EXHIBIT 9(V)
IVY FUND
ADMINISTRATIVE SERVICES AGREEMENT SUPPLEMENT
Ivy Bond Fund
Ivy Canada Fund
Ivy China Region Fund
Ivy Emerging Growth Fund
Ivy Global Fund
Ivy Growth Fund
Ivy Growth with Income Fund
Ivy International Fund
Ivy International Bond Fund
Ivy Latin America Strategy Fund
Ivy Money Market Fund
Ivy New Century Fund
CLASS C SHARES
AGREEMENT made as of the 30th day of April, 1996, 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 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 (the "Master Agreement") dated September 1,
1992, pursuant to which the Trust has appointed MIMI to provide
the administrative services specified in the Master Agreement;
and
WHEREAS, Ivy Bond Fund, Ivy Canada Fund, Ivy China Region
Fund, Ivy Emerging Growth Fund, Ivy Global Fund, Ivy Growth Fund,
Ivy Growth with Income Fund, Ivy International Fund, Ivy
International Bond Fund, Ivy Latin America Strategy Fund, Ivy
Money Market Fund and Ivy New Century 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 Agreement, the Trust
hereby adopts the Master Agreement with respect to Class C of
each Fund, and MIMI hereby acknowledges that the Master Agreement
shall pertain to Class C of each Fund, the terms and conditions
of such Master Agreement being incorporated herein by reference.
2. As provided in the Master Agreement and subject to
further conditions as set forth therein, Class C of each Fund
shall pay to 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 each Fund's Prospectus for
determining net asset value per share) of the net assets of the
Fund attributable to Class C during the preceding month at the
annual rate of 0.10%.
3. This Supplement and the Master Agreement (together, the
"Agreement") shall become effective with respect to Class C of
each Fund as of the date that the Registration Statement
pertaining to the Class C shares, filed with the Securities and
Exchange Commission on or about February 29, 1996 pursuant to
Rule 485(a) under the Securities Act of 1933, first becomes
effective, 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 Class C of each Fund from year to year,
provided such continuance with respect to Class C of each 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 Class C of a 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
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.
IN WITNESS WHEREOF, the Trust and MIFDI have adopted this
Addendum as of the date first set forth above.
IVY FUND
By: ___________________________________
Xxxxxxx X. Xxxxxx, President
MACKENZIE INVESTMENT MANAGEMENT INC.
By: ___________________________________
Xxxxxxx X. Xxxxxx, President