IVY FUND
ADMINISTRATIVE SERVICES AGREEMENT SUPPLEMENT
Ivy Emerging Growth Fund
AGREEMENT made as of the 5th day of March, 1993, 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 class of share of the Trust is offered to investors with
respect to each investment portfolio; WHEREAS, the Trust has adopted a Master
Administrative Services Agreement ("Master Services Agreement") dated September
1, 1992, pursuant to which the Trust has appointed MIMI to provide the
administrative services specified in that Master Services Agreement; and
WHEREAS, Ivy Emerging Growth 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: As provided for in
the Master Services Agreement, the Trust hereby adopts the Master Services
Agreement with respect to the Fund, and MIMI hereby acknowledges that the Master
Services Agreement shall pertain to the Fund, the terms and conditions of such
Master Services Agreement being incorporated herein by reference. The term
"Fund" as used in the Master Services Agreement shall, for purposes of this
Supplement, pertain to the Fund. As provided in the Master Services Agreement
and subject to further conditions as set forth therein, the 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 the
Prospectus for determining net asset value per share) of the net assets of the
Fund during the preceding month at the annual rate of 0.10%. This Supplement and
the Master Services 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 for a
period of two years from that date. Thereafter, the Agreement shall continue in
effect with respect to the Fund from year to year, provided such continuance
with respect to the 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. This Agreement may be terminated with respect to the Fund
at any time, without payment of any penalty, by MIMI upon at least sixty (60)
days' prior written notice to the Fund, or by the Fund upon at least sixty (60)
days' written notice to MIMI; provided, that in case of termination by the 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 Emerging Growth Fund
By: /s/ XXXXXXX X. XXXXXX
TITLE: President
MACKENZIE INVESTMENT MANAGEMENT INC.
By: /s/ XXXXXXX X. XXXXXX
TITLE: President
