Delaware Government Cash Management Fund** (formerly, First Investors Government Cash Management Fund)


Delaware Strategic Income Fund seeks high current income and, secondarily, long-term total return.


The Fund generally invests at least 80% of its net assets in US and foreign debt securities, including those in emerging markets. Debt securities include all varieties of fixed, variable and floating rate income securities, including bonds, US and foreign government and agency securities, corporate loans (and loan participations), mortgage-backed securities and other asset-backed securities and convertible securities.

Key features

Fund information
Inception date10/16/1978
Dividends paid (if any)Monthly
Capital gains paid (if any)November or December
Fund identifiers
Investment minimums
Initial investment$1,000
Subsequent investments$100
Systematic withdrawal balance$5,000
Account features
Payroll deductionYes

On Sept. 25, 2014, Class B shares of the Fund converted to Class A shares.

Please click below to view Fund performance:

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return

as of month-end (12/31/2019)

as of quarter-end (12/31/2019)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)1.62%1.62%1.02%0.61%0.31%n/a10/16/1978
Max offer price1.62%1.62%1.02%0.61%0.31%n/a
ICE BofA 3-Month T-Bill2.28%2.28%1.67%1.07%0.58%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.30%1.62%1.02%0.61%0.31%n/a10/16/1978
Max offer price0.30%1.62%1.02%0.61%0.31%n/a
ICE BofA 3-Month T-Bill0.46%2.28%1.67%1.07%0.58%n/a

Returns for less than one year are not annualized.

Class A shares have a maximum up-front sales charge of 4.50% and are subject to an annual distribution fee.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Expense ratio

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from Oct. 4, 2019 through Oct. 31, 2021. Please see the fee table in the Fund's prospectus for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return

Please click here to view monthly holdings.

Portfolio characteristics - as of 12/31/2019ICE BofA 3-Month T-Bill
Number of holdings22n/a
Effective duration (weighted average) (view definition).04 years n/a
Effective maturity (weighted average) (view definition).05 years n/a
Yield to maturity (view definition)1.19%n/a
Average market price (view definition) $99.97n/a
Average coupon (view definition)0.35%n/a
Yield to worst (view definition)1.19%n/a
Portfolio composition as of 10/31/2019Total may not equal 100% due to rounding.
Cash and cash equivalents100.0%
Top 10 fixed income holdings as of 12/31/2019

Holdings are as of the date indicated and subject to change.

List excludes cash and cash equivalents.

Holding% of portfolio
FFCB 1.792 6/25/20203.30%
FFCB 1.835 2/21/20202.38%
FFCB 1.815 7/30/20201.41%
FFCB 1.765 2/10/20200.47%
FFCB 1.701 6/1/20200.47%
Total % Portfolio in Top 10 holdings8.03%
Fixed income sectors as of 12/31/2019

List may exclude cash, cash equivalents, and exchanged-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.

U.S. government securities8.0%
US Agencies8.0%
Distribution history - annual distributions (Class A)1,2
Distributions ($ per share)
YearCapital gains3Net investment

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Steve Juszczyszyn

Stephen M. Juszczyszyn 

Managing Director, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 28

(View bio)

Kathleen (Marnell) Burst 

Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 32

(View bio)

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. 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."

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering pricenone
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.45%
Distribution and service (12b-1) feesnone
Other expenses0.44%
Total annual fund operating expenses0.89%
Fee waivers and expense reimbursements(0.34%)
Total annual fund operating expenses after fee waivers and expense reimbursements0.55%

1 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 acquired fund fees and expenses, taxes, interest, short sale and dividend 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 0.55% of the Fund’s average daily net assets from Oct. 4, 2019 through Oct. 31, 2021. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

*Effective Oct. 4, 2019, the Fund added the ICE BofA US 3-Month Treasury Bill Index. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.

**On April 6, 2019, Foresters Investment Management Company, Inc. (FIMCO), the investment adviser to the First Investors Funds, entered into an agreement with Macquarie Management Holdings, Inc. (MMHI), whereby MMHI, on behalf of its affiliate Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), would acquire FIMCO’s asset management business (the “Transaction”). In connection with the Transaction, the Board of Trustees of the First Investors Trusts and the First Investors Fund shareholders approved, pursuant to an Agreement and Plan of Reorganization (the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds by Macquarie family of funds. The Transaction closed on Oct. 4, 2019.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

The risk that all or a majority of the securities in a certain market — like the stock market 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.

The yields received by the Fund on its investments will generally decline as interest rates decline.

Like the values of other debt instruments, the market values of US Government securities are affected by changes in interest rates. When interest rates rise, the market values of US Government securities generally decline. This could cause the Series' NAV to decline below $1.00 per share.

The US Government securities the Fund invests in may or may not be backed by the full faith and credit of the US Government. Securities issued by US Government sponsored enterprises are supported only by the credit of the issuing entity. The value of an investment will decline if there is a default by or a deterioration in the credit quality of the issuer or a provider of a credit enhancement or demand feature. This could cause the Fund’s NAV to decline below $1.00 per share.

All third-party marks cited are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 01/21/2020)

Class APriceNet change
NAV$1.00no chg
Max offer price$1.00n/a

Total net assets (as of 12/31/2019)

$212.3 million all share classes

Morningstar ranking (as of 12/31/2019)

YTD rankingn/a
1 yearn/a
3 yearsn/a
5 yearsn/a
10 yearsn/a
Morningstar category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking (as of 12/31/2019)

YTD ranking86 / 142
1 year86 / 142
3 years83 / 131
5 years72 / 108
10 years68 / 101
Lipper classificationLipper U.S. Government Money Market Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Benchmark and peer group

ICE BofA US 3-Month Treasury Bill Index (view definition)

Additional information