's management, including the Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
(b)	There were no significant changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).
Attached hereto as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Ivy Funds
(Registrant)
By	/s/Mara D. Herrington
	Mara D. Herrington, Vice President and Secretary
Date: February 24, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By	/s/Henry J. Herrmann
	Henry J. Herrmann, Principal Executive Officer
Date: February 24, 2010
By	/s/Joseph W. Kauten
	Joseph W. Kauten, Principal Financial Officer
Date: February 24, 2010