EX-77K

February 28, 2003



Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Commissioners:

We have read the statements made by Ivy Fund (the "Fund") (copy
attached), which we understand will be filed with the
Commission, pursuant to Item 77K of Form N-SAR as part of the
Fund's Form N-SAR dated February 28, 2003.  We agree with the
statements concerning our Firm in such Form N-SAR.

Very truly yours,

/s/PricewaterhouseCoopers LLP




































Attachment

PricewaterhouseCoopers LLP ("PWC") previously served as the
independent accountants of Ivy Fund (the "Fund").  On December
16, 2002, PWC resigned as the Fund's independent accountants on
the basis that it was no longer "independent" of the Fund within
the meaning of the professional standards applicable to PWC.
This loss of independence was caused by the change of control of
the Fund's investment adviser, which took place on December 16,
2002.  The decision to change accountants was recommended by the
audit committee of the Fund's Board of Trustees and approved by the Board.

PWC's reports on the Fund's financial statements for the past
two fiscal years contained no adverse opinion or disclaimer of
opinion and were not qualified or modified as to uncertainty,
audit scope or accounting principle.  In connection with its
audits for the Fund's two most recent fiscal years and through
PWC's resignation on December 16, 2002, there have been no
disagreements with PWC on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to the satisfaction of PWC,
would have caused PWC to make reference thereto in its reports
on the Fund's financial statements for such years.

The Fund has requested that PWC furnish it with a letter
addressed to the SEC stating whether or not it agrees with the
above statements.  On December 17, 2002, the Fund's Board of
Trustees recommended and the Independent Trustees, separately,
approved Deloitte & Touche LLP as the Fund's new independent
accountant as of effective as of December 17, 2002, for the
Fund's fiscal year ending December 31, 2002.