EXPENSE REIMBURSEMENT AGREEMENT

XX-00.x.0.xx

THIS EXPENSE REIMBURSEMENT AGREEMENT is made by and among Delaware Distributors, L.P. (“DDLP”) and Xxxxxxx & Xxxx Services Company, doing business as WI Services Company (“WISC”), and Ivy Funds, on behalf of the series indicated in each respective Appendix attached hereto (each, a “Fund,” and, collectively, the “Funds”).

WHEREAS, Ivy Funds, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-ended management investment company of the series type, and each Fund is a series of Ivy Funds; and

WHEREAS, Ivy Funds and DDLP and/or WISC have determined that it is appropriate and in the best interests of each Fund and its shareholders to maintain the expenses of each Fund at a level below the level to which each Fund may normally be subject;

NOW THEREFORE, the parties hereto agree as follows:

1.	Reimbursement of Expenses.

	1.1	Applicable Reimbursement Level and Term of Reimbursement. For the period from July 29, 2021 through July 29, 2022, to the extent that the total annual ordinary fund operating expenses of Class Y shares and Class N shares, respectively, of any Fund exceeds the total annual ordinary fund operating expenses of the Class A shares and Class I shares of that Fund, respectively, DDLP and/or WISC agrees to reimburse sufficient Rule 12b-1 fees and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of such Class Y shares and Class N shares, do not exceed the total annual ordinary fund operating expenses of the Class A shares and Class I shares, respectively, of that Fund, as calculated at the end of each month (the “Reimbursement Amount”).

	1.2	Payment of Reimbursement Amount. To effect the expense reimbursement provided for in this Agreement, the Fund may offset the appropriate Reimbursement Amount against the Rule 12b-1 fees and/or shareholder servicing fees payable under the Rule 12b-1 Plan and/or the Shareholder Servicing Agreement. Alternatively, the Reimbursement Amount shall be paid directly by DDLP and/or WISC. Such offset shall be taken, or such direct payment shall be paid, two times per year within 30 days following the date of a Fund’s applicable semi-annual or annual reporting period.


2.	Termination and Effectiveness of Agreement.


	2.1	Termination. This Agreement shall terminate upon termination of the Fund’s Rule 12b-1 Plan and/or the Shareholder Servicing Agreement or on July 29, 2022, whichever comes first. This Agreement may be terminated prior to expiration if such termination is approved by the Board of Trustees of the Trust, including the vote of a majority of the trustees who are not “interested persons” as defined in the 1940 Act.

	2.2	Effectiveness. This Agreement shall be effective July 26, 2021.

3.	Miscellaneous.

	3.1	Captions. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof.

	3.2	Interpretation. Nothing contained herein shall be deemed to require the Board of Trustees of Ivy Funds (“Trust”) or the Fund to take any action contrary to the Trust’s Declaration of Trust or Bylaws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of Trustees of the Trust of its responsibility for and control of the conduct of the affairs of the Trust or the Fund.

	3.3	Definitions. Any question of interpretation of any term or provision of this Agreement, including but not limited to the Rule 12b-1 Plan and/or shareholder servicing fees, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from, the terms and provisions of the Rule 12b-1 Plan, the Shareholder Servicing Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to the Rule 12b-1 Plan, the Shareholder Servicing Agreement or the 1940 Act.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of July 26, 2021.

	IVY FUNDS

	By:	/s/ Xxxxx X. Xxxxx
		Xxxxx X. Xxxxx, President & Chief
		Executive Officer

	DELAWARE DISTRIBUTORS, L.P.

	By:	/s/ Xxxxxxx Xxxxx
		Xxxxxxx Xxxxx, Senior Vice President

	XXXXXXX & XXXX SERVICES COMPANY

	By:
		[NAME, TITLE]

Appendix A
Y Floats to A

Ivy Asset Strategy Fund

Ivy Balanced Fund

Ivy Core Equity Fund

Ivy Emerging Markets Equity Fund

Ivy Energy Fund

Ivy Global Bond Fund

Ivy Global Equity Income Fund

Ivy Global Growth Fund

Ivy High Income Fund

Ivy International Core Equity Fund

Ivy Large Cap Growth Fund

Xxx XxXxxxx Global Real Estate Fund

Ivy Limited-Term Bond Fund

Ivy Managed International Opportunities Fund

Ivy Mid Cap Growth Fund

Ivy Mid Cap Income Opportunities Fund

Ivy Municipal Bond Fund

Ivy Municipal High Income Fund

Ivy Natural Resources Fund

Xxx Xxxxx International Value Fund

Ivy Science and Technology Fund

Ivy Securian Core Bond Fund

Ivy Securian Real Estate Securities Fund

Ivy Small Cap Core Fund

Ivy Small Cap Growth Fund

Ivy Value Fund

Appendix B
N Floats to I