EXHIBIT (H)(61)


                                    IVY FUND

                  FUND ACCOUNTING SERVICES AGREEMENT SUPPLEMENT

                          Ivy International Growth Fund

         AGREEMENT made as of the December 8, 2000, by and between Ivy Fund (the
"Trust") and Mackenzie Investment Management Inc. (the "Agent").

         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  Fund  Accounting  Services
Agreement dated January 25, 1993 (the "Master Agreement"), pursuant to which the
Trust has appointed the Agent to provide the fund accounting  services specified
in the 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 Agent a monthly  fee
based upon the rate(s) set forth in the Fee Schedule attached hereto as Annex 1.

         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 one (1) year from
such date only so long as the  continuance  is  specifically  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 (as defined in the Investment
Company Act of 1940, as amended).  This Agreement may be terminated with respect
to the Fund,  without  payment of any penalty,  by the Fund upon at least ninety
(90)  days'  prior  written  notice to the  Agent or by the Agent  upon at least
ninety (90) days' prior written notice to the Fund;  provided,  that in the 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  the  Agent  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


                                            MACKENZIE INVESTMENT MANAGEMENT INC.


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





                                     ANNEX 1

                       FUND ACCOUNTING SERVICES AGREEMENT

                                  FEE SCHEDULE

Based upon assets under management (in millions):

                                    $0-$10      >$10-$40    >$40-$75   Over $75

Ivy International Growth Fund       $1,250     $2,500        $5,000     $6,500