On February 13, 2019, Saba Capital Management, L.P. submitted to the Ivy Funds - Ivy High Income Opportunities Fund a proposal pursuant to Rule 14a-8 promulgated under the Act. The Proposal requests that the Board take all necessary steps in its power to declassify the Board so that all directors are elected on an annual basis starting at the next annual meeting of shareholders. Saba Capital added that such declassification shall be completed in a manner that does not affect the unexpired terms of the previously elected trustees.