IVY FUND
BUSINESS MANAGEMENT AGREEMENT SUPPLEMENT
Ivy Canada Fund
AGREEMENT made this 31st day of December, 1994, by and between Ivy Fund
(the "Company") and Ivy Management Inc. (the "Manager").
WHEREAS, the Company 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 Directors of
the Company from time to time;
WHEREAS, a separate class of shares of the Company is offered
to investors with respect to each investment portfolio;
WHEREAS, the Company has adopted a Master Business Management
Agreement ("Master Agreement") dated December 31, 1991, pursuant to
which the Company has appointed the Manager to provide the business
management services specified in that Master Agreement; and
WHEREAS, Mackenzie Canada Fund (the "Fund") is a separate
investment portfolio of the Company.
NOW, THEREFORE, the Directors of the Company hereby take the
following actions, subject to the conditions set forth:
1. As provided for in the Master Agreement, the Company hereby
adopts the Master Agreement with respect to the Fund, and the Manager
hereby acknowledges that the Master Agreement shall pertain to the
Fund, the terms and conditions of such Master Agreement being hereby
incorporated herein by reference.
2. The term "Fund" as used in the Master Agreement shall, for
purposes of this Supplement, pertain to the Fund.
3. As provided in the Master Agreement and subject to further
conditions as set forth therein, the Fund shall pay the Manager 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 0.50% of the Fund's average daily net assets.
4. This Supplement and the Master Agreement (together, the
"Agreement") shall become effective with respect to the Fund on
November 1, 1990 and shall continue in effect with respect to the Fund
for a period of more than two 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 0000 Xxx) or by the Company's entire Board of Directors
and (b) by the vote, cast in person at a meeting called for that
purpose, of a majority of the Company's Independent Directors. 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 Company's entire Board of Directors on
60 days' written notice to the Manager or by the Manager on 60 days'
written notice to the Company. This Agreement shall terminate
automatically in the event of its assignment (as defined in the 1940
Act).
IVY FUND, on behalf of Ivy Canada Fund
By: /s/ Xxxxxxx X. Xxxxxx
TITLE: President
IVY MANAGEMENT, INC.
By: /s/ Xxxxxxx X. Xxxxxx
TITLE: President
