EXHIBIT 14

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


To the Shareholders and Board of Trustees of
Ivy China Region Fund (the "Fund"):

         In our opinion,  the accompanying  statement of assets and liabilities,
including the portfolio of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects,  the financial position of the Fund at December 31, 1999, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the financial highlights
for each of the periods  presented,  in conformity  with  accounting  principles
generally  accepted  in  the  United  States.  These  financial  statements  and
financial highlights  (hereafter referred to as "financial  statements") are the
responsibility  of the Fund's  management;  our  responsibility is to express an
opinion on these  financial  statements  based on our audits.  We conducted  our
audits of these  financial  statements  in accordance  with  auditing  standards
generally  accepted in the United  States which require that we plan and perform
the audit to obtain reasonable  assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence  supporting the amounts and  disclosures  in the financial  statements,
assessing the  accounting  principles  used and  significant  estimates  made by
management,  and evaluating the overall  financial  statement  presentation.  We
believe that our audits,  which  included  confirmation  of securities  owned at
December 31, 1999 by  correspondence  with the  custodian,  provide a reasonable
basis for the opinion expressed above.

PricewaterhouseCoopers LLP

Fort Lauderdale, Florida
February 4, 2000





                                                            EXHIBIT 14 (cont'd)


REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


To the Shareholders and Board of Trustees of
Ivy Asia Pacific Fund (the "Fund"):

         In our opinion,  the accompanying  statement of assets and liabilities,
including the portfolio of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects,  the financial position of the Fund at December 31, 1999, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the financial highlights
for each of the periods  presented,  in conformity  with  accounting  principles
generally  accepted  in  the  United  States.  These  financial  statements  and
financial highlights  (hereafter referred to as "financial  statements") are the
responsibility  of the Fund's  management;  our  responsibility is to express an
opinion on these  financial  statements  based on our audits.  We conducted  our
audits of these  financial  statements  in accordance  with  auditing  standards
generally accepted in the United States,  which require that we plan and perform
the audit to obtain reasonable  assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence  supporting the amounts and  disclosures  in the financial  statements,
assessing the  accounting  principles  used and  significant  estimates  made by
management,  and evaluating the overall  financial  statement  presentation.  We
believe that our audits,  which  included  confirmation  of securities  owned at
December 31, 1999 by  correspondence  with the  custodian,  provide a reasonable
basis for the opinion expressed above.

PricewaterhouseCoopers LLP

Fort Lauderdale, Florida
February 4, 2000






                                                          EXHIBIT 14 (cont'd)



               CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Board of Trustees of Ivy Fund:

We consent to the use in this  Registration  statement  on Form N-14 of Ivy Fund
(the  "Registration  Statement")  of our reports  dated  February 4, 2000 on our
audits of the financial  statements and financial highlights of Ivy China Region
Fund (now known as Ivy Pacific  Opportunities  Fund) and Ivy Asia Pacific  Fund,
which appear in such Registration Statement. We also consent to the reference to
our Firm under the heading "Financial Highlights."

/s/PricewaterhouseCoopers LLP

Ft. Lauderdale, Florida
August 30, 2000