MACKENZIE INVESTMENT MANAGEMENT INC
ADDENDUM TO TRANSFER AGENCY AGREEMENT
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>11
<FILENAME>ex10-25.txt
<DESCRIPTION>ADDENDUM TO TRANSFER AGENCY AGREEMENT
<TEXT>

<PAGE>   1
                                                                  EXHIBIT  10.25

                                    IVY FUND

                                   ADDENDUM TO
               TRANSFER AGENCY AND SHAREHOLDER SERVICES AGREEMENT

         The AGREEMENT, made as of the 1st day of January, 1992, between Ivy
Fund (the "Trust") and Ivy Management Inc. ("Ivy Management") is hereby amended
as set forth in this Addendum.

         WHEREAS, the Board of Trustees of the Trust by unanimous written
consent dated as of September 31, 1993, approved an Assignment Agreement,
pursuant to which Ivy Management assigned all of its interest in the AGREEMENT
to Mackenzie Ivy Investor Services Corp., and appointed Mackenzie Ivy Investor
Services Corp. to serve as the Trust's transfer agent and shareholder services
agent;

         NOW THEREFOR, in consideration of the mutual promises and covenants
contained in this Addendum, it is agreed between the parties hereto that all
references to "Ivy Management" as transfer agent and shareholder services agent
in the AGREEMENT shall now be references to "Mackenzie Ivy Investor Services
Corp."

         This Addendum shall in no way be construed to modify the rights and
obligations of either party under the AGREEMENT.

         IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be
executed as of the date indicated.

                                    IVY FUND

Date:     October 1, 1993           By:
                                          -------------------------------------
                                          Michael G. Landry, President



                                    MACKENZIE IVY INVESTOR SERVICES CORP.

Date:     October 1, 1993           By:
                                          -------------------------------------
                                          Keith J. Carlson, President


</TEXT>
</DOCUMENT>
