Ivy High Income Opportunities Fund (NYSE: IVH) (the “Fund”)
today announced that Joseph Harroz, Jr., Ann D. Borowiec, Jerome D.
Abernathy, Janet L. Yeomans and John A. Fry were elected as Class I
Trustees; Sandra A.J. Lawrence, Shawn K. Lytle, Thomas L. Bennett
and Thomas K. Whitford were elected as Class II Trustees; and H.
Jeffrey Dobbs, Frances A. Sevilla-Sacasa, Christianna Wood and
Joseph W. Chow were elected as Class III Trustees, to hold office
until the Fund’s 2023, 2021, and 2022 annual meeting, respectively,
or until their respective successors are elected and duly
qualified.
On December 2, 2020, Waddell & Reed Financial, Inc. (“WDR”),
the parent company of Ivy Investment Management Company, the
investment adviser of the Ivy Funds Complex, and Macquarie
Management Holdings, Inc., the U.S. holding company for Macquarie
Group Limited’s U.S. asset management business (“Macquarie”),
announced that they had entered into an agreement whereby Macquarie
would acquire the investment management business of WDR (the
“Transaction”). The Transaction closed on April 30, 2021. The Fund
is now part of Delaware Funds by Macquarie (the “Delaware Funds”)
and is managed by Delaware Management Company (“DMC”).
DMC utilizes its affiliated sub-advisers Macquarie Investment
Management Austria Kapitalanlage AG, Macquarie Investment
Management Global Limited, and Macquarie Investment Management
Europe Limited to provide portfolio management and trading
services, as well as to share investment research and
recommendations, with respect to the fixed income mutual funds that
DMC advises. Although DMC has principal responsibility for its
portion of the Fund, DMC may seek investment advice and
recommendations from these affiliated sub-advisers and DMC may also
permit an affiliated sub-adviser to execute Fund security trades on
behalf of DMC and exercise investment discretion for securities in
certain markets where DMC believes it will be beneficial to utilize
an affiliated sub-adviser’s specialized market knowledge.
Effective July 1, 2021, the Fund will be renamed Delaware Ivy
High Income Opportunities Fund.
Deloitte & Touche LLP, located at 1100 Walnut Street, Suite
3300, Kansas City, Missouri, the Fund's independent registered
public accounting firm for its most recent fiscal year, audited the
financial statements and financial highlights of the Fund. The
Board has selected PricewaterhouseCoopers LLP, located at 2001
Market Street, Philadelphia, PA 19103, to serve as the current
independent registered public accounting firm for the Fund.
Prior to the Transaction, Messrs. Harroz and Dobbs and Ms.
Lawrence each served as Trustees for the Fund.
Mr. Abernathy has over 30 years of experience in the investment
management industry. In selecting him to serve on the Delaware
Funds Board, the Independent Trustees noted and valued his
extensive experience as a chief investment officer, director of
research, trader, and analytical proprietary trading researcher.
Mr. Abernathy received a B.S. in electrical engineering from Howard
University and a Ph.D. in electrical engineering and computer
science from Massachusetts Institute of Technology. Mr. Abernathy
has served on the Delaware Funds Board since January 2019.
Currently the Delaware Funds Board’s Chair, Mr. Bennett has over
30 years of experience in the investment management industry,
particularly with fixed income portfolio management and credit
analysis. He has served in senior management for a number of money
management firms. Mr. Bennett has also served as a board member of
another investment company, an educational institution, nonprofit
organizations, and for-profit companies. He has an M.B.A. from the
University of Cincinnati. Mr. Bennett has served on the Delaware
Funds Board since March 2005.
Ms. Borowiec has over 25 years of experience in the banking and
wealth management industry. Ms. Borowiec also serves as a board
member on several nonprofit organizations. In nominating her to the
Delaware Funds Board in 2015, the Independent Trustees found that
her experience as a Chief Executive Officer in the private wealth
management business at a leading global asset manager and private
bank, including the restructuring of business lines and defining
client recruitment strategies, complemented the skills of existing
board members. The Independent Trustees also found that her
experience would provide additional oversight skill in the area of
fund distribution. Ms. Borowiec holds a B.B.A. from Texas Christian
University and an M.B.A. from Harvard University. Ms. Borowiec has
served on the Delaware Funds Board since March 2015.
Mr. Chow has over 30 years of experience in the banking and
financial services industry. In electing him to the Delaware Funds
Board in 2013, the Independent Trustees found that his extensive
experience in business strategy in non-US markets complemented the
skills of existing Delaware Funds Board members and also reflected
the increasing importance of global financial markets in investment
management. The Independent Trustees also found that Mr. Chow’s
management responsibilities as a former Executive Vice President of
a leading global asset servicing and investment management firm as
well as his experience as Chief Risk and Corporate Administration
Officer would add helpful oversight skills to the Delaware Funds
Board’s expertise. Mr. Chow holds a B.A. degree from Brandeis
University and M.C.P. and M.S. in Management degrees from MIT. Mr.
Chow has served on the Delaware Funds Board since January 2013.
Mr. Fry has over 30 years of experience in higher education. He
has served in senior management for three major institutions of
higher learning including serving as president of a leading
research university. Mr. Fry has also served as a board member of
many nonprofit organizations and several for-profit companies. Mr.
Fry has extensive experience in overseeing areas such as finance,
investments, risk-management, internal audit, and information
technology. He holds a B.A. degree in American Civilization from
Lafayette College and an M.B.A. from New York University. Mr. Fry
has served on the Delaware Funds Board since January 2001.
Ms. Sevilla-Sacasa has over 30 years of experience in banking
and wealth management. In electing her to the Delaware Funds Board
in 2011, the Independent Trustees of the Trust found that her
extensive international wealth management experience, in
particular, complemented the skills of existing Delaware Funds
Board members and also reflected the increasing importance of
international investment management not only for dollar-denominated
investors but also for investors outside the US. The Independent
Trustees also found that Ms. Sevilla-Sacasa’s management
responsibilities as the former President and Chief Executive
Officer of a major trust and wealth management company would add a
helpful oversight skill to the Delaware Funds Board’s expertise,
and her extensive nonprofit Board experience gave them confidence
that she would make a meaningful, experienced contribution to the
Delaware Funds Board of Trustees. Finally, in electing Ms.
Sevilla-Sacasa to the Delaware Funds Board, the Independent
Trustees valued her perceived dedication to client service as a
result of her overall career experience. Ms. Sevilla-Sacasa holds
B.A. and M.B.A. degrees from the University of Miami and
Thunderbird School of Global Management, respectively. Ms.
Sevilla-Sacasa has served on the Delaware Funds Board since
September 2011.
Mr. Whitford has over 25 years of experience in the banking and
financial services industry, and served as Vice Chairman of a major
banking, asset management, and residential mortgage banking
institution. In electing him to the Delaware Funds Board in 2013,
the Independent Trustees of the Trust found that Mr. Whitford’s
senior management role in wealth management and experience in the
mutual fund servicing business would provide valuable current
management and financial industry insight, in particular, and
complemented the skills of existing Delaware Funds Board members.
The Independent Trustees also found that his senior management role
in integrating company acquisitions, technology, and operations and
his past role as Chief Risk Officer would add a helpful oversight
skill to the Delaware Funds Board’s expertise. Mr. Whitford holds a
B.S. degree from the University of Massachusetts and an M.B.A.
degree from The Wharton School of the University of Pennsylvania.
Mr. Whitford has served on the Delaware Funds Board since January
2013.
Ms. Wood has over 30 years of experience in the investment
management industry. In selecting her to serve on the Delaware
Funds Board, the Independent Trustees noted and valued her
significant portfolio management, corporate governance and audit
committee experience. Ms. Wood received a B.A. in economics from
Vassar College and an M.B.A. in finance from New York University.
Ms. Wood has served on the Delaware Funds Board since January
2019.
Ms. Yeomans has over 28 years of business experience with a
large global diversified manufacturing company, including service
as Treasurer for this company. In this role, Ms. Yeomans had
significant broad-based financial experience, including global
financial risk-management, investments, and mergers and
acquisitions. She served as a board member of a for-profit company
and also is a current board member of a hospital and a public
university system. She holds degrees in mathematics and physics
from Connecticut College, an M.S. in mathematics from Illinois
Institute of Technology, and an M.B.A. from the University of
Chicago. Ms. Yeomans has served on the Delaware Funds Board since
April 1999.
Mr. Lytle has over 20 years of experience in the investment
management industry. He has been the Global Head of Macquarie
Investment Management since January 2019 and Head of Americas –
Macquarie Group since December 2017 and he is responsible for all
aspects of the firm’s business. He joined the firm as President of
Macquarie Investment Management – Americas in 2015. Prior to that
time, Mr. Lytle served in various executive management, investment
management, and distribution positions at two major banking
institutions. He holds a B.A. degree from The McDonough School of
Business at Georgetown University. Mr. Lytle has served on the
Delaware Funds Board since September 2015. Mr. Lytle serves on the
board of directors of the National Association of Securities
Professionals (NASP), the Sustainability Accounting Standards
Board, and he is a member of the board of governors for the
Investment Company Institute (ICI). In November 2017, Mr. Lytle was
named to the Black Enterprise list of “Most Powerful Executives in
Corporate America.”
The Fund’s investment objective is to seek to provide total
return through a combination of a high level of current income and
capital appreciation. The Fund seeks to achieve its investment
objective by investing primarily in a portfolio of high yield
corporate bonds of varying maturities and other fixed income
instruments of predominantly corporate issuers, including first-
and second-lien secured loans. There can be no assurance that the
Fund will achieve its investment objective.
The Fund is a non-diversified, closed-end management investment
company. The price of the Fund’s shares will fluctuate with market
conditions and other factors. Closed-end funds frequently trade at
a discount from their net asset values (NAVs), which may increase
an investor’s risk of loss. At the time of sale, shares may have a
market price that is below NAV, and may be worth less than the
original investment upon their sale. The Fund’s investments in
below investment grade securities (commonly referred to as “high
yield securities” or “junk bonds”) may carry a greater risk of
nonpayment of interest or principal than higher rated bonds. Loans
(including loan assignments, loan participations and other loan
instruments) carry other risks, including the risk of insolvency of
the lending bank or other intermediary. Loans may be unsecured or
not fully collateralized, may be subject to restrictions on resale
and sometimes trade infrequently on the secondary market.
An investment in the Fund is not appropriate for all investors
and is not intended to be a complete investment program. The Fund
is designed as a long-term investment and not as a trading
vehicle.
About Macquarie Investment Management
Macquarie Investment Management, a member of Macquarie Group, is
a global asset manager with offices throughout the United States,
Europe, Asia, and Australia. As active managers, we prioritize
autonomy and accountability at the team level in pursuit of
opportunities that matter for clients. In the US, retail investors
recognize our Delaware Funds® by Macquarie as one of the longest
standing mutual fund families, with more than 90 years in
existence. Macquarie Investment Management is supported by the
resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global
provider of asset management, investment, banking, financial and
advisory services.
Advisory services are provided by Macquarie Investment
Management Business Trust, a registered investment advisor.
Macquarie Group refers to Macquarie Group Limited and its
subsidiaries and affiliates worldwide. For more information about
Delaware Funds® by Macquarie, visit delawarefunds.com or call 800
523-1918.
Other than Macquarie Bank Limited (MBL), none of the entities
referred to in this document are authorized deposit-taking
institutions for the purposes of the Banking Act 1959 (Commonwealth
of Australia). The obligations of these entities do not represent
deposits or other liabilities of MBL, a subsidiary of Macquarie
Group Limited and an affiliate of Macquarie Investment Management.
MBL does not guarantee or otherwise provide assurance in respect of
the obligations of these entities, unless noted otherwise.
© 2021 Macquarie Management Holdings, Inc.
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Mike Daley Vice President – Chief Accounting Officer &
Investor Relations (913) 236-1795
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