EXHIBIT (H)(59)
IVY FUND
FORM OF
ADMINISTRATIVE SERVICES AGREEMENT SUPPLEMENT
Ivy International Fund
ADVISOR CLASS SHARES
AGREEMENT made as of the 25th day of August, 2000, 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 International 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 Agreement, the Trust hereby adopts the
Master Agreement with respect to the Advisor Class of the Fund, and MIMI hereby
acknowledges that the Master Agreement shall pertain to the Advisor Class of the
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, the Advisor Class of the 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 the Advisor Class 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 the Advisor Class of the Fund as of the
date that the Registration Statement pertaining to the Advisor Class shares,
filed with the Securities and Exchange Commission on or about June 28, 2000
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 the Advisor Class of the Fund
from year to year, provided such continuance with respect to the Advisor Class
of 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. This Agreement may be terminated with respect to the Advisor Class of
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.
IN WITNESS WHEREOF, the Trust and MIMI have adopted this Addendum as of
the date first set forth above.
IVY FUND
By: /S/ XXXXX X. XXXXXXXXX
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Xxxxx X. Xxxxxxxxx, President
MACKENZIE INVESTMENT MANAGEMENT INC.
By: /S/ XXXXX X. XXXXXXX
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Xxxxx X. Xxxxxxx, President