IVY FUND
ADMINISTRATIVE SERVICES AGREEMENT SUPPLEMENT
Ivy Bond Fund
Ivy Canada Fund
Ivy Global Fund
Ivy Short-Term U.S. Government Securities Fund
AGREEMENT made as of the 31st day of December, 1994, by and between
Ivy Fund (the "Trust") and Mackenzie Investment Management Inc. ("MIMI").
WHEREAS, the Trust is an open-end investment company, organized as a
Massachusetts business trust, and consists of such separate investment
portfolios as have been or may be established and designated by the Trustees of
the Trust from time to time;
WHEREAS, a separate class of shares of the Trust is offered to
investors with respect to each investment portfolio;
WHEREAS, the Trust has adopted a Master Administrative Services
Agreement ("Master Services Agreement") dated September 1, 1992, pursuant to
which the Trust has appointed MIMI to provide the administrative services
specified in that Master Services Agreement; and
WHEREAS, Ivy Bond Fund, Ivy Canada Fund, Ivy Global Fund and Ivy
Short-Term U.S. Government Securities Fund (the "Funds") are separate investment
portfolios of the Trust.
NOW, THEREFORE, the Trustees of the Trust hereby take the following
actions, subject to the conditions set forth:
1. As provided for in the Master Services Agreement, the Trust hereby
adopts the Master Services Agreement with respect to the Funds, and MIMI hereby
acknowledges that the Master Services Agreement shall pertain to the Funds, the
terms and conditions of such Master Services Agreement being incorporated herein
by reference.
2. The term "Funds" as used in the Master Services Agreement shall, for
purposes of this Supplement, pertain to the Funds.
3. As provided in the Master Services Agreement and subject to further
conditions as set forth therein, each class of each Fund shall pay MIMI a
monthly fee on the first business day of each month based upon the average daily
value (as determined on each business day at the time set forth in the
Prospectus for determining net asset value per share) of the net assets of the
Funds attributable to that Class during the preceding month at the annual rate,
with respect to Ivy Bond Fund's Class I Shares of .01%, and with respect to each
other class of each Fund, an annual rate of 0.10% on the Funds' Class A and B
shares.
4. This Supplement and the Master Services Agreement (together, the
"Agreement") shall become effective with respect to the Funds as of the date
specified above and unless sooner terminated as hereinafter provided, the
Agreement shall remain in effect for a period of two years from that date.
Thereafter, the Agreement shall continue in effect with respect to the Funds
from year to year, provided
such continuance with respect to the Funds is approved at least annually by the
Trust's Board of Trustees, including the vote or written consent of a majority
of the Trust's Independent Trustees. This Agreement may be terminated with
respect to the Funds at any time, without payment of any penalty, by MIMI upon
at least sixty (60) days' prior written notice to the Funds, or by the Funds
upon at least sixty (60) days' written notice to MIMI; provided, that in case of
termination by the Funds, such action shall have been authorized by the Trust's
Board of Trustees, including the vote or written consent of a majority of the
Trust's Independent Trustees.
IVY FUND, on behalf of
Ivy Bond Fund, Ivy Canada Fund, Ivy Global Fund
and Ivy Short-Term
U.S. Government Securities Fund
By: /s/ XXXXXXX X. XXXXXX
TITLE: President
MACKENZIE INVESTMENT MANAGEMENT INC.
By: /s/ XXXXXXX X. XXXXXX
TITLE: President
