EX-99.d.8

Delaware Management Company
100 Independence, 610 Market Street
Philadelphia, PA 19106-2354

January 22, 2025

Ivy Funds
100 Independence, 610 Market Street
Philadelphia, PA 19106-2354

Re: Expense Limitations

To whom it may concern:

By our execution of this letter agreement (the "Agreement"), intending to be legally bound hereby, Delaware Management Company, a series of Macquarie Investment Management Business Trust (the “Manager”), agrees that in order to improve the performance of the Macquarie Global Allocation Fund (the “Fund”), series of Ivy Funds, the Manager shall waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, the “Excluded Expenses”)) in an aggregate amount equal to the amount by which the Fund’s total annual fund operating expenses (excluding any Excluded Expenses) exceed the percentages set forth below for the period from January 29, 2025 through January 28, 2026. For purposes of this Agreement, Excluded Expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Fund’s Board of Trustees and the Manager.

Fund	Class A, Class C, Institutional Class and Class Y Expense Cap)	Class R6 Expense Cap
Macquarie Multi-Asset Income Fund	0.75%	0.64%

The Manager acknowledges that it (1) shall not be entitled to collect on, or make a claim for, waived fees at any time in the future, and (2) shall not be entitled to collect on, or make a claim for, reimbursed Fund expenses at any time in the future.

Delaware Management Company, a series of
Macquarie Investment Management Business Trust

By:		/s/Richard Salus
	Name:	Richard Salus
	Title:	Senior Vice President