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

Objective

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

Strategy

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 date04/01/2013
Dividends paid (if any)Monthly
Capital gains paid (if any)November or December
Fund identifiers
NASDAQFIFXX
CUSIP24611D532

Class R6 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)1.47%1.75%0.97%0.58%n/a0.44%04/01/2013
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.41%1.75%0.93%0.56%n/a0.43%04/01/2013

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.

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
Gross0.78%
Net0.60%

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/a0.41%n/an/a
20170.00%0.00%n/an/an/a
20160.00%0.00%0.00%n/an/a
20150.00%0.00%0.00%0.00%0.00%
20140.00%0.00%0.00%0.00%0.00%
2013n/an/a0.00%0.00%n/a

Class R6 shares are available only to certain investors. See the prospectus for more information.

Please click here to view monthly holdings.

Portfolio characteristics - as of 10/31/2019
Number of holdings26n/a
Effective duration (weighted average) (view definition).07 yearsn/a
Effective maturity (weighted average) (view definition).10 yearsn/a
Yield to maturity (view definition)1.60%n/a
Average market price (view definition)$99.95n/a
Average coupon (view definition)0.84%n/a
Yield to worst (view definition)1.60%n/a
Top 10 fixed income holdings as of 10/31/2019

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

List excludes cash and cash equivalents.

Holding% of portfolio
FHLB 2.024 12/19/20194.29%
FHLB 1.746 11/29/20194.29%
FFCB 1.823 6/25/20204.29%
FFCB 1.896 2/21/20203.10%
FFCB 2.091 11/14/20192.88%
FFCB 1.810 7/30/20201.84%
FHLB 1.940 12/6/20191.29%
FFCB 1.786 11/19/20191.23%
FFCB 1.989 2/10/20200.62%
FFCB 1.701 6/1/20200.61%
Total % Portfolio in Top 10 holdings24.44%
Fixed income sectors 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
US Agencies24.4%
Distribution history - annual distributions (Class J)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20190.0000.002
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.

Class R6 shares are available only to certain investors. See the Prospectus for more information.

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)


Class R6 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 fees0.45%
Distribution and service (12b-1) feesnone
Other expenses0.33%
Total annual fund operating expenses0.78%
Fee waivers and expense reimbursements(0.18%)
Total annual fund operating expenses after fee waivers and expense reimbursements0.60%

Class R6 shares are available only to certain investors. See the Prospectus for more information.

1 “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 the prospectus entitled “Choosing a share class."

2 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 0.60% 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 BofAML US 3-Month Treasury Bill Index. The Fund elected to use the new index because it more closely reflected the Fund’s investment strategies.

**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.

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

Fund Finder

Daily pricing (as of 11/14/2019)

Class R6PriceNet change
NAV$1.00no chg
Max offer price$1.00n/a

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

$163.2 million all share classes

Morningstar ranking (as of 10/31/2019)

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 10/31/2019)

YTD ranking45 / 150
1 year48 / 150
3 years49 / 137
5 years41 / 112
10 yearsn/a
Lipper classificationLipper U.S. Government Money Market Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Benchmark, peer group

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

Additional information