EXHIBIT 17

                                  FORM OF PROXY

IVY ASIA PACIFIC FUND                       THIS PROXY IS SOLICITED ON BEHALF
a series of IVY FUND                        OF THE BOARD OF TRUSTEES

         The  undersigned,  having  received  Notice  of the  ___________,  2000
Special Meeting of Shareholders of Ivy Asia Pacific Fund (the "Fund"),  a series
of Ivy Fund (the "Trust"),  and the related Proxy  Statement/Prospectus,  hereby
appoints C. William Ferris,  Keith J. Carlson,  and Paula K. Wolfe,  and each of
them, as proxies,  with full power of substitution and revocation,  to represent
the  undersigned  and to vote all  shares  of the Fund that the  undersigned  is
entitled to vote at the Special  Meeting of  Shareholders of the Fund to be held
on  ___________,  2000 at 10:00  a.m.  Eastern  time,  and any  adjournments  or
postponements thereof.

PLEASE INDICATE VOTE ON OPPOSITE SIDE OF CARD.

UNLESS OTHERWISE SPECIFIED, THIS PROXY WILL BE VOTED IN FAVOR OF THE PROPOSAL.

                                                Dated: __________________, 2000

                                        Please  sign name or names as  appearing
                                        on  proxy  and  return  promptly  in the
                                        enclosed   postage-paid   envelope.   If
                                        signing  as  a  representative,   please
                                        include capacity.

                                        [Name, address]

                                        ------------------------------
                                        Signature(s) of Shareholder(s)

[REVERSE SIDE OF CARD]

Please indicate your vote by filling in the appropriate box below, using blue or
black ink or dark  pencil  (do not use red  ink).  This  proxy  will be voted in
accordance with your  specifications.  If no  specification  is made, this proxy
will be voted in favor of the Proposal.

                                                     FOR     AGAINST    ABSTAIN

PROPOSAL:  Approval of the Agreement and Plan
           of Reorganization between the Trust,
           on behalf of the Fund, and the Trust,
           on behalf of Ivy Pacific Opportunities
           Fund, as set forth in the Proxy
           Statement/Prospectus.


THE PROXIES ARE  AUTHORIZED TO VOTE IN THEIR  DISCRETION  ON ANY OTHER  BUSINESS
THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY  ADJOURNMENTS OR  POSTPONEMENTS
THEREOF.

PLEASE DO NOT FORGET TO SIGN THE OTHER SIDE OF THIS CARD.