Exhibit 9(pp)
IVY FUND
ADMINISTRATIVE SERVICES AGREEMENT SUPPLEMENT
Ivy High Yield Fund
AGREEMENT made as of the 25th day of March, 1998 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, several classes of shares are offered to investors
with respect to each investment portfolio of the Trust;
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 High Yield 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:
1. 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.
2. The term "Fund" as used in the Master Services
Agreement shall, for purposes of this Supplement, pertain to the
Fund.
3. 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 Fund's Prospectus for
determining net asset value per share) of the net assets of the
Fund during the preceding month at the annual rate of (i) 0.10%
with respect to the Fund's Class A, Class B, Class C and Advisor
Class shares, and (ii) 0.01%, with respect to the Fund's Class I
shares.
4. 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 (as defined in the Investment
Company Act of 1940, as amended). 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 High Yield Fund
By: XXXXX X. XXXXXXX, President
MACKENZIE INVESTMENT MANAGEMENT INC.
By: XXXXXXX X. XXXXXX, President
