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.
|Dividends paid (if any)||Monthly|
|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)||1.62%||1.62%||1.02%||0.61%||0.31%||n/a||10/16/1978|
|Max offer price||1.62%||1.62%||1.02%||0.61%||0.31%||n/a|
|ICE BofA 3-Month T-Bill||2.28%||2.28%||1.67%||1.07%||0.58%||n/a|
|1 year||3 year||5 year||10 year||Lifetime||Inception date|
|NAV (view definition)||0.30%||1.62%||1.02%||0.61%||0.31%||n/a||10/16/1978|
|Max offer price||0.30%||1.62%||1.02%||0.61%||0.31%||n/a|
|ICE BofA 3-Month T-Bill||0.46%||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.
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 composition as of 10/31/2019Total may not equal 100% due to rounding.|
|Cash and cash equivalents||100.0%|
|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 6/25/2020||3.30%|
|FFCB 1.835 2/21/2020||2.38%|
|FFCB 1.815 7/30/2020||1.41%|
|FFCB 1.765 2/10/2020||0.47%|
|FFCB 1.701 6/1/2020||0.47%|
|Total % Portfolio in Top 10 holdings||8.03%|
Monthly holdings as of 11/30/2019 (all share classes)
|SEC description||# Holdings||Market value||Coupon rate||Maturity date||Portfolio %|
|Fed Home ln Discount nt 0.000 12/10/2019||4,500,000.00||$4,497,851.02||1.918||12/10/2019||2.74|
|Fed Home ln Discount nt 0.000 12/2/2019||16,050,000.00||$16,049,332.43||1.490||12/02/2019||9.79|
|FFCB 1.629 6/1/2020||1,000,000.00||$999,548.20||1.701||06/01/2020||0.60|
|FFCB 1.708 6/25/2020||7,000,000.00||$6,999,777.42||1.708||06/25/2020||4.27|
|FFCB 1.718 7/30/2020||3,000,000.00||$2,999,900.64||1.723||07/30/2020||1.83|
|FFCB 1.772 2/21/2020||5,060,000.00||$5,060,878.54||1.772||02/21/2020||3.08|
|FFCB 1.808 2/10/2020||1,005,000.00||$1,005,132.37||1.808||02/10/2020||0.61|
|FHLB 0.000 12/13/2019||10,500,000.00||$10,494,625.84||1.537||12/13/2019||6.40|
|Fhlb 0.000 12/16/2019||8,000,000.00||$7,994,866.67||1.542||12/16/2019||4.87|
|Fhlb 0.000 12/18/2019||10,000,000.00||$9,992,775.00||1.532||12/18/2019||6.09|
|FHLB 0.000 12/20/2019||10,000,000.00||$9,991,740.28||1.568||12/20/2019||6.09|
|FHLB 0.000 12/26/2019||3,400,000.00||$3,396,222.22||1.602||12/26/2019||2.07|
|Fhlb 0.000 12/3/2019||5,000,000.00||$4,999,555.56||1.602||12/03/2019||3.05|
|Fhlb 0.000 12/4/2019||5,000,000.00||$4,999,362.08||1.532||12/04/2019||3.04|
|Fhlb 0.000 12/6/2019||11,200,000.00||$11,197,618.33||1.535||12/06/2019||6.83|
|FHLB 0.000 12/9/2019||10,000,000.00||$9,996,577.78||1.541||12/09/2019||6.09|
|FHLB 1.721 12/6/2019||2,100,000.00||$2,099,989.79||1.721||12/06/2019||1.28|
|FHLB 2.024 12/19/2019||7,000,000.00||$7,000,348.39||2.024||12/19/2019||4.27|
|SECURITIZED NET CASH - ACR1||38,343.11||$38,343.11||0.000||-||0.02|
|SECURITIZED NET CASH - CSH1 0.050 12/15/2038||4,092,100.46||$4,092,100.46||0.000||-||2.49|
|SECURITIZED NET CASH - LT||-164,683.38||-$164,683.38||0.000||-||-0.11|
|Treasury Bill 0.000 12/17/2019||10,000,000.00||$9,993,013.33||1.573||12/17/2019||6.09|
|Treasury Bill 0.000 12/19/2019||10,000,000.00||$9,990,472.86||1.914||12/19/2019||6.09|
|Treasury Bill 0.000 12/24/2019||9,000,000.00||$8,990,831.62||1.596||12/24/2019||5.48|
|Treasury Bill 0.000 12/3/2019||11,200,000.00||$11,199,047.15||1.532||12/03/2019||6.83|
Portfolio holdings are as of the date noted below and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent month-end.
Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.
Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.
*Cash balance includes other assets and liabilities.
Fixed income sectors
as of 12/31/2019
List may exclude cash, cash equivalents, and exchanged-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
|U.S. government securities||8.0%|
Distribution history - annual distributions (Class A)1,2|
Distributions ($ 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.
Managing Director, Senior Portfolio Manager
Start date on the Fund: October 2019
Years of industry experience: 28
Start date on the Fund: October 2019
Years of industry experience: 32
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||none|
|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||none|
|Total annual fund operating expenses||0.89%|
|Fee waivers and expense reimbursements||(0.34%)|
|Total annual fund operating expenses after fee waivers and expense reimbursements||0.55%|
*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. 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.
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