Delaware Total Return Fund** (formerly, First Investors Total Return Fund)

Key features

  • Seeks total return with a flexible exposure to securities throughout the capital structure that offer the potential for capital growth and current income
  • Provides diversification among different asset classes and across geographies consistent with a moderate investment risk tolerance
  • Strategic and tactical allocations made by an investment team with more than 30 years’ collective experience managing multi-asset portfolios
Fund information
Inception date04/24/1990
Dividends paid (if any)Monthly
Capital gains paid (if any)November or December
Fund identifiers
Investment minimums
Initial investment$1,000
Subsequent investments$100
Systematic withdrawal balance$5,000
Account features
Payroll deductionYes

On Sept. 25, 2014, Class B shares of the Fund converted to Class A shares.

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 (02/29/2020)

as of quarter-end (12/31/2019)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-7.36% 3.22% 3.22% 2.82% 6.91% n/a04/24/1990
Max offer price-12.71% -2.70% 1.20% 1.61% 6.27% n/a
S&P 500 Index-8.27%8.19%9.87%9.23%12.65%n/a
60% S&P500 Index/ 40% Bloomberg Barclays US Aggregate Index-3.55%9.90%8.15%7.15%9.33%n/a
Bloomberg Barclays US Aggregate Index3.76%11.68%5.01%3.58%3.93%n/a
ICE BofA US Corporate, Gov't & Mortgage Index3.92%12.10%5.16%3.66%4.00%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)3.55% 18.78% 6.93% 4.97% 7.79% n/a04/24/1990
Max offer price-2.40% 11.98% 4.85% 3.73% 7.15% n/a
S&P 500 Index9.07%31.49%15.27%11.70%13.56%n/a
60% S&P500 Index/ 40% Bloomberg Barclays US Aggregate Index5.46%22.19%10.87%8.37%9.77%n/a
Bloomberg Barclays US Aggregate Index0.18%8.72%4.03%3.05%3.75%n/a
ICE BofA US Corporate, Gov't & Mortgage Index0.11%8.96%4.14%3.11%3.80%n/a

Returns for less than one year are not annualized.

Class A shares have a maximum up-front sales charge of 5.75% 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.

Expense ratio
Calendar year total returns @ NAV
YearAnnual return

Please click here to view monthly holdings.

Portfolio characteristics - as of 02/29/2020S&P 500 Index
Number of holdings519499
Market cap (median) $28.1 billion21607945000.000000000
Market cap (weighted average) $1292.10 trillion288067012156.050000000
Portfolio turnover (last fiscal year)59%n/a
Beta (relative to S&P 500 Index) (view definition)0.60n/a
SEC 30-day yield with waiver (view definition)1.93%
SEC 30-day yield without waiver (view definition)1.92%
Annualized standard deviation, 3 years (view definition)8.24n/a
Portfolio composition as of 02/29/2020Total may not equal 100% due to rounding.
Large-cap value42.3%
High yield10.5%
Investment grade4.4%
Cash and cash equivalents2.9%
International equity2.7%
International fixed income2.1%
Top 10 holdings as of 02/29/2020

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
AT&T Inc.1.46%
Brookdale Senior Living Inc.1.43%
Verizon Communications Inc.1.40%
Mondelez International Inc.1.39%
Northrop Grumman Corp.1.39%
Johnson & Johnson1.38%
Dollar Tree Inc.1.36%
Total % Portfolio in Top 10 holdings13.92%
Distribution history - annual distributions (Class A)1,2
Distributions ($ per share)
YearCapital gains3Net 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.

Bob Zenouzi

Bob Zenouzi 

Managing Director, Chief Investment Officer — Real Estate Securities and Income Solutions (RESIS)

Start date on the Fund: October 2019

Years of industry experience: 33

(View bio)

Damon Andres

Damon J. Andres, CFA

Senior Vice President, Senior Portfolio Manager

Start date on the Fund: October 2019

Years of industry experience: 29

(View bio)

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.

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price5.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.65%
Distribution and service (12b-1) fees0.25%
Other expenses0.22%
Total annual fund operating expenses1.12%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements1.12%

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 1.15% 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's secondary benchmark, the ICE BofA US Corporate, Government & Mortgage Index was removed as of Oct. 4, 2019.

**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.

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, Macquarie Investment Management Global Limited (MIMGL), and Macquarie Funds Management Hong Kong Limited (MFMHKL) (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 the Manager believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge. The Manager may permit its affiliates, MIMGL and MFMHKL, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

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.

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.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

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.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

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.

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.

“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

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.

Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal. Each Fund has a different level of risk.

LIBOR risk is the risk that potential changes related to the use of the London Interbank Offered Rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

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 03/30/2020)

Class APriceNet change
Max offer price$13.49n/a

Total net assets (as of 02/29/2020)

$663.7 million all share classes

Overall Morningstar RatingTM

Class A shares (as of 02/29/2020)
Class ANo. of funds
3 Yrs2640
5 Yrs2560
10 Yrs3412
Morningstar categoryMorningstar Allocation -- 50% to 70% Equity Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking (as of 02/29/2020)

YTD ranking659 / 709
1 year558 / 686
3 years566 / 640
5 years496 / 560
10 years270 / 412
Morningstar categoryMorningstar Allocation -- 50% to 70% Equity Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking (as of 02/29/2020)

YTD ranking579 / 599
1 year487 / 589
3 years504 / 535
5 years445 / 478
10 years163 / 360
Lipper classificationLipper Mixed-Asset Target Allocation Moderate Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.


Prospectuses and reports

Benchmark and peer group

S&P 500® Index (view definition)

60% S&P 500® Index / 40% Bloomberg Barclays US Aggregate Index (view definition)

Bloomberg Barclays US Aggregate Index (view definition)

ICE BofA US Corporate, Government & Mortgage Index (view definition)

Morningstar Allocation — 50% to 70% Equity Category (view definition)

Lipper Mixed-Asset Target Allocation Moderate Funds Average (view definition)

Additional information