Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 Telephone 215.564.8000 Fax 215.564.8120 www.stradley.comIvy Funds • March 1st, 2018
In rendering our opinion, we have reviewed and relied upon: (a) a copy of the executed Agreement, dated as of October 9, 2017; (b) the Combined Prospectus and Proxy Statement provided to shareholders of the Acquired Funds dated November 30, 2017; (c) certain representations concerning the Reorganization made to us by the Trust, on behalf of the Acquiring Fund and the Acquired Fund, in a letter dated February 26, 2018 (the “Representation Letter”); (d) all other documents, financial and other reports and corporate minutes we deemed relevant or appropriate; and (e) such statutes, regulations, rulings and decisions as we deemed material in rendering this opinion.
AGREEMENT AND PLAN OF REORGANIZATIONAgreement and Plan of Reorganization • March 1st, 2018 • Ivy Funds • Delaware
This AGREEMENT AND PLAN OF REORGANIZATION (“Agreement”), made as of this 9th day of October, 2017 by the Ivy Funds (the “Trust”), a statutory trust created under the laws of the State of Delaware, with its principal place of business at 6300 Lamar Ave, Shawnee Mission, KS 66201-9217, on behalf of the Ivy Dividend Opportunities Fund (the “Acquiring Fund”) and Ivy Global Equity Income Fund (the “Acquiring Fund”), each a series of the Trust and the Ivy Investment Management Company, the investment manager to the Acquired Fund and Acquiring Fund (“IIMCO”), joins this Agreement solely for the purposes of Section 9.
