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                                   May 5, 2000


VIA ELECTRONIC TRANSMISSION

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

         RE:      IVY FUND, FILE NOS. 2-17613, 811-1028

Dear Sir or Madam:

         Pursuant  to  Rule  497(j)  under  the  Securities  Act  of  1933  (the
"Securities  Act"), the undersigned  hereby certifies on behalf of Ivy Fund (the
"Trust")  that each form of Prospectus  and Statement of Additional  Information
included  in  Post-Effective  Amendment  No.  115  to the  Trust's  Registration
Statement  on Form N-1A  ("PEA  115")  that  would  have been filed by the Trust
pursuant to Rule 497(c) under the  Securities  Act would not have  differed from
what was contained in PEA 115. I hereby  further  certify that PEA 115 was filed
electronically  with the Commission on May 1, 2000 pursuant to Rule 485(b) under
the Securities Act.

         No fees are required in connection with this filing.  Please call me at
(617) 728-7178 or Joseph R. Fleming at (617) 728-7161 if you have any questions.

                                                              Very truly yours,



                                                              /s/ Kate T. Alen

Enclosure

cc:      Joseph R. Fleming, Esq.
         C. William Ferris, Mackenzie Investment Management Inc.