IVY FUND
Exhibit (h)(7)
IVY FUND
ADMINISTRATIVE SERVICES AGREEMENT SUPPLEMENT
Ivy Bond Fund
Xxx Xxxxxxx Global Value Fund
Ivy Developing Markets Fund
Ivy Dividend Income Fund
Ivy European Opportunities Fund
Ivy Global Fund
Ivy Global Natural Resources Fund
Ivy Global Science & Technology Fund
Ivy Growth Fund
Ivy International Fund
Ivy International Small Companies Fund
Ivy International Value Fund
Ivy Money Market Fund
Ivy Pacific Opportunities Fund
Ivy US Blue Chip Fund
Ivy US Emerging Growth Fund
AGREEMENT made as of the 9th day of April, 2003, by and between Ivy
Fund (the "Trust") and Xxxxxxx & Xxxx Xxx Investment Company ("WRIICO").
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 Administrative Services
Agreement ("Master Services Agreement") dated December 31, 2002, pursuant
to which the Trust has appointed WRIICO to provide the administrative
services specified in that Master Services Agreement; and
WHEREAS, Ivy Bond Fund, Xxx Xxxxxxx Global Value Fund, Ivy Developing
Markets Fund, Ivy Dividend Income Fund, Ivy European Opportunities Fund,
Ivy Global Fund, Ivy Global Natural Resources Fund, Ivy Global Science &
Technology Fund, Ivy Growth Fund, Ivy International Fund, Ivy
International Small Companies Fund, Ivy International Value Fund, Ivy
Money Market Fund, Ivy Pacific Opportunities Fund, Ivy US Blue Chip Fund
and Ivy US Emerging Growth 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 Services Agreement, the Trust
hereby adopts the Master Services Agreement with respect to the Funds, and
WRIICO hereby acknowledges that the Master Services Agreement shall
pertain to the Funds, 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 each Fund.
3. As provided in the Master Services Agreement and subject to
further conditions as set forth therein, each Fund shall pay WRIICO 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 that Fund during the preceding month at the annual rate of (i)
0.10% with respect to that Fund's Class A, Class B and Class C shares,
(ii) in the case of Ivy Bond Fund, Xxx Xxxxxxx Global Value Fund, Ivy
Developing Markets Fund, Ivy European Opportunities Fund, Ivy Global Fund,
Ivy Global Natural Resources Fund, Ivy Global Science & Technology Fund,
Ivy Growth Fund, Ivy International Fund, Ivy International Small Companies
Fund, Ivy International Value Fund, Ivy Pacific Opportunities Fund, Ivy US
Blue Chip Fund and Ivy US Emerging Growth Fund, 0.10%, with respect to
that Fund's Advisor Class shares, (iii) in the case of Xxx Xxxxxxx Global
Value Fund, Ivy European Opportunities Fund, Ivy Global Science &
Technology Fund, Ivy International Fund, Ivy International Growth Fund,
Ivy International Small Companies Fund, Ivy International Value Fund and
Ivy US Blue Chip Fund, 0.01%, with respect to that Fund's Class I shares
and (iv) in the case of Ivy Dividend Income Fund, 0.10% with respect to
that Fund's Class Y shares.
4. This Supplement and the Master Services Agreement (together, the
"Agreement") shall become effective with respect to each Fund as of the
date specified above and unless sooner terminated as hereinafter provided,
the Agreement shall remain in effect for a period of one year from that
date. Thereafter, the Agreement shall continue in effect with respect to
each Fund from year to year, provided such continuance with respect to
that 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 a
Fund at any time, without payment of any penalty, by WRIICO upon at least
sixty (60) days' prior written notice to that Fund, or by a Fund upon at
least sixty (60) days' written notice to WRIICO; provided, that in 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.
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IVY FUND, on behalf of Ivy Bond Fund, Xxx
Xxxxxxx Global Value Fund, Ivy Developing
Markets Fund, Ivy Dividend Income Fund, Ivy
European Opportunities Fund, Ivy Global
Fund, Ivy Global Natural Resources Fund, Ivy
Global Science & Technology Fund, Ivy Growth
Fund, Ivy International Fund, Ivy
International Small Companies Fund, Ivy
International Value Fund, Ivy Money Market
Fund, Ivy Pacific Opportunities Fund, Ivy US
Blue Chip Fund, Ivy US Emerging Growth Fund
By: /s/Xxxxxxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxxx
Title: Vice President
XXXXXXX & XXXX XXX INVESTMENT COMPANY
By: /s/Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx
Title: President
