Document:

Exhibit 10.18

 

AMENDMENT
TO PRINCIPAL UNDERWRITING AGREEMENT

 

                This Amendment (“Amendment”) is
made as of July 24, 2002 between Waddell & Reed Advisors Asset
Strategy Fund, Inc. (the “Fund”), an open-end investment management
company registered under the Investment Company Act of 1940, and Waddell &
Reed, Inc. (“W&R”), the Fund’s Principal Underwriter.  The parties hereby amend the Principal
Underwriting Agreement dated as of March 9, 1995 (“Agreement”), as set
forth below.  Unless otherwise provided,
capitalized terms used herein shall have the same meanings given to such terms
in the Agreement.

 

                WHEREAS, the Bank Secrecy Act,
as amended by the USA PATRIOT ACT, requires the Fund to develop and implement
and institute an anti-money laundering program (“AML Program”); and

 

                WHEREAS, the Fund has adopted
the AML Program set forth in Schedule 1 hereto; and

 

                WHEREAS, W&R processes
investor account applications, approves and qualifies prospective investors,
accepts investor funds, and/or services investor accounts; and

 

                WHEREAS, the Fund wishes to
delegate certain aspects of the implementation and operation of the Fund’s AML
Program to W&R; and

 

                WHEREAS, W&R desires to
accept such delegation.

 

                NOW THEREFORE, in consideration
of the mutual premises and covenants set forth herein, the parties agree as
follows:

 

1.               Delegation.  The Fund hereby delegates to W&R, as
agent for the Fund, responsibility for the implementation and operation of the
following policies and procedures in connection with the Fund’s AML Program, as
applicable to W&R’s functions as defined in the Agreement:  (i) know-your-customer policies; (ii) monitoring
accounts and identifying high risk accounts; (iii) policies and procedures
for reliance on third parties; (iv) policies and procedures for correspondent
accounts for foreign financial institutions and for private banking accounts
for non-U.S. persons; (v) no cash policy; (vi) detecting and
reporting suspicious activity; and (vii) all related recordkeeping
requirements, and W&R accepts such delegation.  W&R further agrees to cooperate with the
Fund’s AML Compliance Officer in the performance of W&R’s responsibilities
under the AML Program.

 

2.               The AML Program.  W&R hereby represents and warrants that
W&R has received a copy of the Fund’s AML Program and undertakes to perform
all responsibilities imposed on W&R as a “Service Provider”
thereunder.  The Fund hereby agrees to
provide to W&R any amendment(s) to the AML Program promptly after
adoption of any such amendment(s) by the Fund.

 

 

3.               Consent to
Examination.  W&R
hereby consents to:  (a) provide to
federal examination authorities information and records relating to the AML
Program maintained by W&R; and (b) the inspection of W&R by
federal examination authorities for purposes of the AML Program.

 

4.               Anti-Money
Laundering Program.  W&R
hereby represents and warrants that W&R has implemented and enforces an
anti-money laundering program (“AMLP”) that complies with laws, regulations and
regulatory guidance applicable to the Fund and W&R, and includes, if
applicable:

 

a.               know-your-customer
policies;

 

b.              due diligence
policies for correspondent accounts for foreign financial institutions and for
private banking accounts for non-U.S. persons;

 

c.               reasonable
internal procedures and controls to detect and report suspicious activities;

 

d.              monitoring
accounts and identifying high-risk accounts;

 

e.               a compliance
officer or committee with responsibility for the anti-money laundering program;

 

f.                 employee
training, including that:  (i) new
employees receive AML training upon the commencement of their employment; and (ii) existing
employees receive AML training at the time such employees assume duties that
bring them into contact with possible money laundering activities;

 

g.              an independent
audit function; and

 

h.              recordkeeping
requirements.

 

5.               Delivery of Documents.  W&R agrees to furnish to the Fund the
following documents:

 

a.               a copy of
W&R’s AMLP as in effect on the date hereof, and any material amendment
thereto promptly after the adoption of any such amendment;

 

b.              a copy of any
deficiency letter sent by federal examination authorities concerning W&R’s
AMLP; and

 

c.               no less
frequently than annually, a report on W&R’s anti-money laundering program
that includes a certification to the Fund concerning W&R’s implementation
of, and ongoing compliance with, its anti-money laundering program and a copy
of any audit report prepared with respect to W&R’s anti-money laundering
program.

 

 

6.               Reports.  W&R will provide periodic reports
concerning W&R’s compliance with W&R’s AMLP and/or the Fund’s AML
Program at such times as may be reasonably requested by the Fund’s Board of
Directors or the Anti-Money Laundering Compliance Officer.

 

7.               Miscellaneous.  This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.  Except as specifically set forth herein, all
other provisions of the Agreement shall remain in force and effect.

 

                IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be fully executed as of the day and year
first written above.

 

	
   

  	
  Waddell &
  Reed Advisors Asset Strategy Fund, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Kristen
  A. Richards

  	
   

  
	
   

  	
   

  	
  Kristen
  A. Richards

  
	
   

  	
  Title:

  	
  Vice
  President and Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Waddell &
  Reed, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Michael
  D. Strohm

  	
   

  
	
   

  	
   

  	
  Michael
  D. Strohm

  
	
   

  	
  Title:

  	
  PresidentExhibit 10.19

 

DISTRIBUTION
AGREEMENT

 

                THIS AGREEMENT, originally made as of the 8th day of
February, 1995, by and between Waddell & Reed Funds, Inc. and
Waddell & Reed, Inc. and as assigned, effective June 16,
2003, to Ivy Funds Distributor, Inc., an indirectly owned subsidiary of
Waddell & Reed Financial, Inc., the parent company of Waddell &
Reed, Inc., is hereby amended and restated as of the 3rd day of September,
2003, by and between Ivy Funds, Inc. (f/k/a W&R Funds, Inc.;
f/k/a Waddell & Reed Funds, Inc.), a Maryland Corporation (the “Company”),
and Ivy Funds Distributor, Inc. (“IFDI”) a Florida Corporation;

 

                I.              REPRESENTATIONS

 

                                A. 
The Company represents that

 

                                                1)  it is a registered open-end management
investment company (mutual fund), and

 

                                                2)  the shares of each of its classes of shares (“Fund”)
and of each sub-class thereof (“Class”), if any, are, as of the date of the
effectiveness of this Agreement as to each such Fund or Class, registered with
the Securities and Exchange Commission (“SEC”) and qualified or otherwise
authorized for sale in all states of the United States as may be agreed
upon.  (As to any Fund or Class not
registered with the SEC and qualified or otherwise authorized for sale in all
states of the United States as may be agreed upon, this Agreement shall become
effective as to such Fund or Class upon such registration and
qualification or authorization.)

 

                                B. 
IFDI represents that

 

                                                1)  it is a broker-dealer registered with the SEC
and is duly qualified to offer shares of the Company in all states in which the
shares are currently qualified or otherwise authorized for offer for sale;

 

                                                2)  it is a member of the National Association of
Securities Dealers, Inc. (“NASD”);

 

                                                3)  it does not engage in the retail sale of Company
shares, but rather maintains agreements with other registered broker-dealers,
authorizing such broker-dealers to offer Company shares to the public;

 

                                                4)  it maintains and enforces procedures
reasonably designed to achieve compliance with applicable securities laws, rules and
regulations including the Rules of the NASD, including those related to
the review and approval of advertising and sales literature used in
solicitation of orders to buy Company shares, and it files, when applicable,
such advertising and sales literature with the NASD.

 

                II.            APPOINTMENT
OF UNDERWRITER and OBLIGATIONS

 

                The Company hereby, as applicable, appoints IFDI or
continues the appointment of IFDI, and IFDI, as applicable, agrees to act or
continues to act, as the Company’s principal underwriter under the terms and
provisions of this Agreement.

 

                                A.            Company
agrees

 

                                                1)  to use its best efforts to register from time
to time under the Securities Act of 1933 (the “Securities Act”) adequate
amounts of its shares for sale by IFDI to the public through broker-dealers
with which IFDI contracts and to qualify or to permit IFDI to qualify such
shares for offering to the public in such states as may from time to time be
agreed upon;

 

                                                2)  to immediately advise IFDI (i) when any
post-effective amendment to its registration statement or any further amendment
or supplement thereto or any further registration statement or amendment or
supplement thereto becomes effective, (ii) of any request by the SEC for
amendments to the registration statement(s) or any then effective
prospectus or for additional information, (iii) of the issuance by the SEC
of any stop-order suspending the effectiveness of the registration statement or
the initiation of any proceedings for that purpose, and (iv) of the
happening of any event which makes untrue any material statement made in the
registration statement or any then effective prospectus or which, in the
opinion of counsel for the Company, requires the making of a change in the
registration statement or any then effective prospectus in order to make the
statements therein not misleading; in case of the happening at any time of any
event which materially affects the Company or its securities and which should
be set forth in a supplement to or an amendment of any then effective
prospectus in order to make the statements therein not misleading, to prepare
and furnish to IFDI such amendment or amendments to that prospectus as will
correct the prospectus so that as corrected it will not contain, or such supplement
or supplements to that prospectus which when read in conjunction with that
prospectus will make the combined information not contain any untrue statement
of a material fact or any omission to state any material fact necessary in
order to make the statements in that prospectus not misleading; if any time the
SEC shall issue any stop-order suspending the effectiveness of the registration
statement, to make every reasonable effort to obtain the prompt lifting of such
order; and, before filing any amendment to the registration statement or to any
then effective prospectus, to furnish IFDI with a copy of the proposed
amendment;

 

                                                3)  to advise IFDI of the net asset value of the
shares of each of its Funds and Classes, as applicable, as often as computed and
to furnish to IFDI as soon as practical such information as may be reasonably
requested by IFDI in order that it may know all of the facts necessary to
provide for the sale of shares of the Company;

 

                                                4)  to pay or cause to be paid all expenses
incident to the issuance, transfer, registration and delivery of its shares,
all taxes in connection therewith, costs and expenses incident to preparing and
filing any registration statements and prospectuses and any amendments or
supplements to a registration statement or a prospectus, statutory fees
incidental to the registration of additional shares with the SEC, statutory
fees and expenses incurred in 

 

2

 

connection with any Blue
Sky law qualifications undertaken by or at the request of IFDI, and the fees
and expenses of the Company’s counsel, accountants or any other experts used in
connection with the foregoing; and

 

                                                5)  not without the consent of IFDI to offer any
of its shares for sale directly or to any persons or corporations other than
through IFDI, except only

 

                                                                a)  the reinvestment of dividends and/or
distributions or their declaration in shares of the Company, in optional form
or otherwise;

 

                                                                b)  the issuance of additional shares to stock splits
or stock dividends;

 

                                                                c)  sale of shares to another investment or
securities holding company in the process of purchasing all or a portion of its
assets;

 

                                                                d)  in connection with an exchange of shares of
the Company for shares in another investment or securities holding company;

 

                                                                e)  the sale of shares to registered unit
investment trusts; or

 

                                                                f)  in connection with the exchange of one Fund’s
shares for shares of another Fund of the Company.

 

                                B.            IFDI
agrees

 

                                                1)  to offer Company shares in such states as may
be agreed upon through broker-dealers which are members of the NASD on such
terms as are not inconsistent with this Agreement;

 

                                                2)  in offering shares through other
broker-dealers to comply with the provisions of the Articles of Incorporation
and Bylaws of the Company and with the provisions stated in its applicable then
current prospectus(es);

 

                                                3)  timely to inform the Company of any action or
proceeding to terminate, revoke or suspend IFDI’s registration as a
broker-dealer with the SEC, membership in the NASD, or authority with any state
securities commission to offer Company shares; and

 

                                                4)  to pay the cost of all sales literature,
advertising and other materials which it may at its discretion use in
connection with the sale of Company shares, including the cost of reports to
the shareholders of the Company in excess of the cost of reports to existing
shareholders and the cost of printing the prospectus(es) furnished to it by the
Company.

 

3

 

III.           TERMS FOR SALE OF SHARES

 

                                A.            It
is mutually agreed that

 

                                                1)  IFDI shall act as principal in all matters
relating to promotion and sale of Company shares, including the preparation and
use of all advertising, sales literature and other promotional materials, and
shall make and enter into all other arrangements, agreements and contracts as
principal on its own account and not as agent for the Company.  Title to shares issued and sold by the Company
through IFDI shall pass directly from the Company to the broker-dealer or
investor; except provided, however, that IFDI may, if so agreed by IFDI and the
Company, act as agent of the Company without commission on repurchase of shares
of the Company;

 

                                                2)  certificates for shares shall not be created
or delivered by the Company in any case in which the purchase is pursuant to
any provisions of the Company described in its applicable then current
prospectus(es) under the terms of which certificates are not to be issued to
the shareholder.  Shares sold through
IFDI shall be registered in such name or names and amounts as the selling
broker-daeler or instructor may request from time to time, and all shares when
so paid for and issued shall be fully paid and non-assessable; and

 

                                                3)  the offering price at which shares of the
Company may be sold through IFDI shall include such selling commission as may
be applicable to that Class and as may be fixed from time to time by IFDI
but shall not be in excess of 8.5 percent of the offering price.  IFDI shall retain any such sales commission
and may re-allow all or any part of the sales commission to selected brokers
and dealers who sell shares of the Company. 
IFDI may designate, reduce or eliminate its selling commissions in
certain sales or exchanges to the extent described in the applicable then
current prospectus(es) of the Company and in accordance with Section 22(d) of
the Investment Company Act of 1940 and any rules, regulations or orders of the
SEC thereunder.

 

                IV.           THE
PLAN

 

                                A. 
It is mutually acknowledged that the Company has adopted a plan pursuant
to Rule 12b-1 under the Investment Company Act of 1940, as amended (a “Plan”),
which Plan is applicable to certain shares and that the Company may in the
future adopt Plans applicable to certain Funds and Classes, respectively.

 

                                B. 
With respect to any Fund or Class as to which the Company has
adopted a Plan, pursuant to that Plan, each day the Company shall pay to IFDI a
distribution fee and/or a service fee at the maximum rates and under the terms
and conditions set forth in the applicable Plan, as amended from time to time,
or such lesser amount as the Company and IFDI may agree.

 

                                C. 
The Company shall, after excluding from the redemption proceeds that
portion represented by the reinvestment of dividends and distributions and the
appreciation of the value of Fund shares being redeemed, promptly pay IFDI an
amount, if any, equal to the percent of the 

 

4

 

amount invested as
determined by IFDI and as is then stated in the Company’s current prospectus
applicable to the shares redeemed (the “contingent deferred sales charge”).  For purposes of determining the applicable
contingent deferred sales charge, if any: the redemptions shall be deemed in
order of investment made when more than one investment has been made; and when
the shares being redeemed were acquired by exchange of shares of another Fund
or Class of the Company, or corresponding class of another registered
investment company for which IFDI or its affiliate serves as principal
underwriter, the investment shall be deemed as if it had been made when the
Company’s shares were first purchased, and the applicable contingent deferred
sales charges, if any, shall be with respect to the amount originally invested
in Company shares; and provided that any contingent deferred sales charge shall
be determined in accordance with and in the manner set forth in the applicable
then current prospectus and any applicable Order or Rule issued by the
SEC.

 

                                D. 
It is contemplated that IFDI may incur other expenses substantially in
advance of receiving the distribution fee, if any, that may be applicable to
the payment of such commissions and expenses. 
IFDI recognizes that such payments are at its risk and that this
Agreement may be terminated or not continued as hereinafter provided without
the payment to it of any further distribution fees or service fees whatsoever
and without the payment of any penalty. 
The contingent deferred sales charges, if any, shall, however, be
payable to IFDI with respect to all subject sales made prior to the termination
of this Agreement.

 

                                E. 
IFDI shall at least quarterly provide to the Company’s board of
directors a written report with respect to each Fund or Class, as applicable,
of the amounts of the distribution and/or service fees expended and the
purposes for which these expenditures were made.  IFDI shall in addition furnish to the board
of directors of the Company such information as may be requested or as may be
necessary to an informed determination by the directors of whether or not the
directors should continue the Company’s Plan(s) and continue this
Agreement and to determine whether there is reasonable likelihood that the Plan(s) and
this Agreement will benefit the Company and its shareholders affected by such
Plan(s).

 

                V.            INDEMNIFICATION

 

                                A. 
The Company agrees with IFDI for the benefit of IFDI and each person, if
any, who controls IFDI within the meaning of Section 15 of the Securities
Act and each and all and any of them, to indemnify and hold harmless IFDI and
any such controlling person from and against any and all losses, claims,
damages or liabilities, joint or several, to which they or any of them may
become subject under the Securities Act, under any other statute, at common law
or otherwise, and to reimburse the underwriter and such controlling persons, if
any, for any legal or other expenses (including the cost of any investigation
and preparation) reasonably incurred by them or any of them in connection with
any litigation whether or not resulting in any liability, insofar as such
losses, claims, damages, liabilities or litigation arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact
contained in any registration statement or any prospectus or any amendment
thereof or supplement thereto or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading; provided, however, 

 

5

 

that this indemnity
agreement shall not apply to amounts paid in settlement of any such litigation
if such settlement is effected without the consent of the Company or to any such
losses, claims, damages, liabilities or litigation arising out of or based upon
any untrue statement or alleged untrue statement of a material fact contained
in any registration statement or prospectus or any amendment thereof or
supplement thereto, or arising out of or based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, which statement or
omission was made in reliance upon information furnished in writing to the
Company by IFDI for inclusion in any registration statement or any prospectus
or any amendment thereof or supplement thereto. 
IFDI and each such controlling person shall promptly, after the complaint
shall have been served upon IFDI or such controlling person in any litigation
against IFDI or such controlling person in respect of which indemnity may be
sought from the Company on account of its agreement contained in this
paragraph, notify the Company in writing of the commencement thereof.  The omission of IFDI or such controlling
person so to notify the Company of any such litigation shall relieve the
Company from any liability which it may have to IFDI or such controlling person
on account of the indemnity agreement contained in this paragraph but shall not
relieve the Company from any liability which it may have to IFDI or controlling
person otherwise than on account of the indemnity agreement contained in this
paragraph.  In case any such litigation
shall be brought against IFDI or any such controlling person and the
underwriter or such controlling person shall notify the Company of the
commencement thereof, the Company shall be entitled to participate in (and, to
the extent that it shall wish, to direct) the defense thereof at its own
expense but such defense shall be conducted by counsel of good standing and
satisfactory to IFDI or such controlling person or persons, defendant or
defendants in the litigation.  The
indemnity agreement of the Company contained in this paragraph shall remain
operative and in full force and effect regardless of any investigation made by
or on behalf of IFDI or any such controlling person and shall survive any
delivery of shares of the Company.  The
Company agrees to notify IFDI promptly of the commencement of any litigation or
proceeding against it or any of its officers or directors of which it may be
advised in connection with the issue and sale of its shares.

 

                                B. 
Anything herein to the contrary notwithstanding, the agreement in Section A
of this article, insofar as it constitutes a basis for reimbursement by the
Company for liabilities (other than payment by the Company of expenses incurred
or paid in the successful defense of any action, suit or proceeding) arising
under the Securities Act, shall not extend to the extent of any interest
therein of any person who is an underwriter or a partner or controlling person
of an underwriter within the meaning of Section 15 of the Securities Act
or who, at the date of this Agreement, is a director of the Company, except to
the extent that an interest of such character shall have been determined by a
court of appropriate jurisdiction the question of whether or not such interest
is against public policy as expressed in the Securities Act.

 

                                C. 
IFDI agrees to indemnify and hold harmless the Company and its directors
and such officers as shall have signed any registration statement from and
against any and all losses, claims, damages or liabilities, joint or several,
to which the Company or such directors or officers may become subject under the
Securities Act, under any other statute, at common law or otherwise, and will
reimburse the Company or such directors or officers for any legal or other 

 

6

 

expenses (including the
cost of any investigation and preparation) reasonably incurred by it or them or
any of them in connection with any litigation, whether or not resulting in any
liability insofar as such losses, claims, damages, liabilities or litigation
arise out of, or are based upon, any untrue statement or alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, which statement or omission was
made in reliance upon information furnished in writing to the Company by IFDI
for inclusion in any registration statement or any prospectus, or any amendment
thereof or supplement thereto, or which statement was made in, or the alleged
omission was from, any advertising or sales literature (including any reports
to shareholders used as such) which relate to the Company.

 

                                IFDI shall not be liable for amounts
paid in settlement of any such litigation if such settlement was effected
without its consent.  The Company and its
directors and such officers, defendant or defendants, in any such litigation
shall, promptly after the complaint shall have been served upon the Company or
any such director or officer in any litigation against the Company or any such
director or officer in respect of which indemnity may be sought from IFDI on
account of its agreement  contained in
this paragraph, notify IFDI in writing of the commencement thereof.  The omission of the Company or such director
or officer so to notify the underwriter of any such litigation shall relieve
IFDI from any liability which it may have to the Company or such director or
officer on account of the indemnity agreement contained in this paragraph, but
shall not relieve IFDI from any liability which it may have to the Company or
such director or officer otherwise than on account of the indemnity agreement
contained in this paragraph.  In case any
such litigation shall be brought against the Company or any such officer or
director and notice of the commencement thereof shall have been so given to
IFDI, IFDI shall be entitled to participate in (and, to the extent that it
shall wish, to direct) the defense thereof at its own expense, but such defense
shall be conducted by counsel of good standing and satisfactory to the Company.  The indemnity agreement of IFDI contained in
this paragraph shall remain operative and in full force and effect regardless
of any investigation made by or on behalf of the Company and shall survive any
delivery of shares of the Company.  IFDI
agrees to notify the Company promptly of the commencement of any litigation or
proceeding against it or any of its officers or directors or against any such
controlling person of which it may be advised, in connection with the issue and
sale of the Company’s shares.

 

                                D. 
Notwithstanding any provision contained in this Agreement, no party
hereto and no person or persons in control of any party hereto shall be
protected against any liability to the Company or its security holders to which
they would otherwise be subject by reason of willful misfeasance, bad faith, or
gross negligence in the performance of their duties or by reason of their
reckless disregard of their obligations and duties under this Agreement.

 

                VI.           OTHER
TERMS

 

                                A. 
This Agreement shall not be deemed to limit IFDI from acting as
underwriter, broker and/or dealer for any other mutual fund, from engaging in
any other aspects of the securities business, whether or not such may be deemed
in competition with the sale of shares of the Company, and to carry on any
other lawful business whatsoever.

 

 

7

 

                                B. 
Except as expressly provided in Article V and hereinabove, the
agreements herein set forth have been made and are made solely for the benefit
of the Company and IFDI, and the persons expressly provided for in Article V,
their respective heirs and successors, personal representatives and assigns,
and except as so provided, nothing expressed or mentioned herein is intended or
shall be construed to give any person, firm or corporation other than the
Company, IFDI and the persons expressly provided for in Article V any
legal or equitable right, remedy or claim under or in respect of this Agreement
or any representation, warranty or agreement herein contained.  Except as so provided, the term “heirs,
successors, personal representatives and assigns” shall not include any
purchaser of shares merely because of such purchase.

 

                                C. 
This Agreement shall continue in effect, unless terminated as
hereinafter provided, for a period of one (1) year and thereafter only if
such continuance is specifically approved at least annually by the Board of
Directors, including the vote of a majority of the directors who are not
parties to the Agreement or “interested persons” (as defined in the Investment
Company Act of 1940) or any such party and who have no direct or indirect
financial interest in the operation of any Plan or any agreement relating to
that Plan (hereafter the “Plan directors”), cast in person at a meeting called
for the purpose of voting on such approval. 
This Agreement may be terminated by IFDI at any time without penalty
upon giving the Company sixty (60) days’ written notice (which notice may be
waived by the Company) and may be terminated by the Company at any time without
penalty upon giving IFDI sixty (60) days’ written notice (which notice may be
waived by IFDI), provided that such termination by the Company shall be
directed or approved by the vote of a majority of the Plan directors, or by the
vote of a majority (as defined in the Investment Company Act of 1940) of the
outstanding voting securities of a Fund with respect to that Fund.  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 Investment Company Act
of 1940 and applicable Rules thereunder.

 

                                D. 
This Agreement shall be governed and construed in accordance with the
laws of Kansas.

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed by their respective
duly authorized officers and their corporate seals to be affixed as of the day
and year first above written.

 

	
   

  	
   

  	
   

  	
   

  	
  IVY FUNDS, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/Henry J. Herrmann

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Henry J. Herrmann,
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  and Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
								

 

8

 

ATTEST:

 

	
  By:

  	
  /s/Kristen A. Richards

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Kristen A. Richards,
  Secretary

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  IVY FUNDS DISTRIBUTOR,
  INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/Thomas W. Butch

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Thomas W. Butch,
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/Daniel C. Schulte

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Daniel C. Schulte,
  Secretary

  	
   

  	
   

  	
   

  	
   

  	
   

  
											

 

 

9

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