Exhibit h(57)
IVY FUND
ADMINISTRATIVE SERVICES AGREEMENT SUPPLEMENT
Xxx Xxxxxxx Value Fund
Ivy Next Wave Internet Fund
AGREEMENT made as of the 14th day of April, 2000 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 series 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 dated September 1, 1992 (the "Master Services Agreement"), pursuant to
which the Trust has appointed MIMI to provide the administrative services
specified in the Master Services Agreement; and
WHEREAS, Xxx Xxxxxxx Value Fund and Ivy Next Wave Internet Fund ( each,
a "Fund" and collectively 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 "Fund" as used in the Master Services Agreement shall, for
purposes of this Supplement, pertain to each Fund.
3. As provided in the Master Services Agreement and subject to further
conditions as set forth therein, 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 each Fund's Prospectus
for determining net asset value per share) of the net assets of that Fund during
the preceding month at the annual rate of (i) 0.10% with respect to that Fund's
Class A, Class B, Class C and Advisor Class shares, and (ii) 0.01% with respect
to that Fund's Class I shares.
4. This Supplement and the Master Services Agreement (together, the
"Agreement") shall become effective with respect to each of 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 each Fund
from year to year, provided such continuance with respect to each Fund 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 (as defined
in the Investment Company Act of 1940, as amended). This Agreement may be
terminated with respect to a Fund at any time, without payment of any penalty,
by MIMI upon at least sixty (60) days' prior written notice to that Fund, or by
a Fund upon at least sixty (60) days' written notice to MIMI; provided, that in
case of termination by a Fund, 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
Xxx Xxxxxxx Value Fund and
Ivy Next Wave Internet Fund
By: /s/ XXXXX X. XXXXXXXXX
Xxxxx X. Xxxxxxxxx, President
MACKENZIE INVESTMENT MANAGEMENT INC.
By: /s/ XXXXX X. XXXXXXX
Xxxxx X. Xxxxxxx, President
