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Ivy   Global Natural Resources 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 01/02/1997  Ticker Symbol IGNRX  Cusip 465898310  Fiscal Year End March   Dividends Annually   Lipper Category Global Natural Resources   Morningstar Category Specialty-Natural Resources   Benchmark(s) MS Commodities    MSCI AC World IMI 55% Energy and 45% Materials Index

Portfolio Management  Fred Sturm, CFA  Mackenzie Financial Corp. (subadvisor)  28 years in industry.  13 years with fund.

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

Investment Approach The Fund's subadvisor uses an equity style that focuses on both growth and value, as well as utilizing both a top-down (the creation of macro-economic models to prepare an outlook for economic and market conditions) and a bottom-up (fundamental, company by company) approach. For individual security selection, the manager maintains models for hundreds of companies worldwide in sectors including integrated energy, chemicals, steel, forest products, base and precious metals, coal and uranium, and agricultural commodities.

Consider All Factors Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. International investing involves additional risks including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These and other risks are more fully described in the fund's prospectus.

Objective To provide long-term growth. Any income realized will be incidental.

Fund Performance 1,2,3,4

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		1.57%		1.57%		4.54%		-13.17%		4.04%		11.60%		9.49%
		Class R		1.57%		1.57%		4.54%		-13.17%		4.04%		11.60%		9.49%
		MS Commodities		-		-		15.65%		-2.53%		10.50%		12.94%		N/A
		MSCI AC World IMI 55% Energy and 45% Materials Index		-		-		13.45%		-7.68%		8.01%		9.81%		N/A
		Lipper Global Natural Resources		-		-		4.63%		-10.57%		5.27%		11.22%		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 January 2, 1997), adjusted to reflect the sales charge structure associated with Class R shares.
2		Morgan Stanley Commodities Index is an unmanaged index comprised of securities that represent the commodities sector of the stock market. It is not possible to invest directly in an index.
3		Consider All Factors. Investing in companies involved in one specified sector may be more risky and volatile than an investment with greater diversification. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. Investing in natural resources can be riskier than other types of investment activities because of a range of factors, including price fluctuation caused by real and perceived inflationary trends and political developments; and the cost assumed by natural resource companies in complying with environmental and safety regulations. Investing in physical commodities, such as gold, exposes the fund to other risk considerations such as potentially severe price fluctuations over short periods of time. These and other risks are more fully described in the prospectus.

Morningstar Ratings 8  Category: Specialty-Natural Resources  Overall(out of 100 spec. nat. res. funds) 1   3 Year (out of 100 spec. nat. res. funds) 1   Rankings are based on risk-adjusted returns.

Lipper Rankings   Category:  Global Natural Resources Rank      Percentile     1 Year  72 / 124    58  3 Year  68 / 88    77              Rankings are based on average annual total returns, but do not consider sales charges.

Portfolio Characteristics 7  Expense Ratio 1.57  Total Net Assets $4.7 bil  Total Holdings 114  Turnover Rate 112  Median Market Cap $6.0 bil  R-squared 87.32  Alpha -5.80  Beta 1.08  Sharpe Ratio 0.04  StandardDeviation 31.03

Morningstar Stylebox 5

Growth of a $10,000 Investment   06/30/2000 $10,000     06/30/2001 $12,188     06/30/2002 $13,959     06/30/2003 $13,399     06/30/2004 $19,084     06/30/2005 $24,588     06/30/2006 $35,967     06/30/2007 $45,786     06/30/2008 $56,743     06/30/2009 $28,675     06/30/2010 $29,976   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 6   Foreign Stock 49%     Common Stock 40%     Cash 5%     Other Assets 5%     Preferred Stock 1%    Top 10 Holdings 6 Alpha Natural Resources, Inc. 5.0%   Halliburton Company 3.8%   Randgold Resources Limited, ADR 3.6%   Petrohawk Energy Corporation 3.4%   Canadian Natural Resources Limited 3.4%   Open Joint Stock Company Gazprom, ADR 3.1%   El Paso Corporation 3.1%   Cabot Oil & Gas Corporation 2.7%   Occidental Petroleum Corporation 2.6%   Williams Companies, Inc. (The) 2.3%

Top 5 Sectors 6   Energy 53.5%     Materials 31.1%     Industrials 8.5%     Utilities 4.6%     Consumer Staples 1.7%    Top 5 Countries 6   U.S.A. 43.3%     Canada 14.9%     U.K. 9.4%     Brazil 7.1%     Russia 6.9%

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 5 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.