EXHIBIT 17

                                  FORM OF PROXY

IVY SOUTH AMERICA FUND              THIS PROXY IS SOLICITED ON BEHALF
a series of IVY FUND                OF THE BOARD OF TRUSTEES

         The  undersigned,  having  received Notice of the June 27, 2000 Special
Meeting of Shareholders of Ivy South America 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
27, 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 Developing
             Markets 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.