DELAWARE GROUP® EQUITY FUNDS IV
Nomura Opportunity Fund
DELAWARE GROUP® EQUITY FUNDS V
Nomura Small Cap Value Fund
(together, the “Funds”)
Supplement to the Funds’ Summary Prospectus, Statutory Prospectus, and Statement of additional Information, as amended
Effectively immediately, Jonathan Ketzner is added as a portfolio manager for the Funds.
On or about June 30, 2027, Kent Madden will retire from Delaware Management Company, the Funds’ manager, and will no longer be a portfolio manager of the Funds.
On or about December 31, 2026, Mr. Madden’s title will change to “Managing Director, Senior Portfolio Manager US Small-Mid Cap Value Equity” and Ms. Kelley Carabasi’s title will change to “Managing Director, Head of US Small-Mid Cap Value Equity.”
Nomura Opportunity Fund
Effective immediately, the following replaces the section of the Fund’s Statutory Prospectus entitled “Fund Summaries — Nomura Opportunity Fund — Who manages the Fund? — Investment Manager”:
Investment manager
Delaware Management Company, a series of Nomura Investment Management Business Trust (a Delaware statutory trust)
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Portfolio managers
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Title with Delaware Management Company
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Start date on the Fund
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Kelley Carabasi, CFA*
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Managing Director, Co-Head of US Small-Mid Cap Value Equity
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October 2019
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Kent Madden, CFA**
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Managing Director, Co-Head of US Small-Mid Cap Value Equity
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October 2019
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Michael Foley, CFA
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Managing Director, Senior Portfolio Manager - US Small-Mid Cap Value Equity
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October 2019
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Jonathan Ketzner
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Executive Director, Portfolio Manager – US Small-Mid Cap Value Equity
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August 2026
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* On or about December 31, 2026, Ms. Carabasi’s title will change to “Managing Director, Head of US Small-Mid Cap Value Equity.”
** On or about June 30, 2027, Mr. Madden will be retiring from the Manager and no longer be a portfolio manager of the Fund. On or about December 31, 2026, Mr. Madden’s title will change to “Managing Director, Senior Portfolio Manager – US Small-Mid Cap Value Equity”.
Employees of the Manager’s affiliates outside the US participate in the management of certain funds as “associated persons” of the Manager under the Manager’s oversight, in accordance with SEC guidance as to “participating affiliate” arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Fund.
Effective immediately, the following replaces the corresponding information in the section of the Fund’s Statutory Prospectus entitled “Who manages the Funds — Portfolio managers — Nomura Opportunity Fund:”
Kelley Carabasi and Kent Madden (until his retirement from the Manager on or about June 30, 2027) have primary responsibility for making day-to-day investment decisions for the Fund. Ms. Carabasi and Mr. Madden regularly consult with Michael Foley and Jonathan Ketzner.
Effective immediately, the following is added to the section of the Fund’s Statutory Prospectus entitled “Who manages the Funds — Portfolio managers — Nomura Opportunity Fund:”
Jonathan Ketzner
Executive Director, Portfolio Manager – US Small-Mid Cap Value Equity
Jonathan is a Portfolio Manager for the US Small-Mid Cap Value Equity Team at Nomura Asset Management International, a role he assumed in August 2026. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025. Previously, he was a Senior Equity Analyst on the team since March 2022.
Prior to Macquarie, he worked at Janney Montgomery Scott from September 2010 to March 2022 as a Director in the Financial Institutions and Real Estate Investment Banking Groups. Prior to Janney, Jonathan worked at Citi as a Financial Analyst in its Corporate Strategy and Mergers & Acquisitions Group from July 2007 to September 2010. He received a Bachelor of Arts in history and a Master of Arts in international relations and economics from Johns Hopkins University.
Effective immediately, the following information is added to the chart in the section of the Fund’s Statement of Additional Information entitled, “Portfolio Managers – Other Accounts Managed”:
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No. of Accounts
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Total Assets Managed (USD)
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No. of Accounts with Performance-Based Fees
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Total Assets in Accounts with Performance-Based Fees
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Jonathan Ketzner*
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Registered Investment Companies
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0
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$0
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0
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$0
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Other Pooled Investment Vehicles
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0
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$0
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0
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$0
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Other Accounts
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0
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$0
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0
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$0
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* As of July 31, 2026
Nomura Small Cap Value Fund
Effective immediately, the following replaces the section of the Fund’s Statutory Prospectus entitled “Fund Summary — Nomura Small Cap Value Fund — Who manages the Fund? — Investment Manager”:
Investment manager
Delaware Management Company, a series of Nomura Investment Management Business Trust (a Delaware statutory trust)
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|
|
|
|
Portfolio managers
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Title with Delaware Management Company
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Start date on the Fund
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Kelley Carabasi, CFA*
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Managing Director, Co-Head of US Small-Mid Cap Value Equity
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July 2012
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Kent Madden, CFA**
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Managing Director, Co-Head of US Small-Mid Cap Value Equity
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July 2012
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Michael Foley, CFA
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Managing Director, Senior Portfolio Manager - US Small-Mid Cap Value Equity
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July 2019
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Jonathan Ketzner
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Executive Director, Portfolio Manager – US Small-Mid Cap Value Equity
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August 2026
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* On or about December 31, 2026, Ms. Carabasi’s title will change to “Managing Director, Head of US Small-Mid Cap Value Equity.”
** On or about June 30, 2027, Mr. Madden will be retiring from the Manager and no longer be a portfolio manager of the Fund. On or about December 31, 2026, Mr. Madden’s title will change to “Managing Director, Senior Portfolio Manager – US Small-Mid Cap Value Equity”.
Employees of the Manager’s affiliates outside the US participate in the management of certain funds as “associated persons” of the Manager under the Manager’s oversight, in accordance with SEC guidance as to “participating affiliate” arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Fund.
Effective immediately, the following replaces the corresponding information in the section of the Fund’s Statutory Prospectus entitled “Who manages the Fund — Portfolio managers:”
Kelley Carabasi and Kent Madden (until his retirement from the Manager on or about June 30, 2027) have primary responsibility for making day-to-day investment decisions for the Fund. Ms. Carabasi and Mr. Madden regularly consult with Michael Foley and Jonathan Ketzner.
Effective immediately, the following is added to the section of the Fund’s Statutory Prospectus entitled “Who manages the Fund — Portfolio managers:”
Jonathan Ketzner
Executive Director, Portfolio Manager – US Small-Mid Cap Value Equity
Jonathan is a Portfolio Manager for the US Small-Mid Cap Value Equity Team at Nomura Asset Management International, a role he assumed in August 2026. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025. Previously, he was a Senior Equity Analyst on the team since March 2022.
Prior to Macquarie, he worked at Janney Montgomery Scott from September 2010 to March 2022 as a Director in the Financial Institutions and Real Estate Investment Banking Groups. Prior to Janney, Jonathan worked at Citi as a Financial Analyst in its Corporate Strategy and Mergers & Acquisitions Group from July 2007 to September 2010. He received a Bachelor of Arts in history and a Master of Arts in international relations and economics from Johns Hopkins University.
Effective immediately, the following information is added to the chart in the section of the Fund’s Statement of Additional Information entitled, “Portfolio Managers — Other Accounts Managed”:
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No. of Accounts
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Total Assets Managed (USD)
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No. of Accounts with Performance-Based Fees
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Total Assets in Accounts with Performance-Based Fees
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|
Jonathan Ketzner*
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Registered Investment Companies
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0
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$0
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0
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$0
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Other Pooled Investment Vehicles
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0
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$0
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0
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$0
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|
Other Accounts
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0
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$0
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0
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$0
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* As of July 31, 2026
Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in, or redemption from, a Fund or acting on a distribution check (if applicable).
Please keep this Supplement for future reference.
This Supplement is dated August 24, 2026.