Exhibit (d)(26)
IVY FUND
FORM OF
MASTER BUSINESS MANAGEMENT AND INVESTMENT ADVISORY
AGREEMENT SUPPLEMENT
▇▇▇ ▇▇▇▇▇▇▇ Value Fund
Ivy Next Wave Internet Fund
AGREEMENT made as of the ___ day of _______, 2000, by and between Ivy
Fund (the "Trust") and Ivy Management, Inc. (the "Manager").
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 Business Management and
Investment Advisory Agreement dated December 31, 1991 (the "Master Agreement"),
pursuant to which the Trust has appointed the Manager to provide the business
management and investment advisory services specified in that Master Agreement;
and
WHEREAS, ▇▇▇ ▇▇▇▇▇▇▇ Value Fund and Ivy Next Wave Interenet Fund (each,
a "Fund" and collectively the "Funds") are 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 Funds, and the Manager hereby
acknowledges that the Master Agreement shall pertain to the Funds, the terms and
conditions of such Master Agreement being hereby incorporated herein by
reference.
2. The term "Portfolio" as used in the Master Agreement shall, for
purposes of this Supplement, pertain to each Fund.
3. As provided in the Master Agreement and subject to further
conditions as set forth therein, each Fund 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 of each
Fund for determining net asset value per share) of the net assets of that Fund
during the preceding month at the annual rate of 1.00%.
4. This Supplement and the Master Agreement (together, the
"Agreement") shall become effective with respect to each of the Funds as of the
date specified above, and unless sooner terminated as hereinafter provided, the
Agreement shall remain in effect with respect to a Fund 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 that Fund (as defined in the Investment Company
Act of 1940, as amended (the "1940 Act")) or by the Trust's entire Board of
Trustees and (b) by the vote, cast in person at a meeting called for that
purpose, 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 vote of a majority of the outstanding voting securities of the Fund
(as defined in the ▇▇▇▇ ▇▇▇) or by vote of a majority of the Trust's entire
Board of Trustees on sixty (60) days' written notice to the Manager or by the
Manager on sixty (60) days' written notice to the Trust. This Agreement shall
terminate automatically in the event of its assignment (as defined in the 1940
Act).
IVY FUND, on behalf of
▇▇▇ ▇▇▇▇▇▇▇ Value Fund and
Ivy Next Wave Internet Fund
By: ______________________
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, President
IVY MANAGEMENT, INC.
By: ______________________
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, President