\n1.\n<\/p>\n<\/td>\n
\nTo elect the Trustee nominees named in the accompanying proxy statement: Joseph Harroz, Jr., Ann D. Borowiec, Jerome D. Abernathy, Janet L. Yeomans and John A. Fry for Class I; Sandra A.J. Lawrence, Shawn K. Lytle, Thomas L. Bennett and Thomas K. Whitford for Class II; and H. Jeffrey Dobbs, Frances A. Sevilla-Sacasa, Christianna Wood and Joseph W. Chow for Class III, to hold office until the Fund\u2019s 2023, 2021, and 2022 annual meeting, respectively, or until their respective successors are elected and duly qualified.\n<\/p>\n<\/td>\n<\/tr>\n
\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n2.\n<\/p>\n<\/td>\n
\nTo approve a new investment advisory agreement for the Fund.\n<\/p>\n<\/td>\n<\/tr>\n
\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n3.\n<\/p>\n<\/td>\n
\nTo approve sub-advisory agreements between Delaware Management Company, a series of Macquarie Investment Management Business Trust, and each of Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited and Macquarie Investment Management Europe Limited.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nOn December 2, 2020, Waddell & Reed Financial, Inc. (\u201cWDR\u201d), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited\u2019s U.S. asset management business (\u201cMacquarie\u201d), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the \u201cTransaction\u201d). The Transaction is anticipated to close on or about April 30, 2021. After closing, the Fund, as part of Delaware Funds by Macquarie, will be managed by Delaware Management Company.\n<\/p>\n
\nThe Fund\u2019s 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.\n<\/p>\n
\nThe Fund is a non-diversified, closed-end management investment company. The price of the Fund\u2019s 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\u2019s 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\u2019s investments in below investment grade securities (commonly referred to as \u201chigh yield securities\u201d or \u201cjunk bonds\u201d) 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.\n<\/p>\n
\nAn 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.\n<\/p>\n
<\/p>\n