EXHIBIT 11

                        DECHERT PRICE & RHOADS LETTERHEAD

                                                   April 21, 2000

Ivy Fund
in respect of
Ivy US Blue Chip Fund
Via Mizner Financial Plaza
700 South Federal Highway
Suite 300
Boca Raton, FL 33432


Dear Sirs:

        We have acted as counsel to Ivy Fund,  a  Massachusetts  business  trust
(the  "Trust"),  and we have a general  familiarity  with the  Trust's  business
operations,  practices and procedures.  You have asked for our opinion regarding
the issuance of shares of beneficial  interest by the Trust in  connection  with
the acquisition by Ivy US Blue Chip Fund, a separate series of the Trust, of the
assets of Ivy Growth with Income  Fund,  a separate  series of the Trust,  which
shares are registered on a Form N-14 Registration  Statement (the  "Registration
Statement") filed by the Trust with the Securities and Exchange Commission.

        We have  examined  originals or certified  copies,  or copies  otherwise
identified to our satisfaction as being true copies, of various trust records of
the Trust and such other  instruments,  documents  and records as we have deemed
necessary in order to render this opinion.  We have assumed the  genuineness  of
all  signatures,  the  authenticity  of all  documents  examined  by us and  the
correctness of all statements of fact contained in those documents.

        On the basis of the foregoing,  we are of the opinion that the shares of
beneficial  interest of the Trust being  registered  under the Securities Act of
1933 in the  Registration  Statement will be legally and validly  issued,  fully
paid and  non-assessable by the Trust, upon transfer of the assets of Ivy Growth
with  Income  Fund   pursuant  to  the  terms  of  the  Agreement  and  Plan  of
Reorganization included in the Registration Statement.

        We hereby  consent to the filing of this opinion with and as part of the
Registration Statement.

                                                   Very truly yours,


                                                   /s/ DECHERT PRICE & RHOADS