Common use of IVY FUNDS Clause in Contracts

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Ivy Core Equity Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Government Money Market Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Ivy Science and Technology Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Growth Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Science and Technology Ivy VIP Small Cap Core Ivy VIP Small Cap Growth Ivy VIP Value INVESTED PORTFOLIOS InvestEd Growth Portfolio InvestEd Balanced Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Accumulative Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Xxx Xxxx Management Fund Ivy Core Equity Fund Ivy Corporate Bond Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Global Growth Fund Ivy Government Money Market Fund Ivy Government Securities Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Xxx Xxxxx International Value Fund Ivy Science and Technology Fund Ivy Securian Core Bond Fund Ivy Securian Real Estate Securities Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Xxx Xxxxxxxx Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy Corporate Xxxx Xxx VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Equity Income Ivy VIP Global Growth Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Science and Technology Ivy VIP Securian Real Estate Securities Ivy VIP Small Cap Core Ivy VIP Small Cap Growth Ivy VIP Value INVESTED PORTFOLIOS InvestEd Growth Aggressive Portfolio InvestEd Balanced Portfolio InvestEd Conservative Portfolio InvestEd Fixed Income Portfolio InvestEd Growth Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy Bond Fund Ivy California Municipal High Income Fund Ivy Core Equity Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Government Money Market Fund Ivy Government Securities Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Ivy Science and Technology Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Growth Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Science and Technology Ivy VIP Small Cap Core Ivy VIP Small Cap Growth Ivy VIP Value INVESTED PORTFOLIOS InvestEd Growth Portfolio InvestEd Balanced Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Accumulative Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Xxx Xxxx Management Fund Ivy Core Equity Fund Ivy Corporate Bond Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Government Money Market Fund Ivy Government Securities Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Ivy Science and Technology Fund Ivy Securian Bond Fund Ivy Securian Real Estate Securities Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Xxx Xxxxxxxx Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy Corporate Xxxx Xxx VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Equity Income Ivy VIP Global Growth Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Science and Technology Ivy VIP Securian Real Estate Securities Ivy VIP Small Cap Core Ivy VIP Small Cap Growth Ivy VIP Value INVESTED PORTFOLIOS InvestEd Growth Aggressive Portfolio InvestEd Balanced Portfolio InvestEd Conservative Portfolio InvestEd Fixed Income Portfolio InvestEd Growth Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Accumulative Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Xxx Xxxx Management Fund Ivy Core Equity Fund Ivy Corporate Bond Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Global Growth Fund Ivy Government Money Market Fund Ivy Government Securities Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Exhibit (h)(19) Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Xxx Xxxxx International Value Fund Ivy Science and Technology Fund Ivy Securian Core Bond Fund Ivy Securian Real Estate Securities Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Xxx Xxxxxxxx Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy Corporate Xxxx Xxx VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Equity Income Ivy VIP Global Growth Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Science and Technology Ivy VIP Securian Real Estate Securities Ivy VIP Small Cap Core Ivy VIP Small Cap Growth Ivy VIP Value Exhibit (h)(19) INVESTED PORTFOLIOS InvestEd Growth 90 Portfolio InvestEd Balanced 80 Portfolio InvestEd 70 Portfolio InvestEd 60 Portfolio InvestEd 50 Portfolio InvestEd 40 Portfolio InvestEd 30 Portfolio InvestEd 20 Portfolio InvestEd 10 Portfolio InvestEd 0 Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Ivy Core Equity Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Government Money Market Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Ivy Science and Technology Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Asset Strategy Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Growth Ivy VIP Global Natural Resources Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Real Estate Securities Ivy VIP Science and Technology Ivy VIP Small Cap Core Value Ivy VIP Small Cap Growth Ivy VIP Value INVESTED PORTFOLIOS InvestEd Growth Portfolio InvestEd Balanced Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Accumulative Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Xxx Xxxx Management Fund Ivy Core Equity Fund Ivy Corporate Bond Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Global Growth Fund Ivy Government Money Market Fund Ivy Government Securities Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Exhibit (h)(20) Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Xxx Xxxxx International Value Fund Ivy Science and Technology Fund Ivy Securian Core Bond Fund Ivy Securian Real Estate Securities Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Xxx Xxxxxxxx Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy Corporate Xxxx Xxx VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Equity Income Ivy VIP Global Growth Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Science and Technology Ivy VIP Securian Real Estate Securities Ivy VIP Small Cap Core Ivy VIP Small Cap Growth Ivy VIP Value Exhibit (h)(20) INVESTED PORTFOLIOS InvestEd Growth 90 Portfolio InvestEd Balanced 80 Portfolio InvestEd 70 Portfolio InvestEd 60 Portfolio InvestEd 50 Portfolio InvestEd 40 Portfolio InvestEd 30 Portfolio InvestEd 20 Portfolio InvestEd 10 Portfolio InvestEd 0 Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Ivy Core Equity Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Government Money Market Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Ivy Science and Technology Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Asset Strategy Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Growth Natural Resources Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP International Growth Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Real Estate Securities Ivy VIP Science and Technology Ivy VIP Small Cap Core Value Ivy VIP Small Cap Growth Ivy VIP Value INVESTED PORTFOLIOS InvestEd Growth Portfolio InvestEd Balanced Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Ivy Core Equity Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Government Money Market Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Ivy Science and Technology Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Asset Strategy Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Natural Resources Ivy VIP Growth Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP International Growth Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Real Estate Securities Ivy VIP Science and Technology Ivy VIP Small Cap Core Growth Ivy VIP Small Cap Growth Value Ivy VIP Value INVESTED PORTFOLIOS InvestEd Growth Portfolio InvestEd Balanced Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Ivy Core Equity Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Government Money Market Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Ivy Science and Technology Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Asset Strategy Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Growth Ivy VIP Global Natural Resources Ivy VIP Growth Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Real Estate Securities Ivy VIP Science and Technology Ivy VIP Small Cap Core Growth Ivy VIP Small Cap Growth Value Ivy VIP Value INVESTED PORTFOLIOS InvestEd Growth Portfolio InvestEd Balanced Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Accumulative Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Xxx Xxxx Management Fund Ivy Core Equity Fund Ivy Corporate Bond Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Fund Ivy Government Money Market Fund Ivy Government Securities Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Ivy Science and Technology Fund Ivy Securian Core Bond Fund Ivy Securian Real Estate Securities Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Xxx Xxxxxxxx Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy Corporate Xxxx Xxx VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Equity Income Ivy VIP Global Growth Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Science and Technology Ivy VIP Securian Real Estate Securities Ivy VIP Small Cap Core Ivy VIP Small Cap Growth Ivy VIP Value INVESTED PORTFOLIOS InvestEd Growth Aggressive Portfolio InvestEd Balanced Portfolio InvestEd Conservative Portfolio InvestEd Fixed Income Portfolio InvestEd Growth Portfolio

IVY FUNDS. Ivy Advantus Bond Fund Ivy Advantus Real Estate Securities Accumulative Fund Ivy Apollo Multi-Asset Income Fund Ivy Apollo Strategic Income Fund Ivy Asset Strategy Fund Ivy Balanced Fund Ivy California Municipal High Income Fund Xxx Xxxx Management Fund Ivy Core Equity Fund Ivy Corporate Bond Fund Ivy Crossover Credit Fund Xxx Xxxxxxx Global Value Fund Ivy Dividend Opportunities Fund Ivy Emerging Markets Equity Fund Ivy Energy Fund Ivy European Opportunities Fund Ivy Global Bond Fund Ivy Global Equity Income Fund Ivy Global Growth Fund Ivy Global Income Allocation Fund Ivy Global Equity Income Government Money Market Fund Ivy Government Money Market Securities Fund Ivy High Income Fund Ivy International Core Equity Fund Ivy IG International Small Cap Fund Ivy Large Cap Growth Fund Xxx XxXxxxx Global Real Estate Fund Xxx XxXxxxx Global Risk-Managed Real Estate Fund Ivy Limited-Term Bond Fund Ivy Managed International Opportunities Fund Ivy Micro Cap Growth Fund Ivy Mid Cap Growth Fund Ivy Mid Cap Income Opportunities Fund Ivy Municipal Bond Fund Ivy Municipal High Income Fund Ivy Natural Resources Fund Ivy Pictet Emerging Markets Local Currency Debt Fund Ivy Pictet Targeted Return Bond Fund Ivy PineBridge High Yield Fund Ivy ProShares Interest Rate Hedged High Yield Index Fund Ivy ProShares MSCI ACWI Index Fund Ivy ProShares Xxxxxxx 2000 Dividend Growers Index Fund Ivy ProShares S&P 500 Bond Index Fund Ivy ProShares S&P 500 Dividend Aristocrats Index Fund Xxx Xxxxx International Value Fund Ivy Science and Technology Fund Ivy Securian Core Bond Fund Ivy Securian Real Estate Securities Fund Ivy Small Cap Core Fund Ivy Small Cap Growth Fund Ivy Tax-Managed Equity Fund Ivy Value Fund XXXXXXX & XXXX ADVISORS FUNDS Xxxxxxx & Xxxx Advisors Accumulative Fund Xxxxxxx & Xxxx Advisors Bond Fund Xxxxxxx & Xxxx Advisors Cash Management Xxxxxxx & Xxxx Advisors Continental Income Fund Xxxxxxx & Xxxx Advisors Core Investment Fund Xxxxxxx & Xxxx Advisors Dividend Opportunities Fund Xxxxxxx & Xxxx Advisors Energy Fund Xxxxxxx & Xxxx Advisors Global Bond Fund Xxxxxxx & Xxxx Advisors Government Securities Fund Xxxxxxx & Xxxx Advisors High Income Fund Xxxxxxx & Xxxx Advisors International Growth Fund Xxxxxxx & Xxxx Advisors Municipal Bond Fund Xxxxxxx & Xxxx Advisors Municipal High Income Fund Xxxxxxx & Xxxx Advisors New Concepts Fund Xxxxxxx & Xxxx Advisors Science and Technology Fund Xxxxxxx & Xxxx Advisors Small Cap Fund Xxxxxxx & Xxxx Advisors Tax-Managed Equity Fund Xxxxxxx & Xxxx Advisors Value Fund Xxxxxxx & Xxxx Advisors Vanguard Fund Xxxxxxx & Xxxx Advisors Wilshire Xxx Xxxxxxxx Global Allocation Fund IVY VARIABLE INSURANCE PORTFOLIOS Ivy VIP Advantus Real Estate Securities Ivy VIP Asset Strategy Ivy VIP Balanced Ivy VIP Xxxx Xxx VIP Core Equity Ivy VIP Dividend Opportunities Ivy Corporate Xxxx Xxx VIP Energy Ivy VIP Global Xxxx Xxx VIP Global Equity Income Ivy VIP Global Growth Ivy VIP Government Money Market Ivy VIP Growth Ivy VIP High Income Ivy VIP International Core Equity Ivy VIP Limited-Term Xxxx Xxx VIP Micro Cap Growth Ivy VIP Mid Cap Growth Ivy VIP Natural Resources Ivy VIP Pathfinder Aggressive Ivy VIP Pathfinder Conservative Ivy VIP Pathfinder Moderate Ivy VIP Pathfinder Moderate-Managed Volatility Ivy VIP Pathfinder Moderately Aggressive Ivy VIP Pathfinder Moderately Aggressive-Managed Volatility Ivy VIP Pathfinder Moderately Conservative Ivy VIP Pathfinder Moderately Conservative-Managed Volatility Ivy VIP Science and Technology Ivy VIP Securian Real Estate Securities Ivy VIP Small Cap Core Ivy VIP Small Cap Growth Ivy VIP Value INVESTED PORTFOLIOS InvestEd Growth Aggressive Portfolio InvestEd Balanced Portfolio InvestEd Conservative Portfolio InvestEd Fixed Income Portfolio InvestEd Growth Portfolio