EXHIBIT 11
DECHERT
Ten Post Office Square - South
Boston, MA 02109
(617) 728-7100
August 30, 2000
Ivy Fund
in respect of
Ivy Pacific 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 Pacific Opportunities Fund a separate series of the
Trust, of the assets of Ivy Asia Pacific 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 Asia
Pacific 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
