EXHIBIT (H)(62)

                                    IVY FUND

                  ADMINISTRATIVE 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. ("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  series  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 dated September 1, 1992 (the "Master Services Agreement"), pursuant to
which  the Trust has  appointed  MIMI to  provide  the  administrative  services
specified in the Master Services 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 Services  Agreement,  the Trust hereby
adopts the Master  Services  Agreement with respect to the Fund, and MIMI hereby
acknowledges  that the Master Services  Agreement shall pertain to the Fund, the
terms and conditions of such Master Services Agreement being incorporated herein
by reference.

         2. The term "Fund" as used in the Master Services  Agreement shall, for
purposes of this Supplement, pertain to the Fund.

         3. As provided in the Master Services  Agreement and subject to further
conditions  as set forth  therein,  the Fund shall pay 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 the Fund's  Prospectus
for  determining net asset value per share) of the net assets of the Fund during
the  preceding  month at the annual rate of (i) 0.10% with respect to the Fund's
Class A, Class B, Class C and Advisor Class shares,  and (ii) 0.01% with respect
to the Fund's Class I shares.

         4. This Supplement and the Master  Services  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  for a period  of two years  from that  date.
Thereafter, the Agreement shall continue in effect with respect to the Fund from
year to year,  provided such continuance with respect to 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  (as defined in the
Investment  Company Act of 1940, as amended).  This  Agreement may be terminated
with respect to 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 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