Delaware Covered Call Strategy Fund**
(formerly, First Investors Covered Call Strategy Fund)
- US large-cap equity exposure to help participate in market growth
- Utilizes an options-based strategy with the goal of providing downside protection
- Seeks consistent equity-like returns with lower volatility to help weather market cycles
|Dividends paid (if any)||Quarterly|
|Capital gains paid (if any)||November or December|
|Systematic withdrawal balance||$5,000|
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)
|YTD||1 year||3 year||5 year||10 year||Lifetime||Inception date|
|NAV (view definition)||21.65%||21.65%||6.37%||n/a||n/a||6.77%||04/01/2016|
|Max offer price||14.70%||14.70%||4.30%||n/a||n/a||5.10%|
|CBOE S&P 500 BuyWrite Index||15.68%||15.68%||7.58%||n/a||n/a||8.18%|
|S&P 500 Index||31.49%||31.49%||15.27%||n/a||n/a||15.06%|
|1 year||3 year||5 year||10 year||Lifetime||Inception date|
|NAV (view definition)||4.50%||21.65%||6.37%||n/a||n/a||6.77%||04/01/2016|
|Max offer price||-1.51%||14.70%||4.30%||n/a||n/a||5.10%|
|CBOE S&P 500 BuyWrite Index||4.33%||15.68%||7.58%||n/a||n/a||8.18%|
|S&P 500 Index||9.07%||31.49%||15.27%||n/a||n/a||15.06%|
Returns for less than one year are not annualized.
Benchmark lifetime returns are as of the month end prior to the Fund's inception date.
Class A shares have a maximum up-front sales charge of 5.75% and are subject to an annual distribution fee.
Prior to Jan. 28, 2010, the Fund had not engaged in a broad distribution effort of its shares and had been subject to limited redemption requests. The returns reflect expense limitations that were in effect during certain periods and which may have been lower than the Fund's current expenses. The returns would have been lower without expense limitations.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
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|
|Year||1st quarter||2nd quarter||3rd quarter||4th quarter||Annual return|
Please click here to view monthly holdings.
Portfolio characteristics - as of 12/31/2019||CBOE S&P 500 BuyWrite Index|
|Number of holdings||76||n/a|
Market cap (median)
Market cap (weighted average)
|Portfolio turnover (last fiscal year)||107%||%|
Portfolio composition as of 12/31/2019Total may not equal 100% due to rounding.|
|Cash and cash equivalents||0.8%|
|International equities & depositary receipts||-0.1%|
Values in excess of 100% and negative values may appear as the result of certain assets and liabilities. See the Fund's prospectus for securities in which the Fund would typically invest.
|Top 10 holdings as of 12/31/2019|
Holdings are as of the date indicated and subject to change.
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Holdings based by issuer.
|Holding||% of portfolio|
|JPMorgan Chase & Co.||5.12%|
|LOCKHEED MARTIN CORPORATION||4.35%|
|Cisco Systems Inc.||3.99%|
|COSTCO WHSLE CORP||3.56%|
|Total % Portfolio in Top 10 holdings||46.03%|
Monthly holdings as of 11/30/2019 (all share classes)
|Nasdaq symbol/Rating||SEC description||Portfolio %|
|ALL ||Allstate Corp.||2.45|
|AXP ||American Express||2.93|
|AAPL ||Apple Inc.||5.43|
|T ||At&t Inc.||1.84|
|AVGO825C ||AVGO US 02 21 20 C320 0.000 2/21/2020||-0.17|
|BLK ||Blackrock Inc.||3.55|
|TFDXX ||Blkrk Lqdty Fed CL Instnal||0.23|
|BMY ||Bristol Myers Squibb||1.49|
|AVGO ||Broadcom Inc.||3.56|
|CBS ||CBS Corp. Class B||1.10|
|CVX ||Chevron Corp.||4.25|
|CSCO ||Cisco Systems Inc.||3.74|
|STZ ||Constellation Brands Inc. Class A||1.63|
|COST ||Costco Wholesale Corp.||3.81|
|BMY ||Dec19 BMY C @ 52.500000 52.500 12/20/2019||-0.13|
|DD ||Dec19 DD C @ 67.500000 67.500 12/20/2019||-0.03|
|MDLZ ||Dec19 MDLZ C @ 55.000000 55.000 12/20/2019||-0.01|
|ORCL ||Dec19 ORCL C @ 55.000000 55.000 12/20/2019||-0.08|
|WHR ||Dec19 WHR C @ 150.000000 150.000 12/20/2019||-0.03|
|DAL ||Delta Air Lines Inc.||2.17|
|DOW ||DOW Inc.||1.00|
|DD ||Dupont DE Nemours Inc.||2.79|
|FIGXX ||Fidelity Inst : Gov PT CL I||0.23|
|FGTXX ||Financial Square Gov CL Fst Mmf||0.23|
|GIS ||General Mills Inc.||1.64|
|HD ||Home Depot Inc.||3.47|
|HON ||Honeywell International Inc.||4.40|
|IBM ||International Business Machines CO.||1.67|
|AAPL ||Jan20 AAPL C @ 240.000000 240.000 1/17/2020||-0.25|
|AXP ||Jan20 AXP C @ 125.000000 125.000 1/17/2020||-0.03|
|COST ||Jan20 COST C @ 305.000000 305.000 1/17/2020||-0.09|
|GIS ||Jan20 GIS C @ 55.000000 55.000 1/17/2020||-0.03|
|HD ||Jan20 HD C @ 225.000000 225.000 1/17/2020||-0.07|
|IBM ||Jan20 IBM C @ 140.000000 140.000 1/17/2020||-0.02|
|LMT ||Jan20 LMT C @ 410.000000 410.000 1/17/2020||-0.03|
|MA ||Jan20 MA C @ 280.000000 280.000 1/17/2020||-0.27|
|MRK ||Jan20 MRK C @ 87.500000 87.500 1/17/2020||-0.06|
|STZ ||Jan20 STZ C @ 205.000000 205.000 1/17/2020||-0.02|
|T ||Jan20 T C @ 38.000000 38.000 1/17/2020||-0.04|
|VZ ||Jan20 VZ C @ 57.500000 57.500 1/17/2020||-0.09|
|JPM ||Jpmorgan Chase||5.09|
|LMT ||Lockheed Martin Corp.||4.33|
|MA ||Mastercard Inc. Class A||4.60|
|MDT ||Medtronic Plc||4.91|
|MRK ||Merck & Co. Inc.||2.67|
|MSFT ||Microsoft Corp.||6.00|
|MDLZ ||Mondelez International Inc. Class A||2.32|
|MVRXX ||MS Inst Liq Govt CL Inst||0.23|
|ORCL ||Oracle Corp.||1.95|
|PM ||Philip Morris International Inc.||1.17|
|ROST ||Ross Stores Inc.||2.40|
|SECCASHAC||SECURITIZED NET CASH - ACR1||0.21|
|US-CASH ||SECURITIZED NET CASH - CSH1 0.050 12/15/2038||0.74|
|SECNCAHUS||SECURITIZED NET CASH - LT||-0.14|
|SHELL ||Shell: 0.000 1/17/2020||-0.09|
|AAPL ||Shell: 0.000 1/17/2020||-0.20|
|HON ||Shell: 0.000 1/17/2020||-0.03|
|CVX ||Shell: 0.000 1/17/2020||-0.02|
|BLK ||Shell: 0.000 1/17/2020||-0.08|
|SHELL ||Shell: 0.000 1/17/2020||-0.03|
|SHELL ||Shell: 0.000 1/17/2020||-0.04|
|SHELL ||Shell: 0.000 1/17/2020||-0.02|
|TMO ||Shell: 0.000 1/17/2020||-0.07|
|MDT ||Shell: 0.000 12/13/2019||-0.14|
|SHELL ||Shell: 0.000 12/13/2019||-0.11|
|ROST ||Shell: 0.000 12/20/2019||-0.06|
|UTX ||Shell: 0.000 12/20/2019||-0.03|
|SHELL ||Shell: 0.000 12/20/2019||-0.06|
|SHELL ||Shell: 0.000 12/20/2019||-0.29|
|SHELL ||Shell: 0.000 12/20/2019||-0.03|
|SHELL ||Shell: 0.000 12/20/2019||-0.04|
|MSFT ||Shell: 0.000 12/27/2019||-0.09|
|UNP ||Shell: 0.000 2/21/2020||-0.06|
|RTN ||Shell: 0.000 2/21/2020||-0.04|
|SAMXX ||State Street Instl US Govt Mmkt||0.23|
|TMO ||Thermo Fisher Scientific Inc.||1.66|
|UNP ||Union Pacific Corp.||1.50|
|UTX ||United Technologies Corp.||2.18|
|VZ ||Verizon Communications Inc.||1.69|
|WHR ||Whirlpool Corp.||2.82|
Portfolio holdings are as of the date noted below and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent month-end.
Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.
Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.
*Cash balance includes other assets and liabilities.
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.
Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund's sector designations.
Distribution history - annual distributions (Class A)1,2|
Distributions ($ per share)
|Year||Capital gains3||Net 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.
Delaware Management Company (DMC)
Ziegler Capital Management
Chief Investment Officer, Senior Portfolio Manager — Ziegler Capital Management, LLC
Start date on the Fund: October 2019
Years of industry experience: 34
Senior Portfolio Manager — Ziegler Capital Management, LLC
Start date on the Fund: October 2019
Years of industry experience: 14
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.
|Maximum sales charge (load) imposed on purchases as a percentage of offering price||5.75%|
|Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower||none|
|Annual fund operating expenses|
|Distribution and service (12b-1) fees||0.25%|
|Total annual fund operating expenses||1.34%|
|Fee waivers and expense reimbursements||(0.03%)|
|Total annual fund operating expenses after fee waivers and expense reimbursements||1.31%|
*The Fund changed its broad-based securities index to the CBOE S&P 500 BuyWrite Index as of Oct. 4, 2019. 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.
Benchmark lifetime returns are as of the month end prior to the Fund's inception date.
All third-party marks cited are the property of their respective owners.
Ziegler Capital Management, LLC (ZCM), a US registered investment advisor, is the sub-advisor to the Series. As sub-advisor, Ziegler Capital Management, LLC (ZCM) is responsible for day-to-day management of the Series' assets. Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), has ultimate responsibility for all investment advisory services.
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. For investors investing in Delaware Funds by Macquarie (formerly First Investors Funds) please call 800 423-4026. Investors should read the prospectus and the summary prospectus carefully before investing.
Investing involves risk, including the possible loss of principal.
A covered call is a transaction in which the investor selling call options owns the equivalent amount of the underlying security. Call options are financial contracts that give the option buyer the right, but not the obligation, to buy a security at a specified price within a specific time period. The investor's long position in the asset is the "cover" because it means the seller can deliver the shares if the buyer of the call option chooses to exercise.
An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
Investing in ADRs may have some limitations for investors such as the absence of voting rights.
Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.
The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.
Writing call options involves risks.
There is no guarantee that dividend-paying stocks will continue to pay dividends.
By writing covered call options, the Fund will give up the opportunity to benefit from potential increases in the value of a Fund asset above the exercise price, but will bear the risk of declines in the value of the asset. Writing call options may expose the Fund to significant additional costs. Derivatives may be difficult to sell, unwind or value.
Writing call options may significantly reduce or eliminate the amount of Fund dividends that qualify to be taxed to non-corporate shareholders at a lower rate. Covered calls also are subject to federal tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash.
Not FDIC Insured | No Bank Guarantee | May Lose Value