IVY FUND
BUSINESS MANAGEMENT AND INVESTMENT ADVISORY
AGREEMENT SUPPLEMENT
Ivy China Region Fund
AGREEMENT made as of the 5th day of March, 1993, by and between Ivy Fund (the
"Fund") and Ivy Management Inc. (the "Manager"). WHEREAS, the Fund 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 Fund from time to time;
WHEREAS, a separate class of share of the Fund is offered to investors with
respect to each investment portfolio; WHEREAS, the Fund has adopted a Master
Business Management and Investment Advisory Agreement ("Master Agreement") dated
December 31, 1991, pursuant to which the Fund has appointed the Manager to
provide the business management and investment advisory services specified in
that Master Agreement; and WHEREAS, Ivy China Region Fund (the "Portfolio") is a
separate portfolio of the Fund. NOW, THEREFORE, the Trustees of the Fund hereby
take the following actions, subject to the conditions set forth: As provided for
in the Master Agreement, the Fund hereby adopts the Master Agreement with
respect to the Portfolio, and the Manager hereby acknowledges that the Master
Agreement shall pertain to the Portfolio, the terms and conditions of such
Master Agreement being hereby incorporated herein by reference. The term
"Portfolio" as used in the Master Agreement shall, for purposes of this
Supplement, pertain to the Portfolio. As provided in the Master Agreement and
subject to further conditions as set forth therein, the Portfolio 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 Portfolio during the preceding month at the annual rate of 1.00%. This
Supplement and the Master Agreement (together, the "Agreement") shall become
effective with respect to the Portfolio as of the date specified above and
unless sooner terminated as hereinafter provided, the Agreement shall remain in
effect with respect to the Portfolio for a period of more than two (2) 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 Portfolio (as defined in the 0000 Xxx) or by the Fund's entire Board of
Trustees and (b) by the vote, case in person at a meeting called for that
purpose, of a majority of the Fund's Independent Trustees. This Agreement may be
terminated with respect to the Portfolio at any time, without payment of any
penalty, by vote of a majority of the outstanding voting securities of the
Portfolio (as defined in the 0000 Xxx) or by vote of a majority of the Fund's
entire Board of Trustees on sixty (60) days' written notice to the Manager or by
the Manager on sixty (60) day's written notice to the Fund. This Agreement shall
terminate automatically in the event of its assignment (as defined in the 1940
Act).
IVY FUND,
on behalf of Ivy China Region Fund
By: /S/ X. XXXXXXX FERRIS_________
TITLE: Secretary
IVY MANAGEMENT INC.
By: /S/ X. XXXXXXX FERRIS_________
TITLE: Senior Vice President
