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

Applicable Reimbursement Level and Term of Reimbursement. For the period from April 20, 2017 through January 31, 2019, IICO, IDI and/or 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 E Class I Class N Ivy ProShares Interest Rate Hedged High Yield Index Fund 0.90 % 0.90 % 0.65 % 0.65 % Ivy ProShares MSCI ACWI Index Fund 0.90 % 0.75 % 0.65 % 0.65 % Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund 0.90 % 0.80 % 0.65 % 0.65 % Ivy ProShares S&P 500 Bond Index Fund 0.65 % 0.60 % 0.40 % 0.40 % Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 0.75 % 0.75 % 0.50 % 0.50 %

Applicable Reimbursement Level and Term of Reimbursement. For the period from April 20February 1, 2017 2020 through January 31, 20192021, IICO, IDI 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 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 Apollo Multi-Asset Income Fund 1.30% 2.17% 0.75% 0.75% 1.25% Ivy Apollo Strategic Income Fund 1.15% 1.85% 0.67% 0.67% 1.10% Ivy California Municipal High Income Fund 0.80% 0.60% Ivy Crossover Credit Fund 0.90% 0.65% 0.65% Ivy Government Securities Fund 1.00% 2.13% 1.88% 0.72% Ivy International Small Cap Fund 1.45% 0.99% 0.99% Ivy Pictet Emerging Markets Local Currency Debt Fund 1.25% 2.00% 1.40% 0.80% 0.80% 1.50% 1.25% Ivy Pictet Targeted Return Bond Fund 1.38% 2.08% 1.00% 0.87% 1.25% Ivy PineBridge High Yield Fund 1.00% 0.72% 0.72% Ivy ProShares Interest Rate Hedged High Yield Index Fund 0.90 0.90% 0.90 0.90% 0.65 0.65% 0.65 0.65% Ivy ProShares MSCI ACWI Index Fund 0.90 0.90% 0.75 0.71% 0.65 0.65% 0.65 0.65% Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund 0.90 0.90% 0.80 0.72% 0.65 0.65% 0.65 0.65% Ivy ProShares S&P 500 Bond Index Fund 0.65 0.65% 0.60 0.60% 0.40 0.40% 0.40 0.40% Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 0.75 0.75% 0.75 0.62% 0.50 0.50% 0.50 0.50%

Applicable Reimbursement Level and Term of Reimbursement. For the period from April 20February 1, 2017 2021 through January 31, 20192022, IICO, IDI 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 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 Apollo Multi-Asset Income Fund 1.28% 2.16% 0.75% 0.75% Ivy Apollo Strategic Income Fund 1.14% 1.82% 0.67% 0.67% 1.10% Ivy California Municipal High Income Fund 0.80% 0.60% Ivy Crossover Credit Fund 0.90% 0.65% 0.65% Ivy Government Securities Fund 0.97% 2.02% 1.85% 0.72% Ivy International Small Cap Fund 1.44% 0.99% 0.99% Ivy Pictet Emerging Markets Local Currency Debt Fund 1.23% 2.00% 0.80% 0.80% 1.25% Ivy Pictet Targeted Return Bond Fund 1.37% 2.08% 1.00% 0.87% 1.25% Ivy PineBridge High Yield Fund 0.99% 0.72% 0.72% Ivy ProShares Interest Rate Hedged High Yield Index Fund 0.90 0.90% 0.90 0.81% 0.65 % 0.65 0.65% Ivy ProShares MSCI ACWI Index Fund 0.90 0.89% 0.75 0.70% 0.65 % 0.65 0.65% Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund 0.90 0.88% 0.80 0.71% 0.65 0.65% 0.65 0.65% Ivy ProShares S&P 500 Bond Index Fund 0.65 0.65% 0.60 0.59% 0.40 % 0.40 0.40% Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 0.75 0.74% 0.75 0.60% 0.50 0.50% 0.50 %0.50% #1212105

Applicable Reimbursement Level and Term of Reimbursement. For the period from April 20May 1, 2017 2021 through January 31, 20192022, IICODMC, IDI 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 in the following table (the “Reimbursement Amount”): Fund Class Class Class Class Class Class Class Class A Class B C E Class I Class N R Y Ivy Apollo Multi-Asset Income Fund 1.28% 2.16% 0.75% 0.75% Ivy Apollo Strategic Income Fund 1.14% 1.82% 0.67% 0.67% 1.10% Ivy California Municipal High Income 0.80% 0.60% Fund Ivy Crossover Credit Fund 0.90% 0.65% 0.65% Ivy Government Securities Fund 0.97% 2.02% 1.85% 0.72% Ivy International Small Cap Fund 1.44% 0.99% 0.99% Ivy Pictet Emerging Markets Local 1.23% 2.00% 0.80% 0.80% 1.25% Currency Debt Fund Ivy Pictet Targeted Return Bond Fund 1.37% 2.08% 1.00% 0.87% 1.25% Ivy PineBridge High Yield Fund 0.99% 0.72% 0.72% Ivy ProShares Interest Rate Hedged 0.90% 0.81% 0.65% High Yield Index Fund 0.90 % 0.90 % 0.65 % 0.65 % Ivy ProShares MSCI ACWI Index Fund 0.90 0.89% 0.75 0.70% 0.65 % 0.65 0.65% Ivy ProShares Xxxxxxx 2000 Dividend 0.88% 0.71% 0.65% 0.65% Growers Index Fund 0.90 % 0.80 % 0.65 % 0.65 % Ivy ProShares S&P 500 Bond Index 0.65% 0.59% 0.40% Fund 0.65 % 0.60 % 0.40 % 0.40 % Ivy ProShares S&P 500 Dividend 0.74% 0.60% 0.50% 0.50% Aristocrats Index Fund 0.75 % 0.75 % 0.50 % 0.50 %Fund

Applicable Reimbursement Level and Term of Reimbursement. For the period from April 20February 1, 2017 2019 through January 31, 20192020, IICO, IDI and/or 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 Apollo Multi-Asset Income Fund 1.30 % 2.17 % 1.25 % Ivy Apollo Strategic Income Fund 1.15 % 1.85 % 1.10 % Ivy California Municipal High Income Fund 0.80 % 0.60 % Ivy Crossover Credit Fund 0.90 % 0.65 % 0.65 % Ivy IG International Small Cap Fund 1.45 % Ivy Pictet Emerging Markets Local Currency Debt Fund 1.25 % 2.00 % 1.40 % 0.80 % 0.80 % 1.50 % 1.25 % Ivy Pictet Targeted Return Bond Fund 1.38 % 2.08 % 1.00 % 0.87 % 1.25 % Ivy PineBridge High Yield Fund 1.00 % 0.72 % 0.72 % Ivy ProShares Interest Rate Hedged High Yield Index Fund 0.90 % 0.90 % 0.65 % 0.65 % Ivy ProShares MSCI ACWI Index Fund 0.90 % 0.75 % 0.65 % 0.65 % Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund 0.90 % 0.80 0.73 % 0.65 % 0.65 % Ivy ProShares S&P 500 Bond Index Fund 0.65 % 0.60 % 0.40 % 0.40 % Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 0.75 % 0.75 % 0.50 % 0.50 %