Exhibit h(56)
IVY FUND
FUND ACCOUNTING 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. (the "Agent").
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 a Master Fund Accounting Services
Agreement dated January 25, 1993 (the "Master Agreement"), pursuant to which the
Trust has appointed the Agent to provide the fund accounting services specified
in the Master 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 Agreement, the Trust hereby adopts
the Master Agreement with respect to the Funds, and the Manager hereby
acknowledges that the Master Agreement shall pertain to the Funds, 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 each Fund.
3. As provided in the Master Agreement and subject to further
conditions as set forth therein, each Fund 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 Fund as of the date
specified above, and unless sooner terminated as hereinafter provided, the
Agreement shall remain in effect with respect to a Fund 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 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, without payment of any penalty, by that Fund
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 that Fund;
provided, that in the 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
ANNEX 1
FUND ACCOUNTING SERVICES AGREEMENT
FEE SCHEDULE
Based upon assets under management (in millions):
$0-$10 >$10-$40 >$40-$75 Over $75
Xxx Xxxxxxx Value Fund $1,250 $2,500 $5,000 $6,500
Ivy Next Wave Internet Fund $1,250 $2,500 $5,000 $6,500
