0001193125-11-198636 Sample Contracts

SUPPLEMENT TO CUSTODIAN AGREEMENT BETWEEN UMB BANK, n.a. and IVY FUNDS
Custodian Agreement • July 27th, 2011 • Ivy Funds

WHEREAS, Ivy Funds, on behalf of each of its series set forth on Exhibit A attached hereto (each a “Fund,” and collectively, the “Funds”), has entered into a Custody Agreement dated as March 8, 2010 (as amended or supplemented from time to time, the “Custody Agreement”) with UMB Bank, N.A. (the “Custodian”); and

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EXPENSE REIMBURSEMENT AGREEMENT
Expense Reimbursement Agreement • July 27th, 2011 • Ivy Funds

EXPENSE REIMBURSEMENT AGREEMENT, by and between Ivy Investment Management Company (“IICO”), Ivy Funds Distributor, Inc. (“IFDI”) and Waddell & Reed Services Company (“WRSCO”), and Ivy Funds, on behalf of its series designated Ivy Global Bond Fund, (the “Fund”).

SHAREHOLDER SERVICING AGREEMENT EXHIBIT B COMPENSATION
Shareholder Servicing Agreement • July 27th, 2011 • Ivy Funds

An amount payable on the first day of each month of $1.5042 for each Class A account of the Fund which was in existence during any portion of the immediately preceding month.

EXPENSE REIMBURSEMENT AGREEMENT
Expense Reimbursement Agreement • July 27th, 2011 • Ivy Funds

EXPENSE REIMBURSEMENT AGREEMENT, by and between Ivy Funds Distributor, Inc. (“IFDI”) and Waddell & Reed Services Company (“WRSCO”), and Ivy Funds, on behalf of the series indicated in Appendix A hereto (each, a “Fund,” and, collectively, the “Funds”).

EXPENSE REIMBURSEMENT AGREEMENT
Expense Reimbursement Agreement • July 27th, 2011 • Ivy Funds

EXPENSE REIMBURSEMENT AGREEMENT, by and between Ivy Investment Company (“IICO”), Ivy Funds Distributor, Inc. (“IFDI”) and Waddell & Reed Services Company (“WRSCO”) and Ivy Funds (the “Trust”) on behalf of each series of the Trust set forth below (each a “Fund” and, collectively, the “Funds”).

EXPENSE REIMBURSEMENT AGREEMENT
Expense Reimbursement Agreement • July 27th, 2011 • Ivy Funds

EXPENSE REIMBURSEMENT AGREEMENT, by and between Ivy Investment Management Company (“IICO”), Ivy Funds Distributor, Inc. (“IFDI”) and Waddell & Reed Services Company (“WRSCO”), and Ivy Funds, on behalf of its series designated Ivy Large Cap Growth Fund, (the “Fund”).

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