Delaware Limited Duration Bond Fund** (formerly, First Investors Limited Duration Bond Fund)

Key features

  • A flexible short-term bond fund designed to weather market cycles
  • An actively managed bond portfolio emphasizing risk control and liquidity
  • Experienced management team with a long history of managing short-term portfolios
Fund information
Inception date05/19/2014
Dividends paid (if any)Monthly
Capital gains paid (if any)November or December
Fund identifiers
NASDAQFLDMX
CUSIP24611D433

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)4.40%5.05%1.85%1.59%n/a1.50%05/19/2014
Bloomberg Barclays 1-3 Year US Government/Credit Index3.78%4.89%1.95%1.60%n/a1.53%
ICE BofAML 1-5 Year U.S. Broad Market Index4.99%6.47%2.21%2.07%n/a1.99%
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.78%4.83%1.78%1.63%n/a1.50%05/19/2014
Bloomberg Barclays 1-3 Year US Government/Credit Index0.69%4.64%1.82%1.59%n/a1.49%
ICE BofAML 1-5 Year U.S. Broad Market Index1.00%6.13%2.04%2.10%n/a1.96%

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the month end following 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
Gross0.70%
Net0.36%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from April 30, 2019 through April 30, 2020. 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/a0.78%n/an/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 10/31/2019Bloomberg Barclays 1-3 Year US Government/Credit Index
Number of holdings1271,659
Number of credit issuers62
Portfolio turnover (last fiscal year)102%n/a
Effective duration (weighted average) (view definition)2.14 years1.88 years
Effective maturity (weighted average) (view definition)2.71 years1.95 years
Yield to maturity (view definition)2.12%1.71%
Average market price (view definition)$98.99$101.18
Average coupon (view definition)3.33%2.34%
Yield to worst (view definition)2.11%1.69%
SEC 30-day yield with waiver (view definition)1.78%
SEC 30-day yield without waiver (view definition)1.62%
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
Treasury Note 1.250 1/31/202011.80%
Jdot_19-a3.23%
Cccit_18-a12.81%
Energy Transfer Operating lp 7.500 10/15/20202.49%
FN FM16772.30%
FR SD00992.26%
Hertz_18-12.20%
FN CA17092.13%
Synct_17-12.02%
Dnb Boligkreditt AS 2.500 3/28/20221.82%
Total % Portfolio in Top 10 holdings33.06%
Distribution history - annual distributions (Class J)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20190.0000.049
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.

Roger Early

Roger A. Early, CPA, CFA

Senior Managing Director, Chief Investment Officer – US Fixed Income

Start date on the Fund: October 2019

Years of industry experience: 43

(View bio)


Brian McDonnell

Brian C. McDonnell, CFA

Senior Managing Director, Head of US Core Fixed Income

Start date on the Fund: October 2019

Years of industry experience: 30

(View bio)


John McCarthy

John P. McCarthy, CFA

Managing Director, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 32

(View bio)


Adam Brown

Adam H. Brown, CFA

Managing Director, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 21

(View bio)


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 fees0.50%
Distribution and service (12b-1) feesnone
Other expenses0.20%
Total annual fund operating expenses0.70%
Fee waivers and expense reimbursements(0.34%)
Total annual fund operating expenses after fee waivers and expense reimbursements0.36%

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 0.36% 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.

*The Fund changed its broad-based securities index from the ICE BofAML 1-5 Year US Broad Market Index as of Jan. 31, 2019. The Fund elected to use the new index because it more closely reflects the Fund’s investment strategy.

**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.

The Fund's investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

Investing involves risk, including the possible loss of principal.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity. The Fund would then lose any price appreciation above the bond’s call price and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income.

The market values of bonds and other debt securities are affected by changes in interest rates. In general, when interest rates rise, the market value of a debt security declines, and when interest rates decline, the market value of a debt security increases. Generally, the longer the maturity and duration of a debt security, the greater its sensitivity to interest rates. The yields received by the Fund on its investments will generally decline as interest rates decline.

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.

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 11/18/2019)

Class R6PriceNet change
NAV$9.33no chg
Max offer price$9.33n/a

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

$251.9 million all share classes

Morningstar ranking (as of 10/31/2019)

YTD ranking260 / 574
1 year231 / 559
3 years329 / 491
5 years283 / 439
10 yearsn/a
Morningstar categoryMorningstar Short-Term Bond Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking (as of 10/31/2019)

YTD ranking111 / 180
1 year128 / 177
3 years101 / 153
5 years107 / 146
10 yearsn/a
Lipper classificationLipper Short-Intermediate Investment-Grade Debt Funds Average

Literature

Prospectuses and reports

Benchmark and peer group

Bloomberg Barclays 1–3 Year US Government/Credit Index (view definition)

ICE BofAML 1-5 Year US Broad Market Index (view definition)

Morningstar Short-Term Bond Category (view definition)

Lipper Short-Intermediate Investment Grade Debt Funds Average (view definition)

Additional information