EXHIBIT 17

                                  FORM OF PROXY

                           IVY GROWTH WITH INCOME FUND

                                   a series of

                                    IVY FUND

                           PROXY SOLICITED BY TRUSTEES

        The  undersigned,  having  received Notice of the June ___, 2000 Special
Meeting of Shareholders of Ivy Growth with Income 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 June ___, 2000 and any adjournments thereof.

PLEASE INDICATE VOTE ON OPPOSITE SIDE OF CARD.

UNLESS OTHERWISE SPECIFIED, THIS PROXY WILL BE VOTED IN FAVOR OF ITEM 1.

                                                   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 shareholer(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 Item 1.

                                                         For    Against  Abstain

1.  Approval of the Agreement and Plan of
    Reorganization  between the Trust, on
    behalf of the Fund,  and the Trust,
   on behalf of Ivy US Blue Chip Fund,  as
    set forth in the Proxy Statement/Prospectus.

2.   In the discretion of the proxies, on any
     other matters that may properly come before
     the meeting.


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