EX-99.77Q3

EX-99.77Q3

(a)(i) The Principal Executive Officer and the Treasurer
have concluded that the Ivy Fund disclosure controls and
procedures (as defined in rule 30a-2(c) under the
Investment Company Act)provide reasonable assurances that
material information relating to the Ivy Fund is made known
to them by the appropriate persons, based on their
evaluation of these controls and procedures as of a date
within 90 days of the filing date of this report.

(a)(ii) There were no significant changes in Ivy Fund
internal controls or in other factors that could
significantly affect these controls subsequent to the date
of the evaluation referenced in (a)(i)above.

a(iii):CERTIFICATIONS

I, Keith J. Carlson, certify that:

1.	I have reviewed this report on Form N-SAR of Ivy Fund;

2.	Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to
state a material fact necessary to make the statements
made, in light of the circumstances under which such
statements were made, not misleading with respect to
the period covered by this report;

3.	Based on my knowledge, the financial information
included in this report, and the financial statements
on which the financial information is based, fairly
present in all material respects the financial
condition, results of operations, changes in net
assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of
the registrant as of, and for, the periods presented
in this report;

4.	The registrant's other certifying officers and I are
responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule
30a-2(c) under the Investment Company Act) for the
registrant and have:

a)	designed such disclosure controls and procedures
to ensure that material information relating to
the registrant, including its consolidated
subsidiaries, is made known to us by others
within those entities, particularly during the
period on which this report is being prepared;

b)	evaluated the effectiveness of the registrant's
disclosure controls and procedures as of a date
within 90 days prior to the filing date of this
report (the "Evaluation Date"); and

c)	presented in this report our conclusions about
the effectiveness of the disclosure controls and
procedures based on our evaluation as of the
Evaluation Date;

5.	The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing
the equivalent functions):

a)	all significant deficiencies in the design or
operation of internal controls which could
adversely affect the registrant's ability to
record, process, summarize, and report financial
data and have identified for the registrant's
auditors any material weaknesses in internal
controls; and

b)	any fraud, whether or not material, that involves
management or other employees who have a
significant role in the registrant's internal
controls; and

6.	The registrant's other certifying officers and I have
indicated in this report whether or not there were
significant changes in internal controls or in other
factors that could significantly affect internal
controls subsequent to the date of our most recent
evaluation, including any corrective actions with
regard to significant deficiencies and material
weaknesses.

SIGNATURES

This report has been signed below by the following persons
on behalf of the issuer and in the capacities and on the
dates indicated.

By (Signature and Title)*	/s/KEITH J. CARLSON
Keith J. Carlson,
Principal Executive Officer

Date: February 28, 2003

*Please print the name and title of the signing officer
below the signature.


I, Beverly J. Yanowitch, certify that:

1.	I have reviewed this report on Form N-SAR of Ivy Fund;

2.	Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to
state a material fact necessary to make the statements
made, in light of the circumstances under which such
statements were made, not misleading with respect to
the period covered by this report;

3.	Based on my knowledge, the financial information
included in this report, and the financial statements
on which the financial information is based, fairly
present in all material respects the financial
condition, results of operations, changes in net
assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of
the registrant as of, and for, the periods presented
in this report;

4.	The registrant's other certifying officers and I are
responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule
30a-2(c) under the Investment Company Act) for the
registrant and have:

a.	designed such disclosure controls and procedures
to ensure that material information relating to
the registrant, including its consolidated
subsidiaries, is made known to us by others
within those entities, particularly during the
period on which this report is being prepared;

b.	evaluated the effectiveness of the registrant's
disclosure controls and procedures as of a date
within 90 days prior to the filing date of this
report (the "Evaluation Date"); and

c.	presented in this report our conclusions about
the effectiveness of the disclosure controls and
procedures based on our evaluation as of the
Evaluation Date;

5.	The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing
the equivalent functions):

a.	all significant deficiencies in the design or
operation of internal controls which could
adversely affect the registrant's ability to
record, process, summarize, and report financial
data and have identified for the registrant's
auditors any material weaknesses in internal
controls; and

b.	any fraud, whether or not material, that involves
management or other employees who have a
significant role in the registrant's internal
controls; and

6.	The registrant's other certifying officers and I have
indicated in this report whether or not there were
significant changes in internal controls or in other
factors that could significantly affect internal
controls subsequent to the date of our most recent
evaluation, including any corrective actions with
regard to significant deficiencies and material
weaknesses.

SIGNATURES

This report has been signed below by the following persons
on behalf of the issuer and in the capacities and on the
dates indicated.

By (Signature and Title)*	/s/BEVERLY J. YANOWITCH
Beverly J. Yanowitch,
Treasurer

Date: February 28, 2003

*Please print the name and title of the signing officer
below the signature.

EX-99.77K CHNG ACCNT

EX-77K

February 28, 2003



Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Commissioners:

We have read the statements made by Ivy Fund (the "Fund") (copy
attached), which we understand will be filed with the
Commission, pursuant to Item 77K of Form N-SAR as part of the
Fund's Form N-SAR dated February 28, 2003.  We agree with the
statements concerning our Firm in such Form N-SAR.

Very truly yours,

/s/PricewaterhouseCoopers LLP




































Attachment

PricewaterhouseCoopers LLP ("PWC") previously served as the
independent accountants of Ivy Fund (the "Fund").  On December
16, 2002, PWC resigned as the Fund's independent accountants on
the basis that it was no longer "independent" of the Fund within
the meaning of the professional standards applicable to PWC.
This loss of independence was caused by the change of control of
the Fund's investment adviser, which took place on December 16,
2002.  The decision to change accountants was recommended by the
audit committee of the Fund's Board of Trustees and approved by the Board.

PWC's reports on the Fund's financial statements for the past
two fiscal years contained no adverse opinion or disclaimer of
opinion and were not qualified or modified as to uncertainty,
audit scope or accounting principle.  In connection with its
audits for the Fund's two most recent fiscal years and through
PWC's resignation on December 16, 2002, there have been no
disagreements with PWC on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to the satisfaction of PWC,
would have caused PWC to make reference thereto in its reports
on the Fund's financial statements for such years.

The Fund has requested that PWC furnish it with a letter
addressed to the SEC stating whether or not it agrees with the
above statements.  On December 17, 2002, the Fund's Board of
Trustees recommended and the Independent Trustees, separately,
approved Deloitte & Touche LLP as the Fund's new independent
accountant as of effective as of December 17, 2002, for the
Fund's fiscal year ending December 31, 2002.

EX-99.77C VOTES

EX-77C

SHAREHOLDER MEETING RESULTS
(unaudited)

On December 10, 2002 a special shareholder meeting (the "Meeting") was held
at the offices of Mackenzie Investment Management Inc., Boca Raton, Florida,
for the following purposes (and with the following results):


Proposal 1: For shareholders of all Funds, except for Ivy Global Natural
Resources Fund, to approve or disapprove a new Master Business Management and
Investment Advisory Agreement between the Trust, on behalf of the Funds, and
Ivy Management, Inc.
("IMI"); and

For			Against		Abstain
51,498,803.247	1,377,315.682	1,493,850.977


Proposal 2: For shareholders of Ivy Global Natural Resources Fund, to approve
or disapprove a new Master Business Management Agreement between the Trust,
on behalf of the Fund, and IMI; and

For			Against		Abstain
2,121,469.663	27,123.541		10,068.003

Proposal 3A:For shareholders of Ivy European Opportunities Fund and Ivy
International Small Companies Fund, to approve or disapprove a new
Subadvisory Agreement between IMI and Henderson Global Investors (North
America) In. ("HGINA"); and

For			Against		Abstain
5,488,037.381	89,305.745		85,262.146

Proposal 3B:For shareholders of Ivy European Opportunities Fund and Ivy
International Small Companies Fund, to approve or disapprove a new
Subadvisory Agreement between HGINA and Henderson Investment Management
Limited ("Henderson"); and

For			Against		Abstain
5,489,481.210	93,343.546		80,135.834


Proposal 4: For shareholders of Ivy Cundill Global Value Fund, to approve or
disapprove a new Subadvisory Agreement between IMI and Peter Cundill &
Associates, Inc.("Cundill"); and

For			Against		Abstain
251,879.738		7,112.670		7,527.179

Proposal 5:	For shareholders of all Funds, to approve or disapprove the
election of eight nominees to serve as Trustees on the Board of Trustees.

Nominee:			For			Against

Keith A. Tucker		54,459,082.827	2,069,192.008
Henry J. Herrmann		54,455,836.913	2,073,536.552
James D. Gressett		54,480,456.334	2,047,818.501
Jarold W. Boettcher	54,484,155.922	2,044,118.913
Michael G. Smith		54,473,248.468	2,052,569.367
Joseph Harroz, Jr.	53,859,972.525	2,051,162.062
Eleanor B. Schwartz	53,853,424.194	2,057,551.889
Glendon E. Johnson, Jr.	53,901,560.595	2,008,266.240

Edward M. Tighe, who was previously elected by shareholders, continued his
term of office after the meeting.

EX-99.77B ACCT LTTR

EX-77B

Ivy International Growth Fund

Letter Report Regarding Internal Accounting Control for Filing as an
Attachment to Item 77 of Form N-SAR for the Fiscal Year
Ended December 31, 2002

INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders of Ivy International Growth Fund:
In planning and performing our audit of the financial statements of Ivy
International Growth Fund (the "Fund") for the fiscal year ended December 31,
2002 (on which we have issued our report dated February 7, 2003), we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, and not to provide assurance on
the Fund's internal control. The management of the Fund is responsible for
establishing and maintaining
internal control.

In fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes that are
fairly presented in conformity with accounting principles generally accepted
in the United States of America. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.

Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
internal control may become inadequate because of changes in conditions or
that the degree of compliance with policies or procedures may deteriorate.

Our consideration of the Fund's internal control would not necessarily
disclose all matters in the internal control that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error or
fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the Fund's internal control and its
operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of
December 31, 2002.

This report is intended solely for the information and use of the Fund's
management, the Board of Directors of Ivy International Growth Fund, and the
Securities and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
February 7, 2003

Ivy Fund

Letter Report Regarding Internal Accounting Control for Filing as an
Attachment to Item 77 of Form N-SAR for the Fiscal Year
Ended December 31, 2002

INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders of Ivy Fund:
In planning and performing our audit of the financial statements of Ivy Fund
(the "Company")(including Ivy Cundill Global Value Fund, Ivy Developing
Markets Fund, Ivy European Opportunities Fund, Ivy Global Fund, Ivy Global
Natural Resources Fund, Ivy Global Science & Technology Fund, Ivy
International Fund, Ivy International Small Companies Fund, Ivy International
Value Fund, Ivy Pacific Opportunities Fund, Ivy Growth Fund, Ivy US Blue Chip
Fund, Ivy US Emerging Growth Fund, Ivy Bond Fund and Ivy Money Market Fund)
for the fiscal year ended December 31, 2002 (on which we have issued our
report dated February 7, 2003), we considered its internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the Company's internal control.

The management of the Company is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with accounting principles generally
accepted in the United States of America. Those controls include the
safeguarding of assets against unauthorized acquisition, use, or disposition.

Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions
or that the degree of compliance with policies or procedures may deteriorate.

Our consideration of the Company's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements due to error or fraud
in amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the Company's internal control and its
operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of December 31, 2002.

This report is intended solely for the information and use of the Company's
management, the Board of Trustees of Ivy Fund, and the Securities and
Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.

/s/ Deloitte & Touche LLP
Kansas City, Missouri
February 7, 2003