Delaware Ivy High Income Opportunities Fund Announces Results of Special Meeting of Shareholders Regarding Proposed Reorganization with abrdn Income Credit Strategies Fund

PHILADELPHIA CREAM–()–Today, Delaware Ivy High Income Opportunities Fund (the “Acquired Fund”), a closed-end fund listed on the New York Stock Exchange and trading under the symbol “IVH”, announced that it had held its special meeting of shareholders (the “Meeting”) on November 9, 2022. At the Meeting, the shareholders of the Acquired Fund voted to approve the reorganization of the Acquired Fund into abrdn Income Credit Strategies Fund (the “Acquiring Fund”), a a private company listed on the New York Stock Exchange under the symbol “ACP” (the “Reorganization”).

As of the record date, August 11, 2022, the Acquired Fund had 16,570,234.60 common shares outstanding. 61.07% of the outstanding common shares were voted representing a quorum.


vote for

Votes against

Abstention votes



330 168

The shareholders of the Acquiring Fund approved the issuance of shares of the Acquiring Fund at a special meeting of shareholders held on November 9, 2022, subject to the approval of the proposed reorganization by the shareholders of the Acquiring Fund. The reorganization is currently expected to be completed in the first quarter of 2023 subject to the satisfaction of customary closing conditions.

Delaware Management Company, a series of Macquarie Investment Management Business Trust, is the investment manager of the acquired fund. Aberdeen Asset Managers Limited is the investment advisor to the Acquiring Fund and abrdn Inc. is the investment sub-advisor to the Acquiring Fund.

The information contained in this press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy securities or the solicitation of a vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, there will also be no sale, issue or transfer of securities into any jurisdiction in violation of applicable law. No offer of securities will be made except by means of a prospectus satisfying the requirements of Section 10 of the Securities Act of 1933, as amended.

About the Acquired Fund

The Fund’s investment objective is to seek 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 primarily corporate issuers, including secured loans Tier 1 and Tier 2 (“secured loans”). In addition, the Fund uses leverage techniques with the aim of obtaining a higher return for the Fund. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Fund will invest at least 80% of its assets under management (as defined below) in a portfolio of US and foreign bonds, loans and other fixed income instruments, as well as other investments (including derivatives) with similar economic characteristics. . The Fund will primarily invest in instruments which, at the time of purchase, are rated below investment grade (below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) or below BBB- by Standard & Poor’s Rating Services (“S&P”) or Fitch, Inc. (“Fitch”), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”)), or unrated but deemed by the advisor to be of comparable quality. “Assets Under Management” means the total assets of the Fund, including assets attributable to proceeds of any borrowing or other forms of structural leverage less liabilities other than total indebtedness incurred for leverage purposes. the sink. The Fund may invest 100% of its Managed Assets in fixed income instruments and securities issued by foreign issuers, and up to 25% of its Managed Assets in fixed income instruments and securities of emerging market issuers . These foreign instruments may be denominated in US dollars or foreign currencies. Under normal market conditions, the Sub-Fund’s investments will mainly consist of high yield bonds and/or Secured Loans; however, the Fund’s investments in fixed income instruments may also include, to a lesser extent, debentures, notes, commercial paper, investment grade bonds, loans other than secured loans, including loans unsecured and mezzanine loans, and other similar types of debt securities, as well as derivatives relating to or referencing these types of securities and instruments. The Fund will not invest in loan-backed bonds or asset-backed bonds. The Fund will seek to dynamically adjust and hedge its duration based on available market opportunities. Under normal circumstances, the dollar-weighted average duration of the Fund’s portfolio will generally be between zero and seven years.

The Fund is a non-diversified closed-end investment company. The price of shares in the Fund will fluctuate with market conditions and other factors. Closed-end funds often trade at a discount to their net asset value (NAV), which can increase an investor’s risk of loss. When sold, shares may have a market price below net asset value and may be worth less than the original investment when sold.

The Fund’s investments in below investment grade securities (commonly referred to as “high yield securities” or “junk bonds”) may involve a greater risk of non-payment of interest or principal than higher rated bonds. Loans (including loan assignments, loan participations and other lending instruments) involve other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully secured, may have resale restrictions, and sometimes trade rarely in the secondary market.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact to everyone. Recognized by institutions, pension funds, governments and individuals for managing over $508 billion in assets worldwide,1 we provide access to specialist investment expertise across a range of capabilities, including infrastructure, green investments and renewable energy, real estate, agriculture and natural assets, asset finance, private credit, equities, fixed income and multi-asset solutions.

Advisory services are provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust, a registered investment adviser. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, financing, banking, advisory and risk and capital solutions for debt, equities and commodities. Founded in 1969, Macquarie Group employs over 18,000 people in 33 markets and is listed on the Australian Securities Exchange. For more information on Macquarie’s Delaware Funds®visit or call 800 523-1918.

With the exception of Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any entity of the Macquarie group mentioned in this press release is not an authorized depository institution for the purposes of the Banking Act 1959 (Commonwealth from Australia). The obligations of these other Macquarie group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or provide any other assurance with respect to the obligations of such other Macquarie group entities. In addition, if this press release relates to an investment, (a) the investor is subject to investment risk, including delays in repayment and loss of income and invested capital and (b) none of Macquarie Bank or any other entity of the Macquarie group does not guarantee any particular rate of return or performance of the investment, nor do they guarantee the return of principal in respect of the investment.

1 As of September 30, 2022

© 2022 Macquarie Management Holdings, Inc.

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