EXHIBIT 17
                                 FORM OF PROXY


                                 IVY CANADA FUND

                                   A Series of

                                    IVY FUND

                           PROXY SOLICITED BY TRUSTEES

         The  undersigned,  having  received  Notice of the  February  26,  1999
Special Meeting of Shareholders of Ivy Canada 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 Deborah P. Mason, 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 which the  undersigned  is
entitled to vote at the Special  Meeting of  Shareholders of the Fund to be held
on February 26, 1999 and any adjournments thereof.

PLEASE INDICATE VOTE ON REVERSE SIDE OF CARD.

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



                           Dated: __________________, 1999


                           Please  sign  name or  names as
                           appearing  on proxy.  If signing
                           as a representative, please include
                           capacity.






Please indicate by filling in the appropriate box below, as shown, using blue or
black ink or dark pencil, do not use red ink.

UNLESS OTHERWISE SPECIFIED, 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  Global          _____         _____           _____
     Natural Resources 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.


As to matters set forth in item 1 above,  this proxy will be voted in accordance
with the specifications of the shareholder.



             PLEASE DO NOT FORGET TO SIGN THE REVERSE SIDE OF CARD.