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Ivy   Science and Technology Fund   For the Period Ending: 06/30/2010   Class R Shares Select Fund Family Ivy W&R InvestEd Select Fund          Asset Strategy Fund Asset Strategy New Opportunities Balanced Fund Bond Fund Capital Appreciation Fund Core Equity Fund Cundill Global Value Fund Dividend Opportunities Fund Energy Fund European Opportunities Fund Global Bond Fund Global Natural Resources Fund High Income Fund International Balanced Fund International Core Equity Fund International Growth Fund Large Cap Growth Fund Limited-Term Bond Fund Managed European/Pacific Fund Managed International Opportunities Fund Micro Cap Growth Mid Cap Growth Fund Mortgage Securities Fund Municipal Bond Fund Municipal High Income Pacific Opportunities Fund Real Estate Securities Fund Science and Technology Fund Small Cap Growth Fund Small Cap Value Fund Tax Managed Equity Fund Value Fund Select Share Class Class A Class B Class C Class Y Class R Class E Class I Close

Overview  Class Inception 12/29/2005  Fund Inception 07/31/1997  Ticker Symbol WSTRX  Cusip 466000437  Fiscal Year End March   Dividends Annually   Lipper Category Science & Technology   Morningstar Category Specialty-Technology   Benchmark(s) S&P North American Technology Sector

Portfolio Management  Zachary H. Shafran  Ivy Investment Management Company  22 years in industry.  9 years with fund.

Helpful Links  • Prospectus  • Quarterly Profiles  • Quarterly Commentary  • Annual Report  • Semi-Annual Report

Investment Approach We typically emphasize growth potential in selecting stocks; that is, we seek companies in which earnings are likely to grow faster than the economy. We aim to identify strong secular trends within industries and then apply a bottom-up stock selection process by considering a number of factors in selecting securities, including growth and earnings potential, quality of management, industry/market size potential, and applicable market and economic conditions.

Consider All Factors As with any fund, the value of the Fund's shares will change, and you could lose money on your investment. An investment in the Fund is not insured or guaranteed by the FDIC or any other government agency. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. These and other risks are more fully described in the fund's prospectus.

Objective To provide long-term capital growth.

Fund Performance 1,2,3

As of June 30, 2010

Expense Ratio

Expense Ratio w/ Waiver(s)

1 yr

3 yrs

5 yrs

10 yrs

Life

		Class R at NAV		1.62%		1.62%		10.04%		-0.03%		6.36%		N/A		1.63%
		Class R		1.62%		1.62%		10.04%		-0.03%		6.36%		N/A		1.63%
		S&P North American Technology Sector		-		-		15.84%		-4.26%		3.06%		-8.11%		N/A
		Lipper Science & Technology		-		-		17.92%		-5.61%		2.03%		-8.77%		N/A

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Click here for the funds most recent month-end performance.

1		Performance does not include the effect of sales charges as Class R shares are not subject to sales charges. Performance prior to the Class R inception date is based on the performance of the Fund's Class A shares (inception date July 3, 2000), adjusted to reflect the sales charge structure associated with Class R shares.
2		S&P North Ameri Tech Sector is an unmanaged index comprised of securities that represent the technology sector of the stock market. It is not possible to invest directly in an index.
3		Consider All Factors. As with any fund, the value of the Fund's shares will change, and you could lose money on your investment. An investment in the Fund is not insured or guaranteed by the FDIC or any other government agency. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. These and other risks are more fully described in the fund's prospectus.

Morningstar Ratings 7  Category: Specialty-Technology  Overall(out of 186 specialty-tech funds) 5   3 Year (out of 186 specialty-tech funds) 5   5 Year (out of 177 specialty-tech funds) 5   Rankings are based on risk-adjusted returns.

Lipper Rankings   Category:  Science & Technology Rank      Percentile     1 Year  115 / 132    87  3 Year  16 / 129    13              Rankings are based on average annual total returns, but do not consider sales charges.

Portfolio Characteristics 6  Expense Ratio 1.62  Total Net Assets $1.0 bil  Total Holdings 65  Turnover Rate 53  Median Market Cap $2.5 bil  R-squared 85.44  Alpha 3.63  Beta 0.72  Sharpe Ratio 0.22  StandardDeviation 16.70

Morningstar Stylebox 4

Growth of a $10,000 Investment   06/30/2000 $10,000     06/30/2001 $7,328     06/30/2002 $5,851     06/30/2003 $5,942     06/30/2004 $7,614     06/30/2005 $8,640     06/30/2006 $9,749     06/30/2007 $11,770     06/30/2008 $12,086     06/30/2009 $10,686     06/30/2010 $11,759   Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.  Portfolio Composition 5   Common Stock 79%     Foreign Stock 15%     Cash 5%     Corporate Bonds 1%     Preferred Stock 1%    Top 10 Holdings 5 Apple Inc. 5.4%   Alliance Data Systems Corporation 5.2%   Cree, Inc. 5.0%   Aspen Technology, Inc. 4.5%   Microsoft Corporation 4.4%   Texas Instruments Incorporated 3.1%   ACI Worldwide, Inc. 3.1%   Vertex Pharmaceuticals Incorporated 3.0%   Lawson Software, Inc. 3.0%   Genzyme Corporation 3.0%

Top 5 Sectors 5   Information Technology 66.5%     Healthcare 13.4%     Industrials 8.8%     Consumer Staples 5.6%     Telecommunication Services 3.3%    Quality    Gov't 0.0%     AAA 0.0%     AA 0.0%     A 0.0%     BBB 0.0%     BB 0.0%     B 0.0%     Below B 0.0%     Non-Rated 0.0%

4		The style box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.
5		Information is subject to change and is not intended to represent any past or future investment recommendations. Quality ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings obtained from Moody's.
6		Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 3 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).
7		For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.
8		Per share values based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. Ivy Funds Class A and Class Y shares are subject to distribution and service fees of up to 0.25% of the average daily net assets, annually, pursuant to SEC Rule 12b-1, while Class B and Class C shares are subject to distribution and service fees of up to 1.00% of the average daily net assets, annually, pursuant to SEC Rule 12b-1. Class Y shares may be purchased only by certain institutional investors set forth in each fund's prospectus.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. Click here for a prospectus containing this and other information for the Ivy Funds. Please read the prospectus carefully before investing.