EXHIBIT 9(aa)
IVY FUND
ADMINISTRATIVE SERVICES AGREEMENT SUPPLEMENT
Ivy Global Natural Resources Fund
Ivy Asia Pacific Fund
Ivy International Value Fund
AGREEMENT made as of the 31st day of December, 1996, 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, Ivy Global Natural Resources Fund, Ivy Asia Pacific
Fund and Ivy International Value 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 and Class C shares,
and (ii) in the case of Ivy International Value Fund, 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
Ivy Global Natural Resources Fund,
Ivy Asia Pacific Fund and
Ivy International Value Fund
By: _____________________________
Xxxxxxx X. Xxxxxx, President
MACKENZIE INVESTMENT MANAGEMENT INC.
By: _____________________________
Xxxxxxx X. Xxxxxx, President
