EXHIBIT (D)(28)

                                    IVY FUND

               MASTER BUSINESS MANAGEMENT AND INVESTMENT ADVISORY

                              AGREEMENT SUPPLEMENT

                          Ivy International Growth Fund

         AGREEMENT made as of the 8th day of December,  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,  Ivy  International  Growth  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 Fund, and the Manager hereby  acknowledges
that the Master Agreement shall pertain to the Fund, 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 the Fund.

         3.  As  provided  in  the  Master  Agreement  and  subject  to  further
conditions as set forth therein, the 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 the
Fund for  determining  net asset  value per share) of the net assets of the 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 the Fund as of the date specified above,
and unless sooner terminated as hereinafter provided, the Agreement shall remain
in effect with  respect to the 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
the 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
the 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 1940 Act) 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).

         IN  WITNESS  WHEREOF,  the  Trust and the  Manager  have  adopted  this
Supplement as of the date first set forth above.

                             IVY FUND, on behalf of

                          Ivy International Growth Fund


                                                /s/ JAMES W. BROADFOOT
                                       By:      __________________________
                                                James W. Broadfoot, President



                                            IVY MANAGEMENT, INC.


                                                /s/ KEITH J. CARLSON
                                       By:      __________________________
                                                 Keith J. Carlson, President