EXHIBIT 15(I)
SUPPLEMENT TO DISTRIBUTION PLAN
IVY FUND
IVY GROWTH WITH INCOME FUND CLASS C SHARES
WHEREAS, Ivy Fund is registered as an open-end investment
company under the Investment Company Act of 1940 (the "Act"), as
amended, and consists of one or more separate investment
portfolios as may be established from time to time; and
WHEREAS, Ivy Fund and Xxxxxxxxx Xxx Funds Distribution, Inc.
("MIFDI"), a broker-dealer registered under the Securities
Exchange Act of 1934, have entered into an Amended and Restated
Distribution Agreement dated October 23, 1993 pursuant to which
MIFDI acts as Ivy Fund's distributor; and
WHEREAS, Ivy Fund has previously adopted a Distribution Plan
(the "Plan") in accordance with the Act that applies to the Class
C shares of Ivy Growth with Income Fund (the "Fund"); and
WHEREAS, the Trustees of Ivy Fund, by written consent dated
as of February 29, 1996, duly approved (i) the establishment and
designation of a new class of shares identified as Class C (the
"New Class C Shares") for the Fund, Ivy Bond Fund, Ivy Canada
Fund, Ivy China Region Fund, Ivy Emerging Growth Fund, Ivy Global
Fund, Ivy Growth Fund, Ivy International Fund, Ivy International
Bond Fund, Ivy Latin America Strategy Fund, Ivy Money Market Fund
and Ivy New Century Fund (the "Funds") and (ii) the redesignation
as "Class D shares" of the Fund those Class C shares of the Fund
issued and outstanding as of the date that the registration
statement for the New Class C Shares, filed with the Securities
and Exchange Commission on or about February 29, 1996 pursuant to
Rule 485(a) under the Securities Act of 1933 (the "Registration
Statement"), first becomes effective.
NOW, THEREFORE, Ivy Fund hereby adopts the following
modification to the Plan:
Effective as of the date that the Registration Statement
pertaining to the New Class C Shares first becomes
effective, all references in the Plan to Class C shares of
the Fund shall hereafter refer to Class D shares of the
Fund.
IN WITNESS WHEREOF, Xxx Fund has adopted this Supplement to
the Plan as of this ____ day of _________________, 1996.
IVY FUND
By: ___________________________
Xxxxxxx X. Xxxxxx, President