EXHIBIT (i)

                                     DECHERT
                         TEN POST OFFICE SQUARE -- SOUTH
                        BOSTON, MASSACHUSETTS 02109-4603

April 30, 2002

Ivy Fund
Via Mizner Financial Plaza
925 South Federal Highway
Suite 600
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 (File No.
811-1028), and the prospectuses contained in Post-Effective Amendment No. 121 to
the Trust's registration statement ("Prospectuses") relating to the shares of
beneficial interest of Ivy Bond Fund, Ivy Cundill Global Value Fund, Ivy
Developing Markets Fund, Ivy European Opportunities Fund, Ivy Global Fund, Ivy
Global Natural Resources Fund, Ivy Global Science & Technology Fund, Ivy Growth
Fund, Ivy International Fund, Ivy International Growth Fund, Ivy International
Small Companies Fund, Ivy International Value Fund, Ivy Money Market Fund, Ivy
Pacific Opportunities Fund, Ivy US Blue Chip Fund, and Ivy US Emerging Growth
Fund (the "Shares") being filed under the Securities Act of 1933, as amended
(File No. 2-17613) ("Post-Effective Amendment No. 121"). 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 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. 121.

Very truly yours,



/s/ DECHERT
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