POWER OF ATTORNEY

         KNOW ALL MEN BY THESE PRESENTS, That the undersigned, IVY FUNDS, INC. and IVY FUNDS (hereinafter each called the Fund), and certain trustees/directors and officers for the Fund, do hereby constitute and appoint HENRY J. HERRMANN, DANIEL C. SCHULTE and KRISTEN A. RICHARDS, and each of them individually, their true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable each Fund to comply with the Securities Act of 1933 and/or the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933 and/or the Investment Company Act of 1940, as amended, including specifically, but without limitation of the foregoing, power and authority to sign the names of each of such trustees and officers in his/her behalf as such trustee or officer as indicated below opposite his/her signature hereto, to any Registration Statement and to any amendment or supplement to the Registration Statement filed with the Securities and Exchange Commission under the Securities Act of 1933 and/or the Investment Company Act of 1940, as amended, and to any instruments or documents filed or to be filed as a part of or in connection with such Registration Statement or amendment or supplement thereto; and each of the undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof.

Date: August 31, 2005	/s/Henry J. Herrmann
	Henry J. Herrmann, President
/s/Henry J. Herrmann	Chairman of the Board, President and Trustee/Director
Henry J. Herrmann
/s/Theodore W. Howard	Vice President, Treasurer, Principal Accounting Officer
Theodore W. Howard	and Principal Financial Officer
/s/Jarold W. Boettcher	Trustee/Director
Jarold W. Boettcher
/s/James D. Gressett	Trustee/Director
James D. Gressett
/s/Joseph Harroz, Jr.	Trustee/Director
Joseph Harroz, Jr.
/s/Glendon E. Johnson, Jr.	Trustee/Director
Glendon E. Johnson, Jr.
/s/Eleanor B. Schwartz	Trustee/Director
Eleanor B. Schwartz
/s/Michael G. Smith	Trustee/Director
Michael G. Smith
/s/Edward M. Tighe	Trustee/Director
Edward M. Tighe
Attest:
/s/Kristen A. Richards
Kristen A. Richards,    Secretary