Delaware Premium Income Fund** (formerly, First Investors Premium Income Fund)

Key features

  • Provides exposure to US large-cap equity securities with the benefit of an income stream
  • May complement traditional bond investments and helps diversify income sources within an overall portfolio
  • Trades potential upside of a stock for current income while seeking downside protection
Fund information
Inception date04/02/2018
Dividends paid (if any)Quarterly
Capital gains paid (if any)November or December
Fund identifiers
NASDAQFPILX
CUSIP24611D730

Institutional Class shares are available only to certain investors. See the prospectus for more information

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 (10/31/2019)

as of quarter-end (09/30/2019)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)8.39%6.28%n/an/an/a4.23%04/02/2018
CBOE S&P 500 BuyWrite Monthly Index13.17%6.76%n/an/an/a5.89%
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.83%2.67%n/an/an/a3.93%04/02/2018
CBOE S&P 500 BuyWrite Monthly Index0.56%-1.11%n/an/an/a4.79%

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.

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.

Expense ratio
Gross1.19%
Net1.05%

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
2019n/an/a0.83%n/an/a

Institutional Class shares are available only to certain investors. See the prospectus for more information

Please click here to view monthly holdings.

Portfolio characteristics - as of 10/31/2019CBOE S&P 500 BuyWrite Monthly Index
Number of holdings174n/a
Market cap (median) $73.2 billionn/a
Market cap (weighted average) $159.3 billionn/a
Portfolio turnover (last fiscal year)77%%
Top 10 holdings as of 10/31/2019

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

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.

Holdings based by issuer.

Holding% of portfolio
Apple Inc.3.91%
JPMorgan Chase & Co.3.70%
AMERICAN EXPRESS COMPANY3.64%
Bristol-Myers Squibb Co.3.57%
RAYTHEON COMPANY3.49%
INTEL CORP3.47%
Honeywell International Inc.3.36%
BlackRock Inc.3.32%
Amgen Inc.3.22%
Broadcom Inc.3.22%
Total % Portfolio in Top 10 holdings34.90%
Sector allocation as of 10/31/2019

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.

SectorFund
Financials18.2%
Industrials16.9%
Information technology16.6%
Healthcare11.1%
Consumer discretionary10.3%
Energy7.7%
Consumer staples7.0%
Materials4.6%
Communication services4.5%
Utilities1.9%
Real estate1.5%

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 (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20190.0000.000
20180.0000.000
20170.0000.000
20160.0000.000
20150.0000.000
20140.0000.000
20130.0000.000
20120.0000.000
20110.0000.000
20100.0000.000
20090.0000.000

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.

Institutional Class shares are available only to certain investors. See the prospectus for more information

Investment manager

Delaware Management Company (DMC)

Sub-advisor

Ziegler Capital Management


Wiley Angell

Wiley D. Angell 

Chief Investment Officer, Senior Portfolio Manager — Ziegler Capital Management, LLC

Start date on the Fund: October 2019

Years of industry experience: 34

(View bio)


Sean Hughes

Sean C. Hughes, CFA

Senior Portfolio Manager — Ziegler Capital Management, LLC

Start date on the Fund: October 2019

Years of industry experience: 14

(View bio)


Institutional Class shares are available only to certain investors. See the prospectus for more information

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 fees0.80%
Distribution and service (12b-1) feesnone
Other expenses0.39%
Total annual fund operating expenses1.19%
Fee waivers and expense reimbursements(0.14%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.05%

Institutional Class shares are available only to certain investors. See the prospectus for more information

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 1.05% 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.

**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), a leading global investment management company, whereby MMHI, on behalf of its affiliate Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (Macquarie), would acquire FIMCO's asset management business (the “Transaction”). In connection with the Transaction, the Board of Trustees of the First Investors Trusts 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 (each, an “Acquiring Fund,” and collectively, the “Acquiring Funds”) in the Delaware Funds by Macquarie family of funds (each, a “Reorganization” and together, the “Reorganizations”). Following the requisite approval of each Reorganization from shareholders of each First Investors Fund, each Acquiring Fund will be managed by DMC and each Acquiring Fund will have the same or substantially the same investment objective and the same or similar principal investment strategies and principal risks as the corresponding First Investors Fund. The Transaction closed on Oct. 4, 2019 (the “Closing Date”). Information, including without limitation historical holdings and performance information, relating to the Acquiring Funds for periods prior to the Closing Date has been provided by FIMCO and is attributable to the Acquired Funds.

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.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

Writing call options involves risks. By writing covered call options, the Fund will lose money if the exercise price of an option is below the market price of the asset on which an option was written and the premium received by the Fund for writing the option is insufficient to make up for that loss. The Fund will also give up the opportunity to benefit from potential increases in the value of a Fund asset above the option’s exercise price. Nevertheless, the Fund will continue to bear the risk of declines in the value of the covered assets. Derivatives may be difficult to sell, unwind or value.

There is no guarantee that dividend-paying stocks will continue to pay dividends Writing call options may significantly reduce or eliminate the amount of dividends that generally are taxable to non-corporate shareholders at a lower rate.

Covered call options also are subject to federal tax rules that: (1) limit the allowance of certain losses or deductions; (2) convert long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert ordinary losses or deductions to capital losses, the deductibility of which are more limited; and/or (4) cause the recognition of income or gains without a corresponding receipt of cash.

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. The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 11/18/2019)

Institutional ClassPriceNet change
NAV$10.29-0.02
Max offer price$10.29n/a

Total net assets (as of 10/31/2019)

$126.5 million all share classes

Morningstar ranking (as of 10/31/2019)

YTD ranking136 / 179
1 year102 / 162
3 yearsn/a
5 yearsn/a
10 yearsn/a
Morningstar categoryOptions-based

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking (as of 10/31/2019)

YTD ranking146 / 282
1 year124 / 274
3 yearsn/a
5 yearsn/a
10 yearsn/a
Lipper classificationLipper Alternative Long/Short Eqty Fds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Literature

Prospectuses and reports

Benchmark and peer group

CBOE S&P 500® BuyWrite Index (view definition)

Additional information