Exhibit (g)(5)

APPENDIX B

to

CUSTODIAN AGREEMENT

between

IVY FUNDS

and

UMB BANK, N.A.

	Custodian Agreement
Fund	Originally Effective:
Ivy Balanced Fund		September 3, 2003
Ivy Bond Fund		September 3, 2003
Ivy Cundill Global Value Fund		March 18, 2003
Ivy Dividend Income Fund		April 9, 2003
Ivy Energy Fund		August 31, 2005
Ivy European Opportunities Fund		March 18, 2003
Ivy Global Natural Resources Fund		March 18, 2003
Ivy Global Strategic Income Fund		February 13, 2008
Ivy International Growth Fund		March 18, 2003
Ivy International Balanced Fund		September 3, 2003
Ivy International Core Equity Fund		March 18, 2003
Ivy Managed European/Pacific Fund		November 29, 2006
Ivy Managed International Opportunities Fund		November 29, 2006
Ivy Mortgage Securities Fund		September 3, 2003
Ivy Real Estate Securities Fund		September 3, 2003
Ivy Pacific Opportunities Fund		March 18, 2003
Ivy Small Cap Value Fund		September 3, 2003
Ivy Value Fund		September 3, 2003