# EDGAR Filing Document

**Accession Number:** 0000778108
**File Stem:** 0001206774-23-000091
**Filing Date:** 2023-1
**Character Count:** 27662
**Document Hash:** 90e1a544c0cb30d3d5283b396a0aab42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-23-000091.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001206774-23-000091

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE GROUP EQUITY FUNDS IV
- **CENTRAL INDEX KEY:** 0000778108
- **IRS NUMBER:** 232369628
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-00442
- **FILM NUMBER:** 23567820

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP EQUITY FUNDS IV INC
- **DATE OF NAME CHANGE:** 19970128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP DELCAP FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELCAP FUND INC
- **DATE OF NAME CHANGE:** 19880929

## Series and Classes Contracts Data

### Delaware Total Return Fund (Series ID: S000065922)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000212947 | Institutional Class | FITUX           |
| C000212948 | Class R6            | FITVX           |
| C000212949 | Class A             | FITRX           |

![](delawaremacquarie_sumdheader.jpg)

## Summary prospectus
Delaware Total Return Fund

---

| | |
|:---|:---|
| **Nasdaq ticker symbols** | **Nasdaq ticker symbols** |
| Class A<br>| FITRX<br>|
| Institutional Class<br>| FITUX<br>|
| Class R6<br>| FITVX<br>|

---

January 30, 2023

**Before you invest, you may want to review the Fund's statutory prospectus (and any supplements thereto), which contains more information about the Fund and its risks. You can find the Fund's statutory prospectus and other information about the Fund, including its statement of additional information and most recent reports to shareholders, online at delawarefunds.com/literature. You can also get this information at no cost by calling 800 523-1918. The Fund's statutory prospectus and statement of additional information, both dated January 30, 2023 (and any supplements thereto), are incorporated by reference into this summary prospectus.**<br>

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Summary prospectus<br>**Delaware Total Return Fund, a series of Delaware Group<sup>®</sup> Equity Funds IV**<br>

On November 10, 2022, the Fund's Board of Trustees and the Board of Trustees of Delaware Wealth Builder Fund approved the reorganization of each class of the Fund into and with the equivalent classes of the substantially similar Delaware Wealth Builder Fund, a series of Delaware Group<sup>®</sup> Equity Funds V (the "Total Return Fund Reorganization"). The Total Return Fund Reorganization is expected to take place on or about March 10, 2023. Effective as of the close of business on March 3, 2023, the Fund will close to new investors and existing shareholders. Prior to the closing of the Total Return Fund Reorganization, the Fund will distribute to its shareholders, in one or more distributions, all of its income and gains (net of available capital loss carryovers) not previously distributed for taxable years ending on or prior to the date of closing of the Total Return Fund Reorganization.

**What is the Fund's investment objective?**

Delaware Total Return Fund seeks to provide sustainable current income with potential for capital appreciation with moderate investment risk.

**What are the Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds by Macquarie<sup>®</sup>. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

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| | | | |
|:---|:---|:---|:---|
| Class<br>| A | Inst. | R6 |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price<br>| 5.75%<br>|  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower<br>|  |  |  |

---

**2**<br>

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**Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | | | |
|:---|:---|:---|:---|
| Class<br>| A | Inst. | R6 |
| Management fees<br>| 0.65%<br>| 0.65%<br>| 0.65%<br>|
| Distribution and service (12b-1) fees<br>| 0.25%<br>|  |  |
| Other expenses<br>| 0.24%<br>| 0.24%<br>| 0.18%<br><sup>1</sup><br>|
| Total annual fund operating expenses<br>| 1.14%<br>| 0.89%<br>| 0.83%<br>|
| Fee waivers and expense reimbursements<br>| (0.10%)<br><sup>2</sup><br>| (0.10%)<br><sup>2</sup><br>| (0.10%)<br><sup>2</sup><br>|
| Total annual fund operating expenses after fee waivers and expense reimbursements<br>| 1.04%<br>| 0.79%<br>| 0.73%<br>|

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<sup>1</sup> "Other expenses" for Class R6 are estimated and account for Class R6 shares not being subject to certain expenses as described further in the section of this Prospectus entitled "Choosing a share class."

<sup>2</sup> The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to 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) in order to prevent total annual fund operating expenses from exceeding 0.79% of the Fund's average daily net assets for all share classes other than Class R6, and 0.73% of the Fund's Class R6 shares' average daily net assets, from January 30, 2023 through January 30, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund. 

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| Class<br>| A | Inst. | R6 |
| 1 year<br>| $675<br>| $81<br>| $75<br>|
| 3 years<br>| $907<br>| $274<br>| $255<br>|
| 5 years<br>| $1157<br>| $483<br>| $451<br>|
| 10 years<br>| $1873<br>| $1087<br>| $1016<br>|

---

**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 57% of the average value of its portfolio.

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Summary prospectus<br>**Delaware Total Return Fund, a series of Delaware Group<sup>®</sup> Equity Funds IV**<br>

**What are the Fund's principal investment strategies?**

For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK" or the "Sub-advisor"), with respect to its role as sub-advisor of the Fund.

The Fund allocates its assets among stocks (US and foreign companies), bonds and money market instruments. The Fund does not use a fixed formula for allocating investments between stocks and bonds. While the percentage of assets allocated to each asset class is flexible rather than fixed, the Fund normally invests at least 50% of its net assets in stocks, stock equivalents, and convertible securities with the remainder in bonds, cash and money market instruments.

The percentage allocations within the above ranges may change due to, among other things, market fluctuations or reallocation decisions by the Sub-advisor. MIMAK's dynamic asset-allocation framework will be used to determine the proportion of the Fund's assets that will be allocated to the various asset classes, based on the market assessment and portfolio risk contribution for such asset classes. The framework is intended to reduce riskier assets in times of market volatility and provide additional downside protection. Reallocations outside of the above ranges are expected to occur infrequently.

The Fund may also invest in high yield, below investment grade corporate bonds (commonly known as high yield or "junk bonds"). High yield bonds include bonds that are rated below Baa3 by Moody's Investors Service, Inc. or below BBB- by Standard & Poor's Financial Services LLC as well as unrated bonds that are determined by the Manager to be of equivalent quality. The Manager will consider ratings assigned by ratings agencies in selecting high yield bonds but relies principally on its own research and investment analysis. In managing its portion of the Fund, the Manager primarily focuses on investments it believes can generate attractive and consistent income. The Manager may sell a bond when it shows deteriorating fundamentals or it falls short of the Manager's expectations. The Fund may invest in credit-linked securities, provided that no more than 10% of the Fund's net assets are invested in credit-linked securities.

The Fund may also invest in real estate related companies and real estate investment trusts (REITs).

In connection with its dynamic asset-allocation framework, MIMAK will also manage a tactical/completion sleeve and such sleeve will typically vary from 0% to 20% of the Fund's total assets and primarily hold derivatives and exchange-traded funds (ETFs).

The Fund may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Fund will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Fund's portfolio characteristics. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to

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stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.

In addition, the Manager may seek investment advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMGL to execute equity Fund security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL's or MIMGL's specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

**What are the principal risks of investing in the Fund?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. An investment in the Fund may not be appropriate for all investors. The Fund's principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**High yield (junk bond) risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

**5**<br>

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Summary prospectus<br>**Delaware Total Return Fund, a series of Delaware Group<sup>®</sup> Equity Funds IV**<br>

**Mortgage-backed and asset-backed securities risk** — The risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value.

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Derivatives risk** — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

**Foreign risk** — The risk that foreign securities may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

**Real estate industry risk** — This risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates.

**Exchange-traded fund** **risk** — The risks of investing in an exchange-traded fund (ETF) typically reflect the risks of the instruments in which the ETF invests. Because ETFs are investment companies, a fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, a fund's expenses may be higher and performance may be lower.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

**IBOR risk** — The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates ("IBORs," such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and

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similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

**Active management and selection risk** — The risk that the securities selected by a fund's management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

**How has Delaware Total Return Fund performed?**

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund adopted the performance of the First Investors Total Return Fund (Predecessor Fund) as the result of a reorganization of the Predecessor Fund into the Fund, which was consummated after the close of business on October 4, 2019 (Reorganization). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows changes in performance from year to year and shows how average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The past performance shown (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The returns shown for periods ending on or prior to October 4, 2019 reflect the performance and expenses of the Predecessor Fund. The Predecessor Fund was reorganized into the Fund after the close of business on October 4, 2019. The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Fund.

You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.

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Summary prospectus<br>**Delaware Total Return Fund, a series of Delaware Group<sup>®</sup> Equity Funds IV**<br>

**Calendar year-by-year total return (Class A)**

![](smpr-totalreturn.jpg)

During the periods illustrated in this bar chart, Class A's highest quarterly return was 11.17% for the quarter ended June 30, 2020, and its lowest quarterly return was -20.06% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or lifetime |
| Class A return before taxes<br>| -15.46% <br>| 2.00%<br>| 5.01%<br>|
| Class A return after taxes on distributions<br>| -16.24% <br>| -0.66%<br>| 3.10%<br>|
| Class A return after taxes on distributions and sale of Fund shares<br>| -8.58%<br>| 1.26%<br>| 3.68%<br>|
| Institutional Class return before taxes (lifetime: 4/1/13-12/31/22)<br>| -10.11%<br>| 3.50%<br>| 5.39% <br>|
| Class R6 return before taxes (lifetime: 4/1/13-12/31/22)<br>| -10.08%<br>| 3.61%<br>| 5.49%<br>|
| S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes)<br>| -18.11%<br>| 9.42% <br>| 12.56%<br>|
| 60% S&P 500<sup>®</sup> Index / 40% Bloomberg Barclays US Aggregate Index (reflects no deduction for fees, expenses or taxes)<br>| -15.56%<br>| 6.20%<br>| 8.21%<br>|
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses or taxes)<br>| -13.01% <br>| 0.02%<br>| 1.06%<br>|

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After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts

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(IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

**Who manages the Fund?**

**Investment manager** 

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio manager**<br>| &nbsp;&nbsp; **Title with Delaware Management Company**<br>| &nbsp;&nbsp; **Start date on the Fund**<br>|
|  Aaron D. Young<br>| Senior Vice President, Portfolio Manager<br>| May 2022<br>|

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**Sub-advisors** 

MIMAK serves as sub-advisor for the Fund. MIMAK is primarily responsible for the day-to-day management of the Fund's portfolio and determines its asset allocation.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio managers**<br>| &nbsp;&nbsp; **Title with MIMAK**<br>| &nbsp;&nbsp; **Start date on the Fund**<br>|
|  Stefan Löwenthal<br>| Managing Director, Chief Investment Officer - Global Multi-Asset Team<br>| June 2020<br>|
|  Jürgen Wurzer<br>| Senior Vice President, Deputy Head of Portfolio Management - Global Multi-Asset Team<br>| June 2020<br>|

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Macquarie Investment Management Europe Limited

Macquarie Investment Management Global Limited

**Purchase and redemption of Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at delawarefunds.com/account-access; by calling 800 523-1918; by regular mail (c/o Delaware Funds by Macquarie<sup>®</sup>, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Funds by Macquarie Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

For Class A shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Institutional Class and Class R6 shares (except

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Summary prospectus<br>**Delaware Total Return Fund, a series of Delaware Group<sup>®</sup> Equity Funds IV**<br>

those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Please refer to the Fund's prospectus and statement of additional information for more details regarding the purchase and sale of Fund shares.

**Tax information**

The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Fund through a broker/dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**SMPR-QPV 1/23** 

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