Document:

Exhibit 10.15

 

 

ACCOUNTING SERVICES AGREEMENT

 

THIS AGREEMENT, effective January 30, 2009, is entered into by and
between Waddell & Reed Advisors Funds (“Trust”), a Delaware statutory
Trust, and Waddell & Reed Services Company, a Missouri corporation (“WRSCO”).

 

WITNESSETH:

 

WHEREAS, the Trust wishes to appoint WRSCO to be its Accounting
Services Agent and to perform certain administrative services with respect to
each of its series listed in Appendix A (each, a “Fund”) upon and subject to
the terms and provisions of this Agreement;

 

NOW THEREFORE, in consideration of the mutual covenants contained in
this Agreement, the parties agree as follows:

 

A.                                 Appointment
of WRSCO as Accounting Services Agent for the Trust; Acceptance.

 

(1) The Trust hereby appoints WRSCO to act as Accounting Services
Agent for the Funds upon and subject to the terms and provisions of this
Agreement.

 

(2)  WRSCO hereby accepts the appointment as Accounting Services
Agent for the Funds and agrees to act as such, upon and subject to the terms
and provisions of this Agreement.

 

B.                                  Duties
of WRSCO.

 

WRSCO shall perform such duties as set forth in this Paragraph B as
agent for and on behalf of the Trust.

 

(1)  WRSCO shall at its expense provide bookkeeping and accounting
services and assistance, including, in particular, the following administrative
services as are required by the Funds:

 

a)            maintaining
the registration or qualification of the Funds and their shares under state “Blue
Sky” or securities laws and regulations, provided that the Funds shall pay all
related filing fees and registration or qualification fees;

b)           record
each current day’s trading activity and such other proper bookkeeping entries
as are necessary for determining that day’s net asset values for the Funds,
including pricing daily the value of shares of each Fund;

c)            assisting
the Funds and third-party solicitors (if any) in connection with soliciting and
gathering shareholder proxies;

d)           preparing
the Funds’ U.S. Federal, state and local income tax returns, provided that the
Funds shall pay all charges for services and expenses of the Funds’ independent
accountants in reviewing such returns;

 

 

 

e)            preparing
the financial information for the Funds’ prospectuses, statements of additional
information and periodic reports to shareholders, provided that the Funds shall
pay all charges for services and expenses of the Funds’ independent registered
public accounting firm;

f)               preparing
each Fund’s Form N-SAR, Form N-CSR, Form N-PX and Form N-Q,
or such other forms as the Securities and Exchange Commission (the “SEC”) from
time to time may prescribe under the Investment Company Act of 1940, as amended
(the “1940 Act”);

g)            in
coordination with the Funds’ legal counsel preparing and filing with the SEC
the Funds’ registration statement (including prospectuses and statements of
additional information), and any amendments or supplements that may be made
from time to time, and preparing and filing with the SEC notices and proxy
materials for meetings of shareholders, provided that the Funds shall pay all
charges for services and expenses of the Funds’ outside legal counsel;

h)            assisting
in the printing of the Funds’ prospectuses, periodic reports to shareholders
and proxy materials;

i)                rendering
statements or copies of records for the Funds from time to time as requested by
the Trust (see Appendix B);

j)               facilitating
audits of accounts by the Trust’s independent registered public accounting firm
or by any other auditors employed or engaged by the Trust or by any regulatory
body with jurisdiction over the Trust;

k)           computing
each Fund’s net asset value per share and, as applicable, its public offering
price, total returns and yields, and notifying the Trust and such other persons
as the Trust may reasonably request of the net asset value per share, the
public offering price and/or the total return yield; and

l)                providing
executive, clerical and secretarial personnel competent to carry out the above
responsibilities.

 

(2)  WRSCO shall maintain and keep current the accounts, books,
records, and other documents relating to the Funds’ financial and portfolio
transactions as may be required by rules and regulations of the SEC
adopted under Section 31(a) of the 1940 Act.

 

(3)  WRSCO shall cause the subject records of the Funds to be
maintained and preserved pursuant to the requirements under the 1940 Act.

 

(4)  In pricing daily the value of shares of the Funds, WRSCO may
make arrangements with, and obtain the value of portfolio securities from,
pricing services or quotation services that are compensated by the Funds
directly or indirectly through the placement of portfolio transactions with
broker-dealers who provide such valuation or quotation services to WRSCO.

 

(5)  WRSCO shall maintain duplicate copies, or information from
which copies may be reconstructed, of the records necessary to the preparation
of the Funds’ financial statements and valuations of its assets.  Such duplicate copies or information shall be
maintained

 

 

2

 

at a location other than where WRSCO performs its normal duties
hereunder so that in the event the records established and maintained pursuant
to the foregoing provisions of this Section B are damaged or destroyed,
WRSCO shall be able to provide the bookkeeping and accounting services and
assistance specified in this Section B.

 

(6)  In the event any of WRSCO’s facilities or equipment necessary
for the performance of its duties hereunder is damaged, destroyed or rendered
inoperable by reason of fire, vandalism, riot, natural disaster or otherwise,
WRSCO will use its best efforts to restore all services hereunder to the Funds
and will not seek from the Funds additional compensation to repair or replace
damaged or destroyed facilities or equipment. 
WRSCO shall also make and maintain arrangements for emergency use of
alternative facilities for use in the event of the aforesaid destruction of or
damage to its facilities.

 

C.                                 Compensation
of WRSCO.

 

Each Fund agrees to pay to WRSCO for its services under this Agreement,
an amount payable on the first day of the month as shown on the following table
pertinent to the average daily net assets of the Fund during the prior month:

 

	
  Fund’s
  Average Daily Net Assets for the Month

  	
   

  	
  Monthly Fee

  
	
   

  	
   

  	
   

  
	
  $    0 - $  10 million

  	
   

  	
  $

  	
  0

  	
   

  
	
  $  10 - $  25 million

  	
   

  	
  $

  	
  958

  	
   

  
	
  $  25 - $  50 million

  	
   

  	
  $

  	
  1,925

  	
   

  
	
  $  50 - $100 million

  	
   

  	
  $

  	
  2,958

  	
   

  
	
  $100 - $200 million

  	
   

  	
  $

  	
  4,033

  	
   

  
	
  $200
  - $350 million

  	
   

  	
  $

  	
  5,267

  	
   

  
	
  $350
  - $550 million

  	
   

  	
  $

  	
  6,875

  	
   

  
	
  $550
  - $750 million

  	
   

  	
  $

  	
  8,025

  	
   

  
	
  $750
  - $  1.0 billion

  	
   

  	
  $

  	
  10,133

  	
   

  
	
  $1.0
  billion and over

  	
   

  	
  $

  	
  12,375

  	
   

  

 

In addition, for each class of shares in excess of one, each Fund pays
WRSCO a monthly per-class fee equal to 2.5% of the monthly base fee.

 

Each Fund also pays monthly a fee paid at the annual rate of .01% or
one basis point for the first $1 billion of net assets with no fee charged for
net assets in excess of $1 billion.  This
fee may be voluntarily waived until Fund assets are at least $10 million.

 

D.                                 Right of the Trust to
Inspect and Ownership of Records.

 

The Trust will have the right under this Agreement to perform on-site
inspection of records and accounts, and audits directly pertaining to the Funds’
accounting and portfolio records maintained by WRSCO hereunder at WRSCO’s
facilities.  WRSCO will cooperate with
the Trust’s independent registered public accounting firm or representatives of
appropriate

 

 

3

 

regulatory agencies and furnish all reasonably requested records and
data.  WRSCO acknowledges that these
records are the property of the Trust, and that it will surrender to the Trust
all such records promptly on request.

 

E.                                   Standard
of Care; Indemnification.

 

WRSCO will at all times exercise due diligence and good faith in
performing its duties hereunder.  WRSCO
will make every reasonable effort and take all reasonably available measures to
assure the adequacy of its personnel, facilities and equipment as well as the
accurate  performance of all services to
be performed by it hereunder within, at a minimum, the time requirements of any
applicable statutes, rules or regulations and in conformity with the Trust’s
Trust Instrument, By-laws and representations made in the Trust’s current
registration statement as filed with the SEC.

 

WRSCO shall not be responsible for, and the Trust agrees to indemnify
WRSCO for, any losses, damages or expenses (including reasonable counsel fees
and expenses)  (i) resulting from
any claim, demand, action or suit not resulting from WRSCO’s failure to
exercise good faith or due diligence and arising out of or in connection with
WRSCO’s duties on behalf of the Funds hereunder; (ii) for any delay, error
or omission by reason of circumstances beyond its control, including acts of
civil or military authority, national emergencies, labor difficulties (except
with respect to WRSCO’s employees), fire, mechanical breakdown beyond its
control, flood catastrophe, acts of God, insurrection, war, riots or failure
beyond its control of transportation, communication or power supply; or (iii) for
any action taken or omitted to be taken by WRSCO in good faith in reliance on
the accuracy of any information provided to it by the Trust or its Trustees or
in reliance on any advice of counsel who may be internally employed counsel or
outside counsel for the Trust or advice of any independent accountant or expert
employed by the Trust with respect to the preparation and filing of any
document with a governmental agency or authority.

 

In order for the rights to indemnification to apply, it is understood
that if in any case the Trust may be asked to indemnify or hold WRSCO harmless,
the Trust shall be advised of all pertinent facts concerning the situation in
question, and it is further understood that WRSCO will use reasonable care to
identify and notify the Trust promptly concerning any situation which presents
or appears likely to present a claim for indemnification against the
Trust.  The Trust shall have the option
to defend WRSCO against any claim which may be the subject of this indemnification
and, in the event that the Trust so elects, it will so notify WRSCO, and
thereupon the Trust shall take over complete defense of the claim, and WRSCO
shall sustain no further legal or other expenses in such situation for which
WRSCO shall seek indemnification under this paragraph.  WRSCO will in no case confess any claim or
make any compromise in any case in which the Trust will be asked to indemnify
WRSCO except with the Trust’s prior written consent.

 

F.                                   Term
of the Agreement; Taking Effect; Amendments.

 

 

4

 

This Agreement shall become effective as to each Fund on the date
hereof and shall continue, unless terminated as hereinafter provided, for a
period of one (1) year and from year-to-year thereafter, provided that
such continuance shall be specifically approved as provided below.

 

This Agreement shall go into effect, or may be continued, or may be
amended, or a new agreement covering the same topics between the Trust and
WRSCO may be entered into only as to a 
Fund if the terms of this Agreement, such continuance, the terms of such
amendment or the terms of such new agreement have been approved by the Board of
Trustees of the Trust , including the vote of a majority of the trustees who
are not “interested persons,” as defined in the 1940 Act, of either party to
this Agreement, the agreement to be continued, amendment or new agreement, cast
in person at a meeting called for the purpose of voting on such approval.  Such a vote is hereinafter referred to as a “disinterested
trustee vote.”

 

Any disinterested trustee’s vote shall, in favor of continuance,
amendment or execution of a new agreement, include a determination that (i) the
Agreement, amendment, new agreement or continuance in question is in the best
interests of each affected Fund and its shareholders; (ii) the services to
be performed under the Agreement, the Agreement as amended, new agreement or
agreement to be continued, are services required for the operation of the Fund;
(iii) WRSCO can provide services, the nature and quality of which are at
least equal to those provided by others offering the same or similar services;
and (iv) the fees for such services are fair and reasonable in the light
of the usual and customary charges made by others for services of the same
nature and quality.

 

Nothing herein contained shall prevent any disinterested trustee vote
from being conditioned on the favorable vote of the holders of a majority of
the outstanding voting securities (as defined in or under the 1940 Act) of a
Fund.

 

G.                                 Termination.

 

(1)  This Agreement may be terminated as to a Fund by WRSCO at any
time without penalty upon giving the Trust at least one hundred twenty (120)
days’ written notice (which notice may be waived by the Trust ) and may be
terminated as to a Fund by the Trust at any time without penalty upon giving
WRSCO at least sixty (60) days’ written notice (which notice may be waived by
WRSCO), provided that such termination by the Trust shall be directed or
approved by the vote of a majority of the Board of Trustees of the Trust in
office at the time or by the vote of the majority of the outstanding voting
securities (as defined in or under the 1940 Act) of the Fund.

 

(2)  On termination, WRSCO will deliver to the Trust or its
designee all files, documents and records of the affected Fund used, kept or
maintained by WRSCO in the performance of its services hereunder, including
such of the Fund’s records in machine readable form as may be maintained by
WRSCO, as well as such summary and/or control data relating thereto used by or available
to WRSCO.

 

 

5

 

(3)  In addition, on such termination or in preparation therefore
at the request of the Trust and at the Trust’s expense, WRSCO shall provide, to
the extent that its capabilities then permit, such documentation, personnel and
equipment as may be reasonably necessary in order for a new agent or the Trust
to fully assume and commence to perform the agency functions described in this
Agreement with a minimum disruption to each affected Fund’s activities.

 

(4)  This Agreement shall automatically terminate in the event of
its assignment, the term “assignment” for this purpose having the meaning
defined in Section 2(a)(4) of the 1940 Act and the rules and
regulations thereunder of the SEC.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed on the date and year first above written.

 

 

	
   

  	
  WADDELL &
  REED ADVISORS FUNDS

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/
  Henry J. Herrmann

  	
   

  
	
   

  	
   

  	
     Henry
  J. Herrmann, President

  

 

 

	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
     /s/
  Mara Herrington

  	
   

  	
   

  
	
   

  	
     Mara
  Herrington, Secretary

  	
   

  
				

 

 

	
   

  	
  WADDELL & REED SERVICES COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Michael D. Strohm

  	
   

  
	
   

  	
   

  	
     Michael D. Strohm, President

  

 

 

	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
     /s/
  Wendy J. Hills

  	
   

  	
   

  
	
   

  	
     Wendy
  J. Hills, Secretary

  	
   

  
				

 

 

6

 

APPENDIX A

 

 

List of Funds

 

 

Waddell & Reed Advisors Asset Strategy Fund

Waddell & Reed Advisors Cash Management Fund

Waddell & Reed Advisors Continental Income Fund

Waddell & Reed Advisors Government Securities Fund

Waddell & Reed Advisors Accumulative Fund

Waddell & Reed Advisors Bond Fund

Waddell & Reed Advisors Core Investment Fund

Waddell & Reed Advisors Science and Technology Fund

Waddell & Reed Advisors Global Bond Fund

Waddell & Reed Advisors High Income Fund

Waddell & Reed Advisors International Growth Fund

Waddell & Reed Advisors Municipal Bond Fund

Waddell & Reed Advisors Municipal High Income Fund

Waddell & Reed Advisors New Concepts Fund

Waddell & Reed Advisors Dividend Opportunities Fund

Waddell & Reed Advisors Energy Fund

Waddell & Reed Advisors Value Fund

Waddell & Reed Advisors Small Cap Fund

Waddell & Reed Advisors Tax-Managed Equity Fund

Waddell & Reed Advisors Vanguard Fund

 

 

7

 

APPENDIX B

 

Standard Reports and Availability

 

The following reports will be provided to the Trust on a regular basis
with availability as indicated:

 

A.                                 Daily

 

1.                                    Printed
Trial Balance

2.                                    Net
Asset Value Worksheet

3.                                    Cash
Forecast

4.                                    Yield
Computation, if applicable

 

B.                                  Weekly
- Tax Lot Ledgers

 

C.                                 Monthly

 

1.                                    Tax
Lot Ledgers as of month-end

2.                                    Working
Appraisal as on month-end

3.                                    Purchase
and Sale Journal for the month

4.                                    Summary
of Gains and Losses on Securities for the month

5.                                    Dividend
Ledger for the month (Receivable as of month-end and earned)

6.                                    Interest
Income Analysis for the month (receivable as of month-end and earned)

7.                                    Trial
Balance as of month-end

8.                                    Net
Asset Value Worksheet as of month-end

9.                                    Open
Trades (payable and receivable for unsettled securities transactions)

 

D.                                 Annually

 

1.                                    Purchase
and Sale Journal for the year

2.                                    Summary
of Gains and Losses on Securities for the year

3.                                    Broker
Allocation Report for the year

 

 

8Exhibit 10.16

 

 

ACCOUNTING AND ADMINISTRATIVE SERVICES AGREEMENT

 

AGREEMENT
is made as of the 25th day of August, 2004, by and between Ivy Funds (the “Trust”),
a Massachusetts Business Trust, and Waddell & Reed Services Company (“WRSCO”),
a Missouri corporation,

 

WITNESSETH:

 

WHEREAS,
the Trust wishes to appoint WRSCO to be its Accounting Services Agent and to
perform certain administrative services with respect to each of its series
listed in Appendix A (each, a “Fund”) upon and subject to the terms and provisions
of this Agreement;

 

NOW
THEREFORE, in consideration of the mutual covenants contained in this
Agreement, the parties agree as follows:

 

A.                                 Appointment of WRSCO as Accounting Services
Agent and Administrator for the Trust; Acceptance.

 

(1) 
The Trust hereby appoints WRSCO to act as Accounting Services Agent and
Administrator for the Funds upon and subject to the terms and provisions of
this Agreement.

 

(2) 
WRSCO hereby accepts the appointment as Accounting Services Agent and
Administrator for the Funds and agrees to act as such, upon and subject to the
terms and provisions of this Agreement.

 

B.                                  Duties of WRSCO.

 

WRSCO
shall perform such duties as set forth in this Paragraph B as agent for and on
behalf of the Trust.

 

(1) 
WRSCO shall at its expense provide bookkeeping and accounting services and
assistance, including, in particular, the following services as are required by
the Funds:

 

a)            maintaining the registration or qualification
of the Funds and their shares under state “Blue Sky” or securities laws and
regulations, provided that the Funds shall pay all related filing fees and
registration or qualification fees;

b)           record the current days’ trading activity and
such other proper bookkeeping entries as are necessary for determining that day’s
net asset value for the Funds, including pricing daily the value of the shares
of the Funds;

c)            assisting the Funds and third party
solicitors (if any) in connection with soliciting and gathering shareholder
proxies;

d)           preparing the Funds’ U.S. Federal, state and
local income tax returns, provided that the Funds shall pay all charges for
services and expenses of the Funds’ independent auditors in reviewing such
returns;

e)            preparing the financial information for the
Funds’ prospectuses, statements of additional information and periodic reports
to shareholders, provided that the Funds shall pay all charges for services and
expenses of the Funds’ independent auditors;

 

 

 

f)               preparing Form N-SAR, Form N-CSR, Form N-PX
and Form N-Q, or such other forms as the Securities and Exchange
Commission (the “SEC”) from time to time may prescribe under the Investment
Company Act of 1940, as amended (the “1940 Act”);

g)            in coordination with the Funds’ legal
counsel, preparing and filing with the SEC of the Funds’ registration statement
(including prospectuses and statements of additional information), and any
amendments or supplements that may be made from time to time, and preparing and
filing with the SEC of notices and proxy materials for meetings of
shareholders, provided that the Funds shall pay all charges for services and
expenses of the Funds’ outside legal counsel;

h)            assisting in the printing of the Funds’
prospectuses, periodic reports to shareholders and proxy materials;

i)                rendering statements or copies of records for
the Funds from time to time as requested by the Trust (see Appendix B);

j)               facilitating audits of accounts by the Trust’s
independent auditors or by any other auditors employed or engaged by the Trust
or by any regulatory body with jurisdiction over the Trust;

k)           computing each Fund’s net asset value per
share, and, if applicable, its public offering price, total returns and yields,
and notifying the Trust and such other persons as the Trust may reasonably
request of the net asset value per share, the public offering price and/or the
total return yield; and

l)                providing executive, clerical and secretarial
personnel competent to carry out the above responsibilities.

 

(2) 
WRSCO shall maintain and keep current the accounts, books, records, and other
documents relating to the Funds’ financial and portfolio transactions as may be
required by rules and regulations of the SEC adopted under Sections 31(a) of
the 1940 Act.

 

(3) 
WRSCO shall cause the subject records of the Funds to be maintained and
preserved pursuant to the requirements under the 1940 Act.

 

(4) 
In pricing daily the value of shares of the Funds, WRSCO may make arrangements
with, and obtain the value of portfolio securities from, pricing services or
quotation services that are compensated by the Funds directly or indirectly
through the placement of portfolio transactions with broker-dealers who provide
such valuation or quotation services to WRSCO.

 

(5) 
WRSCO shall maintain duplicate copies, or information from which copies of the
records necessary to the preparation of the Funds’ financial statements and
valuations of its assets may be reconstructed. 
Such duplicate copies or information shall be maintained at a location
other than where WRSCO performs its normal duties hereunder so that in the event
the records established and maintained pursuant to the foregoing provisions of
this Section B are damaged or destroyed, WRSCO shall be able to provide
the services and assistance specified in this Section B.

 

(6) 
WRSCO will compute each Fund’s net asset value in a manner consistent with the
specific provisions of the Funds’ prospectuses. 
In general, such computation will be made by dividing the value of a
Fund’s portfolio securities, cash and any other assets, less its 

 

 

2

 

liabilities,
by the number of shares of the Fund outstanding, adjusted to the nearest
cent.  Such computation will be made as
of the close of regular trading on the New York Stock Exchange (normally 4:00 p.m.,
Eastern time) on each day that the New York Stock Exchange is open for
trading.  If applicable, WRSCO will also
compute the public offering price by dividing the net asset value per share by
the appropriate factor as provided by the Fund; the total return; and the
yield.

 

Each
Fund’s liabilities are allocated between its classes.  The total of such liabilities allocated to a
class plus that class’ distribution fee and any other expenses specially
allocated to that class are then deducted from the class’ proportionate
interest in the Fund’s assets, and the resulting amount for each class is
divided by the number of shares of that class outstanding to produce the “net
asset value” per share.

 

(7)   In the event any of WRSCO’s facilities or
equipment necessary for the performance of its duties hereunder is damaged,
destroyed or rendered inoperable by reason of fire, vandalism, riot, natural
disaster or otherwise, WRSCO will use its best efforts to restore all services
hereunder to the Funds and will not seek from the Funds additional compensation
to repair or replace damaged or destroyed facilities or equipment.  WRSCO shall also make and maintain
arrangements for emergency use of alternative facilities for use in the event
of the aforesaid destruction of or damage to its facilities.

 

C.                                 Compensation of WRSCO.

 

Each
Fund agrees to pay to WRSCO for its services under this Agreement, an amount
payable on the first day of the month as shown on the following table pertinent
to the average daily net assets of the Fund during the prior month:

 

	
  Fund’s
  Average Daily Net Assets for the Month

  	
   

  	
  Monthly Fee

  
	
   

  	
   

  	
   

  
	
  $    0 - $  10 million

  	
   

  	
  $

  	
  0

  	
   

  
	
  $  10 - $  25 million

  	
   

  	
  $

  	
  958

  	
   

  
	
  $  25 - $  50 million

  	
   

  	
  $

  	
  1,925

  	
   

  
	
  $  50 - $100 million

  	
   

  	
  $

  	
  2,958

  	
   

  
	
  $100 - $200 million

  	
   

  	
  $

  	
  4,033

  	
   

  
	
  $200
  - $350 million

  	
   

  	
  $

  	
  5,267

  	
   

  
	
  $350
  - $550 million

  	
   

  	
  $

  	
  6,875

  	
   

  
	
  $550
  - $750 million

  	
   

  	
  $

  	
  8,025

  	
   

  
	
  $750
  - $  1.0 billion

  	
   

  	
  $

  	
  10,133

  	
   

  
	
  $1.0
  billion and over

  	
   

  	
  $

  	
  12,375

  	
   

  

 

In
addition, for each class of shares in excess of one, the Fund pays WRSCO a
monthly per-class fee equal to 2.5% of the monthly base fee.

 

Each
Fund also pays monthly a fee paid at the annual rate of 0.01% or one basis
point for the first $1 billion of net assets with no fee charged for net assets
in excess of $1 billion.  This fee may be
voluntarily waived until Fund assets are at least $10 million.

 

 

3

 

D.                                 Right of the Trust to Inspect; Ownership of
Records.

 

The
Trust will have the right under this Agreement to perform on-site inspection of
records and accounts, and audits directly pertaining to the Funds’ accounting
and portfolio records maintained by WRSCO hereunder at WRSCO’s facilities.  WRSCO will cooperate with the Trust’s
independent auditors or representatives of appropriate regulatory agencies and
furnish all reasonably requested records and data.  WRSCO acknowledges that these records are the
property of the Trust, and that it will surrender to the Trust all such records
promptly on request.

 

E.                                   Standard of Care; Indemnification.

 

WRSCO
will at all times exercise reasonable care and good faith in performing its
duties hereunder.  WRSCO shall incur no
liability to the Trust or the Fund in connection with its performance of
services hereunder, except to the extent that is does not comply with the
foregoing standards.  WRSCO will make
every reasonable effort and take all reasonably available measures to assure
the adequacy of its personnel, facilities and equipment as well as the accurate
performance of all services to be performed by it hereunder within, at a
minimum, the time requirements of any applicable statutes, rules or
regulations made in the Trust’s current registration statement as filed with
the SEC.

 

WRSCO
shall not be responsible for, and the Trust agrees to indemnify WRSCO for, any
losses, damages or expenses (including reasonable counsel fees and expenses) (i) resulting
from any claim, demand, action or suit not resulting from WRSCO’s failure to
exercise good faith or reasonable care and arising out of or in connection with
WRSCO’s duties on behalf of the Funds hereunder; (ii) for any delay, error
or omission by reason of circumstances beyond its control, including acts of
civil or military authority, national emergencies, labor difficulties (except
with respect to WRSCO’s employees), fire, mechanical breakdown beyond its
control, flood catastrophe, acts of God, insurrection, war, riots or failure
beyond its control of transportation, communication or power supply; or (iii) for
any action taken or omitted to be taken by WRSCO in good faith in reliance on
the accuracy of any information provided to it by the Trust or its trustees or
in reliance on any advice of counsel who may be internally employed counsel or
outside counsel for the Trust or advice of any independent accountant or expert
employed by the Trust with respect to the preparation and filing of any
document with a governmental agency or authority.

 

In
order for the rights to indemnification to apply, it is understood that if in
any case the Trust may be asked to indemnify or hold WRSCO harmless, the Trust shall
be advised of all pertinent facts concerning the situation in question, and it
is further understood that WRSCO will use reasonable care to identify and
notify the Trust promptly concerning any situation which presents or appears
likely to present a claim for indemnification against the Trust.  The Trust shall have the option to defend
WRSCO against any claim which may be the subject of this indemnification and,
in the event that the Trust so elects, it will so notify WRSCO, and thereupon
the Trust shall take over complete defense of the claim, and WRSCO shall
sustain no further legal or other expenses in such situation for which WRSCO
shall seek indemnification under this paragraph.  WRSCO will in no case confess any claim or
make any compromise in any case in which the Trust will be asked to indemnify
WRSCO except with the Trust’s prior written consent.

 

 

4

 

F.                                   Term of the Agreement; Taking Effect;
Amendments.

 

This
Agreement shall become effective at the start of business on the date hereof
and shall continue, unless terminated as hereinafter provided, for a period of
one (1) year and from year-to-year thereafter, provided that such
continuance shall be specifically approved as provided below.

 

This
Agreement shall go into effect, or may be continued, or may be amended, or a
new agreement covering the same topics between the Trust and WRSCO may be
entered into only if the terms of this Agreement, such continuance, the terms
of such amendment or the terms of such new agreement have been approved by the
Board of Trustees of the Trust, including the vote of a majority of the
trustees who are not “interested persons,” as defined in the 1940 Act, of
either party to this Agreement, the agreement to be continued, amendment or new
agreement, cast in person at a meeting called for the purpose of voting on such
approval.  Such a vote is hereinafter
referred to as a “disinterested trustee vote.”

 

Any
disinterested trustee’s vote shall, in favor of continuance, amendment or
execution of a new agreement, include a determination that:  (i) the Agreement, amendment, new
agreement or continuance in question is in the best interests of the Trust and
its shareholders; (ii) the services to be performed under the Agreement,
the Agreement as amended, new agreement or agreement to be continued, are
services required for the operation of the Fund; (iii) WRSCO can provide
services, the nature and quality of which are at least equal to those provided
by others offering the same or similar services; and (iv) the fees for
such services are fair and reasonable in the light of the usual and customary
charges made by others for services of the same nature and quality.

 

Nothing
herein contained shall prevent any disinterested trustee vote from being
conditioned on the favorable vote of the holders of a majority (as defined in
or under the 1940 Act) of the outstanding shares of the Funds.

 

G.                                 Termination.

 

(1) 
This Agreement may be terminated by WRSCO at any time without penalty upon
giving the Trust at least one hundred twenty (120) days’ written notice (which
notice may be waived by the Fund) and may be terminated by the Trust at any
time without penalty upon giving WRSCO at least sixty (60) days’ written notice
(which notice may be waived by WRSCO), provided that such termination by the
Trust shall be directed or approved by the vote of a majority of the Board of
Trustees of the Trust in office at the time or by the vote of the holders of a
majority (as defined in or under the 1940 Act) of the outstanding shares of the
Funds.

 

(2) 
On termination, WRSCO will deliver to the Trust or its designee all files,
documents and records of the Trust used, kept or maintained by WRSCO in the
performance of its services hereunder, including such of the Trust’s records in
machine readable form as may be maintained by WRSCO, as well as such summary
and/or control data relating thereto used by or available to WRSCO.

 

(3) 
In addition, on such termination or in preparation therefore at the request of
the Trust and at the Trust’s expense, WRSCO shall provide, to the extent that
its capabilities then 

 

 

5

 

permit,
such documentation, personnel and equipment as may be reasonably necessary in
order for a new agent or the Trust to fully assume and commence to perform the
agency functions described in this Agreement with a minimum disruption to the
Funds’ activities.

 

(4) 
This Agreement shall automatically terminate in the event of its assignment,
the term “assignment” for this purpose having the meaning defined in Section 2(a)(4) of
the Act and the rules and regulations thereunder of the SEC.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed on the date and year first above written.

 

	
   

  	
   

  	
   IVY
  FUNDS

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Henry J. Herrmann

  	
   

  
	
   

  	
   

  	
   Henry
  J. Herrmann, President

  

 

 

	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/Kristen
  A. Richards

  	
   

  	
   

  
	
   

  	
   Kristen
  A. Richards, Secretary

  	
   

  
				

 

 

	
   

  	
   

  	
   WADDELL & REED SERVICES COMPANY

  
	
   

  	
  By:

  	
  /s/ Michael D. Strohm

  	
   

  
	
   

  	
   

  	
   Michael D. Strohm, President

  

 

 

	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/Daniel
  C. Schulte

  	
   

  	
   

  
	
   

  	
   Daniel
  C. Schulte, Secretary

  	
   

  
				

 

 

6

 

Appendix A

 

Series of Ivy Funds

 

 

Effective
August 25, 2004 with respect to:

 

Ivy
Balanced Fund

Ivy
Bond Fund

Ivy
Cundill Global Value Fund

Ivy
Dividend Income Fund

Ivy
European Opportunities Fund

Ivy
Global Natural Resources Fund

Ivy
International Growth Fund

Ivy
International Balanced Fund

Ivy
International Core Equity Fund

Ivy
Mortgage Securities Fund

Ivy
Pacific Opportunities Fund

Ivy
Real Estate Securities Fund

Ivy
Small Cap Value Fund

Ivy
Value Fund

 

 

Effective
February 13, 2008 with respect to:

 

Ivy
Global Strategic Income Fund.

 

 

7

 

Appendix B

 

Standard
Reports and Availability

 

The
following reports will be provided to the Fund on a regular basis with
availability as indicated:

 

A.                                 Daily

 

1.                                    Printed Trial Balance

2.                                    Net Asset Value Worksheet

3.                                    Cash Forecast

4.                                    Yield Computation, if applicable

 

B.                                  Weekly - Tax Lot Ledgers

 

C.                                 Monthly

 

1.                                    Tax Lot Ledgers as of month-end

2.                                    Working Appraisal as on month-end

3.                                    Purchase and Sale Journal for the month

4.                                    Summary of Gains and Losses on Securities for
the month

5.                                    Dividend Ledger for the month (Receivable as
of month-end and earned)

6.                                    Interest Income Analysis for the month
(receivable as of month-end and earned)

7.                                    Trial Balance as of month-end

8.                                    Net Asset Value Worksheet as of month-end

9.                                    Open Trades (payable and receivable for
unsettled securities transactions)

 

D.                                 Annually

 

1.                                    Purchase and Sale Journal for the year

2.                                    Summary of Gains and Losses on Securities for
the year

3.                                    Broker Allocation Report for the year

 

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]