Delaware Ivy Value Fund Class B (IYVBX)

Matthew Norris is a Senior Vice President of Waddell & Reed Investment Management Company and Ivy Investment Management Company. Mr. Norris received a BS in cellular biology in 1986 from the University of Kansas. He earned an MBA from the University of Nebraska in 1992. Before joining Waddell & Reed, Mr. Norris was affiliated with Advantus Capital Management, Inc. in St. Paul, MN from 1997 to 2003. He joined Advantus as a growth analyst and was appointed a large cap value portfolio manager in 2000. Prior to joining Advantus, he was an equity analyst and portfolio manager for Norwest Investment Management, Inc. from 1994 to 1997. Mr. Norris joined Waddell & Reed as a senior vice president and portfolio manager in July 2003. He served as director of equity research from June 2005 to April 2010. He held portfolio manager responsibility for Ivy Funds VIP Small Cap Value and Ivy Small Cap Value Fund from April 2010 through August 2011. He is portfolio manager of large cap value institutional accounts, Waddell & Reed Advisors Value Fund, Ivy Funds VIP Value (formerly W&R Target Funds Value Portfolio), and Ivy Value Fund. He has managed the value funds since July 2003. Mr. Norris is a CFA charterholder. He is a member of the Kansas City Society of Financial Analysts. He also serves as a member of the Finance Advisory Board for the University of Kansas School of Business.