DECHERT PRICE & RHOADS
                         TEN POST OFFICE SQUARE -- SOUTH
                                   SUITE 1230
                        BOSTON, MASSACHUSETTS 02109-4603



                                                              December 28, 2000


Ivy Fund
Via Mizner Financial Plaza
700 South Federal Highway

Suite 300
Boca Raton, Florida  33432

Dear Sirs:

         As  counsel  for Ivy  Fund  (the  "Trust"),  we are  familiar  with the
registration  of the Trust under the Investment  Company Act of 1940, as amended
(the  "1940  Act")  (File  No.  811-1028),  and the  Prospectuses  contained  in
Post-Effective  Amendment No. 119 to the Trust's registration statement relating
to the Class A, Class B, Class C, Class I and Advisor Class shares of beneficial
interest of Ivy  International  Growth Fund (the "Shares") being filed under the
Securities Act of 1933, as amended (File No. 2-17613) ("Post-Effective Amendment
No. 119").  We have also  examined such other records of the Trust,  agreements,
documents and instruments as we deemed appropriate.

         Based upon the  foregoing,  it is our opinion that the Shares have been
duly  authorized  and,  when  issued  and  sold  at the  public  offering  price
contemplated by the Prospectuses for the Fund and delivered by the Trust against
receipt of the net asset value of the  Shares,  will be issued as fully paid and
nonassessable shares of the Trust.

         We consent  to the  filing of this  opinion on behalf of the Trust with
the  Securities  and  Exchange  Commission  in  connection  with the  filing  of
Post-Effective Amendment No. 119.

                                                     Very truly yours,



                                                     /s/ DECHERT