Ivy High Income Opportunities Fund (the Fund) is a non-diversified, closed-end management investment company. 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 will seek 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 secured and unsecured loan assignments, loan participations and other loan instruments. The Fund will invest at least 80% of its Managed Assets in a portfolio of the United States and foreign bonds, loans and other fixed income instruments, as well as other investments (including derivatives) with similar economic characteristics. Ivy Investment Management Company is the investment advisor of the Fund.