Ivy Funds is an exceptional combination of investment managers that offers global reach and capabilities to advisors and their clients. Ivy seeks to enable its fund shareholders to remain comfortably committed to their long-term goals.

PROVEN. We’re part of an organization whose roots date to 1937, with an investment style emphasizing participation in positive markets and especially, seeking to manage risk.

FOCUSED. We do our own work, believe in our own research and act on our own ideas. Our steady approach is guided by a belief in fundamentals over fads.

CONSTANT. We say what we mean, and do what we say. What we value most, and remember every day, is the trust that we have earned, and must continue to earn, from our shareholders.

The Ivy Funds are managed by Ivy Investment Management Company and distributed by its subsidiary, Ivy Funds Distributor, Inc. Waddell & Reed Financial, Inc., the ultimate parent company of Ivy Funds Distributor, Inc., acquired the investment advisor to the Ivy Funds in December 2002.

Ivy Funds has at its core a highly respected investment organization that traces its roots to the inception of the mutual fund industry. Our heritage and our culture are built upon a commitment to investment excellence.

Henry J. Herrmann Michael L. Avery	Chief Executive Officer	Henry J. Herrmann 46 years experience
	Chief Investment Officer	Michael L. Avery 31 years experience
	Director Equity Research	Matthew Norris 18 years experience
	Economic Team	Derek Hamilton, global economist Michael A. Yeager, global economist
	Domestic Equity Team	17 portfolio managers
	International Team	3 portfolio managers
	Global Equity Research Team	18 industry analysts
	Fixed-Income Team	8 portfolio managers 9 research analysts
	Average portfolio manager experience	20 years
	Average tenure at the firm	14 years

Ivy Investment Management Company’s expertise spans nearly all asset classes, sectors and disciplines, including global/international, asset allocation, natural resources, science and technology, large and small cap growth, core and value equity and fixed-income. We “round out” our team with a premier group of other managers who bring similar investment philosophies and additional expertise that complements our core investment strengths.

Our Subadvisers

Mackenzie Financial Corporation
Location: Toronto
Assets under management: $63.6 billion¹
Investment specialty: Natural resources and global value

• Canadian-based, multi-faceted investment management and financial services corporation; Fred Sturm, manager of Ivy Global Natural Resources Fund, has more than 28 years of industry experience and has managed the Fund since inception.
• Mackenzie Cundill, subadvisors of Ivy Cundill Global Value Fund, is recognized as a leading value style manager. The team employs a deep value approach focusing on a company’s intrinsic value and selects stocks using the investment philosophy of Dr. Benjamin Graham.

Advantus Capital Management, Inc.
Location: St. Paul, MN
Assets under management: $18.5 billion¹
Investment specialty: Real estate and fixed-income securities

• Focused on fundamental, bottom-up research with a commitment to a highly diligent investment approach and consistent performance. Advantus has been managing income-oriented investments for more than a century and brings a seasoned team of managers to specific Ivy fixed income and real estate funds.

¹ Data as of December 31, 2009 and is subject to change.

Our investment management team meets every day at 8:45 a.m. in a collaborative setting that fosters idea sharing, yet reinforces individual accountability. Through all market cycles, we remain dedicated to the following investment principles:

• Rigorous fundamental research — an enduring investment culture that dedicates itself to analyzing companies on its own rather than relying exclusively on widely available research produced by others.
• Collaboration and accountability — a balance of collaboration and individual accountability, which ensures the sharing and analysis of investment ideas among investment professionals while empowering portfolio managers to shape their funds individually.
• Focus on growing and protecting investors’ assets — a sound approach that seeks to capture asset appreciation when market conditions are favorable and, especially, strives to manage risk during difficult market periods.

These three principles shape our investment philosophy and money management approach.

Over seven decades, our investment organization has delivered consistently competitive investment performance. Through bull and bear markets, our investment professionals have not strayed from what works — a time-tested investment process and fundamental research. Investors turn to us because they appreciate that our investment approach continues to identify and create opportunity on their behalf.