Market Overview

Ivy High Income Opportunities Fund Announces Monthly Distribution

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Ivy High Income Opportunities Fund (NYSE:IVH) today announced a monthly
distribution of $0.10 per common share. The distribution schedule is as
follows:

Ex-Date

     

Record Date

     

Payable Date

     

Amount

Aug. 16, 2018 Aug. 17, 2018 Aug. 31, 2018 $0.10 per share
 

The distribution is expected to be paid from net investment income
(regular interest and dividends). The final tax status of the
distribution may differ substantially from this preliminary information,
which is based on estimates, and the final determination of such amount
will be made in early 2019 when the Fund can determine its earnings and
profits for the 2018 fiscal year.

Ivy High Income Opportunities 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.

Past performance is not a guarantee of future results and future
distributions may be different. This or future distributions may also be
paid from net realized gains from portfolio investments, unrealized
gains, or in certain cases, a return of principal (non-taxable
distributions).

Ivy Investment Management Company (IICO) serves as the Fund's investment
adviser. IICO is a wholly owned subsidiary of Waddell & Reed Financial,
Inc.

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