DECHERT
                         Ten Post Office Square - South
                                   12th Floor
                                Boston, MA 02109

                                                      Direct Tel:  617.728.7112
                                                      Cynthia.Pacal@dechert.com




January 3, 2001


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

VIA ELECTRONIC TRANSMISSION

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.  119  to the  Trust's  Registration
Statement  on Form N-1A  ("PEA  119")  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 119. I hereby  further  certify that PEA 119 was filed
electronically  with the Commission on December 28, 2000 pursuant to Rule 485(b)
under the Securities Act.

         No fees are required in connection with this filing.  Please call me at
(617) 728-7112 or Joseph R. Fleming at (617) 728-7161 if you have any questions.

Sincerely,


/s/ Cynthia A. Pacal
Cynthia A. Pacal