Thomas  A. Mengel is primarily  responsible for the  management of the Ivy Developing Markets Fund, Ivy Global Fund, Ivy International Fund, Ivy International Value Fund and Ivy Pacific Opportunities Fund. 

Mr. Mengel  has held  his responsibilities for these Funds  since December 17, 2002. Since May  1996, Mr. Mengel has managed other investment companies for which Waddell &  Reed Investment Management Company  ("WRIMCO"), an affiliate  of IMI, serves  as investment manager.  

Mr. Mengel  is Senior Vice President of IMI and of WRIMCO, Vice President of the Funds and Vice President of other investment companies for which WRIMCO serves as investment manager.