Macquarie Asset Management Inc. entered into a merger agreement to acquire Waddell & Reed Financial, Inc. (NYSE:WDR) for $1.6 billion on December 2, 2020. Under the terms of the deal, Macquarie would acquire all of the outstanding shares of Waddell & Reed for $25 per share in cash. On completion of the transaction, Macquarie has agreed to sell Waddell & Reed Financial, Inc.’s wealth management platform to LPL Financial Holdings Inc. The transaction termination fee of $47 million will be paid by Waddell & Reed Financial if the transaction is terminated by Waddell & Reed Financial as sell side termination fee and $125 million will be paid as buy side termination fee if the transaction is terminated by Macquarie. In connection with the transaction, Board has determined to increase the size of the Board to fourteen members, to be comprised of three existing trustees of the Fund and eleven trustees from the Delaware Funds by Macquarie board of trustees. Eleven of the Trustee Nominees include Jerome D. Abernathy, Thomas L. Bennett, Ann D. Borowiec, Joseph W. Chow, John A. Fry, Lucinda S. Landreth, Frances A. Sevilla-Sacasa, Thomas K. Whitford, Christianna Wood, Janet L. Yeomans, and Shawn K. Lytle would be added to the Board and are currently trustees on the Delaware Funds by Macquarie board. Three of the Trustee Nominees include Joseph Harroz, Jr., Sandra A. J. Lawrence, and H. Jeffrey Dobbs currently serve on the Board and have previously been elected by shareholders of the fund or appointed to serve by that Board, and would continue to serve on the Board after the meetings. Upon the Closing of the transaction, the Fund’s investment advisory agreement will automatically terminate in accordance with its terms and applicable law. As a result, in connection with the transaction it is proposed that your Fund be managed by Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”), pursuant to a new investment advisory agreement (the “New Investment Advisory Agreement”) and certain affiliated sub-advisers pursuant to new investment sub-advisory agreements with DMC (the “Sub-Advisory Agreements”). As part of the transaction, the Fund will become part of the Delaware Funds by Macquarie fund complex under the purview of a combined board with members from your existing Board and from the Delaware Funds by Macquarie board of trustees. The transaction is subject to regulatory approvals, antitrust approvals, Waddell & Reed Financial, Inc. stockholder approval and other customary closing conditions including WDR receiving consents from its investment management clients, including Ivy High Income Opportunities Fund. The transaction has been approved by the Boards of Directors of Waddell & Reed Financial, Inc., Macquarie Group and LPL. As of January 15, 2021, Federal Trade Commission and U.S. Department of Justice approved the transaction. As of February 4, 2021 The Ivy Fund shareholder meeting will be held on April 1, 2021 and The Board of Trustees of the Ivy High have approved, and unanimously recommends shareholders to vote in favour of the proposals. The transaction is expected to close in the middle of 2021. As of April 1, 2021, transaction is anticipated to close on or about April 30, 2021. J.P. Morgan Securities LLC and Wells Fargo Securities, LLC acted as financial advisor and Glen J. Hettinger, Daryl L. Lansdale, David E. Barrett, Roy L. Goldman, Gary Hugh McDaniel, Todd Schroeder, Amanda Wait, Andrew Eklund, Alex Clark, Stefan H. Reisinger, Joshua P. Agrons, Ryan Searfoorce, Steven Howard, Glen Barrentine, Daniel A. Prati and R. Stephen Nelson of Norton Rose Fulbright US LLP acted as legal advisors to Waddell & Reed Financial. Macquarie Group Limited acted as financial advisor to Macquarie. RBC Capital Markets acted as financial advisor and Stephen Besen, Chris Salter, Dave Lewis, Brian Jebb, Ken Rivlin, Elaine Johnston, Jin Hee Kim, Bill Satchell, Hilary Sunghee Seo, Shira Selengut, Sheena Paul and Larry Rouslin of Allen & Overy acted as lead advisors to Macquarie in the transaction. Di Costa Partners acted as proxy solicitor to Waddell & Reed Financial. Computershare Limited (ASX:CPU) acted as transfer agent to Waddell & Reed Financial. Georgeson LLC acted as proxy solicitor to Waddell & Reed Financial and was paid a fee of approximately $17,500 plus reimbursement of certain specified out-of-pocket expenses. Waddell & Reed has agreed to pay J.P. Morgan an estimated fee of approximately $25 million, $3 million of which became payable to J.P. Morgan at the time J.P. Morgan delivered its opinion and a substantial portion of which is contingent and payable upon the consummation of the proposed merger. Macquarie Asset Management Inc. completed the acquisition of Waddell & Reed Financial, Inc. (NYSE:WDR) on April 30, 2021. Concurrent with the completion of the transaction, Macquarie sold WDR’s wealth management platform to LPL Financial Holdings Inc. MAM will retain Waddell & Reed Financial, Inc.’s asset management business.