EXPENSE REIMBURSEMENT AGREEMENT

EX-99.h.4.ii

THIS EXPENSE REIMBURSEMENT AGREEMENT is made by and among Delaware Management Company (“DMC”), Delaware Distributors, L.P. (“DDLP”), Xxxxxxx & Xxxx Services Company, doing business as WI Services Company (“WISC”) and Ivy Funds (the “Trust”) on behalf of each series of the Trust set forth below (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, DMC, 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 the 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. Through January 28, 2023, DMC, DDLP and/or WISC agrees to reimburse sufficient management fees, Rule 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for the Class of shares of each Fund set forth below at the level shown in the following table (the “Reimbursement Amount”):

Fund	Class	Class	Class	Class	Class	Class	Class
	A	Y	C	I	R6	R	E
Delaware Ivy California Municipal High	0.80%	0.80%	1.65%	0.60%	N/A	N/A	N/A
Income Fund
Delaware Ivy Crossover Credit Fund	0.90%	0.90%	N/A	0.65%	0.65%	N/A	N/A
Delaware Ivy Emerging Markets Local	1.23%	1.20%	1.84%	0.80%	0.80%	N/A	N/A
Currency Debt Fund
Delaware Ivy Government Securities Fund	0.97%	N/A	1.82%	0.72%	0.60%	N/A	N/A
Delaware Ivy High Yield Fund	0.99%	N/A	N/A	0.72%	0.72%	N/A	N/A
Delaware Ivy International Small Cap Fund	1.37%	1.37%	2.12%	0.99%	0.99%	N/A	N/A
Delaware Ivy Multi-Asset Income Fund	1.17%	1.15%	1.95%	0.75%	0.75%	N/A	N/A
Delaware Ivy Strategic Income Fund	1.04%	1.04%	1.82%	0.67%	0.67%	N/A	N/A
Delaware Ivy Total Return Bond Fund	1.24%	1.24%	1.95%	1.00%	0.87%	N/A	N/A
Delaware Ivy ProShares Interest Rate	0.90%	N/A	N/A	0.65%	N/A	N/A	0.81%
Hedged High Yield Index Fund
Delaware Ivy ProShares MSCI ACWI	0.89%	N/A	N/A	0.65%	N/A	N/A	0.70%
Index Fund
Delaware Ivy ProShares Xxxxxxx 2000	0.88%	N/A	N/A	0.65%	N/A	N/A	0.67%
Dividend Growers Index Fund
Delaware Ivy ProShares S&P 500 Bond	0.65%	N/A	N/A	0.40%	N/A	N/A	0.59%
Index Fund
Delaware Ivy S&P Dividend Aristocrats	0.74%	N/A	N/A	0.50%	0.48%	1.22%	0.58%
Index Fund


	1.2	Payment of Reimbursement Amount. To effect the expense reimbursement provided for in this Agreement, a Fund may offset the appropriate Reimbursement Amount against the management fees, Rule 12b-1 fees and/or shareholder servicing fees payable under the Investment Management Agreement, Rule 12b-1 Plan and/or the Shareholder Servicing Agreement. Alternatively, the Reimbursement Amount shall be paid directly by DMC, 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 with respect to the applicable Class of shares of a Fund upon termination of the Fund’s Investment Management Agreement, Rule 12b-1 Plan and/or Shareholder Servicing Agreement or on January 28, 2023, 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 January 28, 2022.


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 the Trust or the Funds 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 Funds.

	3.3	Definitions. Any question of interpretation of any term or provision of this Agreement, including but not limited to the management fees, 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 Investment Management Agreement, 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 Investment Management Agreement, 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 January 24, 2022.

	IVY FUNDS

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

	DELAWARE MANAGEMENT COMPANY

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

	DELAWARE DISTRIBUTORS, L.P.

	By:	/s/ Xxxxx X. Xxxxxx
		Xxxxx X. Xxxxxx, President

	XXXXXXX & XXXX SERVICES COMPANY

	By:	/s/ Xxxxxx X. Xxxxxx
		Xxxxxx X. Xxxxxx, Senior Vice President

Document Metadata

Table of Contents

EXPENSE REIMBURSEMENT AGREEMENT

Document Metadata