IVY FUND
FUND ACCOUNTING SERVICES AGREEMENT SUPPLEMENT
Ivy Latin America Strategy Fund
AGREEMENT made as of the 29th day of October, 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 Latin America Strategy Fund (the "Portfolio") is a
separate investment portfolio 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 Portfolio, and the Manager hereby
acknowledges that the Master Agreement shall pertain to the Portfolio, the terms
and conditions of such Master Agreement being hereby incorporated herein by
reference.
2. The term "Portfolio" as used in the Master Agreement shall, for
purposes of this Supplement, pertain to the Portfolio.
3. As provided in the Master Agreement and subject to further
conditions as set forth therein, the Portfolio 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 Portfolio as of the date specified
above and unless sooner terminated as hereinafter provided, the Agreement shall
remain in effect with respect to the Portfolio 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 Portfolio, without payment of any penalty, by the
Portfolio 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
Portfolio; provided, that in the case of termination by the Portfolio, 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 Latin America Strategy Fund
By: /s/ C. XXXXXXX XXXXXX
TITLE:
MACKENZIE INVESTMENT MANAGEMENT INC.
By: /s/ C. XXXXXXX XXXXXX
TITLE: Sr. Vice 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 Latin America
Strategy Fund $1,250 $2,500 $5,000 $6,500
