Common use of Applicable Reimbursement Level and Term of Reimbursement Clause in Contracts

Applicable Reimbursement Level and Term of Reimbursement. For the period from August 1, 2012 through July 31, 2013, IICO, IFDI and/or WRSCO agrees to reimburse sufficient management fees, 12b-1 and/or shareholder servicing fees to cap the ordinary operating expenses for the Class of shares of each Fund set forth below at the level in the following table (the “Reimbursement Amount”): Fund Class A Class E Class I Ivy Asset Strategy Fund n/a 1.00 % n/a Ivy Asset Strategy New Opportunities Fund 1.50 % 1.50 % 1.25 % Ivy Bond Fund n/a 1.14 % 0.84 % Ivy Core Equity Fund n/a 1.35 % n/a Xxx Xxxxxxx Global Value Fund 1.90 % 1.59 % n/a Ivy Dividend Opportunities Fund n/a 1.37 % n/a Ivy Energy Fund 1.60 % n/a n/a Ivy Global Income Allocation Fund n/a 1.33 % n/a Ivy Global Natural Resources Fund n/a 1.27 % n/a Ivy High Income Fund n/a 1.36 % n/a Ivy International Core Equity Fund n/a 1.53 % n/a Ivy Limited-Term Bond Fund n/a 1.00 % n/a Ivy Mid Cap Growth Fund n/a 1.60 % n/a Ivy Municipal High Income Fund 0.95 % n/a 0.70 % Ivy Real Estate Securities Fund n/a 1.67 % n/a Ivy Science and Technology Fund n/a 1.43 % n/a Ivy Small Cap Growth Fund n/a 1.56 % n/a Ivy Value Fund 1.55 % n/a n/a

Applicable Reimbursement Level and Term of Reimbursement. For the period from August 1, 2012 2011 through July 31, 20132012, IICO, IFDI and/or WRSCO agrees to reimburse sufficient management fees, 12b-1 and/or shareholder servicing fees to cap the ordinary operating expenses for the Class of shares of each Fund set forth below at the level in the following table (the “Reimbursement Amount”): Fund Class A Class E Class I Ivy Asset Strategy Fund n/a 1.00 1.00% n/a Ivy Asset Strategy New Opportunities Fund 1.50 1.50% 1.50 1.50% 1.25 1.25% Ivy Bond Fund n/a 1.14 1.14% 0.84 0.84% Ivy Core Equity Fund n/a 1.35 1.35% n/a Xxx Xxxxxxx Global Value Fund 1.90 % 1.59 n/a 1.59% n/a Ivy Dividend Opportunities Fund n/a 1.37 1.37% n/a Ivy Energy Fund 1.60 1.60% n/a n/a Ivy Global Income Allocation Fund n/a 1.33 % n/a Ivy Global Natural Resources Fund n/a 1.27 1.27% n/a Ivy High Income Fund n/a 1.36 1.36% n/a Ivy International Balanced Fund n/a 1.33% n/a Ivy International Core Equity Fund n/a 1.53 1.53% n/a Ivy Limited-Term Bond Fund n/a 1.00 1.00% n/a Ivy Mid Cap Growth Fund n/a 1.60 1.60% n/a Ivy Municipal High Income Fund 0.95 0.95% n/a 0.70 0.70% Ivy Real Estate Securities Fund n/a 1.67 1.67% n/a Ivy Science and Technology Fund n/a 1.43 1.43% n/a Ivy Small Cap Growth Fund n/a 1.56 1.56% n/a Ivy Value Fund 1.55 1.55% n/a n/a

Applicable Reimbursement Level and Term of Reimbursement. For the period from August 1, 2012 2016 through July 31, 20132017, IICO, IFDI IDI and/or WRSCO WISC agrees to reimburse sufficient management fees, Rule 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary operating expenses for the Class of shares of each Fund set forth below at the level in the following table (the “Reimbursement Amount”): Fund Class A Class E Class I Class Y Ivy Asset Strategy Fund n/a 1.00 % n/a Ivy Asset Strategy New Opportunities Fund 1.50 % 1.50 % 1.25 % n/a Ivy Bond Fund n/a 1.14 1.05 % 0.84 % n/a n/a Ivy Core Equity Fund n/a 1.35 1.15 % n/a 1.13 % .84 % .84 % Xxx Xxxxxxx Global Value Fund 1.90 n/a 1.31 % 1.59 % n/a n/a Ivy Dividend Opportunities Fund n/a 1.37 % n/a Ivy Energy Fund 1.60 1.13 % n/a n/a Ivy Global Equity Income Fund 1.30 % n/a n/a 1.19 % Ivy Global Income Allocation Fund n/a 1.33 % n/a 1.17 % Ivy Global Natural Resources Fund n/a 1.27 % n/a n/a Ivy High Income Fund n/a 1.36 1.19 % n/a n/a Ivy International Core Equity Fund n/a 1.53 1.31 % n/a n/a Ivy Large Cap Growth Fund 1.15 % 1.15 % 0.88 % 1.06 % Xxx XxXxxxx Global Real Estate Fund 1.51 % n/a n/a n/a Xxx XxXxxxx Global Risk-Managed Real Estate Fund 1.51 % n/a 1.16 % n/a Ivy Limited-Term Bond Fund n/a 1.00 0.98 % n/a n/a Ivy Mid Cap Growth Fund n/a 1.60 1.31 % 1.30 % n/a Ivy Municipal High Income Fund 0.95 % n/a 0.70 % Ivy Real Estate Securities Fund n/a 1.67 1.45 % n/a n/a Ivy Science and Technology Fund n/a 1.43 1.30 % n/a n/a Ivy Small Cap Growth Fund n/a 1.56 % n/a Ivy Value Fund 1.55 1.43 % n/a n/a

Applicable Reimbursement Level and Term of Reimbursement. For the period from August 1July 31, 2012 2018 through July 31, 20132019, IICO, IFDI IDI and/or WRSCO WISC agrees to reimburse sufficient management fees, Rule 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary 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 in the following table (the “Reimbursement Amount”): Fund Class A Class B Class C Class E Class I Class N Class R Class Y Ivy Asset Strategy Fund n/a 1.00 % n/a Ivy Asset Strategy New Opportunities Fund 1.50 % 1.50 % 1.25 1.00% Ivy Bond Fund n/a 1.14 % 0.84 % Ivy Core Emerging Markets Equity Fund n/a 1.35 1.58% n/a Xxx Xxxxxxx Global Value Fund 1.90 2.50% 1.59 .99% n/a Ivy Dividend Opportunities Fund n/a 1.37 .99% n/a Ivy Energy Fund 1.60 % n/a n/a Ivy Global Income Allocation Fund n/a 1.33 1.31% n/a 1.17% Ivy Global Natural Resources Government Money Market Fund n/a 1.27 0.56% n/a Ivy High Income Fund n/a 1.36 1.08% n/a Ivy International Core Equity Fund n/a 1.53 1.28% n/a Ivy Large Cap Growth Fund 1.15% 1.15% 1.06% Xxx XxXxxxx Global Real Estate Fund 1.51% 1.05% 1.05% Xxx XxXxxxx Global Risk-Managed Real Estate Fund 1.51% 1.16% Ivy Limited-Term Bond Fund n/a 1.00 0.95% n/a Ivy Managed International Opportunities Fund 0.49% 1.40% 1.29% 0.16% 0.72% 0.38% Ivy Mid Cap Growth Fund n/a 1.60 1.31% n/a 1.28% Ivy Mid Cap Income Opportunities Fund 1.35% 2.07% 1.30% 1.05% 1.05% 1.80% 1.35% Ivy Municipal High Income Fund 0.95 % n/a 0.70 0.94% Ivy Real Estate Securities Natural Resources Fund n/a 1.67 1.27% n/a Ivy Science and Technology Fund n/a 1.43 1.30% n/a Ivy Securian Core Bond Fund 1.01% .54% .54% Ivy Securian Real Estate Securities Fund 1.42% Ivy Small Cap Growth Fund n/a 1.56 % n/a Ivy Value Fund 1.55 % n/a n/a1.35%

Applicable Reimbursement Level and Term of Reimbursement. For the period from August 1, 2012 2013 through July 31, 20132014, IICO, IFDI and/or WRSCO WISC agrees to reimburse sufficient management fees, 12b-1 and/or shareholder servicing fees to cap the total annual ordinary operating expenses for the Class of shares of each Fund set forth below at the level in the following table (the “Reimbursement Amount”): Fund Class A Class E Class I Class Y Ivy Asset Strategy Fund n/a 1.00 % n/a n/a Ivy Asset Strategy New Opportunities Fund 1.50 % 1.50 % 1.25 % n/a Ivy Bond Fund n/a 1.14 % 0.84 % n/a n/a Ivy Core Equity Fund n/a 1.35 % n/a n/a Xxx Xxxxxxx Global Value Fund 1.90 % n/a 1.59 % n/a n/a Ivy Dividend Opportunities Fund n/a 1.37 % n/a n/a Ivy Energy Fund 1.60 % n/a n/a n/a Ivy Global Equity Income 1.30 % n/a 0.94 % 1.19 % Ivy Global Income Allocation Fund n/a 1.33 % n/a 1.17 % Ivy Global Natural Resources Fund n/a 1.27 % n/a n/a Ivy High Income Fund n/a 1.36 % n/a n/a Ivy International Core Equity Fund n/a 1.53 % n/a n/a Ivy Limited-Term Bond Fund n/a 1.00 % n/a n/a Ivy Mid Cap Growth Fund n/a 1.60 % n/a Ivy Municipal High Income Fund 0.95 % n/a 0.70 % Ivy Real Estate Securities Fund n/a 1.67 % n/a n/a Ivy Science and Technology Fund n/a 1.43 % n/a n/a Ivy Small Cap Growth Fund n/a 1.56 % n/a Ivy Value Fund 1.55 % n/a n/a

Applicable Reimbursement Level and Term of Reimbursement. For the period from August 1July 5, 2012 2017 through July 31, 20132018, IICO, IFDI IDI and/or WRSCO WISC agrees to reimburse sufficient management fees, Rule 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary 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 in the following table (the “Reimbursement Amount”): Fund Class A Class B Class C Class E Class I Class N Class R Class Y Ivy Advantus Bond Fund n/a n/a n/a 1.02 % .54 % .54 % n/a n/a Ivy Advantus Real Estate Securities Fund n/a n/a n/a 1.43 % n/a n/a n/a n/a Ivy Asset Strategy Fund n/a n/a n/a 1.00 % n/a Ivy Asset Strategy New Opportunities Fund 1.50 % 1.50 % 1.25 % Ivy Bond Fund n/a 1.14 % 0.84 % n/a n/a Ivy Core Equity Fund n/a 1.35 1.15 % n/a n/a 1.13 % .84 % n/a n/a .84 % Xxx Xxxxxxx Global Value Fund 1.90 n/a n/a n/a 1.31 % 1.59 % n/a n/a n/a n/a Ivy Dividend Opportunities Fund n/a 1.37 n/a n/a 1.13 % n/a n/a n/a n/a Ivy Energy Emerging Markets Equity Fund 1.60 1.58 % 2.50 % n/a n/a .99 % .99 % n/a n/a Ivy Global Bond Fund 0.99 % 1.74 % 1.74 % n/a 0.74 % 0.74 % n/a 0.99 % Ivy Global Equity Income Fund 1.30 % n/a n/a n/a n/a n/a n/a 1.19 % Ivy Global Income Allocation Fund n/a 1.33 n/a n/a 1.31 % n/a Ivy Global Natural Resources Fund n/a 1.27 n/a 1.17 % Ivy Government Securities Fund 1.00 % 2.13 % 1.88 % n/a n/a n/a n/a 0.72 % Ivy High Income Fund n/a 1.36 n/a n/a 1.11 % n/a n/a n/a n/a Ivy International Core Equity Fund n/a 1.53 n/a n/a 1.28 % n/a n/a n/a n/a Ivy Large Cap Growth Fund 1.15 % n/a n/a 1.15 % 0.88 % n/a n/a 1.06 % Xxx XxXxxxx Global Real Estate Fund 1.51 % n/a n/a n/a 1.05 % 1.05 % n/a n/a Xxx XxXxxxx Global Risk-Managed Real Estate Fund 1.51 % n/a n/a n/a 1.16 % n/a n/a n/a Ivy Limited-Term Bond Fund n/a 1.00 n/a n/a 0.98 % n/a n/a n/a n/a Ivy Managed International Opportunities Fund 0.49 % 1.40 % 1.29 % n/a 0.16 % n/a 0.72 % 0.38 % Ivy Mid Cap Growth Fund 1.31 % n/a n/a 1.30 % n/a n/a n/a n/a Ivy Mid Cap Growth Income Opportunities Fund n/a 1.60 1.35 % n/a 2.07 % 1.30 % 1.05 % 1.05 % 1.80 % 1.35 % Ivy Municipal High Income Fund 0.95 n/a 1.62 % 1.58 % n/a 0.70 0.68 % n/a n/a 0.94 % Ivy Real Estate Securities Natural Resources Fund n/a 1.67 n/a n/a 1.27 % n/a n/a n/a n/a Ivy Science and Technology Fund n/a 1.43 n/a n/a 1.30 % n/a n/a n/a n/a Ivy Small Cap Growth Fund n/a 1.56 % n/a Ivy Value Fund 1.55 n/a 1.35 % n/a n/a n/a n/a

Applicable Reimbursement Level and Term of Reimbursement. For the period from August 1, 2012 2019 through July 31, 20132020, IICO, IFDI IDI and/or WRSCO 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 in the following table (the “Reimbursement Amount”): Fund Class A Class B Class C Class E Class I Class N Class R Class Y Ivy Asset Strategy Fund n/a 1.00 % n/a Ivy Asset Strategy New Opportunities Fund 1.50 % 1.50 % 1.25 % Ivy Bond Fund n/a 1.14 % 0.84 1.00% Ivy Core Equity Fund n/a 1.35 1.04% n/a Xxx Xxxxxxx Global Value 2.13% 1.02% 0.84% 0.84% Ivy Emerging Markets Equity Fund 1.90 1.58% 1.59 2.50% n/a Ivy Dividend Opportunities Fund n/a 1.37 0.99% n/a 0.99% Ivy Energy Fund 1.60 1.41% n/a n/a 2.29% 2.11% 0.99% Ivy Global Income Allocation Bond Fund n/a 1.33 0.99% n/a 1.74% 1.74% 0.74% 0.74% 0.99% Ivy Global Natural Resources Equity Income Fund n/a 1.27 1.24% n/a 1.95% 1.13% 0.92% 1.19% Ivy Global Growth Fund 2.58% 1.06% Ivy Government Money Market Fund 0.51% Ivy High Income Fund n/a 1.36 1.71% n/a 1.66% 1.08% Ivy International Core Equity Fund n/a 1.53 1.25% n/a 2.11% 1.93% 1.23% 0.79% 0.79% 1.53% 1.18% Ivy Large Cap Growth Fund 1.05% 1.85% 1.13% 0.69% 0.69% 1.05% Xxx XxXxxxx Global Real Estate Fund 1.51% 2.18% 1.05% 1.05% 1.80% Ivy Limited-Term Bond Fund n/a 1.00 0.95% n/a Ivy Managed International Opportunities Fund 0.49% 1.40% 1.29% 0.16% .72% 0.38% Ivy Mid Cap Growth Fund n/a 1.60 1.31% n/a 2.09% 1.28% 0.79% 0.79% Ivy Mid Cap Income Opportunities Fund 1.35% 2.07% 1.30% 1.80% 1.35% Ivy Municipal Bond Fund 0.84% 0.70% Ivy Municipal High Income Fund 0.95 1.62% n/a 0.70 1.58% 0.61% 0.94% Ivy Real Estate Securities Natural Resources Fund n/a 1.67 1.27% n/a Ivy Science and Technology Fund n/a 1.43 2.03% n/a 1.28% Ivy Securian Core Bond Fund 0.99% 0.54% 0.54% Ivy Securian Real Estate Securities Fund 1.37% Ivy Small Cap Core Fund 0.89% 0.89% Ivy Small Cap Growth Fund n/a 1.56 2.22% n/a 2.05% 1.35% 0.89% 0.89% Ivy Value Fund 1.55 1.22% n/a n/a2.36% 0.92%