EXHIBIT 16 POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Joseph R. Fleming and John V. O'Hanlon its true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for him in his name, place and stead, to sign a Registration Statement on Form N-14 relating to the acquisition of the assets of Ivy Growth with Income Fund by and in exchange for shares of Ivy US Blue Chip Fund, each a series of Ivy Fund (the "Registration Statement"), and any notices, amendments or supplements related thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, the undersigned has subscribed to these presents as of the 14th day of April, 2000. IVY FUND By: /s/ JAMES W. BROADFOOT James W. Broadfoot, President EXHIBIT 16 (cont'd) POWER OF ATTORNEY Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form N-14 relating to the acquisition of the assets of Ivy Growth with Income Fund by and in exchange for shares of Ivy US Blue Chip Fund, each a series of Ivy Fund (the "Registration Statement"), has been signed below by the following persons in the capacities and on the dates indicated. By so signing, the undersigned in his or her capacity as trustee or officer, or both, as the case may be, of Ivy Fund does hereby appoint Joseph R. Fleming and John V. O'Hanlon and each of them, severally, or if more than one acts, a majority of them, his/her true and lawful attorney and agent to execute in his name, place and stead (in such capacity) any and all amendments to the Registration Statement and any post-effective amendments thereto and all instruments necessary or desirable in connection therewith and to file the same with the Securities and Exchange Commission. Each of said attorneys and agents shall have power to act with or without the other and have full power and authority to do and perform in the name and on behalf of the undersigned, in any and all capacities, every act whatsoever necessary or advisable to be done in the premises as fully and to all intents and the purposes as the undersigned might or could do in person, hereby ratifying and approving the act of said attorneys and agents and each of them. Signature Title Date /s/ John S. Anderegg, Jr. Trustee April 14, 2000 /s/ Paul H. Broyhill Trustee April 14, 2000 /s/ James W. Broadfoot Trustee/President April 14, 2000 /s/ Keith J. Carlson Trustee/Chairman April 14, 2000 /s/ Stanley Channick Trustee April 14, 2000 /s/ Roy J. Glauber Trustee April 14, 2000 /s/ Dianne Lister Trustee April 14, 2000 /s/ Joseph G. Rosenthal Trustee April 14, 2000 /s/ Richard N. Silverman Trustee April 14, 2000 /s/ J. Brendan Swan Trustee April 14, 2000 /s/ Edward M. Tighe Trustee April 14, 2000 /s/ C. William Ferris Secretary/Treasurer April 14, 2000