EXHIBIT 5(p)
IVY FUND
INVESTMENT ADVISORY AGREEMENT SUPPLEMENT
Ivy Global Natural Resources Fund
AGREEMENT made as of the 31st day of December, 1996, by and
between Ivy Fund (the "Trust") and Mackenzie Financial
Corporation (the "Adviser").
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 an Investment Advisory
Agreement (the "Advisory Agreement") dated December 31, 1994,
pursuant to which the Trust has appointed the Adviser to provide
the investment advisory services specified in that Advisory
Agreement; and
WHEREAS, Ivy Global Natural Resources Fund (the "Fund") is a
separate investment portfolio 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 Advisory Agreement, the Trust
hereby adopts the Advisory Agreement with respect to the Fund,
and the Adviser hereby acknowledges that the Advisory Agreement
shall pertain to the Fund, the terms and conditions of such
Advisory Agreement being hereby incorporated herein by reference.
2. The term "Portfolio" as used in the Advisory Agreement
shall, for purposes of this Supplement, pertain to the Fund.
3. As provided in the Advisory Agreement and subject to
further conditions as set forth therein, the Fund shall pay the
Adviser 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 Fund's Prospectus for
determining net asset value per share) of the Fund's net assets
during the preceding month at the annual rate of 0.50%.
4. This Supplement and the Advisory Agreement (together,
the "Agreement") shall become effective with respect to the Fund
as of the date specified above, and unless sooner terminated as
hereinafter provided, the Agreement shall remain in effect with
respect to the Fund for a period of more than two (2) years from
such date only so long as the continuance is specifically
approved at least annually (a) by the vote of a majority of the
outstanding voting securities of the Fund (as defined in the
Investment Company Act of 1940, as amended (the "1940 Act")) or
by the Trust's entire Board of Trustees and (b) by the vote, cast
in person at a meeting called for that purpose, of a majority of
the Trust's Independent Trustees. This Agreement may be
terminated with respect to the Fund at any time, without payment
of any penalty, by vote of a majority of the outstanding voting
securities of the Fund (as defined in the 0000 Xxx) or by vote of
a majority of the Trust's entire Board of Trustees on sixty (60)
days' written notice to the Adviser or by the Adviser on sixty
(60) days' written notice to the Trust. This Agreement shall
terminate automatically in the event of its assignment (as
defined in the 1940 Act).
IVY FUND, on behalf of
Ivy Global Natural Resources Fund,
By: _____________________________
Xxxxxxx X. Xxxxxx, President
MACKENZIE FINANCIAL CORPORATION
By: _____________________________
Xxxxxxxxx Xxxxxx, President
