AMENDED AND RESTATED APPENDIX B TO THE INVESTMENT MANAGEMENT AGREEMENT

Exhibit (d)(5)

AMENDED AND RESTATED

APPENDIX B

TO THE INVESTMENT MANAGEMENT AGREEMENT

This Amended and Restated Appendix B, as amended August 16, 2017 (“Appendix A”), to the Investment Management Agreement dated October 1, 2016, (the “Agreement”), is effective as of August 16, 2017, and supersedes any prior Appendix B to the Agreement.

FEE SCHEDULE

InvestEd Aggressive Portfolio

InvestEd Balanced Portfolio

InvestEd Conservative Portfolio

InvestEd Fixed Income Portfolio

InvestEd Growth Portfolio

InvestEd Income Portfolio

Ivy Investment Management Company will not receive, and will not have any right to, reimbursement from any Fund of Management Fees pursuant to this Investment Management Agreement.