IVY FUND
FUND ACCOUNTING 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 "Fund") and Mackenzie Investment Management Inc. (the "Agent").
WHEREAS, the Fund 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 Fund from time to time;
WHEREAS, a separate class of shares of the Fund is offered to investors
with respect to each investment portfolio;
WHEREAS, the Fund has adopted a Master Fund Accounting Services
Agreement ("Master Agreement") dated January 25, 1993, pursuant to which the
Fund has appointed the Agent to provide the fund accounting services specified
in that Master Agreement; and
WHEREAS, Ivy Bond Fund, Ivy Canada Fund, Ivy Global Fund and Ivy
Short-Term U.S. Government Securities Fund (the "Portfolios") are separate
investment portfolios of the Fund.
NOW, THEREFORE, the Trustees of the Fund hereby take the following
actions, subject to the conditions set forth:
1. As provided for in the Master Agreement, the Fund hereby adopts the
Master Agreement with respect to the Portfolios, and the Manager hereby
acknowledges that the Master Agreement shall pertain to the Portfolios, the
terms and conditions of such Master Agreement being hereby incorporated herein
by reference.
2. The term "Portfolios" as used in the Master Agreement shall, for
purposes of this Supplement, pertain to the Portfolios.
3. As provided in the Master Agreement and subject to further
conditions as set forth therein, the Portfolios shall pay the Agent a monthly
fee based upon the rate(s) set forth in the Fee Schedule attached hereto as
Annex 1.
4. This Supplement and the Master Agreement (together, the "Agreement")
shall become effective with respect to the Portfolios as of the date specified
above and unless sooner terminated as hereinafter provided, the Agreement shall
remain in effect with respect to the Portfolios for a period of more than one
(1) year from such date only so long as the continuance is specifically approved
at least annually by the Fund's Board of Trustees, including the vote or written
consent of a majority of the Fund's Independent Trustees. This Agreement may be
terminated with respect to the Portfolios, without payment of any penalty, by
the Portfolios upon at least ninety (90) days' prior written notice to the Agent
or by the Agent upon at least ninety (90) days' prior written notice to the
Portfolios; provided, that in the case of termination by the Portfolios, such
action shall have been authorized by the Fund's Board of Trustees, including the
vote or written consent of a majority of the Fund'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
ANNEX 1
FUND ACCOUNTING SERVICES AGREEMENT
FEE SCHEDULE
BASED UPON ASSETS UNDER
MANAGEMENT (IN MILLIONS)
$0-$10 $10-$40 $40-$75 Over $75
------ ------- ------- --------
Ivy International
Bond Fund $1,250 $2,500 $5,000 $6,500
Ivy Canada Fund $1,250 $2,500 $5,000 $6,500
Ivy Global Fund $1,250 $2,500 $5,000 $6,500
$0-20 $20-$75 $75-$100 over $100
----- ------- -------- ---------
Ivy Bond Fund $1,000 $1,500 $4,000 $6,000
Ivy Short-Term U.S.
Government Securities
Fund $1,000 $1,500 $4,000 $6,000
