EXHIBIT 11

                                         DECHERT PRICE & RHOADS LETTERHEAD

                                                              April 21, 2000

Ivy Fund
in respect of
Ivy European Opportunities 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 European  Opportunities  Fund, a separate  series of the
Trust,  of the assets of Ivy  Pan-Europe  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
Pan-Europe   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