IVY FUND
NSAR-B, 1998-02-27
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<PAGE>      PAGE  1
000 B000000 12/31/97
000 C000000 0000052858
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 IVY FUND
001 B000000 811-1028
001 C000000 5613938900
002 A000000 700 S. FEDERAL HIGHWAY, STE. 300
002 B000000 BOCA RATON
002 C000000 FL
002 D010000 33432
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000 18
007 C010100  1
007 C020100 IVY GROWTH FUND
007 C030100 N
007 C010200  2
007 C020200 IVY GROWTH WITH INCOME FUND
007 C030200 N
007 C010300  3
007 C020300 IVY INTERNATIONAL FUND
007 C030300 N
007 C010400  4
007 C020400 IVY MONEY MARKET FUND
007 C030400 N
007 C010500  5
007 C020500 IVY EMERGING GROWTH FUND
007 C030500 N
007 C010600  6
007 C020600 IVY CHINA REGION FUND
007 C030600 N
007 C010700  7
007 C020700 IVY LATIN AMERICA STRATEGY FUND
007 C030700 N
007 C010800  8
007 C020800 IVY NEW CENTURY FUND
007 C030800 N
007 C010900  9
007 C020900 IVY INTERNATIONAL BOND FUND
007 C030900 N
007 C011000 10
007 C021000 IVY CANADA FUND
<PAGE>      PAGE  2
007 C031000 N
007 C011100 11
007 C021100 IVY GLOBAL FUND
007 C031100 N
007 C011200 12
007 C011300 13
007 C021300 IVY BOND FUND
007 C031300 N
007 C011400 14
007 C021400 IVY GLOBAL SCIENCE & TECHNOLOGY FUND
007 C031400 N
007 C011500 15
007 C021500 IVY ASIA PACIFIC FUND
007 C031500 N
007 C011600 16
007 C021600 IVY GLOBAL NATURAL RESOURCES FUND
007 C031600 N
007 C011700 17
007 C021700 IVY INTERNATIONAL SMALL COMPANIES FUND
007 C031700 N
007 C011800 18
007 C021800 IVY INTERNATIONAL FUND II
007 C031800 N
007 C011900 19
007 C021900 IVY PAN-EUROPE FUND
007 C031900 N
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
<PAGE>      PAGE  3
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007 C014700 47
007 C014800 48
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007 C015000 50
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007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
015 A00AA01 BROWN BROTHERS HARRIMAN AND COMPANY
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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026 F000000 N
026 G010000 N
026 G020000 Y
026 H000000 N
027  000000 Y
037  00AA00 N
038  00AA00      0
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077 A000000 Y
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078  000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00     2250
081 A00AA00 Y
081 B00AA00  26
082 A00AA00 Y
082 B00AA00       50
083 A00AA00 N
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084 A00AA00 N
<PAGE>      PAGE  11
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
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086 B020000      0
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086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
008 A000101 IVY MANAGEMENT, INC.
008 B000101 A
008 C000101 801-20721
008 D010101 BOCA RATON
008 D020101 FL
008 D030101 33432
028 A010100      5484
028 A020100         0
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028 D040100      6219
028 E010100       849
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028 G010100     27005
028 G020100     32304
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028 G040100     40413
028 H000100      2807
029  000100 Y
<PAGE>      PAGE  12
030 A000100     62
030 B000100  5.75
030 C000100  1.00
031 A000100      6
031 B000100      0
032  000100     56
033  000100      0
042 A000100   0
042 B000100   0
042 C000100   0
042 D000100   0
042 E000100   0
042 F000100   0
042 G000100   0
042 H000100 100
043  000100    221
044  000100      0
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.850
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
049  000100 N
050  000100 N
051  000100 N
052  000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056  000100 Y
<PAGE>      PAGE  13
057  000100 N
058 A000100 N
059  000100 Y
060 A000100 Y
060 B000100 Y
061  000100     1000
062 A000100 N
062 B000100   0.0
062 C000100   0.0
062 D000100   0.0
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100   0.0
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100   0
063 B000100  0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 N
070 A020100 N
070 B010100 Y
070 B020100 Y
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 Y
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 N
070 G020100 N
<PAGE>      PAGE  14
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
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<PAGE>      PAGE  15
072 Z000100      391
072AA000100    36203
072BB000100        0
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072DD020100        0
072EE000100    29450
073 A010100   0.1523
073 A020100   0.0000
073 B000100   1.9596
073 C000100   0.0000
074 A000100    20818
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074 F000100   299666
074 G000100        0
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074 U010100    17973
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074 V010100    17.80
074 V020100    17.72
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028 A010200      7468
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<PAGE>      PAGE  16
028 B030200         0
028 B040200      1198
028 C010200       849
028 C020200       149
028 C030200         0
028 C040200      1580
028 D010200       700
028 D020200         0
028 D030200         0
028 D040200      3631
028 E010200       476
028 E020200         0
028 E030200         0
028 E040200       875
028 F010200      1613
028 F020200      7441
028 F030200         0
028 F040200       947
028 G010200     15313
028 G020200      7590
028 G030200         0
028 G040200     10833
028 H000200      2240
029  000200 Y
030 A000200     78
030 B000200  5.75
030 C000200  1.00
031 A000200      3
031 B000200      0
032  000200     75
033  000200      0
042 A000200   0
042 B000200   0
042 C000200   0
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200 100
043  000200    308
044  000200      0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.750
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
<PAGE>      PAGE  17
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
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048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
058 A000200 N
059  000200 Y
060 A000200 Y
060 B000200 Y
061  000200     1000
062 A000200 N
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062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
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<PAGE>      PAGE  37
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<PAGE>      PAGE  38
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<PAGE>      PAGE  39
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<PAGE>      PAGE  40
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<PAGE>      PAGE  41
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<PAGE>      PAGE  42
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<PAGE>      PAGE  43
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<PAGE>      PAGE  44
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<PAGE>      PAGE  45
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<PAGE>      PAGE  46
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<PAGE>      PAGE  47
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<PAGE>      PAGE  48
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<PAGE>      PAGE  49
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<PAGE>      PAGE  50
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<PAGE>      PAGE  51
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<PAGE>      PAGE  52
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<PAGE>      PAGE  53
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<PAGE>      PAGE  54
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008 A001401 IVY MANAGEMENT, INC.
008 B001401 A
008 C001401 801-20721
008 D011401 BOCA RATON
008 D021401 FL
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<PAGE>      PAGE  55
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<PAGE>      PAGE  56
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<PAGE>      PAGE  57
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008 A001501 IVY MANAGEMENT, INC.
<PAGE>      PAGE  58
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008 D011501 BOCA RATON
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<PAGE>      PAGE  59
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<PAGE>      PAGE  60
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<PAGE>      PAGE  61
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<PAGE>      PAGE  62
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008 B001601 A
008 C001601 801-20721
008 D011601 BOCA RATON
008 D021601 FL
008 D031601 33432
<PAGE>      PAGE  63
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<PAGE>      PAGE  64
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<PAGE>      PAGE  65
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<PAGE>      PAGE  66
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<PAGE>      PAGE  67
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008 A001701 IVY MANAGEMENT, INC.
008 B001701 A
008 C001701 801-20721
008 D011701 BOCA RATON
008 D021701 FL
<PAGE>      PAGE  68
008 D031701 33432
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<PAGE>      PAGE  69
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<PAGE>      PAGE  70
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<PAGE>      PAGE  71
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<PAGE>      PAGE  72
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008 A001801 IVY MANAGEMENT, INC.
008 B001801 A
008 C001801 801-20721
008 D011801 BOCA RATON
008 D021801 FL
008 D031801 33432
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<PAGE>      PAGE  73
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SIGNATURE   MICHAEL G. LANDRY                            
TITLE       PRESIDENT           
 


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</TABLE>

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<PERIOD-END>                               DEC-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                         62962322
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<DIVIDEND-INCOME>                              1477430
<INTEREST-INCOME>                               332929
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 1445914
<NET-INVESTMENT-INCOME>                         364445
<REALIZED-GAINS-CURRENT>                       9638068
<APPREC-INCREASE-CURRENT>                      6430787
<NET-CHANGE-FROM-OPS>                         16433300
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        46840
<DISTRIBUTIONS-OF-GAINS>                      16445255
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<NUMBER-OF-SHARES-SOLD>                         526577
<NUMBER-OF-SHARES-REDEEMED>                     242195
<SHARES-REINVESTED>                             130880
<NET-CHANGE-IN-ASSETS>                        16627325
<ACCUMULATED-NII-PRIOR>                          48589
<ACCUMULATED-GAINS-PRIOR>                    (7258212)
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<PER-SHARE-NAV-BEGIN>                            11.36
<PER-SHARE-NII>                                  (.02)
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<PER-SHARE-DIVIDEND>                               .03
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<EXPENSE-RATIO>                                   2.31
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000052858
<NAME> IVY FUND
<SERIES>
   <NUMBER> 023
   <NAME> IVY GROWTH W/INCOME - I
<MULTIPLIER> 1
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                         62962322
<INVESTMENTS-AT-VALUE>                        81336199
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<ASSETS-OTHER>                                12822682
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<SENIOR-LONG-TERM-DEBT>                              0
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<PAID-IN-CAPITAL-COMMON>                      81240103
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<DIVIDEND-INCOME>                              1477430
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<OTHER-INCOME>                                       0
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<NET-INVESTMENT-INCOME>                         364445
<REALIZED-GAINS-CURRENT>                        963068
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<NET-CHANGE-FROM-OPS>                         16433300
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         2746
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<SHARES-REINVESTED>                                175
<NET-CHANGE-IN-ASSETS>                        16627325
<ACCUMULATED-NII-PRIOR>                          48589
<ACCUMULATED-GAINS-PRIOR>                    (7258212)
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<PER-SHARE-NAV-BEGIN>                            11.39
<PER-SHARE-NII>                                  (.01)
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<EXPENSE-RATIO>                                   2.41
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000052858
<NAME> IVY FUND
<SERIES>
   <NUMBER> 024
   <NAME> IVY GROWTH/W INCOME - C
<MULTIPLIER> 1
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                         62962322
<INVESTMENTS-AT-VALUE>                        81336199
<RECEIVABLES>                                   191553
<ASSETS-OTHER>                                12822682
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                94350434
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       181735
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      81240103
<SHARES-COMMON-STOCK>                           350084
<SHARES-COMMON-PRIOR>                             2491
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<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (5483970)
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<REALIZED-GAINS-CURRENT>                       9638068
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<EQUALIZATION>                                       0
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<NET-CHANGE-IN-ASSETS>                        16627325
<ACCUMULATED-NII-PRIOR>                          48589
<ACCUMULATED-GAINS-PRIOR>                    (7258212)
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<PER-SHARE-NAV-BEGIN>                            11.37
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000052858
<NAME> IVY FUND
<SERIES>
   <NUMBER> 031
   <NAME> IVY INT'L - A
<MULTIPLIER> 1
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<EXCHANGE-RATE>                                      1
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<INVESTMENTS-AT-VALUE>                      2536879517
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<PAID-IN-CAPITAL-COMMON>                    2180517167
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<SHARES-COMMON-PRIOR>                         27563350
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<ACCUMULATED-NET-GAINS>                      (6080319)
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<REALIZED-GAINS-CURRENT>                      15941694
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<NET-CHANGE-FROM-OPS>                        181902170
<EQUALIZATION>                                       0
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<PER-SHARE-NAV-BEGIN>                            35.89
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<EXPENSE-RATIO>                                   1.59
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000052858
<NAME> IVY FUND
<SERIES>
   <NUMBER> 032
   <NAME> IVY INT'L - B
<MULTIPLIER> 1
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
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<PERIOD-START>                             JAN-01-1997
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<NET-CHANGE-FROM-OPS>                        181902170
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<PER-SHARE-NAV-BEGIN>                            35.73
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<EXPENSE-RATIO>                                   2.42
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000052858
<NAME> IVY FUND
<SERIES>
   <NUMBER> 033
   <NAME> IVY INT'L - I
<MULTIPLIER> 1
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
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<PERIOD-START>                             JAN-01-1997
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<EXCHANGE-RATE>                                      1
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<INVESTMENTS-AT-VALUE>                      2536879517
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<EXPENSE-RATIO>                                   1.18
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000052858
<NAME> IVY FUND
<SERIES>
   <NUMBER> 034
   <NAME> IVY INT'L - C
<MULTIPLIER> 1
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
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<EXPENSE-RATIO>                                   2.41
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000052858
<NAME> IVY FUND
<SERIES>
   <NUMBER> 041
   <NAME> IVY MONEY MKT - A
<MULTIPLIER> 1
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
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</TABLE>

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</TABLE>

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   <NAME> IVY GLOBAL FUND - B
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