EXHIBIT h(54)
IVY FUND
ADMINISTRATIVE SERVICES AGREEMENT SUPPLEMENT
Ivy European Opportunities Fund
AGREEMENT made as of the 30th day of April, 1999 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 European Opportunities 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 International Strategic Bond Fund
By: XXXXX X. XXXXXXX
Xxxxx X. Xxxxxxx, President
MACKENZIE INVESTMENT MANAGEMENT INC.
By: XXXXXXX X. XXXXXX
Xxxxxxx X. Xxxxxx, President
